# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-25-135878
**Filing Date:** 2025-6
**Character Count:** 4335600
**Document Hash:** 277a92e4c8ec6c0ac0820412a5081a5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-135878.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001193125-25-135878

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS TRUST
- **CENTRAL INDEX KEY:** 0000822977

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 251027438

**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 Short Duration Tax-Free Fund (Series ID: S000009241)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025190 | Institutional   | GSDUX           |
| C000025191 | Service         | GSFSX           |
| C000025192 | Class A         | GSDTX           |
| C000025194 | Class C         | GSTCX           |
| C000090755 | Investor Shares | GDIRX           |
| C000195490 | Class R6 Shares | GDUSX           |
| C000202028 | Class P Shares  | GANPX           |

### Goldman Sachs Dynamic Municipal Income Fund (Series ID: S000009252)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025254 | Institutional   | GSMTX           |
| C000025255 | Service         | GSMEX           |
| C000025256 | Class A         | GSMIX           |
| C000025258 | Class C         | GSMUX           |
| C000090756 | Investor Shares | GUIRX           |
| C000195491 | Class R6 Shares | GYISX           |
| C000202029 | Class P Shares  | GAJPX           |

### 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           |

### Goldman Sachs Municipal Income Completion Fund (Series ID: S000064937)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000210248 | Separate Account Institutional Shares | GSAAX           |

?xml version='1.0' encoding='ASCII'? Goldman Sachs Trust

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number 811-05349

### Goldman Sachs Trust

#### (Exact name of registrant as specified in charter)

#### 71 South Wacker Drive,

#### Chicago, Illinois 60606

#### (Address of principal executive offices) (Zip code)

#### Copies to:

---

| | |
|:---|:---|
| **Robert Griffith, Esq.**<br> **Goldman Sachs & Co. LLC**<br> **200 West Street**<br> **New York, NY 10282** | **Stephen H. Bier, Esq.**<br> **Dechert LLP**<br> **1095 Avenue of the Americas**<br> **New York, NY 10036** |

---

#### (Name and address of agents for service)

#### Registrant's telephone number, including area code: (312) 655-4400

#### Date of fiscal year end: March 31

#### Date of reporting period: March 31, 2025
ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders for the Goldman Sachs Dynamic Municipal Income Fund, Goldman Sachs High Yield Municipal Fund, Goldman Sachs Municipal Income Completion Fund, and Goldman Sachs Short Duration Tax-Free Fund is filed herewith.

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Dynamic Municipal Income Fund

# Class A: GSMIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Municipal Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $73 | 0.72% |

---

## How did the Fund perform and what affected its performance?
The broad municipal bond market posted gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached historic levels during the annual period, was met with strong investor demand, as higher absolute yields on tax-exempt securities and a solid credit backdrop created a strong environment for municipal bonds. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund benefited from its overall credit positioning, as spreads tightened. In particular, the Fund's bias toward lower-rated and non-rated municipal securities added to its performance versus the Bloomberg Municipal Bond 1-10 Year Blend Index (Index). Lower-rated municipal securities broadly outperformed higher-rated municipal securities due to the positive credit backdrop.

* Individual bottom-up security selection contributed positively overall, led by selection among power/electric revenue bonds, transportation revenue bonds, and state and local general obligation bonds.

* Within state positioning, the Fund's overweight relative to the Index in Puerto Rico credits bolstered returns.

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning hurt its relative performance. The Fund was hindered by its longer duration positioning compared to the Index and by its relative overweight in the longer maturity end of the municipal yield curve. Specifically, the Fund's overweight in securities with maturities of 20 years and longer detracted from performance, as longer-term municipal yields rose and the municipal yield curve steepened during the annual period.

* Sector positioning overall had a slightly negative impact on the Fund's relative returns, with an overweight in tobacco revenue bonds detracting most.

* The Fund's state positioning, especially its overweight in Illinois credits, hampered relative performance.

* Within bottom-up security selection, investments in project finance revenue bonds, tobacco revenue bonds and special assessment bonds detracted from relative returns.

Goldman Sachs Dynamic Municipal Income Fund

Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849if3d39ec713288e446a14.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Bloomberg Municipal Bond 1-10 Year Blend Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $9625 | $10000 | $10000 |
| **3/16** | $10270 | $9885 | $10286 | $10196 |
| **3/17** | $10448 | $10056 | $10308 | $10241 |
| **3/18** | $10846 | $10439 | $10430 | $10364 |
| **3/19** | $11454 | $11025 | $10913 | $10828 |
| **3/20** | $11405 | $10977 | $11215 | $11795 |
| **3/21** | $12431 | $11965 | $11725 | $11879 |
| **3/22** | $11976 | $11527 | $11256 | $11386 |
| **3/23** | $11818 | $11375 | $11471 | $10842 |
| **3/24** | $12400 | $11935 | $11721 | $11026 |
| **3/25** | $12666 | $12191 | $11954 | $11564 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 2.15% | 2.12% | 2.39% |
| Class A Including sale charges | -1.70% | 1.34% | 2.00% |
| Bloomberg Municipal Bond 1-10 Year Blend Index | 1.99% | 1.28% | 1.80% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Dynamic Municipal Income Fund

Class A

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $11200845242 |
| # of Portfolio Holdings | 4684 |
| Portfolio Turnover Rate | 27% |
| Total Net Advisory Fees Paid | $35623250 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Special Assessment | 10.4% |
| Hospital | 9.9% |
| Corporate | 6.8% |
| Airport | 6.5% |
| Water/Sewer | 5.8% |
| Sales Tax | 5.6% |
| State GO | 5.4% |
| School District GO | 4.7% |
| University | 4.1% |
| State Appropriation | 3.6% |
| City/County GO | 3.5% |
| Toll | 3.1% |
| Corporate Elec | 2.5% |
| LT Health | 2.4% |
| Other | 25.3% |

---

Goldman Sachs Dynamic Municipal Income Fund

Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Dynamic Municipal Income Fund

38141W828-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Dynamic Municipal Income Fund

# Class C: GSMUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Municipal Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $148 | 1.47% |

---

## How did the Fund perform and what affected its performance?
The broad municipal bond market posted gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached historic levels during the annual period, was met with strong investor demand, as higher absolute yields on tax-exempt securities and a solid credit backdrop created a strong environment for municipal bonds. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund benefited from its overall credit positioning, as spreads tightened. In particular, the Fund's bias toward lower-rated and non-rated municipal securities added to its performance versus the Bloomberg Municipal Bond 1-10 Year Blend Index (Index). Lower-rated municipal securities broadly outperformed higher-rated municipal securities due to the positive credit backdrop.

* Individual bottom-up security selection contributed positively overall, led by selection among power/electric revenue bonds, transportation revenue bonds, and state and local general obligation bonds.

* Within state positioning, the Fund's overweight relative to the Index in Puerto Rico credits bolstered returns.

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning hurt its relative performance. The Fund was hindered by its longer duration positioning compared to the Index and by its relative overweight in the longer maturity end of the municipal yield curve. Specifically, the Fund's overweight in securities with maturities of 20 years and longer detracted from performance, as longer-term municipal yields rose and the municipal yield curve steepened during the annual period.

* Sector positioning overall had a slightly negative impact on the Fund's relative returns, with an overweight in tobacco revenue bonds detracting most.

* The Fund's state positioning, especially its overweight in Illinois credits, hampered relative performance.

* Within bottom-up security selection, investments in project finance revenue bonds, tobacco revenue bonds and special assessment bonds detracted from relative returns.

Goldman Sachs Dynamic Municipal Income Fund

Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849i71322572d54f3d061ec1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Bloomberg Municipal Bond 1-10 Year Blend Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $9900 | $10000 | $10000 |
| **3/16** | $10187 | $10085 | $10286 | $10196 |
| **3/17** | $10293 | $10190 | $10308 | $10241 |
| **3/18** | $10605 | $10499 | $10430 | $10364 |
| **3/19** | $11116 | $11005 | $10913 | $10828 |
| **3/20** | $10985 | $10875 | $11215 | $11795 |
| **3/21** | $11884 | $11766 | $11725 | $11879 |
| **3/22** | $11357 | $11243 | $11256 | $11386 |
| **3/23** | $11123 | $11012 | $11471 | $10842 |
| **3/24** | $11591 | $11475 | $11721 | $11026 |
| **3/25** | $11744 | $11627 | $11954 | $11564 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 1.32% | 1.34% | 1.62% |
| Class C Including sale charges | 0.31% | 1.34% | 1.62% |
| Bloomberg Municipal Bond 1-10 Year Blend Index | 1.99% | 1.28% | 1.80% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Dynamic Municipal Income Fund

Class C

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $11200845242 |
| # of Portfolio Holdings | 4684 |
| Portfolio Turnover Rate | 27% |
| Total Net Advisory Fees Paid | $35623250 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Special Assessment | 10.4% |
| Hospital | 9.9% |
| Corporate | 6.8% |
| Airport | 6.5% |
| Water/Sewer | 5.8% |
| Sales Tax | 5.6% |
| State GO | 5.4% |
| School District GO | 4.7% |
| University | 4.1% |
| State Appropriation | 3.6% |
| City/County GO | 3.5% |
| Toll | 3.1% |
| Corporate Elec | 2.5% |
| LT Health | 2.4% |
| Other | 25.3% |

---

Goldman Sachs Dynamic Municipal Income Fund

Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Dynamic Municipal Income Fund

38142B195-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Dynamic Municipal Income Fund

# Institutional Class: GSMTX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Municipal Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $39 | 0.39% |

---

## How did the Fund perform and what affected its performance?
The broad municipal bond market posted gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached historic levels during the annual period, was met with strong investor demand, as higher absolute yields on tax-exempt securities and a solid credit backdrop created a strong environment for municipal bonds. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund benefited from its overall credit positioning, as spreads tightened. In particular, the Fund's bias toward lower-rated and non-rated municipal securities added to its performance versus the Bloomberg Municipal Bond 1-10 Year Blend Index (Index). Lower-rated municipal securities broadly outperformed higher-rated municipal securities due to the positive credit backdrop.

* Individual bottom-up security selection contributed positively overall, led by selection among power/electric revenue bonds, transportation revenue bonds, and state and local general obligation bonds.

* Within state positioning, the Fund's overweight relative to the Index in Puerto Rico credits bolstered returns.

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning hurt its relative performance. The Fund was hindered by its longer duration positioning compared to the Index and by its relative overweight in the longer maturity end of the municipal yield curve. Specifically, the Fund's overweight in securities with maturities of 20 years and longer detracted from performance, as longer-term municipal yields rose and the municipal yield curve steepened during the annual period.

* Sector positioning overall had a slightly negative impact on the Fund's relative returns, with an overweight in tobacco revenue bonds detracting most.

* The Fund's state positioning, especially its overweight in Illinois credits, hampered relative performance.

* Within bottom-up security selection, investments in project finance revenue bonds, tobacco revenue bonds and special assessment bonds detracted from relative returns.

Goldman Sachs Dynamic Municipal Income Fund

Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849if23043c326a4be73cb24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Bloomberg Municipal Bond 1-10 Year Blend Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $1000000 | $1000000 | $1000000 |
| **3/16** | $1029900 | $1028600 | $1019600 |
| **3/17** | $1051837 | $1030760 | $1024086 |
| **3/18** | $1095698 | $1043026 | $1036375 |
| **3/19** | $1161112 | $1091318 | $1082805 |
| **3/20** | $1159254 | $1121548 | $1179499 |
| **3/21** | $1267876 | $1172466 | $1187874 |
| **3/22** | $1225402 | $1125567 | $1138577 |
| **3/23** | $1213148 | $1147066 | $1084153 |
| **3/24** | $1277081 | $1172072 | $1102584 |
| **3/25** | $1308753 | $1195396 | $1156390 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 2.48% | 2.45% | 2.73% |
| Bloomberg Municipal Bond 1-10 Year Blend Index | 1.99% | 1.28% | 1.80% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Dynamic Municipal Income Fund

Institutional Class

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $11200845242 |
| # of Portfolio Holdings | 4684 |
| Portfolio Turnover Rate | 27% |
| Total Net Advisory Fees Paid | $35623250 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Special Assessment | 10.4% |
| Hospital | 9.9% |
| Corporate | 6.8% |
| Airport | 6.5% |
| Water/Sewer | 5.8% |
| Sales Tax | 5.6% |
| State GO | 5.4% |
| School District GO | 4.7% |
| University | 4.1% |
| State Appropriation | 3.6% |
| City/County GO | 3.5% |
| Toll | 3.1% |
| Corporate Elec | 2.5% |
| LT Health | 2.4% |
| Other | 25.3% |

---

Goldman Sachs Dynamic Municipal Income Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Dynamic Municipal Income Fund

38142V746-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Dynamic Municipal Income Fund

# Service Class: GSMEX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Municipal Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $90 | 0.89% |

---

## How did the Fund perform and what affected its performance?
The broad municipal bond market posted gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached historic levels during the annual period, was met with strong investor demand, as higher absolute yields on tax-exempt securities and a solid credit backdrop created a strong environment for municipal bonds. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund benefited from its overall credit positioning, as spreads tightened. In particular, the Fund's bias toward lower-rated and non-rated municipal securities added to its performance versus the Bloomberg Municipal Bond 1-10 Year Blend Index (Index). Lower-rated municipal securities broadly outperformed higher-rated municipal securities due to the positive credit backdrop.

* Individual bottom-up security selection contributed positively overall, led by selection among power/electric revenue bonds, transportation revenue bonds, and state and local general obligation bonds.

* Within state positioning, the Fund's overweight relative to the Index in Puerto Rico credits bolstered returns.

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning hurt its relative performance. The Fund was hindered by its longer duration positioning compared to the Index and by its relative overweight in the longer maturity end of the municipal yield curve. Specifically, the Fund's overweight in securities with maturities of 20 years and longer detracted from performance, as longer-term municipal yields rose and the municipal yield curve steepened during the annual period.

* Sector positioning overall had a slightly negative impact on the Fund's relative returns, with an overweight in tobacco revenue bonds detracting most.

* The Fund's state positioning, especially its overweight in Illinois credits, hampered relative performance.

* Within bottom-up security selection, investments in project finance revenue bonds, tobacco revenue bonds and special assessment bonds detracted from relative returns.

Goldman Sachs Dynamic Municipal Income Fund

Service Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849i430adb40c0bfbd0e30c6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service** | **Bloomberg Municipal Bond 1-10 Year Blend Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $10254 | $10286 | $10196 |
| **3/17** | $10416 | $10308 | $10241 |
| **3/18** | $10789 | $10430 | $10364 |
| **3/19** | $11382 | $10913 | $10828 |
| **3/20** | $11316 | $11215 | $11795 |
| **3/21** | $12311 | $11725 | $11879 |
| **3/22** | $11835 | $11256 | $11386 |
| **3/23** | $11659 | $11471 | $10842 |
| **3/24** | $12212 | $11721 | $11026 |
| **3/25** | $12454 | $11954 | $11564 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 1.98% | 1.93% | 2.22% |
| Bloomberg Municipal Bond 1-10 Year Blend Index | 1.99% | 1.28% | 1.80% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Dynamic Municipal Income Fund

Service Class

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $11200845242 |
| # of Portfolio Holdings | 4684 |
| Portfolio Turnover Rate | 27% |
| Total Net Advisory Fees Paid | $35623250 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Special Assessment | 10.4% |
| Hospital | 9.9% |
| Corporate | 6.8% |
| Airport | 6.5% |
| Water/Sewer | 5.8% |
| Sales Tax | 5.6% |
| State GO | 5.4% |
| School District GO | 4.7% |
| University | 4.1% |
| State Appropriation | 3.6% |
| City/County GO | 3.5% |
| Toll | 3.1% |
| Corporate Elec | 2.5% |
| LT Health | 2.4% |
| Other | 25.3% |

---

Goldman Sachs Dynamic Municipal Income Fund

Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Dynamic Municipal Income Fund

38142V738-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Dynamic Municipal Income Fund

# Investor Class: GUIRX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Municipal Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $48 | 0.47% |

---

## How did the Fund perform and what affected its performance?
The broad municipal bond market posted gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached historic levels during the annual period, was met with strong investor demand, as higher absolute yields on tax-exempt securities and a solid credit backdrop created a strong environment for municipal bonds. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund benefited from its overall credit positioning, as spreads tightened. In particular, the Fund's bias toward lower-rated and non-rated municipal securities added to its performance versus the Bloomberg Municipal Bond 1-10 Year Blend Index (Index). Lower-rated municipal securities broadly outperformed higher-rated municipal securities due to the positive credit backdrop.

* Individual bottom-up security selection contributed positively overall, led by selection among power/electric revenue bonds, transportation revenue bonds, and state and local general obligation bonds.

* Within state positioning, the Fund's overweight relative to the Index in Puerto Rico credits bolstered returns.

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning hurt its relative performance. The Fund was hindered by its longer duration positioning compared to the Index and by its relative overweight in the longer maturity end of the municipal yield curve. Specifically, the Fund's overweight in securities with maturities of 20 years and longer detracted from performance, as longer-term municipal yields rose and the municipal yield curve steepened during the annual period.

* Sector positioning overall had a slightly negative impact on the Fund's relative returns, with an overweight in tobacco revenue bonds detracting most.

* The Fund's state positioning, especially its overweight in Illinois credits, hampered relative performance.

* Within bottom-up security selection, investments in project finance revenue bonds, tobacco revenue bonds and special assessment bonds detracted from relative returns.

Goldman Sachs Dynamic Municipal Income Fund

Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849i5df4d892b0dfb1fcd347.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **Bloomberg Municipal Bond 1-10 Year Blend Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $10296 | $10286 | $10196 |
| **3/17** | $10505 | $10308 | $10241 |
| **3/18** | $10926 | $10430 | $10364 |
| **3/19** | $11569 | $10913 | $10828 |
| **3/20** | $11547 | $11215 | $11795 |
| **3/21** | $12618 | $11725 | $11879 |
| **3/22** | $12185 | $11256 | $11386 |
| **3/23** | $12054 | $11471 | $10842 |
| **3/24** | $12679 | $11721 | $11026 |
| **3/25** | $12984 | $11954 | $11564 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 2.40% | 2.37% | 2.64% |
| Bloomberg Municipal Bond 1-10 Year Blend Index | 1.99% | 1.28% | 1.80% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Dynamic Municipal Income Fund

Investor Class

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $11200845242 |
| # of Portfolio Holdings | 4684 |
| Portfolio Turnover Rate | 27% |
| Total Net Advisory Fees Paid | $35623250 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Special Assessment | 10.4% |
| Hospital | 9.9% |
| Corporate | 6.8% |
| Airport | 6.5% |
| Water/Sewer | 5.8% |
| Sales Tax | 5.6% |
| State GO | 5.4% |
| School District GO | 4.7% |
| University | 4.1% |
| State Appropriation | 3.6% |
| City/County GO | 3.5% |
| Toll | 3.1% |
| Corporate Elec | 2.5% |
| LT Health | 2.4% |
| Other | 25.3% |

---

Goldman Sachs Dynamic Municipal Income Fund

Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Dynamic Municipal Income Fund

38144N221-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Dynamic Municipal Income Fund

# Class R6: GYISX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Municipal Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $38 | 0.38% |

---

## How did the Fund perform and what affected its performance?
The broad municipal bond market posted gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached historic levels during the annual period, was met with strong investor demand, as higher absolute yields on tax-exempt securities and a solid credit backdrop created a strong environment for municipal bonds. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund benefited from its overall credit positioning, as spreads tightened. In particular, the Fund's bias toward lower-rated and non-rated municipal securities added to its performance versus the Bloomberg Municipal Bond 1-10 Year Blend Index (Index). Lower-rated municipal securities broadly outperformed higher-rated municipal securities due to the positive credit backdrop.

* Individual bottom-up security selection contributed positively overall, led by selection among power/electric revenue bonds, transportation revenue bonds, and state and local general obligation bonds.

* Within state positioning, the Fund's overweight relative to the Index in Puerto Rico credits bolstered returns.

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning hurt its relative performance. The Fund was hindered by its longer duration positioning compared to the Index and by its relative overweight in the longer maturity end of the municipal yield curve. Specifically, the Fund's overweight in securities with maturities of 20 years and longer detracted from performance, as longer-term municipal yields rose and the municipal yield curve steepened during the annual period.

* Sector positioning overall had a slightly negative impact on the Fund's relative returns, with an overweight in tobacco revenue bonds detracting most.

* The Fund's state positioning, especially its overweight in Illinois credits, hampered relative performance.

* Within bottom-up security selection, investments in project finance revenue bonds, tobacco revenue bonds and special assessment bonds detracted from relative returns.

Goldman Sachs Dynamic Municipal Income Fund

Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849i45274bc88e468ae80825.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg Municipal Bond 1-10 Year Blend Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/17** | $10000 | $10000 | $10000 |
| **3/18** | $10127 | $9993 | $9899 |
| **3/19** | $10733 | $10456 | $10342 |
| **3/20** | $10724 | $10745 | $11266 |
| **3/21** | $11729 | $11233 | $11346 |
| **3/22** | $11331 | $10784 | $10875 |
| **3/23** | $11226 | $10990 | $10355 |
| **3/24** | $11819 | $11229 | $10531 |
| **3/25** | $12113 | $11453 | $11045 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced November 30, 2017) | 2.49% | 2.47% | 2.65% |
| Bloomberg Municipal Bond 1-10 Year Blend Index | 1.99% | 1.28% | 1.86% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.36% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Dynamic Municipal Income Fund

Class R6

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $11200845242 |
| # of Portfolio Holdings | 4684 |
| Portfolio Turnover Rate | 27% |
| Total Net Advisory Fees Paid | $35623250 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Special Assessment | 10.4% |
| Hospital | 9.9% |
| Corporate | 6.8% |
| Airport | 6.5% |
| Water/Sewer | 5.8% |
| Sales Tax | 5.6% |
| State GO | 5.4% |
| School District GO | 4.7% |
| University | 4.1% |
| State Appropriation | 3.6% |
| City/County GO | 3.5% |
| Toll | 3.1% |
| Corporate Elec | 2.5% |
| LT Health | 2.4% |
| Other | 25.3% |

---

Goldman Sachs Dynamic Municipal Income Fund

Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Dynamic Municipal Income Fund

38145L190-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Dynamic Municipal Income Fund

# Class P: GAJPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Municipal Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $38 | 0.38% |

---

## How did the Fund perform and what affected its performance?
The broad municipal bond market posted gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached historic levels during the annual period, was met with strong investor demand, as higher absolute yields on tax-exempt securities and a solid credit backdrop created a strong environment for municipal bonds. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund benefited from its overall credit positioning, as spreads tightened. In particular, the Fund's bias toward lower-rated and non-rated municipal securities added to its performance versus the Bloomberg Municipal Bond 1-10 Year Blend Index (Index). Lower-rated municipal securities broadly outperformed higher-rated municipal securities due to the positive credit backdrop.

* Individual bottom-up security selection contributed positively overall, led by selection among power/electric revenue bonds, transportation revenue bonds, and state and local general obligation bonds.

* Within state positioning, the Fund's overweight relative to the Index in Puerto Rico credits bolstered returns.

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning hurt its relative performance. The Fund was hindered by its longer duration positioning compared to the Index and by its relative overweight in the longer maturity end of the municipal yield curve. Specifically, the Fund's overweight in securities with maturities of 20 years and longer detracted from performance, as longer-term municipal yields rose and the municipal yield curve steepened during the annual period.

* Sector positioning overall had a slightly negative impact on the Fund's relative returns, with an overweight in tobacco revenue bonds detracting most.

* The Fund's state positioning, especially its overweight in Illinois credits, hampered relative performance.

* Within bottom-up security selection, investments in project finance revenue bonds, tobacco revenue bonds and special assessment bonds detracted from relative returns.

Goldman Sachs Dynamic Municipal Income Fund

Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849ie7aad2bf32f8ce22168a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg Municipal Bond 1-10 Year Blend Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $10535 | $10492 | $10538 |
| **3/20** | $10527 | $10783 | $11479 |
| **3/21** | $11513 | $11272 | $11561 |
| **3/22** | $11130 | $10821 | $11081 |
| **3/23** | $11019 | $11028 | $10551 |
| **3/24** | $11601 | $11268 | $10730 |
| **3/25** | $11890 | $11493 | $11254 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 2.49% | 2.47% | 2.52% |
| Bloomberg Municipal Bond 1-10 Year Blend Index | 1.99% | 1.28% | 2.02% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.71% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Dynamic Municipal Income Fund

Class P

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $11200845242 |
| # of Portfolio Holdings | 4684 |
| Portfolio Turnover Rate | 27% |
| Total Net Advisory Fees Paid | $35623250 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Special Assessment | 10.4% |
| Hospital | 9.9% |
| Corporate | 6.8% |
| Airport | 6.5% |
| Water/Sewer | 5.8% |
| Sales Tax | 5.6% |
| State GO | 5.4% |
| School District GO | 4.7% |
| University | 4.1% |
| State Appropriation | 3.6% |
| City/County GO | 3.5% |
| Toll | 3.1% |
| Corporate Elec | 2.5% |
| LT Health | 2.4% |
| Other | 25.3% |

---

Goldman Sachs Dynamic Municipal Income Fund

Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Dynamic Municipal Income Fund

38150B871-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Municipal Fund

# Class A: GHYAX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Municipal Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $86 | 0.85% |

---

## How did the Fund perform and what affected its performance?
The high yield municipal bond market produced solid gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached record levels during the annual period, was met with strong investor demand amid higher absolute yields on tax-exempt securities and a solid credit backdrop. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. In this environment, first-time municipal bond defaults decreased substantially year over year. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund's overall credit positioning added to the Fund's performance versus the Goldman Sachs High Yield Municipal Fund Composite Index (Index). Specifically, the Fund's underweight in the highest-rated credits contributed positively. High yield municipal bonds broadly outperformed investment grade municipal bonds, supported by a solid credit backdrop, tightening spreads and consistent investment inflows into high yield municipal bond mutual funds.

* Within individual bottom-up security selection, the Fund benefited from investments in power/electric revenue bonds, sales tax-backed bonds and state general obligation bonds.

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning had a negative impact on its relative performance. The Fund was hurt by its longer duration positioning compared to the Index and by its relative overweight in the longer maturity end of the municipal yield curve. In particular, the Fund's overweight in securities with maturities of 20 years and longer detracted from performance as longer-term municipal yields rose and the municipal yield curve steepened during the annual periods.

* The Fund's state positioning, especially its overweight in Illinois credits, detracted from relative performance.

* Sector positioning overall hampered relative performance, with the Fund's overweight in tobacco revenue bonds detracting most.

* Individual bottom-up security selection detracted slightly from relative performance, led by investments in project finance revenue bonds, tobacco revenue bonds and special assessment bonds.

Goldman Sachs High Yield Municipal Fund

Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849i9f60e6bcef5689d34965.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Goldman Sachs High Yield Municipal Fund Composite Index** | **Bloomberg Municipal Bond Index** | **Bloomberg Municipal High Yield Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $9550 | $10000 | $10000 | $10000 | $10000 |
| **3/16** | $10490 | $10018 | $10369 | $10398 | $10345 | $10196 |
| **3/17** | $10960 | $10467 | $10642 | $10414 | $10791 | $10241 |
| **3/18** | $11629 | $11105 | $11139 | $10691 | $11442 | $10364 |
| **3/19** | $12534 | $11970 | $11922 | $11266 | $12373 | $10828 |
| **3/20** | $12551 | $11986 | $12053 | $11700 | $12281 | $11795 |
| **3/21** | $14166 | $13528 | $13394 | $12344 | $14126 | $11879 |
| **3/22** | $13690 | $13074 | $13045 | $11793 | $13935 | $11386 |
| **3/23** | $13027 | $12441 | $12704 | $11823 | $13309 | $10842 |
| **3/24** | $13875 | $13251 | $13463 | $12193 | $14362 | $11026 |
| **3/25** | $14342 | $13696 | $13977 | $12341 | $15165 | $11564 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 3.36% | 2.70% | 3.67% |
| Class A Including sale charges | -1.24% | 1.76% | 3.19% |
| Goldman Sachs High Yield Municipal Fund Composite Index | 3.82% | 3.01% | 3.40% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.12% |
| Bloomberg Municipal High Yield Bond Index | 5.59% | 4.31% | 4.25% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs High Yield Municipal Fund

Class A

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $12089735126 |
| # of Portfolio Holdings | 3329 |
| Portfolio Turnover Rate | 18% |
| Total Net Advisory Fees Paid | $56919920 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Special Assessment | 20.0% |
| Hospital | 8.4% |
| Sales Tax | 6.6% |
| Corporate | 5.3% |
| Tobacco | 5.0% |
| LT Health | 4.7% |
| School District GO | 4.2% |
| Project Finance | 4.1% |
| Charter School | 3.9% |
| State Appropriation | 3.5% |
| University | 3.3% |
| Airport | 3.0% |
| Toll | 3.0% |
| Airline | 2.5% |
| Other | 21.9% |

---

Goldman Sachs High Yield Municipal Fund

Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs High Yield Municipal Fund

38142Y625-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Municipal Fund

# Class C: GHYCX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Municipal Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $162 | 1.60% |

---

## How did the Fund perform and what affected its performance?
The high yield municipal bond market produced solid gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached record levels during the annual period, was met with strong investor demand amid higher absolute yields on tax-exempt securities and a solid credit backdrop. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. In this environment, first-time municipal bond defaults decreased substantially year over year. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund's overall credit positioning added to the Fund's performance versus the Goldman Sachs High Yield Municipal Fund Composite Index (Index). Specifically, the Fund's underweight in the highest-rated credits contributed positively. High yield municipal bonds broadly outperformed investment grade municipal bonds, supported by a solid credit backdrop, tightening spreads and consistent investment inflows into high yield municipal bond mutual funds.

* Within individual bottom-up security selection, the Fund benefited from investments in power/electric revenue bonds, sales tax-backed bonds and state general obligation bonds.

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning had a negative impact on its relative performance. The Fund was hurt by its longer duration positioning compared to the Index and by its relative overweight in the longer maturity end of the municipal yield curve. In particular, the Fund's overweight in securities with maturities of 20 years and longer detracted from performance as longer-term municipal yields rose and the municipal yield curve steepened during the annual periods.

* The Fund's state positioning, especially its overweight in Illinois credits, detracted from relative performance.

* Sector positioning overall hampered relative performance, with the Fund's overweight in tobacco revenue bonds detracting most.

* Individual bottom-up security selection detracted slightly from relative performance, led by investments in project finance revenue bonds, tobacco revenue bonds and special assessment bonds.

Goldman Sachs High Yield Municipal Fund

Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849if9ead053c5e0ac7c6897.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Goldman Sachs High Yield Municipal Fund Composite Index** | **Bloomberg Municipal Bond Index** | **Bloomberg Municipal High Yield Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $9900 | $10000 | $10000 | $10000 | $10000 |
| **3/16** | $10412 | $10308 | $10369 | $10398 | $10345 | $10196 |
| **3/17** | $10797 | $10689 | $10642 | $10414 | $10791 | $10241 |
| **3/18** | $11369 | $11256 | $11139 | $10691 | $11442 | $10364 |
| **3/19** | $12164 | $12043 | $11922 | $11266 | $12373 | $10828 |
| **3/20** | $12089 | $11968 | $12053 | $11700 | $12281 | $11795 |
| **3/21** | $13543 | $13408 | $13394 | $12344 | $14126 | $11879 |
| **3/22** | $12989 | $12859 | $13045 | $11793 | $13935 | $11386 |
| **3/23** | $12268 | $12146 | $12704 | $11823 | $13309 | $10842 |
| **3/24** | $12970 | $12840 | $13463 | $12193 | $14362 | $11026 |
| **3/25** | $13306 | $13173 | $13977 | $12341 | $15165 | $11564 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 2.59% | 1.94% | 2.89% |
| Class C Including sale charges | 1.56% | 1.94% | 2.89% |
| Goldman Sachs High Yield Municipal Fund Composite Index | 3.82% | 3.01% | 3.40% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.12% |
| Bloomberg Municipal High Yield Bond Index | 5.59% | 4.31% | 4.25% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs High Yield Municipal Fund

Class C

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $12089735126 |
| # of Portfolio Holdings | 3329 |
| Portfolio Turnover Rate | 18% |
| Total Net Advisory Fees Paid | $56919920 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Special Assessment | 20.0% |
| Hospital | 8.4% |
| Sales Tax | 6.6% |
| Corporate | 5.3% |
| Tobacco | 5.0% |
| LT Health | 4.7% |
| School District GO | 4.2% |
| Project Finance | 4.1% |
| Charter School | 3.9% |
| State Appropriation | 3.5% |
| University | 3.3% |
| Airport | 3.0% |
| Toll | 3.0% |
| Airline | 2.5% |
| Other | 21.9% |

---

Goldman Sachs High Yield Municipal Fund

Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs High Yield Municipal Fund

38142Y591-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Municipal Fund

# Institutional Class: GHYIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Municipal Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $55 | 0.54% |

---

## How did the Fund perform and what affected its performance?
The high yield municipal bond market produced solid gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached record levels during the annual period, was met with strong investor demand amid higher absolute yields on tax-exempt securities and a solid credit backdrop. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. In this environment, first-time municipal bond defaults decreased substantially year over year. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund's overall credit positioning added to the Fund's performance versus the Goldman Sachs High Yield Municipal Fund Composite Index (Index). Specifically, the Fund's underweight in the highest-rated credits contributed positively. High yield municipal bonds broadly outperformed investment grade municipal bonds, supported by a solid credit backdrop, tightening spreads and consistent investment inflows into high yield municipal bond mutual funds.

* Within individual bottom-up security selection, the Fund benefited from investments in power/electric revenue bonds, sales tax-backed bonds and state general obligation bonds.

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning had a negative impact on its relative performance. The Fund was hurt by its longer duration positioning compared to the Index and by its relative overweight in the longer maturity end of the municipal yield curve. In particular, the Fund's overweight in securities with maturities of 20 years and longer detracted from performance as longer-term municipal yields rose and the municipal yield curve steepened during the annual periods.

* The Fund's state positioning, especially its overweight in Illinois credits, detracted from relative performance.

* Sector positioning overall hampered relative performance, with the Fund's overweight in tobacco revenue bonds detracting most.

* Individual bottom-up security selection detracted slightly from relative performance, led by investments in project finance revenue bonds, tobacco revenue bonds and special assessment bonds.

Goldman Sachs High Yield Municipal Fund

Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849i111e89bb12e7956d6092.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Institutional** | **Goldman Sachs High Yield Municipal Fund Composite Index** | **Bloomberg Municipal Bond Index** | **Bloomberg Municipal High Yield Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 |
| **3/16** | $1052000 | $1036900 | $1039761 | $1034512 | $1019600 |
| **3/17** | $1103338 | $1064170 | $1041365 | $1079079 | $1024086 |
| **3/18** | $1172738 | $1113867 | $1069053 | $1144191 | $1036375 |
| **3/19** | $1267729 | $1192172 | $1126615 | $1237274 | $1082805 |
| **3/20** | $1273181 | $1205286 | $1169979 | $1228129 | $1179499 |
| **3/21** | $1441495 | $1339434 | $1234427 | $1412552 | $1187874 |
| **3/22** | $1397385 | $1304475 | $1179255 | $1393493 | $1138577 |
| **3/23** | $1333804 | $1270428 | $1182300 | $1330912 | $1084153 |
| **3/24** | $1425036 | $1346273 | $1219265 | $1436161 | $1102584 |
| **3/25** | $1477478 | $1397700 | $1234134 | $1516468 | $1156390 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 3.68% | 3.02% | 3.98% |
| Goldman Sachs High Yield Municipal Fund Composite Index | 3.82% | 3.01% | 3.40% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.12% |
| Bloomberg Municipal High Yield Bond Index | 5.59% | 4.31% | 4.25% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs High Yield Municipal Fund

Institutional Class

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $12089735126 |
| # of Portfolio Holdings | 3329 |
| Portfolio Turnover Rate | 18% |
| Total Net Advisory Fees Paid | $56919920 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Special Assessment | 20.0% |
| Hospital | 8.4% |
| Sales Tax | 6.6% |
| Corporate | 5.3% |
| Tobacco | 5.0% |
| LT Health | 4.7% |
| School District GO | 4.2% |
| Project Finance | 4.1% |
| Charter School | 3.9% |
| State Appropriation | 3.5% |
| University | 3.3% |
| Airport | 3.0% |
| Toll | 3.0% |
| Airline | 2.5% |
| Other | 21.9% |

---

Goldman Sachs High Yield Municipal Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs High Yield Municipal Fund

38142Y583-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Municipal Fund

# Investor Class: GYIRX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Municipal Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $61 | 0.60% |

---

## How did the Fund perform and what affected its performance?
The high yield municipal bond market produced solid gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached record levels during the annual period, was met with strong investor demand amid higher absolute yields on tax-exempt securities and a solid credit backdrop. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. In this environment, first-time municipal bond defaults decreased substantially year over year. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund's overall credit positioning added to the Fund's performance versus the Goldman Sachs High Yield Municipal Fund Composite Index (Index). Specifically, the Fund's underweight in the highest-rated credits contributed positively. High yield municipal bonds broadly outperformed investment grade municipal bonds, supported by a solid credit backdrop, tightening spreads and consistent investment inflows into high yield municipal bond mutual funds.

* Within individual bottom-up security selection, the Fund benefited from investments in power/electric revenue bonds, sales tax-backed bonds and state general obligation bonds.

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning had a negative impact on its relative performance. The Fund was hurt by its longer duration positioning compared to the Index and by its relative overweight in the longer maturity end of the municipal yield curve. In particular, the Fund's overweight in securities with maturities of 20 years and longer detracted from performance as longer-term municipal yields rose and the municipal yield curve steepened during the annual periods.

* The Fund's state positioning, especially its overweight in Illinois credits, detracted from relative performance.

* Sector positioning overall hampered relative performance, with the Fund's overweight in tobacco revenue bonds detracting most.

* Individual bottom-up security selection detracted slightly from relative performance, led by investments in project finance revenue bonds, tobacco revenue bonds and special assessment bonds.

Goldman Sachs High Yield Municipal Fund

Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849i28d1e489a0b7939ec88c.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investor** | **Goldman Sachs High Yield Municipal Fund Composite Index** | **Bloomberg Municipal Bond Index** | **Bloomberg Municipal High Yield Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **3/16** | $10516 | $10369 | $10398 | $10345 | $10196 |
| **3/17** | $11022 | $10642 | $10414 | $10791 | $10241 |
| **3/18** | $11712 | $11139 | $10691 | $11442 | $10364 |
| **3/19** | $12655 | $11922 | $11266 | $12373 | $10828 |
| **3/20** | $12703 | $12053 | $11700 | $12281 | $11795 |
| **3/21** | $14372 | $13394 | $12344 | $14126 | $11879 |
| **3/22** | $13923 | $13045 | $11793 | $13935 | $11386 |
| **3/23** | $13283 | $12704 | $11823 | $13309 | $10842 |
| **3/24** | $14184 | $13463 | $12193 | $14362 | $11026 |
| **3/25** | $14697 | $13977 | $12341 | $15165 | $11564 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 3.62% | 2.96% | 3.92% |
| Goldman Sachs High Yield Municipal Fund Composite Index | 3.82% | 3.01% | 3.40% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.12% |
| Bloomberg Municipal High Yield Bond Index | 5.59% | 4.31% | 4.25% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs High Yield Municipal Fund

Investor Class

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $12089735126 |
| # of Portfolio Holdings | 3329 |
| Portfolio Turnover Rate | 18% |
| Total Net Advisory Fees Paid | $56919920 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Special Assessment | 20.0% |
| Hospital | 8.4% |
| Sales Tax | 6.6% |
| Corporate | 5.3% |
| Tobacco | 5.0% |
| LT Health | 4.7% |
| School District GO | 4.2% |
| Project Finance | 4.1% |
| Charter School | 3.9% |
| State Appropriation | 3.5% |
| University | 3.3% |
| Airport | 3.0% |
| Toll | 3.0% |
| Airline | 2.5% |
| Other | 21.9% |

---

Goldman Sachs High Yield Municipal Fund

Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs High Yield Municipal Fund

38144N213-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Municipal Fund

# Class R6: GHYSX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Municipal Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $54 | 0.53% |

---

## How did the Fund perform and what affected its performance?
The high yield municipal bond market produced solid gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached record levels during the annual period, was met with strong investor demand amid higher absolute yields on tax-exempt securities and a solid credit backdrop. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. In this environment, first-time municipal bond defaults decreased substantially year over year. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund's overall credit positioning added to the Fund's performance versus the Goldman Sachs High Yield Municipal Fund Composite Index (Index). Specifically, the Fund's underweight in the highest-rated credits contributed positively. High yield municipal bonds broadly outperformed investment grade municipal bonds, supported by a solid credit backdrop, tightening spreads and consistent investment inflows into high yield municipal bond mutual funds.

* Within individual bottom-up security selection, the Fund benefited from investments in power/electric revenue bonds, sales tax-backed bonds and state general obligation bonds.

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning had a negative impact on its relative performance. The Fund was hurt by its longer duration positioning compared to the Index and by its relative overweight in the longer maturity end of the municipal yield curve. In particular, the Fund's overweight in securities with maturities of 20 years and longer detracted from performance as longer-term municipal yields rose and the municipal yield curve steepened during the annual periods.

* The Fund's state positioning, especially its overweight in Illinois credits, detracted from relative performance.

* Sector positioning overall hampered relative performance, with the Fund's overweight in tobacco revenue bonds detracting most.

* Individual bottom-up security selection detracted slightly from relative performance, led by investments in project finance revenue bonds, tobacco revenue bonds and special assessment bonds.

Goldman Sachs High Yield Municipal Fund

Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849i2005c1e36073f587a69e.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6** | **Goldman Sachs High Yield Municipal Fund Composite Index** | **Bloomberg Municipal Bond Index** | **Bloomberg Municipal High Yield Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/17** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **3/18** | $10233 | $10110 | $9993 | $10189 | $9899 |
| **3/19** | $11061 | $10821 | $10531 | $11018 | $10342 |
| **3/20** | $11097 | $10940 | $10936 | $10937 | $11266 |
| **3/21** | $12567 | $12157 | $11538 | $12579 | $11346 |
| **3/22** | $12182 | $11840 | $11023 | $12409 | $10875 |
| **3/23** | $11641 | $11531 | $11051 | $11852 | $10355 |
| **3/24** | $12426 | $12219 | $11397 | $12789 | $10531 |
| **3/25** | $12884 | $12686 | $11535 | $13504 | $11045 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced November 30, 2017) | 3.69% | 3.03% | 3.51% |
| Goldman Sachs High Yield Municipal Fund Composite Index | 3.82% | 3.01% | 3.30% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 1.97% |
| Bloomberg Municipal High Yield Bond Index | 5.59% | 4.31% | 4.18% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.36% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs High Yield Municipal Fund

Class R6

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $12089735126 |
| # of Portfolio Holdings | 3329 |
| Portfolio Turnover Rate | 18% |
| Total Net Advisory Fees Paid | $56919920 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Special Assessment | 20.0% |
| Hospital | 8.4% |
| Sales Tax | 6.6% |
| Corporate | 5.3% |
| Tobacco | 5.0% |
| LT Health | 4.7% |
| School District GO | 4.2% |
| Project Finance | 4.1% |
| Charter School | 3.9% |
| State Appropriation | 3.5% |
| University | 3.3% |
| Airport | 3.0% |
| Toll | 3.0% |
| Airline | 2.5% |
| Other | 21.9% |

---

Goldman Sachs High Yield Municipal Fund

Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs High Yield Municipal Fund

38145L216-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs High Yield Municipal Fund

# Class P: GGLPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Municipal Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $54 | 0.53% |

---

## How did the Fund perform and what affected its performance?
The high yield municipal bond market produced solid gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached record levels during the annual period, was met with strong investor demand amid higher absolute yields on tax-exempt securities and a solid credit backdrop. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. In this environment, first-time municipal bond defaults decreased substantially year over year. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund's overall credit positioning added to the Fund's performance versus the Goldman Sachs High Yield Municipal Fund Composite Index (Index). Specifically, the Fund's underweight in the highest-rated credits contributed positively. High yield municipal bonds broadly outperformed investment grade municipal bonds, supported by a solid credit backdrop, tightening spreads and consistent investment inflows into high yield municipal bond mutual funds.

* Within individual bottom-up security selection, the Fund benefited from investments in power/electric revenue bonds, sales tax-backed bonds and state general obligation bonds.

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning had a negative impact on its relative performance. The Fund was hurt by its longer duration positioning compared to the Index and by its relative overweight in the longer maturity end of the municipal yield curve. In particular, the Fund's overweight in securities with maturities of 20 years and longer detracted from performance as longer-term municipal yields rose and the municipal yield curve steepened during the annual periods.

* The Fund's state positioning, especially its overweight in Illinois credits, detracted from relative performance.

* Sector positioning overall hampered relative performance, with the Fund's overweight in tobacco revenue bonds detracting most.

* Individual bottom-up security selection detracted slightly from relative performance, led by investments in project finance revenue bonds, tobacco revenue bonds and special assessment bonds.

Goldman Sachs High Yield Municipal Fund

Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849i968c73058c26c5e9711a.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class P** | **Goldman Sachs High Yield Municipal Fund Composite Index** | **Bloomberg Municipal Bond Index** | **Bloomberg Municipal High Yield Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **3/19** | $10714 | $10689 | $10576 | $10765 | $10538 |
| **3/20** | $10761 | $10807 | $10983 | $10686 | $11479 |
| **3/21** | $12186 | $12009 | $11588 | $12290 | $11561 |
| **3/22** | $11813 | $11696 | $11070 | $12125 | $11081 |
| **3/23** | $11289 | $11391 | $11099 | $11580 | $10551 |
| **3/24** | $12049 | $12071 | $11446 | $12496 | $10730 |
| **3/25** | $12494 | $12532 | $11586 | $13195 | $11254 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 3.69% | 3.03% | 3.25% |
| Goldman Sachs High Yield Municipal Fund Composite Index | 3.82% | 3.01% | 3.30% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.14% |
| Bloomberg Municipal High Yield Bond Index | 5.59% | 4.31% | 4.07% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.71% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs High Yield Municipal Fund

Class P

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $12089735126 |
| # of Portfolio Holdings | 3329 |
| Portfolio Turnover Rate | 18% |
| Total Net Advisory Fees Paid | $56919920 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Special Assessment | 20.0% |
| Hospital | 8.4% |
| Sales Tax | 6.6% |
| Corporate | 5.3% |
| Tobacco | 5.0% |
| LT Health | 4.7% |
| School District GO | 4.2% |
| Project Finance | 4.1% |
| Charter School | 3.9% |
| State Appropriation | 3.5% |
| University | 3.3% |
| Airport | 3.0% |
| Toll | 3.0% |
| Airline | 2.5% |
| Other | 21.9% |

---

Goldman Sachs High Yield Municipal Fund

Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs High Yield Municipal Fund

38150B640-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Municipal Income Completion Fund

# Separate Account Institutional: GSAAX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Municipal Income Completion Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Separate Account Institutional | $0 | -% |

---

## How did the Fund perform and what affected its performance?
The broad municipal bond market posted gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached record levels during the annual period, was met with strong investor demand, as higher absolute yields on tax-exempt securities and a solid credit backdrop created a strong environment for municipal bonds. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund benefited from its overall credit positioning, especially its bias toward lower-rated and non-rated municipal securities, as spreads tightened. Lower-rated municipal securities broadly outperformed higher-rated municipal securities due to the positive credit backdrop and higher absolute yields.

* Within sector positioning, the Fund's exposure to water and sewer credits and health care credits contributed positively to its absolute returns.

* The Fund's state positioning had a positive impact on returns, with exposure to Puerto Rico credits adding to absolute performance. 

* Regarding bottom-up security selection, investments among power/electric revenue credits contributed positively.

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning detracted from absolute performance. The Fund was hurt by its long duration position and its exposure to securities with longer maturities, specifically the 20- to 30-year segment of the municipal yield curve, as longer-term municipal yields rose and the municipal yield curve steepened. 

* Individual bottom-up security selection hurt performance overall, led by investments in special assessment bonds.

* Sector positioning had a marginally negative impact on returns, with the Fund's exposure to tobacco credits detracting most.

* Within state positioning, exposure to Illinois credits detracted from the Fund's absolute performance. 

Goldman Sachs Municipal Income Completion Fund

Separate Account Institutional

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849i693a029be65af9a1f229.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Separate Account Institutional** | **Bloomberg Municipal Bond 1-10 Year Blend Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/19** | $10000 | $10000 | $10000 |
| **3/20** | $9990 | $10277 | $10934 |
| **3/21** | $11400 | $10743 | $11012 |
| **3/22** | $11033 | $10314 | $10555 |
| **3/23** | $10747 | $10511 | $10050 |
| **3/24** | $11552 | $10739 | $10221 |
| **3/25** | $12013 | $10953 | $10720 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Separate Account Institutional (Commenced April 1, 2019) | 3.99% | 3.75% | 3.10% |
| Bloomberg Municipal Bond 1-10 Year Blend Index | 1.99% | 1.28% | 1.53% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.16% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Municipal Income Completion Fund

Separate Account Institutional

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $242293911 |
| # of Portfolio Holdings | 1048 |
| Portfolio Turnover Rate | 30% |
| Total Net Advisory Fees Paid | $0 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective January 17, 2025, the Fund's Investment Adviser agreed to reduce or limit "Other Expenses" (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.00% of the Fund's average daily net assets. Additionally, Goldman Sachs & Co. LLC, the Fund's transfer agent, agreed to reduce or limit its transfer agency fee to 0.00% of the Fund's average daily net assets. These fee limitations or reductions may not be terminated without the approval of the Board of Trustees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Special Assessment | 21.2% |
| Hospital | 10.2% |
| Sales Tax | 6.9% |
| Airport | 5.8% |
| Corporate | 5.1% |
| State GO | 4.7% |
| Project Finance | 4.3% |
| LT Health | 4.2% |
| Toll | 3.7% |
| Charter School | 3.7% |
| Water/Sewer | 2.9% |
| State Appropriation | 2.7% |
| School District (GO) | 2.6% |
| University | 2.5% |
| Other | 20.3% |

---

Goldman Sachs Municipal Income Completion Fund

Separate Account Institutional

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Municipal Income Completion Fund

38150C788-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Tax-Free Fund

# Class A: GSDTX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Tax-Free Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $67 | 0.66% |

---

## How did the Fund perform and what affected its performance?
The broad municipal bond market posted gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached record levels during the annual period, was met with strong investor demand, as higher absolute yields on tax-exempt securities and a solid credit backdrop created a strong environment for municipal bonds. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund benefited from its overall credit positioning. As spreads tightened, the Fund was helped by its overweight position versus the Bloomberg Municipal Bond 1-3 Year Blend Index (Index) in A-rated and BBB-rated securities

* Individual bottom-up security selection contributed positively overall, highlighted by selection among power/electric revenue bonds and state and local general obligation bonds.

* The Fund's state positioning was broadly positive, with an overweight relative to the Index in Puerto Rico credits and an underweight in California credits boosting performance. 

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning had a negative impact on relative performance. The Fund was hurt by its longer duration positioning compared to the Index, given that longer-term interest rates ended the annual period higher than they started. In addition, an overweight versus the Index in tax-exempt securities with maturities of five years and longer detracted from the Fund's results, as the municipal yield curve moved from an inverted position between two-year and 10-year maturities to a more traditional upward slope.

* Within bottom-up security selection, investments in health care revenue bonds, water and sewer revenue bonds and sales tax-backed bonds detracted from relative returns.

* Within state positioning, the Fund was hampered by an overweight in Illinois credits. 

Goldman Sachs Short Duration Tax-Free Fund

Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849i005d3c6b3f8066785488.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Bloomberg Municipal Bond 1-3 Year Blend Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $9850 | $10000 | $10000 |
| **3/16** | $10062 | $9911 | $10125 | $10196 |
| **3/17** | $10125 | $9974 | $10188 | $10241 |
| **3/18** | $10200 | $10047 | $10238 | $10364 |
| **3/19** | $10527 | $10369 | $10515 | $10828 |
| **3/20** | $10652 | $10492 | $10709 | $11795 |
| **3/21** | $10963 | $10799 | $11022 | $11879 |
| **3/22** | $10625 | $10466 | $10725 | $11386 |
| **3/23** | $10709 | $10549 | $10887 | $10842 |
| **3/24** | $10988 | $10823 | $11108 | $11026 |
| **3/25** | $11327 | $11157 | $11494 | $11564 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 3.09% | 1.24% | 1.25% |
| Class A Including sale charges | 1.52% | 0.94% | 1.10% |
| Bloomberg Municipal Bond 1-3 Year Blend Index | 3.48% | 1.42% | 1.40% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Short Duration Tax-Free Fund

Class A

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $4903687808 |
| # of Portfolio Holdings | 1589 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $17015077 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Hospital | 9.9% |
| Corporate | 9.2% |
| Sales Tax | 6.5% |
| State GO | 6.3% |
| Corporate Elec | 5.5% |
| Airport | 5.4% |
| City/County GO | 5.0% |
| Water/Sewer | 4.7% |
| Pre-refunded | 4.3% |
| Muni Electric | 4.3% |
| School District GO | 4.3% |
| University | 4.2% |
| State Appropriation | 3.7% |
| Transportation | 3.5% |
| Other | 23.7% |

---

Goldman Sachs Short Duration Tax-Free Fund

Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Short Duration Tax-Free Fund

38142B492-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Tax-Free Fund

# Class C: GSTCX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Tax-Free Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $107 | 1.06% |

---

## How did the Fund perform and what affected its performance?
The broad municipal bond market posted gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached record levels during the annual period, was met with strong investor demand, as higher absolute yields on tax-exempt securities and a solid credit backdrop created a strong environment for municipal bonds. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund benefited from its overall credit positioning. As spreads tightened, the Fund was helped by its overweight position versus the Bloomberg Municipal Bond 1-3 Year Blend Index (Index) in A-rated and BBB-rated securities

* Individual bottom-up security selection contributed positively overall, highlighted by selection among power/electric revenue bonds and state and local general obligation bonds.

* The Fund's state positioning was broadly positive, with an overweight relative to the Index in Puerto Rico credits and an underweight in California credits boosting performance. 

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning had a negative impact on relative performance. The Fund was hurt by its longer duration positioning compared to the Index, given that longer-term interest rates ended the annual period higher than they started. In addition, an overweight versus the Index in tax-exempt securities with maturities of five years and longer detracted from the Fund's results, as the municipal yield curve moved from an inverted position between two-year and 10-year maturities to a more traditional upward slope.

* Within bottom-up security selection, investments in health care revenue bonds, water and sewer revenue bonds and sales tax-backed bonds detracted from relative returns.

* Within state positioning, the Fund was hampered by an overweight in Illinois credits. 

Goldman Sachs Short Duration Tax-Free Fund

Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849iac6ef5f1ef7387366126.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Bloomberg Municipal Bond 1-3 Year Blend Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $9935 | $10000 | $10000 |
| **3/16** | $10022 | $9957 | $10125 | $10196 |
| **3/17** | $10045 | $9980 | $10188 | $10241 |
| **3/18** | $10079 | $10014 | $10238 | $10364 |
| **3/19** | $10360 | $10293 | $10515 | $10828 |
| **3/20** | $10441 | $10373 | $10709 | $11795 |
| **3/21** | $10703 | $10634 | $11022 | $11879 |
| **3/22** | $10332 | $10265 | $10725 | $11386 |
| **3/23** | $10362 | $10295 | $10887 | $10842 |
| **3/24** | $10590 | $10521 | $11108 | $11026 |
| **3/25** | $10884 | $10813 | $11494 | $11564 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 2.78% | 0.83% | 0.85% |
| Class C Including sale charges | 2.11% | 0.83% | 0.85% |
| Bloomberg Municipal Bond 1-3 Year Blend Index | 3.48% | 1.42% | 1.40% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Short Duration Tax-Free Fund

Class C

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $4903687808 |
| # of Portfolio Holdings | 1589 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $17015077 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Hospital | 9.9% |
| Corporate | 9.2% |
| Sales Tax | 6.5% |
| State GO | 6.3% |
| Corporate Elec | 5.5% |
| Airport | 5.4% |
| City/County GO | 5.0% |
| Water/Sewer | 4.7% |
| Pre-refunded | 4.3% |
| Muni Electric | 4.3% |
| School District GO | 4.3% |
| University | 4.2% |
| State Appropriation | 3.7% |
| Transportation | 3.5% |
| Other | 23.7% |

---

Goldman Sachs Short Duration Tax-Free Fund

Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Short Duration Tax-Free Fund

38142B245-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Tax-Free Fund

# Institutional Class: GSDUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Tax-Free Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $40 | 0.39% |

---

## How did the Fund perform and what affected its performance?
The broad municipal bond market posted gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached record levels during the annual period, was met with strong investor demand, as higher absolute yields on tax-exempt securities and a solid credit backdrop created a strong environment for municipal bonds. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund benefited from its overall credit positioning. As spreads tightened, the Fund was helped by its overweight position versus the Bloomberg Municipal Bond 1-3 Year Blend Index (Index) in A-rated and BBB-rated securities

* Individual bottom-up security selection contributed positively overall, highlighted by selection among power/electric revenue bonds and state and local general obligation bonds.

* The Fund's state positioning was broadly positive, with an overweight relative to the Index in Puerto Rico credits and an underweight in California credits boosting performance. 

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning had a negative impact on relative performance. The Fund was hurt by its longer duration positioning compared to the Index, given that longer-term interest rates ended the annual period higher than they started. In addition, an overweight versus the Index in tax-exempt securities with maturities of five years and longer detracted from the Fund's results, as the municipal yield curve moved from an inverted position between two-year and 10-year maturities to a more traditional upward slope.

* Within bottom-up security selection, investments in health care revenue bonds, water and sewer revenue bonds and sales tax-backed bonds detracted from relative returns.

* Within state positioning, the Fund was hampered by an overweight in Illinois credits. 

Goldman Sachs Short Duration Tax-Free Fund

Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849i5329806f076d6c0df44d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Bloomberg Municipal Bond 1-3 Year Blend Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $1000000 | $1000000 | $1000000 |
| **3/16** | $1008600 | $1012500 | $1019600 |
| **3/17** | $1018081 | $1018778 | $1024086 |
| **3/18** | $1029789 | $1023770 | $1036375 |
| **3/19** | $1065008 | $1051514 | $1082805 |
| **3/20** | $1081835 | $1070862 | $1179499 |
| **3/21** | $1116778 | $1102238 | $1187874 |
| **3/22** | $1084503 | $1072477 | $1138577 |
| **3/23** | $1096216 | $1088672 | $1084153 |
| **3/24** | $1127787 | $1110772 | $1102584 |
| **3/25** | $1166921 | $1149427 | $1156390 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 3.47% | 1.52% | 1.55% |
| Bloomberg Municipal Bond 1-3 Year Blend Index | 3.48% | 1.42% | 1.40% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Short Duration Tax-Free Fund

Institutional Class

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $4903687808 |
| # of Portfolio Holdings | 1589 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $17015077 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Hospital | 9.9% |
| Corporate | 9.2% |
| Sales Tax | 6.5% |
| State GO | 6.3% |
| Corporate Elec | 5.5% |
| Airport | 5.4% |
| City/County GO | 5.0% |
| Water/Sewer | 4.7% |
| Pre-refunded | 4.3% |
| Muni Electric | 4.3% |
| School District GO | 4.3% |
| University | 4.2% |
| State Appropriation | 3.7% |
| Transportation | 3.5% |
| Other | 23.7% |

---

Goldman Sachs Short Duration Tax-Free Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Short Duration Tax-Free Fund

38141W406-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Tax-Free Fund

# Service Class: GSFSX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Tax-Free Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $90 | 0.89% |

---

## How did the Fund perform and what affected its performance?
The broad municipal bond market posted gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached record levels during the annual period, was met with strong investor demand, as higher absolute yields on tax-exempt securities and a solid credit backdrop created a strong environment for municipal bonds. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund benefited from its overall credit positioning. As spreads tightened, the Fund was helped by its overweight position versus the Bloomberg Municipal Bond 1-3 Year Blend Index (Index) in A-rated and BBB-rated securities

* Individual bottom-up security selection contributed positively overall, highlighted by selection among power/electric revenue bonds and state and local general obligation bonds.

* The Fund's state positioning was broadly positive, with an overweight relative to the Index in Puerto Rico credits and an underweight in California credits boosting performance. 

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning had a negative impact on relative performance. The Fund was hurt by its longer duration positioning compared to the Index, given that longer-term interest rates ended the annual period higher than they started. In addition, an overweight versus the Index in tax-exempt securities with maturities of five years and longer detracted from the Fund's results, as the municipal yield curve moved from an inverted position between two-year and 10-year maturities to a more traditional upward slope.

* Within bottom-up security selection, investments in health care revenue bonds, water and sewer revenue bonds and sales tax-backed bonds detracted from relative returns.

* Within state positioning, the Fund was hampered by an overweight in Illinois credits. 

Goldman Sachs Short Duration Tax-Free Fund

Service Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849i46d6dec3fa0ae38e2a39.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service** | **Bloomberg Municipal Bond 1-3 Year Blend Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $10036 | $10125 | $10196 |
| **3/17** | $10080 | $10188 | $10241 |
| **3/18** | $10146 | $10238 | $10364 |
| **3/19** | $10440 | $10515 | $10828 |
| **3/20** | $10553 | $10709 | $11795 |
| **3/21** | $10839 | $11022 | $11879 |
| **3/22** | $10483 | $10725 | $11386 |
| **3/23** | $10532 | $10887 | $10842 |
| **3/24** | $10782 | $11108 | $11026 |
| **3/25** | $11100 | $11494 | $11564 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 2.95% | 1.02% | 1.05% |
| Bloomberg Municipal Bond 1-3 Year Blend Index | 3.48% | 1.42% | 1.40% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Short Duration Tax-Free Fund

Service Class

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $4903687808 |
| # of Portfolio Holdings | 1589 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $17015077 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Hospital | 9.9% |
| Corporate | 9.2% |
| Sales Tax | 6.5% |
| State GO | 6.3% |
| Corporate Elec | 5.5% |
| Airport | 5.4% |
| City/County GO | 5.0% |
| Water/Sewer | 4.7% |
| Pre-refunded | 4.3% |
| Muni Electric | 4.3% |
| School District GO | 4.3% |
| University | 4.2% |
| State Appropriation | 3.7% |
| Transportation | 3.5% |
| Other | 23.7% |

---

Goldman Sachs Short Duration Tax-Free Fund

Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Short Duration Tax-Free Fund

38141W885-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Tax-Free Fund

# Investor Class: GDIRX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Tax-Free Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $42 | 0.41% |

---

## How did the Fund perform and what affected its performance?
The broad municipal bond market posted gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached record levels during the annual period, was met with strong investor demand, as higher absolute yields on tax-exempt securities and a solid credit backdrop created a strong environment for municipal bonds. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund benefited from its overall credit positioning. As spreads tightened, the Fund was helped by its overweight position versus the Bloomberg Municipal Bond 1-3 Year Blend Index (Index) in A-rated and BBB-rated securities

* Individual bottom-up security selection contributed positively overall, highlighted by selection among power/electric revenue bonds and state and local general obligation bonds.

* The Fund's state positioning was broadly positive, with an overweight relative to the Index in Puerto Rico credits and an underweight in California credits boosting performance. 

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning had a negative impact on relative performance. The Fund was hurt by its longer duration positioning compared to the Index, given that longer-term interest rates ended the annual period higher than they started. In addition, an overweight versus the Index in tax-exempt securities with maturities of five years and longer detracted from the Fund's results, as the municipal yield curve moved from an inverted position between two-year and 10-year maturities to a more traditional upward slope.

* Within bottom-up security selection, investments in health care revenue bonds, water and sewer revenue bonds and sales tax-backed bonds detracted from relative returns.

* Within state positioning, the Fund was hampered by an overweight in Illinois credits. 

Goldman Sachs Short Duration Tax-Free Fund

Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849i1f9345b145de39fc2411.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **Bloomberg Municipal Bond 1-3 Year Blend Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/15** | $10000 | $10000 | $10000 |
| **3/16** | $10087 | $10125 | $10196 |
| **3/17** | $10176 | $10188 | $10241 |
| **3/18** | $10279 | $10238 | $10364 |
| **3/19** | $10625 | $10515 | $10828 |
| **3/20** | $10787 | $10709 | $11795 |
| **3/21** | $11131 | $11022 | $11879 |
| **3/22** | $10803 | $10725 | $11386 |
| **3/23** | $10916 | $10887 | $10842 |
| **3/24** | $11228 | $11108 | $11026 |
| **3/25** | $11615 | $11494 | $11564 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 3.45% | 1.49% | 1.51% |
| Bloomberg Municipal Bond 1-3 Year Blend Index | 3.48% | 1.42% | 1.40% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Short Duration Tax-Free Fund

Investor Class

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $4903687808 |
| # of Portfolio Holdings | 1589 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $17015077 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Hospital | 9.9% |
| Corporate | 9.2% |
| Sales Tax | 6.5% |
| State GO | 6.3% |
| Corporate Elec | 5.5% |
| Airport | 5.4% |
| City/County GO | 5.0% |
| Water/Sewer | 4.7% |
| Pre-refunded | 4.3% |
| Muni Electric | 4.3% |
| School District GO | 4.3% |
| University | 4.2% |
| State Appropriation | 3.7% |
| Transportation | 3.5% |
| Other | 23.7% |

---

Goldman Sachs Short Duration Tax-Free Fund

Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Short Duration Tax-Free Fund

38144N239-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Tax-Free Fund

# Class R6: GDUSX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Tax-Free Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $39 | 0.38% |

---

## How did the Fund perform and what affected its performance?
The broad municipal bond market posted gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached record levels during the annual period, was met with strong investor demand, as higher absolute yields on tax-exempt securities and a solid credit backdrop created a strong environment for municipal bonds. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund benefited from its overall credit positioning. As spreads tightened, the Fund was helped by its overweight position versus the Bloomberg Municipal Bond 1-3 Year Blend Index (Index) in A-rated and BBB-rated securities

* Individual bottom-up security selection contributed positively overall, highlighted by selection among power/electric revenue bonds and state and local general obligation bonds.

* The Fund's state positioning was broadly positive, with an overweight relative to the Index in Puerto Rico credits and an underweight in California credits boosting performance. 

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning had a negative impact on relative performance. The Fund was hurt by its longer duration positioning compared to the Index, given that longer-term interest rates ended the annual period higher than they started. In addition, an overweight versus the Index in tax-exempt securities with maturities of five years and longer detracted from the Fund's results, as the municipal yield curve moved from an inverted position between two-year and 10-year maturities to a more traditional upward slope.

* Within bottom-up security selection, investments in health care revenue bonds, water and sewer revenue bonds and sales tax-backed bonds detracted from relative returns.

* Within state positioning, the Fund was hampered by an overweight in Illinois credits. 

Goldman Sachs Short Duration Tax-Free Fund

Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849id9d942f72e0d38ec4ae7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg Municipal Bond 1-3 Year Blend Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/17** | $10000 | $10000 | $10000 |
| **3/18** | $10061 | $10038 | $9899 |
| **3/19** | $10414 | $10310 | $10342 |
| **3/20** | $10570 | $10500 | $11266 |
| **3/21** | $10913 | $10807 | $11346 |
| **3/22** | $10608 | $10516 | $10875 |
| **3/23** | $10713 | $10674 | $10355 |
| **3/24** | $11023 | $10891 | $10531 |
| **3/25** | $11407 | $11270 | $11045 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced November 30, 2017) | 3.48% | 1.53% | 1.81% |
| Bloomberg Municipal Bond 1-3 Year Blend Index | 3.48% | 1.42% | 1.64% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.36% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Short Duration Tax-Free Fund

Class R6

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $4903687808 |
| # of Portfolio Holdings | 1589 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $17015077 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Hospital | 9.9% |
| Corporate | 9.2% |
| Sales Tax | 6.5% |
| State GO | 6.3% |
| Corporate Elec | 5.5% |
| Airport | 5.4% |
| City/County GO | 5.0% |
| Water/Sewer | 4.7% |
| Pre-refunded | 4.3% |
| Muni Electric | 4.3% |
| School District GO | 4.3% |
| University | 4.2% |
| State Appropriation | 3.7% |
| Transportation | 3.5% |
| Other | 23.7% |

---

Goldman Sachs Short Duration Tax-Free Fund

Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Short Duration Tax-Free Fund

38145L182-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g825849i2baa2c0c50b760a658e1.jpg)

Annual Shareholder Report

March 31, 2025

# Goldman Sachs Short Duration Tax-Free Fund

# Class P: GANPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Tax-Free Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $39 | 0.38% |

---

## How did the Fund perform and what affected its performance?
The broad municipal bond market posted gains, with supply/demand conditions, credit fundamentals and economic factors the key influences. New issuance, which reached record levels during the annual period, was met with strong investor demand, as higher absolute yields on tax-exempt securities and a solid credit backdrop created a strong environment for municipal bonds. Credit fundamentals remained positive overall, as improved revenues and conservative budgets helped most state and local governments end their fiscal years with surpluses. Among economic factors, inflation readings were a major focus. Investors also monitored labor market data, watching for signs of weakness, which could suggest U.S. economic growth was slowing. Toward the end of the annual period, municipal securities broadly weakened, as demand softened ahead of the April 15th tax filing deadline and amid rising uncertainty about federal government policies. Market volatility increased, with investors trying to assess the impact of the new Administration's cuts, the implementation of trade tariffs, the potential elimination of the tax exemption for municipal securities and possible limitations on the ability of certain issuers to bring tax-exempt debt to market.

Top Contributors to Performance:

* The Fund benefited from its overall credit positioning. As spreads tightened, the Fund was helped by its overweight position versus the Bloomberg Municipal Bond 1-3 Year Blend Index (Index) in A-rated and BBB-rated securities

* Individual bottom-up security selection contributed positively overall, highlighted by selection among power/electric revenue bonds and state and local general obligation bonds.

* The Fund's state positioning was broadly positive, with an overweight relative to the Index in Puerto Rico credits and an underweight in California credits boosting performance. 

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning had a negative impact on relative performance. The Fund was hurt by its longer duration positioning compared to the Index, given that longer-term interest rates ended the annual period higher than they started. In addition, an overweight versus the Index in tax-exempt securities with maturities of five years and longer detracted from the Fund's results, as the municipal yield curve moved from an inverted position between two-year and 10-year maturities to a more traditional upward slope.

* Within bottom-up security selection, investments in health care revenue bonds, water and sewer revenue bonds and sales tax-backed bonds detracted from relative returns.

* Within state positioning, the Fund was hampered by an overweight in Illinois credits. 

Goldman Sachs Short Duration Tax-Free Fund

Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g825849i7747a53f95fd11b72496.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg Municipal Bond 1-3 Year Blend Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $10342 | $10288 | $10538 |
| **3/20** | $10497 | $10477 | $11479 |
| **3/21** | $10837 | $10784 | $11561 |
| **3/22** | $10535 | $10493 | $11081 |
| **3/23** | $10650 | $10652 | $10551 |
| **3/24** | $10957 | $10868 | $10730 |
| **3/25** | $11328 | $11246 | $11254 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 3.38% | 1.53% | 1.81% |
| Bloomberg Municipal Bond 1-3 Year Blend Index | 3.48% | 1.42% | 1.70% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.71% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Short Duration Tax-Free Fund

Class P

## Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $4903687808 |
| # of Portfolio Holdings | 1589 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid | $17015077 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Hospital | 9.9% |
| Corporate | 9.2% |
| Sales Tax | 6.5% |
| State GO | 6.3% |
| Corporate Elec | 5.5% |
| Airport | 5.4% |
| City/County GO | 5.0% |
| Water/Sewer | 4.7% |
| Pre-refunded | 4.3% |
| Muni Electric | 4.3% |
| School District GO | 4.3% |
| University | 4.2% |
| State Appropriation | 3.7% |
| Transportation | 3.5% |
| Other | 23.7% |

---

Goldman Sachs Short Duration Tax-Free Fund

Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Short Duration Tax-Free Fund

38150C309-AR-0325&nbsp;&nbsp;&nbsp;&nbsp; Class P

------

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(b) Not applicable.

(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 19(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's board of trustees has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. Michael Latham is the "audit committee financial expert" and "independent" (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

**Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Description of Services Rendered** |
|  Audit Fees: |  |  |  |
| • PricewaterhouseCoopers LLP<br>("PwC") | $3871978 | $3834921 | Financial Statement audits. |
|  Audit-Related Fees: |  |  |  |
| • PwC | $460728 | $233100 | Other attest services. |
|  Tax Fees: |  |  |  |
| • PwC | $0 | $0 |  |
|  All Other Fees: |  |  |  |
| • PwC | $0 | $0 |  |

---

**Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust's service affiliates\* that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Description of Services Rendered** |
|  Audit-Related Fees: |  |  |  |
| • PwC | $2122312 | $2122312 | Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and semi-annual updates related to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds' Adviser. |

---

\* These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as "service affiliates").

#### Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures
<u>Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust.</u> The Audit and Non-Audit Services Pre-Approval Policy (the "Policy") adopted by the Audit Committee of Goldman Sachs Trust ("GST") sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission's rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

<u>De Minimis Waiver.</u> The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

<u>Pre-Approval of Non-Audit Services Provided to GST's Investment Advisers.</u> The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST's investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.

**Item 4(e)(2) –** 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST's Audit Committee pursuant to the "de minimis" exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST's service affiliates listed in Table 2 were approved by GST's Audit Committee pursuant to the "de minimis" exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

**Item 4(f) –** Not applicable.

#### Item 4(g) Aggregate Non-Audit Fees Disclosure
The aggregate non-audit fees billed to GST by PwC for the twelve months ended March 31, 2025 and March 31, 2024 were approximately $460,728 and $233,100, respectively. The aggregate non-audit fees billed to GST's adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2024 and December 31, 2023 were approximately $20.7 million and $18.0 million, respectively. With regard to the aggregate non-audit fees billed to GST's adviser and service affiliates, the 2024 and 2023 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST's operations or financial reporting.

**Item 4(h) —** GST's Audit Committee has considered whether the provision of non-audit services to GST's investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors' independence.

**Item 4(i) –** Not applicable.

**Item 4(j) –** Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

Schedule of Investments is included in Item 7 of this report.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

![LOGO](g825849g09z01.jpg)

Goldman Sachs Funds Annual Financial Statements March 31, 2025 Goldman Sachs Municipal Funds Goldman Sachs Dynamic Municipal Income Fund Goldman Sachs High Yield Municipal Fund Goldman Sachs Municipal Income Completion Fund Goldman Sachs Short Duration Tax-Free Fund

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Municipal Funds

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
| **[Schedules of Investments](#mf825849_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Dynamic Municipal Income Fund](#mf825849_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs High Yield Municipal Fund](#mf825849_3) | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Municipal Income Completion Fund](#mf825849_4) | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Short Duration Tax-Free Fund](#mf825849_5) | 209 |
| **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#mf825849_6) | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#mf825849_7) | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#mf825849_8) | 248 |
| **[Financial Highlights](#mf825849_9)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Dynamic Municipal Income Fund](#mf825849_10) | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs High Yield Municipal Fund](#mf825849_11) | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Municipal Income Completion Fund](#mf825849_12) | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Short Duration Tax-Free Fund](#mf825849_13) | 264 |
| **[Notes to Financial Statements](#mf825849_14)** | 271 |
| [Report of Independent Registered Public Accounting Firm](#mf825849_15) | 285 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds - 98.2% | Municipal Bonds - 98.2% | Municipal Bonds - 98.2% | Municipal Bonds - 98.2% |
| Alabama - 2.0% | Alabama - 2.0% | Alabama - 2.0% | Alabama - 2.0% |
| Alabama Economic Settlement Authority RB for BP Exploration & Production, Inc. Series 2016 A (A1/A-) | Alabama Economic Settlement Authority RB for BP Exploration & Production, Inc. Series 2016 A (A1/A-) | Alabama Economic Settlement Authority RB for BP Exploration & Production, Inc. Series 2016 A (A1/A-) | Alabama Economic Settlement Authority RB for BP Exploration & Production, Inc. Series 2016 A (A1/A-) |
| $5000000 | 4.000% | 09/15/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4924343 |
| Alabama Housing Finance Authority Collateralized Single Family Mortgage RB 2024 Series C Bonds (NON-AMT) (GNMA/ FNMA/FHLMC) (Aaa/NR) | Alabama Housing Finance Authority Collateralized Single Family Mortgage RB 2024 Series C Bonds (NON-AMT) (GNMA/ FNMA/FHLMC) (Aaa/NR) | Alabama Housing Finance Authority Collateralized Single Family Mortgage RB 2024 Series C Bonds (NON-AMT) (GNMA/ FNMA/FHLMC) (Aaa/NR) | Alabama Housing Finance Authority Collateralized Single Family Mortgage RB 2024 Series C Bonds (NON-AMT) (GNMA/ FNMA/FHLMC) (Aaa/NR) |
| 2400000 | 4.450 | 10/01/2044 | 2348968 |
| Alabama Housing Finance Authority Multifamily Housing RB for Cooper Green Homes Project Series 2024 C (Aaa/NR) | Alabama Housing Finance Authority Multifamily Housing RB for Cooper Green Homes Project Series 2024 C (Aaa/NR) | Alabama Housing Finance Authority Multifamily Housing RB for Cooper Green Homes Project Series 2024 C (Aaa/NR) | Alabama Housing Finance Authority Multifamily Housing RB for Cooper Green Homes Project Series 2024 C (Aaa/NR) |
| 1175000 | 5.000 <sup>(a)(b)</sup> | 02/01/2029 | 1230540 |
| Ascension Health RB for Ascension Senior Credit Group Series 2016C (Aa2/AA) | Ascension Health RB for Ascension Senior Credit Group Series 2016C (Aa2/AA) | Ascension Health RB for Ascension Senior Credit Group Series 2016C (Aa2/AA) | Ascension Health RB for Ascension Senior Credit Group Series 2016C (Aa2/AA) |
| 9500000 | 5.000 | 11/15/2046 | 9521275 |
| Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/NR) | Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/NR) | Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/NR) | Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/NR) |
| 22955000 | 4.000 <sup>(a)(b)</sup> | 12/01/2049 | 23026408 |
| Energy Southeast a Cooperative District Energy Supply RB 2024 Series B (A1/NR) | Energy Southeast a Cooperative District Energy Supply RB 2024 Series B (A1/NR) | Energy Southeast a Cooperative District Energy Supply RB 2024 Series B (A1/NR) | Energy Southeast a Cooperative District Energy Supply RB 2024 Series B (A1/NR) |
| 6500000 | 5.250 <sup>(a)(b)</sup> | 07/01/2054 | 6912731 |
| Energy Southeast, A Cooperative District Energy Supply RB Series 2023B-1 (Fixed Rate) (A1/NR) | Energy Southeast, A Cooperative District Energy Supply RB Series 2023B-1 (Fixed Rate) (A1/NR) | Energy Southeast, A Cooperative District Energy Supply RB Series 2023B-1 (Fixed Rate) (A1/NR) | Energy Southeast, A Cooperative District Energy Supply RB Series 2023B-1 (Fixed Rate) (A1/NR) |
| 4150000 | 5.750 <sup>(a)(b)</sup> | 04/01/2054 | 4560954 |
| Health Care Authority for Baptist Health Series 2023 (A3/BBB+) | Health Care Authority for Baptist Health Series 2023 (A3/BBB+) | Health Care Authority for Baptist Health Series 2023 (A3/BBB+) | Health Care Authority for Baptist Health Series 2023 (A3/BBB+) |
| 1500000 | 5.000 | 11/15/2029 | 1580636 |
| 1500000 | 5.000 | 11/15/2035 | 1575506 |
| 1000000 | 5.000 | 11/15/2036 | 1045375 |
| 325000 | 5.000 | 11/15/2037 | 338206 |
| Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (B1/BB-) | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (B1/BB-) | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (B1/BB-) | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (B1/BB-) |
| 4920000 | 5.750 | 10/01/2049 | 5122869 |
| 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 | 10/01/2025 | 1006865 |
| Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) |
| 2000000 | 5.250 | 10/01/2040 | 2144525 |
| 2000000 | 5.250 | 10/01/2041 | 2130615 |
| 2500000 | 5.250 | 10/01/2044 | 2627336 |
| 27860000 | 5.250 | 10/01/2049 | 28727892 |
| Limestone County Water and Sewer Authority Water and Sewer RB Series 2024 (Aa3/AA-) | Limestone County Water and Sewer Authority Water and Sewer RB Series 2024 (Aa3/AA-) | Limestone County Water and Sewer Authority Water and Sewer RB Series 2024 (Aa3/AA-) | Limestone County Water and Sewer Authority Water and Sewer RB Series 2024 (Aa3/AA-) |
| 500000 | 5.000 | 12/01/2044 | 525966 |
| 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 | 97011 |
| 500000 | 4.250 | 11/01/2032 | 467723 |
| Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) |
| 20000000 | 5.000 <sup>(a)(b)</sup> | 06/01/2049 | 20956234 |
| Southeast Energy Authority Commodity Supply RB Series 2022A-1 (A1/NR) | Southeast Energy Authority Commodity Supply RB Series 2022A-1 (A1/NR) | Southeast Energy Authority Commodity Supply RB Series 2022A-1 (A1/NR) | Southeast Energy Authority Commodity Supply RB Series 2022A-1 (A1/NR) |
| 6000000 | 5.500 <sup>(a)(b)</sup> | 01/01/2053 | 6367770 |
| Southeast Energy Authority, A Cooperative District Energy Supply RB Series 2025C (Aa1/NR) | Southeast Energy Authority, A Cooperative District Energy Supply RB Series 2025C (Aa1/NR) | Southeast Energy Authority, A Cooperative District Energy Supply RB Series 2025C (Aa1/NR) | Southeast Energy Authority, A Cooperative District Energy Supply RB Series 2025C (Aa1/NR) |
| 35255000 | 5.000 <sup>(a)(b)</sup> | 05/01/2055 | 37299515 |
| The Educational Building Authority of The City of Homewood Alabama Lease RB Tax-Exempt Series 2024-A (Baa2/NR) | The Educational Building Authority of The City of Homewood Alabama Lease RB Tax-Exempt Series 2024-A (Baa2/NR) | The Educational Building Authority of The City of Homewood Alabama Lease RB Tax-Exempt Series 2024-A (Baa2/NR) | The Educational Building Authority of The City of Homewood Alabama Lease RB Tax-Exempt Series 2024-A (Baa2/NR) |
| 3350000 | 5.500 | 10/01/2049 | 3472110 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| The Educational Building Authority of The City of Homewood Alabama RB Tax-Exempt Series 2024-C (Baa2/NR) | The Educational Building Authority of The City of Homewood Alabama RB Tax-Exempt Series 2024-C (Baa2/NR) | The Educational Building Authority of The City of Homewood Alabama RB Tax-Exempt Series 2024-C (Baa2/NR) | The Educational Building Authority of The City of Homewood Alabama RB Tax-Exempt Series 2024-C (Baa2/NR) |
| 4175000 | 5.500% | 10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4327182 |
| The Industrial Board of the Town of West Jefferson Pollution Control Revenue Refunding Bonds for Alabama Power Company Project Series 1998 (A1/A) | The Industrial Board of the Town of West Jefferson Pollution Control Revenue Refunding Bonds for Alabama Power Company Project Series 1998 (A1/A) | The Industrial Board of the Town of West Jefferson Pollution Control Revenue Refunding Bonds for Alabama Power Company Project Series 1998 (A1/A) | The Industrial Board of the Town of West Jefferson Pollution Control Revenue Refunding Bonds for Alabama Power Company Project Series 1998 (A1/A) |
| 8540000 | 3.650 <sup>(b)</sup> | 06/01/2028 | 8598995 |
| The Industrial Development Authority of Mobile County Solid Waste Disposal RB AM NS Calvert LLC Project Series 2024A (Baa3/BBB-) | The Industrial Development Authority of Mobile County Solid Waste Disposal RB AM NS Calvert LLC Project Series 2024A (Baa3/BBB-) | The Industrial Development Authority of Mobile County Solid Waste Disposal RB AM NS Calvert LLC Project Series 2024A (Baa3/BBB-) | The Industrial Development Authority of Mobile County Solid Waste Disposal RB AM NS Calvert LLC Project Series 2024A (Baa3/BBB-) |
| 12650000 | 5.000 | 06/01/2054 | 12495961 |
| The Industrial Development Board of the City of Mobile Pollution Control RB for Alabama Power Company Barry Plant Project Series 2007-C (A1/A) (PUTABLE) | The Industrial Development Board of the City of Mobile Pollution Control RB for Alabama Power Company Barry Plant Project Series 2007-C (A1/A) (PUTABLE) | The Industrial Development Board of the City of Mobile Pollution Control RB for Alabama Power Company Barry Plant Project Series 2007-C (A1/A) (PUTABLE) | The Industrial Development Board of the City of Mobile Pollution Control RB for Alabama Power Company Barry Plant Project Series 2007-C (A1/A) (PUTABLE) |
| 3470000 | 3.780 <sup>(a)(b)</sup> | 06/01/2034 | 3489465 |
| The Industrial Development Board of The City of Prattville Environmental Improvement Refunding Bonds International Paper Company Project Series 2019B (NR/BBB) (PUTABLE) | The Industrial Development Board of The City of Prattville Environmental Improvement Refunding Bonds International Paper Company Project Series 2019B (NR/BBB) (PUTABLE) | The Industrial Development Board of The City of Prattville Environmental Improvement Refunding Bonds International Paper Company Project Series 2019B (NR/BBB) (PUTABLE) | The Industrial Development Board of The City of Prattville Environmental Improvement Refunding Bonds International Paper Company Project Series 2019B (NR/BBB) (PUTABLE) |
| 1335000 | 3.450 <sup>(a)(b)</sup> | 11/01/2033 | 1310965 |
| The Industrial Development Board of The City of Prattville Recovery Zone Facility Revenue Refunding Bonds International Paper Company Project Series 2019C (NR/BBB) (PUTABLE) | The Industrial Development Board of The City of Prattville Recovery Zone Facility Revenue Refunding Bonds International Paper Company Project Series 2019C (NR/BBB) (PUTABLE) | The Industrial Development Board of The City of Prattville Recovery Zone Facility Revenue Refunding Bonds International Paper Company Project Series 2019C (NR/BBB) (PUTABLE) | The Industrial Development Board of The City of Prattville Recovery Zone Facility Revenue Refunding Bonds International Paper Company Project Series 2019C (NR/BBB) (PUTABLE) |
| 1925000 | 3.450 <sup>(a)(b)</sup> | 11/01/2033 | 1880090 |
| The Industrial Development Board of The City of Selma Gulf Opportunity Zone Revenue Refunding Bonds International Paper Company Project Series 2019A (NR/BBB) (PUTABLE) | The Industrial Development Board of The City of Selma Gulf Opportunity Zone Revenue Refunding Bonds International Paper Company Project Series 2019A (NR/BBB) (PUTABLE) | The Industrial Development Board of The City of Selma Gulf Opportunity Zone Revenue Refunding Bonds International Paper Company Project Series 2019A (NR/BBB) (PUTABLE) | The Industrial Development Board of The City of Selma Gulf Opportunity Zone Revenue Refunding Bonds International Paper Company Project Series 2019A (NR/BBB) (PUTABLE) |
| 1040000 | 3.450 <sup>(a)(b)</sup> | 11/01/2033 | 1021276 |
| The Public Educational Building Authority of Jacksonville Higher Educational Facilities RB for JSU Foundation Project Series 2024 Consisting of: Series 2024-A (BAM) (Baa2/AA) | The Public Educational Building Authority of Jacksonville Higher Educational Facilities RB for JSU Foundation Project Series 2024 Consisting of: Series 2024-A (BAM) (Baa2/AA) | The Public Educational Building Authority of Jacksonville Higher Educational Facilities RB for JSU Foundation Project Series 2024 Consisting of: Series 2024-A (BAM) (Baa2/AA) | The Public Educational Building Authority of Jacksonville Higher Educational Facilities RB for JSU Foundation Project Series 2024 Consisting of: Series 2024-A (BAM) (Baa2/AA) |
| 3550000 | 5.250 | 08/01/2049 | 3724494 |
| 4500000 | 5.000 | 08/01/2056 | 4599017 |
| Water Works Board of The City of Birmingham Revenue Anticipation Bond Series 2024 (NR/NR) | Water Works Board of The City of Birmingham Revenue Anticipation Bond Series 2024 (NR/NR) | Water Works Board of The City of Birmingham Revenue Anticipation Bond Series 2024 (NR/NR) | Water Works Board of The City of Birmingham Revenue Anticipation Bond Series 2024 (NR/NR) |
| 9600000 | 3.750 <sup>(c)</sup> | 09/01/2026 | 9562102 |
| Water Works Board of The City of Birmingham Senior Water RB Refunding Series 2016-B (Aa3/NR) | Water Works Board of The City of Birmingham Senior Water RB Refunding Series 2016-B (Aa3/NR) | Water Works Board of The City of Birmingham Senior Water RB Refunding Series 2016-B (Aa3/NR) | Water Works Board of The City of Birmingham Senior Water RB Refunding Series 2016-B (Aa3/NR) |
| 1250000 | 5.000 <sup>(d)</sup> | 01/01/2027 | 1299852 |
|  |  |  | 220320772 |
| Alaska - 0.1% | Alaska - 0.1% | Alaska - 0.1% | Alaska - 0.1% |
| Civicventures Refunding RB for Anchorage Convention Center Series 2015 (NR/A+) | Civicventures Refunding RB for Anchorage Convention Center Series 2015 (NR/A+) | Civicventures Refunding RB for Anchorage Convention Center Series 2015 (NR/A+) | Civicventures Refunding RB for Anchorage Convention Center Series 2015 (NR/A+) |
| 4000000 | 4.000 | 09/01/2038 | 3696253 |
| Matanuska-Susitna Borough State of Alaska Lease Revenue Refunding Bonds Series 2025B (A1/AA-) | Matanuska-Susitna Borough State of Alaska Lease Revenue Refunding Bonds Series 2025B (A1/AA-) | Matanuska-Susitna Borough State of Alaska Lease Revenue Refunding Bonds Series 2025B (A1/AA-) | Matanuska-Susitna Borough State of Alaska Lease Revenue Refunding Bonds Series 2025B (A1/AA-) |
| 3745000 | 5.000 <sup>(e)</sup> | 09/01/2026 | 3835951 |
| 5000000 | 5.000 <sup>(e)</sup> | 09/01/2027 | 5209951 |
| Northern Tobacco Securitization Corp. Tobacco Settlement Asset Back Bonds Series 2021 (NR/A) | Northern Tobacco Securitization Corp. Tobacco Settlement Asset Back Bonds Series 2021 (NR/A) | Northern Tobacco Securitization Corp. Tobacco Settlement Asset Back Bonds Series 2021 (NR/A) | Northern Tobacco Securitization Corp. Tobacco Settlement Asset Back Bonds Series 2021 (NR/A) |
| 1750000 | 5.000 | 06/01/2031 | 1863249 |
|  |  |  | 14605404 |
| 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) | American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR) | American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR) | American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR) |
| 1500000 | 3.720 <sup>(c)</sup> | 09/01/2027 | 1432257 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Arizona - 1.8% | Arizona - 1.8% | Arizona - 1.8% | Arizona - 1.8% |
| Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<br>(S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<br>(S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<br>(S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<br>(S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) |
| $65960000 | 4.480 %<sup>(a)(f)</sup> | 01/01/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63681649 |
| Arizona IDA Education RB for Academies of Math & Science Projects Series 2023 (NR/BB+) | Arizona IDA Education RB for Academies of Math & Science Projects Series 2023 (NR/BB+) | Arizona IDA Education RB for Academies of Math & Science Projects Series 2023 (NR/BB+) | Arizona IDA Education RB for Academies of Math & Science Projects Series 2023 (NR/BB+) |
| 515000 | 4.500 <sup>(c)</sup> | 07/01/2033 | 512497 |
| 250000 | 5.250 <sup>(c)</sup> | 07/01/2043 | 251459 |
| Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/BB+) | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/BB+) | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/BB+) | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/BB+) |
| 8000000 | 6.500 <sup>(c)</sup> | 11/01/2053 | 8064153 |
| 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 | 349082 |
| 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 | 1423397 |
| 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-) |
| 1065000 | 4.000 | 07/01/2051 | 903891 |
| Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Ca/NR) | Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Ca/NR) | Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Ca/NR) | Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Ca/NR) |
| 365000 | 5.000 \* | 05/01/2024 | 181587 |
| 300000 | 5.000 \* | 05/01/2029 | 149250 |
| 650000 | 5.000 \* | 05/01/2031 | 323375 |
| Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB) | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB) | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB) | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB) |
| 430000 | 3.000 <sup>(c)</sup> | 12/15/2031 | 394334 |
| Arizona Industrial Development Authority Senior Living RB First Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB First Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB First Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB First Tier Series 2025 A2 (NR/NR) |
| 5915000 | 5.125 | 01/01/2059 | 5400733 |
| Arizona Industrial Development Authority Senior Living RB Second Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB Second Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB Second Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB Second Tier Series 2025 A2 (NR/NR) |
| 5948081 | 5.125 | 01/01/2059 | 4635408 |
| City of Chandler IDA Industrial Development RB for Intel Corp. Project Series 2005 (NON-AMT) (Baa1/BBB) | City of Chandler IDA Industrial Development RB for Intel Corp. Project Series 2005 (NON-AMT) (Baa1/BBB) | City of Chandler IDA Industrial Development RB for Intel Corp. Project Series 2005 (NON-AMT) (Baa1/BBB) | City of Chandler IDA Industrial Development RB for Intel Corp. Project Series 2005 (NON-AMT) (Baa1/BBB) |
| 3350000 | 3.800 <sup>(a)(b)</sup> | 12/01/2035 | 3378070 |
| City of Chandler IDA RB for Intel Corp. Project Series 2022-2 (Baa1/BBB) | City of Chandler IDA RB for Intel Corp. Project Series 2022-2 (Baa1/BBB) | City of Chandler IDA RB for Intel Corp. Project Series 2022-2 (Baa1/BBB) | City of Chandler IDA RB for Intel Corp. Project Series 2022-2 (Baa1/BBB) |
| 14200000 | 5.000 <sup>(a)(b)</sup> | 09/01/2052 | 14545019 |
| City of Glendale, Arizona Subordinate Excise Tax RR Obligations, Series 2017 (Aa3/AA+) | City of Glendale, Arizona Subordinate Excise Tax RR Obligations, Series 2017 (Aa3/AA+) | City of Glendale, Arizona Subordinate Excise Tax RR Obligations, Series 2017 (Aa3/AA+) | City of Glendale, Arizona Subordinate Excise Tax RR Obligations, Series 2017 (Aa3/AA+) |
| 2505000 | 5.000 | 07/01/2029 | 2613772 |
| City of Mesa, Arizona Utility Systems RR Bonds, Series 2021 (Aa2/AA-) | City of Mesa, Arizona Utility Systems RR Bonds, Series 2021 (Aa2/AA-) | City of Mesa, Arizona Utility Systems RR Bonds, Series 2021 (Aa2/AA-) | City of Mesa, Arizona Utility Systems RR Bonds, Series 2021 (Aa2/AA-) |
| 1400000 | 4.000 | 07/01/2035 | 1422119 |
| City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (Aa3/A+) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (Aa3/A+) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (Aa3/A+) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (Aa3/A+) |
| 1375000 | 3.000 | 07/01/2049 | 1009334 |
| City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (Aa3/A+) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (Aa3/A+) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (Aa3/A+) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (Aa3/A+) |
| 3790000 | 3.250 | 07/01/2049 | 2861884 |
| City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (A3/A) | City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (A3/A) | City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (A3/A) | City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (A3/A) |
| 2225000 | 5.000 | 07/01/2045 | 2282623 |
| 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 | 7161284 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Coconino County Pollution Control Refunding RB for Nevada Power Company Projects Pollution Control Corp. Series 2017A (A2/A) (PUTABLE) | Coconino County Pollution Control Refunding RB for Nevada Power Company Projects Pollution Control Corp. Series 2017A (A2/A) (PUTABLE) | Coconino County Pollution Control Refunding RB for Nevada Power Company Projects Pollution Control Corp. Series 2017A (A2/A) (PUTABLE) | Coconino County Pollution Control Refunding RB for Nevada Power Company Projects Pollution Control Corp. Series 2017A (A2/A) (PUTABLE) |
| 2225000 | 4.125 %<sup>(a)(b)</sup> | 09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2226176 |
| County of Maricopa IDA Education RB Series 2021A (NR/BBB-) | County of Maricopa IDA Education RB Series 2021A (NR/BBB-) | County of Maricopa IDA Education RB Series 2021A (NR/BBB-) | County of Maricopa IDA Education RB Series 2021A (NR/BBB-) |
| 550000 | 3.000 <sup>(c)</sup> | 07/01/2031 | 510800 |
| 1050000 | 4.000 <sup>(c)</sup> | 07/01/2041 | 926319 |
| County of Maricopa IDA Education RB Taxable Convertible Series 2021B (NR/BBB-) | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (NR/BBB-) | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (NR/BBB-) | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (NR/BBB-) |
| 625000 | 2.100 <sup>(b)(c)</sup> | 07/01/2026 | 606063 |
| 3225000 | 2.625 <sup>(b)(c)</sup> | 07/01/2031 | 2880307 |
| 3225000 | 3.500 <sup>(b)(c)</sup> | 07/01/2044 | 2508492 |
| County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR) | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR) | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR) | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR) |
| 2500000 | 6.750 <sup>(c)</sup> | 11/15/2042 | 2691086 |
| County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022B-3 (NR/NR) | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022B-3 (NR/NR) | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022B-3 (NR/NR) | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022B-3 (NR/NR) |
| 4500000 | 5.125 <sup>(c)</sup> | 11/15/2029 | 4506348 |
| 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) |
| 4295000 | 4.000 | 07/01/2037 | 4288353 |
| Equitable Senior National Charter School Revolving Loan Fund RB for Arizona IDA Series 2023A Social Bonds (NR/A) | Equitable Senior National Charter School Revolving Loan Fund RB for Arizona IDA Series 2023A Social Bonds (NR/A) | Equitable Senior National Charter School Revolving Loan Fund RB for Arizona IDA Series 2023A Social Bonds (NR/A) | Equitable Senior National Charter School Revolving Loan Fund RB for Arizona IDA Series 2023A Social Bonds (NR/A) |
| 1675000 | 5.000 | 11/01/2028 | 1763010 |
| 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) |
| 335000 | 3.500 | 07/01/2029 | 313743 |
| 376000 | 4.100 | 07/01/2034 | 344771 |
| 1090000 | 4.750 | 07/01/2043 | 960399 |
| 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 | 512289 |
| 1000000 | 5.000 | 05/15/2041 | 972464 |
| 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) |
| 5170000 | 5.000 | 11/15/2042 | 5172432 |
| 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 | 324759 |
| 295000 | 4.000 | 02/15/2046 | 242376 |
| Maricopa County Arizona Pollution Control Company 4.5% Pollution Control Refunding RB 2012 Series A (Baa2/NR) | Maricopa County Arizona Pollution Control Company 4.5% Pollution Control Refunding RB 2012 Series A (Baa2/NR) | Maricopa County Arizona Pollution Control Company 4.5% Pollution Control Refunding RB 2012 Series A (Baa2/NR) | Maricopa County Arizona Pollution Control Company 4.5% Pollution Control Refunding RB 2012 Series A (Baa2/NR) |
| 4175000 | 4.500 | 08/01/2042 | 4032337 |
| Maricopa County Arizona Pollution Control Corp. Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico Palo Verde Project 2003 Series A (NON-AMT) (Baa2/BBB) (PUTABLE) | Maricopa County Arizona Pollution Control Corp. Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico Palo Verde Project 2003 Series A (NON-AMT) (Baa2/BBB) (PUTABLE) | Maricopa County Arizona Pollution Control Corp. Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico Palo Verde Project 2003 Series A (NON-AMT) (Baa2/BBB) (PUTABLE) | Maricopa County Arizona Pollution Control Corp. Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico Palo Verde Project 2003 Series A (NON-AMT) (Baa2/BBB) (PUTABLE) |
| 3300000 | 3.875 <sup>(a)(b)</sup> | 01/01/2038 | 3327530 |
| Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB) | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB) | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB) | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB) |
| 300000 | 4.000 <sup>(c)</sup> | 07/01/2030 | 295718 |
| 600000 | 5.000 <sup>(c)</sup> | 07/01/2040 | 598470 |
| Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB) | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB) | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB) | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB) |
| 950000 | 4.000 <sup>(c)</sup> | 07/01/2051 | 763784 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 for Ottawa University Series 2020 (NR/NR) | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR) | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR) | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR) |
| 150000 | 5.000 %<sup>(c)</sup> | 10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148223 |
| 400000 | 5.125 <sup>(c)</sup> | 10/01/2030 | 386557 |
| 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 | 200008 |
| 200000 | 4.000 | 07/01/2026 | 200998 |
| 200000 | 4.000 | 07/01/2027 | 201205 |
| 325000 | 4.000 | 07/01/2028 | 326964 |
| 250000 | 4.000 | 07/01/2029 | 251098 |
| 500000 | 4.000 | 07/01/2034 | 486037 |
| 700000 | 5.000 | 07/01/2039 | 712612 |
| Maricopa County Pollution Control Refunding RB for El Paso Electric Company Palo Verde Project Series 2009 A (NON-AMT) (Baa2/NR) | Maricopa County Pollution Control Refunding RB for El Paso Electric Company Palo Verde Project Series 2009 A (NON-AMT) (Baa2/NR) | Maricopa County Pollution Control Refunding RB for El Paso Electric Company Palo Verde Project Series 2009 A (NON-AMT) (Baa2/NR) | Maricopa County Pollution Control Refunding RB for El Paso Electric Company Palo Verde Project Series 2009 A (NON-AMT) (Baa2/NR) |
| 6575000 | 3.600 | 02/01/2040 | 5820387 |
| Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR) | Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR) | Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR) | Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR) |
| 315000 | 4.750 <sup>(c)</sup> | 05/01/2030 | 313880 |
| 225000 | 5.500 <sup>(c)</sup> | 05/01/2040 | 221660 |
| Salt River Agricultural Improvement and Power District Project Electric System RB Series 2023B (Aa1/AA+) | Salt River Agricultural Improvement and Power District Project Electric System RB Series 2023B (Aa1/AA+) | Salt River Agricultural Improvement and Power District Project Electric System RB Series 2023B (Aa1/AA+) | Salt River Agricultural Improvement and Power District Project Electric System RB Series 2023B (Aa1/AA+) |
| 7055000 | 5.250 | 01/01/2053 | 7547207 |
| 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+) |
| 9130000 | 5.000 | 12/01/2037 | 9608573 |
| The Industrial Development Authority of The City of Chandler Arizona Industrial Development RB Series 2019 (AMT) (Baa1/BBB) | The Industrial Development Authority of The City of Chandler Arizona Industrial Development RB Series 2019 (AMT) (Baa1/BBB) | The Industrial Development Authority of The City of Chandler Arizona Industrial Development RB Series 2019 (AMT) (Baa1/BBB) | The Industrial Development Authority of The City of Chandler Arizona Industrial Development RB Series 2019 (AMT) (Baa1/BBB) |
| 2850000 | 4.000 <sup>(a)(b)</sup> | 06/01/2049 | 2838685 |
| The Industrial Development Authority of The City of Sierra Vista Education Facility RB American Leadership Academy Project Series 2024 (NR/NR) | The Industrial Development Authority of The City of Sierra Vista Education Facility RB American Leadership Academy Project Series 2024 (NR/NR) | The Industrial Development Authority of The City of Sierra Vista Education Facility RB American Leadership Academy Project Series 2024 (NR/NR) | The Industrial Development Authority of The City of Sierra Vista Education Facility RB American Leadership Academy Project Series 2024 (NR/NR) |
| 1675000 | 5.000 <sup>(c)</sup> | 06/15/2044 | 1643395 |
| 950000 | 5.000 <sup>(c)</sup> | 06/15/2054 | 902735 |
| The Industrial Development Authority of The County of Maricopa Education Refunding RB for Legacy Traditional Schools Projects Series 2024 (NR/BBB-) | The Industrial Development Authority of The County of Maricopa Education Refunding RB for Legacy Traditional Schools Projects Series 2024 (NR/BBB-) | The Industrial Development Authority of The County of Maricopa Education Refunding RB for Legacy Traditional Schools Projects Series 2024 (NR/BBB-) | The Industrial Development Authority of The County of Maricopa Education Refunding RB for Legacy Traditional Schools Projects Series 2024 (NR/BBB-) |
| 6340000 | 4.000 | 07/01/2034 | 6069720 |
|  |  |  | 200192890 |
| Arkansas - 0.2% | Arkansas - 0.2% | Arkansas - 0.2% | Arkansas - 0.2% |
| Arkansas Development Finance Authority Environmental Improvement RB Series 2022 (AMT) (NR/BB-) | Arkansas Development Finance Authority Environmental Improvement RB Series 2022 (AMT) (NR/BB-) | Arkansas Development Finance Authority Environmental Improvement RB Series 2022 (AMT) (NR/BB-) | Arkansas Development Finance Authority Environmental Improvement RB Series 2022 (AMT) (NR/BB-) |
| 2000000 | 5.450 | 09/01/2052 | 2048069 |
| 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 | 5782087 |
| 4630000 | 3.200 | 12/01/2049 | 3418920 |
| 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 | 284753 |
| 310000 | 3.125 | 07/01/2036 | 253146 |
| 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 | 3578841 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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-) |
| 1380000 | 5.000% | 06/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382233 |
| 1545000 | 5.000 | 06/01/2026 | 1545886 |
| 1815000 | 5.000 | 06/01/2027 | 1814321 |
| Rogers School District No. 30 of Benton County Arkansas Construction Bonds Arkansas School District Intercept Program (ST AID WITHHLDG) (Aa2/NR) | Rogers School District No. 30 of Benton County Arkansas Construction Bonds Arkansas School District Intercept Program (ST AID WITHHLDG) (Aa2/NR) | Rogers School District No. 30 of Benton County Arkansas Construction Bonds Arkansas School District Intercept Program (ST AID WITHHLDG) (Aa2/NR) | Rogers School District No. 30 of Benton County Arkansas Construction Bonds Arkansas School District Intercept Program (ST AID WITHHLDG) (Aa2/NR) |
| 4050000 | 4.000 | 02/01/2034 | 4072429 |
| 3280000 | 4.000 | 02/01/2037 | 3235725 |
|  |  |  | 27416410 |
| California - 8.9% | California - 8.9% | California - 8.9% | California - 8.9% |
| Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Bonds Series 2025A (AMT) (A1/AA-) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Bonds Series 2025A (AMT) (A1/AA-) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Bonds Series 2025A (AMT) (A1/AA-) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Bonds Series 2025A (AMT) (A1/AA-) |
| 8150000 | 5.250 | 05/01/2055 | 8529621 |
| Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (A1/NR) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (A1/NR) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (A1/NR) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (A1/NR) |
| 8075000 | 5.250 | 05/01/2049 | 8340928 |
| Airport Commission of The City and County of San Francisco San Francisco International Airport Series 2016B (A1/AA-) | Airport Commission of The City and County of San Francisco San Francisco International Airport Series 2016B (A1/AA-) | Airport Commission of The City and County of San Francisco San Francisco International Airport Series 2016B (A1/AA-) | Airport Commission of The City and County of San Francisco San Francisco International Airport Series 2016B (A1/AA-) |
| 9990000 | 5.000 | 05/01/2046 | 9990056 |
| Airport Commission of The City and County of San Francisco Second Series RR Bonds, Series 2023C (AMT) (A1/NR) | Airport Commission of The City and County of San Francisco Second Series RR Bonds, Series 2023C (AMT) (A1/NR) | Airport Commission of The City and County of San Francisco Second Series RR Bonds, Series 2023C (AMT) (A1/NR) | Airport Commission of The City and County of San Francisco Second Series RR Bonds, Series 2023C (AMT) (A1/NR) |
| 12500000 | 5.750 | 05/01/2048 | 13576264 |
| Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA) | Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA) | Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA) | Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA) |
| 1000000 | 0.000 <sup>(g)</sup> | 08/01/2037 | 613312 |
| 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 | 1020752 |
| Bay Area Toll Authority Bridge RB 2021 Series D (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.30%) | Bay Area Toll Authority Bridge RB 2021 Series D (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.30%) | Bay Area Toll Authority Bridge RB 2021 Series D (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.30%) | Bay Area Toll Authority Bridge RB 2021 Series D (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.30%) |
| 12750000 | 3.170 <sup>(a)(f)</sup> | 04/01/2056 | 12594818 |
| Bay Area Toll Authority Bridge RB 2021 Series E (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.41%) | Bay Area Toll Authority Bridge RB 2021 Series E (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.41%) | Bay Area Toll Authority Bridge RB 2021 Series E (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.41%) | Bay Area Toll Authority Bridge RB 2021 Series E (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.41%) |
| 8450000 | 3.280 <sup>(a)(f)</sup> | 04/01/2056 | 8326163 |
| 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) |
| 220000 | 4.000 | 09/01/2025 | 220579 |
| 275000 | 4.000 | 09/01/2031 | 274996 |
| 290000 | 4.000 | 09/01/2032 | 288919 |
| 300000 | 5.000 | 09/01/2033 | 307399 |
| 215000 | 5.000 | 09/01/2034 | 220232 |
| 330000 | 5.000 | 09/01/2035 | 337920 |
| 345000 | 3.000 | 09/01/2036 | 307415 |
| 360000 | 3.000 | 09/01/2037 | 315882 |
| 370000 | 3.000 | 09/01/2038 | 316312 |
| 380000 | 3.000 | 09/01/2039 | 317557 |
| 1160000 | 5.000 | 09/01/2044 | 1171940 |
| Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series A (NON-AMT) (AGM) (A1/AA) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series A (NON-AMT) (AGM) (A1/AA) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series A (NON-AMT) (AGM) (A1/AA) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series A (NON-AMT) (AGM) (A1/AA) |
| 4000000 | 4.000 | 07/01/2054 | 3722008 |
| Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (AGM) (A1/AA) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (AGM) (A1/AA) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (AGM) (A1/AA) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (AGM) (A1/AA) |
| 5125000 | 4.375 | 07/01/2049 | 4858254 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Fixed Rate Green Bonds Series 2023E-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Fixed Rate Green Bonds Series 2023E-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Fixed Rate Green Bonds Series 2023E-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Fixed Rate Green Bonds Series 2023E-1 (A1/NR) |
| $8010000 | 5.000 %<sup>(a)(b)</sup> | 02/01/2054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8465611 |
| California Community Choice Financing Authority Clean Energy Project RB Green Bonds Series 2024A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Green Bonds Series 2024A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Green Bonds Series 2024A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Green Bonds Series 2024A (A1/NR) |
| 3375000 | 5.000 <sup>(a)(b)</sup> | 05/01/2054 | 3589241 |
| California Community Choice Financing Authority Clean Energy Project RB Series 2022A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2022A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2022A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2022A (A1/NR) |
| 16990000 | 4.000 <sup>(a)(b)</sup> | 05/01/2053 | 17051050 |
| California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) | California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) | California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) | California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) |
| 14250000 | 5.000 <sup>(a)(b)</sup> | 02/01/2055 | 15178422 |
| 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 | 260476 |
| 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 | 849446 |
| 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+) |
| 525000 | 5.000 | 06/01/2049 | 525477 |
| California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) |
| 2375000 | 0.000 <sup>(g)</sup> | 06/01/2055 | 501825 |
| 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+) |
| 455000 | 5.000 | 06/01/2049 | 455379 |
| California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR) | California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR) | California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR) | California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR) |
| 12130000 | 0.000 <sup>(g)</sup> | 06/01/2055 | 2319393 |
| California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) |
| 45220000 | 0.000 <sup>(g)</sup> | 06/01/2055 | 5463602 |
| 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 | 6000426 |
| 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 | 4005235 |
| California Educational Facilities Authority RB University of San Francisco Series 2018A (A3/NR) | California Educational Facilities Authority RB University of San Francisco Series 2018A (A3/NR) | California Educational Facilities Authority RB University of San Francisco Series 2018A (A3/NR) | California Educational Facilities Authority RB University of San Francisco Series 2018A (A3/NR) |
| 9115000 | 5.000 | 10/01/2053 | 9251448 |
| 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) |
| 575000 | 5.000 | 08/01/2040 | 586592 |
| 600000 | 5.000 | 08/01/2045 | 607537 |
| California Enterprise Development Authority Student Housing RR Bonds for Provident Group - Pomona Properties L.L.C. Project Series 2024A (Baa3/NR) | California Enterprise Development Authority Student Housing RR Bonds for Provident Group - Pomona Properties L.L.C. Project Series 2024A (Baa3/NR) | California Enterprise Development Authority Student Housing RR Bonds for Provident Group - Pomona Properties L.L.C. Project Series 2024A (Baa3/NR) | California Enterprise Development Authority Student Housing RR Bonds for Provident Group - Pomona Properties L.L.C. Project Series 2024A (Baa3/NR) |
| 650000 | 5.000 | 01/15/2039 | 678942 |
| 1000000 | 5.000 | 01/15/2045 | 1016330 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) |
| $14175000 | 5.000% | 12/01/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14958152 |
| 1970000 | 5.250 | 12/01/2040 | 2085099 |
| 2850000 | 5.250 | 12/01/2041 | 2992750 |
| 3000000 | 5.250 | 12/01/2042 | 3129093 |
| 2825000 | 5.250 | 12/01/2043 | 2933122 |
| 1020000 | 5.250 | 12/01/2044 | 1054375 |
| California Health Facilities Financing Authority RB Adventist Health System/West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System/West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System/West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System/West Series 2024A (NR/BBB+) |
| 7080000 | 5.000 | 12/01/2034 | 7638311 |
| California Health Facilities Financing Authority RB Children'S Hospital of Orange County Series 2024B (NR/AA) | California Health Facilities Financing Authority RB Children'S Hospital of Orange County Series 2024B (NR/AA) | California Health Facilities Financing Authority RB Children'S Hospital of Orange County Series 2024B (NR/AA) | California Health Facilities Financing Authority RB Children'S Hospital of Orange County Series 2024B (NR/AA) |
| 7300000 | 5.000 <sup>(a)(b)</sup> | 11/01/2054 | 8056475 |
| California Health Facilities Financing Authority RB for Cedars-Sinai Health System Series 2021A (Aa3/AA-) | California Health Facilities Financing Authority RB for Cedars-Sinai Health System Series 2021A (Aa3/AA-) | California Health Facilities Financing Authority RB for Cedars-Sinai Health System Series 2021A (Aa3/AA-) | California Health Facilities Financing Authority RB for Cedars-Sinai Health System Series 2021A (Aa3/AA-) |
| 11675000 | 4.000 | 08/15/2048 | 10976071 |
| California Health Facilities Financing Authority RB for Children's Hospital at Los Angeles Series 2017 A (Baa2/BB+) | California Health Facilities Financing Authority RB for Children's Hospital at Los Angeles Series 2017 A (Baa2/BB+) | California Health Facilities Financing Authority RB for Children's Hospital at Los Angeles Series 2017 A (Baa2/BB+) | California Health Facilities Financing Authority RB for Children's Hospital at Los Angeles Series 2017 A (Baa2/BB+) |
| 5800000 | 5.000 | 08/15/2047 | 5743936 |
| California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (Aa3/AA) | California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (Aa3/AA) | California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (Aa3/AA) | California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (Aa3/AA) |
| 500000 | 5.000 | 02/01/2042 | 508911 |
| California Health Facilities Financing Authority RB for Lucile Salter Packard Children's Hospital at Stanford 2016 Series B (A1/A+) | California Health Facilities Financing Authority RB for Lucile Salter Packard Children's Hospital at Stanford 2016 Series B (A1/A+) | California Health Facilities Financing Authority RB for Lucile Salter Packard Children's Hospital at Stanford 2016 Series B (A1/A+) | California Health Facilities Financing Authority RB for Lucile Salter Packard Children's Hospital at Stanford 2016 Series B (A1/A+) |
| 10760000 | 5.000 | 08/15/2055 | 10815184 |
| 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 | 395049 |
| 350000 | 5.000 | 11/15/2029 | 367521 |
| 565000 | 5.000 | 11/15/2030 | 592422 |
| 1010000 | 5.000 | 11/15/2042 | 1039344 |
| California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A2/A) | California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A2/A) | California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A2/A) | California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A2/A) |
| 7970000 | 5.000 | 10/01/2044 | 7984747 |
| California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) | California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) | California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) | California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) |
| 2200000 | 5.000 <sup>(a)(b)</sup> | 11/15/2061 | 2417986 |
| California Health Facilities Financing Authority Refunding RB Lucile Salter Packard Children's Hospital at Stanford 2022 Series A Forward Delivery (A1/A+) | California Health Facilities Financing Authority Refunding RB Lucile Salter Packard Children's Hospital at Stanford 2022 Series A Forward Delivery (A1/A+) | California Health Facilities Financing Authority Refunding RB Lucile Salter Packard Children's Hospital at Stanford 2022 Series A Forward Delivery (A1/A+) | California Health Facilities Financing Authority Refunding RB Lucile Salter Packard Children's Hospital at Stanford 2022 Series A Forward Delivery (A1/A+) |
| 5300000 | 4.000 | 05/15/2046 | 5004581 |
| 2250000 | 4.000 | 05/15/2051 | 2057274 |
| California Infrastructure & Economic Development Bank RB for California Academy of Sciences Series 2024A (A2/NR) | California Infrastructure & Economic Development Bank RB for California Academy of Sciences Series 2024A (A2/NR) | California Infrastructure & Economic Development Bank RB for California Academy of Sciences Series 2024A (A2/NR) | California Infrastructure & Economic Development Bank RB for California Academy of Sciences Series 2024A (A2/NR) |
| 13585000 | 3.250 | 08/01/2029 | 13572848 |
| California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR) | California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR) | California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR) | California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR) |
| 4500000 | 1.200 <sup>(a)(b)</sup> | 12/01/2050 | 4057639 |
| California Infrastructure & Economic Development Bank RB Series A (A3/A-) | California Infrastructure & Economic Development Bank RB Series A (A3/A-) | California Infrastructure & Economic Development Bank RB Series A (A3/A-) | California Infrastructure & Economic Development Bank RB Series A (A3/A-) |
| 570000 | 4.000 | 05/01/2039 | 567091 |
| California Infrastructure & Economic Development Bank RB Series B (A3/A-) | California Infrastructure & Economic Development Bank RB Series B (A3/A-) | California Infrastructure & Economic Development Bank RB Series B (A3/A-) | California Infrastructure & Economic Development Bank RB Series B (A3/A-) |
| 4315000 | 4.000 | 05/01/2039 | 4292982 |
| 1460000 | 4.000 | 05/01/2040 | 1440704 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Infrastructure and Economic Development Bank Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) | California Infrastructure and Economic Development Bank Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) | California Infrastructure and Economic Development Bank Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) | California Infrastructure and Economic Development Bank Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) |
| $16000000 | 9.500 %<sup>(a)(b)(c)</sup> | 01/01/2065 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15990454 |
| California Municipal Finance Authority Multifamily Housing RB for View at San Bruno 2024 Series A-1 (Aaa/NR) | California Municipal Finance Authority Multifamily Housing RB for View at San Bruno 2024 Series A-1 (Aaa/NR) | California Municipal Finance Authority Multifamily Housing RB for View at San Bruno 2024 Series A-1 (Aaa/NR) | California Municipal Finance Authority Multifamily Housing RB for View at San Bruno 2024 Series A-1 (Aaa/NR) |
| 4395000 | 5.000 <sup>(a)(b)</sup> | 06/01/2056 | 4650483 |
| California Municipal Finance Authority RB for California Lutheran University Series 2018 (Baa1/NR) | California Municipal Finance Authority RB for California Lutheran University Series 2018 (Baa1/NR) | California Municipal Finance Authority RB for California Lutheran University Series 2018 (Baa1/NR) | California Municipal Finance Authority RB for California Lutheran University Series 2018 (Baa1/NR) |
| 240000 | 5.000 | 10/01/2033 | 247826 |
| California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/BBB+) | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/BBB+) | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/BBB+) | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/BBB+) |
| 1300000 | 5.000 | 02/01/2034 | 1322173 |
| 1150000 | 5.000 | 02/01/2035 | 1167553 |
| 325000 | 5.000 | 02/01/2042 | 325969 |
| 1575000 | 5.000 | 02/01/2047 | 1578271 |
| 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-) |
| 610000 | 4.000 | 07/01/2031 | 609222 |
| 1830000 | 4.000 | 07/01/2041 | 1644492 |
| 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) |
| 175000 | 5.000 | 10/01/2025 | 176193 |
| 350000 | 5.000 | 10/01/2027 | 363282 |
| 225000 | 5.000 | 10/01/2029 | 235329 |
| 125000 | 5.000 | 10/01/2030 | 130326 |
| 225000 | 5.000 | 10/01/2031 | 233781 |
| California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR) | California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR) | California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR) | California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR) |
| 430000 | 5.000 <sup>(c)</sup> | 10/01/2034 | 434485 |
| 1125000 | 5.000 <sup>(c)</sup> | 10/01/2039 | 1095478 |
| 1035000 | 5.000 <sup>(c)</sup> | 10/01/2049 | 970708 |
| 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) |
| 4225000 | 5.000 | 07/01/2047 | 4245334 |
| 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) |
| 2570000 | 5.000 | 12/31/2026 | 2621432 |
| 2005000 | 5.000 | 06/30/2027 | 2055772 |
| 3005000 | 5.000 | 12/31/2027 | 3096107 |
| 12225000 | 5.000 | 12/31/2043 | 12251944 |
| 3500000 | 4.000 | 12/31/2047 | 3066491 |
| California Municipal Finance Authority Solid Waste Disposal RB for Republic Services, Inc. Project Series 2024A (NR/BBB+/A-2) | California Municipal Finance Authority Solid Waste Disposal RB for Republic Services, Inc. Project Series 2024A (NR/BBB+/A-2) | California Municipal Finance Authority Solid Waste Disposal RB for Republic Services, Inc. Project Series 2024A (NR/BBB+/A-2) | California Municipal Finance Authority Solid Waste Disposal RB for Republic Services, Inc. Project Series 2024A (NR/BBB+/A-2) |
| 6750000 | 3.875 <sup>(a)(b)</sup> | 03/01/2054 | 6653512 |
| California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB) |
| 5100000 | 4.000 | 07/15/2029 | 5047658 |
| 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 | 400390 |
| California Pollution Control Financing Authority RB for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | California Pollution Control Financing Authority RB for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | California Pollution Control Financing Authority RB for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | California Pollution Control Financing Authority RB for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) |
| 1625000 | 3.700 <sup>(a)(b)</sup> | 08/01/2040 | 1632780 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 RB Refunding for Waste Management, Inc. Series 2015 B-1 (NR/A-/A-2) | California Pollution Control Financing Authority RB Refunding for Waste Management, Inc. Series 2015 B-1 (NR/A-/A-2) | California Pollution Control Financing Authority RB Refunding for Waste Management, Inc. Series 2015 B-1 (NR/A-/A-2) | California Pollution Control Financing Authority RB Refunding for Waste Management, Inc. Series 2015 B-1 (NR/A-/A-2) |
| $4130000 | 3.000% | 11/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4109376 |
| California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-/A-2) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-/A-2) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-/A-2) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-/A-2) |
| 4205000 | 4.300 | 07/01/2040 | 4207681 |
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2012 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2012 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2012 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2012 (Baa3/NR) |
| 19840000 | 5.000 <sup>(c)</sup> | 07/01/2037 | 19852134 |
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) |
| 2725000 | 5.000 <sup>(c)</sup> | 07/01/2034 | 2910702 |
| 420000 | 5.000 <sup>(c)</sup> | 07/01/2035 | 446396 |
| 2605000 | 5.000 <sup>(c)</sup> | 07/01/2036 | 2755716 |
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) |
| 1440000 | 5.000 <sup>(c)</sup> | 11/21/2045 | 1434074 |
| California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR) |
| 1330000 | 5.000 <sup>(c)</sup> | 07/01/2029 | 1369284 |
| 2500000 | 5.000 <sup>(c)</sup> | 11/21/2045 | 2531178 |
| California Public Finance Authority Health Care Facilities RB for Hazelden Betty Ford Foundation Project Series 2025A (Baa1/NR) | California Public Finance Authority Health Care Facilities RB for Hazelden Betty Ford Foundation Project Series 2025A (Baa1/NR) | California Public Finance Authority Health Care Facilities RB for Hazelden Betty Ford Foundation Project Series 2025A (Baa1/NR) | California Public Finance Authority Health Care Facilities RB for Hazelden Betty Ford Foundation Project Series 2025A (Baa1/NR) |
| 650000 | 5.000 | 11/01/2049 | 669573 |
| California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR) | California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR) | California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR) | California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR) |
| 1055000 | 5.000 <sup>(c)</sup> | 06/15/2040 | 1038450 |
| California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (NR/BB-) | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (NR/BB-) | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (NR/BB-) | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (NR/BB-) |
| 760000 | 6.250 <sup>(c)</sup> | 04/01/2052 | 768767 |
| California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (NR/ BBB-) | California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (NR/ BBB-) | California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (NR/ BBB-) | California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (NR/ BBB-) |
| 1000000 | 5.000 <sup>(c)</sup> | 10/01/2042 | 998268 |
| California School Finance Authority Charter School RB for Classical Academies Vista Project Series 2021 (NR/BBB-) | California School Finance Authority Charter School RB for Classical Academies Vista Project Series 2021 (NR/BBB-) | California School Finance Authority Charter School RB for Classical Academies Vista Project Series 2021 (NR/BBB-) | California School Finance Authority Charter School RB for Classical Academies Vista Project Series 2021 (NR/BBB-) |
| 450000 | 4.000 <sup>(c)</sup> | 10/01/2046 | 382162 |
| California School Finance Authority Charter School RB for Envision Education – Obligated Group Series 2024A (NR/ BB+) | California School Finance Authority Charter School RB for Envision Education – Obligated Group Series 2024A (NR/ BB+) | California School Finance Authority Charter School RB for Envision Education – Obligated Group Series 2024A (NR/ BB+) | California School Finance Authority Charter School RB for Envision Education – Obligated Group Series 2024A (NR/ BB+) |
| 720000 | 5.000 <sup>(c)</sup> | 06/01/2034 | 743714 |
| 665000 | 5.000 <sup>(c)</sup> | 06/01/2044 | 664712 |
| 750000 | 5.000 <sup>(c)</sup> | 06/01/2054 | 734475 |
| California School Finance Authority Charter School RB for Harbor Springs Obligated Group Series 2024A (NR/BB+) | California School Finance Authority Charter School RB for Harbor Springs Obligated Group Series 2024A (NR/BB+) | California School Finance Authority Charter School RB for Harbor Springs Obligated Group Series 2024A (NR/BB+) | California School Finance Authority Charter School RB for Harbor Springs Obligated Group Series 2024A (NR/BB+) |
| 2000000 | 5.000 <sup>(c)</sup> | 07/01/2039 | 2057508 |
| California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+) | California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+) | California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+) | California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+) |
| 950000 | 5.250 <sup>(c)</sup> | 07/01/2052 | 959896 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Lighthouse Community Public School Obligated Group Series 2022A (NR/NR) | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR) | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR) | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR) |
| $1000000 | 6.250 %<sup>(c)</sup> | 06/01/2042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049073 |
| California School Finance Authority Charter School RB Orange County Educational Arts Academy Project Series 2023A (NR/NR) | California School Finance Authority Charter School RB Orange County Educational Arts Academy Project Series 2023A (NR/NR) | California School Finance Authority Charter School RB Orange County Educational Arts Academy Project Series 2023A (NR/NR) | California School Finance Authority Charter School RB Orange County Educational Arts Academy Project Series 2023A (NR/NR) |
| 545000 | 5.000 <sup>(c)</sup> | 06/01/2033 | 552551 |
| California School Finance Authority Charter School Refunding RB Partnerships to Uplift Communities Project Series 2023 Social Bonds (NR/BB+) | California School Finance Authority Charter School Refunding RB Partnerships to Uplift Communities Project Series 2023 Social Bonds (NR/BB+) | California School Finance Authority Charter School Refunding RB Partnerships to Uplift Communities Project Series 2023 Social Bonds (NR/BB+) | California School Finance Authority Charter School Refunding RB Partnerships to Uplift Communities Project Series 2023 Social Bonds (NR/BB+) |
| 715000 | 5.000 <sup>(c)</sup> | 08/01/2033 | 742340 |
| California School Finance Authority Educational Facilities RB New Designs Charter School Project Series 2024A (NR/BB+) | California School Finance Authority Educational Facilities RB New Designs Charter School Project Series 2024A (NR/BB+) | California School Finance Authority Educational Facilities RB New Designs Charter School Project Series 2024A (NR/BB+) | California School Finance Authority Educational Facilities RB New Designs Charter School Project Series 2024A (NR/BB+) |
| 650000 | 5.000 <sup>(c)</sup> | 06/01/2054 | 628915 |
| California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) |
| 145000 | 3.000 <sup>(c)</sup> | 10/01/2030 | 136322 |
| 500000 | 5.000 <sup>(c)</sup> | 10/01/2040 | 502157 |
| California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-) |
| 290000 | 2.000 <sup>(c)</sup> | 10/01/2025 | 286522 |
| 710000 | 3.000 <sup>(c)</sup> | 10/01/2031 | 658194 |
| California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) |
| 1280000 | 4.000 <sup>(c)</sup> | 07/01/2030 | 1266468 |
| 1350000 | 5.000 <sup>(c)</sup> | 07/01/2040 | 1351505 |
| California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (NR/NR) | California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (NR/NR) | California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (NR/NR) | California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (NR/NR) |
| 435000 | 5.000 <sup>(c)</sup> | 06/01/2041 | 412640 |
| California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 B (NR/NR) | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 B (NR/NR) | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 B (NR/NR) | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 B (NR/NR) |
| 300000 | 4.875 <sup>(c)</sup> | 06/01/2027 | 294466 |
| California School Finance Authority RB Refunding Series 2016 (NR/BBB-) | California School Finance Authority RB Refunding Series 2016 (NR/BBB-) | California School Finance Authority RB Refunding Series 2016 (NR/BBB-) | California School Finance Authority RB Refunding Series 2016 (NR/BBB-) |
| 4450000 | 5.000 <sup>(c)</sup> | 08/01/2046 | 4319178 |
| California School Finance Authority School Facility Refunding RB Value Schools, Series 2023A (ST INTERCEPT) (NR/BBB-) | California School Finance Authority School Facility Refunding RB Value Schools, Series 2023A (ST INTERCEPT) (NR/BBB-) | California School Finance Authority School Facility Refunding RB Value Schools, Series 2023A (ST INTERCEPT) (NR/BBB-) | California School Finance Authority School Facility Refunding RB Value Schools, Series 2023A (ST INTERCEPT) (NR/BBB-) |
| 930000 | 5.000 <sup>(c)</sup> | 07/01/2033 | 958755 |
| 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 | 1265977 |
| 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) |
| 120000 | 5.000 | 09/01/2030 | 120622 |
| 125000 | 5.000 | 09/01/2037 | 125399 |
| California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR) |
| 1375000 | 7.250 <sup>(c)</sup> | 09/01/2050 | 1408726 |
| California Statewide Communities Development Authority Community Facilities District No. 2020-02 Atwell Improvement Area No. 3 Special Tax Bonds Series 2024 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2020-02 Atwell Improvement Area No. 3 Special Tax Bonds Series 2024 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2020-02 Atwell Improvement Area No. 3 Special Tax Bonds Series 2024 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2020-02 Atwell Improvement Area No. 3 Special Tax Bonds Series 2024 (NR/NR) |
| 405000 | 5.000 | 09/01/2049 | 411439 |
| 500000 | 5.000 | 09/01/2054 | 506297 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912965 |
| 595000 | 5.000 | 09/02/2039 | 610645 |
| California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/BBB+) | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/BBB+) | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/BBB+) | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/BBB+) |
| 2630000 | 5.000 | 09/02/2033 | 2719297 |
| 2370000 | 5.000 | 09/02/2038 | 2427982 |
| 350000 | 5.000 | 09/02/2043 | 354954 |
| 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) |
| 2828000 | 5.000 | 09/02/2029 | 2921457 |
| California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/A-) | California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/A-) | California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/A-) | California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/A-) |
| 1500000 | 5.000 | 09/02/2034 | 1575936 |
| California Statewide Communities Development Authority Pollution Control RB Refunding for Southern California Edison Company Series 2006 D (NON-AMT) (A2/A-) | California Statewide Communities Development Authority Pollution Control RB Refunding for Southern California Edison Company Series 2006 D (NON-AMT) (A2/A-) | California Statewide Communities Development Authority Pollution Control RB Refunding for Southern California Edison Company Series 2006 D (NON-AMT) (A2/A-) | California Statewide Communities Development Authority Pollution Control RB Refunding for Southern California Edison Company Series 2006 D (NON-AMT) (A2/A-) |
| 3150000 | 4.500 | 11/01/2033 | 3192251 |
| California Statewide Communities Development Authority RB Adventist Health System West Series 2015A (NR/BBB+) | California Statewide Communities Development Authority RB Adventist Health System West Series 2015A (NR/BBB+) | California Statewide Communities Development Authority RB Adventist Health System West Series 2015A (NR/BBB+) | California Statewide Communities Development Authority RB Adventist Health System West Series 2015A (NR/BBB+) |
| 8120000 | 5.000 | 03/01/2045 | 8123521 |
| California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR) | California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR) | California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR) | California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR) |
| 550000 | 3.000 <sup>(c)</sup> | 06/01/2029 | 521139 |
| 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) |
| 2975000 | 5.250 | 12/01/2044 | 2975808 |
| 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) |
| 300000 | 5.000 | 08/01/2029 | 310850 |
| 315000 | 5.000 | 08/01/2030 | 325808 |
| California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B) | California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B) | California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B) | California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B) |
| 900000 | 5.000 <sup>(c)</sup> | 07/01/2029 | 916532 |
| 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 | 153787 |
| 70000 | 5.000 | 04/01/2031 | 71659 |
| 385000 | 4.000 | 04/01/2032 | 386444 |
| 455000 | 4.000 | 04/01/2034 | 455417 |
| 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 | 2869233 |
| 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) |
| 10135000 | 5.500 | 12/01/2054 | 10137851 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 2016 A (NR/BB) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2016 A (NR/BB) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2016 A (NR/BB) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2016 A (NR/BB) |
| $1725000 | 5.000 %<sup>(c)</sup> | 12/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747294 |
| 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) |
| 1190000 | 4.000 | 09/02/2028 | 1190225 |
| 1250000 | 5.000 | 09/02/2040 | 1283315 |
| 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) |
| 1015000 | 4.000 | 09/02/2029 | 1022115 |
| 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 | 465258 |
| California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018B (NR/BBB+) | California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018B (NR/BBB+) | California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018B (NR/BBB+) | California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018B (NR/BBB+) |
| 1785000 | 5.000 | 09/02/2048 | 1804354 |
| California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018C (NR/NR) | California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018C (NR/NR) | California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018C (NR/NR) | California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018C (NR/NR) |
| 1040000 | 5.000 | 09/02/2048 | 1050085 |
| 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) |
| 8925000 | 5.000 | 05/15/2042 | 9019350 |
| 6550000 | 5.000 | 05/15/2047 | 6596856 |
| 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 | 1183751 |
| California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (A2/A-) | California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (A2/A-) | California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (A2/A-) | California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (A2/A-) |
| 3990000 | 1.750 | 09/01/2029 | 3541389 |
| California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR) | California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR) | California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR) | California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR) |
| 22510000 | 0.000 <sup>(g)</sup> | 06/01/2046 | 3681330 |
| CFD No. 2016-1 of The Root Creek Water District Improvement Area No. 2 Series 2023 Special Tax Bonds (NR/NR) | CFD No. 2016-1 of The Root Creek Water District Improvement Area No. 2 Series 2023 Special Tax Bonds (NR/NR) | CFD No. 2016-1 of The Root Creek Water District Improvement Area No. 2 Series 2023 Special Tax Bonds (NR/NR) | CFD No. 2016-1 of The Root Creek Water District Improvement Area No. 2 Series 2023 Special Tax Bonds (NR/NR) |
| 1000000 | 5.000 | 09/01/2048 | 1014468 |
| 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) |
| 250000 | 4.000 | 09/01/2028 | 251192 |
| 165000 | 3.000 | 09/01/2037 | 135971 |
| 170000 | 3.000 | 09/01/2038 | 136152 |
| 175000 | 3.000 | 09/01/2039 | 136020 |
| 180000 | 3.000 | 09/01/2040 | 137896 |
| 620000 | 3.125 | 09/01/2044 | 458784 |
| Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (Aa1/AA) | Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (Aa1/AA) | Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (Aa1/AA) | Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (Aa1/AA) |
| 3500000 | 0.000 <sup>(g)</sup> | 06/01/2034 | 2497815 |
| 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 | 544417 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 & 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) |
| $875000 | 4.000% | 09/01/2041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801932 |
| City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR) | City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR) | City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR) | City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR) |
| 75000 | 4.000 <sup>(c)</sup> | 09/01/2026 | 75331 |
| 150000 | 4.000 <sup>(c)</sup> | 09/01/2031 | 150249 |
| 700000 | 4.000 <sup>(c)</sup> | 09/01/2036 | 674358 |
| City of Alameda Community Facilities District 2023 Special Tax Bonds (NR/NR) | City of Alameda Community Facilities District 2023 Special Tax Bonds (NR/NR) | City of Alameda Community Facilities District 2023 Special Tax Bonds (NR/NR) | City of Alameda Community Facilities District 2023 Special Tax Bonds (NR/NR) |
| 575000 | 5.000 | 09/01/2048 | 582851 |
| City of Beaumont CFD No. 2016-3 Sundance 2023 Special Tax Bonds (NR/NR) | City of Beaumont CFD No. 2016-3 Sundance 2023 Special Tax Bonds (NR/NR) | City of Beaumont CFD No. 2016-3 Sundance 2023 Special Tax Bonds (NR/NR) | City of Beaumont CFD No. 2016-3 Sundance 2023 Special Tax Bonds (NR/NR) |
| 745000 | 5.000 | 09/01/2048 | 761996 |
| 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 | 1136754 |
| 1275000 | 4.000 | 09/01/2032 | 1278769 |
| 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 | 2084661 |
| 2000000 | 5.375 | 09/01/2047 | 2081154 |
| City of Chino Public Financing Authority Local Agency Refunding Bonds Series 2019A (NR/NR) | City of Chino Public Financing Authority Local Agency Refunding Bonds Series 2019A (NR/NR) | City of Chino Public Financing Authority Local Agency Refunding Bonds Series 2019A (NR/NR) | City of Chino Public Financing Authority Local Agency Refunding Bonds Series 2019A (NR/NR) |
| 225000 | 4.000 | 09/01/2025 | 225453 |
| City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR) | City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR) | City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR) | City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR) |
| 860000 | 5.000 | 09/01/2035 | 896818 |
| 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) |
| 3000000 | 5.000 | 05/15/2026 | 3054601 |
| City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series F (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series F (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series F (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series F (Aa3/AA-) |
| 4000000 | 4.000 | 05/15/2049 | 3520550 |
| City of Los Angeles Department of Airports International Airport Subordinate RB 2019 Series F (AMT) (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2019 Series F (AMT) (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2019 Series F (AMT) (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2019 Series F (AMT) (Aa3/AA-) |
| 1000000 | 5.000 | 05/15/2039 | 1023824 |
| City of Los Angeles Department of Airports International Airport Subordinate RB 2023 Series A (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2023 Series A (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2023 Series A (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2023 Series A (Aa3/AA-) |
| 750000 | 5.000 | 05/15/2025 | 751445 |
| 5000000 | 5.000 | 05/15/2035 | 5288176 |
| 2350000 | 5.000 | 05/15/2036 | 2475909 |
| 1250000 | 5.000 | 05/15/2037 | 1311662 |
| 1255000 | 5.000 | 05/15/2038 | 1312480 |
| 3000000 | 5.250 | 05/15/2048 | 3108428 |
| City of Los Angeles Department of Airports International Airport Subordinate Refunding RB 2023 Series A (AMT) (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate Refunding RB 2023 Series A (AMT) (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate Refunding RB 2023 Series A (AMT) (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate Refunding RB 2023 Series A (AMT) (Aa3/AA-) |
| 1500000 | 5.000 | 05/15/2026 | 1527300 |
| City of Los Angeles Wastewater System RB Series 2010-B (Aa2/AA+) | City of Los Angeles Wastewater System RB Series 2010-B (Aa2/AA+) | City of Los Angeles Wastewater System RB Series 2010-B (Aa2/AA+) | City of Los Angeles Wastewater System RB Series 2010-B (Aa2/AA+) |
| 1000000 | 5.813 | 06/01/2040 | 1004975 |
| City of Los Angeles, LAX Subordinate RB 2022 Series A (Aa3/AA-) | City of Los Angeles, LAX Subordinate RB 2022 Series A (Aa3/AA-) | City of Los Angeles, LAX Subordinate RB 2022 Series A (Aa3/AA-) | City of Los Angeles, LAX Subordinate RB 2022 Series A (Aa3/AA-) |
| 9155000 | 4.000 | 05/15/2038 | 8958216 |
| City of Newport Beach Assessment District No. 124 Limited Obligation Improvement Bonds 2023 Series A (NR/NR) | City of Newport Beach Assessment District No. 124 Limited Obligation Improvement Bonds 2023 Series A (NR/NR) | City of Newport Beach Assessment District No. 124 Limited Obligation Improvement Bonds 2023 Series A (NR/NR) | City of Newport Beach Assessment District No. 124 Limited Obligation Improvement Bonds 2023 Series A (NR/NR) |
| 620000 | 4.125 | 09/02/2038 | 604195 |
| 725000 | 5.000 | 09/02/2043 | 746410 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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) |
| $250000 | 4.000% | 09/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251729 |
| 150000 | 3.000 | 09/01/2038 | 122245 |
| 160000 | 3.000 | 09/01/2039 | 126715 |
| City of Oroville RB for Oroville Hospital Series 2019 (NR/NR) | City of Oroville RB for Oroville Hospital Series 2019 (NR/NR) | City of Oroville RB for Oroville Hospital Series 2019 (NR/NR) | City of Oroville RB for Oroville Hospital Series 2019 (NR/NR) |
| 1325000 | 5.000 | 04/01/2027 | 1139587 |
| 1000000 | 5.000 | 04/01/2029 | 843505 |
| 1250000 | 5.000 | 04/01/2030 | 1047512 |
| 1500000 | 5.000 | 04/01/2031 | 1245736 |
| 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 | 165140 |
| 190000 | 4.000 | 09/01/2033 | 186895 |
| 225000 | 4.000 | 09/01/2036 | 216954 |
| 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) |
| 370000 | 4.000 | 09/02/2026 | 372666 |
| 700000 | 4.000 | 09/02/2031 | 698810 |
| City of Rancho Cordova Sunridge Anatolia Community Facilities District Special Tax Bonds Series 2016 (NR/NR) | City of Rancho Cordova Sunridge Anatolia Community Facilities District Special Tax Bonds Series 2016 (NR/NR) | City of Rancho Cordova Sunridge Anatolia Community Facilities District Special Tax Bonds Series 2016 (NR/NR) | City of Rancho Cordova Sunridge Anatolia Community Facilities District Special Tax Bonds Series 2016 (NR/NR) |
| 1280000 | 4.000 | 09/01/2029 | 1285330 |
| 500000 | 4.000 | 09/01/2030 | 500656 |
| 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) |
| 135000 | 5.000 | 09/01/2031 | 135919 |
| 245000 | 5.000 | 09/01/2032 | 246598 |
| 225000 | 5.000 | 09/01/2033 | 226398 |
| 145000 | 5.000 | 09/01/2034 | 145860 |
| 150000 | 5.000 | 09/01/2035 | 150847 |
| 680000 | 5.000 | 09/01/2036 | 683665 |
| 270000 | 5.000 | 09/01/2037 | 271376 |
| 245000 | 5.000 | 09/01/2038 | 246142 |
| 485000 | 5.000 | 09/01/2039 | 487058 |
| 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) |
| 150000 | 4.000 | 09/01/2025 | 150271 |
| 275000 | 5.000 | 09/01/2026 | 282552 |
| 210000 | 5.000 | 09/01/2027 | 219077 |
| 160000 | 5.000 | 09/01/2028 | 168269 |
| 170000 | 5.000 | 09/01/2029 | 178142 |
| 110000 | 5.000 | 09/01/2030 | 115004 |
| City of Roseville Creekview Community Facilities District No. 1 Improvement Area No. 2 Special Tax Bonds Series 2023 (NR/NR) | City of Roseville Creekview Community Facilities District No. 1 Improvement Area No. 2 Special Tax Bonds Series 2023 (NR/NR) | City of Roseville Creekview Community Facilities District No. 1 Improvement Area No. 2 Special Tax Bonds Series 2023 (NR/NR) | City of Roseville Creekview Community Facilities District No. 1 Improvement Area No. 2 Special Tax Bonds Series 2023 (NR/NR) |
| 575000 | 5.000 | 09/01/2038 | 597440 |
| 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 | 314657 |
| 815000 | 5.000 | 09/01/2034 | 850247 |
| 445000 | 5.000 | 09/01/2039 | 456703 |
| 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) |
| 95000 | 4.000 | 09/01/2026 | 95657 |
| 65000 | 5.000 | 09/01/2030 | 68716 |
| 190000 | 4.000 | 09/01/2032 | 189774 |
| 225000 | 4.000 | 09/01/2034 | 222387 |
| 265000 | 4.000 | 09/01/2036 | 258778 |
| 305000 | 4.000 | 09/01/2038 | 291609 |
| 330000 | 4.000 | 09/01/2040 | 308974 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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, California Creekview Community Facilities District No. 1 Improvement Area No. 2 Special Tax Bonds Series 2023 (NR/NR) | City of Roseville, California Creekview Community Facilities District No. 1 Improvement Area No. 2 Special Tax Bonds Series 2023 (NR/NR) | City of Roseville, California Creekview Community Facilities District No. 1 Improvement Area No. 2 Special Tax Bonds Series 2023 (NR/NR) | City of Roseville, California Creekview Community Facilities District No. 1 Improvement Area No. 2 Special Tax Bonds Series 2023 (NR/NR) |
| $500000 | 5.000% | 09/01/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510132 |
| City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR) | City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR) | City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR) | City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR) |
| 375000 | 4.000 <sup>(c)</sup> | 09/01/2028 | 378966 |
| City of San Francisco Airport Commission International Airport RB Series 2022A (A1/NR) | City of San Francisco Airport Commission International Airport RB Series 2022A (A1/NR) | City of San Francisco Airport Commission International Airport RB Series 2022A (A1/NR) | City of San Francisco Airport Commission International Airport RB Series 2022A (A1/NR) |
| 2525000 | 5.000 | 05/01/2052 | 2547426 |
| City of San Francisco Airport Commission International Airport Revenue Refunding Bonds Series 2023A (A1/NR) | City of San Francisco Airport Commission International Airport Revenue Refunding Bonds Series 2023A (A1/NR) | City of San Francisco Airport Commission International Airport Revenue Refunding Bonds Series 2023A (A1/NR) | City of San Francisco Airport Commission International Airport Revenue Refunding Bonds Series 2023A (A1/NR) |
| 12400000 | 5.000 | 05/01/2038 | 13028836 |
| City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/AA-) | City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/AA-) | City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/AA-) | City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/AA-) |
| 4650000 | 5.000 | 05/01/2048 | 4766037 |
| City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/AA-) | City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/AA-) | City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/AA-) | City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/AA-) |
| 26310000 | 5.000 | 05/01/2049 | 26494323 |
| 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 | 627763 |
| 1000000 | 5.000 | 09/01/2040 | 1029549 |
| 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) |
| 330000 | 2.250 | 09/01/2026 | 320748 |
| 350000 | 2.375 | 09/01/2028 | 328341 |
| 380000 | 2.750 | 09/01/2031 | 344218 |
| 405000 | 3.000 | 09/01/2033 | 360310 |
| 415000 | 3.000 | 09/01/2034 | 363695 |
| 270000 | 3.000 | 09/01/2035 | 233175 |
| 900000 | 3.125 | 09/01/2037 | 761844 |
| 740000 | 3.125 | 09/01/2039 | 595349 |
| 810000 | 3.250 | 09/01/2041 | 642520 |
| 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 | 82175 |
| 700000 | 3.250 | 09/01/2041 | 563700 |
| 570000 | 3.500 | 09/01/2049 | 440179 |
| 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 | 252946 |
| 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 | 873280 |
| 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 | 463355 |
| 725000 | 5.000 | 09/01/2039 | 734311 |
| County of Los Angeles CA Community Facilities District NO 2021-01 (NR/NR) | County of Los Angeles CA Community Facilities District NO 2021-01 (NR/NR) | County of Los Angeles CA Community Facilities District NO 2021-01 (NR/NR) | County of Los Angeles CA Community Facilities District NO 2021-01 (NR/NR) |
| 2250000 | 5.000 | 09/01/2047 | 2293249 |
| County of Sacramento RB Refunding for Airport System Series 2018 C (A2/A+) | County of Sacramento RB Refunding for Airport System Series 2018 C (A2/A+) | County of Sacramento RB Refunding for Airport System Series 2018 C (A2/A+) | County of Sacramento RB Refunding for Airport System Series 2018 C (A2/A+) |
| 1745000 | 5.000 | 07/01/2039 | 1776144 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) |
| $2250000 | 3.600 %<sup>(c)</sup> | 05/01/2047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852073 |
| Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate Revenue and Refunding RB 2021 Series A (Aa3/AA-) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate Revenue and Refunding RB 2021 Series A (Aa3/AA-) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate Revenue and Refunding RB 2021 Series A (Aa3/AA-) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate Revenue and Refunding RB 2021 Series A (Aa3/AA-) |
| 2850000 | 5.000 | 05/15/2037 | 2960285 |
| Department of Airports of The City of Los Angeles LAX Subordinate RB 2018 Series A (AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles LAX Subordinate RB 2018 Series A (AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles LAX Subordinate RB 2018 Series A (AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles LAX Subordinate RB 2018 Series A (AMT) (Aa3/AA-) |
| 4000000 | 5.250 | 05/15/2048 | 4057348 |
| Department of Airports of The City of Los Angeles, California Los Angeles International Airport Subordinate RB 2018 Series D (AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles, California Los Angeles International Airport Subordinate RB 2018 Series D (AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles, California Los Angeles International Airport Subordinate RB 2018 Series D (AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles, California Los Angeles International Airport Subordinate RB 2018 Series D (AMT) (Aa3/AA-) |
| 5815000 | 5.000 | 05/15/2031 | 6081193 |
| Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) |
| 510000 | 5.000 | 07/01/2048 | 515007 |
| Department of Water and Power of The City of Los Angeles Power System RB 2022 Series B (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System RB 2022 Series B (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System RB 2022 Series B (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System RB 2022 Series B (Aa2/NR) |
| 1100000 | 5.000 | 07/01/2052 | 1125451 |
| Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2001 Series B Subseries B-7 (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2001 Series B Subseries B-7 (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2001 Series B Subseries B-7 (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2001 Series B Subseries B-7 (Aa2/NR) |
| 2000000 | 3.450 <sup>(a)(b)</sup> | 07/01/2034 | 2000000 |
| Department of Water and Power of The City of Los Angeles Water System RB 2017 Series A (Aa2/AA-) | Department of Water and Power of The City of Los Angeles Water System RB 2017 Series A (Aa2/AA-) | Department of Water and Power of The City of Los Angeles Water System RB 2017 Series A (Aa2/AA-) | Department of Water and Power of The City of Los Angeles Water System RB 2017 Series A (Aa2/AA-) |
| 1000000 | 5.000 | 07/01/2044 | 1006355 |
| Department of Water and Power of The City of Los Angeles Water System RB 2018 Series A (Aa2/AA-) | Department of Water and Power of The City of Los Angeles Water System RB 2018 Series A (Aa2/AA-) | Department of Water and Power of The City of Los Angeles Water System RB 2018 Series A (Aa2/AA-) | Department of Water and Power of The City of Los Angeles Water System RB 2018 Series A (Aa2/AA-) |
| 2185000 | 5.000 | 07/01/2043 | 2220572 |
| 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) |
| 805000 | 5.000 | 09/01/2027 | 822972 |
| 6680000 | 5.000 | 09/01/2047 | 6725086 |
| East County AWP Joint Powers Authority Tax Exempt Interim Notes Series 2024A Subseries A-1 (NR/NR) | East County AWP Joint Powers Authority Tax Exempt Interim Notes Series 2024A Subseries A-1 (NR/NR) | East County AWP Joint Powers Authority Tax Exempt Interim Notes Series 2024A Subseries A-1 (NR/NR) | East County AWP Joint Powers Authority Tax Exempt Interim Notes Series 2024A Subseries A-1 (NR/NR) |
| 45000000 | 3.125 | 09/01/2026 | 45023103 |
| 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) |
| 390000 | 3.125 | 09/01/2044 | 286807 |
| 1610000 | 3.125 | 09/01/2049 | 1126368 |
| Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (Baa1/A) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (Baa1/A) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (Baa1/A) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (Baa1/A) |
| 3255000 | 4.000 | 01/15/2046 | 3097697 |
| El Camino Community College District Election of 2012 GO Bonds Series 2024E (Aa1/NR) | El Camino Community College District Election of 2012 GO Bonds Series 2024E (Aa1/NR) | El Camino Community College District Election of 2012 GO Bonds Series 2024E (Aa1/NR) | El Camino Community College District Election of 2012 GO Bonds Series 2024E (Aa1/NR) |
| 1025000 | 4.000 | 08/01/2042 | 1029626 |
| 610000 | 4.000 | 08/01/2043 | 603396 |
| Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A) | Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A) | Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A) | Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A) |
| 1655000 | 5.000 | 11/01/2049 | 1714572 |
| 1750000 | 5.000 | 11/01/2054 | 1798222 |
| Folsom Ranch Financing Authority City of Folsom Community Facilities District No. 23 Improvement Area No. 2 California Special Tax RB Series 2024 (NR/NR) | Folsom Ranch Financing Authority City of Folsom Community Facilities District No. 23 Improvement Area No. 2 California Special Tax RB Series 2024 (NR/NR) | Folsom Ranch Financing Authority City of Folsom Community Facilities District No. 23 Improvement Area No. 2 California Special Tax RB Series 2024 (NR/NR) | Folsom Ranch Financing Authority City of Folsom Community Facilities District No. 23 Improvement Area No. 2 California Special Tax RB Series 2024 (NR/NR) |
| 400000 | 5.000 | 09/01/2049 | 405805 |
| 360000 | 5.000 | 09/01/2053 | 363367 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376797 |
| 500000 | 4.000 | 09/01/2050 | 440223 |
| Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa1/A) | Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa1/A) | Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa1/A) | Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa1/A) |
| 1300000 | 3.950 <sup>(b)</sup> | 01/15/2053 | 1156431 |
| Golden St Tobacco Securitization Corp Calif Tob Settlement Revenue Enhanced Tobacco Settlement Asset Backed Bonds 2015A (AGM-CR ST APPROP) (Aa3/AA) | Golden St Tobacco Securitization Corp Calif Tob Settlement Revenue Enhanced Tobacco Settlement Asset Backed Bonds 2015A (AGM-CR ST APPROP) (Aa3/AA) | Golden St Tobacco Securitization Corp Calif Tob Settlement Revenue Enhanced Tobacco Settlement Asset Backed Bonds 2015A (AGM-CR ST APPROP) (Aa3/AA) | Golden St Tobacco Securitization Corp Calif Tob Settlement Revenue Enhanced Tobacco Settlement Asset Backed Bonds 2015A (AGM-CR ST APPROP) (Aa3/AA) |
| 1150000 | 5.000 <sup>(d)</sup> | 06/01/2025 | 1154471 |
| Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (NR/BBB-) | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (NR/BBB-) | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (NR/BBB-) | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (NR/BBB-) |
| 11565000 | 3.850 | 06/01/2050 | 10642803 |
| Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR) | Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR) | Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR) | Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR) |
| 20000000 | 5.000 <sup>(d)</sup> | 06/01/2028 | 21374494 |
| Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (Aa3/A+) | Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (Aa3/A+) | Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (Aa3/A+) | Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (Aa3/A+) |
| 10000000 | 5.000 <sup>(d)</sup> | 06/01/2025 | 10038878 |
| Hayward Unified School District Election of 2014 GO Bonds Series 2017 (AGM) (NR/AA) | Hayward Unified School District Election of 2014 GO Bonds Series 2017 (AGM) (NR/AA) | Hayward Unified School District Election of 2014 GO Bonds Series 2017 (AGM) (NR/AA) | Hayward Unified School District Election of 2014 GO Bonds Series 2017 (AGM) (NR/AA) |
| 8000000 | 4.000 | 08/01/2042 | 7728922 |
| Improvement Area B of The City of Fillmore CFD No. 5, California Heritage Valley Parks Special Tax Bonds, 2023 Series (NR/NR) | Improvement Area B of The City of Fillmore CFD No. 5, California Heritage Valley Parks Special Tax Bonds, 2023 Series (NR/NR) | Improvement Area B of The City of Fillmore CFD No. 5, California Heritage Valley Parks Special Tax Bonds, 2023 Series (NR/NR) | Improvement Area B of The City of Fillmore CFD No. 5, California Heritage Valley Parks Special Tax Bonds, 2023 Series (NR/NR) |
| 2370000 | 5.000 | 09/01/2048 | 2409217 |
| Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA) | Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA) | Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA) | Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA) |
| 665000 | 4.000 <sup>(c)</sup> | 06/01/2036 | 656550 |
| Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC) | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC) | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC) | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC) |
| 10250000 | 0.000 <sup>(g)</sup> | 06/01/2036 | 4774529 |
| 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-) |
| 765000 | 3.678 | 06/01/2038 | 736521 |
| 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) |
| 3280000 | 5.000 | 03/01/2057 | 3297257 |
| 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 | 180429 |
| 175000 | 4.000 | 09/01/2026 | 176331 |
| Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2019 A (NR/AA) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2019 A (NR/AA) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2019 A (NR/AA) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2019 A (NR/AA) |
| 350000 | 5.000 | 09/01/2030 | 372011 |
| 355000 | 5.000 | 09/01/2032 | 375142 |
| 360000 | 5.000 | 09/01/2034 | 378150 |
| 455000 | 5.000 | 09/01/2036 | 474896 |
| 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 | 784841 |
| 2500000 | 5.000 | 09/01/2048 | 2521082 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890894 |
| Lodi Unified School District GO Bonds Series 2021 (Aa2/NR) | Lodi Unified School District GO Bonds Series 2021 (Aa2/NR) | Lodi Unified School District GO Bonds Series 2021 (Aa2/NR) | Lodi Unified School District GO Bonds Series 2021 (Aa2/NR) |
| 3300000 | 3.000 | 08/01/2046 | 2604798 |
| Los Angeles Community College District Los Angeles County California 2020 GO Refunding Bonds (NR/A) | Los Angeles Community College District Los Angeles County California 2020 GO Refunding Bonds (NR/A) | Los Angeles Community College District Los Angeles County California 2020 GO Refunding Bonds (NR/A) | Los Angeles Community College District Los Angeles County California 2020 GO Refunding Bonds (NR/A) |
| 1000000 | 5.000 | 07/01/2038 | 1040932 |
| Los Angeles Community College District Los Angeles County California 2020 GO Refunding Bonds Federally Taxable (Aaa/AA+) | Los Angeles Community College District Los Angeles County California 2020 GO Refunding Bonds Federally Taxable (Aaa/AA+) | Los Angeles Community College District Los Angeles County California 2020 GO Refunding Bonds Federally Taxable (Aaa/AA+) | Los Angeles Community College District Los Angeles County California 2020 GO Refunding Bonds Federally Taxable (Aaa/AA+) |
| 3950000 | 1.606 | 08/01/2028 | 3670959 |
| Los Angeles County Public Works Financing Authority Lease RB 2020 Series A (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2020 Series A (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2020 Series A (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2020 Series A (NR/AA+) |
| 1825000 | 3.000 | 12/01/2050 | 1331907 |
| Los Angeles Department of Airports RB Senior Refunding Series 2018 B (Aa2/AA) | Los Angeles Department of Airports RB Senior Refunding Series 2018 B (Aa2/AA) | Los Angeles Department of Airports RB Senior Refunding Series 2018 B (Aa2/AA) | Los Angeles Department of Airports RB Senior Refunding Series 2018 B (Aa2/AA) |
| 2335000 | 5.000 | 05/15/2034 | 2404590 |
| Los Angeles Department of Airports Subordinated RB Series 2018 C (Aa3/AA-) | Los Angeles Department of Airports Subordinated RB Series 2018 C (Aa3/AA-) | Los Angeles Department of Airports Subordinated RB Series 2018 C (Aa3/AA-) | Los Angeles Department of Airports Subordinated RB Series 2018 C (Aa3/AA-) |
| 1000000 | 5.000 | 05/15/2035 | 1020719 |
| Los Angeles Unified School District County of Los Angeles California 2024 GO Refunding Bonds Series A (Aa2/NR) | Los Angeles Unified School District County of Los Angeles California 2024 GO Refunding Bonds Series A (Aa2/NR) | Los Angeles Unified School District County of Los Angeles California 2024 GO Refunding Bonds Series A (Aa2/NR) | Los Angeles Unified School District County of Los Angeles California 2024 GO Refunding Bonds Series A (Aa2/NR) |
| 3500000 | 5.000 | 07/01/2026 | 3603140 |
| 7000000 | 5.000 | 07/01/2027 | 7374060 |
| Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (AGC) (Aa2/AA) | Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (AGC) (Aa2/AA) | Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (AGC) (Aa2/AA) | Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (AGC) (Aa2/AA) |
| 2000000 | 0.000 <sup>(g)</sup> | 08/01/2037 | 1225142 |
| 4500000 | 0.000 <sup>(g)</sup> | 08/01/2038 | 2614808 |
| 4500000 | 0.000 <sup>(g)</sup> | 08/01/2039 | 2473895 |
| Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL) (NR/AA-) | Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL) (NR/AA-) | Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL) (NR/AA-) | Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL) (NR/AA-) |
| 1205000 | 0.000 <sup>(g)</sup> | 08/01/2026 | 1156433 |
| Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR) | Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR) | Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR) | Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR) |
| 2510000 | 0.000 <sup>(g)</sup> | 08/01/2035 | 1703384 |
| Mountain View Whisman School District (Santa Clara County, California) Election of 2012 GO Bonds, Series B (Aaa/AAA) | Mountain View Whisman School District (Santa Clara County, California) Election of 2012 GO Bonds, Series B (Aaa/AAA) | Mountain View Whisman School District (Santa Clara County, California) Election of 2012 GO Bonds, Series B (Aaa/AAA) | Mountain View Whisman School District (Santa Clara County, California) Election of 2012 GO Bonds, Series B (Aaa/AAA) |
| 2000000 | 4.000 <sup>(d)</sup> | 09/01/2026 | 2041090 |
| 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 | 2104229 |
| 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+) |
| 2605000 | 6.125 | 11/01/2029 | 2761917 |
| 2000000 | 6.500 | 11/01/2039 | 2404833 |
| 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 | 5035650 |
| Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/A-) (3M USD SOFR + 0.72%) | Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/A-) (3M USD SOFR + 0.72%) | Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/A-) (3M USD SOFR + 0.72%) | Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/A-) (3M USD SOFR + 0.72%) |
| 2660000 | 3.783 <sup>(f)</sup> | 07/01/2027 | 2658071 |
| Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A1/AA) | Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A1/AA) | Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A1/AA) | Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A1/AA) |
| 2150000 | 0.000 <sup>(g)</sup> | 08/01/2031 | 1624963 |
| 4150000 | 0.000 <sup>(g)</sup> | 08/01/2032 | 2981378 |
| 3550000 | 0.000 <sup>(g)</sup> | 08/01/2033 | 2419801 |
| 6450000 | 7.000 | 08/01/2038 | 7113306 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Rialto Unified School District County of San Bernardino, California GO Bonds, Election of 2022, Series 2023 (BAM) (Aa3/AA) | Rialto Unified School District County of San Bernardino, California GO Bonds, Election of 2022, Series 2023 (BAM) (Aa3/AA) | Rialto Unified School District County of San Bernardino, California GO Bonds, Election of 2022, Series 2023 (BAM) (Aa3/AA) | Rialto Unified School District County of San Bernardino, California GO Bonds, Election of 2022, Series 2023 (BAM) (Aa3/AA) |
| 3250000 | 4.000% | 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063822 |
| 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) |
| 1970000 | 5.000 | 09/01/2042 | 1991815 |
| 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 | 804751 |
| 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 | 196660 |
| 205000 | 4.000 | 09/01/2028 | 207025 |
| 210000 | 4.000 | 09/01/2029 | 211401 |
| 220000 | 4.000 | 09/01/2030 | 220932 |
| 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 | 755921 |
| 1075000 | 5.000 | 09/01/2026 | 1104522 |
| 1000000 | 5.000 | 09/01/2027 | 1042040 |
| 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 | 104340 |
| 185000 | 5.000 | 09/01/2032 | 192809 |
| 165000 | 5.000 | 09/01/2033 | 171192 |
| 175000 | 4.000 | 09/01/2034 | 172030 |
| 150000 | 4.000 | 09/01/2035 | 146131 |
| 125000 | 3.000 | 09/01/2036 | 106206 |
| 470000 | 5.000 | 09/01/2039 | 479520 |
| 250000 | 3.250 | 09/01/2041 | 197797 |
| 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 | 660423 |
| 725000 | 4.000 | 09/01/2041 | 677834 |
| 1000000 | 4.000 | 09/01/2050 | 868551 |
| Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-) (3M USD SOFR + 0.55%) | Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-) (3M USD SOFR + 0.55%) | Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-) (3M USD SOFR + 0.55%) | Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-) (3M USD SOFR + 0.55%) |
| 21625000 | 3.619 <sup>(f)</sup> | 06/01/2034 | 20966636 |
| San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) |
| 2850000 | 4.000 | 07/01/2039 | 2758765 |
| 13810000 | 4.000 | 07/01/2046 | 12389480 |
| 4620000 | 5.000 | 07/01/2046 | 4695143 |
| San Diego Unified School District 2012 GO Refunding Bonds Series R-2 (Aa2/AA-) | San Diego Unified School District 2012 GO Refunding Bonds Series R-2 (Aa2/AA-) | San Diego Unified School District 2012 GO Refunding Bonds Series R-2 (Aa2/AA-) | San Diego Unified School District 2012 GO Refunding Bonds Series R-2 (Aa2/AA-) |
| 4700000 | 0.000 <sup>(h)</sup> | 07/01/2041 | 4691343 |
| San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (Aa2/AA-) | San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (Aa2/AA-) | San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (Aa2/AA-) | San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (Aa2/AA-) |
| 5000000 | 0.000 <sup>(g)</sup> | 07/01/2039 | 2784154 |
| San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 G (NR/AA-) | San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 G (NR/AA-) | San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 G (NR/AA-) | San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 G (NR/AA-) |
| 1300000 | 5.000 | 05/01/2027 | 1343954 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018703 |
| 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 | 509863 |
| San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL) (Baa2/NR) | San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL) (Baa2/NR) | San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL) (Baa2/NR) | San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL) (Baa2/NR) |
| 1715000 | 0.000 <sup>(g)</sup> | 01/15/2026 | 1669911 |
| State of California Various Purpose GO Bonds (Aa2/AA-) | State of California Various Purpose GO Bonds (Aa2/AA-) | State of California Various Purpose GO Bonds (Aa2/AA-) | State of California Various Purpose GO Bonds (Aa2/AA-) |
| 32050000 | 7.500 | 04/01/2034 | 37079408 |
| State of California Various Purpose GO Bonds Federally Taxable Build America Bonds Series 2009 (Aa2/AA-) | State of California Various Purpose GO Bonds Federally Taxable Build America Bonds Series 2009 (Aa2/AA-) | State of California Various Purpose GO Bonds Federally Taxable Build America Bonds Series 2009 (Aa2/AA-) | State of California Various Purpose GO Bonds Federally Taxable Build America Bonds Series 2009 (Aa2/AA-) |
| 3760000 | 7.350 | 11/01/2039 | 4386483 |
| 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-) |
| 15915000 | 4.000 | 09/01/2043 | 15641254 |
| The Regents of The University of California General RB 2025 Series Bz (Aa2/AA) | The Regents of The University of California General RB 2025 Series Bz (Aa2/AA) | The Regents of The University of California General RB 2025 Series Bz (Aa2/AA) | The Regents of The University of California General RB 2025 Series Bz (Aa2/AA) |
| 16710000 | 5.000 | 05/15/2028 | 17887985 |
| 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-) |
| 1000000 | 5.000 | 06/01/2034 | 1045187 |
| 1000000 | 5.000 | 06/01/2036 | 1039386 |
| 1000000 | 5.000 | 06/01/2039 | 1031426 |
| 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) |
| 1015000 | 5.000 | 06/01/2026 | 1032157 |
| 920000 | 5.000 | 06/01/2028 | 957200 |
| 2035000 | 5.000 | 06/01/2029 | 2135430 |
| 2000000 | 5.000 | 06/01/2032 | 2099625 |
| Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (NR/BB+) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (NR/BB+) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (NR/BB+) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (NR/BB+) |
| 2225000 | 5.000 | 06/01/2048 | 2182942 |
| Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR) |
| 7975000 | 0.000 <sup>(g)</sup> | 06/01/2054 | 1602043 |
| 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) |
| 430000 | 2.375 | 09/02/2041 | 288602 |
| 945000 | 2.500 | 09/02/2046 | 598971 |
| Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A Tax-Exempt Green Bonds (NR/NR) | Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A Tax-Exempt Green Bonds (NR/NR) | Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A Tax-Exempt Green Bonds (NR/NR) | Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A Tax-Exempt Green Bonds (NR/NR) |
| 1230000 | 5.000 | 10/01/2025 | 1238748 |
| 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) |
| 660000 | 5.000 | 10/01/2029 | 688453 |
| 555000 | 5.000 | 10/01/2030 | 577037 |
| 1165000 | 5.000 | 10/01/2031 | 1207685 |
| 1000000 | 5.000 | 10/01/2033 | 1030564 |
| 495000 | 5.000 | 10/01/2035 | 508174 |
| 705000 | 5.000 | 10/01/2036 | 722074 |
| 1000000 | 5.000 | 10/01/2037 | 1022366 |
| 880000 | 5.000 | 10/01/2038 | 896398 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) – (continued) | Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) – (continued) | Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) – (continued) | Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) – (continued) |
| 750000 | 5.000% | 10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761228 |
| 980000 | 5.000 | 10/01/2040 | 988384 |
| 1945000 | 5.000 | 10/01/2049 | 1939153 |
| Washington Township Health Care District RB 2023 Series A (Baa3/NR) | Washington Township Health Care District RB 2023 Series A (Baa3/NR) | Washington Township Health Care District RB 2023 Series A (Baa3/NR) | Washington Township Health Care District RB 2023 Series A (Baa3/NR) |
| 825000 | 5.750 | 07/01/2053 | 868630 |
| West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL) (Baa3/A+) | West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL) (Baa3/A+) | West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL) (Baa3/A+) | West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL) (Baa3/A+) |
| 1175000 | 0.000 <sup>(g)</sup> | 08/01/2025 | 1162596 |
| West Patterson Financing Authority California Community Facilities Villages of Patterson Special Tax Bonds Series 2024 (NR/NR) | West Patterson Financing Authority California Community Facilities Villages of Patterson Special Tax Bonds Series 2024 (NR/NR) | West Patterson Financing Authority California Community Facilities Villages of Patterson Special Tax Bonds Series 2024 (NR/NR) | West Patterson Financing Authority California Community Facilities Villages of Patterson Special Tax Bonds Series 2024 (NR/NR) |
| 300000 | 5.000 | 09/01/2039 | 311076 |
| 825000 | 4.375 | 09/01/2044 | 778642 |
|  |  |  | 997735884 |
| Colorado - 3.5% | Colorado - 3.5% | Colorado - 3.5% | Colorado - 3.5% |
| Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/NR) | Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/NR) | Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/NR) | Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/NR) |
| 325000 | 5.250 <sup>(d)</sup> | 12/01/2026 | 337333 |
| 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) |
| 1415000 | 4.700 | 12/01/2047 | 1241114 |
| Baseline Metropolitan District In The City and County of Broomfield, Colorado Special RR and Improvement Bonds Series 2024A (AGC) (NR/AA) | Baseline Metropolitan District In The City and County of Broomfield, Colorado Special RR and Improvement Bonds Series 2024A (AGC) (NR/AA) | Baseline Metropolitan District In The City and County of Broomfield, Colorado Special RR and Improvement Bonds Series 2024A (AGC) (NR/AA) | Baseline Metropolitan District In The City and County of Broomfield, Colorado Special RR and Improvement Bonds Series 2024A (AGC) (NR/AA) |
| 1875000 | 4.000 | 12/01/2046 | 1743811 |
| 1250000 | 5.000 | 12/01/2049 | 1294050 |
| 2225000 | 4.250 | 12/01/2054 | 2082687 |
| Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR) | Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR) | Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR) | Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR) |
| 1855000 | 0.000 <sup>(c)(h)</sup> | 12/01/2049 | 1825958 |
| Board of Governors of Colorado State University System RB Refunding Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/NR) | Board of Governors of Colorado State University System RB Refunding Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/NR) | Board of Governors of Colorado State University System RB Refunding Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/NR) | Board of Governors of Colorado State University System RB Refunding Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/NR) |
| 9555000 | 5.000 <sup>(d)</sup> | 03/01/2028 | 10130531 |
| Board of Trustees of The Colorado School of Mines Institutional Enterprise RB Series 2024A (ST HGR ED INTERCEPT PROG) (Aa2/AA) | Board of Trustees of The Colorado School of Mines Institutional Enterprise RB Series 2024A (ST HGR ED INTERCEPT PROG) (Aa2/AA) | Board of Trustees of The Colorado School of Mines Institutional Enterprise RB Series 2024A (ST HGR ED INTERCEPT PROG) (Aa2/AA) | Board of Trustees of The Colorado School of Mines Institutional Enterprise RB Series 2024A (ST HGR ED INTERCEPT PROG) (Aa2/AA) |
| 18620000 | 4.000 | 12/01/2049 | 17478801 |
| 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 | 527704 |
| 1030000 | 5.000 | 12/01/2040 | 1014379 |
| Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR) | Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR) | Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR) | Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR) |
| 1120000 | 5.000 <sup>(c)</sup> | 12/01/2040 | 1067098 |
| 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 | 984677 |
| CCP Metropolitan District No. 3 Limited Tax GO Refunding Bonds Series 2024 (NR/NR) | CCP Metropolitan District No. 3 Limited Tax GO Refunding Bonds Series 2024 (NR/NR) | CCP Metropolitan District No. 3 Limited Tax GO Refunding Bonds Series 2024 (NR/NR) | CCP Metropolitan District No. 3 Limited Tax GO Refunding Bonds Series 2024 (NR/NR) |
| 1175000 | 5.000 | 12/01/2053 | 1145509 |
| 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 | 3784667 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (Aa1/AA+) – (continued) | Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (Aa1/AA+) – (continued) | Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (Aa1/AA+) – (continued) | Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (Aa1/AA+) – (continued) |
| $10805000 | 6.000% | 12/15/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11630076 |
| City and County of Denver, Colorado, Airport System Subordinate RB Series 2018A (AMT) (A1/A+) | City and County of Denver, Colorado, Airport System Subordinate RB Series 2018A (AMT) (A1/A+) | City and County of Denver, Colorado, Airport System Subordinate RB Series 2018A (AMT) (A1/A+) | City and County of Denver, Colorado, Airport System Subordinate RB Series 2018A (AMT) (A1/A+) |
| 1000000 | 5.000 | 12/01/2043 | 1004478 |
| City and County of Denver, Colorado, For and On Behalf of Its Department of Aviation Airport System RB Series 2022A (AMT) (Aa3/AA-) | City and County of Denver, Colorado, For and On Behalf of Its Department of Aviation Airport System RB Series 2022A (AMT) (Aa3/AA-) | City and County of Denver, Colorado, For and On Behalf of Its Department of Aviation Airport System RB Series 2022A (AMT) (Aa3/AA-) | City and County of Denver, Colorado, For and On Behalf of Its Department of Aviation Airport System RB Series 2022A (AMT) (Aa3/AA-) |
| 2875000 | 5.000 | 11/15/2041 | 2955994 |
| 915000 | 5.000 | 11/15/2047 | 930051 |
| 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 | 952400 |
| City of Colorado Springs Colorado Utilities System Improvement RB Series 2024A (Aa2/AA+) | City of Colorado Springs Colorado Utilities System Improvement RB Series 2024A (Aa2/AA+) | City of Colorado Springs Colorado Utilities System Improvement RB Series 2024A (Aa2/AA+) | City of Colorado Springs Colorado Utilities System Improvement RB Series 2024A (Aa2/AA+) |
| 2335000 | 5.250 | 11/15/2054 | 2497116 |
| 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+) |
| 11000000 | 5.250 | 12/01/2043 | 11203397 |
| 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-) |
| 5580000 | 5.000 | 11/15/2053 | 5645739 |
| City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/AA-) | City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/AA-) | City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/AA-) | City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/AA-) |
| 5450000 | 5.000 | 11/15/2027 | 5677647 |
| Colorado Bridge and Tunnel Enterprise Senior Infrastructure RB Series 2024A (AGM) (A1/AA) | Colorado Bridge and Tunnel Enterprise Senior Infrastructure RB Series 2024A (AGM) (A1/AA) | Colorado Bridge and Tunnel Enterprise Senior Infrastructure RB Series 2024A (AGM) (A1/AA) | Colorado Bridge and Tunnel Enterprise Senior Infrastructure RB Series 2024A (AGM) (A1/AA) |
| 1145000 | 5.000 | 12/01/2043 | 1220372 |
| 1000000 | 5.000 | 12/01/2044 | 1060856 |
| 4000000 | 5.250 | 12/01/2049 | 4297873 |
| Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (Baa3/NR) | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (Baa3/NR) | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (Baa3/NR) | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (Baa3/NR) |
| 900000 | 4.000 | 10/01/2056 | 699033 |
| 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 | 141813 |
| 150000 | 4.000 | 05/01/2041 | 132605 |
| Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR) | Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR) | Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR) | Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR) |
| 300000 | 5.000 <sup>(c)</sup> | 02/01/2034 | 301558 |
| Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR) | Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR) | Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR) | Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR) |
| 800000 | 5.000 <sup>(c)</sup> | 10/01/2029 | 812815 |
| 2500000 | 5.000 <sup>(c)</sup> | 10/01/2039 | 2500355 |
| 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) |
| 225000 | 4.000 | 11/01/2029 | 221771 |
| 400000 | 5.000 | 11/01/2039 | 398042 |
| 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 | 315124 |
| 350000 | 5.000 | 06/01/2054 | 333473 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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) |
| $750000 | 5.000% | 09/01/2052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720347 |
| Colorado Educational and Cultural Facilities Authority Charter School RB for STEM School Project Series 2019 (Baa3/NR) | Colorado Educational and Cultural Facilities Authority Charter School RB for STEM School Project Series 2019 (Baa3/NR) | Colorado Educational and Cultural Facilities Authority Charter School RB for STEM School Project Series 2019 (Baa3/NR) | Colorado Educational and Cultural Facilities Authority Charter School RB for STEM School Project Series 2019 (Baa3/NR) |
| 790000 | 5.000 | 11/01/2049 | 759467 |
| Colorado Educational and Educational Facilities Authority Charter School RB Ascent Classical Academy Charter Schools, Inc. Series 2024A (NR/BB) | Colorado Educational and Educational Facilities Authority Charter School RB Ascent Classical Academy Charter Schools, Inc. Series 2024A (NR/BB) | Colorado Educational and Educational Facilities Authority Charter School RB Ascent Classical Academy Charter Schools, Inc. Series 2024A (NR/BB) | Colorado Educational and Educational Facilities Authority Charter School RB Ascent Classical Academy Charter Schools, Inc. Series 2024A (NR/BB) |
| 1900000 | 5.500 <sup>(c)</sup> | 04/01/2044 | 1940200 |
| 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 | 2971945 |
| 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 | 1924856 |
| Colorado Health Facilities Authority Hospital RB for Parkview Medical Center, Inc. Project Series 2016 (Aa2/NR) | Colorado Health Facilities Authority Hospital RB for Parkview Medical Center, Inc. Project Series 2016 (Aa2/NR) | Colorado Health Facilities Authority Hospital RB for Parkview Medical Center, Inc. Project Series 2016 (Aa2/NR) | Colorado Health Facilities Authority Hospital RB for Parkview Medical Center, Inc. Project Series 2016 (Aa2/NR) |
| 18310000 | 5.000 <sup>(d)</sup> | 09/01/2026 | 18866933 |
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) |
| 3560000 | 5.000 | 08/01/2025 | 3582071 |
| 1415000 | 5.000 | 08/01/2026 | 1451379 |
| 1575000 | 5.000 | 08/01/2027 | 1643083 |
| 5000000 | 5.000 | 08/01/2036 | 5212334 |
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-2 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-2 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-2 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-2 (A3/A-) |
| 325000 | 5.000 | 08/01/2025 | 327015 |
| 3000000 | 5.000 | 08/01/2037 | 3119582 |
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (A3/A-) |
| 6400000 | 5.500 | 11/01/2047 | 6726738 |
| 8000000 | 5.250 | 11/01/2052 | 8283790 |
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) |
| 3680000 | 5.000 | 12/01/2039 | 3922771 |
| Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Aa2/NR) | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Aa2/NR) | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Aa2/NR) | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Aa2/NR) |
| 1800000 | 4.000 <sup>(d)</sup> | 09/01/2030 | 1888227 |
| Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR) | Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR) | Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR) | Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR) |
| 21534543 | 5.000 <sup>(b)</sup> | 07/01/2057 | 16476561 |
| 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 | 3578976 |
| Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (A3/A-) |
| 1125000 | 5.000 | 08/01/2035 | 1175996 |
| 6010000 | 4.000 | 08/01/2044 | 5514793 |
| Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) |
| 345000 | 5.000 | 08/01/2035 | 360639 |
| 3350000 | 5.000 | 08/01/2038 | 3470941 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Evangelical Lutheran Good Samaritan Society Project Series 2017 (NR/NR) | Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (NR/NR) | Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (NR/NR) | Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (NR/NR) |
| $1150000 | 5.000 %<sup>(d)</sup> | 06/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197597 |
| 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 | 1688513 |
| 12310000 | 5.000 | 11/01/2039 | 12747834 |
| 6105000 | 5.000 | 11/01/2044 | 6251884 |
| Colorado Health Facilities Authority RB Series 2019A-2 (A3/A-) | Colorado Health Facilities Authority RB Series 2019A-2 (A3/A-) | Colorado Health Facilities Authority RB Series 2019A-2 (A3/A-) | Colorado Health Facilities Authority RB Series 2019A-2 (A3/A-) |
| 3495000 | 4.000 | 08/01/2049 | 3085452 |
| Colorado Health Facilities Authority RB Series 2019B Series 2019B-1 (A3/A-) | Colorado Health Facilities Authority RB Series 2019B Series 2019B-1 (A3/A-) | Colorado Health Facilities Authority RB Series 2019B Series 2019B-1 (A3/A-) | Colorado Health Facilities Authority RB Series 2019B Series 2019B-1 (A3/A-) |
| 8500000 | 5.000 <sup>(a)(b)</sup> | 08/01/2049 | 8514942 |
| Colorado Health Facilities Authority Revenue Refunding Bonds Series 2019A SCL Health System (Aa1/AA+) | Colorado Health Facilities Authority Revenue Refunding Bonds Series 2019A SCL Health System (Aa1/AA+) | Colorado Health Facilities Authority Revenue Refunding Bonds Series 2019A SCL Health System (Aa1/AA+) | Colorado Health Facilities Authority Revenue Refunding Bonds Series 2019A SCL Health System (Aa1/AA+) |
| 4000000 | 4.000 | 01/01/2037 | 3929433 |
| Colorado Housing and Finance Authority Multifamily Housing RB for The Reserves at Eagle Point Project Series 2024 (Aaa/NR) | Colorado Housing and Finance Authority Multifamily Housing RB for The Reserves at Eagle Point Project Series 2024 (Aaa/NR) | Colorado Housing and Finance Authority Multifamily Housing RB for The Reserves at Eagle Point Project Series 2024 (Aaa/NR) | Colorado Housing and Finance Authority Multifamily Housing RB for The Reserves at Eagle Point Project Series 2024 (Aaa/NR) |
| 5450000 | 3.500 <sup>(a)(b)</sup> | 11/01/2043 | 5466536 |
| Colorado State Board of Governors University Enterprise System Revenue Refunding Bonds Series 2017 C (ST HGR ED INTERCEPT PROG) (Aa2/AA) | Colorado State Board of Governors University Enterprise System Revenue Refunding Bonds Series 2017 C (ST HGR ED INTERCEPT PROG) (Aa2/AA) | Colorado State Board of Governors University Enterprise System Revenue Refunding Bonds Series 2017 C (ST HGR ED INTERCEPT PROG) (Aa2/AA) | Colorado State Board of Governors University Enterprise System Revenue Refunding Bonds Series 2017 C (ST HGR ED INTERCEPT PROG) (Aa2/AA) |
| 6100000 | 5.000 | 03/01/2043 | 6219675 |
| Colorado State Board of Governors University Enterprise System Revenue Refunding Bonds Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/NR) | Colorado State Board of Governors University Enterprise System Revenue Refunding Bonds Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/NR) | Colorado State Board of Governors University Enterprise System Revenue Refunding Bonds Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/NR) | Colorado State Board of Governors University Enterprise System Revenue Refunding Bonds Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/NR) |
| 8205000 | 5.000 <sup>(d)</sup> | 03/01/2028 | 8699216 |
| 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 | 697349 |
| 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) |
| 3435000 | 4.000 | 12/01/2029 | 3278850 |
| 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) |
| 874000 | 5.000 | 12/01/2039 | 848231 |
| Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (NR/ BB) | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (NR/ BB) | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (NR/ BB) | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (NR/ BB) |
| 27295000 | 5.000 | 10/01/2032 | 27301191 |
| Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB) | Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB) | Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB) | Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB) |
| 5505000 | 5.000 <sup>(c)</sup> | 12/01/2027 | 5687695 |
| Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) |
| 1460000 | 5.000 | 12/01/2033 | 1460438 |
| Denver Convention Center Hotel Authority Convention Center Hotel Senior RR Bonds, Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority Convention Center Hotel Senior RR Bonds, Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority Convention Center Hotel Senior RR Bonds, Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority Convention Center Hotel Senior RR Bonds, Series 2016 (Baa2/BBB-) |
| 2370000 | 5.000 | 12/01/2035 | 2366998 |
| 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 | 640680 |
| 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 | 300210 |
| 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 | 435366 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB) | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB) | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB) |
| $4995000 | 5.000 %<sup>(c)</sup> | 12/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5044369 |
| 1000000 | 5.000 <sup>(c)</sup> | 12/01/2034 | 1013205 |
| 1675000 | 4.000 <sup>(c)</sup> | 12/01/2035 | 1604207 |
| 2000000 | 4.000 <sup>(c)</sup> | 12/01/2036 | 1896248 |
| 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) |
| 120000 | 5.000 | 12/01/2030 | 125398 |
| Denver Health and Hospital Authority Colorado Healthcare RB Series 2019A (NR/BBB) | Denver Health and Hospital Authority Colorado Healthcare RB Series 2019A (NR/BBB) | Denver Health and Hospital Authority Colorado Healthcare RB Series 2019A (NR/BBB) | Denver Health and Hospital Authority Colorado Healthcare RB Series 2019A (NR/BBB) |
| 2255000 | 5.000 | 12/01/2031 | 2349922 |
| 475000 | 5.000 | 12/01/2032 | 492919 |
| 1360000 | 5.000 | 12/01/2033 | 1412825 |
| Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area RB Series 2018 A (NR/NR) | Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area RB Series 2018 A (NR/NR) | Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area RB Series 2018 A (NR/NR) | Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area RB Series 2018 A (NR/NR) |
| 4155000 | 5.250 <sup>(c)</sup> | 12/01/2039 | 4091750 |
| E-470 Public Highway Authority RB Refunding Series 2010 A (AGM-CR) (A1/AA) | E-470 Public Highway Authority RB Refunding Series 2010 A (AGM-CR) (A1/AA) | E-470 Public Highway Authority RB Refunding Series 2010 A (AGM-CR) (A1/AA) | E-470 Public Highway Authority RB Refunding Series 2010 A (AGM-CR) (A1/AA) |
| 1500000 | 0.000 <sup>(g)</sup> | 09/01/2035 | 1004462 |
| E-470 Public Highway Authority RB Series 2010 A (A1/A+) | E-470 Public Highway Authority RB Series 2010 A (A1/A+) | E-470 Public Highway Authority RB Series 2010 A (A1/A+) | E-470 Public Highway Authority RB Series 2010 A (A1/A+) |
| 6000000 | 0.000 <sup>(g)</sup> | 09/01/2040 | 3008389 |
| Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR) | Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR) | Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR) | Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR) |
| 2800000 | 5.550 <sup>(c)</sup> | 12/01/2047 | 2850201 |
| 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) |
| 570000 | 3.750 | 12/01/2034 | 503479 |
| 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) |
| 648000 | 4.000 | 12/01/2031 | 598769 |
| Hogback Metropolitan District LT GO Bonds Series 2021A3 (NR/NR) | Hogback Metropolitan District LT GO Bonds Series 2021A3 (NR/NR) | Hogback Metropolitan District LT GO Bonds Series 2021A3 (NR/NR) | Hogback Metropolitan District LT GO Bonds Series 2021A3 (NR/NR) |
| 725000 | 5.000 | 12/01/2041 | 702152 |
| Independence Water & Sanitation District Special Revenue Refunding and Improvement Bonds Series 2024 (NR/NR) | Independence Water & Sanitation District Special Revenue Refunding and Improvement Bonds Series 2024 (NR/NR) | Independence Water & Sanitation District Special Revenue Refunding and Improvement Bonds Series 2024 (NR/NR) | Independence Water & Sanitation District Special Revenue Refunding and Improvement Bonds Series 2024 (NR/NR) |
| 2200000 | 5.125 | 12/01/2033 | 2192219 |
| Indy Oak TOD Metropolitan District GO Bonds Series 2020 A (NR/NR) | Indy Oak TOD Metropolitan District GO Bonds Series 2020 A (NR/NR) | Indy Oak TOD Metropolitan District GO Bonds Series 2020 A (NR/NR) | Indy Oak TOD Metropolitan District GO Bonds Series 2020 A (NR/NR) |
| 1055000 | 5.500 <sup>(c)(d)</sup> | 06/01/2025 | 1090874 |
| 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) |
| 9731000 | 4.250 | 12/01/2046 | 8577322 |
| 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) |
| 1176000 | 5.750 | 12/01/2050 | 1185756 |
| 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 | 1126377 |
| 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 | 2266806 |
| 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 | 2505211 |
| Nine Mile Metropolitan District In The Town of Erie Boulder County RB Series 2020 (NR/NR) | Nine Mile Metropolitan District In The Town of Erie Boulder County RB Series 2020 (NR/NR) | Nine Mile Metropolitan District In The Town of Erie Boulder County RB Series 2020 (NR/NR) | Nine Mile Metropolitan District In The Town of Erie Boulder County RB Series 2020 (NR/NR) |
| 1000000 | 5.125 | 12/01/2040 | 1003357 |
| 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 | 500837 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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-) |
| $100000 | 4.000% | 12/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100218 |
| 315000 | 4.000 | 12/01/2026 | 316891 |
| 290000 | 4.000 | 12/01/2029 | 292865 |
| 205000 | 4.000 | 12/01/2030 | 205988 |
| 225000 | 4.000 | 12/01/2031 | 224975 |
| Park Creek Metropolitan District Senior Limited Property Tax Supported RB Tax-Exempt Series 2016A (NATL) (NR/NR) | Park Creek Metropolitan District Senior Limited Property Tax Supported RB Tax-Exempt Series 2016A (NATL) (NR/NR) | Park Creek Metropolitan District Senior Limited Property Tax Supported RB Tax-Exempt Series 2016A (NATL) (NR/NR) | Park Creek Metropolitan District Senior Limited Property Tax Supported RB Tax-Exempt Series 2016A (NATL) (NR/NR) |
| 2080000 | 5.000 | 12/01/2036 | 2120780 |
| 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 | 902229 |
| Poudre Heights Valley Metropolitan District In The Town of Windsor Weld County Colorado Limited Tax GO Bonds Series 2024A (NR/NR) | Poudre Heights Valley Metropolitan District In The Town of Windsor Weld County Colorado Limited Tax GO Bonds Series 2024A (NR/NR) | Poudre Heights Valley Metropolitan District In The Town of Windsor Weld County Colorado Limited Tax GO Bonds Series 2024A (NR/NR) | Poudre Heights Valley Metropolitan District In The Town of Windsor Weld County Colorado Limited Tax GO Bonds Series 2024A (NR/NR) |
| 975000 | 5.500 <sup>(c)</sup> | 12/01/2054 | 924635 |
| Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A1/A-) | Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A1/A-) | Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A1/A-) | Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A1/A-) |
| 2200000 | 6.250 | 11/15/2028 | 2304933 |
| 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 | 1189582 |
| 2000000 | 4.000 | 12/01/2041 | 1805777 |
| 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) |
| 886000 | 5.000 | 12/01/2049 | 824235 |
| Regional Transportation District Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1/NR) | Regional Transportation District Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1/NR) | Regional Transportation District Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1/NR) | Regional Transportation District Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1/NR) |
| 715000 | 5.000 | 01/15/2029 | 748917 |
| 400000 | 5.000 | 07/15/2029 | 420702 |
| 500000 | 5.000 | 01/15/2030 | 527668 |
| 350000 | 5.000 | 07/15/2030 | 370607 |
| Regional Transportation District Tax Exempt Private Activity Bonds Series 2020 (Baa1/NR) | Regional Transportation District Tax Exempt Private Activity Bonds Series 2020 (Baa1/NR) | Regional Transportation District Tax Exempt Private Activity Bonds Series 2020 (Baa1/NR) | Regional Transportation District Tax Exempt Private Activity Bonds Series 2020 (Baa1/NR) |
| 500000 | 5.000 | 07/15/2027 | 515647 |
| 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 | 2795946 |
| Settler's Crossing Metropolitan District No. 1 GO Bonds Series 2020 A (NR/NR) | Settler's Crossing Metropolitan District No. 1 GO Bonds Series 2020 A (NR/NR) | Settler's Crossing Metropolitan District No. 1 GO Bonds Series 2020 A (NR/NR) | Settler's Crossing Metropolitan District No. 1 GO Bonds Series 2020 A (NR/NR) |
| 2080000 | 5.000 <sup>(c)</sup> | 12/01/2040 | 2055062 |
| 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 | 12/01/2032 | 382545 |
| 220000 | 4.000 | 12/01/2034 | 222065 |
| 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 | 414332 |
| 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 | 1000930 |
| 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) |
| 40000 | 3.500 | 12/01/2027 | 39357 |
| 115000 | 5.000 | 12/01/2037 | 115107 |
| Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017A-1 (Ba1/NR) | Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017A-1 (Ba1/NR) | Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017A-1 (Ba1/NR) | Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017A-1 (Ba1/NR) |
| 325000 | 5.000 | 12/01/2047 | 316836 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A2/NR) | Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A2/NR) | Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A2/NR) | Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A2/NR) |
| $350000 | 5.000% | 12/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361145 |
| 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 | 1606766 |
| The Lakes at Centerra Metropolitan District No. 2 in The City of Loveland Colorado Limited Tax GO Refunding Bonds Series 2024A (AGM) (NR/AA) | The Lakes at Centerra Metropolitan District No. 2 in The City of Loveland Colorado Limited Tax GO Refunding Bonds Series 2024A (AGM) (NR/AA) | The Lakes at Centerra Metropolitan District No. 2 in The City of Loveland Colorado Limited Tax GO Refunding Bonds Series 2024A (AGM) (NR/AA) | The Lakes at Centerra Metropolitan District No. 2 in The City of Loveland Colorado Limited Tax GO Refunding Bonds Series 2024A (AGM) (NR/AA) |
| 5300000 | 4.500 | 12/01/2054 | 5066503 |
| 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) |
| 755000 | 4.150 | 12/01/2030 | 746432 |
| Trails at Crowfoot Metropolitan District No. 3 in The Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) | Trails at Crowfoot Metropolitan District No. 3 in The Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) | Trails at Crowfoot Metropolitan District No. 3 in The Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) | Trails at Crowfoot Metropolitan District No. 3 in The Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) |
| 1575000 | 4.000 | 12/01/2044 | 1475227 |
| 4750000 | 4.250 | 12/01/2054 | 4381756 |
| 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 | 200823 |
| 205000 | 5.000 | 12/01/2027 | 214215 |
| 210000 | 5.000 | 12/01/2028 | 221931 |
| 210000 | 5.000 | 12/01/2029 | 224279 |
| 215000 | 5.000 | 12/01/2030 | 230263 |
| 230000 | 5.000 | 12/01/2031 | 245272 |
| 250000 | 5.000 | 12/01/2032 | 265921 |
| 255000 | 5.000 | 12/01/2033 | 270292 |
| 285000 | 5.000 | 12/01/2034 | 301005 |
| 100000 | 5.000 | 12/01/2035 | 105259 |
| 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) |
| 135000 | 5.000 | 12/15/2026 | 139165 |
| 125000 | 5.000 | 12/15/2028 | 128862 |
| 125000 | 5.000 | 12/15/2029 | 128856 |
| 125000 | 5.000 | 12/15/2030 | 128856 |
| 135000 | 5.000 | 12/15/2031 | 139160 |
| 160000 | 5.000 | 12/15/2032 | 164930 |
| Vauxmont Metropolitan District Senior LT GO Special Revenue Refunding Bonds Series 2020 (AGM) (NR/AA) | Vauxmont Metropolitan District Senior LT GO Special Revenue Refunding Bonds Series 2020 (AGM) (NR/AA) | Vauxmont Metropolitan District Senior LT GO Special Revenue Refunding Bonds Series 2020 (AGM) (NR/AA) | Vauxmont Metropolitan District Senior LT GO Special Revenue Refunding Bonds Series 2020 (AGM) (NR/AA) |
| 180000 | 5.000 | 12/01/2025 | 182206 |
| Vauxmont Metropolitan District Subordinate LT GO Special Revenue Refunding Bonds Series 2019 (AGM) (NR/AA) | Vauxmont Metropolitan District Subordinate LT GO Special Revenue Refunding Bonds Series 2019 (AGM) (NR/AA) | Vauxmont Metropolitan District Subordinate LT GO Special Revenue Refunding Bonds Series 2019 (AGM) (NR/AA) | Vauxmont Metropolitan District Subordinate LT GO Special Revenue Refunding Bonds Series 2019 (AGM) (NR/AA) |
| 125000 | 5.000 | 12/15/2025 | 126742 |
| Village Metropolitan District No. 2 Limited Tax GO and Special RB Series 2019 (NR/NR) | Village Metropolitan District No. 2 Limited Tax GO and Special RB Series 2019 (NR/NR) | Village Metropolitan District No. 2 Limited Tax GO and Special RB Series 2019 (NR/NR) | Village Metropolitan District No. 2 Limited Tax GO and Special RB Series 2019 (NR/NR) |
| 712000 | 4.375 | 12/01/2044 | 674771 |
| Water Valley Metropolitan District No. 3 Limited Tax GO Bonds Series 2024A (NR/NR) | Water Valley Metropolitan District No. 3 Limited Tax GO Bonds Series 2024A (NR/NR) | Water Valley Metropolitan District No. 3 Limited Tax GO Bonds Series 2024A (NR/NR) | Water Valley Metropolitan District No. 3 Limited Tax GO Bonds Series 2024A (NR/NR) |
| 600000 | 5.250 | 12/01/2054 | 597362 |
| Weld County School District No. Re-4 In Weld County, Colorado GO Bonds, Series 2016 (ST AID WITHHLDG) (Aa2/NR) | Weld County School District No. Re-4 In Weld County, Colorado GO Bonds, Series 2016 (ST AID WITHHLDG) (Aa2/NR) | Weld County School District No. Re-4 In Weld County, Colorado GO Bonds, Series 2016 (ST AID WITHHLDG) (Aa2/NR) | Weld County School District No. Re-4 In Weld County, Colorado GO Bonds, Series 2016 (ST AID WITHHLDG) (Aa2/NR) |
| 6910000 | 5.250 | 12/01/2041 | 7066370 |
| West Meadow Metropolitan District Town of Fraser, Grand County, Colorado LT GO Senior Bonds Series 2023A (NR/NR) | West Meadow Metropolitan District Town of Fraser, Grand County, Colorado LT GO Senior Bonds Series 2023A (NR/NR) | West Meadow Metropolitan District Town of Fraser, Grand County, Colorado LT GO Senior Bonds Series 2023A (NR/NR) | West Meadow Metropolitan District Town of Fraser, Grand County, Colorado LT GO Senior Bonds Series 2023A (NR/NR) |
| 1000000 | 6.000 <sup>(c)</sup> | 12/01/2038 | 1029229 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Wildwing Metropolitan District No. 5 In the Town of Timnath Larimer County Colorado LT Go Refunding and Improvement Bonds Series 2024 (AGM) (NR/AA) | Wildwing Metropolitan District No. 5 In the Town of Timnath Larimer County Colorado LT Go Refunding and Improvement Bonds Series 2024 (AGM) (NR/AA) | Wildwing Metropolitan District No. 5 In the Town of Timnath Larimer County Colorado LT Go Refunding and Improvement Bonds Series 2024 (AGM) (NR/AA) | Wildwing Metropolitan District No. 5 In the Town of Timnath Larimer County Colorado LT Go Refunding and Improvement Bonds Series 2024 (AGM) (NR/AA) |
| 700000 | 4.500% | 12/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671826 |
|  |  |  | 389708948 |
| Connecticut - 0.8% | Connecticut - 0.8% | Connecticut - 0.8% | Connecticut - 0.8% |
| City of Ansonia Connecticut Certificates of Participation Series 2024 (NR/A+) | City of Ansonia Connecticut Certificates of Participation Series 2024 (NR/A+) | City of Ansonia Connecticut Certificates of Participation Series 2024 (NR/A+) | City of Ansonia Connecticut Certificates of Participation Series 2024 (NR/A+) |
| 2395000 | 4.750 | 12/01/2045 | 2330814 |
| City of New Haven GO Bonds Series 2018 A (NR/A-) | City of New Haven GO Bonds Series 2018 A (NR/A-) | City of New Haven GO Bonds Series 2018 A (NR/A-) | City of New Haven GO Bonds Series 2018 A (NR/A-) |
| 815000 | 5.000 | 08/01/2027 | 848361 |
| 1615000 | 5.000 | 08/01/2028 | 1705552 |
| 900000 | 5.500 | 08/01/2029 | 961567 |
| 725000 | 5.500 | 08/01/2031 | 769577 |
| 500000 | 5.500 | 08/01/2032 | 529159 |
| 405000 | 5.500 | 08/01/2033 | 427434 |
| City of New Haven GO Refunding Bonds Series 2019 B (AGM) (A1/AA) | City of New Haven GO Refunding Bonds Series 2019 B (AGM) (A1/AA) | City of New Haven GO Refunding Bonds Series 2019 B (AGM) (A1/AA) | City of New Haven GO Refunding Bonds Series 2019 B (AGM) (A1/AA) |
| 1050000 | 5.000 | 02/01/2028 | 1106905 |
| City of New Haven GO Refunding Bonds Series B (AGM) (A1/AA) | City of New Haven GO Refunding Bonds Series B (AGM) (A1/AA) | City of New Haven GO Refunding Bonds Series B (AGM) (A1/AA) | City of New Haven GO Refunding Bonds Series B (AGM) (A1/AA) |
| 450000 | 5.000 | 02/01/2030 | 486603 |
| City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR) | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR) | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR) | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR) |
| 1500000 | 11.000 <sup>(c)</sup> | 12/01/2027 | 1927482 |
| Connecticut Housing Finance Authority Housing Mortgage Finance Program Bonds 2024 Series D (Aaa/AAA/A-1+) | Connecticut Housing Finance Authority Housing Mortgage Finance Program Bonds 2024 Series D (Aaa/AAA/A-1+) | Connecticut Housing Finance Authority Housing Mortgage Finance Program Bonds 2024 Series D (Aaa/AAA/A-1+) | Connecticut Housing Finance Authority Housing Mortgage Finance Program Bonds 2024 Series D (Aaa/AAA/A-1+) |
| 8210000 | 3.850 <sup>(a)(b)</sup> | 11/15/2064 | 8215633 |
| Connecticut State GO Bonds Series 2018 C (Aa3/AA-) | Connecticut State GO Bonds Series 2018 C (Aa3/AA-) | Connecticut State GO Bonds Series 2018 C (Aa3/AA-) | Connecticut State GO Bonds Series 2018 C (Aa3/AA-) |
| 825000 | 5.000 | 06/15/2028 | 879164 |
| Connecticut State GO Refunding Bonds Series 2017 B (Aa3/AA-) | Connecticut State GO Refunding Bonds Series 2017 B (Aa3/AA-) | Connecticut State GO Refunding Bonds Series 2017 B (Aa3/AA-) | Connecticut State GO Refunding Bonds Series 2017 B (Aa3/AA-) |
| 5000000 | 5.000 | 04/15/2028 | 5314083 |
| Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR) | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR) | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR) | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR) |
| 300000 | 5.000 <sup>(c)</sup> | 01/01/2030 | 297572 |
| Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/ BB+) | Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/ BB+) | Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/ BB+) | Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/ BB+) |
| 575000 | 5.000 | 07/01/2026 | 578147 |
| 440000 | 5.000 | 07/01/2027 | 443818 |
| 530000 | 5.000 | 07/01/2028 | 535715 |
| 485000 | 5.000 | 07/01/2029 | 489797 |
| 2620000 | 5.000 | 07/01/2030 | 2636398 |
| 645000 | 5.000 | 07/01/2031 | 647236 |
| 575000 | 5.000 | 07/01/2032 | 575090 |
| 475000 | 5.000 | 07/01/2033 | 471861 |
| 450000 | 5.000 | 07/01/2034 | 443701 |
| 890000 | 4.000 | 07/01/2039 | 747253 |
| Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR) | Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR) | Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR) | Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR) |
| 3585000 | 4.750 <sup>(c)</sup> | 10/01/2048 | 3351360 |
| Housing Authority of The City of Norwalk Multifamily Housing RB Wall Street Place Series 2024 (Aaa/NR) | Housing Authority of The City of Norwalk Multifamily Housing RB Wall Street Place Series 2024 (Aaa/NR) | Housing Authority of The City of Norwalk Multifamily Housing RB Wall Street Place Series 2024 (Aaa/NR) | Housing Authority of The City of Norwalk Multifamily Housing RB Wall Street Place Series 2024 (Aaa/NR) |
| 4000000 | 3.050 <sup>(a)(b)</sup> | 09/01/2058 | 3978914 |
| Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/B-) | Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/B-) | Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/B-) | Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/B-) |
| 3660000 | 7.000 <sup>(c)</sup> | 02/01/2045 | 3690589 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| South Central Connecticut Regional Water Authority Water System RB Thirty-Sixth Series A-1 (Aa3/AA-) | South Central Connecticut Regional Water Authority Water System RB Thirty-Sixth Series A-1 (Aa3/AA-) | South Central Connecticut Regional Water Authority Water System RB Thirty-Sixth Series A-1 (Aa3/AA-) | South Central Connecticut Regional Water Authority Water System RB Thirty-Sixth Series A-1 (Aa3/AA-) |
| 265000 | 4.000% | 08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264232 |
| State of Connecticut GO Bonds 2020 Series A (Aa3/AA-) | State of Connecticut GO Bonds 2020 Series A (Aa3/AA-) | State of Connecticut GO Bonds 2020 Series A (Aa3/AA-) | State of Connecticut GO Bonds 2020 Series A (Aa3/AA-) |
| 5000000 | 4.000 | 01/15/2036 | 5043366 |
| State of Connecticut GO Bonds Series 2018 (Aa3/AA-) | State of Connecticut GO Bonds Series 2018 (Aa3/AA-) | State of Connecticut GO Bonds Series 2018 (Aa3/AA-) | State of Connecticut GO Bonds Series 2018 (Aa3/AA-) |
| 1770000 | 5.000 | 06/15/2027 | 1853015 |
| 755000 | 5.000 | 06/15/2029 | 800532 |
| State of Connecticut GO Social Bonds Series 2024G (Aa3/AA-) | State of Connecticut GO Social Bonds Series 2024G (Aa3/AA-) | State of Connecticut GO Social Bonds Series 2024G (Aa3/AA-) | State of Connecticut GO Social Bonds Series 2024G (Aa3/AA-) |
| 3000000 | 3.000 | 11/15/2042 | 2453853 |
| 1600000 | 3.000 | 11/15/2043 | 1289268 |
| State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/AA-) | State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/AA-) | State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/AA-) | State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/AA-) |
| 135000 | 5.000 | 04/15/2028 | 143480 |
| 1000000 | 5.000 | 04/15/2035 | 1057541 |
| 1000000 | 5.000 | 04/15/2036 | 1054578 |
| 1000000 | 5.000 | 04/15/2039 | 1043190 |
| State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BB+) | State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BB+) | State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BB+) | State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BB+) |
| 2285000 | 5.375 | 07/01/2052 | 2106756 |
| State of Connecticut Health and Educational Facilities Authority Revenue Bonds Goodwin University Obligated Group Issue Series A-1 (NR/BBB-) | State of Connecticut Health and Educational Facilities Authority Revenue Bonds Goodwin University Obligated Group Issue Series A-1 (NR/BBB-) | State of Connecticut Health and Educational Facilities Authority Revenue Bonds Goodwin University Obligated Group Issue Series A-1 (NR/BBB-) | State of Connecticut Health and Educational Facilities Authority Revenue Bonds Goodwin University Obligated Group Issue Series A-1 (NR/BBB-) |
| 2400000 | 5.000 | 07/01/2044 | 2316751 |
| 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) |
| 1500000 | 5.000 | 07/01/2025 | 1508398 |
| State of Connecticut State Revolving Fund General RB (Green Bonds, 2017 Series A) (Aaa/AAA) | State of Connecticut State Revolving Fund General RB (Green Bonds, 2017 Series A) (Aaa/AAA) | State of Connecticut State Revolving Fund General RB (Green Bonds, 2017 Series A) (Aaa/AAA) | State of Connecticut State Revolving Fund General RB (Green Bonds, 2017 Series A) (Aaa/AAA) |
| 3945000 | 5.000 | 05/01/2032 | 4083221 |
| 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) |
| 5000000 | 5.000 | 05/01/2036 | 5136015 |
| Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR) | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR) | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR) | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR) |
| 480000 | 4.000 <sup>(c)</sup> | 04/01/2036 | 464180 |
| 400000 | 4.000 <sup>(c)</sup> | 04/01/2041 | 365620 |
| The Housing Authority of The City of Stamford RB Mozaic Concierge Living Project Entrance Fee Principal Redemption Bondssm Series 2025D (NR/NR) | The Housing Authority of The City of Stamford RB Mozaic Concierge Living Project Entrance Fee Principal Redemption Bondssm Series 2025D (NR/NR) | The Housing Authority of The City of Stamford RB Mozaic Concierge Living Project Entrance Fee Principal Redemption Bondssm Series 2025D (NR/NR) | The Housing Authority of The City of Stamford RB Mozaic Concierge Living Project Entrance Fee Principal Redemption Bondssm Series 2025D (NR/NR) |
| 10000000 | 4.250 <sup>(e)</sup> | 10/01/2030 | 10016912 |
| West Haven GO Bonds Series 2017 A (Baa2/A-) | West Haven GO Bonds Series 2017 A (Baa2/A-) | West Haven GO Bonds Series 2017 A (Baa2/A-) | West Haven GO Bonds Series 2017 A (Baa2/A-) |
| 325000 | 5.000 | 11/01/2025 | 328460 |
| 325000 | 5.000 | 11/01/2026 | 333958 |
| 325000 | 5.000 | 11/01/2027 | 339206 |
| West Haven GO Bonds Series 2017 B (Baa2/A-) | West Haven GO Bonds Series 2017 B (Baa2/A-) | West Haven GO Bonds Series 2017 B (Baa2/A-) | West Haven GO Bonds Series 2017 B (Baa2/A-) |
| 240000 | 5.000 | 11/01/2026 | 246615 |
|  |  |  | 86638932 |
| Delaware - 0.4% | Delaware - 0.4% | Delaware - 0.4% | Delaware - 0.4% |
| 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 | 333363 |
| 450000 | 4.000 | 06/01/2042 | 389127 |
| Delaware Economic Development Authority Charter Schools RB Series 2021 (NR/BBB+) | Delaware Economic Development Authority Charter Schools RB Series 2021 (NR/BBB+) | Delaware Economic Development Authority Charter Schools RB Series 2021 (NR/BBB+) | Delaware Economic Development Authority Charter Schools RB Series 2021 (NR/BBB+) |
| 1425000 | 4.000 | 09/01/2041 | 1266308 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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-) |
| 760000 | 5.000% | 06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772076 |
| 600000 | 5.000 | 06/01/2029 | 618551 |
| Delaware Health Facilities Authority Revenue Refunding Bonds for Christiana Care Health System Series 2020A (Aa2/AA+) | Delaware Health Facilities Authority Revenue Refunding Bonds for Christiana Care Health System Series 2020A (Aa2/AA+) | Delaware Health Facilities Authority Revenue Refunding Bonds for Christiana Care Health System Series 2020A (Aa2/AA+) | Delaware Health Facilities Authority Revenue Refunding Bonds for Christiana Care Health System Series 2020A (Aa2/AA+) |
| 5000000 | 5.000 | 10/01/2040 | 5196733 |
| 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-) |
| 295000 | 4.000 | 08/01/2029 | 290133 |
| 1050000 | 5.000 | 08/01/2039 | 1033589 |
| 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 | 527810 |
| 1550000 | 5.000 | 09/01/2040 | 1563504 |
| Delaware State Housing Authority Senior Single Family Mortgage RB 2024 Series D (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/NR) | Delaware State Housing Authority Senior Single Family Mortgage RB 2024 Series D (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/NR) | Delaware State Housing Authority Senior Single Family Mortgage RB 2024 Series D (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/NR) | Delaware State Housing Authority Senior Single Family Mortgage RB 2024 Series D (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/NR) |
| 3745000 | 4.450 | 07/01/2049 | 3657227 |
| Delaware Transportation Authority Transportation System Senior RB Series 2024 (Aaa/AA+) | Delaware Transportation Authority Transportation System Senior RB Series 2024 (Aaa/AA+) | Delaware Transportation Authority Transportation System Senior RB Series 2024 (Aaa/AA+) | Delaware Transportation Authority Transportation System Senior RB Series 2024 (Aaa/AA+) |
| 8665000 | 3.000 | 07/01/2041 | 7424758 |
| 8925000 | 3.000 | 07/01/2042 | 7568021 |
| State of Delaware GO Bonds Series 2023A (Aaa/AAA) | State of Delaware GO Bonds Series 2023A (Aaa/AAA) | State of Delaware GO Bonds Series 2023A (Aaa/AAA) | State of Delaware GO Bonds Series 2023A (Aaa/AAA) |
| 7550000 | 5.000 | 05/01/2036 | 8446048 |
| Town of Bridgeville Delaware Special Obligation Bonds Heritage Shores Special Development District Series 2024 (NR/NR) | Town of Bridgeville Delaware Special Obligation Bonds Heritage Shores Special Development District Series 2024 (NR/NR) | Town of Bridgeville Delaware Special Obligation Bonds Heritage Shores Special Development District Series 2024 (NR/NR) | Town of Bridgeville Delaware Special Obligation Bonds Heritage Shores Special Development District Series 2024 (NR/NR) |
| 1535000 | 5.625 <sup>(c)</sup> | 07/01/2053 | 1569265 |
| 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) |
| 500000 | 4.000 | 07/01/2025 | 499757 |
| 540000 | 4.000 | 07/01/2026 | 540663 |
| 599000 | 4.000 | 07/01/2027 | 601035 |
| 1994000 | 4.000 | 07/01/2030 | 1968279 |
|  |  |  | 44266247 |
| District of Columbia - 1.1% | District of Columbia - 1.1% | District of Columbia - 1.1% | District of Columbia - 1.1% |
| District of Columbia (Washington, D.C.) Income Tax Secured RB, Series 2023A (Tax-Exempt) (Aaa/AAA) | District of Columbia (Washington, D.C.) Income Tax Secured RB, Series 2023A (Tax-Exempt) (Aaa/AAA) | District of Columbia (Washington, D.C.) Income Tax Secured RB, Series 2023A (Tax-Exempt) (Aaa/AAA) | District of Columbia (Washington, D.C.) Income Tax Secured RB, Series 2023A (Tax-Exempt) (Aaa/AAA) |
| 3425000 | 5.250 | 05/01/2048 | 3636970 |
| 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 | 10300773 |
| District of Columbia GO Refunding Bonds Series 2024C (Aaa/AA+) | District of Columbia GO Refunding Bonds Series 2024C (Aaa/AA+) | District of Columbia GO Refunding Bonds Series 2024C (Aaa/AA+) | District of Columbia GO Refunding Bonds Series 2024C (Aaa/AA+) |
| 13800000 | 5.000 | 12/01/2031 | 15377903 |
| District of Columbia Housing Finance Agency Collateralized Multifamily Housing Mortgage RB Belmont Crossing Phase Ii Series 2025 (Aaa/NR) | District of Columbia Housing Finance Agency Collateralized Multifamily Housing Mortgage RB Belmont Crossing Phase Ii Series 2025 (Aaa/NR) | District of Columbia Housing Finance Agency Collateralized Multifamily Housing Mortgage RB Belmont Crossing Phase Ii Series 2025 (Aaa/NR) | District of Columbia Housing Finance Agency Collateralized Multifamily Housing Mortgage RB Belmont Crossing Phase Ii Series 2025 (Aaa/NR) |
| 2750000 | 5.000 <sup>(a)(b)</sup> | 03/01/2029 | 2879988 |
| District of Columbia Housing Finance Agency Collateralized Multifamily Housing RB One Hawaii Avenue Project Series 2024 (Aaa/NR) | District of Columbia Housing Finance Agency Collateralized Multifamily Housing RB One Hawaii Avenue Project Series 2024 (Aaa/NR) | District of Columbia Housing Finance Agency Collateralized Multifamily Housing RB One Hawaii Avenue Project Series 2024 (Aaa/NR) | District of Columbia Housing Finance Agency Collateralized Multifamily Housing RB One Hawaii Avenue Project Series 2024 (Aaa/NR) |
| 3285000 | 3.650 <sup>(a)(b)</sup> | 07/01/2028 | 3315187 |
| District of Columbia Housing Finance Agency Multifamily Housing RB 2911 Rhode Island Avenue Apartments Project Series 2025A (FHA 221(D4)) (Aaa/NR) | District of Columbia Housing Finance Agency Multifamily Housing RB 2911 Rhode Island Avenue Apartments Project Series 2025A (FHA 221(D4)) (Aaa/NR) | District of Columbia Housing Finance Agency Multifamily Housing RB 2911 Rhode Island Avenue Apartments Project Series 2025A (FHA 221(D4)) (Aaa/NR) | District of Columbia Housing Finance Agency Multifamily Housing RB 2911 Rhode Island Avenue Apartments Project Series 2025A (FHA 221(D4)) (Aaa/NR) |
| 2925000 | 5.000 | 03/01/2028 | 3059510 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| District of Columbia Private Activity RB Series 2022A (A3/NR) | District of Columbia Private Activity RB Series 2022A (A3/NR) | District of Columbia Private Activity RB Series 2022A (A3/NR) | District of Columbia Private Activity RB Series 2022A (A3/NR) |
| $1750000 | 5.500% | 02/28/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946751 |
| 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 | 872506 |
| 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+) |
| 2550000 | 4.000 | 07/01/2039 | 2402080 |
| District of Columbia Union Market Project Tax Increment RB Convertible Capital Appreciation Bonds. Series 2024B (NR/ NR) | District of Columbia Union Market Project Tax Increment RB Convertible Capital Appreciation Bonds. Series 2024B (NR/ NR) | District of Columbia Union Market Project Tax Increment RB Convertible Capital Appreciation Bonds. Series 2024B (NR/ NR) | District of Columbia Union Market Project Tax Increment RB Convertible Capital Appreciation Bonds. Series 2024B (NR/ NR) |
| 2400000 | 0.000 <sup>(c)(h)</sup> | 06/01/2041 | 1441442 |
| District of Columbia Washington D.C. GO Bonds Series 2023A (Aaa/AA+) | District of Columbia Washington D.C. GO Bonds Series 2023A (Aaa/AA+) | District of Columbia Washington D.C. GO Bonds Series 2023A (Aaa/AA+) | District of Columbia Washington D.C. GO Bonds Series 2023A (Aaa/AA+) |
| 6465000 | 5.250 | 01/01/2048 | 6849412 |
| 8000000 | 5.000 | 08/01/2049 | 8381575 |
| District of Columbia Water and Sewer Authority Public Utility Subordinate Lien Multimodel RB Series 2022E (Aa2/AA+) | District of Columbia Water and Sewer Authority Public Utility Subordinate Lien Multimodel RB Series 2022E (Aa2/AA+) | District of Columbia Water and Sewer Authority Public Utility Subordinate Lien Multimodel RB Series 2022E (Aa2/AA+) | District of Columbia Water and Sewer Authority Public Utility Subordinate Lien Multimodel RB Series 2022E (Aa2/AA+) |
| 2875000 | 3.000 <sup>(a)(b)</sup> | 10/01/2057 | 2849793 |
| Metro Washington Airports Authority Airport System Revenue and Refunding Bonds Series 2015B (AMT) (Aa3/AA-) | Metro Washington Airports Authority Airport System Revenue and Refunding Bonds Series 2015B (AMT) (Aa3/AA-) | Metro Washington Airports Authority Airport System Revenue and Refunding Bonds Series 2015B (AMT) (Aa3/AA-) | Metro Washington Airports Authority Airport System Revenue and Refunding Bonds Series 2015B (AMT) (Aa3/AA-) |
| 5815000 | 5.000 | 10/01/2032 | 5844849 |
| Metropolitan Washington Airport Authority Revenue & Refunding Bonds Series 2018A (Aa3/AA-) | Metropolitan Washington Airport Authority Revenue & Refunding Bonds Series 2018A (Aa3/AA-) | Metropolitan Washington Airport Authority Revenue & Refunding Bonds Series 2018A (Aa3/AA-) | Metropolitan Washington Airport Authority Revenue & Refunding Bonds Series 2018A (Aa3/AA-) |
| 7500000 | 5.000 | 10/01/2043 | 7537454 |
| 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 | 6579771 |
| 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 | 1688608 |
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds, Series 2022A (AMT) (Aa3/NR) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds, Series 2022A (AMT) (Aa3/NR) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds, Series 2022A (AMT) (Aa3/NR) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds, Series 2022A (AMT) (Aa3/NR) |
| 1100000 | 5.000 | 10/01/2026 | 1128474 |
| 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) |
| 1115000 | 5.000 | 10/01/2031 | 1179462 |
| 395000 | 5.000 | 10/01/2033 | 415979 |
| 3025000 | 5.000 | 10/01/2035 | 3171684 |
| 1000000 | 5.000 | 10/01/2037 | 1043480 |
| 2065000 | 5.000 | 10/01/2039 | 2144751 |
| Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 B (AGM-CR) (A1/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 B (AGM-CR) (A1/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 B (AGM-CR) (A1/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 B (AGM-CR) (A1/AA) |
| 14500000 | 4.000 | 10/01/2044 | 13531722 |
| 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 | 943293 |
| 1550000 | 4.000 | 10/01/2053 | 1362303 |
| Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A1/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A1/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A1/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A1/AA) |
| 2130000 | 3.000 | 10/01/2050 | 1532363 |
| 2960000 | 4.000 | 10/01/2053 | 2593403 |
| Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail & Capital Improvement Projects Series 2019B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail & Capital Improvement Projects Series 2019B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail & Capital Improvement Projects Series 2019B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail & Capital Improvement Projects Series 2019B (Baa2/A-) |
| 13315000 | 4.000 | 10/01/2049 | 11989059 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2015B (Aa3/AA-) | Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2015B (Aa3/AA-) | Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2015B (Aa3/AA-) | Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2015B (Aa3/AA-) |
| 1325000 | 5.000% | 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329902 |
|  |  |  | 127330447 |
| Florida - 12.0% | Florida - 12.0% | Florida - 12.0% | Florida - 12.0% |
| 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 | 926470 |
| 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) |
| 4990000 | 3.250 | 05/01/2036 | 4401052 |
| 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) |
| 240000 | 4.000 | 05/01/2025 | 239941 |
| 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) |
| 210000 | 4.500 | 05/01/2029 | 211720 |
| 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) |
| 165000 | 2.875 | 05/01/2025 | 164746 |
| 1420000 | 3.625 | 05/01/2040 | 1180533 |
| 1725000 | 4.000 | 05/01/2051 | 1415669 |
| Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/NR) | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/NR) | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/NR) | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/NR) |
| 2250000 | 4.000 | 10/01/2040 | 2028688 |
| 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-) |
| 370000 | 3.000 | 05/01/2025 | 369441 |
| 380000 | 3.000 | 05/01/2026 | 374995 |
| 390000 | 3.125 | 05/01/2027 | 382761 |
| 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) |
| 100000 | 4.250 | 05/01/2027 | 100152 |
| 270000 | 4.750 | 05/01/2036 | 269730 |
| Antillia Community Development District Miami-Dade County Florida Special Assessment Bonds Series 2024 (NR/NR) | Antillia Community Development District Miami-Dade County Florida Special Assessment Bonds Series 2024 (NR/NR) | Antillia Community Development District Miami-Dade County Florida Special Assessment Bonds Series 2024 (NR/NR) | Antillia Community Development District Miami-Dade County Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 500000 | 5.000 | 05/01/2031 | 501647 |
| Arbors Community Development District Capital Improvement RB Series 2023 (NR/NR) | Arbors Community Development District Capital Improvement RB Series 2023 (NR/NR) | Arbors Community Development District Capital Improvement RB Series 2023 (NR/NR) | Arbors Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| 525000 | 4.500 | 05/01/2030 | 529386 |
| 1000000 | 5.400 | 05/01/2043 | 1022418 |
| Arbors Community Development District Capital Improvement RB Series 2024 (NR/NR) | Arbors Community Development District Capital Improvement RB Series 2024 (NR/NR) | Arbors Community Development District Capital Improvement RB Series 2024 (NR/NR) | Arbors Community Development District Capital Improvement RB Series 2024 (NR/NR) |
| 500000 | 4.400 <sup>(c)</sup> | 05/01/2031 | 500011 |
| 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) |
| 170000 | 3.600 | 05/01/2029 | 166931 |
| 305000 | 4.000 | 05/01/2036 | 287434 |
| 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) |
| 985000 | 3.500 | 11/01/2030 | 935413 |
| 1705000 | 4.000 | 11/01/2040 | 1517255 |
| Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR) | Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR) | Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR) | Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR) |
| 630000 | 4.550 <sup>(c)</sup> | 05/01/2029 | 636298 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Polk County, Florida Special Assessment Bonds, Series 2023 Assessment Area Three Project (NR/NR) | Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2023 Assessment Area Three Project (NR/NR) | Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2023 Assessment Area Three Project (NR/NR) | Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2023 Assessment Area Three Project (NR/NR) |
| $700000 | 5.125% | 06/15/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704112 |
| Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2024 Assessment Area Four Project (NR/NR) | Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2024 Assessment Area Four Project (NR/NR) | Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2024 Assessment Area Four Project (NR/NR) | Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2024 Assessment Area Four Project (NR/NR) |
| 810000 | 5.375 | 05/01/2044 | 820803 |
| Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR) | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR) | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR) | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR) |
| 205000 | 2.500 <sup>(c)</sup> | 05/01/2026 | 201683 |
| 500000 | 3.000 <sup>(c)</sup> | 05/01/2031 | 466090 |
| 425000 | 3.200 <sup>(c)</sup> | 05/01/2041 | 343373 |
| Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR) | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR) | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR) | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR) |
| 105000 | 2.500 <sup>(c)</sup> | 05/01/2026 | 103301 |
| 315000 | 3.000 <sup>(c)</sup> | 05/01/2031 | 293637 |
| Aurora Oaks Community Development District Marion County, Florida Special Assessment Bonds, Series 2024 Assessment Area One Project (NR/NR) | Aurora Oaks Community Development District Marion County, Florida Special Assessment Bonds, Series 2024 Assessment Area One Project (NR/NR) | Aurora Oaks Community Development District Marion County, Florida Special Assessment Bonds, Series 2024 Assessment Area One Project (NR/NR) | Aurora Oaks Community Development District Marion County, Florida Special Assessment Bonds, Series 2024 Assessment Area One Project (NR/NR) |
| 370000 | 4.450 | 05/01/2031 | 364803 |
| 670000 | 5.350 | 05/01/2044 | 646045 |
| 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) |
| 200000 | 3.700 | 11/01/2029 | 196623 |
| 695000 | 4.125 | 11/01/2039 | 645898 |
| 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) |
| 95000 | 5.000 | 05/01/2028 | 96434 |
| 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 | 183765 |
| 220000 | 3.375 | 05/01/2041 | 178159 |
| 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) |
| 265000 | 5.375 | 05/01/2028 | 270586 |
| 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) |
| 85000 | 2.250 | 05/01/2026 | 83349 |
| 435000 | 2.750 | 05/01/2031 | 399288 |
| 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 | 513979 |
| 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) |
| 115000 | 2.500 <sup>(c)</sup> | 05/01/2025 | 114813 |
| 320000 | 3.250 <sup>(c)</sup> | 05/01/2030 | 305783 |
| 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-) |
| 180000 | 3.000 | 05/01/2025 | 179765 |
| 190000 | 3.000 | 05/01/2026 | 187456 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Avenir Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Avenir Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Avenir Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Avenir Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| $645000 | 4.500% | 05/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650378 |
| 1125000 | 5.375 | 05/01/2043 | 1129117 |
| Aventura Isles Community Development District Miami-Dade County Special Assessment Refunding Bonds, Series 2024 (NR/NR) | Aventura Isles Community Development District Miami-Dade County Special Assessment Refunding Bonds, Series 2024 (NR/NR) | Aventura Isles Community Development District Miami-Dade County Special Assessment Refunding Bonds, Series 2024 (NR/NR) | Aventura Isles Community Development District Miami-Dade County Special Assessment Refunding Bonds, Series 2024 (NR/NR) |
| 1110000 | 5.000 | 05/01/2043 | 1098498 |
| Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR) | Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR) | Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR) | Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR) |
| 450000 | 4.000 <sup>(c)</sup> | 06/01/2030 | 443818 |
| 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) |
| 105000 | 2.500 | 05/01/2025 | 104845 |
| 285000 | 3.000 | 05/01/2030 | 272509 |
| 775000 | 4.000 | 05/01/2040 | 715406 |
| 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) |
| 165000 | 2.500 | 05/01/2025 | 164754 |
| 250000 | 3.000 | 05/01/2030 | 237712 |
| 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) |
| 55000 | 2.500 | 05/01/2025 | 54919 |
| 145000 | 3.000 | 05/01/2030 | 138002 |
| 385000 | 4.000 | 05/01/2040 | 355395 |
| 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 | 205922 |
| 100000 | 5.250 | 11/01/2046 | 100157 |
| Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR) |
| 360000 | 4.500 <sup>(c)</sup> | 11/01/2029 | 363849 |
| 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 | 1986259 |
| Babcock Ranch Community Independent Special District Special Assessment RB Series 2024 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2024 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2024 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2024 (NR/NR) |
| 1000000 | 4.300 <sup>(c)</sup> | 05/01/2031 | 992701 |
| 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) |
| 185000 | 2.375 | 05/01/2026 | 181477 |
| 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) |
| 15000 | 4.500 | 11/01/2025 | 15038 |
| 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 | 176928 |
| 305000 | 5.000 | 11/01/2048 | 296757 |
| 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) |
| 345000 | 3.300 | 05/01/2032 | 324453 |
| 1370000 | 4.000 | 05/01/2042 | 1207297 |
| 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) |
| 445000 | 4.250 | 05/01/2029 | 445206 |
| 460000 | 4.500 | 05/01/2035 | 455588 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| $150000 | 4.500% | 05/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150033 |
| 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+) |
| 90000 | 3.000 | 05/01/2025 | 89881 |
| 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+) |
| 340000 | 3.500 | 05/01/2025 | 339848 |
| 350000 | 3.500 | 05/01/2026 | 348921 |
| 365000 | 3.500 | 05/01/2027 | 362863 |
| Bella Collina Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Bella Collina Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Bella Collina Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Bella Collina Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 685000 | 5.000 | 05/01/2044 | 673532 |
| 915000 | 5.300 | 05/01/2055 | 898069 |
| 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) |
| 170000 | 3.000 | 11/01/2025 | 168170 |
| 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) |
| 215000 | 2.625 | 05/01/2025 | 214705 |
| 1075000 | 3.250 | 05/01/2030 | 1031045 |
| 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) |
| 65000 | 2.500 | 12/15/2025 | 64332 |
| 325000 | 3.125 | 12/15/2030 | 310090 |
| Berry Bay Community Development District Special Assessment RB for Assessment Area Three Series 2024 (NR/NR) | Berry Bay Community Development District Special Assessment RB for Assessment Area Three Series 2024 (NR/NR) | Berry Bay Community Development District Special Assessment RB for Assessment Area Three Series 2024 (NR/NR) | Berry Bay Community Development District Special Assessment RB for Assessment Area Three Series 2024 (NR/NR) |
| 245000 | 4.250 | 05/01/2031 | 242051 |
| Berry Bay Community Development District Special Assessment RB Series 2023 (NR/NR) | Berry Bay Community Development District Special Assessment RB Series 2023 (NR/NR) | Berry Bay Community Development District Special Assessment RB Series 2023 (NR/NR) | Berry Bay Community Development District Special Assessment RB Series 2023 (NR/NR) |
| 1130000 | 5.500 | 05/01/2043 | 1155231 |
| Berry Bay II Community Development District Special Assessment Bonds, Series 2024 (NR/NR) | Berry Bay II Community Development District Special Assessment Bonds, Series 2024 (NR/NR) | Berry Bay II Community Development District Special Assessment Bonds, Series 2024 (NR/NR) | Berry Bay II Community Development District Special Assessment Bonds, Series 2024 (NR/NR) |
| 340000 | 4.450 | 05/01/2031 | 336641 |
| 620000 | 5.200 | 05/01/2044 | 601842 |
| 1000000 | 5.450 | 05/01/2054 | 962385 |
| 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) |
| 25000 | 3.000 | 06/15/2025 | 24935 |
| 465000 | 3.250 | 06/15/2030 | 440290 |
| 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) |
| 1000000 | 4.000 | 06/15/2032 | 972235 |
| 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) |
| 180000 | 2.500 | 05/01/2026 | 176771 |
| 455000 | 3.000 | 05/01/2031 | 419990 |
| 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) |
| 85000 | 2.875 | 05/01/2025 | 84884 |
| 1130000 | 3.250 | 05/01/2031 | 1057385 |
| 500000 | 3.625 | 05/01/2040 | 421718 |
| Bradbury Community Development District City of Haines City, Florida Special Assessment Bonds, Series 2023 (NR/NR) | Bradbury Community Development District City of Haines City, Florida Special Assessment Bonds, Series 2023 (NR/NR) | Bradbury Community Development District City of Haines City, Florida Special Assessment Bonds, Series 2023 (NR/NR) | Bradbury Community Development District City of Haines City, Florida Special Assessment Bonds, Series 2023 (NR/NR) |
| 655000 | 4.375 | 05/01/2030 | 657208 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Brevard County Housing Finance Authority Multifamily Housing RB Series 2025 (NR/AA+) (PUTABLE) | Brevard County Housing Finance Authority Multifamily Housing RB Series 2025 (NR/AA+) (PUTABLE) | Brevard County Housing Finance Authority Multifamily Housing RB Series 2025 (NR/AA+) (PUTABLE) | Brevard County Housing Finance Authority Multifamily Housing RB Series 2025 (NR/AA+) (PUTABLE) |
| $1850000 | 3.300 %<sup>(a)(b)</sup> | 02/01/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852537 |
| Bridgewalk Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2023 (NR/NR) | Bridgewalk Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2023 (NR/NR) | Bridgewalk Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2023 (NR/NR) | Bridgewalk Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2023 (NR/NR) |
| 700000 | 6.250 | 12/15/2043 | 734093 |
| 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 | 360105 |
| 1095000 | 3.250 | 06/15/2042 | 850601 |
| 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 | 867747 |
| Brightwater Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | Brightwater Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | Brightwater Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | Brightwater Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) |
| 375000 | 4.550 <sup>(c)</sup> | 05/01/2031 | 375007 |
| 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) |
| 210000 | 2.375 | 05/01/2026 | 206066 |
| 475000 | 2.850 | 05/01/2031 | 432317 |
| 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) |
| 205000 | 4.375 | 05/01/2027 | 205505 |
| 350000 | 4.750 | 05/01/2032 | 353284 |
| 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 | 1055730 |
| 1050000 | 5.000 | 09/01/2038 | 1100346 |
| Broward County Port Facilities RB Series 2019B (A1/A) | Broward County Port Facilities RB Series 2019B (A1/A) | Broward County Port Facilities RB Series 2019B (A1/A) | Broward County Port Facilities RB Series 2019B (A1/A) |
| 3520000 | 4.000 | 09/01/2039 | 3370039 |
| 4700000 | 4.000 | 09/01/2049 | 4259354 |
| 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) |
| 1750000 | 4.000 | 09/01/2044 | 1614794 |
| Broward County Port Facilities RB Series 2022 (A1/NR) | Broward County Port Facilities RB Series 2022 (A1/NR) | Broward County Port Facilities RB Series 2022 (A1/NR) | Broward County Port Facilities RB Series 2022 (A1/NR) |
| 4960000 | 5.250 | 09/01/2047 | 5117715 |
| 3000000 | 5.500 | 09/01/2052 | 3124355 |
| 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) |
| 250000 | 4.750 | 05/01/2027 | 250762 |
| 400000 | 5.250 | 05/01/2032 | 406620 |
| Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2024 (NR/NR) | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2024 (NR/NR) | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2024 (NR/NR) | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2024 (NR/NR) |
| 600000 | 4.700 | 05/01/2031 | 599110 |
| 450000 | 5.600 | 05/01/2044 | 446418 |
| Buena Lago Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | Buena Lago Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | Buena Lago Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | Buena Lago Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) |
| 750000 | 5.250 | 05/01/2044 | 735063 |
| 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 | 672377 |
| Caldera Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/NR) | Caldera Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/NR) | Caldera Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/NR) | Caldera Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/NR) |
| 375000 | 4.300 | 05/01/2031 | 371279 |
| 725000 | 5.000 | 05/01/2044 | 707695 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| $1295000 | 3.500% | 12/15/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228381 |
| Capital Projects Finance Authority Educational Facilities RB Kissimmee Charter Academy Project Series 2024 (NR/NR) | Capital Projects Finance Authority Educational Facilities RB Kissimmee Charter Academy Project Series 2024 (NR/NR) | Capital Projects Finance Authority Educational Facilities RB Kissimmee Charter Academy Project Series 2024 (NR/NR) | Capital Projects Finance Authority Educational Facilities RB Kissimmee Charter Academy Project Series 2024 (NR/NR) |
| 300000 | 6.125 <sup>(c)</sup> | 06/15/2044 | 312596 |
| Capital Projects Finance Authority Student Housing RB for PRG - Unionwest Properties LLC Project Senior Series 2024A-1 (Tax-Exempt) (Ba1/NR) | Capital Projects Finance Authority Student Housing RB for PRG - Unionwest Properties LLC Project Senior Series 2024A-1 (Tax-Exempt) (Ba1/NR) | Capital Projects Finance Authority Student Housing RB for PRG - Unionwest Properties LLC Project Senior Series 2024A-1 (Tax-Exempt) (Ba1/NR) | Capital Projects Finance Authority Student Housing RB for PRG - Unionwest Properties LLC Project Senior Series 2024A-1 (Tax-Exempt) (Ba1/NR) |
| 1250000 | 5.250 <sup>(c)</sup> | 06/01/2039 | 1296426 |
| 1125000 | 5.250 <sup>(c)</sup> | 06/01/2044 | 1143828 |
| Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR) | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR) | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR) | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR) |
| 28215000 | 5.250 <sup>(c)</sup> | 12/01/2058 | 27921699 |
| Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR) | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR) | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR) | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR) |
| 610000 | 4.000 <sup>(c)</sup> | 07/01/2041 | 533946 |
| 760000 | 4.000 <sup>(c)</sup> | 07/01/2051 | 602928 |
| Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR) | Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR) | Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR) | Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR) |
| 230000 | 3.250 <sup>(c)</sup> | 06/01/2031 | 207799 |
| Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (B1/NR) | Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (B1/NR) | Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (B1/NR) | Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (B1/NR) |
| 320000 | 3.000 <sup>(c)</sup> | 12/15/2029 | 296372 |
| 645000 | 5.000 <sup>(c)</sup> | 12/15/2039 | 620472 |
| Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR) | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR) | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR) | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR) |
| 900000 | 4.000 <sup>(c)</sup> | 12/01/2028 | 896159 |
| 1375000 | 5.250 <sup>(c)</sup> | 12/01/2043 | 1383954 |
| Capital Trust Agency, Inc. RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR) | Capital Trust Agency, Inc. RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR) | Capital Trust Agency, Inc. RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR) | Capital Trust Agency, Inc. RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR) |
| 880000 | 4.500 <sup>(c)</sup> | 01/01/2035 | 863249 |
| Capital Trust Authority Educational Facilities Lease RB for Seaside Community Charter School Project Series A (Baa3/NR) | Capital Trust Authority Educational Facilities Lease RB for Seaside Community Charter School Project Series A (Baa3/NR) | Capital Trust Authority Educational Facilities Lease RB for Seaside Community Charter School Project Series A (Baa3/NR) | Capital Trust Authority Educational Facilities Lease RB for Seaside Community Charter School Project Series A (Baa3/NR) |
| 505000 | 5.000 | 06/15/2034 | 516458 |
| Capital Trust Authority Educational Facilities Revenue Refunding Bonds Southeastern University Inc Project Series 2023A (NR/BB) | Capital Trust Authority Educational Facilities Revenue Refunding Bonds Southeastern University Inc Project Series 2023A (NR/BB) | Capital Trust Authority Educational Facilities Revenue Refunding Bonds Southeastern University Inc Project Series 2023A (NR/BB) | Capital Trust Authority Educational Facilities Revenue Refunding Bonds Southeastern University Inc Project Series 2023A (NR/BB) |
| 2500000 | 6.000 <sup>(c)</sup> | 05/01/2043 | 2562135 |
| 2500000 | 6.250 <sup>(c)</sup> | 05/01/2048 | 2577515 |
| Capital Trust Authority RB Anticipation Notes Convivial-St Petersburg Project Series 2024A (NR/NR) | Capital Trust Authority RB Anticipation Notes Convivial-St Petersburg Project Series 2024A (NR/NR) | Capital Trust Authority RB Anticipation Notes Convivial-St Petersburg Project Series 2024A (NR/NR) | Capital Trust Authority RB Anticipation Notes Convivial-St Petersburg Project Series 2024A (NR/NR) |
| 2725000 | 12.000 <sup>(c)</sup> | 10/03/2029 | 2724374 |
| 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 | 556406 |
| Caymas Community Development District Capital Improvement RB, Series 2024 (Assessment Area One) (NR/NR) | Caymas Community Development District Capital Improvement RB, Series 2024 (Assessment Area One) (NR/NR) | Caymas Community Development District Capital Improvement RB, Series 2024 (Assessment Area One) (NR/NR) | Caymas Community Development District Capital Improvement RB, Series 2024 (Assessment Area One) (NR/NR) |
| 800000 | 5.300 | 05/01/2044 | 790662 |
| Cedar Crossings Community Development District Polk County Florida Special Assessment Bonds Series 2025 (NR/NR) | Cedar Crossings Community Development District Polk County Florida Special Assessment Bonds Series 2025 (NR/NR) | Cedar Crossings Community Development District Polk County Florida Special Assessment Bonds Series 2025 (NR/NR) | Cedar Crossings Community Development District Polk County Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 240000 | 4.300 <sup>(c)</sup> | 05/01/2032 | 236062 |
| 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) |
| 70000 | 2.250 | 05/01/2026 | 68735 |
| Center Lake Ranch West Community Development District Capital Improvement RB for Assessment Area One Series 2023 (NR/NR) | Center Lake Ranch West Community Development District Capital Improvement RB for Assessment Area One Series 2023 (NR/NR) | Center Lake Ranch West Community Development District Capital Improvement RB for Assessment Area One Series 2023 (NR/NR) | Center Lake Ranch West Community Development District Capital Improvement RB for Assessment Area One Series 2023 (NR/NR) |
| 1495000 | 5.750 | 05/01/2043 | 1531241 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Central Parc Community Development District City Of North Port Florida Special Assessment RB Series 2024 (NR/NR) | Central Parc Community Development District City Of North Port Florida Special Assessment RB Series 2024 (NR/NR) | Central Parc Community Development District City Of North Port Florida Special Assessment RB Series 2024 (NR/NR) | Central Parc Community Development District City Of North Port Florida Special Assessment RB Series 2024 (NR/NR) |
| $380000 | 4.900% | 05/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378650 |
| 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 | 109381 |
| 115000 | 3.500 | 11/01/2026 | 113708 |
| 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) |
| 250000 | 3.000 | 05/01/2025 | 249645 |
| 255000 | 3.000 | 05/01/2026 | 251585 |
| 630000 | 4.250 | 05/01/2037 | 599216 |
| Century Gardens Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Century Gardens Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Century Gardens Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Century Gardens Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 189000 | 4.200 <sup>(c)</sup> | 11/01/2029 | 189193 |
| 750000 | 5.000 <sup>(c)</sup> | 11/01/2049 | 728145 |
| 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) |
| 30000 | 3.000 | 05/01/2025 | 29951 |
| 625000 | 3.375 | 05/01/2031 | 585148 |
| 590000 | 3.750 | 05/01/2040 | 504750 |
| 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 | 2.400 | 05/01/2026 | 98132 |
| 650000 | 2.875 | 05/01/2031 | 592122 |
| 740000 | 3.350 | 05/01/2041 | 593050 |
| Chaparral of Palm Bay Community Development District Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Chaparral of Palm Bay Community Development District Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Chaparral of Palm Bay Community Development District Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Chaparral of Palm Bay Community Development District Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) |
| 410000 | 4.500 | 05/01/2031 | 407453 |
| Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR) | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR) | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR) | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR) |
| 120000 | 2.500 <sup>(c)</sup> | 05/01/2026 | 117909 |
| 170000 | 3.000 <sup>(c)</sup> | 05/01/2031 | 156151 |
| Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR) | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR) | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR) | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR) |
| 120000 | 2.625 <sup>(c)</sup> | 05/01/2025 | 119819 |
| 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) |
| 360000 | 3.750 | 05/01/2030 | 354912 |
| 975000 | 4.250 | 05/01/2040 | 922087 |
| 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 | 1142671 |
| Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (NR/NR) | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (NR/NR) | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (NR/NR) | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (NR/NR) |
| 1060000 | 5.500 <sup>(c)</sup> | 10/01/2036 | 1065011 |
| Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR) | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR) | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR) | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR) |
| 700000 | 5.000 <sup>(c)</sup> | 10/01/2029 | 715021 |
| 1000000 | 5.000 <sup>(c)</sup> | 10/01/2034 | 1011799 |
| 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 | 997782 |
| City of Fort Lauderdale, Florida Series 2023B (Prospect Lake Water Treatment Plant Project) (Aa1/AA+) | City of Fort Lauderdale, Florida Series 2023B (Prospect Lake Water Treatment Plant Project) (Aa1/AA+) | City of Fort Lauderdale, Florida Series 2023B (Prospect Lake Water Treatment Plant Project) (Aa1/AA+) | City of Fort Lauderdale, Florida Series 2023B (Prospect Lake Water Treatment Plant Project) (Aa1/AA+) |
| 17250000 | 5.500 | 09/01/2053 | 18715337 |
| City of Miami Florida Special Obligation Non-Ad Valorem RB Series 2023A (Aa2/AA) | City of Miami Florida Special Obligation Non-Ad Valorem RB Series 2023A (Aa2/AA) | City of Miami Florida Special Obligation Non-Ad Valorem RB Series 2023A (Aa2/AA) | City of Miami Florida Special Obligation Non-Ad Valorem RB Series 2023A (Aa2/AA) |
| 7220000 | 5.000 | 03/01/2048 | 7482464 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/BBB-) | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/BBB-) | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/BBB-) | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/BBB-) |
| $2000000 | 5.125% | 06/01/2042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008863 |
| 950000 | 5.250 | 06/01/2052 | 951458 |
| 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) |
| 1425000 | 3.250 | 09/01/2025 | 1418231 |
| 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 | 871795 |
| 750000 | 5.000 | 07/01/2040 | 775622 |
| 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 | 412608 |
| 1485000 | 5.000 | 01/01/2047 | 1391879 |
| 1395000 | 5.000 | 01/01/2052 | 1270349 |
| City of Venice Retirement Community Revenue Improvement Bonds for Village on The Isle Project Series 2024B-1 Tax- Exempt Mandatory Paydown Securities (NR/NR) | City of Venice Retirement Community Revenue Improvement Bonds for Village on The Isle Project Series 2024B-1 Tax- Exempt Mandatory Paydown Securities (NR/NR) | City of Venice Retirement Community Revenue Improvement Bonds for Village on The Isle Project Series 2024B-1 Tax- Exempt Mandatory Paydown Securities (NR/NR) | City of Venice Retirement Community Revenue Improvement Bonds for Village on The Isle Project Series 2024B-1 Tax- Exempt Mandatory Paydown Securities (NR/NR) |
| 750000 | 4.625 <sup>(c)</sup> | 01/01/2030 | 747815 |
| City of Venice Retirement Community Revenue Improvement Bonds for Village on The Isle Project Series 2024B-2 Tax-Exempt Mandatory Paydown Securities (NR/NR) | City of Venice Retirement Community Revenue Improvement Bonds for Village on The Isle Project Series 2024B-2 Tax-Exempt Mandatory Paydown Securities (NR/NR) | City of Venice Retirement Community Revenue Improvement Bonds for Village on The Isle Project Series 2024B-2 Tax-Exempt Mandatory Paydown Securities (NR/NR) | City of Venice Retirement Community Revenue Improvement Bonds for Village on The Isle Project Series 2024B-2 Tax-Exempt Mandatory Paydown Securities (NR/NR) |
| 800000 | 4.500 <sup>(c)</sup> | 01/01/2030 | 797496 |
| 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 | 15305267 |
| CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A1/AA) | CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A1/AA) | CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A1/AA) | CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A1/AA) |
| 5000000 | 0.000 <sup>(h)</sup> | 05/01/2038 | 4846985 |
| Coco Palms Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR) | Coco Palms Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR) | Coco Palms Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR) | Coco Palms Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR) |
| 295000 | 4.000 <sup>(c)</sup> | 06/15/2029 | 293439 |
| 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) |
| 585000 | 5.375 | 05/01/2036 | 585465 |
| 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 | 638294 |
| 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+) |
| 925000 | 2.750 | 05/01/2025 | 923707 |
| 915000 | 3.000 | 05/01/2026 | 902847 |
| 980000 | 3.200 | 05/01/2027 | 966684 |
| 1015000 | 3.250 | 05/01/2028 | 1000688 |
| 1500000 | 3.750 | 05/01/2046 | 1255075 |
| Connerton East Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Connerton East Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Connerton East Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Connerton East Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 1580000 | 5.250 | 06/15/2043 | 1609866 |
| Cope's Landing Community Development District Capital Improvement RB 2023 Project Area Series 2023 (NR/NR) | Cope's Landing Community Development District Capital Improvement RB 2023 Project Area Series 2023 (NR/NR) | Cope's Landing Community Development District Capital Improvement RB 2023 Project Area Series 2023 (NR/NR) | Cope's Landing Community Development District Capital Improvement RB 2023 Project Area Series 2023 (NR/NR) |
| 1225000 | 5.750 | 05/01/2043 | 1281532 |
| Cope's Landing Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | Cope's Landing Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | Cope's Landing Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | Cope's Landing Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) |
| 330000 | 4.400 | 05/01/2031 | 328465 |
| 475000 | 5.150 | 05/01/2044 | 468826 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| $600000 | 3.500% | 12/15/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584447 |
| 325000 | 4.000 | 12/15/2039 | 292124 |
| 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 | 319114 |
| 250000 | 5.500 | 05/01/2042 | 255495 |
| Coral Bay of Lee County Community Development District Lee County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Coral Bay of Lee County Community Development District Lee County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Coral Bay of Lee County Community Development District Lee County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Coral Bay of Lee County Community Development District Lee County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) |
| 645000 | 4.700 | 05/01/2031 | 646554 |
| 1045000 | 5.250 | 05/01/2044 | 1045861 |
| Coral Creek Community Development District Special Assessment RB for Charlotte County Project Series 2024 (NR/NR) | Coral Creek Community Development District Special Assessment RB for Charlotte County Project Series 2024 (NR/NR) | Coral Creek Community Development District Special Assessment RB for Charlotte County Project Series 2024 (NR/NR) | Coral Creek Community Development District Special Assessment RB for Charlotte County Project Series 2024 (NR/NR) |
| 1470000 | 4.600 | 05/01/2031 | 1474888 |
| 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) |
| 55000 | 2.750 | 05/01/2025 | 54928 |
| Coral Lakes Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Coral Lakes Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Coral Lakes Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Coral Lakes Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) |
| 415000 | 4.625 | 11/01/2031 | 417673 |
| 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 | 890271 |
| 820000 | 3.000 | 05/01/2037 | 697924 |
| Corkscrew Crossing Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Corkscrew Crossing Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Corkscrew Crossing Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Corkscrew Crossing Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 675000 | 5.100 | 05/01/2043 | 668058 |
| Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR) | Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR) | Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR) | Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR) |
| 285000 | 4.500 <sup>(c)</sup> | 11/01/2028 | 286334 |
| 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+) |
| 138000 | 3.500 | 05/01/2025 | 137892 |
| 143000 | 3.625 | 05/01/2026 | 142562 |
| 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) |
| 210000 | 3.500 | 05/01/2025 | 209916 |
| 210000 | 4.125 | 05/01/2035 | 206513 |
| County of Broward RB for Port Facilities Senior Bonds Series 2019 B (A1/A) | County of Broward RB for Port Facilities Senior Bonds Series 2019 B (A1/A) | County of Broward RB for Port Facilities Senior Bonds Series 2019 B (A1/A) | County of Broward RB for Port Facilities Senior Bonds Series 2019 B (A1/A) |
| 1610000 | 4.000 | 09/01/2036 | 1559299 |
| County of Miami-Dade Aviation RB Series 2019 A (NR/A+) | County of Miami-Dade Aviation RB Series 2019 A (NR/A+) | County of Miami-Dade Aviation RB Series 2019 A (NR/A+) | County of Miami-Dade Aviation RB Series 2019 A (NR/A+) |
| 4500000 | 4.000 | 10/01/2044 | 4061192 |
| 6000000 | 5.000 | 10/01/2044 | 6054339 |
| 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+) |
| 475000 | 5.000 | 10/01/2027 | 492182 |
| 525000 | 5.000 | 10/01/2028 | 549811 |
| 450000 | 5.000 | 10/01/2029 | 474697 |
| 770000 | 5.000 | 10/01/2030 | 807749 |
| 415000 | 5.000 | 10/01/2032 | 433997 |
| 350000 | 5.000 | 10/01/2033 | 364932 |
| 405000 | 5.000 | 10/01/2034 | 421798 |
| 435000 | 5.000 | 10/01/2035 | 451785 |
| 600000 | 5.000 | 10/01/2036 | 621080 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+) – (continued) | County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+) – (continued) | County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+) – (continued) | County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+) – (continued) |
| $525000 | 5.000% | 10/01/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541454 |
| 805000 | 5.000 | 10/01/2038 | 827454 |
| 1000000 | 5.000 | 10/01/2039 | 1024922 |
| 3160000 | 5.000 | 10/01/2049 | 3218841 |
| County of Osceola Transportation RB Refunding Series 2019 A-2 (NR/BBB+) | County of Osceola Transportation RB Refunding Series 2019 A-2 (NR/BBB+) | County of Osceola Transportation RB Refunding Series 2019 A-2 (NR/BBB+) | County of Osceola Transportation RB Refunding Series 2019 A-2 (NR/BBB+) |
| 155000 | 0.000 <sup>(g)</sup> | 10/01/2025 | 152159 |
| 275000 | 0.000 <sup>(g)</sup> | 10/01/2026 | 260359 |
| 360000 | 0.000 <sup>(g)</sup> | 10/01/2027 | 328744 |
| 500000 | 0.000 <sup>(g)</sup> | 10/01/2028 | 439460 |
| 700000 | 0.000 <sup>(g)</sup> | 10/01/2029 | 591036 |
| Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR) | Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR) | Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR) | Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR) |
| 740000 | 4.250 <sup>(c)</sup> | 11/01/2030 | 737430 |
| Creek Preserve Community Development District Special Assessment RB Series 2020 (NR/NR) | Creek Preserve Community Development District Special Assessment RB Series 2020 (NR/NR) | Creek Preserve Community Development District Special Assessment RB Series 2020 (NR/NR) | Creek Preserve Community Development District Special Assessment RB Series 2020 (NR/NR) |
| 100000 | 3.125 <sup>(c)</sup> | 11/01/2030 | 92481 |
| Creekview Community Development District Special Assessment RB for Phase 2 Project Series 2024 (NR/NR) | Creekview Community Development District Special Assessment RB for Phase 2 Project Series 2024 (NR/NR) | Creekview Community Development District Special Assessment RB for Phase 2 Project Series 2024 (NR/NR) | Creekview Community Development District Special Assessment RB for Phase 2 Project Series 2024 (NR/NR) |
| 870000 | 4.600 | 05/01/2031 | 864158 |
| 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) |
| 260000 | 3.875 | 05/01/2027 | 258976 |
| 560000 | 4.250 | 05/01/2032 | 553801 |
| 1620000 | 4.625 | 05/01/2042 | 1526670 |
| Cresswind Deland Community Development District City of Deland Florida Special Assessment Bonds Series 2024 Assessment Area One (NR/NR) | Cresswind Deland Community Development District City of Deland Florida Special Assessment Bonds Series 2024 Assessment Area One (NR/NR) | Cresswind Deland Community Development District City of Deland Florida Special Assessment Bonds Series 2024 Assessment Area One (NR/NR) | Cresswind Deland Community Development District City of Deland Florida Special Assessment Bonds Series 2024 Assessment Area One (NR/NR) |
| 545000 | 4.700 | 05/01/2031 | 544762 |
| 945000 | 5.375 | 05/01/2044 | 928000 |
| 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 | 1842985 |
| Cross Creek North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Cross Creek North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Cross Creek North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Cross Creek North Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 1035000 | 5.125 | 05/01/2043 | 1039512 |
| Crossings Community Development District Osceola County Special Assessment Bonds Series 2024 (NR/NR) | Crossings Community Development District Osceola County Special Assessment Bonds Series 2024 (NR/NR) | Crossings Community Development District Osceola County Special Assessment Bonds Series 2024 (NR/NR) | Crossings Community Development District Osceola County Special Assessment Bonds Series 2024 (NR/NR) |
| 800000 | 5.350 | 05/01/2044 | 783269 |
| Crosswinds East Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2024 (NR/NR) | Crosswinds East Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2024 (NR/NR) | Crosswinds East Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2024 (NR/NR) | Crosswinds East Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2024 (NR/NR) |
| 245000 | 4.500 | 05/01/2031 | 242583 |
| 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) |
| 95000 | 2.250 | 05/01/2026 | 93302 |
| 400000 | 2.700 | 05/01/2031 | 368937 |
| Curiosity Creek Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Curiosity Creek Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Curiosity Creek Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Curiosity Creek Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) |
| 300000 | 4.650 <sup>(c)</sup> | 05/01/2031 | 298144 |
| Cypress Bay West Community Development District Capital Improvement RB for Assessment Area One Series 2023 (NR/NR) | Cypress Bay West Community Development District Capital Improvement RB for Assessment Area One Series 2023 (NR/NR) | Cypress Bay West Community Development District Capital Improvement RB for Assessment Area One Series 2023 (NR/NR) | Cypress Bay West Community Development District Capital Improvement RB for Assessment Area One Series 2023 (NR/NR) |
| 585000 | 4.625 | 05/01/2030 | 588907 |
| 595000 | 5.250 | 05/01/2043 | 597775 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Bonds for Bank Qualified 2023 Project Series 2023 (NR/BBB) | Cypress Mill Community Development District Special Assessment Bonds for Bank Qualified 2023 Project Series 2023 (NR/BBB) | Cypress Mill Community Development District Special Assessment Bonds for Bank Qualified 2023 Project Series 2023 (NR/BBB) | Cypress Mill Community Development District Special Assessment Bonds for Bank Qualified 2023 Project Series 2023 (NR/BBB) |
| $950000 | 5.000% | 05/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918594 |
| 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) |
| 145000 | 2.625 | 06/15/2025 | 144500 |
| 615000 | 3.000 | 06/15/2031 | 565603 |
| Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR) | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR) | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR) | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR) |
| 55000 | 2.625 <sup>(c)</sup> | 05/01/2025 | 54922 |
| 295000 | 3.250 <sup>(c)</sup> | 05/01/2030 | 278789 |
| 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) |
| 135000 | 4.375 | 05/01/2027 | 134975 |
| 350000 | 4.750 | 05/01/2032 | 351360 |
| 450000 | 5.000 | 05/01/2042 | 433696 |
| Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| 595000 | 4.500 <sup>(c)</sup> | 11/01/2028 | 600086 |
| 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) |
| 2275000 | 5.400 | 05/01/2039 | 2341006 |
| Deerbrook Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) | Deerbrook Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) | Deerbrook Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) | Deerbrook Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) |
| 1095000 | 5.250 | 05/01/2043 | 1101543 |
| 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) |
| 1665000 | 5.300 | 05/01/2039 | 1691353 |
| Del Webb Oak Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Del Webb Oak Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Del Webb Oak Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Del Webb Oak Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 435000 | 4.125 | 05/01/2030 | 435920 |
| Del Webb Sunchase Community Development District Manatee County, Florida Special Assessment Bonds Series 2025 (NR/NR) | Del Webb Sunchase Community Development District Manatee County, Florida Special Assessment Bonds Series 2025 (NR/NR) | Del Webb Sunchase Community Development District Manatee County, Florida Special Assessment Bonds Series 2025 (NR/NR) | Del Webb Sunchase Community Development District Manatee County, Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 180000 | 4.250 <sup>(c)(e)</sup> | 05/01/2030 | 180308 |
| 225000 | 4.650 <sup>(c)(e)</sup> | 05/01/2035 | 226442 |
| 800000 | 5.450 <sup>(c)(e)</sup> | 05/01/2045 | 804689 |
| Dewey Robbins Community Development District City of Leesburg Florida Capital Improvement RB Series 2025 (NR/ NR) | Dewey Robbins Community Development District City of Leesburg Florida Capital Improvement RB Series 2025 (NR/ NR) | Dewey Robbins Community Development District City of Leesburg Florida Capital Improvement RB Series 2025 (NR/ NR) | Dewey Robbins Community Development District City of Leesburg Florida Capital Improvement RB Series 2025 (NR/ NR) |
| 900000 | 5.600 | 05/01/2045 | 893167 |
| 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) |
| 155000 | 3.250 | 05/01/2030 | 148114 |
| Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| 1545000 | 4.600 <sup>(c)</sup> | 05/01/2028 | 1558415 |
| 610000 | 4.250 <sup>(c)</sup> | 12/15/2028 | 610698 |
| 2395000 | 4.750 <sup>(c)</sup> | 12/15/2038 | 2372197 |
| 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 | 683975 |
| 955000 | 4.000 | 05/01/2037 | 952704 |
| DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR) | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR) | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR) | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR) |
| 150000 | 2.375 <sup>(c)</sup> | 05/01/2026 | 147579 |
| 470000 | 3.000 <sup>(c)</sup> | 05/01/2032 | 443101 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| DW Bayview Community Development District Special Assessment Bonds for Manatee County Series 2022 (NR/NR) | DW Bayview Community Development District Special Assessment Bonds for Manatee County Series 2022 (NR/NR) | DW Bayview Community Development District Special Assessment Bonds for Manatee County Series 2022 (NR/NR) | DW Bayview Community Development District Special Assessment Bonds for Manatee County Series 2022 (NR/NR) |
| $`175,000 | 4.500% | 05/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177546 |
| 495000 | 5.125 | 05/01/2042 | 500243 |
| 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) |
| 75000 | 4.375 | 05/01/2027 | 75233 |
| Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 60000 | 3.000 <sup>(c)</sup> | 05/01/2025 | 59935 |
| 440000 | 3.625 <sup>(c)</sup> | 05/01/2031 | 417726 |
| 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) |
| 45000 | 2.500 | 05/01/2026 | 44230 |
| 205000 | 3.000 | 05/01/2031 | 188813 |
| 340000 | 3.300 | 05/01/2041 | 271603 |
| East 547 Community Development District Special Assessment Bond for Assessment Area Two Project Series 2023 (NR/NR) | East 547 Community Development District Special Assessment Bond for Assessment Area Two Project Series 2023 (NR/NR) | East 547 Community Development District Special Assessment Bond for Assessment Area Two Project Series 2023 (NR/NR) | East 547 Community Development District Special Assessment Bond for Assessment Area Two Project Series 2023 (NR/NR) |
| 600000 | 6.250 | 05/01/2043 | 627961 |
| 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) |
| 205000 | 2.250 | 05/01/2026 | 201231 |
| 460000 | 3.000 | 05/01/2032 | 431770 |
| 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 | 279734 |
| East Nassau Stewardship District Bond Anticipation Note for PDP #4 Series 2024 Project Series 2024 (NR/NR) | East Nassau Stewardship District Bond Anticipation Note for PDP #4 Series 2024 Project Series 2024 (NR/NR) | East Nassau Stewardship District Bond Anticipation Note for PDP #4 Series 2024 Project Series 2024 (NR/NR) | East Nassau Stewardship District Bond Anticipation Note for PDP #4 Series 2024 Project Series 2024 (NR/NR) |
| 1300000 | 5.250 | 05/01/2029 | 1293641 |
| East Palm Drive Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One) (NR/NR) | East Palm Drive Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One) (NR/NR) | East Palm Drive Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One) (NR/NR) | East Palm Drive Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One) (NR/NR) |
| 650000 | 5.100 | 06/15/2044 | 637062 |
| 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) |
| 270000 | 3.250 | 05/01/2027 | 267299 |
| 530000 | 3.625 | 05/01/2032 | 510433 |
| 780000 | 4.000 | 05/01/2042 | 692293 |
| 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) |
| 35000 | 2.750 | 05/01/2025 | 34960 |
| 110000 | 3.250 | 05/01/2030 | 107026 |
| 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) |
| 195000 | 2.500 | 05/01/2026 | 191885 |
| 700000 | 3.100 | 05/01/2031 | 654096 |
| 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) |
| 650000 | 3.000 | 05/01/2027 | 635940 |
| 1865000 | 3.375 | 05/01/2032 | 1754765 |
| 1870000 | 4.000 | 05/01/2042 | 1657753 |
| Edgewater West Community Development District Special Assessment RB for Assessment Area One Series 2024 (NR/NR) | Edgewater West Community Development District Special Assessment RB for Assessment Area One Series 2024 (NR/NR) | Edgewater West Community Development District Special Assessment RB for Assessment Area One Series 2024 (NR/NR) | Edgewater West Community Development District Special Assessment RB for Assessment Area One Series 2024 (NR/NR) |
| 2000000 | 5.250 | 05/01/2044 | 1925651 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Enbrook Community Development District Special Assessment Series 2020 (NR/NR) | Enbrook Community Development District Special Assessment Series 2020 (NR/NR) | Enbrook Community Development District Special Assessment Series 2020 (NR/NR) | Enbrook Community Development District Special Assessment Series 2020 (NR/NR) |
| $430000 | 3.000 %<sup>(c)</sup> | 05/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401717 |
| Entrada Community Development District Capital Improvement RB Series 2023 (NR/NR) | Entrada Community Development District Capital Improvement RB Series 2023 (NR/NR) | Entrada Community Development District Capital Improvement RB Series 2023 (NR/NR) | Entrada Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| 620000 | 4.875 | 05/01/2033 | 635225 |
| 400000 | 5.600 | 05/01/2043 | 413685 |
| Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR) | Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR) | Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR) | Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR) |
| 375000 | 2.625 <sup>(c)</sup> | 05/01/2031 | 345142 |
| 1860000 | 3.125 <sup>(c)</sup> | 05/01/2041 | 1543980 |
| Epperson North Community Development District Capital Improvement RB Series 2021A (NR/NR) | Epperson North Community Development District Capital Improvement RB Series 2021A (NR/NR) | Epperson North Community Development District Capital Improvement RB Series 2021A (NR/NR) | Epperson North Community Development District Capital Improvement RB Series 2021A (NR/NR) |
| 120000 | 2.450 | 11/01/2026 | 116929 |
| 240000 | 3.100 | 11/01/2031 | 220194 |
| Epperson North Community Development District Capital Improvement RB Series 2024 (Assessment Area Four) (NR/NR) | Epperson North Community Development District Capital Improvement RB Series 2024 (Assessment Area Four) (NR/NR) | Epperson North Community Development District Capital Improvement RB Series 2024 (Assessment Area Four) (NR/NR) | Epperson North Community Development District Capital Improvement RB Series 2024 (Assessment Area Four) (NR/NR) |
| 200000 | 4.500 | 05/01/2031 | 199072 |
| 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) |
| 85000 | 2.500 | 05/01/2026 | 83510 |
| 315000 | 3.000 | 05/01/2031 | 290445 |
| 320000 | 3.500 | 05/01/2041 | 263487 |
| Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (Baa2/BBB) | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (Baa2/BBB) | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (Baa2/BBB) | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (Baa2/BBB) |
| 6255000 | 4.000 | 08/15/2045 | 5554972 |
| 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) |
| 1360000 | 5.000 | 08/15/2031 | 1426876 |
| 3140000 | 5.000 | 08/15/2032 | 3284678 |
| 355000 | 5.000 | 08/15/2033 | 369692 |
| 2045000 | 5.000 | 08/15/2034 | 2126218 |
| 2595000 | 5.000 | 08/15/2035 | 2689922 |
| 9500000 | 5.000 | 08/15/2036 | 9821598 |
| 4080000 | 5.000 | 08/15/2040 | 4149153 |
| 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) |
| 210000 | 3.250 | 11/01/2025 | 208983 |
| 1360000 | 3.625 | 11/01/2030 | 1297252 |
| Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR) | Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR) | Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR) | Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR) |
| 445000 | 4.250 <sup>(c)</sup> | 11/01/2029 | 445898 |
| Everlands Community Development District Special Assessment Bonds for Assessment Area Two – 2024 Project Area Series 2024 (NR/NR) | Everlands Community Development District Special Assessment Bonds for Assessment Area Two – 2024 Project Area Series 2024 (NR/NR) | Everlands Community Development District Special Assessment Bonds for Assessment Area Two – 2024 Project Area Series 2024 (NR/NR) | Everlands Community Development District Special Assessment Bonds for Assessment Area Two – 2024 Project Area Series 2024 (NR/NR) |
| 850000 | 4.400 | 06/15/2031 | 851624 |
| Everlands Community Development District Special Assessment Bonds for Assessment Area Two – Phase Two Series 2024 (NR/NR) | Everlands Community Development District Special Assessment Bonds for Assessment Area Two – Phase Two Series 2024 (NR/NR) | Everlands Community Development District Special Assessment Bonds for Assessment Area Two – Phase Two Series 2024 (NR/NR) | Everlands Community Development District Special Assessment Bonds for Assessment Area Two – Phase Two Series 2024 (NR/NR) |
| 570000 | 4.450 <sup>(c)</sup> | 06/15/2031 | 566702 |
| Everlands II Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Everlands II Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Everlands II Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Everlands II Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 900000 | 4.600 | 06/15/2031 | 893380 |
| 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 | 811603 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| $700000 | 2.625% | 05/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688720 |
| 1220000 | 3.125 | 05/01/2031 | 1126181 |
| 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) |
| 1575000 | 4.250 | 05/01/2029 | 1580640 |
| 3010000 | 5.000 | 05/01/2035 | 3059373 |
| 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 | 338709 |
| 165000 | 4.000 | 05/01/2040 | 147050 |
| Fish Lake Cove Community Development District Osceola County Florida Special Assessment Bonds Series 2025 (NR/NR) | Fish Lake Cove Community Development District Osceola County Florida Special Assessment Bonds Series 2025 (NR/NR) | Fish Lake Cove Community Development District Osceola County Florida Special Assessment Bonds Series 2025 (NR/NR) | Fish Lake Cove Community Development District Osceola County Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 840000 | 5.350 | 05/01/2045 | 819440 |
| 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 | 1196284 |
| Florida Development Finance Corp. Educational Facilities RB for Saint Andrew's School of Boca Raton, Inc. Project Series 2024A (NR/BBB+) | Florida Development Finance Corp. Educational Facilities RB for Saint Andrew's School of Boca Raton, Inc. Project Series 2024A (NR/BBB+) | Florida Development Finance Corp. Educational Facilities RB for Saint Andrew's School of Boca Raton, Inc. Project Series 2024A (NR/BBB+) | Florida Development Finance Corp. Educational Facilities RB for Saint Andrew's School of Boca Raton, Inc. Project Series 2024A (NR/BBB+) |
| 1125000 | 5.250 | 06/01/2044 | 1143023 |
| 1025000 | 5.250 | 06/01/2049 | 1030682 |
| 3010000 | 5.250 | 06/01/2054 | 3000843 |
| Florida Development Finance Corp. Educational Facilities RB Series 2022A (Ba3/NR) | Florida Development Finance Corp. Educational Facilities RB Series 2022A (Ba3/NR) | Florida Development Finance Corp. Educational Facilities RB Series 2022A (Ba3/NR) | Florida Development Finance Corp. Educational Facilities RB Series 2022A (Ba3/NR) |
| 1265000 | 5.000 <sup>(c)</sup> | 07/01/2032 | 1221172 |
| 3000000 | 5.375 <sup>(c)</sup> | 07/01/2042 | 2767895 |
| Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+) | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+) | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+) | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+) |
| 2005000 | 5.000 <sup>(c)</sup> | 10/01/2042 | 1970265 |
| Florida Development Finance Corp. RB Brightline Florida Passenger Rail Expansion Project Series 2025A (NR/NR) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Expansion Project Series 2025A (NR/NR) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Expansion Project Series 2025A (NR/NR) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Expansion Project Series 2025A (NR/NR) |
| 10750000 | 8.250 <sup>(a)(b)(c)</sup> | 07/01/2057 | 11163397 |
| Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/NR) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/NR) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/NR) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/NR) |
| 46640000 | 12.000 <sup>(a)(b)(c)</sup> | 07/15/2032 | 49469070 |
| Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (AGM) (NR/AA) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (AGM) (NR/AA) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (AGM) (NR/AA) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (AGM) (NR/AA) |
| 31250000 | 5.000 | 07/01/2044 | 31354069 |
| 12400000 | 5.250 | 07/01/2047 | 12653973 |
| 23000000 | 5.250 | 07/01/2053 | 23424516 |
| Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/BBB-) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/BBB-) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/BBB-) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/BBB-) |
| 6700000 | 5.250 | 07/01/2047 | 6727686 |
| 7875000 | 5.500 | 07/01/2053 | 7952675 |
| Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Project AAF Operations Holdings LLC Issue Series 2024A (Tax-Exempt) (NR/NR) | Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Project AAF Operations Holdings LLC Issue Series 2024A (Tax-Exempt) (NR/NR) | Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Project AAF Operations Holdings LLC Issue Series 2024A (Tax-Exempt) (NR/NR) | Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Project AAF Operations Holdings LLC Issue Series 2024A (Tax-Exempt) (NR/NR) |
| 7325000 | 10.000 <sup>(a)(b)(c)</sup> | 07/15/2059 | 7543260 |
| Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR) |
| 1280000 | 4.000 <sup>(c)</sup> | 06/01/2030 | 1131563 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Imagine School at Broward Series 2019 A (Baa3/NR) | Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR) | Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR) | Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR) |
| $425000 | 4.000 %<sup>(c)</sup> | 12/15/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421986 |
| 725000 | 5.000 <sup>(c)</sup> | 12/15/2034 | 742413 |
| 770000 | 5.000 <sup>(c)</sup> | 12/15/2039 | 778026 |
| Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) |
| 1670000 | 5.125 <sup>(c)</sup> | 06/01/2040 | 1653190 |
| 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 | 306184 |
| 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) |
| 405000 | 4.000 | 06/01/2030 | 386964 |
| 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 <sup>(c)</sup> | 06/01/2031 | 280519 |
| 200000 | 5.000 <sup>(c)</sup> | 06/01/2035 | 201793 |
| Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (B1/NR) | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (B1/NR) | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (B1/NR) | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (B1/NR) |
| 630000 | 4.000 <sup>(c)</sup> | 06/30/2036 | 534564 |
| 660000 | 4.000 <sup>(c)</sup> | 06/30/2041 | 513711 |
| Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) |
| 415000 | 4.000 <sup>(c)</sup> | 06/01/2026 | 412434 |
| Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (A3/A-) | Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (A3/A-) | Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (A3/A-) | Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (A3/A-) |
| 300000 | 5.000 | 04/01/2027 | 310624 |
| 250000 | 5.000 | 04/01/2029 | 265182 |
| Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR) | Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR) | Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR) | Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR) |
| 470000 | 4.000 <sup>(c)</sup> | 09/15/2030 | 448300 |
| 1050000 | 5.000 <sup>(c)</sup> | 09/15/2040 | 993280 |
| Florida Development Finance Corp. Solid Waste Disposal RB for GFL Solid Waste Southeast LLC Project Series 2024A (Ba3/BB-) | Florida Development Finance Corp. Solid Waste Disposal RB for GFL Solid Waste Southeast LLC Project Series 2024A (Ba3/BB-) | Florida Development Finance Corp. Solid Waste Disposal RB for GFL Solid Waste Southeast LLC Project Series 2024A (Ba3/BB-) | Florida Development Finance Corp. Solid Waste Disposal RB for GFL Solid Waste Southeast LLC Project Series 2024A (Ba3/BB-) |
| 2750000 | 4.375 <sup>(a)(b)(c)</sup> | 10/01/2054 | 2751596 |
| Florida Development Finance Corp. Student Housing RB Senior Series 2024A-1 (NR/NR) | Florida Development Finance Corp. Student Housing RB Senior Series 2024A-1 (NR/NR) | Florida Development Finance Corp. Student Housing RB Senior Series 2024A-1 (NR/NR) | Florida Development Finance Corp. Student Housing RB Senior Series 2024A-1 (NR/NR) |
| 1600000 | 5.000 <sup>(c)</sup> | 06/01/2044 | 1582590 |
| Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR) | Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR) | Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR) | Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR) |
| 2000000 | 4.500 <sup>(c)</sup> | 06/01/2033 | 1882136 |
| 250000 | 4.750 <sup>(c)</sup> | 06/01/2038 | 227423 |
| 4500000 | 5.000 <sup>(c)</sup> | 06/01/2048 | 3988876 |
| 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) |
| 2150000 | 5.000 | 03/01/2044 | 2126911 |
| 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 | 2708880 |
| Florida Housing Finance Corp. Multifamily Mortgage RB for Brownsville Transit Village V 2024 Series B (GNMA COLL) (NR/AA+) (PUTABLE) | Florida Housing Finance Corp. Multifamily Mortgage RB for Brownsville Transit Village V 2024 Series B (GNMA COLL) (NR/AA+) (PUTABLE) | Florida Housing Finance Corp. Multifamily Mortgage RB for Brownsville Transit Village V 2024 Series B (GNMA COLL) (NR/AA+) (PUTABLE) | Florida Housing Finance Corp. Multifamily Mortgage RB for Brownsville Transit Village V 2024 Series B (GNMA COLL) (NR/AA+) (PUTABLE) |
| 3315000 | 3.350 <sup>(a)(b)</sup> | 10/01/2027 | 3321547 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Insurance Assistance Interlocal Agency Insurance Assessment RB Series 2023A-1 (Aa2/A) | Florida Insurance Assistance Interlocal Agency Insurance Assessment RB Series 2023A-1 (Aa2/A) | Florida Insurance Assistance Interlocal Agency Insurance Assessment RB Series 2023A-1 (Aa2/A) | Florida Insurance Assistance Interlocal Agency Insurance Assessment RB Series 2023A-1 (Aa2/A) |
| $8795000 | 5.000% | 09/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8807741 |
| 4530000 | 5.000 | 09/01/2026 | 4606066 |
| 3305000 | 5.000 | 09/01/2027 | 3385504 |
| Florida Municipal Loan Council RB for City of West Melbourne Water and Sewer Series 2024D (AGC) (NR/AA) | Florida Municipal Loan Council RB for City of West Melbourne Water and Sewer Series 2024D (AGC) (NR/AA) | Florida Municipal Loan Council RB for City of West Melbourne Water and Sewer Series 2024D (AGC) (NR/AA) | Florida Municipal Loan Council RB for City of West Melbourne Water and Sewer Series 2024D (AGC) (NR/AA) |
| 2420000 | 4.000 | 10/01/2054 | 2196662 |
| 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) |
| 1525000 | 4.875 | 11/01/2037 | 1526826 |
| 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) |
| 165000 | 4.000 | 11/01/2028 | 164634 |
| 1065000 | 5.000 | 11/01/2038 | 1073121 |
| 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) |
| 1785000 | 4.125 | 11/01/2039 | 1630807 |
| 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 | 402946 |
| Forest Lake Community Development District Special Assessment for Assessment Area1 Series 2020 (NR/NR) | Forest Lake Community Development District Special Assessment for Assessment Area1 Series 2020 (NR/NR) | Forest Lake Community Development District Special Assessment for Assessment Area1 Series 2020 (NR/NR) | Forest Lake Community Development District Special Assessment for Assessment Area1 Series 2020 (NR/NR) |
| 180000 | 2.625 <sup>(c)</sup> | 05/01/2025 | 179757 |
| 495000 | 3.250 <sup>(c)</sup> | 05/01/2030 | 478065 |
| Fox Branch Ranch Community Development District Polk County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) | Fox Branch Ranch Community Development District Polk County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) | Fox Branch Ranch Community Development District Polk County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) | Fox Branch Ranch Community Development District Polk County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) |
| 175000 | 4.375 | 05/01/2035 | 171649 |
| 540000 | 5.200 | 05/01/2045 | 529862 |
| Gardens at Hammock Beach Community Development District Flagler County Florida Special Assessment Bonds Assessment Area One Series 2024-1 (NR/NR) | Gardens at Hammock Beach Community Development District Flagler County Florida Special Assessment Bonds Assessment Area One Series 2024-1 (NR/NR) | Gardens at Hammock Beach Community Development District Flagler County Florida Special Assessment Bonds Assessment Area One Series 2024-1 (NR/NR) | Gardens at Hammock Beach Community Development District Flagler County Florida Special Assessment Bonds Assessment Area One Series 2024-1 (NR/NR) |
| 525000 | 5.650 | 05/01/2054 | 512064 |
| Gardens at Hammock Beach Community Development District Flagler County Florida Special Assessment Bonds Assessment Area Two Series 2024-2 (NR/NR) | Gardens at Hammock Beach Community Development District Flagler County Florida Special Assessment Bonds Assessment Area Two Series 2024-2 (NR/NR) | Gardens at Hammock Beach Community Development District Flagler County Florida Special Assessment Bonds Assessment Area Two Series 2024-2 (NR/NR) | Gardens at Hammock Beach Community Development District Flagler County Florida Special Assessment Bonds Assessment Area Two Series 2024-2 (NR/NR) |
| 270000 | 5.000 | 05/01/2031 | 267790 |
| Gir East Community Development District Osceola County Florida Capital Improvement RB Series 2025 (NR/NR) | Gir East Community Development District Osceola County Florida Capital Improvement RB Series 2025 (NR/NR) | Gir East Community Development District Osceola County Florida Capital Improvement RB Series 2025 (NR/NR) | Gir East Community Development District Osceola County Florida Capital Improvement RB Series 2025 (NR/NR) |
| 600000 | 4.300 | 05/01/2032 | 590154 |
| Governors Park South Community Development District Clay County Florida Special Assessment RB Series 2025 (NR/NR) | Governors Park South Community Development District Clay County Florida Special Assessment RB Series 2025 (NR/NR) | Governors Park South Community Development District Clay County Florida Special Assessment RB Series 2025 (NR/NR) | Governors Park South Community Development District Clay County Florida Special Assessment RB Series 2025 (NR/NR) |
| 550000 | 4.375 | 05/01/2032 | 547061 |
| 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 | 2.950 | 05/01/2031 | 556859 |
| 1595000 | 3.350 | 05/01/2041 | 1264818 |
| Grand Bay At Doral Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2025A-1 (NR/NR) | Grand Bay At Doral Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2025A-1 (NR/NR) | Grand Bay At Doral Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2025A-1 (NR/NR) | Grand Bay At Doral Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2025A-1 (NR/NR) |
| 1835000 | 5.000 | 05/01/2045 | 1809006 |
| 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) |
| 360000 | 4.250 | 05/01/2026 | 360722 |
| 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) |
| 285000 | 3.250 | 05/01/2025 | 284753 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) – (continued) | Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) – (continued) | Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) – (continued) | Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) – (continued) |
| $1355000 | 4.000% | 05/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332935 |
| 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) |
| 550000 | 4.125 | 11/01/2029 | 549251 |
| 1185000 | 4.750 | 11/01/2039 | 1155247 |
| 1920000 | 5.000 | 11/01/2050 | 1847898 |
| 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 | 198236 |
| 500000 | 3.500 | 11/01/2041 | 404781 |
| 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) |
| 295000 | 2.500 | 05/01/2026 | 289952 |
| Grande Pines Community Development District Special Assessment RB for Assessment Area Two Series 2024 (NR/NR) | Grande Pines Community Development District Special Assessment RB for Assessment Area Two Series 2024 (NR/NR) | Grande Pines Community Development District Special Assessment RB for Assessment Area Two Series 2024 (NR/NR) | Grande Pines Community Development District Special Assessment RB for Assessment Area Two Series 2024 (NR/NR) |
| 515000 | 4.650 | 05/01/2034 | 514934 |
| 755000 | 5.450 | 05/01/2044 | 755587 |
| 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) |
| 990000 | 5.000 | 11/15/2036 | 990425 |
| Greater Orlando Aviation Authority Airport Facilities RB Series 2015A (AMT) (Aa2/AA) | Greater Orlando Aviation Authority Airport Facilities RB Series 2015A (AMT) (Aa2/AA) | Greater Orlando Aviation Authority Airport Facilities RB Series 2015A (AMT) (Aa2/AA) | Greater Orlando Aviation Authority Airport Facilities RB Series 2015A (AMT) (Aa2/AA) |
| 5000000 | 4.000 | 10/01/2040 | 4771843 |
| Greenbriar Community Development District St. Johns County Florida Special Assessment RB Series 2025 Assessment Area One (NR/NR) | Greenbriar Community Development District St. Johns County Florida Special Assessment RB Series 2025 Assessment Area One (NR/NR) | Greenbriar Community Development District St. Johns County Florida Special Assessment RB Series 2025 Assessment Area One (NR/NR) | Greenbriar Community Development District St. Johns County Florida Special Assessment RB Series 2025 Assessment Area One (NR/NR) |
| 510000 | 4.800 | 05/01/2032 | 510107 |
| 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 | 156830 |
| 440000 | 3.550 | 05/01/2042 | 358230 |
| 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) |
| 1195000 | 3.500 | 11/01/2030 | 1145094 |
| 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) |
| 250000 | 3.875 | 05/01/2026 | 249325 |
| Hacienda North Community Development District Special Assessment RB Series 2023 (NR/NR) | Hacienda North Community Development District Special Assessment RB Series 2023 (NR/NR) | Hacienda North Community Development District Special Assessment RB Series 2023 (NR/NR) | Hacienda North Community Development District Special Assessment RB Series 2023 (NR/NR) |
| 1650000 | 6.300 | 05/01/2043 | 1749693 |
| Hamilton Bluff Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One Project) (NR/NR) | Hamilton Bluff Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One Project) (NR/NR) | Hamilton Bluff Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One Project) (NR/NR) | Hamilton Bluff Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One Project) (NR/NR) |
| 1000000 | 4.700 | 05/01/2031 | 1000905 |
| Hammock oaks Community Development District Special Assessment Area One Bonds Series 2023 (NR/NR) | Hammock oaks Community Development District Special Assessment Area One Bonds Series 2023 (NR/NR) | Hammock oaks Community Development District Special Assessment Area One Bonds Series 2023 (NR/NR) | Hammock oaks Community Development District Special Assessment Area One Bonds Series 2023 (NR/NR) |
| 700000 | 5.625 | 05/01/2043 | 713938 |
| Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) |
| 900000 | 5.850 | 05/01/2044 | 903826 |
| Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 Assessment Area Three (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 Assessment Area Three (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 Assessment Area Three (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 Assessment Area Three (NR/NR) |
| 1000000 | 5.550 <sup>(c)(e)</sup> | 05/01/2045 | 1001997 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| $280000 | 4.200% | 05/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280072 |
| 435000 | 4.400 | 05/01/2032 | 436309 |
| 565000 | 4.700 | 05/01/2042 | 534770 |
| 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) |
| 110000 | 2.625 | 05/01/2025 | 109846 |
| 510000 | 3.250 | 05/01/2030 | 490052 |
| 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) |
| 85000 | 2.375 | 05/01/2026 | 83460 |
| 205000 | 3.000 | 05/01/2031 | 189020 |
| 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) |
| 1880000 | 3.300 | 05/01/2029 | 1829884 |
| 365000 | 3.700 | 05/01/2033 | 346156 |
| 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) |
| 1140000 | 3.300 | 05/01/2029 | 1109610 |
| Harmony On Lake Eloise Community Development District City of Winter Haven Florida Capital Improvement RB Series 2025 (NR/NR) | Harmony On Lake Eloise Community Development District City of Winter Haven Florida Capital Improvement RB Series 2025 (NR/NR) | Harmony On Lake Eloise Community Development District City of Winter Haven Florida Capital Improvement RB Series 2025 (NR/NR) | Harmony On Lake Eloise Community Development District City of Winter Haven Florida Capital Improvement RB Series 2025 (NR/NR) |
| 1000000 | 4.600 | 11/01/2032 | 998982 |
| Harmony On Lake Eloise Community Development District City of Winter Haven, Florida Capital Improvement RB, Series 2023 Assessment Area One (NR/NR) | Harmony On Lake Eloise Community Development District City of Winter Haven, Florida Capital Improvement RB, Series 2023 Assessment Area One (NR/NR) | Harmony On Lake Eloise Community Development District City of Winter Haven, Florida Capital Improvement RB, Series 2023 Assessment Area One (NR/NR) | Harmony On Lake Eloise Community Development District City of Winter Haven, Florida Capital Improvement RB, Series 2023 Assessment Area One (NR/NR) |
| 800000 | 5.125 | 05/01/2043 | 805070 |
| Harmony West Community Development District Osceola County Florida Special Assessment RB Series 2025 Assessment Area Three (NR/NR) | Harmony West Community Development District Osceola County Florida Special Assessment RB Series 2025 Assessment Area Three (NR/NR) | Harmony West Community Development District Osceola County Florida Special Assessment RB Series 2025 Assessment Area Three (NR/NR) | Harmony West Community Development District Osceola County Florida Special Assessment RB Series 2025 Assessment Area Three (NR/NR) |
| 525000 | 5.450 | 05/01/2045 | 520966 |
| Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) |
| 265000 | 4.000 | 05/01/2025 | 265095 |
| 140000 | 4.000 | 05/01/2026 | 140792 |
| 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) |
| 400000 | 3.500 | 11/01/2030 | 379674 |
| 1000000 | 3.875 | 11/01/2039 | 881230 |
| 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 | 119411 |
| 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) |
| 185000 | 2.600 | 05/01/2026 | 181971 |
| 435000 | 3.200 | 05/01/2031 | 405899 |
| 1000000 | 3.450 | 05/01/2041 | 827620 |
| Hawthorne Mill North Community Development District City of Lakeland Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Hawthorne Mill North Community Development District City of Lakeland Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Hawthorne Mill North Community Development District City of Lakeland Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Hawthorne Mill North Community Development District City of Lakeland Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) |
| 635000 | 4.600 | 05/01/2031 | 630405 |
| 1000000 | 5.200 | 05/01/2044 | 976507 |
| 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) |
| 785000 | 5.000 | 05/01/2034 | 804464 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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) |
| $225000 | 4.000% | 05/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225157 |
| 230000 | 4.000 | 05/01/2026 | 232456 |
| 240000 | 4.000 | 05/01/2027 | 244530 |
| 250000 | 4.000 | 05/01/2028 | 254938 |
| 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) |
| 625000 | 3.625 | 05/01/2025 | 624657 |
| 650000 | 3.750 | 05/01/2026 | 647657 |
| 1005000 | 4.200 | 05/01/2031 | 988381 |
| 1000000 | 4.350 | 05/01/2036 | 977874 |
| 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 | 338082 |
| 375000 | 2.500 | 05/01/2031 | 340311 |
| 300000 | 3.000 | 05/01/2032 | 284548 |
| 300000 | 3.000 | 05/01/2033 | 280631 |
| 245000 | 3.000 | 05/01/2034 | 224623 |
| 255000 | 3.000 | 05/01/2035 | 232072 |
| 260000 | 3.000 | 05/01/2036 | 234028 |
| Hickory Tree Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Hickory Tree Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Hickory Tree Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Hickory Tree Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) |
| 500000 | 4.500 | 05/01/2031 | 495067 |
| 1000000 | 5.150 | 05/01/2044 | 970597 |
| Higher Educational Facilities Financing Authority Educational Facilities Revenue Refunding Bonds for Saint Leo University Project Series 2019 (NR/BB) | Higher Educational Facilities Financing Authority Educational Facilities Revenue Refunding Bonds for Saint Leo University Project Series 2019 (NR/BB) | Higher Educational Facilities Financing Authority Educational Facilities Revenue Refunding Bonds for Saint Leo University Project Series 2019 (NR/BB) | Higher Educational Facilities Financing Authority Educational Facilities Revenue Refunding Bonds for Saint Leo University Project Series 2019 (NR/BB) |
| 1700000 | 5.000 | 03/01/2039 | 1398142 |
| Higher Educational Facilities Financing Authority RB for Rollins College Project Series 2024 (A2/NR) | Higher Educational Facilities Financing Authority RB for Rollins College Project Series 2024 (A2/NR) | Higher Educational Facilities Financing Authority RB for Rollins College Project Series 2024 (A2/NR) | Higher Educational Facilities Financing Authority RB for Rollins College Project Series 2024 (A2/NR) |
| 3000000 | 4.125 | 12/01/2054 | 2680388 |
| 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) |
| 60000 | 2.875 | 05/01/2025 | 59921 |
| 200000 | 3.250 | 05/01/2031 | 185933 |
| 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 | 130154 |
| Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR) | Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR) | Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR) | Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR) |
| 550000 | 4.250 <sup>(c)</sup> | 12/15/2029 | 551397 |
| 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) |
| 10000 | 3.375 | 11/01/2025 | 9965 |
| 220000 | 3.875 | 11/01/2031 | 212537 |
| 295000 | 4.200 | 11/01/2039 | 271217 |
| 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) |
| 225000 | 4.875 | 11/01/2027 | 227888 |
| 865000 | 5.375 | 11/01/2037 | 875804 |
| 770000 | 5.500 | 11/01/2047 | 775837 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| $45000 | 4.875% | 11/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45577 |
| 330000 | 5.500 | 11/01/2047 | 332502 |
| 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) |
| 645000 | 4.000 | 11/01/2028 | 643994 |
| 700000 | 4.500 | 11/01/2038 | 672119 |
| Hillcrest Preserve Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Hillcrest Preserve Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Hillcrest Preserve Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Hillcrest Preserve Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 730000 | 4.375 <sup>(c)</sup> | 05/01/2031 | 719534 |
| Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR) | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR) | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR) | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR) |
| 345000 | 3.000 <sup>(c)</sup> | 05/01/2025 | 344637 |
| 1020000 | 3.500 <sup>(c)</sup> | 05/01/2031 | 970519 |
| 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 | 228376 |
| 1000000 | 3.200 | 05/01/2041 | 793627 |
| Hills of Minneola Community Development District City of Minneola Florida Special Assessment RB Series 2024 (NR/NR) | Hills of Minneola Community Development District City of Minneola Florida Special Assessment RB Series 2024 (NR/NR) | Hills of Minneola Community Development District City of Minneola Florida Special Assessment RB Series 2024 (NR/NR) | Hills of Minneola Community Development District City of Minneola Florida Special Assessment RB Series 2024 (NR/NR) |
| 420000 | 4.700 | 05/01/2031 | 424819 |
| Hillsborough County Aviation Authority Tampa International Airport RB 2024 Series B (AMT) (Aa3/NR) | Hillsborough County Aviation Authority Tampa International Airport RB 2024 Series B (AMT) (Aa3/NR) | Hillsborough County Aviation Authority Tampa International Airport RB 2024 Series B (AMT) (Aa3/NR) | Hillsborough County Aviation Authority Tampa International Airport RB 2024 Series B (AMT) (Aa3/NR) |
| 3000000 | 5.500 | 10/01/2049 | 3194543 |
| Hobe-St. Lucie Conservancy District Improvement Bonds Unit of Development No. 1A Series 2024 (NR/NR) | Hobe-St. Lucie Conservancy District Improvement Bonds Unit of Development No. 1A Series 2024 (NR/NR) | Hobe-St. Lucie Conservancy District Improvement Bonds Unit of Development No. 1A Series 2024 (NR/NR) | Hobe-St. Lucie Conservancy District Improvement Bonds Unit of Development No. 1A Series 2024 (NR/NR) |
| 800000 | 5.600 | 05/01/2044 | 814296 |
| 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) |
| 25000 | 4.000 | 11/01/2025 | 24980 |
| 165000 | 4.500 | 11/01/2031 | 172106 |
| 170000 | 5.000 | 11/01/2041 | 175881 |
| 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 | 684648 |
| 933000 | 3.000 | 05/01/2037 | 765151 |
| Housing Finance Authority of Broward County Multifamily Housing RB for Pinnacle 441 Phase 2 Series 2023 (Aaa/NR) (PUTABLE) | Housing Finance Authority of Broward County Multifamily Housing RB for Pinnacle 441 Phase 2 Series 2023 (Aaa/NR) (PUTABLE) | Housing Finance Authority of Broward County Multifamily Housing RB for Pinnacle 441 Phase 2 Series 2023 (Aaa/NR) (PUTABLE) | Housing Finance Authority of Broward County Multifamily Housing RB for Pinnacle 441 Phase 2 Series 2023 (Aaa/NR) (PUTABLE) |
| 1705000 | 4.050 <sup>(a)(b)</sup> | 09/01/2056 | 1717743 |
| Housing Finance Authority of Hillsborough County Multifamily Housing Zion Village RB Series 2024 (HUD SECT 8) (Aaa/NR) | Housing Finance Authority of Hillsborough County Multifamily Housing Zion Village RB Series 2024 (HUD SECT 8) (Aaa/NR) | Housing Finance Authority of Hillsborough County Multifamily Housing Zion Village RB Series 2024 (HUD SECT 8) (Aaa/NR) | Housing Finance Authority of Hillsborough County Multifamily Housing Zion Village RB Series 2024 (HUD SECT 8) (Aaa/NR) |
| 3730000 | 3.250 <sup>(a)(b)</sup> | 09/01/2042 | 3728123 |
| Housing Finance Authority of Miami-Dade County Multifamily Housing RB for St. Mary Towers Apartments Series 2024 (HUD SECT 8) (Aaa/NR) | Housing Finance Authority of Miami-Dade County Multifamily Housing RB for St. Mary Towers Apartments Series 2024 (HUD SECT 8) (Aaa/NR) | Housing Finance Authority of Miami-Dade County Multifamily Housing RB for St. Mary Towers Apartments Series 2024 (HUD SECT 8) (Aaa/NR) | Housing Finance Authority of Miami-Dade County Multifamily Housing RB for St. Mary Towers Apartments Series 2024 (HUD SECT 8) (Aaa/NR) |
| 1000000 | 3.400 <sup>(a)(b)</sup> | 04/01/2041 | 1000082 |
| Housing Finance Authority of Pinellas County Multifamily Housing RB for Citrus Grove Apartments Series 2024 (HUD SECT 8) (Aaa/NR) | Housing Finance Authority of Pinellas County Multifamily Housing RB for Citrus Grove Apartments Series 2024 (HUD SECT 8) (Aaa/NR) | Housing Finance Authority of Pinellas County Multifamily Housing RB for Citrus Grove Apartments Series 2024 (HUD SECT 8) (Aaa/NR) | Housing Finance Authority of Pinellas County Multifamily Housing RB for Citrus Grove Apartments Series 2024 (HUD SECT 8) (Aaa/NR) |
| 1835000 | 3.300 <sup>(a)(b)</sup> | 01/01/2042 | 1836098 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Hunt Club Grove Community Development District City of Lake Wales Florida Special Assessment Bonds Series 2024 Assessment Area One (NR/NR) | Hunt Club Grove Community Development District City of Lake Wales Florida Special Assessment Bonds Series 2024 Assessment Area One (NR/NR) | Hunt Club Grove Community Development District City of Lake Wales Florida Special Assessment Bonds Series 2024 Assessment Area One (NR/NR) | Hunt Club Grove Community Development District City of Lake Wales Florida Special Assessment Bonds Series 2024 Assessment Area One (NR/NR) |
| $330000 | 4.850% | 06/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328981 |
| 1040000 | 5.375 | 06/15/2044 | 1025178 |
| Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) | Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) | Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) | Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) |
| 210000 | 5.000 <sup>(c)</sup> | 11/01/2039 | 210638 |
| Island Lake Estates Community Development District 2023 Project Special Assessment Bonds Series 2023 (NR/NR) | Island Lake Estates Community Development District 2023 Project Special Assessment Bonds Series 2023 (NR/NR) | Island Lake Estates Community Development District 2023 Project Special Assessment Bonds Series 2023 (NR/NR) | Island Lake Estates Community Development District 2023 Project Special Assessment Bonds Series 2023 (NR/NR) |
| 1360000 | 5.750 | 12/15/2043 | 1410190 |
| Jea Water and Sewer System RB 2025 Series A (Aa1/AA+) | Jea Water and Sewer System RB 2025 Series A (Aa1/AA+) | Jea Water and Sewer System RB 2025 Series A (Aa1/AA+) | Jea Water and Sewer System RB 2025 Series A (Aa1/AA+) |
| 16500000 | 5.250 | 10/01/2049 | 17665552 |
| Juniper Cove Community Development District Miami-Dade County Florida Capital Improvement RB Series 2025 (NR/NR) | Juniper Cove Community Development District Miami-Dade County Florida Capital Improvement RB Series 2025 (NR/NR) | Juniper Cove Community Development District Miami-Dade County Florida Capital Improvement RB Series 2025 (NR/NR) | Juniper Cove Community Development District Miami-Dade County Florida Capital Improvement RB Series 2025 (NR/NR) |
| 500000 | 4.625 | 05/01/2032 | 500573 |
| K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR) | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR) | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR) | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR) |
| 1175000 | 4.500 <sup>(c)</sup> | 05/01/2038 | 1128578 |
| 1855000 | 4.625 <sup>(c)</sup> | 05/01/2048 | 1703135 |
| 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 | 604940 |
| 765000 | 3.125 | 05/01/2041 | 593048 |
| Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One Project) (NR/NR) | Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One Project) (NR/NR) | Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One Project) (NR/NR) | Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One Project) (NR/NR) |
| 665000 | 6.000 | 11/01/2043 | 683882 |
| Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2025 (Assessment Area Two Project) (NR/NR) | Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2025 (Assessment Area Two Project) (NR/NR) | Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2025 (Assessment Area Two Project) (NR/NR) | Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2025 (Assessment Area Two Project) (NR/NR) |
| 225000 | 4.375 | 05/01/2032 | 223663 |
| Keys Edge Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Keys Edge Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Keys Edge Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Keys Edge Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) |
| 900000 | 5.375 | 05/01/2055 | 867477 |
| 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) |
| 55000 | 2.625 | 05/01/2025 | 54925 |
| 155000 | 3.000 | 05/01/2030 | 148069 |
| 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) |
| 700000 | 3.125 | 05/01/2041 | 581068 |
| Kindred Community Development District II Special Assessment RB Series 2023 (NR/NR) | Kindred Community Development District II Special Assessment RB Series 2023 (NR/NR) | Kindred Community Development District II Special Assessment RB Series 2023 (NR/NR) | Kindred Community Development District II Special Assessment RB Series 2023 (NR/NR) |
| 640000 | 4.900 | 05/01/2033 | 655837 |
| 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 | 982126 |
| 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) |
| 155000 | 2.750 | 06/15/2025 | 154574 |
| 485000 | 3.125 | 06/15/2030 | 469374 |
| 375000 | 4.000 | 06/15/2040 | 355671 |
| 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 | 624558 |
| Knightsbridge Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Knightsbridge Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Knightsbridge Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Knightsbridge Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 245000 | 4.250 <sup>(c)</sup> | 06/15/2031 | 243575 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| $170000 | 4.500% | 05/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169918 |
| 225000 | 5.000 | 05/01/2032 | 224814 |
| 650000 | 5.500 | 05/01/2042 | 650808 |
| Lake Emma Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) | Lake Emma Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) | Lake Emma Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) | Lake Emma Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) |
| 545000 | 4.500 <sup>(c)</sup> | 05/01/2030 | 548005 |
| 550000 | 5.250 <sup>(c)</sup> | 05/01/2043 | 555096 |
| Lake Harris Community Development District 2023 Project Area Special Assessment Bonds Series 2023 (NR/NR) | Lake Harris Community Development District 2023 Project Area Special Assessment Bonds Series 2023 (NR/NR) | Lake Harris Community Development District 2023 Project Area Special Assessment Bonds Series 2023 (NR/NR) | Lake Harris Community Development District 2023 Project Area Special Assessment Bonds Series 2023 (NR/NR) |
| 175000 | 4.700 | 05/01/2030 | 176549 |
| Lake Hideaway Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Lake Hideaway Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Lake Hideaway Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Lake Hideaway Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) |
| 750000 | 4.750 | 05/01/2031 | 752484 |
| Lakes of Sarasota Community Development District 2 Sarasota County Florida Capital Improvement RB Series 2025A (NR/NR) | Lakes of Sarasota Community Development District 2 Sarasota County Florida Capital Improvement RB Series 2025A (NR/NR) | Lakes of Sarasota Community Development District 2 Sarasota County Florida Capital Improvement RB Series 2025A (NR/NR) | Lakes of Sarasota Community Development District 2 Sarasota County Florida Capital Improvement RB Series 2025A (NR/NR) |
| 530000 | 5.500 | 05/01/2045 | 524680 |
| 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 | 338709 |
| 320000 | 4.000 | 05/01/2035 | 303294 |
| Lakewood Park Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Lakewood Park Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Lakewood Park Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Lakewood Park Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 625000 | 5.625 | 05/01/2043 | 642403 |
| 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) |
| 70000 | 2.625 | 05/01/2026 | 68872 |
| 125000 | 3.200 | 05/01/2031 | 116765 |
| 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) |
| 95000 | 3.125 | 05/01/2025 | 94921 |
| 365000 | 3.400 | 05/01/2030 | 351426 |
| Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR) |
| 225000 | 2.500 <sup>(c)</sup> | 05/01/2025 | 224671 |
| 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) |
| 225000 | 3.250 | 05/01/2029 | 217840 |
| 200000 | 3.850 | 05/01/2039 | 179773 |
| 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 | 441741 |
| 750000 | 3.500 | 05/01/2040 | 637650 |
| 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) |
| 290000 | 2.625 | 05/01/2031 | 262816 |
| 1000000 | 3.100 | 05/01/2041 | 792167 |
| 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) |
| 280000 | 3.800 | 05/01/2029 | 276411 |
| Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR) |
| 320000 | 4.300 <sup>(c)</sup> | 05/01/2027 | 321538 |
| Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR) |
| 570000 | 3.200 <sup>(c)</sup> | 05/01/2029 | 551843 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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) |
| $210000 | 3.800% | 05/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207076 |
| 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) |
| 240000 | 4.250 | 05/01/2025 | 240031 |
| 1605000 | 4.875 | 05/01/2035 | 1605467 |
| 905000 | 4.875 | 05/01/2045 | 889230 |
| 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) |
| 510000 | 4.625 | 05/01/2027 | 514634 |
| 1000000 | 5.250 | 05/01/2037 | 1012901 |
| 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) |
| 870000 | 4.250 | 05/01/2028 | 871384 |
| 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) |
| 1955000 | 4.750 | 05/01/2029 | 1986297 |
| 2250000 | 5.300 | 05/01/2039 | 2299614 |
| Lakewood Ranch Stewardship District Special Assessment RB for Palm Grove Project Series 2024 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Palm Grove Project Series 2024 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Palm Grove Project Series 2024 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Palm Grove Project Series 2024 (NR/NR) |
| 480000 | 5.250 | 05/01/2044 | 473810 |
| Lakewood Ranch Stewardship District Special Assessment RB for Taylor Ranch Project Series 2023 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Taylor Ranch Project Series 2023 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Taylor Ranch Project Series 2023 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Taylor Ranch Project Series 2023 (NR/NR) |
| 2400000 | 6.125 | 05/01/2043 | 2522575 |
| 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) |
| 120000 | 4.250 | 05/01/2026 | 120150 |
| 5470000 | 5.000 | 05/01/2036 | 5503498 |
| 3945000 | 5.125 | 05/01/2046 | 3948799 |
| 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 | 470593 |
| 500000 | 2.000 | 05/01/2029 | 459514 |
| 1685000 | 2.625 | 05/01/2037 | 1361762 |
| 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) |
| 425000 | 3.000 | 05/01/2041 | 334020 |
| Lakewood Ranch Stewardship District Special Assessment RB Series 2024 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB Series 2024 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB Series 2024 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB Series 2024 (NR/NR) |
| 485000 | 5.300 | 05/01/2044 | 486074 |
| Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR) |
| 135000 | 2.500 <sup>(c)</sup> | 05/01/2025 | 134808 |
| 440000 | 3.200 <sup>(c)</sup> | 05/01/2030 | 418487 |
| 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) |
| 275000 | 3.875 | 05/01/2029 | 274081 |
| Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| 460000 | 4.125 <sup>(c)</sup> | 11/01/2028 | 460808 |
| 250000 | 4.750 <sup>(c)</sup> | 11/01/2048 | 234807 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Landings Community Development District City of Palm Coast Florida Special Assessment Bonds North Tract Series 2024 (NR/NR) | Landings Community Development District City of Palm Coast Florida Special Assessment Bonds North Tract Series 2024 (NR/NR) | Landings Community Development District City of Palm Coast Florida Special Assessment Bonds North Tract Series 2024 (NR/NR) | Landings Community Development District City of Palm Coast Florida Special Assessment Bonds North Tract Series 2024 (NR/NR) |
| $275000 | 5.000% | 05/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274595 |
| 1025000 | 5.500 | 05/01/2044 | 1012037 |
| 860000 | 5.800 | 05/01/2055 | 849683 |
| Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (NR/AA-) | Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (NR/AA-) | Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (NR/AA-) | Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (NR/AA-) |
| 490000 | 3.000 | 05/01/2025 | 489279 |
| 500000 | 3.000 | 05/01/2026 | 493304 |
| 520000 | 3.000 | 05/01/2027 | 508283 |
| 535000 | 3.000 | 05/01/2028 | 516818 |
| 550000 | 3.000 | 05/01/2029 | 524685 |
| 1605000 | 3.000 | 05/01/2035 | 1380375 |
| 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) |
| 535000 | 3.375 | 05/01/2030 | 508610 |
| 925000 | 4.000 | 05/01/2038 | 843370 |
| 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) |
| 235000 | 4.375 | 05/01/2027 | 235326 |
| 435000 | 4.750 | 05/01/2032 | 438281 |
| 370000 | 5.000 | 05/01/2042 | 368085 |
| Lee County IDA Hospital Revenue Refunding Bonds Lee Health Sys Inc Series 2019 A-2 (A2/A+) | Lee County IDA Hospital Revenue Refunding Bonds Lee Health Sys Inc Series 2019 A-2 (A2/A+) | Lee County IDA Hospital Revenue Refunding Bonds Lee Health Sys Inc Series 2019 A-2 (A2/A+) | Lee County IDA Hospital Revenue Refunding Bonds Lee Health Sys Inc Series 2019 A-2 (A2/A+) |
| 4590000 | 5.000 <sup>(a)(b)</sup> | 04/01/2033 | 4627391 |
| Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024A (NR/BBB+) | Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024A (NR/BBB+) | Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024A (NR/BBB+) | Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024A (NR/BBB+) |
| 2375000 | 5.250 | 11/15/2044 | 2459359 |
| Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024B-1 (NR/BBB+) | Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024B-1 (NR/BBB+) | Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024B-1 (NR/BBB+) | Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024B-1 (NR/BBB+) |
| 1850000 | 4.750 | 11/15/2029 | 1852194 |
| 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 | 329866 |
| 340000 | 3.500 | 05/01/2026 | 338559 |
| Leomas Landing Community Development District City of Lake Wales Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) | Leomas Landing Community Development District City of Lake Wales Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) | Leomas Landing Community Development District City of Lake Wales Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) | Leomas Landing Community Development District City of Lake Wales Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) |
| 370000 | 4.500 | 11/01/2032 | 366812 |
| Liberty Cove Community Development District Special Assessment RB for Assessment Area One Project Series 2024 (NR/NR) | Liberty Cove Community Development District Special Assessment RB for Assessment Area One Project Series 2024 (NR/NR) | Liberty Cove Community Development District Special Assessment RB for Assessment Area One Project Series 2024 (NR/NR) | Liberty Cove Community Development District Special Assessment RB for Assessment Area One Project Series 2024 (NR/NR) |
| 1000000 | 5.375 | 05/01/2044 | 971683 |
| 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) |
| 310000 | 3.125 | 05/01/2025 | 309643 |
| 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) |
| 1210000 | 5.000 | 05/01/2038 | 1216723 |
| Longleaf Community Development District (NR/NR) | Longleaf Community Development District (NR/NR) | Longleaf Community Development District (NR/NR) | Longleaf Community Development District (NR/NR) |
| 391000 | 5.375 | 05/01/2030 | 391178 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Longleaf Community Development District Capital Improvement RB for Neighborhood 4 – Assessment Area Two Series 2024A (NR/NR) | Longleaf Community Development District Capital Improvement RB for Neighborhood 4 – Assessment Area Two Series 2024A (NR/NR) | Longleaf Community Development District Capital Improvement RB for Neighborhood 4 – Assessment Area Two Series 2024A (NR/NR) | Longleaf Community Development District Capital Improvement RB for Neighborhood 4 – Assessment Area Two Series 2024A (NR/NR) |
| $700000 | 5.200% | 05/01/2044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672280 |
| Longleaf Community Development District Capital Improvement RB Series 2024 (NR/NR) | Longleaf Community Development District Capital Improvement RB Series 2024 (NR/NR) | Longleaf Community Development District Capital Improvement RB Series 2024 (NR/NR) | Longleaf Community Development District Capital Improvement RB Series 2024 (NR/NR) |
| 405000 | 4.500 <sup>(c)</sup> | 05/01/2031 | 406588 |
| Lowery Hills Community Development District City of Lake Alfred Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) | Lowery Hills Community Development District City of Lake Alfred Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) | Lowery Hills Community Development District City of Lake Alfred Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) | Lowery Hills Community Development District City of Lake Alfred Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) |
| 340000 | 4.550 <sup>(c)(e)</sup> | 05/01/2032 | 337889 |
| 750000 | 5.625 <sup>(c)(e)</sup> | 05/01/2045 | 738586 |
| 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 | 102994 |
| 285000 | 5.750 | 05/01/2042 | 295110 |
| 460000 | 5.900 | 05/01/2053 | 477370 |
| 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) |
| 255000 | 3.000 | 05/01/2025 | 254736 |
| 975000 | 3.400 | 05/01/2030 | 931424 |
| 1420000 | 4.000 | 05/01/2040 | 1305039 |
| LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment RB Series 2024 (NR/NR) | LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment RB Series 2024 (NR/NR) | LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment RB Series 2024 (NR/NR) | LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment RB Series 2024 (NR/NR) |
| 500000 | 4.875 | 05/01/2031 | 501425 |
| 315000 | 5.700 | 05/01/2044 | 315683 |
| 1150000 | 5.750 | 05/01/2044 | 1153296 |
| 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) |
| 360000 | 3.250 | 05/01/2031 | 335044 |
| 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) |
| 185000 | 2.500 | 05/01/2026 | 181662 |
| 700000 | 3.125 | 05/01/2031 | 646872 |
| 775000 | 3.450 | 05/01/2041 | 629484 |
| LTC Ranch West Residential Community Development District Special Assessment Refunding RB for Assessment Area Four Project – Pod 2 Series 2024-Aa4 (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment Refunding RB for Assessment Area Four Project – Pod 2 Series 2024-Aa4 (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment Refunding RB for Assessment Area Four Project – Pod 2 Series 2024-Aa4 (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment Refunding RB for Assessment Area Four Project – Pod 2 Series 2024-Aa4 (NR/NR) |
| 1000000 | 5.375 | 05/01/2044 | 979703 |
| 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) |
| 290000 | 4.000 | 05/01/2029 | 288872 |
| 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) |
| 885000 | 3.625 | 06/15/2030 | 848482 |
| Magnolia Island Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) | Magnolia Island Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) | Magnolia Island Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) | Magnolia Island Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) |
| 650000 | 4.650 | 05/01/2032 | 648685 |
| Malabar Springs Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/ NR) | Malabar Springs Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/ NR) | Malabar Springs Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/ NR) | Malabar Springs Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/ NR) |
| 500000 | 4.500 | 05/01/2031 | 494286 |
| Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 780000 | 6.625 <sup>(c)</sup> | 05/01/2053 | 899591 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342731 |
| 1050000 | 4.250 | 05/01/2042 | 948411 |
| Marion Ranch Community Development District Marion County Florida Special Assessment Bonds Series 2024 (NR/NR) | Marion Ranch Community Development District Marion County Florida Special Assessment Bonds Series 2024 (NR/NR) | Marion Ranch Community Development District Marion County Florida Special Assessment Bonds Series 2024 (NR/NR) | Marion Ranch Community Development District Marion County Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 250000 | 5.100 | 05/01/2031 | 250749 |
| 450000 | 5.700 | 05/01/2044 | 450976 |
| McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR) | McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR) | McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR) | McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| 850000 | 4.750 <sup>(c)</sup> | 11/01/2029 | 863040 |
| 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 | 745362 |
| 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 | 463353 |
| 1785000 | 3.250 | 05/01/2041 | 1406222 |
| Merrick Square Community Development District Capital Improvement RB Series 2023 (NR/NR) | Merrick Square Community Development District Capital Improvement RB Series 2023 (NR/NR) | Merrick Square Community Development District Capital Improvement RB Series 2023 (NR/NR) | Merrick Square Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| 750000 | 5.400 | 05/01/2043 | 764322 |
| Miami Dade County Aviation Revenue Refunding Bonds Series 2015A (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2015A (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2015A (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2015A (NR/A+) |
| 30850000 | 5.000 | 10/01/2038 | 30873711 |
| Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A+) |
| 11565000 | 5.000 | 10/01/2040 | 11708615 |
| Miami RB Refunding Parking System Series 2019 (BAM) (A1/AA) | Miami RB Refunding Parking System Series 2019 (BAM) (A1/AA) | Miami RB Refunding Parking System Series 2019 (BAM) (A1/AA) | Miami RB Refunding Parking System Series 2019 (BAM) (A1/AA) |
| 1000000 | 4.000 | 10/01/2038 | 985569 |
| 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) |
| 765000 | 4.750 | 11/01/2027 | 777552 |
| 850000 | 5.125 | 11/01/2039 | 860842 |
| 2350000 | 5.250 | 11/01/2049 | 2375233 |
| Miami-Dade County Aviation Revenue Refunding Bonds Series 2019A (NR/A+) | Miami-Dade County Aviation Revenue Refunding Bonds Series 2019A (NR/A+) | Miami-Dade County Aviation Revenue Refunding Bonds Series 2019A (NR/A+) | Miami-Dade County Aviation Revenue Refunding Bonds Series 2019A (NR/A+) |
| 2225000 | 5.000 | 10/01/2049 | 2227852 |
| Miami-Dade County Aviation Revenue Refunding Bonds Series 2024A (AMT) (NR/A+) | Miami-Dade County Aviation Revenue Refunding Bonds Series 2024A (AMT) (NR/A+) | Miami-Dade County Aviation Revenue Refunding Bonds Series 2024A (AMT) (NR/A+) | Miami-Dade County Aviation Revenue Refunding Bonds Series 2024A (AMT) (NR/A+) |
| 3130000 | 5.000 | 10/01/2027 | 3255293 |
| 2295000 | 5.000 | 10/01/2028 | 2403331 |
| Miami-Dade County Capital Asset Acquisition Special Obligation Bonds Series 2023A (Aa2/AA) | Miami-Dade County Capital Asset Acquisition Special Obligation Bonds Series 2023A (Aa2/AA) | Miami-Dade County Capital Asset Acquisition Special Obligation Bonds Series 2023A (Aa2/AA) | Miami-Dade County Capital Asset Acquisition Special Obligation Bonds Series 2023A (Aa2/AA) |
| 3770000 | 5.000 | 04/01/2045 | 3918179 |
| 1865000 | 5.000 | 04/01/2048 | 1930518 |
| Miami-Dade County Educational Facilities Authority Revenue Refunding Bonds for University of Miami Issue Series 2024B (A2/A-) | Miami-Dade County Educational Facilities Authority Revenue Refunding Bonds for University of Miami Issue Series 2024B (A2/A-) | Miami-Dade County Educational Facilities Authority Revenue Refunding Bonds for University of Miami Issue Series 2024B (A2/A-) | Miami-Dade County Educational Facilities Authority Revenue Refunding Bonds for University of Miami Issue Series 2024B (A2/A-) |
| 9110000 | 5.000 | 04/01/2030 | 9870227 |
| 9565000 | 5.000 | 04/01/2031 | 10459192 |
| 10045000 | 5.000 | 04/01/2032 | 11080683 |
| Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (Ba2/NR) | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (Ba2/NR) | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (Ba2/NR) | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (Ba2/NR) |
| 960000 | 5.000 <sup>(c)</sup> | 07/01/2037 | 950606 |
| 1440000 | 5.250 <sup>(c)</sup> | 07/01/2042 | 1427676 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **31** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Seaport Revenue Refunding Bonds Series 2021A (AGM) (A3/AA) | Miami-Dade County Seaport Revenue Refunding Bonds Series 2021A (AGM) (A3/AA) | Miami-Dade County Seaport Revenue Refunding Bonds Series 2021A (AGM) (A3/AA) | Miami-Dade County Seaport Revenue Refunding Bonds Series 2021A (AGM) (A3/AA) |
| $10000000 | 4.000% | 10/01/2041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9364371 |
| Miami-Dade County Seaport Revenue Refunding Bonds, Series 2022A (AMT) (A3/NR) | Miami-Dade County Seaport Revenue Refunding Bonds, Series 2022A (AMT) (A3/NR) | Miami-Dade County Seaport Revenue Refunding Bonds, Series 2022A (AMT) (A3/NR) | Miami-Dade County Seaport Revenue Refunding Bonds, Series 2022A (AMT) (A3/NR) |
| 2715000 | 5.250 | 10/01/2052 | 2784527 |
| Miami-Dade County Water & Sewer Revenue System Bonds Series 2021 (BAM-TCRS) (Aa3/AA) | Miami-Dade County Water & Sewer Revenue System Bonds Series 2021 (BAM-TCRS) (Aa3/AA) | Miami-Dade County Water & Sewer Revenue System Bonds Series 2021 (BAM-TCRS) (Aa3/AA) | Miami-Dade County Water & Sewer Revenue System Bonds Series 2021 (BAM-TCRS) (Aa3/AA) |
| 1425000 | 4.000 | 10/01/2051 | 1311609 |
| Miami-Dade County, Florida Seaport RR Bonds, Series 2022A (AMT) (A3/NR) | Miami-Dade County, Florida Seaport RR Bonds, Series 2022A (AMT) (A3/NR) | Miami-Dade County, Florida Seaport RR Bonds, Series 2022A (AMT) (A3/NR) | Miami-Dade County, Florida Seaport RR Bonds, Series 2022A (AMT) (A3/NR) |
| 2030000 | 5.000 | 10/01/2042 | 2068153 |
| Midtown Miami Community Development District Special Assessment Revenue Refunding Bonds for Parking Garage Project Series 2014A (NR/NR) | Midtown Miami Community Development District Special Assessment Revenue Refunding Bonds for Parking Garage Project Series 2014A (NR/NR) | Midtown Miami Community Development District Special Assessment Revenue Refunding Bonds for Parking Garage Project Series 2014A (NR/NR) | Midtown Miami Community Development District Special Assessment Revenue Refunding Bonds for Parking Garage Project Series 2014A (NR/NR) |
| 5120000 | 5.000 | 05/01/2037 | 5119811 |
| Mirada Community Development District Pasco County Florida Capital Improvement RB Series 2024 Assessment Area Five (NR/NR) | Mirada Community Development District Pasco County Florida Capital Improvement RB Series 2024 Assessment Area Five (NR/NR) | Mirada Community Development District Pasco County Florida Capital Improvement RB Series 2024 Assessment Area Five (NR/NR) | Mirada Community Development District Pasco County Florida Capital Improvement RB Series 2024 Assessment Area Five (NR/NR) |
| 845000 | 5.000 | 05/01/2034 | 842449 |
| Mirada Community Development District Pasco County Florida Capital Improvement Revenue and Refunding Bonds Series 2024 Assessment Area Three (NR/NR) | Mirada Community Development District Pasco County Florida Capital Improvement Revenue and Refunding Bonds Series 2024 Assessment Area Three (NR/NR) | Mirada Community Development District Pasco County Florida Capital Improvement Revenue and Refunding Bonds Series 2024 Assessment Area Three (NR/NR) | Mirada Community Development District Pasco County Florida Capital Improvement Revenue and Refunding Bonds Series 2024 Assessment Area Three (NR/NR) |
| 500000 | 4.750 | 05/01/2031 | 498998 |
| 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) |
| 210000 | 2.500 | 05/01/2026 | 206276 |
| 740000 | 3.125 | 05/01/2031 | 674610 |
| 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) |
| 315000 | 4.625 | 05/01/2027 | 316488 |
| 215000 | 5.125 | 05/01/2032 | 220507 |
| Miromar Lakes Community Development District Lee County Florida Capital Improvement Revenue Refunding Bonds Series 2025 (NR/NR) | Miromar Lakes Community Development District Lee County Florida Capital Improvement Revenue Refunding Bonds Series 2025 (NR/NR) | Miromar Lakes Community Development District Lee County Florida Capital Improvement Revenue Refunding Bonds Series 2025 (NR/NR) | Miromar Lakes Community Development District Lee County Florida Capital Improvement Revenue Refunding Bonds Series 2025 (NR/NR) |
| 490000 | 5.000 | 05/01/2026 | 496480 |
| 520000 | 5.000 | 05/01/2027 | 532027 |
| 545000 | 5.000 | 05/01/2028 | 562466 |
| 1500000 | 5.000 | 05/01/2035 | 1572082 |
| 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) |
| 675000 | 3.375 | 12/15/2030 | 643597 |
| 1500000 | 4.000 | 12/15/2039 | 1349718 |
| 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 | 1545722 |
| 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 | 471657 |
| New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR) | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR) | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR) | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR) |
| 10000 | 3.125 <sup>(c)</sup> | 05/01/2025 | 9990 |
| 30000 | 3.500 <sup>(c)</sup> | 05/01/2031 | 28391 |
| New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) |
| 125000 | 3.500 <sup>(c)</sup> | 05/01/2026 | 123882 |
| 130000 | 3.500 <sup>(c)</sup> | 05/01/2027 | 128145 |
| 135000 | 3.500 <sup>(c)</sup> | 05/01/2028 | 132797 |
| 140000 | 3.500 <sup>(c)</sup> | 05/01/2029 | 136626 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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/A) – (continued) | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) – (continued) | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) – (continued) | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) – (continued) |
| $700000 | 3.500 %<sup>(c)</sup> | 05/01/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607380 |
| Normandy Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Normandy Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Normandy Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Normandy Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) |
| 675000 | 4.625 <sup>(c)</sup> | 05/01/2031 | 665046 |
| North Ar-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) | North Ar-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) | North Ar-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) | North Ar-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) |
| 740000 | 4.875 | 05/01/2031 | 741890 |
| 700000 | 5.750 | 05/01/2044 | 702006 |
| North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Four Series 2024 (NR/NR) | North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Four Series 2024 (NR/NR) | North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Four Series 2024 (NR/NR) | North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Four Series 2024 (NR/NR) |
| 305000 | 4.625 | 05/01/2031 | 305321 |
| 405000 | 5.450 | 05/01/2044 | 403632 |
| 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) |
| 135000 | 2.625 | 05/01/2026 | 132811 |
| 280000 | 3.125 | 05/01/2031 | 259312 |
| North Loop Community Development District (City of Punta Gorda, Florida) Special Assessment Bonds, Series 2023 (NR/NR) | North Loop Community Development District (City of Punta Gorda, Florida) Special Assessment Bonds, Series 2023 (NR/NR) | North Loop Community Development District (City of Punta Gorda, Florida) Special Assessment Bonds, Series 2023 (NR/NR) | North Loop Community Development District (City of Punta Gorda, Florida) Special Assessment Bonds, Series 2023 (NR/NR) |
| 250000 | 5.625 | 05/01/2030 | 256471 |
| 525000 | 6.375 | 05/01/2043 | 556776 |
| North Miami FLA Community Redevelopment Agency Redevelopment RB 2024 (NR/A) | North Miami FLA Community Redevelopment Agency Redevelopment RB 2024 (NR/A) | North Miami FLA Community Redevelopment Agency Redevelopment RB 2024 (NR/A) | North Miami FLA Community Redevelopment Agency Redevelopment RB 2024 (NR/A) |
| 595000 | 5.000 | 03/01/2027 | 613108 |
| 200000 | 5.000 | 03/01/2028 | 208786 |
| 600000 | 5.000 | 03/01/2029 | 633104 |
| 425000 | 5.000 | 03/01/2032 | 456190 |
| 455000 | 5.000 | 03/01/2033 | 489524 |
| 565000 | 5.000 | 03/01/2034 | 609177 |
| 585000 | 5.000 | 03/01/2038 | 615491 |
| 1000000 | 5.000 | 03/01/2040 | 1041244 |
| 1000000 | 5.000 | 03/01/2041 | 1029508 |
| 1000000 | 5.000 | 03/01/2042 | 1020585 |
| 685000 | 5.000 | 03/01/2043 | 694352 |
| 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) |
| 185000 | 2.450 | 11/01/2026 | 180211 |
| 670000 | 3.000 | 11/01/2031 | 614164 |
| North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 210000 | 5.250 <sup>(c)</sup> | 05/01/2032 | 214343 |
| 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) |
| 135000 | 2.625 | 05/01/2025 | 134799 |
| 495000 | 3.125 | 05/01/2030 | 468034 |
| 430000 | 3.625 | 05/01/2040 | 370848 |
| 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 | 702223 |
| 575000 | 5.000 | 10/01/2031 | 613176 |
| 1025000 | 5.000 | 10/01/2033 | 1080190 |
| 1205000 | 5.000 | 10/01/2034 | 1265148 |
| 1000000 | 5.000 | 10/01/2036 | 1045609 |
| 1975000 | 5.000 | 10/01/2037 | 2059979 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (BAM) (NR/AA) – (continued) | North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (BAM) (NR/AA) – (continued) | North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (BAM) (NR/AA) – (continued) | North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (BAM) (NR/AA) – (continued) |
| $2075000 | 5.000% | 10/01/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153570 |
| 2180000 | 5.000 | 10/01/2039 | 2276005 |
| 2630000 | 5.000 | 10/01/2044 | 2705152 |
| Ocala Preserve Community Development District Capital Improvement RB Series 2023 (NR/NR) | Ocala Preserve Community Development District Capital Improvement RB Series 2023 (NR/NR) | Ocala Preserve Community Development District Capital Improvement RB Series 2023 (NR/NR) | Ocala Preserve Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| 280000 | 4.875 | 05/01/2030 | 283643 |
| 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) |
| 60000 | 2.500 | 06/15/2025 | 59800 |
| 300000 | 3.000 | 06/15/2030 | 284762 |
| 315000 | 4.000 | 06/15/2040 | 283886 |
| Orange Blossom Groves Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Orange Blossom Groves Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Orange Blossom Groves Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Orange Blossom Groves Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 350000 | 4.250 | 06/15/2030 | 352826 |
| 585000 | 5.250 | 06/15/2043 | 596058 |
| 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) |
| 825000 | 4.100 | 05/01/2029 | 822715 |
| Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2025A (NR/A+) | Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2025A (NR/A+) | Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2025A (NR/A+) | Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2025A (NR/A+) |
| 7750000 | 4.500 | 10/01/2056 | 7427841 |
| Orlando Utilities Commission RB Series 2021 B (Aa2/AA) | Orlando Utilities Commission RB Series 2021 B (Aa2/AA) | Orlando Utilities Commission RB Series 2021 B (Aa2/AA) | Orlando Utilities Commission RB Series 2021 B (Aa2/AA) |
| 4325000 | 1.250 <sup>(a)(b)</sup> | 10/01/2046 | 3874747 |
| 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) |
| 350000 | 3.500 | 05/01/2030 | 330134 |
| Osceola County Expressway System Senior Lien Convertible Capital Appreciation RB Series 2014B-2 (NR/NR) | Osceola County Expressway System Senior Lien Convertible Capital Appreciation RB Series 2014B-2 (NR/NR) | Osceola County Expressway System Senior Lien Convertible Capital Appreciation RB Series 2014B-2 (NR/NR) | Osceola County Expressway System Senior Lien Convertible Capital Appreciation RB Series 2014B-2 (NR/NR) |
| 5000000 | 6.150 <sup>(d)</sup> | 10/01/2031 | 5828983 |
| 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) |
| 3270000 | 5.875 | 11/01/2037 | 3355665 |
| 3490000 | 6.000 | 11/01/2047 | 3563202 |
| Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| 525000 | 4.875 <sup>(c)</sup> | 11/01/2028 | 533167 |
| Osceola County Transportation Improvement & Refunding RB Series 2019A-1 (NR/BBB+) | Osceola County Transportation Improvement & Refunding RB Series 2019A-1 (NR/BBB+) | Osceola County Transportation Improvement & Refunding RB Series 2019A-1 (NR/BBB+) | Osceola County Transportation Improvement & Refunding RB Series 2019A-1 (NR/BBB+) |
| 400000 | 5.000 | 10/01/2026 | 408919 |
| Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR) | Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR) | Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR) | Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR) |
| 80000 | 2.375 <sup>(c)</sup> | 05/01/2026 | 78501 |
| 180000 | 2.875 <sup>(c)</sup> | 05/01/2031 | 164152 |
| 365000 | 3.300 <sup>(c)</sup> | 05/01/2041 | 290543 |
| Pacific Ace Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) | Pacific Ace Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) | Pacific Ace Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) | Pacific Ace Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) |
| 505000 | 5.200 | 05/01/2044 | 500255 |
| Paddocks Community Development District Capital Improvement RB Series 2024 (NR/NR) | Paddocks Community Development District Capital Improvement RB Series 2024 (NR/NR) | Paddocks Community Development District Capital Improvement RB Series 2024 (NR/NR) | Paddocks Community Development District Capital Improvement RB Series 2024 (NR/NR) |
| 580000 | 4.250 <sup>(c)</sup> | 05/01/2031 | 571805 |
| 1025000 | 5.125 <sup>(c)</sup> | 05/01/2044 | 984755 |
| Palermo Community Development District Lee County Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) | Palermo Community Development District Lee County Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) | Palermo Community Development District Lee County Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) | Palermo Community Development District Lee County Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) |
| 250000 | 4.375 | 06/15/2032 | 246963 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Palermo Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Palermo Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Palermo Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Palermo Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| $525000 | 4.125% | 06/15/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526263 |
| 950000 | 5.000 | 06/15/2043 | 947055 |
| Palm Beach County Educational Facilities Authority RB Palm Beach Atlantic University, Inc. Series 2024 (NR/NR) | Palm Beach County Educational Facilities Authority RB Palm Beach Atlantic University, Inc. Series 2024 (NR/NR) | Palm Beach County Educational Facilities Authority RB Palm Beach Atlantic University, Inc. Series 2024 (NR/NR) | Palm Beach County Educational Facilities Authority RB Palm Beach Atlantic University, Inc. Series 2024 (NR/NR) |
| 4000000 | 5.000 | 10/01/2034 | 4177702 |
| 1810000 | 5.000 | 10/01/2043 | 1791071 |
| 3280000 | 5.250 | 10/01/2053 | 3238422 |
| 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 | 236274 |
| 1030000 | 5.000 | 11/15/2042 | 1051418 |
| 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 | 1906151 |
| 1825000 | 5.000 | 05/15/2053 | 1737561 |
| 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 | 610152 |
| 8190000 | 4.000 | 05/15/2036 | 7784737 |
| Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Series 2023 C (NR/NR) | Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Series 2023 C (NR/NR) | Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Series 2023 C (NR/NR) | Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Series 2023 C (NR/NR) |
| 945000 | 7.500 | 05/15/2053 | 1052902 |
| Palm Coast Park Community Development District Special Assessment Bond for Somerset at Palm Coast Park, Series 2023 (NR/NR) | Palm Coast Park Community Development District Special Assessment Bond for Somerset at Palm Coast Park, Series 2023 (NR/NR) | Palm Coast Park Community Development District Special Assessment Bond for Somerset at Palm Coast Park, Series 2023 (NR/NR) | Palm Coast Park Community Development District Special Assessment Bond for Somerset at Palm Coast Park, Series 2023 (NR/NR) |
| 820000 | 4.700 | 05/01/2033 | 827169 |
| 400000 | 5.400 | 05/01/2043 | 404470 |
| 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 | 248746 |
| 730000 | 3.125 | 05/01/2041 | 565242 |
| 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) |
| 45000 | 3.400 | 05/01/2025 | 44967 |
| 245000 | 3.750 | 05/01/2030 | 237159 |
| 965000 | 4.150 | 05/01/2040 | 878042 |
| Palm Gate Community Development District City of Florida City Florida Special Assessment Bonds Series 2025 (NR/NR) | Palm Gate Community Development District City of Florida City Florida Special Assessment Bonds Series 2025 (NR/NR) | Palm Gate Community Development District City of Florida City Florida Special Assessment Bonds Series 2025 (NR/NR) | Palm Gate Community Development District City of Florida City Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 965000 | 4.375 | 06/15/2032 | 954443 |
| 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 | 214489 |
| 225000 | 3.500 | 11/01/2026 | 223929 |
| 230000 | 3.500 | 11/01/2027 | 228264 |
| 240000 | 3.500 | 11/01/2028 | 236669 |
| Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 785000 | 4.000 <sup>(c)</sup> | 05/01/2050 | 646788 |
| 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) |
| 350000 | 3.750 | 05/01/2031 | 341368 |
| 1045000 | 4.000 | 05/01/2036 | 1016952 |
| 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-) |
| 160000 | 4.000 | 05/01/2027 | 159955 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **33** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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-) – (continued) | Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (NR/BBB-) – (continued) | Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (NR/BBB-) – (continued) | Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (NR/BBB-) – (continued) |
| $3575000 | 5.000% | 05/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3589638 |
| 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) |
| 655000 | 2.875 | 11/01/2031 | 584698 |
| 1150000 | 3.150 | 11/01/2041 | 885662 |
| Parker Pointe Community Development District Miami-Dade County Florida Special Assessment Bonds Series 2024 (NR/NR) | Parker Pointe Community Development District Miami-Dade County Florida Special Assessment Bonds Series 2024 (NR/NR) | Parker Pointe Community Development District Miami-Dade County Florida Special Assessment Bonds Series 2024 (NR/NR) | Parker Pointe Community Development District Miami-Dade County Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 700000 | 5.500 | 05/01/2044 | 694385 |
| 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) |
| 465000 | 4.750 | 05/01/2030 | 470273 |
| 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 | 585782 |
| 800000 | 3.750 | 05/01/2040 | 684406 |
| 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 | 341106 |
| 1030000 | 4.500 | 05/01/2038 | 977355 |
| Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/A-) | Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/A-) | Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/A-) | Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/A-) |
| 265000 | 4.000 | 05/01/2026 | 266135 |
| 275000 | 4.000 | 05/01/2027 | 277106 |
| 285000 | 4.125 | 05/01/2028 | 288511 |
| Parrish Lakes Community Development District Capital Improvement RB for Special Assessment Area Two Series 2023A (NR/NR) | Parrish Lakes Community Development District Capital Improvement RB for Special Assessment Area Two Series 2023A (NR/NR) | Parrish Lakes Community Development District Capital Improvement RB for Special Assessment Area Two Series 2023A (NR/NR) | Parrish Lakes Community Development District Capital Improvement RB for Special Assessment Area Two Series 2023A (NR/NR) |
| 355000 | 4.625 | 05/01/2030 | 356189 |
| 515000 | 5.375 | 05/01/2043 | 516214 |
| Parrish Lakes Community Development District Capital Improvement RB Series 2023 (NR/NR) | Parrish Lakes Community Development District Capital Improvement RB Series 2023 (NR/NR) | Parrish Lakes Community Development District Capital Improvement RB Series 2023 (NR/NR) | Parrish Lakes Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| 300000 | 4.000 | 05/01/2030 | 296460 |
| Parrish Lakes Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Three (NR/NR) | Parrish Lakes Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Three (NR/NR) | Parrish Lakes Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Three (NR/NR) | Parrish Lakes Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Three (NR/NR) |
| 470000 | 5.000 | 05/01/2031 | 467848 |
| 770000 | 5.500 | 05/01/2044 | 755842 |
| Parrish Lakes II Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Parrish Lakes II Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Parrish Lakes II Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Parrish Lakes II Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) |
| 1330000 | 4.250 | 05/01/2031 | 1311904 |
| Parrish Plantation Community Development District Manatee County Florida Special Assessment RB Series 2024 Assessment Area Four Project (NR/NR) | Parrish Plantation Community Development District Manatee County Florida Special Assessment RB Series 2024 Assessment Area Four Project (NR/NR) | Parrish Plantation Community Development District Manatee County Florida Special Assessment RB Series 2024 Assessment Area Four Project (NR/NR) | Parrish Plantation Community Development District Manatee County Florida Special Assessment RB Series 2024 Assessment Area Four Project (NR/NR) |
| 250000 | 5.625 | 05/01/2044 | 253297 |
| Parrish Plantation Community Development District Manatee County Florida Special Assessment RB Series 2024 Assessment Area Three Project (NR/NR) | Parrish Plantation Community Development District Manatee County Florida Special Assessment RB Series 2024 Assessment Area Three Project (NR/NR) | Parrish Plantation Community Development District Manatee County Florida Special Assessment RB Series 2024 Assessment Area Three Project (NR/NR) | Parrish Plantation Community Development District Manatee County Florida Special Assessment RB Series 2024 Assessment Area Three Project (NR/NR) |
| 375000 | 4.875 | 05/01/2031 | 377646 |
| 700000 | 5.800 | 05/01/2044 | 713900 |
| 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) |
| 130000 | 2.500 | 05/01/2026 | 127910 |
| 335000 | 3.125 | 05/01/2031 | 312623 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Pasadena Ridge Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Pasadena Ridge Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Pasadena Ridge Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Pasadena Ridge Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) |
| $665000 | 4.350% | 05/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658758 |
| 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) |
| 210000 | 3.250 | 05/01/2031 | 195866 |
| 720000 | 3.550 | 05/01/2041 | 593982 |
| Pasco County Capital Improvement Cigarette Tax Allocation Bonds Series 2023A (AGM) (A1/AA) | Pasco County Capital Improvement Cigarette Tax Allocation Bonds Series 2023A (AGM) (A1/AA) | Pasco County Capital Improvement Cigarette Tax Allocation Bonds Series 2023A (AGM) (A1/AA) | Pasco County Capital Improvement Cigarette Tax Allocation Bonds Series 2023A (AGM) (A1/AA) |
| 480000 | 5.250 | 09/01/2035 | 527145 |
| 500000 | 5.250 | 09/01/2036 | 546900 |
| 250000 | 5.500 | 09/01/2037 | 276218 |
| 210000 | 5.500 | 09/01/2038 | 230065 |
| 3665000 | 5.750 | 09/01/2054 | 3942365 |
| 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-) |
| 475000 | 4.000 | 05/01/2026 | 476132 |
| 515000 | 4.000 | 05/01/2028 | 519484 |
| 1315000 | 4.500 | 05/01/2031 | 1316739 |
| Peace Creek Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) | Peace Creek Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) | Peace Creek Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) | Peace Creek Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) |
| 910000 | 5.450 | 05/01/2045 | 895414 |
| Peace Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Peace Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Peace Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Peace Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 455000 | 4.250 | 06/15/2030 | 455789 |
| Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) | Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) | Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) | Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 345000 | 4.500 <sup>(c)</sup> | 05/01/2032 | 342649 |
| 500000 | 5.600 <sup>(c)</sup> | 05/01/2045 | 492082 |
| Peace Crossing Community Development District Special Assessment RB for Assessment Area One Series 2024 (NR/NR) | Peace Crossing Community Development District Special Assessment RB for Assessment Area One Series 2024 (NR/NR) | Peace Crossing Community Development District Special Assessment RB for Assessment Area One Series 2024 (NR/NR) | Peace Crossing Community Development District Special Assessment RB for Assessment Area One Series 2024 (NR/NR) |
| 800000 | 5.000 | 05/01/2031 | 790170 |
| 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 | 1330256 |
| Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 225000 | 3.000 <sup>(c)</sup> | 12/15/2031 | 212961 |
| 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 | 505407 |
| 555000 | 2.000 | 05/01/2029 | 501199 |
| 565000 | 2.125 | 05/01/2030 | 496032 |
| 1000000 | 2.625 | 05/01/2034 | 830534 |
| 990000 | 2.800 | 05/01/2037 | 783509 |
| 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) |
| 145000 | 2.750 | 05/01/2025 | 144818 |
| 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) |
| 1600000 | 5.000 | 07/01/2029 | 1618662 |
| 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) |
| 20000 | 2.875 | 05/01/2025 | 19974 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR) – (continued) | Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR) – (continued) | Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR) – (continued) | Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR) – (continued) |
| $170000 | 3.250% | 05/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158559 |
| 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) |
| 435000 | 2.800 | 05/01/2025 | 434409 |
| 3320000 | 3.200 | 05/01/2031 | 3096214 |
| 1870000 | 3.500 | 05/01/2037 | 1634658 |
| Preserve at Savannah Lakes Community Development District Special Assessment Bonds Phase 1 Series 2024 (NR/NR) | Preserve at Savannah Lakes Community Development District Special Assessment Bonds Phase 1 Series 2024 (NR/NR) | Preserve at Savannah Lakes Community Development District Special Assessment Bonds Phase 1 Series 2024 (NR/NR) | Preserve at Savannah Lakes Community Development District Special Assessment Bonds Phase 1 Series 2024 (NR/NR) |
| 250000 | 4.600 | 05/01/2031 | 250830 |
| 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) |
| 235000 | 4.750 | 11/01/2029 | 240047 |
| 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) |
| 555000 | 3.500 | 11/01/2030 | 542309 |
| 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) |
| 110000 | 2.500 | 05/01/2026 | 108518 |
| 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) |
| 310000 | 3.250 | 05/01/2027 | 304523 |
| 1820000 | 4.000 | 05/01/2042 | 1581172 |
| Prosperity Lakes Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One) (NR/NR) | Prosperity Lakes Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One) (NR/NR) | Prosperity Lakes Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One) (NR/NR) | Prosperity Lakes Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One) (NR/NR) |
| 690000 | 5.875 | 12/15/2043 | 726368 |
| 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) |
| 60000 | 2.200 | 12/15/2026 | 58327 |
| 485000 | 2.700 | 12/15/2031 | 442734 |
| 730000 | 3.125 | 12/15/2041 | 573156 |
| Ranches At Lake Mcleod Community Development District Polk County Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) | Ranches At Lake Mcleod Community Development District Polk County Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) | Ranches At Lake Mcleod Community Development District Polk County Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) | Ranches At Lake Mcleod Community Development District Polk County Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) |
| 300000 | 4.250 | 06/15/2030 | 299256 |
| 370000 | 4.550 | 06/15/2035 | 365964 |
| 600000 | 5.450 | 06/15/2045 | 595659 |
| Ranches at Lake Mcleod Community Development District Polk County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | Ranches at Lake Mcleod Community Development District Polk County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | Ranches at Lake Mcleod Community Development District Polk County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | Ranches at Lake Mcleod Community Development District Polk County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) |
| 625000 | 5.250 | 06/15/2043 | 632194 |
| Randal Park Community Development District Randal Walk Special Assessment RB Series 2018 (NR/NR) | Randal Park Community Development District Randal Walk Special Assessment RB Series 2018 (NR/NR) | Randal Park Community Development District Randal Walk Special Assessment RB Series 2018 (NR/NR) | Randal Park Community Development District Randal Walk Special Assessment RB Series 2018 (NR/NR) |
| 185000 | 4.500 <sup>(c)</sup> | 05/01/2029 | 186496 |
| 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) |
| 90000 | 4.250 | 11/01/2025 | 90098 |
| Regal-Village Community Development District Capital Improvement Revenue Bonds Series 2024 (NR/NR) | Regal-Village Community Development District Capital Improvement Revenue Bonds Series 2024 (NR/NR) | Regal-Village Community Development District Capital Improvement Revenue Bonds Series 2024 (NR/NR) | Regal-Village Community Development District Capital Improvement Revenue Bonds Series 2024 (NR/NR) |
| 370000 | 4.250 | 05/01/2031 | 368076 |
| Reserve at Van Oaks Community Development District City of Auburndale, Florida Special Assessment Bonds, Series 2023 Project (NR/NR) | Reserve at Van Oaks Community Development District City of Auburndale, Florida Special Assessment Bonds, Series 2023 Project (NR/NR) | Reserve at Van Oaks Community Development District City of Auburndale, Florida Special Assessment Bonds, Series 2023 Project (NR/NR) | Reserve at Van Oaks Community Development District City of Auburndale, Florida Special Assessment Bonds, Series 2023 Project (NR/NR) |
| 670000 | 5.125 | 05/01/2043 | 676462 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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) |
| $165000 | 5.000% | 05/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165224 |
| 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) |
| 425000 | 4.000 | 05/01/2030 | 420559 |
| 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 | 1000609 |
| 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) |
| 405000 | 4.000 | 05/01/2030 | 405908 |
| 615000 | 4.500 | 05/01/2040 | 594823 |
| 610000 | 4.750 | 05/01/2050 | 569859 |
| 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 | 177558 |
| 400000 | 3.300 | 05/01/2042 | 324679 |
| Ridge at Apopka Community Development District Special Assessment Bonds for Parcel Two Project Series 2023 (NR/NR) | Ridge at Apopka Community Development District Special Assessment Bonds for Parcel Two Project Series 2023 (NR/NR) | Ridge at Apopka Community Development District Special Assessment Bonds for Parcel Two Project Series 2023 (NR/NR) | Ridge at Apopka Community Development District Special Assessment Bonds for Parcel Two Project Series 2023 (NR/NR) |
| 290000 | 4.750 | 05/01/2030 | 293093 |
| 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) |
| 280000 | 4.750 | 05/01/2027 | 282404 |
| 700000 | 5.000 | 05/01/2032 | 723386 |
| Ridge at Health Brook Community Development District Capital Improvement RB Series 2023 (NR/NR) | Ridge at Health Brook Community Development District Capital Improvement RB Series 2023 (NR/NR) | Ridge at Health Brook Community Development District Capital Improvement RB Series 2023 (NR/NR) | Ridge at Health Brook Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| 120000 | 4.375 | 05/01/2030 | 120379 |
| 270000 | 5.250 | 05/01/2043 | 272502 |
| 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 | 2384405 |
| 890000 | 4.000 | 05/01/2035 | 871907 |
| 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) |
| 295000 | 2.375 | 05/01/2026 | 289290 |
| 600000 | 3.000 | 05/01/2031 | 553229 |
| River Hall Community Development District (Lee County, Florida) Capital Improvement RB Series 2024 (Assessment Area 5) (NR/NR) | River Hall Community Development District (Lee County, Florida) Capital Improvement RB Series 2024 (Assessment Area 5) (NR/NR) | River Hall Community Development District (Lee County, Florida) Capital Improvement RB Series 2024 (Assessment Area 5) (NR/NR) | River Hall Community Development District (Lee County, Florida) Capital Improvement RB Series 2024 (Assessment Area 5) (NR/NR) |
| 675000 | 4.550 <sup>(c)</sup> | 05/01/2031 | 671166 |
| River Hall Community Development District (Lee County, Florida) Capital Improvement RB, Series 2023A (Assessment Area 4) (NR/NR) | River Hall Community Development District (Lee County, Florida) Capital Improvement RB, Series 2023A (Assessment Area 4) (NR/NR) | River Hall Community Development District (Lee County, Florida) Capital Improvement RB, Series 2023A (Assessment Area 4) (NR/NR) | River Hall Community Development District (Lee County, Florida) Capital Improvement RB, Series 2023A (Assessment Area 4) (NR/NR) |
| 700000 | 6.250 | 05/01/2043 | 736184 |
| 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) |
| 155000 | 2.750 | 05/01/2025 | 154777 |
| 690000 | 3.250 | 05/01/2031 | 644959 |
| 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) |
| 80000 | 3.000 | 05/01/2026 | 79000 |
| 890000 | 3.000 | 05/01/2031 | 820175 |
| 885000 | 3.000 | 05/01/2036 | 746471 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **35** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Pasco County Florida Capital Improvement RB Series 2025 (NR/NR) | River Landing Community Development District Pasco County Florida Capital Improvement RB Series 2025 (NR/NR) | River Landing Community Development District Pasco County Florida Capital Improvement RB Series 2025 (NR/NR) | River Landing Community Development District Pasco County Florida Capital Improvement RB Series 2025 (NR/NR) |
| $635000 | 5.200% | 05/01/2045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623845 |
| 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) |
| 70000 | 3.000 | 05/01/2025 | 69926 |
| 470000 | 3.600 | 05/01/2030 | 450338 |
| 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) |
| 100000 | 2.400 | 05/01/2026 | 98143 |
| 200000 | 3.000 | 05/01/2031 | 183907 |
| Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR) | Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR) | Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR) | Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR) |
| 125000 | 2.400 <sup>(c)</sup> | 05/01/2026 | 122704 |
| 300000 | 3.000 <sup>(c)</sup> | 05/01/2031 | 275861 |
| Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2024 (NR/NR) | Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2024 (NR/NR) | Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2024 (NR/NR) | Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 1000000 | 5.500 | 05/01/2044 | 1007174 |
| Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2025 (NR/NR) | Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2025 (NR/NR) | Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2025 (NR/NR) | Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 300000 | 4.375 <sup>(c)</sup> | 05/01/2035 | 294256 |
| 500000 | 5.200 <sup>(c)</sup> | 05/01/2045 | 490613 |
| 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 | 3284214 |
| 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) |
| 800000 | 3.650 | 05/01/2032 | 752937 |
| 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 | 800593 |
| Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 170000 | 5.625 <sup>(c)</sup> | 05/01/2029 | 172402 |
| 830000 | 6.250 <sup>(c)</sup> | 05/01/2042 | 864905 |
| Rookery Community Development District City of Green Cove Springs Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Rookery Community Development District City of Green Cove Springs Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Rookery Community Development District City of Green Cove Springs Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Rookery Community Development District City of Green Cove Springs Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) |
| 410000 | 4.250 | 05/01/2031 | 404207 |
| 1000000 | 5.000 | 05/01/2044 | 956309 |
| 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) |
| 615000 | 2.850 | 05/01/2027 | 595107 |
| 1100000 | 3.200 | 05/01/2032 | 1007566 |
| 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 | 331357 |
| Rye Crossing Community Development District Capital Improvement RB Series 2023 (NR/NR) | Rye Crossing Community Development District Capital Improvement RB Series 2023 (NR/NR) | Rye Crossing Community Development District Capital Improvement RB Series 2023 (NR/NR) | Rye Crossing Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| 820000 | 5.000 | 05/01/2043 | 816299 |
| Rye Crossing Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Rye Crossing Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Rye Crossing Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Rye Crossing Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) |
| 310000 | 4.200 | 05/01/2031 | 305613 |
| 750000 | 5.000 | 05/01/2044 | 721562 |
| Rye Ranch Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Pod A 2023 Project Area) (NR/NR) | Rye Ranch Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Pod A 2023 Project Area) (NR/NR) | Rye Ranch Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Pod A 2023 Project Area) (NR/NR) | Rye Ranch Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Pod A 2023 Project Area) (NR/NR) |
| 235000 | 5.700 | 05/01/2030 | 241166 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Rye Ranch Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Pod A 2023 Project Area) (NR/NR) – (continued) | Rye Ranch Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Pod A 2023 Project Area) (NR/NR) – (continued) | Rye Ranch Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Pod A 2023 Project Area) (NR/NR) – (continued) | Rye Ranch Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Pod A 2023 Project Area) (NR/NR) – (continued) |
| $1000000 | 6.500% | 05/01/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067890 |
| Rye Ranch Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | Rye Ranch Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | Rye Ranch Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | Rye Ranch Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) |
| 660000 | 5.750 <sup>(c)</sup> | 11/01/2043 | 671659 |
| Sabal Palm Community Development District Broward County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Sabal Palm Community Development District Broward County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Sabal Palm Community Development District Broward County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Sabal Palm Community Development District Broward County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) |
| 1625000 | 5.000 | 05/01/2044 | 1615381 |
| 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) |
| 120000 | 2.500 | 06/15/2025 | 119558 |
| 320000 | 3.000 | 06/15/2030 | 304180 |
| 290000 | 4.000 | 06/15/2040 | 267204 |
| 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) |
| 165000 | 2.625 | 12/15/2027 | 158924 |
| 355000 | 3.100 | 12/15/2032 | 329152 |
| Saltleaf Community Development District Lee County Florida Capital Improvement RB Series 2024 (NR/NR) | Saltleaf Community Development District Lee County Florida Capital Improvement RB Series 2024 (NR/NR) | Saltleaf Community Development District Lee County Florida Capital Improvement RB Series 2024 (NR/NR) | Saltleaf Community Development District Lee County Florida Capital Improvement RB Series 2024 (NR/NR) |
| 450000 | 4.750 | 05/01/2031 | 448629 |
| 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) |
| 585000 | 5.250 | 05/01/2042 | 587067 |
| 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) |
| 670000 | 2.375 | 05/01/2035 | 541075 |
| 1425000 | 2.625 | 05/01/2040 | 1054720 |
| San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR) | San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR) | San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR) | San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 1000000 | 3.750 <sup>(c)</sup> | 06/15/2031 | 958844 |
| 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 | 426547 |
| 1100000 | 3.300 | 11/01/2041 | 934026 |
| 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 | 520310 |
| Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) |
| 2520000 | 4.000 | 07/01/2048 | 2241141 |
| Savanna Lakes Community Development District Lee County Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Savanna Lakes Community Development District Lee County Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Savanna Lakes Community Development District Lee County Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Savanna Lakes Community Development District Lee County Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) |
| 625000 | 5.250 | 06/15/2044 | 617112 |
| Savanna Lakes Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | Savanna Lakes Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | Savanna Lakes Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | Savanna Lakes Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) |
| 815000 | 5.125 <sup>(c)</sup> | 06/15/2043 | 821423 |
| Sawgrass Village Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area Two) (NR/NR) | Sawgrass Village Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area Two) (NR/NR) | Sawgrass Village Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area Two) (NR/NR) | Sawgrass Village Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area Two) (NR/NR) |
| 350000 | 5.250 | 11/01/2030 | 356311 |
| Sawgrass Village Community Development District Manatee County Florida Special Assessment Bonds Series 2024 Assessment Area Three (NR/NR) | Sawgrass Village Community Development District Manatee County Florida Special Assessment Bonds Series 2024 Assessment Area Three (NR/NR) | Sawgrass Village Community Development District Manatee County Florida Special Assessment Bonds Series 2024 Assessment Area Three (NR/NR) | Sawgrass Village Community Development District Manatee County Florida Special Assessment Bonds Series 2024 Assessment Area Three (NR/NR) |
| 300000 | 4.700 <sup>(c)</sup> | 05/01/2031 | 300271 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Sawgrass Village Community Development District Manatee County Florida Special Assessment Bonds Series 2024 Assessment Area Three (NR/NR) – (continued) | Sawgrass Village Community Development District Manatee County Florida Special Assessment Bonds Series 2024 Assessment Area Three (NR/NR) – (continued) | Sawgrass Village Community Development District Manatee County Florida Special Assessment Bonds Series 2024 Assessment Area Three (NR/NR) – (continued) | Sawgrass Village Community Development District Manatee County Florida Special Assessment Bonds Series 2024 Assessment Area Three (NR/NR) – (continued) |
| $700000 | 5.550 %<sup>(c)</sup> | 05/01/2044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698467 |
| Sawgrass Village Community Development District Manatee County, Florida Special Assessment Bonds, Series 2023 Series 2023 Project (NR/NR) | Sawgrass Village Community Development District Manatee County, Florida Special Assessment Bonds, Series 2023 Series 2023 Project (NR/NR) | Sawgrass Village Community Development District Manatee County, Florida Special Assessment Bonds, Series 2023 Series 2023 Project (NR/NR) | Sawgrass Village Community Development District Manatee County, Florida Special Assessment Bonds, Series 2023 Series 2023 Project (NR/NR) |
| 525000 | 4.875 | 05/01/2030 | 529032 |
| 1260000 | 5.500 | 05/01/2043 | 1270732 |
| Sawgrass Village Community Development District Special Assessment Bonds Series 2023 (Assessment Area Two) (NR/NR) | Sawgrass Village Community Development District Special Assessment Bonds Series 2023 (Assessment Area Two) (NR/NR) | Sawgrass Village Community Development District Special Assessment Bonds Series 2023 (Assessment Area Two) (NR/NR) | Sawgrass Village Community Development District Special Assessment Bonds Series 2023 (Assessment Area Two) (NR/NR) |
| 1100000 | 6.125 | 11/01/2043 | 1145837 |
| 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) |
| 170000 | 2.750 | 05/01/2025 | 169778 |
| 465000 | 3.250 | 05/01/2030 | 448676 |
| 560000 | 3.750 | 05/01/2040 | 497494 |
| Scenic Terrace North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Scenic Terrace North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Scenic Terrace North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Scenic Terrace North Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 455000 | 5.125 | 05/01/2030 | 460212 |
| Scenic Terrace South Community Development District (Town of Lake Hamilton, Florida) Special Assessment Bonds, Series 2023 (Series 2023 Project) (NR/NR) | Scenic Terrace South Community Development District (Town of Lake Hamilton, Florida) Special Assessment Bonds, Series 2023 (Series 2023 Project) (NR/NR) | Scenic Terrace South Community Development District (Town of Lake Hamilton, Florida) Special Assessment Bonds, Series 2023 (Series 2023 Project) (NR/NR) | Scenic Terrace South Community Development District (Town of Lake Hamilton, Florida) Special Assessment Bonds, Series 2023 (Series 2023 Project) (NR/NR) |
| 400000 | 6.500 | 11/01/2043 | 422339 |
| 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) |
| 250000 | 3.750 | 05/01/2027 | 247807 |
| 540000 | 4.125 | 05/01/2032 | 527712 |
| 1190000 | 4.500 | 05/01/2042 | 1098284 |
| Seagrove Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) | Seagrove Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) | Seagrove Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) | Seagrove Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 980000 | 4.250 | 06/15/2031 | 968008 |
| 785000 | 4.875 | 06/15/2044 | 756463 |
| Seaton Creek Reserve Community Development District City of Jacksonville, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | Seaton Creek Reserve Community Development District City of Jacksonville, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | Seaton Creek Reserve Community Development District City of Jacksonville, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | Seaton Creek Reserve Community Development District City of Jacksonville, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) |
| 725000 | 5.250 <sup>(c)</sup> | 06/15/2043 | 734802 |
| Sedona Point Community Development District Miami-Dade County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) | Sedona Point Community Development District Miami-Dade County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) | Sedona Point Community Development District Miami-Dade County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) | Sedona Point Community Development District Miami-Dade County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) |
| 600000 | 5.000 | 06/15/2043 | 603344 |
| 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) |
| 300000 | 4.400 | 10/01/2027 | 300768 |
| 550000 | 5.000 | 10/01/2032 | 557785 |
| Seminole Palms Community Development District City of Palm Coast Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Seminole Palms Community Development District City of Palm Coast Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Seminole Palms Community Development District City of Palm Coast Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Seminole Palms Community Development District City of Palm Coast Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) |
| 1250000 | 5.200 <sup>(c)</sup> | 05/01/2044 | 1206206 |
| Seminole Palms Community Development District City of Palm Coast, Florida Special Assessment Bonds, Series 2023 2023 Project Area (NR/NR) | Seminole Palms Community Development District City of Palm Coast, Florida Special Assessment Bonds, Series 2023 2023 Project Area (NR/NR) | Seminole Palms Community Development District City of Palm Coast, Florida Special Assessment Bonds, Series 2023 2023 Project Area (NR/NR) | Seminole Palms Community Development District City of Palm Coast, Florida Special Assessment Bonds, Series 2023 2023 Project Area (NR/NR) |
| 965000 | 5.500 | 05/01/2043 | 980809 |
| Shadowlawn Community Development District Special Assessment Revenue Bonds Series 2024 (NR/NR) | Shadowlawn Community Development District Special Assessment Revenue Bonds Series 2024 (NR/NR) | Shadowlawn Community Development District Special Assessment Revenue Bonds Series 2024 (NR/NR) | Shadowlawn Community Development District Special Assessment Revenue Bonds Series 2024 (NR/NR) |
| 3300000 | 4.700 | 05/01/2034 | 3275512 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| $735000 | 4.500 %<sup>(c)</sup> | 11/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739612 |
| Sherwood Manor Community Development District Special Assessment RB Series 2023 (NR/NR) | Sherwood Manor Community Development District Special Assessment RB Series 2023 (NR/NR) | Sherwood Manor Community Development District Special Assessment RB Series 2023 (NR/NR) | Sherwood Manor Community Development District Special Assessment RB Series 2023 (NR/NR) |
| 395000 | 4.625 | 05/01/2030 | 398333 |
| 725000 | 5.500 | 05/01/2043 | 740228 |
| 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 | 875606 |
| 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) |
| 1895000 | 4.000 | 05/01/2029 | 1889742 |
| 5000000 | 4.750 | 05/01/2039 | 4884847 |
| 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 | 147601 |
| 450000 | 4.000 | 06/15/2042 | 391704 |
| Silver Oaks Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Silver Oaks Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Silver Oaks Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Silver Oaks Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 1000000 | 5.550 | 05/01/2044 | 1004313 |
| 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 | 822677 |
| 1905000 | 3.250 | 06/15/2042 | 1588820 |
| Silverlake Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Silverlake Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Silverlake Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Silverlake Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 695000 | 5.375 | 05/01/2043 | 706673 |
| 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) |
| 120000 | 2.500 | 05/01/2026 | 117798 |
| 325000 | 3.100 | 05/01/2031 | 301215 |
| 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) |
| 155000 | 2.500 | 05/01/2026 | 152524 |
| 710000 | 3.000 | 05/01/2031 | 654297 |
| 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) |
| 70000 | 3.125 | 11/01/2025 | 69675 |
| 495000 | 3.625 | 11/01/2031 | 485598 |
| 300000 | 4.125 | 11/01/2040 | 283072 |
| Six Mile Creek Community Development District St. Johns County Florida Capital Improvement RB Series 2024 (NR/NR) | Six Mile Creek Community Development District St. Johns County Florida Capital Improvement RB Series 2024 (NR/NR) | Six Mile Creek Community Development District St. Johns County Florida Capital Improvement RB Series 2024 (NR/NR) | Six Mile Creek Community Development District St. Johns County Florida Capital Improvement RB Series 2024 (NR/NR) |
| 550000 | 5.100 | 05/01/2044 | 527417 |
| Six Mile Creek Community Development District St. Johns County, Florida Capital Improvement RB, Series 2023 2023 Project Area (NR/NR) | Six Mile Creek Community Development District St. Johns County, Florida Capital Improvement RB, Series 2023 2023 Project Area (NR/NR) | Six Mile Creek Community Development District St. Johns County, Florida Capital Improvement RB, Series 2023 2023 Project Area (NR/NR) | Six Mile Creek Community Development District St. Johns County, Florida Capital Improvement RB, Series 2023 2023 Project Area (NR/NR) |
| 1100000 | 5.500 | 05/01/2043 | 1120922 |
| Solaeris Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) | Solaeris Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) | Solaeris Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) | Solaeris Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 500000 | 5.200 | 05/01/2031 | 502353 |
| Somerset Bay Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Somerset Bay Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Somerset Bay Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Somerset Bay Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) |
| 950000 | 5.625 <sup>(c)</sup> | 05/01/2044 | 941907 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **37** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Sorrento Pines Community Development District Lake County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | Sorrento Pines Community Development District Lake County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | Sorrento Pines Community Development District Lake County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | Sorrento Pines Community Development District Lake County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) |
| $700000 | 5.250% | 05/01/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709725 |
| 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) |
| 120000 | 2.375 | 06/15/2026 | 117808 |
| 175000 | 2.875 | 06/15/2031 | 163838 |
| 475000 | 3.250 | 06/15/2041 | 384477 |
| 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) |
| 445000 | 3.450 | 05/01/2025 | 444498 |
| 465000 | 3.625 | 05/01/2026 | 461310 |
| 975000 | 4.125 | 05/01/2036 | 923186 |
| South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR) | South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR) | South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR) | South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR) |
| 730000 | 4.500 <sup>(c)</sup> | 11/01/2029 | 736034 |
| 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) |
| 590000 | 4.625 | 05/01/2029 | 596198 |
| 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) |
| 370000 | 3.000 | 11/01/2025 | 366828 |
| 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) |
| 185000 | 2.400 | 05/01/2026 | 181985 |
| 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) |
| 300000 | 3.250 | 05/01/2029 | 287728 |
| 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) |
| 35000 | 3.375 | 05/01/2025 | 34975 |
| 610000 | 4.000 | 05/01/2030 | 612861 |
| 330000 | 4.300 | 05/01/2040 | 317291 |
| 300000 | 4.500 | 05/01/2046 | 281015 |
| Southshore Bay Community Development District Hillsborough County Florida Capital Improvement Revenue Bonds Series 2024 Assessment Area Two (NR/NR) | Southshore Bay Community Development District Hillsborough County Florida Capital Improvement Revenue Bonds Series 2024 Assessment Area Two (NR/NR) | Southshore Bay Community Development District Hillsborough County Florida Capital Improvement Revenue Bonds Series 2024 Assessment Area Two (NR/NR) | Southshore Bay Community Development District Hillsborough County Florida Capital Improvement Revenue Bonds Series 2024 Assessment Area Two (NR/NR) |
| 580000 | 5.375 | 05/01/2044 | 570237 |
| Springs at Lake Alfred Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Springs at Lake Alfred Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Springs at Lake Alfred Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Springs at Lake Alfred Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 470000 | 4.375 | 05/01/2031 | 469175 |
| 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 | 807560 |
| St. Johns County Water & Sewer RB Series 2022 (Aa2/AAA) | St. Johns County Water & Sewer RB Series 2022 (Aa2/AAA) | St. Johns County Water & Sewer RB Series 2022 (Aa2/AAA) | St. Johns County Water & Sewer RB Series 2022 (Aa2/AAA) |
| 7065000 | 5.000 | 06/01/2047 | 7448237 |
| St. Johns County, Florida Water and Sewer RB, Series 2022 (Aa2/AAA) | St. Johns County, Florida Water and Sewer RB, Series 2022 (Aa2/AAA) | St. Johns County, Florida Water and Sewer RB, Series 2022 (Aa2/AAA) | St. Johns County, Florida Water and Sewer RB, Series 2022 (Aa2/AAA) |
| 14955000 | 5.000 | 06/01/2052 | 15617341 |
| State of Florida State Board of Education Public Education Capital Outlay Refunding Bonds 2024 Series A (Aaa/AAA) | State of Florida State Board of Education Public Education Capital Outlay Refunding Bonds 2024 Series A (Aaa/AAA) | State of Florida State Board of Education Public Education Capital Outlay Refunding Bonds 2024 Series A (Aaa/AAA) | State of Florida State Board of Education Public Education Capital Outlay Refunding Bonds 2024 Series A (Aaa/AAA) |
| 3645000 | 5.000 | 06/01/2026 | 3740962 |
| 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) |
| 95000 | 2.450 | 05/01/2026 | 93207 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| $155000 | 2.375 %<sup>(c)</sup> | 06/15/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151724 |
| Stillwater Community Development District St. Johns County Florida Special Assessment Bonds Series 2021 (NR/NR) | Stillwater Community Development District St. Johns County Florida Special Assessment Bonds Series 2021 (NR/NR) | Stillwater Community Development District St. Johns County Florida Special Assessment Bonds Series 2021 (NR/NR) | Stillwater Community Development District St. Johns County Florida Special Assessment Bonds Series 2021 (NR/NR) |
| 100000 | 3.000 <sup>(c)</sup> | 06/15/2031 | 91713 |
| 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-) |
| 280000 | 3.000 | 05/01/2025 | 279816 |
| 290000 | 3.000 | 05/01/2026 | 288500 |
| Stonewater Community Development District Special Assessment RB Series 2021 (NR/NR) | Stonewater Community Development District Special Assessment RB Series 2021 (NR/NR) | Stonewater Community Development District Special Assessment RB Series 2021 (NR/NR) | Stonewater Community Development District Special Assessment RB Series 2021 (NR/NR) |
| 460000 | 3.000 <sup>(c)</sup> | 11/01/2032 | 413167 |
| 585000 | 3.300 <sup>(c)</sup> | 11/01/2041 | 466874 |
| 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) |
| 755000 | 6.375 | 11/01/2052 | 810446 |
| 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) |
| 500000 | 4.000 | 06/15/2030 | 502334 |
| Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 825000 | 5.375 | 06/15/2043 | 857052 |
| Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR) | Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR) | Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR) | Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR) |
| 145000 | 2.500 <sup>(c)</sup> | 12/15/2025 | 143588 |
| 500000 | 3.000 <sup>(c)</sup> | 12/15/2030 | 479330 |
| 1000000 | 3.500 <sup>(c)</sup> | 12/15/2040 | 892427 |
| 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) |
| 500000 | 3.625 | 12/15/2030 | 481530 |
| 870000 | 4.000 | 12/15/2039 | 791325 |
| Storey Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 55000 | 3.125 | 12/15/2025 | 54633 |
| 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) |
| 220000 | 4.300 | 06/15/2027 | 221114 |
| Storey Creek Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 300000 | 4.450 | 06/15/2031 | 302265 |
| 545000 | 5.250 | 06/15/2044 | 551490 |
| 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 | 225351 |
| 1000000 | 3.250 | 06/15/2042 | 780657 |
| Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR) | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR) | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR) | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR) |
| 125000 | 2.375 <sup>(c)</sup> | 06/15/2026 | 122861 |
| 225000 | 2.875 <sup>(c)</sup> | 06/15/2031 | 212783 |
| 275000 | 3.300 <sup>(c)</sup> | 06/15/2041 | 238267 |
| 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) |
| 85000 | 4.250 | 06/15/2027 | 85209 |
| 260000 | 4.500 | 06/15/2032 | 263229 |
| 585000 | 5.000 | 06/15/2042 | 586252 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Stuart Crossing Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Stuart Crossing Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Stuart Crossing Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Stuart Crossing Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| $545000 | 5.250 %<sup>(c)</sup> | 05/01/2044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539256 |
| 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) |
| 275000 | 3.150 | 05/01/2031 | 254905 |
| 650000 | 3.450 | 05/01/2041 | 530432 |
| 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) |
| 75000 | 3.000 | 05/01/2025 | 74918 |
| 455000 | 3.300 | 05/01/2031 | 425114 |
| 750000 | 3.750 | 05/01/2040 | 643050 |
| 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) |
| 75000 | 2.400 | 05/01/2026 | 73723 |
| 160000 | 3.000 | 05/01/2031 | 151038 |
| Summerstone Community Development District Special Assessment Bond for Phase Two Series 2021 (NR/NR) | Summerstone Community Development District Special Assessment Bond for Phase Two Series 2021 (NR/NR) | Summerstone Community Development District Special Assessment Bond for Phase Two Series 2021 (NR/NR) | Summerstone Community Development District Special Assessment Bond for Phase Two Series 2021 (NR/NR) |
| 375000 | 2.750 <sup>(c)</sup> | 05/01/2031 | 352662 |
| 700000 | 3.150 <sup>(c)</sup> | 05/01/2041 | 589414 |
| 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 | 160614 |
| 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) |
| 340000 | 4.200 | 05/01/2027 | 340124 |
| 460000 | 4.600 | 05/01/2032 | 461796 |
| 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 | 370008 |
| 710000 | 2.875 | 05/01/2033 | 627296 |
| 1430000 | 3.000 | 05/01/2038 | 1169569 |
| 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) |
| 675000 | 3.500 | 05/01/2029 | 659558 |
| 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+) |
| 195000 | 3.000 | 05/01/2025 | 194758 |
| 200000 | 3.000 | 05/01/2026 | 197416 |
| 1120000 | 3.500 | 05/01/2031 | 1066009 |
| 1355000 | 4.000 | 05/01/2036 | 1292151 |
| 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) |
| 160000 | 2.375 | 05/01/2026 | 156936 |
| 285000 | 3.000 | 05/01/2031 | 261782 |
| Tampa Bay Water Utility System Refunding RB Series 2015A (Aa1/AA+) | Tampa Bay Water Utility System Refunding RB Series 2015A (Aa1/AA+) | Tampa Bay Water Utility System Refunding RB Series 2015A (Aa1/AA+) | Tampa Bay Water Utility System Refunding RB Series 2015A (Aa1/AA+) |
| 7090000 | 4.000 | 10/01/2028 | 7108041 |
| 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 | 1115407 |
| 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 | 1544542 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Terreno Community Development District Collier County, Florida Special Assessment Bonds Series 2025 (NR/NR) | Terreno Community Development District Collier County, Florida Special Assessment Bonds Series 2025 (NR/NR) | Terreno Community Development District Collier County, Florida Special Assessment Bonds Series 2025 (NR/NR) | Terreno Community Development District Collier County, Florida Special Assessment Bonds Series 2025 (NR/NR) |
| $375000 | 4.550% | 05/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375504 |
| Terreno Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Terreno Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Terreno Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Terreno Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 1415000 | 5.000 | 05/01/2043 | 1406954 |
| The School Board of Sumter County Florida Certificates of Participation Series 2024 (AGM) (NR/AA) | The School Board of Sumter County Florida Certificates of Participation Series 2024 (AGM) (NR/AA) | The School Board of Sumter County Florida Certificates of Participation Series 2024 (AGM) (NR/AA) | The School Board of Sumter County Florida Certificates of Participation Series 2024 (AGM) (NR/AA) |
| 3100000 | 5.250 | 01/01/2049 | 3302925 |
| 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) |
| 270000 | 2.350 | 12/15/2026 | 262355 |
| 750000 | 3.000 | 12/15/2031 | 684476 |
| 2000000 | 3.300 | 12/15/2041 | 1609485 |
| 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 | 201106 |
| 210000 | 3.125 | 05/01/2028 | 205335 |
| 230000 | 3.375 | 05/01/2032 | 216577 |
| 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 | 629858 |
| Tolomato Community Development District City of Jacksonville Duval County and St. Johns County Florida Special Assessment Refunding Bonds Series 2022A (AGM) (NR/AA) | Tolomato Community Development District City of Jacksonville Duval County and St. Johns County Florida Special Assessment Refunding Bonds Series 2022A (AGM) (NR/AA) | Tolomato Community Development District City of Jacksonville Duval County and St. Johns County Florida Special Assessment Refunding Bonds Series 2022A (AGM) (NR/AA) | Tolomato Community Development District City of Jacksonville Duval County and St. Johns County Florida Special Assessment Refunding Bonds Series 2022A (AGM) (NR/AA) |
| 6735000 | 4.000 | 05/01/2040 | 6446788 |
| Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR) | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR) | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR) | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR) |
| 330000 | 5.200 <sup>(c)</sup> | 05/01/2028 | 335809 |
| 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 | 303042 |
| 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) |
| 4690000 | 3.000 | 05/01/2033 | 4363824 |
| 5280000 | 3.000 | 05/01/2037 | 4693311 |
| 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) |
| 755000 | 3.850 | 05/01/2029 | 752055 |
| 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 | 1879855 |
| 4920000 | 3.000 | 05/01/2040 | 4155666 |
| Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR) | Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR) | Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR) | Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR) |
| 2965000 | 3.750 <sup>(c)</sup> | 05/01/2029 | 2939047 |
| 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) |
| 1600000 | 5.000 | 11/01/2029 | 1628898 |
| 95000 | 5.375 | 11/01/2039 | 97619 |
| Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| 410000 | 4.250 <sup>(c)</sup> | 06/15/2028 | 410918 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **39** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| $65000 | 3.125% | 12/15/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64482 |
| 735000 | 3.625 | 12/15/2031 | 693432 |
| 450000 | 4.000 | 12/15/2040 | 394283 |
| Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (A3/A-) | Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (A3/A-) | Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (A3/A-) | Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (A3/A-) |
| 750000 | 5.000 | 04/01/2030 | 783259 |
| 650000 | 5.000 | 04/01/2031 | 676573 |
| 10430000 | 5.000 | 04/01/2048 | 10517031 |
| Town of Davie, Florida Educational Facilities Revenue and Refunding Bonds (Nova Southeastern University Project),<br>Series 2018 (A3/A-) | Town of Davie, Florida Educational Facilities Revenue and Refunding Bonds (Nova Southeastern University Project),<br>Series 2018 (A3/A-) | Town of Davie, Florida Educational Facilities Revenue and Refunding Bonds (Nova Southeastern University Project),<br>Series 2018 (A3/A-) | Town of Davie, Florida Educational Facilities Revenue and Refunding Bonds (Nova Southeastern University Project),<br>Series 2018 (A3/A-) |
| 550000 | 5.000 | 04/01/2032 | 570503 |
| 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 | 1952040 |
| 7000000 | 4.000 | 07/01/2047 | 6498406 |
| 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) |
| 360000 | 4.000 | 05/01/2030 | 356238 |
| 595000 | 4.375 | 05/01/2039 | 564685 |
| Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR) | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR) | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR) | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR) |
| 415000 | 3.125 <sup>(c)</sup> | 05/01/2030 | 396227 |
| 475000 | 3.625 <sup>(c)</sup> | 05/01/2040 | 416126 |
| Towns at Woodsdale Community Development District Pasco County Capital Improvement RB, Series 2023 (NR/NR) | Towns at Woodsdale Community Development District Pasco County Capital Improvement RB, Series 2023 (NR/NR) | Towns at Woodsdale Community Development District Pasco County Capital Improvement RB, Series 2023 (NR/NR) | Towns at Woodsdale Community Development District Pasco County Capital Improvement RB, Series 2023 (NR/NR) |
| 645000 | 6.125 <sup>(c)</sup> | 11/01/2043 | 672773 |
| 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) |
| 200000 | 2.300 | 05/01/2026 | 196324 |
| Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR) | Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR) | Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR) | Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR) |
| 485000 | 5.250 <sup>(c)</sup> | 11/01/2039 | 501698 |
| Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR) | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR) | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR) | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR) |
| 120000 | 2.500 <sup>(c)</sup> | 05/01/2025 | 119827 |
| 235000 | 3.250 <sup>(c)</sup> | 05/01/2030 | 227380 |
| Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 1190000 | 3.125 <sup>(c)</sup> | 11/01/2041 | 925499 |
| 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) |
| 65000 | 2.500 | 11/01/2026 | 63309 |
| 200000 | 3.000 | 11/01/2031 | 182689 |
| 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) |
| 490000 | 4.125 | 05/01/2029 | 490292 |
| TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR) | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR) | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR) | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR) |
| 3955000 | 4.625 <sup>(c)</sup> | 11/01/2038 | 3834629 |
| 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) |
| 495000 | 4.500 | 11/01/2029 | 499095 |
| 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 | 1875916 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| $700000 | 3.375% | 11/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660487 |
| 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) |
| 110000 | 4.375 | 11/01/2025 | 110091 |
| 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) |
| 150000 | 3.000 | 05/01/2027 | 146609 |
| 465000 | 3.375 | 05/01/2032 | 431597 |
| 1430000 | 4.000 | 05/01/2042 | 1257178 |
| 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) |
| 995000 | 4.250 | 05/01/2031 | 986906 |
| Twisted Oaks Pointe Community Development District City of Wildwood Florida Special Assessment Bonds Series 2024 Assessment Area Three Project (NR/NR) | Twisted Oaks Pointe Community Development District City of Wildwood Florida Special Assessment Bonds Series 2024 Assessment Area Three Project (NR/NR) | Twisted Oaks Pointe Community Development District City of Wildwood Florida Special Assessment Bonds Series 2024 Assessment Area Three Project (NR/NR) | Twisted Oaks Pointe Community Development District City of Wildwood Florida Special Assessment Bonds Series 2024 Assessment Area Three Project (NR/NR) |
| 440000 | 4.800 | 05/01/2031 | 440599 |
| 1065000 | 5.625 | 05/01/2044 | 1065442 |
| Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area One Project (NR/NR) | Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area One Project (NR/NR) | Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area One Project (NR/NR) | Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area One Project (NR/NR) |
| 270000 | 4.500 | 05/01/2030 | 270740 |
| 500000 | 5.375 | 05/01/2043 | 502482 |
| Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area Two Project (NR/NR) | Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area Two Project (NR/NR) | Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area Two Project (NR/NR) | Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area Two Project (NR/NR) |
| 225000 | 5.125 | 05/01/2030 | 227642 |
| 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) |
| 375000 | 2.625 | 05/01/2025 | 374463 |
| 385000 | 3.000 | 05/01/2026 | 380455 |
| 400000 | 3.125 | 05/01/2027 | 394761 |
| 410000 | 3.250 | 05/01/2028 | 403164 |
| 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) |
| 20000 | 4.200 | 05/01/2026 | 20020 |
| Two Lakes Community Development District Special Assessment Bonds Series 2024 (Tax-Exempt) (NR/BBB) | Two Lakes Community Development District Special Assessment Bonds Series 2024 (Tax-Exempt) (NR/BBB) | Two Lakes Community Development District Special Assessment Bonds Series 2024 (Tax-Exempt) (NR/BBB) | Two Lakes Community Development District Special Assessment Bonds Series 2024 (Tax-Exempt) (NR/BBB) |
| 1000000 | 5.000 | 05/01/2044 | 1014693 |
| 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) |
| 1000000 | 3.375 | 12/15/2030 | 946677 |
| Two Lakes Community Development District Special Assessment Series 2017 (NR/NR) | Two Lakes Community Development District Special Assessment Series 2017 (NR/NR) | Two Lakes Community Development District Special Assessment Series 2017 (NR/NR) | Two Lakes Community Development District Special Assessment Series 2017 (NR/NR) |
| 1370000 | 5.000 <sup>(c)</sup> | 12/15/2032 | 1407996 |
| 2000000 | 5.000 <sup>(c)</sup> | 12/15/2037 | 2027219 |
| 4470000 | 5.000 <sup>(c)</sup> | 12/15/2047 | 4396368 |
| Two Rivers East Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 Series 2023 Project (NR/NR) | Two Rivers East Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 Series 2023 Project (NR/NR) | Two Rivers East Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 Series 2023 Project (NR/NR) | Two Rivers East Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 Series 2023 Project (NR/NR) |
| 2800000 | 5.750 | 05/01/2043 | 2854556 |
| 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 | 1433417 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 40 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Rivers Two Rivers West Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Two Rivers Two Rivers West Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Two Rivers Two Rivers West Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Two Rivers Two Rivers West Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| $555000 | 5.125% | 11/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563955 |
| 2000000 | 6.000 | 11/01/2043 | 2073344 |
| Two Rivers West Community Development District Pasco County Florida Special Assessment Bonds Series 2024 (NR/NR) | Two Rivers West Community Development District Pasco County Florida Special Assessment Bonds Series 2024 (NR/NR) | Two Rivers West Community Development District Pasco County Florida Special Assessment Bonds Series 2024 (NR/NR) | Two Rivers West Community Development District Pasco County Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 485000 | 4.800 | 05/01/2031 | 486751 |
| 700000 | 5.625 | 05/01/2044 | 705739 |
| 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 | 619949 |
| Union Park East Community Development District Special Assessment Bonds for Assessment Area 3 Project Series 2021 (NR/NR) | Union Park East Community Development District Special Assessment Bonds for Assessment Area 3 Project Series 2021 (NR/NR) | Union Park East Community Development District Special Assessment Bonds for Assessment Area 3 Project Series 2021 (NR/NR) | Union Park East Community Development District Special Assessment Bonds for Assessment Area 3 Project Series 2021 (NR/NR) |
| 205000 | 3.350 <sup>(c)</sup> | 05/01/2041 | 164484 |
| 225000 | 4.000 <sup>(c)</sup> | 05/01/2051 | 184653 |
| 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 | 293545 |
| 310000 | 2.500 | 05/01/2028 | 298061 |
| 315000 | 2.625 | 05/01/2029 | 300262 |
| 1060000 | 3.000 | 05/01/2034 | 971837 |
| 2130000 | 3.125 | 05/01/2038 | 1893791 |
| 1725000 | 3.250 | 05/01/2040 | 1534155 |
| Varrea South Community Development District City of Plant City, Florida Capital Improvement RB, Series 2023 2023 Assessment Area (NR/NR) | Varrea South Community Development District City of Plant City, Florida Capital Improvement RB, Series 2023 2023 Assessment Area (NR/NR) | Varrea South Community Development District City of Plant City, Florida Capital Improvement RB, Series 2023 2023 Assessment Area (NR/NR) | Varrea South Community Development District City of Plant City, Florida Capital Improvement RB, Series 2023 2023 Assessment Area (NR/NR) |
| 1000000 | 5.125 | 05/01/2043 | 1008982 |
| V-Dana Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) | V-Dana Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) | V-Dana Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) | V-Dana Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 500000 | 4.450 | 05/01/2032 | 497783 |
| V-Dana Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area Two – 2023 Project Area (NR/NR) | V-Dana Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area Two – 2023 Project Area (NR/NR) | V-Dana Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area Two – 2023 Project Area (NR/NR) | V-Dana Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area Two – 2023 Project Area (NR/NR) |
| 815000 | 4.300 | 05/01/2030 | 817854 |
| 890000 | 5.250 | 05/01/2043 | 895903 |
| V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) |
| 120000 | 3.000 <sup>(c)</sup> | 05/01/2025 | 119880 |
| 525000 | 3.500 <sup>(c)</sup> | 05/01/2031 | 503322 |
| 975000 | 4.000 <sup>(c)</sup> | 05/01/2040 | 883338 |
| 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 | 849733 |
| Ventana Community Development District Special Assessment RB Series 2018 (NR/NR) | Ventana Community Development District Special Assessment RB Series 2018 (NR/NR) | Ventana Community Development District Special Assessment RB Series 2018 (NR/NR) | Ventana Community Development District Special Assessment RB Series 2018 (NR/NR) |
| 1000000 | 4.625 <sup>(c)</sup> | 05/01/2029 | 1009433 |
| 1000000 | 5.000 <sup>(c)</sup> | 05/01/2038 | 1011848 |
| 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) |
| 255000 | 4.500 | 11/01/2029 | 257300 |
| 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) |
| 365000 | 4.500 | 11/01/2029 | 368305 |
| Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR) | Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR) | Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR) | Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR) |
| 45000 | 2.500 <sup>(c)</sup> | 05/01/2026 | 44202 |
| 130000 | 3.100 <sup>(c)</sup> | 05/01/2031 | 120028 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) |
| $90000 | 2.500 %<sup>(c)</sup> | 05/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88404 |
| 245000 | 3.100 <sup>(c)</sup> | 05/01/2031 | 226206 |
| Veranda Community Development District Special Assessment Area Five Phase 2 Veranda Estates Project RB Refunding Series 2024 (NR/NR) | Veranda Community Development District Special Assessment Area Five Phase 2 Veranda Estates Project RB Refunding Series 2024 (NR/NR) | Veranda Community Development District Special Assessment Area Five Phase 2 Veranda Estates Project RB Refunding Series 2024 (NR/NR) | Veranda Community Development District Special Assessment Area Five Phase 2 Veranda Estates Project RB Refunding Series 2024 (NR/NR) |
| 375000 | 4.500 | 05/01/2031 | 376705 |
| Veranda Community Development District Special Assessment Area Five Phase 3 Preserve East Project RB Refunding Series 2024 (NR/NR) | Veranda Community Development District Special Assessment Area Five Phase 3 Preserve East Project RB Refunding Series 2024 (NR/NR) | Veranda Community Development District Special Assessment Area Five Phase 3 Preserve East Project RB Refunding Series 2024 (NR/NR) | Veranda Community Development District Special Assessment Area Five Phase 3 Preserve East Project RB Refunding Series 2024 (NR/NR) |
| 660000 | 4.250 | 05/01/2031 | 661598 |
| Veranda Landing Community Development District Special Assessment Bonds, Series 2023 (NR/NR) | Veranda Landing Community Development District Special Assessment Bonds, Series 2023 (NR/NR) | Veranda Landing Community Development District Special Assessment Bonds, Series 2023 (NR/NR) | Veranda Landing Community Development District Special Assessment Bonds, Series 2023 (NR/NR) |
| 800000 | 5.250 | 06/15/2043 | 810279 |
| 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 | 923012 |
| 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) |
| 650000 | 3.750 | 05/01/2026 | 645899 |
| Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB+) | Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB+) | Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB+) | Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB+) |
| 355000 | 3.500 <sup>(c)</sup> | 05/01/2025 | 354654 |
| 370000 | 3.625 <sup>(c)</sup> | 05/01/2026 | 368297 |
| 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) |
| 100000 | 4.750 | 11/01/2025 | 100370 |
| Verano #2 Community Development District City of Port St. Lucie Florida Special Assessment Bonds Series 2024 (NR/NR) | Verano #2 Community Development District City of Port St. Lucie Florida Special Assessment Bonds Series 2024 (NR/NR) | Verano #2 Community Development District City of Port St. Lucie Florida Special Assessment Bonds Series 2024 (NR/NR) | Verano #2 Community Development District City of Port St. Lucie Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 850000 | 4.625 | 05/01/2031 | 851414 |
| 750000 | 5.500 | 05/01/2044 | 750581 |
| Verano #2 Community Development District Special Assessment Bonds for Assessment Area – Pod D7 Project Area Series 2024 (NR/NR) | Verano #2 Community Development District Special Assessment Bonds for Assessment Area – Pod D7 Project Area Series 2024 (NR/NR) | Verano #2 Community Development District Special Assessment Bonds for Assessment Area – Pod D7 Project Area Series 2024 (NR/NR) | Verano #2 Community Development District Special Assessment Bonds for Assessment Area – Pod D7 Project Area Series 2024 (NR/NR) |
| 495000 | 4.550 | 05/01/2031 | 492189 |
| 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 | 1053980 |
| Verano Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Verano Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Verano Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Verano Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 285000 | 4.625 | 05/01/2030 | 287686 |
| 450000 | 5.375 | 05/01/2043 | 458154 |
| 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) |
| 165000 | 2.375 | 05/01/2026 | 161619 |
| 300000 | 3.000 | 05/01/2031 | 275109 |
| 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 | 232543 |
| 235000 | 4.000 | 05/01/2040 | 209664 |
| 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) |
| 50000 | 2.875 | 05/01/2025 | 49916 |
| 250000 | 3.250 | 05/01/2031 | 232543 |
| 1050000 | 4.000 | 05/01/2040 | 936795 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **41** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Florida – (continued) | Florida – (continued) | Florida – (continued) | Florida – (continued) |
| 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) |
| 40000 | 2.875% | 05/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39933 |
| 250000 | 3.250 | 05/01/2031 | 232543 |
| 815000 | 4.000 | 05/01/2040 | 727132 |
| 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 | 495118 |
| 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 | 360081 |
| 385000 | 2.000 | 05/01/2028 | 355208 |
| 395000 | 2.000 | 05/01/2029 | 354755 |
| 150000 | 2.125 | 05/01/2030 | 130905 |
| 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) |
| 300000 | 2.300 | 05/01/2026 | 294020 |
| 930000 | 2.800 | 05/01/2031 | 840752 |
| Viera Stewardship District Special Assessment RB Series 2023 (NR/NR) | Viera Stewardship District Special Assessment RB Series 2023 (NR/NR) | Viera Stewardship District Special Assessment RB Series 2023 (NR/NR) | Viera Stewardship District Special Assessment RB Series 2023 (NR/NR) |
| 1465000 | 4.600 | 05/01/2033 | 1478406 |
| 900000 | 5.300 | 05/01/2043 | 911288 |
| 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) |
| 145000 | 3.125 | 05/01/2025 | 144883 |
| 430000 | 3.500 | 05/01/2030 | 411965 |
| 805000 | 3.750 | 05/01/2037 | 721204 |
| Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR) | Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR) | Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR) | Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR) |
| 730000 | 3.800 | 05/01/2028 | 731859 |
| 1785000 | 4.000 | 05/01/2033 | 1764603 |
| 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) |
| 1195000 | 3.000 | 05/01/2029 | 1152388 |
| 1410000 | 3.375 | 05/01/2034 | 1317672 |
| 3745000 | 3.550 | 05/01/2039 | 3344518 |
| Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) |
| 570000 | 1.875 <sup>(c)</sup> | 05/01/2025 | 569115 |
| 2835000 | 2.625 <sup>(c)</sup> | 05/01/2030 | 2646062 |
| 3270000 | 3.000 <sup>(c)</sup> | 05/01/2035 | 2899299 |
| Village Community Development District No. 15 City of Wildwood, Florida Special Assessment RB, Series 2023 (NR/ NR) | Village Community Development District No. 15 City of Wildwood, Florida Special Assessment RB, Series 2023 (NR/ NR) | Village Community Development District No. 15 City of Wildwood, Florida Special Assessment RB, Series 2023 (NR/ NR) | Village Community Development District No. 15 City of Wildwood, Florida Special Assessment RB, Series 2023 (NR/ NR) |
| 815000 | 4.250 <sup>(c)</sup> | 05/01/2028 | 821827 |
| 1250000 | 4.375 <sup>(c)</sup> | 05/01/2033 | 1267797 |
| 1025000 | 4.850 <sup>(c)</sup> | 05/01/2038 | 1049209 |
| 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) |
| 300000 | 4.000 | 05/01/2026 | 302629 |
| 285000 | 4.000 | 05/01/2027 | 289329 |
| 300000 | 4.000 | 05/01/2028 | 306399 |
| 315000 | 4.000 | 05/01/2029 | 320958 |
| 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) |
| 1655000 | 3.500 | 05/01/2032 | 1633622 |
| 1945000 | 4.000 | 05/01/2037 | 1934799 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity 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) | 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) |
| 885000 | 2.550% | 05/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807860 |
| 1900000 | 2.850 | 05/01/2036 | 1615071 |
| 2400000 | 3.000 | 05/01/2041 | 1913810 |
| 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 | 4.625 | 05/01/2027 | 100246 |
| 235000 | 4.875 | 05/01/2032 | 237895 |
| 610000 | 5.125 | 05/01/2042 | 609270 |
| 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) |
| 200000 | 3.150 | 05/01/2032 | 183279 |
| 500000 | 3.450 | 05/01/2042 | 399518 |
| 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) |
| 80000 | 3.125 | 11/01/2027 | 78100 |
| 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) |
| 110000 | 3.250 | 05/01/2027 | 108078 |
| 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) |
| 220000 | 4.000 | 05/01/2029 | 218981 |
| 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) |
| 65000 | 2.625 | 05/01/2025 | 64920 |
| 245000 | 3.200 | 05/01/2030 | 237266 |
| Villamar Community Development District Special Assessment Bonds, Series 2024 (NR/NR) | Villamar Community Development District Special Assessment Bonds, Series 2024 (NR/NR) | Villamar Community Development District Special Assessment Bonds, Series 2024 (NR/NR) | Villamar Community Development District Special Assessment Bonds, Series 2024 (NR/NR) |
| 325000 | 4.625 | 05/01/2031 | 327009 |
| 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) |
| 225000 | 3.000 | 11/01/2025 | 222544 |
| 230000 | 3.200 | 11/01/2026 | 225703 |
| 1400000 | 4.125 | 11/01/2046 | 1214468 |
| Waterford Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Waterford Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Waterford Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Waterford Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) |
| 700000 | 5.200 | 05/01/2044 | 677886 |
| Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/A) | Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/A) | Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/A) | Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/A) |
| 2145000 | 4.000 | 05/01/2031 | 2086931 |
| Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| 500000 | 5.125 <sup>(c)</sup> | 11/01/2038 | 504374 |
| 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) |
| 2340000 | 5.500 | 11/01/2045 | 2340517 |
| Wellness Ridge Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) | Wellness Ridge Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) | Wellness Ridge Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) | Wellness Ridge Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) |
| 240000 | 4.250 <sup>(c)</sup> | 06/15/2031 | 236552 |
| Wellness Ridge Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Wellness Ridge Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Wellness Ridge Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Wellness Ridge Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 400000 | 4.250 | 06/15/2030 | 401751 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 42 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| 375000 | 3.625% | 11/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365974 |
| 1000000 | 4.000 | 11/01/2039 | 897867 |
| West Hillcrest Community Development District Special Assessment Bonds Series 2023 (NR/NR) | West Hillcrest Community Development District Special Assessment Bonds Series 2023 (NR/NR) | West Hillcrest Community Development District Special Assessment Bonds Series 2023 (NR/NR) | West Hillcrest Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 900000 | 5.250 | 06/15/2043 | 915192 |
| West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR) | West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR) | West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR) | West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR) |
| 255000 | 2.750 <sup>(c)</sup> | 05/01/2026 | 250855 |
| 415000 | 3.250 <sup>(c)</sup> | 05/01/2031 | 386022 |
| 515000 | 3.625 <sup>(c)</sup> | 05/01/2041 | 426567 |
| 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 | 170584 |
| 300000 | 5.125 | 05/01/2042 | 294292 |
| West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR) | West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR) | West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR) | West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 95000 | 2.650 <sup>(c)</sup> | 05/01/2025 | 94817 |
| 630000 | 3.000 <sup>(c)</sup> | 05/01/2031 | 568981 |
| 1725000 | 4.000 <sup>(c)</sup> | 05/01/2040 | 1539021 |
| 1595000 | 4.000 <sup>(c)</sup> | 05/01/2051 | 1307027 |
| 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) |
| 200000 | 2.400 | 05/01/2026 | 196264 |
| 575000 | 3.000 | 05/01/2031 | 528156 |
| West Villages Improvement District Capital Improvement RB for Unit Of Development No. 10 Series 2024 (Assessment Area One) (NR/NR) | West Villages Improvement District Capital Improvement RB for Unit Of Development No. 10 Series 2024 (Assessment Area One) (NR/NR) | West Villages Improvement District Capital Improvement RB for Unit Of Development No. 10 Series 2024 (Assessment Area One) (NR/NR) | West Villages Improvement District Capital Improvement RB for Unit Of Development No. 10 Series 2024 (Assessment Area One) (NR/NR) |
| 990000 | 5.375 | 05/01/2044 | 984888 |
| 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) |
| 435000 | 4.625 | 05/01/2029 | 439018 |
| 475000 | 5.375 | 05/01/2042 | 486222 |
| West Villages Improvement District Special Assessment RB Series 2023 (NR/NR) | West Villages Improvement District Special Assessment RB Series 2023 (NR/NR) | West Villages Improvement District Special Assessment RB Series 2023 (NR/NR) | West Villages Improvement District Special Assessment RB Series 2023 (NR/NR) |
| 490000 | 4.625 | 05/01/2030 | 494276 |
| 770000 | 5.375 | 05/01/2043 | 785486 |
| 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) |
| 2530000 | 5.000 | 05/01/2032 | 2567699 |
| 1930000 | 4.500 | 05/01/2034 | 1931787 |
| 3390000 | 5.000 | 05/01/2037 | 3419095 |
| 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) |
| 750000 | 4.250 | 05/01/2029 | 750830 |
| 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) |
| 105000 | 2.500 | 05/01/2026 | 103094 |
| West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2023 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2023 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2023 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2023 (NR/NR) |
| 465000 | 6.000 | 05/01/2043 | 486907 |
| 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) |
| 225000 | 2.500 | 05/01/2026 | 220940 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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) |
| 355000 | 3.900% | 05/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351902 |
| Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR) | Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR) | Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR) | Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR) |
| 810000 | 3.750 <sup>(c)</sup> | 05/01/2029 | 799607 |
| Westside Haines City Community Development District Polk County Florida Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) | Westside Haines City Community Development District Polk County Florida Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) | Westside Haines City Community Development District Polk County Florida Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) | Westside Haines City Community Development District Polk County Florida Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) |
| 725000 | 4.875 | 05/01/2031 | 728821 |
| 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) |
| 130000 | 2.500 | 05/01/2026 | 128032 |
| 650000 | 3.000 | 05/01/2031 | 603932 |
| 1400000 | 3.250 | 05/01/2041 | 1148356 |
| 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) |
| 75000 | 5.000 | 06/15/2029 | 76041 |
| 1000000 | 5.750 | 06/15/2042 | 1036073 |
| Westview South Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | Westview South Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | Westview South Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | Westview South Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) |
| 420000 | 4.875 | 05/01/2028 | 422209 |
| 790000 | 5.375 | 05/01/2043 | 794954 |
| Westview South Community Development District Special Assessment Bonds for Assessment Area Two, Series 2023 (NR/NR) | Westview South Community Development District Special Assessment Bonds for Assessment Area Two, Series 2023 (NR/NR) | Westview South Community Development District Special Assessment Bonds for Assessment Area Two, Series 2023 (NR/NR) | Westview South Community Development District Special Assessment Bonds for Assessment Area Two, Series 2023 (NR/NR) |
| 545000 | 5.375 | 05/01/2043 | 548417 |
| Whispering Pines Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Whispering Pines Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Whispering Pines Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Whispering Pines Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 575000 | 5.375 | 05/01/2043 | 587712 |
| Whispering Pines Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Whispering Pines Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Whispering Pines Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Whispering Pines Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 135000 | 4.250 | 05/01/2031 | 134798 |
| Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 1285000 | 3.750 <sup>(c)</sup> | 06/15/2030 | 1243984 |
| 3350000 | 4.250 <sup>(c)</sup> | 06/15/2039 | 3073124 |
| Willowbrook Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2024 Assessment Area One Project (NR/NR) | Willowbrook Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2024 Assessment Area One Project (NR/NR) | Willowbrook Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2024 Assessment Area One Project (NR/NR) | Willowbrook Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2024 Assessment Area One Project (NR/NR) |
| 750000 | 5.625 | 05/01/2044 | 744472 |
| 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 | 1337349 |
| 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) |
| 500000 | 4.370 | 05/01/2029 | 502815 |
| 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) |
| 85000 | 2.400 | 05/01/2026 | 83289 |
| 300000 | 2.950 | 05/01/2031 | 272232 |
| 865000 | 3.350 | 05/01/2041 | 683527 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **43** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200403 |
| 680000 | 4.875 | 11/01/2039 | 671656 |
| Winding Oaks Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/NR) | Winding Oaks Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/NR) | Winding Oaks Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/NR) | Winding Oaks Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/NR) |
| 465000 | 4.600 | 05/01/2031 | 462848 |
| Windsor Cay Community Development District Lake County Florida Special Assessment Bonds Series 2024 Assessment Area One Project (NR/NR) | Windsor Cay Community Development District Lake County Florida Special Assessment Bonds Series 2024 Assessment Area One Project (NR/NR) | Windsor Cay Community Development District Lake County Florida Special Assessment Bonds Series 2024 Assessment Area One Project (NR/NR) | Windsor Cay Community Development District Lake County Florida Special Assessment Bonds Series 2024 Assessment Area One Project (NR/NR) |
| 315000 | 4.600 | 05/01/2031 | 317569 |
| 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 | 770883 |
| 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) |
| 25000 | 3.000 | 05/01/2025 | 24970 |
| 230000 | 3.650 | 05/01/2030 | 220996 |
| 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) |
| 765000 | 4.875 | 05/01/2036 | 766037 |
| 250000 | 5.000 | 05/01/2047 | 244717 |
| 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) |
| 235000 | 2.500 | 05/01/2025 | 234637 |
| 640000 | 3.125 | 05/01/2030 | 600118 |
| Woodcreek Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) | Woodcreek Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) | Woodcreek Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) | Woodcreek Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) |
| 200000 | 4.350 | 05/01/2032 | 196605 |
| Woodland Preserve Community Development District Manatee County Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) | Woodland Preserve Community Development District Manatee County Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) | Woodland Preserve Community Development District Manatee County Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) | Woodland Preserve Community Development District Manatee County Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) |
| 250000 | 4.300 <sup>(c)</sup> | 05/01/2032 | 247088 |
| Woodland Ranch Estates Community Development District Town of Dundee Florida Special Assessment Bonds Series 2025 (NR/NR) | Woodland Ranch Estates Community Development District Town of Dundee Florida Special Assessment Bonds Series 2025 (NR/NR) | Woodland Ranch Estates Community Development District Town of Dundee Florida Special Assessment Bonds Series 2025 (NR/NR) | Woodland Ranch Estates Community Development District Town of Dundee Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 330000 | 4.650 | 05/01/2032 | 329332 |
| 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 | 1442849 |
| Yarborough Lane Community Development District Polk County Florida Special Assessment Bonds Series 2024 (NR/NR) | Yarborough Lane Community Development District Polk County Florida Special Assessment Bonds Series 2024 (NR/NR) | Yarborough Lane Community Development District Polk County Florida Special Assessment Bonds Series 2024 (NR/NR) | Yarborough Lane Community Development District Polk County Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 340000 | 4.750 | 05/01/2031 | 337550 |
| 875000 | 5.350 | 05/01/2044 | 854685 |
| 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) |
| 85000 | 2.500 | 05/01/2026 | 83519 |
| 340000 | 3.000 | 05/01/2031 | 312131 |
|  |  |  | 1347808125 |
| Georgia - 2.5% | Georgia - 2.5% | Georgia - 2.5% | Georgia - 2.5% |
| Bartow County Development Authority Pollution Control RB for Georgia Power Company Plant Bowen Project Series 2009 (A3/A/A-2) (PUTABLE) | Bartow County Development Authority Pollution Control RB for Georgia Power Company Plant Bowen Project Series 2009 (A3/A/A-2) (PUTABLE) | Bartow County Development Authority Pollution Control RB for Georgia Power Company Plant Bowen Project Series 2009 (A3/A/A-2) (PUTABLE) | Bartow County Development Authority Pollution Control RB for Georgia Power Company Plant Bowen Project Series 2009 (A3/A/A-2) (PUTABLE) |
| 3920000 | 3.950 <sup>(a)(b)</sup> | 12/01/2032 | 4000289 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Series 1996 (A3/A) (PUTABLE) | Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Series 1996 (A3/A) (PUTABLE) | Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Series 1996 (A3/A) (PUTABLE) | Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Series 1996 (A3/A) (PUTABLE) |
| $1665000 | 3.875 %<sup>(a)(b)</sup> | 10/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674996 |
| Cherokee County Water and Sewerage Authority Georgia Water and Sewerage RB, Series 2023 (Aa1/AA) | Cherokee County Water and Sewerage Authority Georgia Water and Sewerage RB, Series 2023 (Aa1/AA) | Cherokee County Water and Sewerage Authority Georgia Water and Sewerage RB, Series 2023 (Aa1/AA) | Cherokee County Water and Sewerage Authority Georgia Water and Sewerage RB, Series 2023 (Aa1/AA) |
| 1050000 | 4.000 | 08/01/2053 | 967237 |
| City of Atlanta Airport General RB Series 2024A-1 (NON-AMT) (Green Bonds) (Aa3/NR) | City of Atlanta Airport General RB Series 2024A-1 (NON-AMT) (Green Bonds) (Aa3/NR) | City of Atlanta Airport General RB Series 2024A-1 (NON-AMT) (Green Bonds) (Aa3/NR) | City of Atlanta Airport General RB Series 2024A-1 (NON-AMT) (Green Bonds) (Aa3/NR) |
| 1000000 | 5.000 | 07/01/2041 | 1079230 |
| 1000000 | 5.000 | 07/01/2042 | 1073404 |
| 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 | 4108011 |
| Columbia County Hospital Authority Revenue Anticipation Certificates for Wellstar Health System, Inc. Project Series 2023A (A2/A+) | Columbia County Hospital Authority Revenue Anticipation Certificates for Wellstar Health System, Inc. Project Series 2023A (A2/A+) | Columbia County Hospital Authority Revenue Anticipation Certificates for Wellstar Health System, Inc. Project Series 2023A (A2/A+) | Columbia County Hospital Authority Revenue Anticipation Certificates for Wellstar Health System, Inc. Project Series 2023A (A2/A+) |
| 2380000 | 5.750 | 04/01/2053 | 2589107 |
| 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 | 7543501 |
| Coweta County Water and Sewerage Authority RB Series 2024 (NR/AA+) | Coweta County Water and Sewerage Authority RB Series 2024 (NR/AA+) | Coweta County Water and Sewerage Authority RB Series 2024 (NR/AA+) | Coweta County Water and Sewerage Authority RB Series 2024 (NR/AA+) |
| 840000 | 4.000 | 06/01/2046 | 792105 |
| 1675000 | 5.000 | 06/01/2049 | 1756542 |
| 1635000 | 5.000 | 06/01/2054 | 1702321 |
| Development Authority of Bartow County Pollution Control RB First Series 1997 (A3/A) | Development Authority of Bartow County Pollution Control RB First Series 1997 (A3/A) | Development Authority of Bartow County Pollution Control RB First Series 1997 (A3/A) | Development Authority of Bartow County Pollution Control RB First Series 1997 (A3/A) |
| 5000000 | 1.800 <sup>(b)</sup> | 09/01/2029 | 4390447 |
| Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2013 (A3/A) (PUTABLE) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2013 (A3/A) (PUTABLE) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2013 (A3/A) (PUTABLE) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2013 (A3/A) (PUTABLE) |
| 4355000 | 3.375 <sup>(a)(b)</sup> | 11/01/2053 | 4364801 |
| Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2018 (A3/A/A-1) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2018 (A3/A/A-1) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2018 (A3/A/A-1) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2018 (A3/A/A-1) |
| 13170000 | 3.550 <sup>(a)(b)</sup> | 11/01/2052 | 13170000 |
| Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A3/A/A-1) (PUTABLE) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A3/A/A-1) (PUTABLE) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A3/A/A-1) (PUTABLE) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A3/A/A-1) (PUTABLE) |
| 3055000 | 3.375 <sup>(a)(b)</sup> | 11/01/2048 | 3064741 |
| Development Authority of Burke County Pollution Control RB Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A3/A) (PUTABLE) | Development Authority of Burke County Pollution Control RB Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A3/A) (PUTABLE) | Development Authority of Burke County Pollution Control RB Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A3/A) (PUTABLE) | Development Authority of Burke County Pollution Control RB Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A3/A) (PUTABLE) |
| 3800000 | 3.700 <sup>(a)(b)</sup> | 10/01/2032 | 3845532 |
| Development Authority of Fulton County RB Wellstar Health System, Inc. Project, Series 2020A (A2/A+) | Development Authority of Fulton County RB Wellstar Health System, Inc. Project, Series 2020A (A2/A+) | Development Authority of Fulton County RB Wellstar Health System, Inc. Project, Series 2020A (A2/A+) | Development Authority of Fulton County RB Wellstar Health System, Inc. Project, Series 2020A (A2/A+) |
| 4000000 | 4.000 | 04/01/2050 | 3633698 |
| Development Authority of The Unified Government of Athens-Clarke County Refunding RB for University of Georgia Project - Bolton Commons, LLC Series 2024 (Aa3/NR) | Development Authority of The Unified Government of Athens-Clarke County Refunding RB for University of Georgia Project - Bolton Commons, LLC Series 2024 (Aa3/NR) | Development Authority of The Unified Government of Athens-Clarke County Refunding RB for University of Georgia Project - Bolton Commons, LLC Series 2024 (Aa3/NR) | Development Authority of The Unified Government of Athens-Clarke County Refunding RB for University of Georgia Project - Bolton Commons, LLC Series 2024 (Aa3/NR) |
| 975000 | 3.000 | 06/15/2040 | 820947 |
| 1475000 | 4.000 | 06/15/2049 | 1365107 |
| 2070000 | 4.000 | 06/15/2056 | 1873102 |
| Downtown Smyrna Development Authority, Georgia RB (City of Smyrna Projects), Series 2021 (NR/AAA) | Downtown Smyrna Development Authority, Georgia RB (City of Smyrna Projects), Series 2021 (NR/AAA) | Downtown Smyrna Development Authority, Georgia RB (City of Smyrna Projects), Series 2021 (NR/AAA) | Downtown Smyrna Development Authority, Georgia RB (City of Smyrna Projects), Series 2021 (NR/AAA) |
| 2645000 | 5.000 | 02/01/2027 | 2752803 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** |  | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Georgia – (continued) | Georgia – (continued) | Georgia – (continued) | Georgia – (continued) | Georgia – (continued) |
| 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) | Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (NR/NR) |
| 290000 | 5.000 | %\* | 03/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174000 |
| 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-) | George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-) |
| 2215000 | 2.375 |  | 01/01/2031 | 2018152 |
| 1850000 | 4.000 |  | 01/01/2036 | 1830578 |
| Georgia Housing and Finance Authority Single Family Mortgage Bonds 2025 Series A (NON-AMT) (NR/AAA) | Georgia Housing and Finance Authority Single Family Mortgage Bonds 2025 Series A (NON-AMT) (NR/AAA) | Georgia Housing and Finance Authority Single Family Mortgage Bonds 2025 Series A (NON-AMT) (NR/AAA) | Georgia Housing and Finance Authority Single Family Mortgage Bonds 2025 Series A (NON-AMT) (NR/AAA) | Georgia Housing and Finance Authority Single Family Mortgage Bonds 2025 Series A (NON-AMT) (NR/AAA) |
| 8530000 | 4.500 |  | 12/01/2045 | 8345852 |
| 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) | Glynn-Brunswick Memorial Hospital Authority RB Refunding for Southeast Georgia Health System Obligated Group Series 2020 (Baa1/BBB) |
| 775000 | 4.000 |  | 08/01/2035 | 724462 |
| 500000 | 4.000 |  | 08/01/2036 | 462499 |
| 750000 | 4.000 |  | 08/01/2037 | 685487 |
| 745000 | 4.000 |  | 08/01/2038 | 672051 |
| Housing Authority of Columbus Georgia Multifamily Housing RB Columbus Gardens Project Series 2025 (HUD SECT 8 FHA 221(D4)) (Aaa/NR) | Housing Authority of Columbus Georgia Multifamily Housing RB Columbus Gardens Project Series 2025 (HUD SECT 8 FHA 221(D4)) (Aaa/NR) | Housing Authority of Columbus Georgia Multifamily Housing RB Columbus Gardens Project Series 2025 (HUD SECT 8 FHA 221(D4)) (Aaa/NR) | Housing Authority of Columbus Georgia Multifamily Housing RB Columbus Gardens Project Series 2025 (HUD SECT 8 FHA 221(D4)) (Aaa/NR) | Housing Authority of Columbus Georgia Multifamily Housing RB Columbus Gardens Project Series 2025 (HUD SECT 8 FHA 221(D4)) (Aaa/NR) |
| 1250000 | 5.000 | <sup>(a)(b)</sup> | 04/01/2028 | 1293400 |
| Housing Authority of The City of Decatur Georgia Multifamily Housing RB Philips Tower Project Series 2025 (Aaa/NR) | Housing Authority of The City of Decatur Georgia Multifamily Housing RB Philips Tower Project Series 2025 (Aaa/NR) | Housing Authority of The City of Decatur Georgia Multifamily Housing RB Philips Tower Project Series 2025 (Aaa/NR) | Housing Authority of The City of Decatur Georgia Multifamily Housing RB Philips Tower Project Series 2025 (Aaa/NR) | Housing Authority of The City of Decatur Georgia Multifamily Housing RB Philips Tower Project Series 2025 (Aaa/NR) |
| 2265000 | 3.250 | <sup>(a)(b)</sup> | 09/01/2028 | 2265658 |
| Housing Authority of The City of Warner Robins Multifamily Housing RB for Arbours at Wellston Project Series 2024 (Aaa/NR) | Housing Authority of The City of Warner Robins Multifamily Housing RB for Arbours at Wellston Project Series 2024 (Aaa/NR) | Housing Authority of The City of Warner Robins Multifamily Housing RB for Arbours at Wellston Project Series 2024 (Aaa/NR) | Housing Authority of The City of Warner Robins Multifamily Housing RB for Arbours at Wellston Project Series 2024 (Aaa/NR) | Housing Authority of The City of Warner Robins Multifamily Housing RB for Arbours at Wellston Project Series 2024 (Aaa/NR) |
| 1585000 | 5.000 | <sup>(a)(b)</sup> | 02/01/2029 | 1659920 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2019A (A1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2019A (A1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2019A (A1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2019A (A1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2019A (A1/NR) |
| 2800000 | 5.000 |  | 05/15/2030 | 2889370 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2021A (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021A (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021A (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021A (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021A (Aa1/NR) |
| 15875000 | 4.000 | <sup>(a)(b)</sup> | 07/01/2052 | 16005808 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2021C (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021C (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021C (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021C (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021C (A3/NR) |
| 10295000 | 4.000 | <sup>(a)(b)</sup> | 05/01/2052 | 10333035 |
| 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) | Main Street Natural Gas Inc. Gas Supply RB Series 2022A (A3/NR) |
| 2185000 | 4.000 |  | 12/01/2026 | 2201915 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2023B (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2023B (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2023B (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2023B (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2023B (Aa1/NR) |
| 7745000 | 5.000 | <sup>(a)(b)</sup> | 07/01/2053 | 8132241 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2024D (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2024D (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2024D (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2024D (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2024D (Aa3/NR) |
| 17000000 | 5.000 | <sup>(a)(b)</sup> | 04/01/2054 | 18014577 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2024E (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2024E (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2024E (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2024E (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2024E (A3/NR) |
| 15000000 | 5.000 | <sup>(a)(b)</sup> | 05/01/2055 | 15864321 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa3/NR) |
| 17200000 | 5.000 | <sup>(a)(b)</sup> | 06/01/2055 | 18353043 |
| Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) | Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) | Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) | Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) | Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) |
| 2760000 | 5.000 | <sup>(a)(b)</sup> | 12/01/2053 | 2920348 |
| Main Street Natural Gas Inc., Gas Supply RB, Series 2019A (A1/ NR) | Main Street Natural Gas Inc., Gas Supply RB, Series 2019A (A1/ NR) | Main Street Natural Gas Inc., Gas Supply RB, Series 2019A (A1/ NR) | Main Street Natural Gas Inc., Gas Supply RB, Series 2019A (A1/ NR) | Main Street Natural Gas Inc., Gas Supply RB, Series 2019A (A1/ NR) |
| 1215000 | 5.000 |  | 05/15/2028 | 1259587 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Inc., Gas Supply RB, Series 2023C (Aa1/NR) | Main Street Natural Gas Inc., Gas Supply RB, Series 2023C (Aa1/NR) | Main Street Natural Gas Inc., Gas Supply RB, Series 2023C (Aa1/NR) | Main Street Natural Gas Inc., Gas Supply RB, Series 2023C (Aa1/NR) |
| 24500000 | 5.000 %<sup>(a)(b)</sup> | 09/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25811791 |
| Main Street Natural Gas, Inc. Gas Supply RB Series 2022C (NR/BBB-) | Main Street Natural Gas, Inc. Gas Supply RB Series 2022C (NR/BBB-) | Main Street Natural Gas, Inc. Gas Supply RB Series 2022C (NR/BBB-) | Main Street Natural Gas, Inc. Gas Supply RB Series 2022C (NR/BBB-) |
| 6310000 | 4.000 <sup>(c)</sup> | 11/01/2027 | 6303749 |
| Medical Center Hospital Authority Revenue Anticipation Certificates for Piedmont Healthcare Project Series 2019A (A1/AA-) | Medical Center Hospital Authority Revenue Anticipation Certificates for Piedmont Healthcare Project Series 2019A (A1/AA-) | Medical Center Hospital Authority Revenue Anticipation Certificates for Piedmont Healthcare Project Series 2019A (A1/AA-) | Medical Center Hospital Authority Revenue Anticipation Certificates for Piedmont Healthcare Project Series 2019A (A1/AA-) |
| 2850000 | 5.000 <sup>(a)(b)</sup> | 07/01/2054 | 2893094 |
| Monroe County Development Authority Pollution Control RB First Series 2009 (A3/A/A-1) (PUTABLE) | Monroe County Development Authority Pollution Control RB First Series 2009 (A3/A/A-1) (PUTABLE) | Monroe County Development Authority Pollution Control RB First Series 2009 (A3/A/A-1) (PUTABLE) | Monroe County Development Authority Pollution Control RB First Series 2009 (A3/A/A-1) (PUTABLE) |
| 1850000 | 1.000 <sup>(a)(b)</sup> | 07/01/2049 | 1756294 |
| Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2006 (A3/A) (PUTABLE) | Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2006 (A3/A) (PUTABLE) | Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2006 (A3/A) (PUTABLE) | Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2006 (A3/A) (PUTABLE) |
| 1940000 | 3.875 <sup>(a)(b)</sup> | 12/01/2041 | 1952711 |
| Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2012 (A3/A) (PUTABLE) | Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2012 (A3/A) (PUTABLE) | Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2012 (A3/A) (PUTABLE) | Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2012 (A3/A) (PUTABLE) |
| 3520000 | 3.875 <sup>(a)(b)</sup> | 06/01/2042 | 3543063 |
| Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2013 (A3/A) (PUTABLE) | Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2013 (A3/A) (PUTABLE) | Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2013 (A3/A) (PUTABLE) | Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2013 (A3/A) (PUTABLE) |
| 1940000 | 3.875 <sup>(a)(b)</sup> | 04/01/2043 | 1952711 |
| Municipal Electric Authority of Georgia Plant Vogtle Units 3 & 4 Project J Bonds (A3/A) | Municipal Electric Authority of Georgia Plant Vogtle Units 3 & 4 Project J Bonds (A3/A) | Municipal Electric Authority of Georgia Plant Vogtle Units 3 & 4 Project J Bonds (A3/A) | Municipal Electric Authority of Georgia Plant Vogtle Units 3 & 4 Project J Bonds (A3/A) |
| 1060000 | 5.000 | 07/01/2052 | 1085181 |
| Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project M Bonds, Series 2023A (AGM) (A1/AA) | Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project M Bonds, Series 2023A (AGM) (A1/AA) | Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project M Bonds, Series 2023A (AGM) (A1/AA) | Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project M Bonds, Series 2023A (AGM) (A1/AA) |
| 2300000 | 5.000 | 07/01/2053 | 2364886 |
| Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A3/A) | Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A3/A) | Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A3/A) | Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A3/A) |
| 4575000 | 5.000 | 01/01/2026 | 4640501 |
| 4805000 | 5.000 | 01/01/2027 | 4964633 |
| 5040000 | 5.000 | 01/01/2028 | 5297624 |
| 5295000 | 5.000 | 01/01/2029 | 5579273 |
| 1080000 | 5.000 | 01/01/2034 | 1126066 |
| 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 | 526177 |
| 400000 | 5.000 | 06/01/2032 | 427462 |
| 500000 | 5.000 | 06/01/2033 | 532742 |
| 400000 | 4.000 | 06/01/2034 | 400600 |
| 500000 | 4.000 | 06/01/2035 | 495321 |
| 1000000 | 4.000 | 06/01/2045 | 909977 |
| Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (NR/NR) | Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (NR/NR) | Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (NR/NR) | Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (NR/NR) |
| 2615000 | 4.000 <sup>(c)</sup> | 01/01/2038 | 2482968 |
| Savannah Economic Development Authority Recovery Zone Facility Revenue Refunding Bonds International Paper Company Project Series 2019A (NR/BBB) (PUTABLE) | Savannah Economic Development Authority Recovery Zone Facility Revenue Refunding Bonds International Paper Company Project Series 2019A (NR/BBB) (PUTABLE) | Savannah Economic Development Authority Recovery Zone Facility Revenue Refunding Bonds International Paper Company Project Series 2019A (NR/BBB) (PUTABLE) | Savannah Economic Development Authority Recovery Zone Facility Revenue Refunding Bonds International Paper Company Project Series 2019A (NR/BBB) (PUTABLE) |
| 925000 | 3.450 <sup>(a)(b)</sup> | 11/01/2033 | 903420 |
| 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) |
| 4745000 | 5.000 | 07/01/2025 | 4771685 |
| The Atlanta Development Authority Convertible Capital Appreciation Economic Development Certificates for Gulch Enterprise Zone Project Series 2024-1 (NR/NR) | The Atlanta Development Authority Convertible Capital Appreciation Economic Development Certificates for Gulch Enterprise Zone Project Series 2024-1 (NR/NR) | The Atlanta Development Authority Convertible Capital Appreciation Economic Development Certificates for Gulch Enterprise Zone Project Series 2024-1 (NR/NR) | The Atlanta Development Authority Convertible Capital Appreciation Economic Development Certificates for Gulch Enterprise Zone Project Series 2024-1 (NR/NR) |
| 10000000 | 0.000 <sup>(c)(h)</sup> | 12/15/2048 | 8582093 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **45** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| The Atlanta Development Authority Senior RB for Westside Gulch Area Project Series 2024A-1 (NR/NR) | The Atlanta Development Authority Senior RB for Westside Gulch Area Project Series 2024A-1 (NR/NR) | The Atlanta Development Authority Senior RB for Westside Gulch Area Project Series 2024A-1 (NR/NR) | The Atlanta Development Authority Senior RB for Westside Gulch Area Project Series 2024A-1 (NR/NR) |
| 2625000 | 5.000 %<sup>(c)</sup> | 04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618840 |
| The Housing Authority of Columbus Georgia Multifamily Housing RB Hacg Rad Ii Project Series 2025 (HUD SECT 8) (NR/AA+) (PUTABLE) | The Housing Authority of Columbus Georgia Multifamily Housing RB Hacg Rad Ii Project Series 2025 (HUD SECT 8) (NR/AA+) (PUTABLE) | The Housing Authority of Columbus Georgia Multifamily Housing RB Hacg Rad Ii Project Series 2025 (HUD SECT 8) (NR/AA+) (PUTABLE) | The Housing Authority of Columbus Georgia Multifamily Housing RB Hacg Rad Ii Project Series 2025 (HUD SECT 8) (NR/AA+) (PUTABLE) |
| 2100000 | 3.300 <sup>(a)(b)</sup> | 11/01/2028 | 2102803 |
| Upper Oconee Basin Water Authority RB Series 2024 (Aa1/NR) | Upper Oconee Basin Water Authority RB Series 2024 (Aa1/NR) | Upper Oconee Basin Water Authority RB Series 2024 (Aa1/NR) | Upper Oconee Basin Water Authority RB Series 2024 (Aa1/NR) |
| 3320000 | 5.000 | 07/01/2055 | 3455257 |
| Urban Residential Finance Authority of The City of Atlanta Georgia Multifamily Housing RB Cosby Spear Highrise Series 2024A (HUD SECT 8) (Aaa/NR) | Urban Residential Finance Authority of The City of Atlanta Georgia Multifamily Housing RB Cosby Spear Highrise Series 2024A (HUD SECT 8) (Aaa/NR) | Urban Residential Finance Authority of The City of Atlanta Georgia Multifamily Housing RB Cosby Spear Highrise Series 2024A (HUD SECT 8) (Aaa/NR) | Urban Residential Finance Authority of The City of Atlanta Georgia Multifamily Housing RB Cosby Spear Highrise Series 2024A (HUD SECT 8) (Aaa/NR) |
| 300000 | 3.300 <sup>(a)(b)</sup> | 01/01/2044 | 299103 |
| Urban Residential Finance Authority of The City of Atlanta Georgia Multifamily Housing RB North Block Series 2025 (HUD SECT 8 FHA 221(D)(4)) (Aaa/NR) | Urban Residential Finance Authority of The City of Atlanta Georgia Multifamily Housing RB North Block Series 2025 (HUD SECT 8 FHA 221(D)(4)) (Aaa/NR) | Urban Residential Finance Authority of The City of Atlanta Georgia Multifamily Housing RB North Block Series 2025 (HUD SECT 8 FHA 221(D)(4)) (Aaa/NR) | Urban Residential Finance Authority of The City of Atlanta Georgia Multifamily Housing RB North Block Series 2025 (HUD SECT 8 FHA 221(D)(4)) (Aaa/NR) |
| 2000000 | 3.400 <sup>(a)(b)</sup> | 02/01/2029 | 2006981 |
|  |  |  | 282461231 |
| 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 (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (Baa2/NR) |
| 1285000 | 5.250 | 10/01/2030 | 1353238 |
| A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (Baa2/NR) |
| 1265000 | 5.250 | 10/01/2029 | 1326015 |
| A.B. Won Pat International Airport Authority Guam General RB 2024 Series A (AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series A (AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series A (AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series A (AMT) (Baa2/NR) |
| 250000 | 5.250 | 10/01/2037 | 262335 |
| 250000 | 5.250 | 10/01/2038 | 262264 |
| 350000 | 5.250 | 10/01/2039 | 365873 |
| 200000 | 5.250 | 10/01/2040 | 208381 |
| 350000 | 5.250 | 10/01/2041 | 362885 |
| 250000 | 5.250 | 10/01/2043 | 257094 |
| 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 | 727053 |
| Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba1/B+) | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba1/B+) | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba1/B+) | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba1/B+) |
| 2045000 | 4.250 | 02/01/2030 | 2008805 |
| Guam Government GO Bonds Series 2019 (Baa3/BB-) | Guam Government GO Bonds Series 2019 (Baa3/BB-) | Guam Government GO Bonds Series 2019 (Baa3/BB-) | Guam Government GO Bonds Series 2019 (Baa3/BB-) |
| 1765000 | 5.000 | 11/15/2031 | 1788716 |
| 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) |
| 2255000 | 5.000 | 12/01/2026 | 2310343 |
| 2000000 | 5.000 | 12/01/2027 | 2049732 |
| Guam Government RB Refunding Series 2021 E (Baa3/NR) | Guam Government RB Refunding Series 2021 E (Baa3/NR) | Guam Government RB Refunding Series 2021 E (Baa3/NR) | Guam Government RB Refunding Series 2021 E (Baa3/NR) |
| 4175000 | 3.250 | 11/15/2026 | 4109969 |
| Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) |
| 525000 | 5.000 | 01/01/2028 | 544927 |
| 1250000 | 5.000 | 01/01/2030 | 1313280 |
| 950000 | 5.000 | 01/01/2031 | 1005570 |
| 7065000 | 4.000 | 01/01/2042 | 6536734 |
| Guam Power Authority Refunding RB 2024 Series A (Baa2/BBB) | Guam Power Authority Refunding RB 2024 Series A (Baa2/BBB) | Guam Power Authority Refunding RB 2024 Series A (Baa2/BBB) | Guam Power Authority Refunding RB 2024 Series A (Baa2/BBB) |
| 535000 | 5.000 | 10/01/2039 | 565072 |
| Guam Power Authority Refunding RB Series 2022 A (Baa2/BBB) | Guam Power Authority Refunding RB Series 2022 A (Baa2/BBB) | Guam Power Authority Refunding RB Series 2022 A (Baa2/BBB) | Guam Power Authority Refunding RB Series 2022 A (Baa2/BBB) |
| 1825000 | 5.000 | 10/01/2029 | 1932120 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Guam Power Authority Refunding RB Series 2024 A (Baa2/BBB) | Guam Power Authority Refunding RB Series 2024 A (Baa2/BBB) | Guam Power Authority Refunding RB Series 2024 A (Baa2/BBB) | Guam Power Authority Refunding RB Series 2024 A (Baa2/BBB) |
| 450000 | 5.000% | 10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472991 |
| 350000 | 5.000 | 10/01/2042 | 361183 |
| 350000 | 5.000 | 10/01/2043 | 360588 |
| 375000 | 5.000 | 10/01/2044 | 386102 |
| 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-) |
| 6995000 | 5.000 | 01/01/2050 | 7112251 |
| 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-) |
| 125000 | 5.000 | 07/01/2025 | 125487 |
| 785000 | 5.000 | 07/01/2026 | 801080 |
| 500000 | 5.000 | 07/01/2027 | 517741 |
| 525000 | 5.000 | 07/01/2028 | 541436 |
| 345000 | 5.000 | 07/01/2029 | 355108 |
| 1000000 | 5.000 | 07/01/2035 | 1020453 |
| Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024A (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024A (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024A (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024A (Baa2/A-) |
| 1375000 | 5.000 | 07/01/2035 | 1478482 |
| 1350000 | 5.000 | 07/01/2036 | 1453830 |
| 1200000 | 5.000 | 07/01/2039 | 1265688 |
| 1500000 | 5.000 | 07/01/2042 | 1563552 |
| 1000000 | 5.000 | 07/01/2044 | 1033779 |
| 1100000 | 5.000 | 07/01/2045 | 1141083 |
| 1125000 | 5.000 | 01/01/2046 | 1161599 |
| Guam Waterworks Authority Water & Wastewater RB Series 2016 (Baa2/A-) | Guam Waterworks Authority Water & Wastewater RB Series 2016 (Baa2/A-) | Guam Waterworks Authority Water & Wastewater RB Series 2016 (Baa2/A-) | Guam Waterworks Authority Water & Wastewater RB Series 2016 (Baa2/A-) |
| 8650000 | 5.000 | 01/01/2046 | 8688450 |
| Guam Waterworks Authority Water and Wastewater System Revenue Refunding Bonds Series 2024A (Baa2/A-) | Guam Waterworks Authority Water and Wastewater System Revenue Refunding Bonds Series 2024A (Baa2/A-) | Guam Waterworks Authority Water and Wastewater System Revenue Refunding Bonds Series 2024A (Baa2/A-) | Guam Waterworks Authority Water and Wastewater System Revenue Refunding Bonds Series 2024A (Baa2/A-) |
| 1625000 | 5.000 | 07/01/2038 | 1731973 |
| Port Authority of Guam Port RB, 2018 Series B (AMT) (Baa2/A) | Port Authority of Guam Port RB, 2018 Series B (AMT) (Baa2/A) | Port Authority of Guam Port RB, 2018 Series B (AMT) (Baa2/A) | Port Authority of Guam Port RB, 2018 Series B (AMT) (Baa2/A) |
| 200000 | 5.000 | 07/01/2037 | 202392 |
| Port Authority of Guam Private Activity RB Series 2018 B (Baa2/A) | Port Authority of Guam Private Activity RB Series 2018 B (Baa2/A) | Port Authority of Guam Private Activity RB Series 2018 B (Baa2/A) | Port Authority of Guam Private Activity RB Series 2018 B (Baa2/A) |
| 400000 | 5.000 | 07/01/2029 | 412552 |
| 600000 | 5.000 | 07/01/2031 | 614611 |
| 250000 | 5.000 | 07/01/2033 | 254554 |
| 225000 | 5.000 | 07/01/2034 | 228667 |
| 225000 | 5.000 | 07/01/2036 | 228239 |
| 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 | 2498644 |
| Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Baa3/NR) | Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Baa3/NR) | Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Baa3/NR) | Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Baa3/NR) |
| 300000 | 5.000 | 11/01/2027 | 309660 |
| 450000 | 5.000 | 11/01/2028 | 467847 |
| 450000 | 5.000 | 11/01/2029 | 470093 |
| 1000000 | 5.000 | 11/01/2030 | 1048124 |
|  |  |  | 67598645 |
| Hawaii - 0.4% | Hawaii - 0.4% | Hawaii - 0.4% | Hawaii - 0.4% |
| City and County of Honolulu Multifamily Housing RB Maunakea Tower Apartments Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) | City and County of Honolulu Multifamily Housing RB Maunakea Tower Apartments Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) | City and County of Honolulu Multifamily Housing RB Maunakea Tower Apartments Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) | City and County of Honolulu Multifamily Housing RB Maunakea Tower Apartments Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) |
| 220000 | 5.000 <sup>(a)(b)</sup> | 06/01/2027 | 224471 |
| Department of Budget and Finance of The State of Hawaii Special Purpose Refunding RB Hawai'I Pacific University Project Series 2024 (NR/BB) | Department of Budget and Finance of The State of Hawaii Special Purpose Refunding RB Hawai'I Pacific University Project Series 2024 (NR/BB) | Department of Budget and Finance of The State of Hawaii Special Purpose Refunding RB Hawai'I Pacific University Project Series 2024 (NR/BB) | Department of Budget and Finance of The State of Hawaii Special Purpose Refunding RB Hawai'I Pacific University Project Series 2024 (NR/BB) |
| 2900000 | 5.000 <sup>(c)</sup> | 07/01/2034 | 2909734 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Hawaii State Department of Budget & Finance for Hawaii Pacific Health Obligated Group Special Purpose RB Series 2023C (A1/NR) | Hawaii State Department of Budget & Finance for Hawaii Pacific Health Obligated Group Special Purpose RB Series 2023C (A1/NR) | Hawaii State Department of Budget & Finance for Hawaii Pacific Health Obligated Group Special Purpose RB Series 2023C (A1/NR) | Hawaii State Department of Budget & Finance for Hawaii Pacific Health Obligated Group Special Purpose RB Series 2023C (A1/NR) |
| 5250000 | 4.000% | 07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5089577 |
| Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (Ba3/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (Ba3/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (Ba3/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (Ba3/NR) |
| 6575000 | 4.000 | 03/01/2037 | 6081451 |
| Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Ba3/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Ba3/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Ba3/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Ba3/NR) |
| 12795000 | 3.200 | 07/01/2039 | 10630605 |
| Hawaii State Department of Budget and Finance for Hawaiian Electric Company Inc. Special Purpose RB Series 2017A (Ba3/NR) | Hawaii State Department of Budget and Finance for Hawaiian Electric Company Inc. Special Purpose RB Series 2017A (Ba3/NR) | Hawaii State Department of Budget and Finance for Hawaiian Electric Company Inc. Special Purpose RB Series 2017A (Ba3/NR) | Hawaii State Department of Budget and Finance for Hawaiian Electric Company Inc. Special Purpose RB Series 2017A (Ba3/NR) |
| 1040000 | 3.500 | 10/01/2049 | 806251 |
| 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 | 29994 |
| 35000 | 5.000 | 05/15/2030 | 35580 |
| 150000 | 5.000 | 05/15/2031 | 152171 |
| 180000 | 5.000 | 05/15/2032 | 181891 |
| 60000 | 3.000 | 05/15/2033 | 51561 |
| 100000 | 3.000 | 05/15/2034 | 84220 |
| 150000 | 3.000 | 05/15/2035 | 123791 |
| 670000 | 3.250 | 05/15/2039 | 534562 |
| 575000 | 5.000 | 05/15/2044 | 551880 |
| 1000000 | 5.000 | 05/15/2049 | 942783 |
| State of Hawaii Airports System RB Series 2022A (Aa3/AA-) | State of Hawaii Airports System RB Series 2022A (Aa3/AA-) | State of Hawaii Airports System RB Series 2022A (Aa3/AA-) | State of Hawaii Airports System RB Series 2022A (Aa3/AA-) |
| 9000000 | 5.000 | 07/01/2051 | 9080328 |
| State of Hawaii Airports System RB Series 2025B (Aa3/AA-) | State of Hawaii Airports System RB Series 2025B (Aa3/AA-) | State of Hawaii Airports System RB Series 2025B (Aa3/AA-) | State of Hawaii Airports System RB Series 2025B (Aa3/AA-) |
| 3725000 | 5.000 | 07/01/2038 | 4133437 |
| State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) | State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) | State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) | State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) |
| 4775000 | 3.100 | 05/01/2026 | 4673362 |
|  |  |  | 46317649 |
| Idaho - 0.0% | Idaho - 0.0% | Idaho - 0.0% | Idaho - 0.0% |
| City of Boise City, Idaho Airport Revenue and Revenue Refunding Bonds, Series 2021A (A1/NR) | City of Boise City, Idaho Airport Revenue and Revenue Refunding Bonds, Series 2021A (A1/NR) | City of Boise City, Idaho Airport Revenue and Revenue Refunding Bonds, Series 2021A (A1/NR) | City of Boise City, Idaho Airport Revenue and Revenue Refunding Bonds, Series 2021A (A1/NR) |
| 3850000 | 5.000 | 09/01/2051 | 3962323 |
| Idaho Health Facilities Authority St. Luke'S Health System Project RB Series 2025A (NR/A) | Idaho Health Facilities Authority St. Luke'S Health System Project RB Series 2025A (NR/A) | Idaho Health Facilities Authority St. Luke'S Health System Project RB Series 2025A (NR/A) | Idaho Health Facilities Authority St. Luke'S Health System Project RB Series 2025A (NR/A) |
| 1000000 | 5.250 | 03/01/2053 | 1045383 |
|  |  |  | 5007706 |
| Illinois - 9.1% | Illinois - 9.1% | Illinois - 9.1% | Illinois - 9.1% |
| Barrington Community Unit School District GO School Bonds Series 2021 (NR/AAA) | Barrington Community Unit School District GO School Bonds Series 2021 (NR/AAA) | Barrington Community Unit School District GO School Bonds Series 2021 (NR/AAA) | Barrington Community Unit School District GO School Bonds Series 2021 (NR/AAA) |
| 2255000 | 5.000 | 12/01/2029 | 2449895 |
| Belleville Tax Increment & Sales Tax Refunding RB for Carlyle Green Mount Redevelopment Project Series 2021B (NR/NR) | Belleville Tax Increment & Sales Tax Refunding RB for Carlyle Green Mount Redevelopment Project Series 2021B (NR/NR) | Belleville Tax Increment & Sales Tax Refunding RB for Carlyle Green Mount Redevelopment Project Series 2021B (NR/NR) | Belleville Tax Increment & Sales Tax Refunding RB for Carlyle Green Mount Redevelopment Project Series 2021B (NR/NR) |
| 1705000 | 3.750 | 07/01/2041 | 1583310 |
| Berwyn Municipal Securitization Corp. RB Refunding Series 2019 (AGM-CR) (NR/AA) | Berwyn Municipal Securitization Corp. RB Refunding Series 2019 (AGM-CR) (NR/AA) | Berwyn Municipal Securitization Corp. RB Refunding Series 2019 (AGM-CR) (NR/AA) | Berwyn Municipal Securitization Corp. RB Refunding Series 2019 (AGM-CR) (NR/AA) |
| 7200000 | 5.000 | 01/01/2035 | 7518005 |
| Board of Education of The City of Chicago Dedicated Capital Improvement Series 2017 (NR/NR) | Board of Education of The City of Chicago Dedicated Capital Improvement Series 2017 (NR/NR) | Board of Education of The City of Chicago Dedicated Capital Improvement Series 2017 (NR/NR) | Board of Education of The City of Chicago Dedicated Capital Improvement Series 2017 (NR/NR) |
| 3900000 | 5.000 | 04/01/2046 | 3903638 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Board of Education of The City of Chicago Unlimited Tax GO Refunding Bonds (Dedicated Revenues), Series 2021B (NR/BB+) | Board of Education of The City of Chicago Unlimited Tax GO Refunding Bonds (Dedicated Revenues), Series 2021B (NR/BB+) | Board of Education of The City of Chicago Unlimited Tax GO Refunding Bonds (Dedicated Revenues), Series 2021B (NR/BB+) | Board of Education of The City of Chicago Unlimited Tax GO Refunding Bonds (Dedicated Revenues), Series 2021B (NR/BB+) |
| $5000000 | 5.000% | 12/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5172853 |
| Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2012A (Ba1/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2012A (Ba1/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2012A (Ba1/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2012A (Ba1/BB+) |
| 10975000 | 5.000 | 12/01/2042 | 10482077 |
| Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2021A (NR/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2021A (NR/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2021A (NR/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2021A (NR/BB+) |
| 900000 | 5.000 | 12/01/2039 | 895442 |
| Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2022A (NR/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2022A (NR/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2022A (NR/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2022A (NR/BB+) |
| 3275000 | 5.000 | 12/01/2047 | 3118135 |
| Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2017G (NR/BB+) | Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2017G (NR/BB+) | Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2017G (NR/BB+) | Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2017G (NR/BB+) |
| 1900000 | 5.000 | 12/01/2034 | 1884668 |
| Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2022B (NR/BB+) | Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2022B (NR/BB+) | Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2022B (NR/BB+) | Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2022B (NR/BB+) |
| 5000000 | 4.000 | 12/01/2041 | 4359694 |
| Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Baa3/AA) | Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Baa3/AA) | Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Baa3/AA) | Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Baa3/AA) |
| 650000 | 4.000 | 10/01/2043 | 582590 |
| 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 | 340430 |
| 165000 | 0.000 <sup>(g)</sup> | 01/01/2027 | 154438 |
| 240000 | 0.000 <sup>(g)</sup> | 01/01/2028 | 215852 |
| 330000 | 5.000 | 01/01/2029 | 345474 |
| 110000 | 5.000 | 01/01/2031 | 114642 |
| 260000 | 5.000 | 01/01/2032 | 270323 |
| 630000 | 5.000 | 01/01/2033 | 653636 |
| 155000 | 5.000 | 01/01/2034 | 160554 |
| Chicago GO Bonds 2019A (NR/NR) | Chicago GO Bonds 2019A (NR/NR) | Chicago GO Bonds 2019A (NR/NR) | Chicago GO Bonds 2019A (NR/NR) |
| 1025000 | 5.000 | 01/01/2027 | 1062310 |
| 100000 | 5.000 | 01/01/2028 | 105568 |
| Chicago GO Bonds 2019A (NR/BBB) | Chicago GO Bonds 2019A (NR/BBB) | Chicago GO Bonds 2019A (NR/BBB) | Chicago GO Bonds 2019A (NR/BBB) |
| 2750000 | 5.000 | 01/01/2027 | 2812014 |
| 590000 | 5.000 | 01/01/2028 | 609588 |
| 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 | 3629615 |
| 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) |
| 835000 | 5.000 | 04/01/2034 | 846876 |
| 500000 | 5.000 | 04/01/2035 | 506606 |
| 335000 | 5.000 | 04/01/2036 | 339010 |
| 1300000 | 5.000 | 04/01/2037 | 1313818 |
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) |
| 2105000 | 0.000 <sup>(g)</sup> | 12/01/2026 | 1973300 |
| 1625000 | 0.000 <sup>(g)</sup> | 12/01/2027 | 1462087 |
| 3005000 | 0.000 <sup>(g)</sup> | 12/01/2029 | 2475523 |
| 4465000 | 0.000 <sup>(g)</sup> | 12/01/2030 | 3515118 |
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) |
| 465000 | 0.000 <sup>(g)</sup> | 12/01/2027 | 418382 |
| 1040000 | 0.000 <sup>(g)</sup> | 12/01/2028 | 896032 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **47** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) – (continued) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) – (continued) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) – (continued) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) – (continued) |
| $90000 | 0.000 %<sup>(g)</sup> | 12/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74142 |
| Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (Baa3/BBB) | Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (Baa3/BBB) | Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (Baa3/BBB) | Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (Baa3/BBB) |
| 510000 | 0.000 <sup>(g)</sup> | 01/01/2031 | 403127 |
| 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 | 2502772 |
| Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) |
| 4070000 | 0.000 <sup>(g)</sup> | 12/01/2031 | 3052395 |
| Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba1/BB+) | Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba1/BB+) | Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba1/BB+) | Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba1/BB+) |
| 2530000 | 5.500 | 12/01/2026 | 2569941 |
| 11080000 | 5.500 | 12/01/2029 | 11464245 |
| Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL) (Baa3/BB+) |
| 205000 | 0.000 <sup>(g)</sup> | 12/01/2025 | 199865 |
| 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+) |
| 4120000 | 5.250 | 12/01/2039 | 4001321 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba1/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba1/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba1/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba1/BB+) |
| 10380000 | 6.038 | 12/01/2029 | 10292364 |
| 2500000 | 6.138 | 12/01/2039 | 2355770 |
| 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 | 5224457 |
| 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 | 7281449 |
| 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) |
| 3500000 | 5.000 | 12/01/2025 | 3533463 |
| 1270000 | 5.000 | 12/01/2026 | 1300482 |
| 2375000 | 5.000 | 12/01/2027 | 2458854 |
| 2500000 | 5.000 | 12/01/2028 | 2612852 |
| 2750000 | 5.000 | 12/01/2030 | 2849266 |
| 4700000 | 5.000 | 12/01/2031 | 4855662 |
| 1350000 | 5.000 | 12/01/2032 | 1391406 |
| 3800000 | 5.000 | 12/01/2033 | 3906913 |
| 1500000 | 5.000 | 12/01/2034 | 1538624 |
| 1000000 | 5.000 | 12/01/2035 | 1023773 |
| 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 | 2273843 |
| 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> | 12/01/2026 | 1871808 |
| 300000 | 0.000 <sup>(g)</sup> | 12/01/2027 | 269219 |
| 2500000 | 4.000 | 12/01/2027 | 2485296 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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+) |
| $1000000 | 5.000% | 12/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013664 |
| 3060000 | 5.000 | 12/01/2028 | 3147916 |
| 1000000 | 5.000 | 12/01/2029 | 1032965 |
| 3000000 | 5.000 | 12/01/2030 | 3079494 |
| 1000000 | 5.000 | 12/01/2031 | 1022999 |
| 1000000 | 5.000 | 12/01/2032 | 1019567 |
| 1000000 | 5.000 | 12/01/2033 | 1016032 |
| Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (AGM-CR NATL) (A1/AA) | Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (AGM-CR NATL) (A1/AA) | Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (AGM-CR NATL) (A1/AA) | Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (AGM-CR NATL) (A1/AA) |
| 1465000 | 0.000 <sup>(g)</sup> | 01/01/2030 | 1228998 |
| Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Baa3/BBB) | Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Baa3/BBB) | Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Baa3/BBB) | Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Baa3/BBB) |
| 880000 | 0.000 <sup>(g)</sup> | 01/01/2032 | 663483 |
| 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) |
| 4280000 | 5.000 | 01/01/2029 | 4458204 |
| 1135000 | 5.000 | 01/01/2031 | 1173596 |
| 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) |
| 5600000 | 5.000 | 01/01/2038 | 5586452 |
| 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) |
| 375000 | 6.000 | 01/01/2038 | 383540 |
| Chicago Illinois O'Hare International Airport RB General Airport Senior Lien Series 2017D (AMT) (NR/A+) | Chicago Illinois O'Hare International Airport RB General Airport Senior Lien Series 2017D (AMT) (NR/A+) | Chicago Illinois O'Hare International Airport RB General Airport Senior Lien Series 2017D (AMT) (NR/A+) | Chicago Illinois O'Hare International Airport RB General Airport Senior Lien Series 2017D (AMT) (NR/A+) |
| 4340000 | 5.000 | 01/01/2047 | 4340420 |
| 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+) |
| 3615000 | 5.000 | 01/01/2037 | 3644162 |
| 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 | 9200477 |
| 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) |
| 550000 | 5.250 | 01/01/2042 | 558549 |
| 1330000 | 4.000 | 01/01/2052 | 1174043 |
| Chicago Park District GO LT Park Bonds Series 2024A (NR/AA-) | Chicago Park District GO LT Park Bonds Series 2024A (NR/AA-) | Chicago Park District GO LT Park Bonds Series 2024A (NR/AA-) | Chicago Park District GO LT Park Bonds Series 2024A (NR/AA-) |
| 855000 | 5.000 | 01/01/2039 | 906966 |
| 515000 | 5.000 | 01/01/2040 | 542119 |
| 500000 | 5.000 | 01/01/2041 | 523108 |
| Chicago Park District GO LT Refunding Bonds Series 2024B (NR/ AA-) | Chicago Park District GO LT Refunding Bonds Series 2024B (NR/ AA-) | Chicago Park District GO LT Refunding Bonds Series 2024B (NR/ AA-) | Chicago Park District GO LT Refunding Bonds Series 2024B (NR/ AA-) |
| 3350000 | 5.000 | 01/01/2038 | 3573576 |
| Chicago Transit Authority Sales Tax Receipts Refunding RB Series 2024A (NR/AA) | Chicago Transit Authority Sales Tax Receipts Refunding RB Series 2024A (NR/AA) | Chicago Transit Authority Sales Tax Receipts Refunding RB Series 2024A (NR/AA) | Chicago Transit Authority Sales Tax Receipts Refunding RB Series 2024A (NR/AA) |
| 3270000 | 5.000 | 12/01/2041 | 3473386 |
| 6510000 | 5.000 | 12/01/2042 | 6855300 |
| Chicago Transit Authority Sales Tax Receipts Revenue Refunding Bonds Series 2024A (NR/AA) | Chicago Transit Authority Sales Tax Receipts Revenue Refunding Bonds Series 2024A (NR/AA) | Chicago Transit Authority Sales Tax Receipts Revenue Refunding Bonds Series 2024A (NR/AA) | Chicago Transit Authority Sales Tax Receipts Revenue Refunding Bonds Series 2024A (NR/AA) |
| 2730000 | 5.000 | 12/01/2040 | 2923984 |
| City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2016 (NR/NR) | City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2016 (NR/NR) | City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2016 (NR/NR) | City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2016 (NR/NR) |
| 1400000 | 5.750 | 04/01/2034 | 1443094 |
| City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2023 (NR/NR) | City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2023 (NR/NR) | City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2023 (NR/NR) | City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2023 (NR/NR) |
| 2500000 | 5.000 | 04/01/2045 | 2550455 |
| City of Chicago Board of Education GO Bonds Series 1999 A (NATL) (Baa3/BB+) | City of Chicago Board of Education GO Bonds Series 1999 A (NATL) (Baa3/BB+) | City of Chicago Board of Education GO Bonds Series 1999 A (NATL) (Baa3/BB+) | City of Chicago Board of Education GO Bonds Series 1999 A (NATL) (Baa3/BB+) |
| 3230000 | 5.500 | 12/01/2026 | 3280992 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 48 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Board of Education UT GO Bonds for Dedicated Revenues Series 2018D (NR/BB+) | City of Chicago Board of Education UT GO Bonds for Dedicated Revenues Series 2018D (NR/BB+) | City of Chicago Board of Education UT GO Bonds for Dedicated Revenues Series 2018D (NR/BB+) | City of Chicago Board of Education UT GO Bonds for Dedicated Revenues Series 2018D (NR/BB+) |
| $3000000 | 5.000% | 12/01/2046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2831803 |
| City of Chicago Board of Education UT GO Bonds Series 2018D (NR/BB+) | City of Chicago Board of Education UT GO Bonds Series 2018D (NR/BB+) | City of Chicago Board of Education UT GO Bonds Series 2018D (NR/BB+) | City of Chicago Board of Education UT GO Bonds Series 2018D (NR/BB+) |
| 2750000 | 5.000 | 12/01/2046 | 2595819 |
| City of Chicago Board of Education UT GO Bonds Series 2021A (NR/BB+) | City of Chicago Board of Education UT GO Bonds Series 2021A (NR/BB+) | City of Chicago Board of Education UT GO Bonds Series 2021A (NR/BB+) | City of Chicago Board of Education UT GO Bonds Series 2021A (NR/BB+) |
| 2300000 | 5.000 | 12/01/2036 | 2324106 |
| 750000 | 5.000 | 12/01/2038 | 751523 |
| City of Chicago Board of Education UT GO Refunding Bonds Series 2017C (NR/BB+) | City of Chicago Board of Education UT GO Refunding Bonds Series 2017C (NR/BB+) | City of Chicago Board of Education UT GO Refunding Bonds Series 2017C (NR/BB+) | City of Chicago Board of Education UT GO Refunding Bonds Series 2017C (NR/BB+) |
| 500000 | 5.000 | 12/01/2025 | 502431 |
| City of Chicago Board of Education UT GO Refunding Bonds Series 2017H (NR/BB+) | City of Chicago Board of Education UT GO Refunding Bonds Series 2017H (NR/BB+) | City of Chicago Board of Education UT GO Refunding Bonds Series 2017H (NR/BB+) | City of Chicago Board of Education UT GO Refunding Bonds Series 2017H (NR/BB+) |
| 4500000 | 5.000 | 12/01/2036 | 4381293 |
| City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (AGM) (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (AGM) (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (AGM) (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (AGM) (NR/AA) |
| 2450000 | 5.000 | 12/01/2029 | 2546827 |
| 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+) |
| 6495000 | 5.000 | 12/01/2025 | 6526573 |
| City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (AGM) (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (AGM) (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (AGM) (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (AGM) (NR/AA) |
| 15000000 | 5.000 | 12/01/2027 | 15502574 |
| 5450000 | 5.000 | 12/01/2029 | 5657830 |
| 4365000 | 5.000 | 12/01/2030 | 4519545 |
| 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+) |
| 3000000 | 4.000 | 12/01/2037 | 2751840 |
| City of Chicago Board of Education UT GO Series 2015E Project Bonds (NR/BB+) | City of Chicago Board of Education UT GO Series 2015E Project Bonds (NR/BB+) | City of Chicago Board of Education UT GO Series 2015E Project Bonds (NR/BB+) | City of Chicago Board of Education UT GO Series 2015E Project Bonds (NR/BB+) |
| 1300000 | 5.125 | 12/01/2032 | 1300727 |
| 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 | 4721970 |
| 670000 | 5.000 | 01/01/2027 | 685109 |
| 8835000 | 5.000 | 01/01/2028 | 9128329 |
| 940000 | 5.000 | 01/01/2032 | 977618 |
| 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 | 1288414 |
| 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 | 303197 |
| City of Chicago GO Bonds Refunding Series 2024B (NR/BBB) | City of Chicago GO Bonds Refunding Series 2024B (NR/BBB) | City of Chicago GO Bonds Refunding Series 2024B (NR/BBB) | City of Chicago GO Bonds Refunding Series 2024B (NR/BBB) |
| 2000000 | 5.000 | 01/01/2041 | 2062512 |
| City of Chicago GO Bonds Series 2019A (NR/BBB) | City of Chicago GO Bonds Series 2019A (NR/BBB) | City of Chicago GO Bonds Series 2019A (NR/BBB) | City of Chicago GO Bonds Series 2019A (NR/BBB) |
| 10995000 | 5.500 | 01/01/2049 | 11161900 |
| City of Chicago GO Bonds Series 2021A (NR/BBB) | City of Chicago GO Bonds Series 2021A (NR/BBB) | City of Chicago GO Bonds Series 2021A (NR/BBB) | City of Chicago GO Bonds Series 2021A (NR/BBB) |
| 4000000 | 5.000 | 01/01/2033 | 4181318 |
| City of Chicago GO Bonds Series 2021B (NR/BBB) | City of Chicago GO Bonds Series 2021B (NR/BBB) | City of Chicago GO Bonds Series 2021B (NR/BBB) | City of Chicago GO Bonds Series 2021B (NR/BBB) |
| 2456000 | 4.000 | 01/01/2038 | 2230997 |
| 5330000 | 4.000 | 01/01/2044 | 4522001 |
| 1000000 | 4.000 | 01/01/2049 | 819018 |
| City of Chicago GO Bonds Series 2023A (Baa3/BBB) | City of Chicago GO Bonds Series 2023A (Baa3/BBB) | City of Chicago GO Bonds Series 2023A (Baa3/BBB) | City of Chicago GO Bonds Series 2023A (Baa3/BBB) |
| 1000000 | 5.000 | 01/01/2029 | 1041636 |
| 1950000 | 4.000 | 01/01/2035 | 1867261 |
| 3250000 | 5.000 | 01/01/2035 | 3394866 |
| 1560000 | 5.500 | 01/01/2043 | 1603622 |
| City of Chicago GO Bonds Series 2024A (NR/BBB) | City of Chicago GO Bonds Series 2024A (NR/BBB) | City of Chicago GO Bonds Series 2024A (NR/BBB) | City of Chicago GO Bonds Series 2024A (NR/BBB) |
| 12025000 | 5.250 | 01/01/2045 | 12315683 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| $2670000 | 5.000% | 01/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781169 |
| 6215000 | 5.000 | 01/01/2030 | 6516344 |
| City of Chicago IL Waterworks Revenue RB Series 1999 (Baa1/ A+) | City of Chicago IL Waterworks Revenue RB Series 1999 (Baa1/ A+) | City of Chicago IL Waterworks Revenue RB Series 1999 (Baa1/ A+) | City of Chicago IL Waterworks Revenue RB Series 1999 (Baa1/ A+) |
| 1560000 | 5.000 | 11/01/2028 | 1594332 |
| 2010000 | 5.000 | 11/01/2029 | 2052355 |
| 1000000 | 5.000 | 11/01/2030 | 1018463 |
| City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023C (AMT) (NR/A) | City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023C (AMT) (NR/A) | City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023C (AMT) (NR/A) | City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023C (AMT) (NR/A) |
| 1750000 | 5.000 | 01/01/2037 | 1835831 |
| 2760000 | 5.000 | 01/01/2038 | 2886727 |
| 10600000 | 5.000 | 01/01/2039 | 11024892 |
| 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) |
| 8000000 | 5.000 | 01/01/2041 | 8044630 |
| City of Chicago Midway Airport Senior Lien Airport Refunding RB Series 2023C (AMT) (NR/A) | City of Chicago Midway Airport Senior Lien Airport Refunding RB Series 2023C (AMT) (NR/A) | City of Chicago Midway Airport Senior Lien Airport Refunding RB Series 2023C (AMT) (NR/A) | City of Chicago Midway Airport Senior Lien Airport Refunding RB Series 2023C (AMT) (NR/A) |
| 2000000 | 5.000 | 01/01/2028 | 2072807 |
| City of Chicago Multi-Family Housing RB for United Yards 1A Project Series 2024 (Aaa/NR) | City of Chicago Multi-Family Housing RB for United Yards 1A Project Series 2024 (Aaa/NR) | City of Chicago Multi-Family Housing RB for United Yards 1A Project Series 2024 (Aaa/NR) | City of Chicago Multi-Family Housing RB for United Yards 1A Project Series 2024 (Aaa/NR) |
| 2200000 | 3.500 <sup>(a)(b)</sup> | 08/01/2027 | 2208176 |
| 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+) |
| 1500000 | 5.250 | 01/01/2053 | 1530985 |
| 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) |
| 4500000 | 5.500 | 01/01/2053 | 4648833 |
| City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2016D (NON-AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2016D (NON-AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2016D (NON-AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2016D (NON-AMT) (NR/A+) |
| 1000000 | 5.000 | 01/01/2052 | 1007089 |
| City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (NR/A+) |
| 2250000 | 4.500 | 01/01/2048 | 2142500 |
| City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024A (AMT) (NR/A+) |
| 1875000 | 5.000 | 01/01/2036 | 1980484 |
| 2500000 | 5.000 | 01/01/2037 | 2628198 |
| 2500000 | 5.000 | 01/01/2038 | 2614789 |
| 5500000 | 5.500 | 01/01/2053 | 5774952 |
| City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024B (NON-AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024B (NON-AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024B (NON-AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024B (NON-AMT) (NR/A+) |
| 1850000 | 5.000 | 01/01/2040 | 1971342 |
| 500000 | 5.000 | 01/01/2041 | 528348 |
| City of Chicago O'Hare International Airport General Airport Senior Lien Refunding RB Series 2024D (NON-AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Refunding RB Series 2024D (NON-AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Refunding RB Series 2024D (NON-AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Refunding RB Series 2024D (NON-AMT) (NR/A+) |
| 1200000 | 5.000 | 01/01/2039 | 1299940 |
| 1000000 | 5.000 | 01/01/2040 | 1071715 |
| 1600000 | 5.000 | 01/01/2042 | 1686996 |
| 1900000 | 5.000 | 01/01/2043 | 1998216 |
| 1460000 | 5.000 | 01/01/2044 | 1531822 |
| City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Amt Series 2016G (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Amt Series 2016G (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Amt Series 2016G (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Amt Series 2016G (AMT) (NR/A+) |
| 4880000 | 5.000 | 01/01/2042 | 4903949 |
| City of Chicago O'Hare International Airport General Airport Senior Lien Revenue and RR Bonds Series 2018A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue and RR Bonds Series 2018A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue and RR Bonds Series 2018A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue and RR Bonds Series 2018A (AMT) (NR/A+) |
| 5660000 | 5.000 | 01/01/2053 | 5662885 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **49** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4294296 |
| City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (NR/A+) |
| 2500000 | 4.000 | 01/01/2042 | 2399358 |
| City of Chicago O'Hare International Airport General Airport Senior Lien RR Bonds Series 2016B (NON-AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RR Bonds Series 2016B (NON-AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RR Bonds Series 2016B (NON-AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RR Bonds Series 2016B (NON-AMT) (NR/A+) |
| 2000000 | 5.000 | 01/01/2041 | 2011158 |
| City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024B (BAM) (NR/AA) | City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024B (BAM) (NR/AA) | City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024B (BAM) (NR/AA) | City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024B (BAM) (NR/AA) |
| 2420000 | 5.000 | 01/01/2032 | 2665200 |
| City of Chicago Second Lien Wastewater Transmission RB, Refunding Series 2023B (AGM) (NR/AA) | City of Chicago Second Lien Wastewater Transmission RB, Refunding Series 2023B (AGM) (NR/AA) | City of Chicago Second Lien Wastewater Transmission RB, Refunding Series 2023B (AGM) (NR/AA) | City of Chicago Second Lien Wastewater Transmission RB, Refunding Series 2023B (AGM) (NR/AA) |
| 3350000 | 5.000 | 01/01/2035 | 3631648 |
| 1300000 | 5.000 | 01/01/2036 | 1400931 |
| 200000 | 5.000 | 01/01/2037 | 214392 |
| 1660000 | 5.000 | 01/01/2038 | 1769481 |
| City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) | City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) | City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) | City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) |
| 1645000 | 5.000 | 11/01/2026 | 1694999 |
| City of Springfield Illinois Senior Lien Electric Revenue Refunding Bonds Series of 2024 (BAM) (A3/AA) | City of Springfield Illinois Senior Lien Electric Revenue Refunding Bonds Series of 2024 (BAM) (A3/AA) | City of Springfield Illinois Senior Lien Electric Revenue Refunding Bonds Series of 2024 (BAM) (A3/AA) | City of Springfield Illinois Senior Lien Electric Revenue Refunding Bonds Series of 2024 (BAM) (A3/AA) |
| 19000000 | 5.000 | 03/01/2039 | 20478208 |
| 17785000 | 5.000 | 03/01/2040 | 19019928 |
| 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) |
| 200000 | 4.000 | 01/01/2029 | 204553 |
| 145000 | 4.000 | 01/01/2030 | 147953 |
| 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 | 10993271 |
| Cook County Sales Tax RB Series 2018 (NR/AA-) | Cook County Sales Tax RB Series 2018 (NR/AA-) | Cook County Sales Tax RB Series 2018 (NR/AA-) | Cook County Sales Tax RB Series 2018 (NR/AA-) |
| 3500000 | 4.000 | 11/15/2037 | 3463897 |
| 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-) |
| 3750000 | 4.000 | 11/15/2039 | 3603681 |
| 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 | 1347042 |
| District of Greater Chicago Metropolitan Water Reclamation GO UT Bonds 2016 Series E (NR/AA+) | District of Greater Chicago Metropolitan Water Reclamation GO UT Bonds 2016 Series E (NR/AA+) | District of Greater Chicago Metropolitan Water Reclamation GO UT Bonds 2016 Series E (NR/AA+) | District of Greater Chicago Metropolitan Water Reclamation GO UT Bonds 2016 Series E (NR/AA+) |
| 7520000 | 5.000 | 12/01/2045 | 7640649 |
| Eastern Illinois Economic Development Authority, Illinois Business District RB Remington Road & I-57 Business District Series 2023 (NR/NR) | Eastern Illinois Economic Development Authority, Illinois Business District RB Remington Road & I-57 Business District Series 2023 (NR/NR) | Eastern Illinois Economic Development Authority, Illinois Business District RB Remington Road & I-57 Business District Series 2023 (NR/NR) | Eastern Illinois Economic Development Authority, Illinois Business District RB Remington Road & I-57 Business District Series 2023 (NR/NR) |
| 615000 | 5.000 | 11/01/2033 | 615070 |
| Forest Preserve District of Will County Illinois GO Limited Tax Bonds Series 2024 (Aa1/NR) | Forest Preserve District of Will County Illinois GO Limited Tax Bonds Series 2024 (Aa1/NR) | Forest Preserve District of Will County Illinois GO Limited Tax Bonds Series 2024 (Aa1/NR) | Forest Preserve District of Will County Illinois GO Limited Tax Bonds Series 2024 (Aa1/NR) |
| 1000000 | 5.000 | 12/15/2040 | 1072942 |
| 1000000 | 5.000 | 12/15/2041 | 1066502 |
| 1000000 | 5.000 | 12/15/2042 | 1058903 |
| Illinois Finance Authority Lease RB Provident Group-Uic Grenshaw Parking Properties Llc– University of Illinois Chicago Parking Structure Project Series 2025A (Aa2/NR) | Illinois Finance Authority Lease RB Provident Group-Uic Grenshaw Parking Properties Llc– University of Illinois Chicago Parking Structure Project Series 2025A (Aa2/NR) | Illinois Finance Authority Lease RB Provident Group-Uic Grenshaw Parking Properties Llc– University of Illinois Chicago Parking Structure Project Series 2025A (Aa2/NR) | Illinois Finance Authority Lease RB Provident Group-Uic Grenshaw Parking Properties Llc– University of Illinois Chicago Parking Structure Project Series 2025A (Aa2/NR) |
| 2585000 | 5.250 | 10/01/2049 | 2731578 |
| 7100000 | 5.250 | 10/01/2054 | 7470212 |
| 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-) |
| 1320000 | 5.000 | 12/01/2034 | 1276296 |
| 1695000 | 5.000 | 12/01/2039 | 1578810 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326573 |
| 1420000 | 4.000 | 12/01/2037 | 1397760 |
| 4230000 | 4.000 | 12/01/2042 | 4070023 |
| 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 | 500559 |
| 400000 | 4.000 | 12/01/2040 | 397032 |
| 1085000 | 4.000 | 12/01/2042 | 1053120 |
| Illinois Finance Authority RB for Depaul College Prep Foundation Series 2023A (NR/BB+) | Illinois Finance Authority RB for Depaul College Prep Foundation Series 2023A (NR/BB+) | Illinois Finance Authority RB for Depaul College Prep Foundation Series 2023A (NR/BB+) | Illinois Finance Authority RB for Depaul College Prep Foundation Series 2023A (NR/BB+) |
| 1235000 | 5.500 <sup>(c)</sup> | 08/01/2043 | 1300859 |
| 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 | 944214 |
| 685000 | 5.000 | 03/01/2042 | 638635 |
| 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+) |
| 3740000 | 4.000 | 12/15/2033 | 3764880 |
| 1700000 | 4.000 | 12/15/2034 | 1702614 |
| 1395000 | 4.000 | 12/15/2035 | 1379306 |
| 2750000 | 3.000 | 12/15/2036 | 2517242 |
| 2000000 | 3.000 | 12/15/2037 | 1792795 |
| Illinois Finance Authority RB for Mercy Health Corporation Series 2016 (A2/NR) | Illinois Finance Authority RB for Mercy Health Corporation Series 2016 (A2/NR) | Illinois Finance Authority RB for Mercy Health Corporation Series 2016 (A2/NR) | Illinois Finance Authority RB for Mercy Health Corporation Series 2016 (A2/NR) |
| 15205000 | 5.000 | 12/01/2046 | 15040681 |
| 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+) |
| 24305000 | 4.000 | 07/15/2047 | 21520298 |
| 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 | 688853 |
| 725000 | 5.500 | 05/15/2027 | 732660 |
| 765000 | 5.500 | 05/15/2028 | 777199 |
| Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR) | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR) | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR) | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR) |
| 9600000 | 6.125 <sup>(c)</sup> | 04/01/2049 | 9544454 |
| Illinois Finance Authority RB Refunding for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | Illinois Finance Authority RB Refunding for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | Illinois Finance Authority RB Refunding for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | Illinois Finance Authority RB Refunding for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) |
| 1000000 | 3.875 <sup>(a)(b)</sup> | 05/01/2040 | 984994 |
| 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) |
| 1645203 | 3.250 \* | 05/15/2027 | 1200998 |
| Illinois Finance Authority RB Refunding for Edward Elmhurst Healthcare Obligation Group Series 2018 A (NR/AA-) | Illinois Finance Authority RB Refunding for Edward Elmhurst Healthcare Obligation Group Series 2018 A (NR/AA-) | Illinois Finance Authority RB Refunding for Edward Elmhurst Healthcare Obligation Group Series 2018 A (NR/AA-) | Illinois Finance Authority RB Refunding for Edward Elmhurst Healthcare Obligation Group Series 2018 A (NR/AA-) |
| 4000000 | 4.250 <sup>(d)</sup> | 01/01/2028 | 4161189 |
| 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) |
| 875000 | 4.000 | 05/15/2027 | 868539 |
| Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) |
| 750000 | 5.000 | 09/01/2026 | 754341 |
| 500000 | 5.000 | 09/01/2027 | 504243 |
| 500000 | 5.000 | 09/01/2028 | 504509 |
| 1600000 | 5.000 | 09/01/2030 | 1611898 |
| 1000000 | 5.000 | 09/01/2031 | 1003134 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 50 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Institute of Technology Series 2019 (Ba2/NR) – (continued) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) – (continued) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) – (continued) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) – (continued) |
| $1000000 | 5.000% | 09/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000040 |
| 1035000 | 5.000 | 09/01/2033 | 1028508 |
| 1150000 | 5.000 | 09/01/2034 | 1135081 |
| Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa3/A-) | Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa3/A-) | Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa3/A-) | Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa3/A-) |
| 900000 | 4.000 | 09/01/2041 | 801052 |
| 4100000 | 5.000 | 09/01/2046 | 4126809 |
| 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 | 590128 |
| 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 | 354151 |
| 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-) |
| 3025000 | 5.000 | 10/01/2041 | 3073703 |
| 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 | 1542212 |
| Illinois Finance Authority RB Series 2021 (NR/BB+) | Illinois Finance Authority RB Series 2021 (NR/BB+) | Illinois Finance Authority RB Series 2021 (NR/BB+) | Illinois Finance Authority RB Series 2021 (NR/BB+) |
| 375000 | 4.000 <sup>(c)</sup> | 10/01/2042 | 324817 |
| Illinois Finance Authority RB The University of Chicago Series 2024A (Aa2/AA-) | Illinois Finance Authority RB The University of Chicago Series 2024A (Aa2/AA-) | Illinois Finance Authority RB The University of Chicago Series 2024A (Aa2/AA-) | Illinois Finance Authority RB The University of Chicago Series 2024A (Aa2/AA-) |
| 625000 | 5.250 | 04/01/2041 | 680749 |
| 735000 | 5.250 | 04/01/2042 | 792358 |
| 900000 | 5.250 | 04/01/2043 | 963759 |
| 1300000 | 5.250 | 04/01/2044 | 1384025 |
| 1600000 | 5.250 | 04/01/2045 | 1696592 |
| Illinois Finance Authority RB, Columbia College Chicago, Series 2019 (NR/BBB-) | Illinois Finance Authority RB, Columbia College Chicago, Series 2019 (NR/BBB-) | Illinois Finance Authority RB, Columbia College Chicago, Series 2019 (NR/BBB-) | Illinois Finance Authority RB, Columbia College Chicago, Series 2019 (NR/BBB-) |
| 1000000 | 5.000 | 12/01/2049 | 871763 |
| Illinois Finance Authority Revenue Refunding Bonds Bradley University Project Series 2024 (NR/BBB+) | Illinois Finance Authority Revenue Refunding Bonds Bradley University Project Series 2024 (NR/BBB+) | Illinois Finance Authority Revenue Refunding Bonds Bradley University Project Series 2024 (NR/BBB+) | Illinois Finance Authority Revenue Refunding Bonds Bradley University Project Series 2024 (NR/BBB+) |
| 1000000 | 5.000 | 08/01/2029 | 1046612 |
| Illinois Finance Authority Revenue Refunding Bonds Noble Network of Charter Schools Series 2025A (NR/BBB) | Illinois Finance Authority Revenue Refunding Bonds Noble Network of Charter Schools Series 2025A (NR/BBB) | Illinois Finance Authority Revenue Refunding Bonds Noble Network of Charter Schools Series 2025A (NR/BBB) | Illinois Finance Authority Revenue Refunding Bonds Noble Network of Charter Schools Series 2025A (NR/BBB) |
| 735000 | 5.000 | 09/01/2034 | 769292 |
| 770000 | 5.000 | 09/01/2035 | 802409 |
| 1000000 | 5.000 | 09/01/2036 | 1037436 |
| 1280000 | 5.000 | 09/01/2037 | 1322751 |
| 1345000 | 5.000 | 09/01/2038 | 1385742 |
| Illinois Finance Authority Tax-Exempt Surface Freight Transfer Facilities RB for Centerpoint Joliet Terminal Railroad Project Series 2020 (NR/BBB+) | Illinois Finance Authority Tax-Exempt Surface Freight Transfer Facilities RB for Centerpoint Joliet Terminal Railroad Project Series 2020 (NR/BBB+) | Illinois Finance Authority Tax-Exempt Surface Freight Transfer Facilities RB for Centerpoint Joliet Terminal Railroad Project Series 2020 (NR/BBB+) | Illinois Finance Authority Tax-Exempt Surface Freight Transfer Facilities RB for Centerpoint Joliet Terminal Railroad Project Series 2020 (NR/BBB+) |
| 6000000 | 4.125 <sup>(a)(b)(c)</sup> | 12/01/2050 | 5897655 |
| Illinois Housing Development Authority RB 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Illinois Housing Development Authority RB 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Illinois Housing Development Authority RB 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Illinois Housing Development Authority RB 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) |
| 3765000 | 4.250 | 10/01/2039 | 3731284 |
| 3000000 | 4.700 | 10/01/2044 | 2986137 |
| Illinois Housing Development Authority RB 2025 Series A (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Illinois Housing Development Authority RB 2025 Series A (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Illinois Housing Development Authority RB 2025 Series A (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Illinois Housing Development Authority RB 2025 Series A (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) |
| 9500000 | 4.750 <sup>(e)</sup> | 10/01/2045 | 9447602 |
| Illinois Housing Development Authority RB Social Bonds 2024<br>Series I (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Illinois Housing Development Authority RB Social Bonds 2024<br>Series I (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Illinois Housing Development Authority RB Social Bonds 2024<br>Series I (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Illinois Housing Development Authority RB Social Bonds 2024<br>Series I (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) |
| 6545000 | 4.450 | 10/01/2044 | 6405832 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (NR/A+) | Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (NR/A+) | Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (NR/A+) | Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (NR/A+) |
| $1230000 | 5.000% | 01/01/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299217 |
| 5290000 | 4.000 | 01/01/2038 | 5194132 |
| Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (NR/A+) | Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (NR/A+) | Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (NR/A+) | Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (NR/A+) |
| 5985000 | 5.000 | 01/01/2027 | 6173492 |
| 9605000 | 5.000 | 01/01/2028 | 10074637 |
| 11610000 | 5.000 | 01/01/2029 | 12343772 |
| Illinois Sport Facilities Authority Sport Facilities Refunding Bonds Series 2021 (NR/BBB+) | Illinois Sport Facilities Authority Sport Facilities Refunding Bonds Series 2021 (NR/BBB+) | Illinois Sport Facilities Authority Sport Facilities Refunding Bonds Series 2021 (NR/BBB+) | Illinois Sport Facilities Authority Sport Facilities Refunding Bonds Series 2021 (NR/BBB+) |
| 1500000 | 5.000 | 06/15/2030 | 1557705 |
| 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) |
| 4160000 | 5.000 | 06/15/2027 | 4188154 |
| Illinois Sports Facilities Authority Sports Facilities Refunding Bonds Series 2021 (NR/BBB+) | Illinois Sports Facilities Authority Sports Facilities Refunding Bonds Series 2021 (NR/BBB+) | Illinois Sports Facilities Authority Sports Facilities Refunding Bonds Series 2021 (NR/BBB+) | Illinois Sports Facilities Authority Sports Facilities Refunding Bonds Series 2021 (NR/BBB+) |
| 480000 | 5.000 | 06/15/2032 | 492839 |
| Illinois State GO Bonds Series 2017 A (A3/A-) | Illinois State GO Bonds Series 2017 A (A3/A-) | Illinois State GO Bonds Series 2017 A (A3/A-) | Illinois State GO Bonds Series 2017 A (A3/A-) |
| 375000 | 4.500 | 12/01/2041 | 365549 |
| Illinois State GO Bonds Series 2017 D (A3/A-) | Illinois State GO Bonds Series 2017 D (A3/A-) | Illinois State GO Bonds Series 2017 D (A3/A-) | Illinois State GO Bonds Series 2017 D (A3/A-) |
| 2000000 | 5.000 | 11/01/2025 | 2021620 |
| 13250000 | 5.000 | 11/01/2026 | 13624620 |
| 25670000 | 5.000 | 11/01/2028 | 26671602 |
| Illinois State GO Bonds Series 2018 A (A3/A-) | Illinois State GO Bonds Series 2018 A (A3/A-) | Illinois State GO Bonds Series 2018 A (A3/A-) | Illinois State GO Bonds Series 2018 A (A3/A-) |
| 16380000 | 5.000 | 05/01/2031 | 17033436 |
| 1760000 | 5.000 | 05/01/2042 | 1782677 |
| 1760000 | 5.000 | 05/01/2043 | 1778187 |
| Illinois State GO Bonds Series 2019 C (A3/A-) | Illinois State GO Bonds Series 2019 C (A3/A-) | Illinois State GO Bonds Series 2019 C (A3/A-) | Illinois State GO Bonds Series 2019 C (A3/A-) |
| 3980000 | 4.000 | 11/01/2042 | 3628270 |
| Illinois State GO Bonds Series 2020 (A3/A-) | Illinois State GO Bonds Series 2020 (A3/A-) | Illinois State GO Bonds Series 2020 (A3/A-) | Illinois State GO Bonds Series 2020 (A3/A-) |
| 1525000 | 5.500 | 05/01/2039 | 1610899 |
| 4240000 | 5.750 | 05/01/2045 | 4487561 |
| Illinois State GO Refunding Bonds Series 2016 (AGM) (A1/AA) | Illinois State GO Refunding Bonds Series 2016 (AGM) (A1/AA) | Illinois State GO Refunding Bonds Series 2016 (AGM) (A1/AA) | Illinois State GO Refunding Bonds Series 2016 (AGM) (A1/AA) |
| 1185000 | 4.000 | 02/01/2031 | 1191206 |
| Illinois State GO Refunding Bonds Series 2018 B (A3/A-) | Illinois State GO Refunding Bonds Series 2018 B (A3/A-) | Illinois State GO Refunding Bonds Series 2018 B (A3/A-) | Illinois State GO Refunding Bonds Series 2018 B (A3/A-) |
| 2340000 | 5.000 | 10/01/2031 | 2442550 |
| Illinois State Taxable Pension Funding GO Bonds Series 2003 (A3/A-) | Illinois State Taxable Pension Funding GO Bonds Series 2003 (A3/A-) | Illinois State Taxable Pension Funding GO Bonds Series 2003 (A3/A-) | Illinois State Taxable Pension Funding GO Bonds Series 2003 (A3/A-) |
| 11454118 | 5.100 | 06/01/2033 | 11432050 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bds Mc Cormick Place Expansion 2002 A (AGM-CR NATL) (A1/AA) | Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bds Mc Cormick Place Expansion 2002 A (AGM-CR NATL) (A1/AA) | Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bds Mc Cormick Place Expansion 2002 A (AGM-CR NATL) (A1/AA) | Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bds Mc Cormick Place Expansion 2002 A (AGM-CR NATL) (A1/AA) |
| 10360000 | 0.000 <sup>(g)</sup> | 12/15/2040 | 5127719 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bonds McCormick Place Expansion 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bonds McCormick Place Expansion 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bonds McCormick Place Expansion 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bonds McCormick Place Expansion 2002 A (NATL) (Baa2/A) |
| 1670000 | 0.000 <sup>(g)</sup> | 12/15/2029 | 1401521 |
| Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (NATL) (Baa2/A) |
| 2000000 | 0.000 <sup>(g)</sup> | 06/15/2034 | 1366603 |
| 1860000 | 0.000 <sup>(g)</sup> | 06/15/2038 | 1021555 |
| Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024A (NR/A) | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024A (NR/A) | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024A (NR/A) | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024A (NR/A) |
| 4050000 | 5.000 | 06/15/2029 | 4212656 |
| Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024B (NR/A) | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024B (NR/A) | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024B (NR/A) | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024B (NR/A) |
| 8310000 | 4.000 | 12/15/2026 | 8407759 |
| 1725000 | 4.000 | 12/15/2027 | 1752466 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **51** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/A) |
| $6920000 | 0.000 %<sup>(g)</sup> | 12/15/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5108864 |
| Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/A) |
| 1370000 | 0.000 <sup>(g)</sup> | 12/15/2031 | 1057727 |
| 2190000 | 0.000 <sup>(g)</sup> | 06/15/2033 | 1574219 |
| Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A1/AA) |
| 3000000 | 0.000 <sup>(g)</sup> | 06/15/2044 | 1198832 |
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (NR/A) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (NR/A) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (NR/A) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (NR/A) |
| 2000000 | 0.000 <sup>(g)</sup> | 12/15/2056 | 383781 |
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/A) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/A) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/A) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/A) |
| 2000000 | 5.000 | 12/15/2028 | 2082289 |
| 300000 | 5.000 | 12/15/2032 | 309773 |
| 600000 | 5.000 | 12/15/2033 | 618393 |
| 500000 | 5.000 | 12/15/2034 | 514288 |
| 1260000 | 0.000 <sup>(h)</sup> | 12/15/2037 | 949617 |
| 3500000 | 0.000 <sup>(h)</sup> | 12/15/2042 | 2526698 |
| 3850000 | 0.000 <sup>(h)</sup> | 12/15/2047 | 2707620 |
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A1/AA) |
| 18150000 | 0.000 <sup>(g)</sup> | 12/15/2056 | 3704883 |
| Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (NR/A) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (NR/A) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (NR/A) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (NR/A) |
| 5355000 | 4.000 | 06/15/2052 | 4548972 |
| Regional Transportation Authority Illinois GO Bonds Series 2016 A (Aa3/AA) | Regional Transportation Authority Illinois GO Bonds Series 2016 A (Aa3/AA) | Regional Transportation Authority Illinois GO Bonds Series 2016 A (Aa3/AA) | Regional Transportation Authority Illinois GO Bonds Series 2016 A (Aa3/AA) |
| 2730000 | 4.000 | 06/01/2046 | 2520419 |
| 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) |
| 4855000 | 5.000 | 07/01/2029 | 5053215 |
| Sales Tax Securitization Corp Bonds Series 2018C (NR/A+) | Sales Tax Securitization Corp Bonds Series 2018C (NR/A+) | Sales Tax Securitization Corp Bonds Series 2018C (NR/A+) | Sales Tax Securitization Corp Bonds Series 2018C (NR/A+) |
| 2705000 | 5.000 | 01/01/2026 | 2744333 |
| Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) |
| 3535000 | 5.000 | 01/01/2026 | 3586403 |
| 4000000 | 5.000 | 01/01/2027 | 4125976 |
| 11000000 | 5.000 | 01/01/2028 | 11537846 |
| 4280000 | 5.000 | 01/01/2029 | 4550503 |
| Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) |
| 2000000 | 5.000 | 01/01/2026 | 2029082 |
| 7500000 | 5.000 | 01/01/2029 | 7974013 |
| Sales Tax Securitization Corporation Second Lien Sales Tax Securitization Bonds, Refunding Series 2023C (Forward Delivery) (NR/A+) | Sales Tax Securitization Corporation Second Lien Sales Tax Securitization Bonds, Refunding Series 2023C (Forward Delivery) (NR/A+) | Sales Tax Securitization Corporation Second Lien Sales Tax Securitization Bonds, Refunding Series 2023C (Forward Delivery) (NR/A+) | Sales Tax Securitization Corporation Second Lien Sales Tax Securitization Bonds, Refunding Series 2023C (Forward Delivery) (NR/A+) |
| 1000000 | 5.000 | 01/01/2035 | 1091214 |
| Sales Tax Securitization Corporation Second Lien Sales Tax Securitization Bonds, Refunding Series 2023C Forward Delivery (NR/A+) | Sales Tax Securitization Corporation Second Lien Sales Tax Securitization Bonds, Refunding Series 2023C Forward Delivery (NR/A+) | Sales Tax Securitization Corporation Second Lien Sales Tax Securitization Bonds, Refunding Series 2023C Forward Delivery (NR/A+) | Sales Tax Securitization Corporation Second Lien Sales Tax Securitization Bonds, Refunding Series 2023C Forward Delivery (NR/A+) |
| 100000 | 5.000 | 01/01/2036 | 108576 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| School District Number 135 Cook County Illinois Orland Park GO Limited Tax School Bonds Series 2025 (NR/AA+) | School District Number 135 Cook County Illinois Orland Park GO Limited Tax School Bonds Series 2025 (NR/AA+) | School District Number 135 Cook County Illinois Orland Park GO Limited Tax School Bonds Series 2025 (NR/AA+) | School District Number 135 Cook County Illinois Orland Park GO Limited Tax School Bonds Series 2025 (NR/AA+) |
| $1625000 | 5.000% | 12/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709959 |
| 1125000 | 5.000 | 12/01/2028 | 1201742 |
| 1175000 | 5.000 | 12/01/2029 | 1271230 |
| South Sangamon Water Commission GO Refunding Bonds for Alternative Revenue Source Series 2020 (AGM) (A3/AA) | South Sangamon Water Commission GO Refunding Bonds for Alternative Revenue Source Series 2020 (AGM) (A3/AA) | South Sangamon Water Commission GO Refunding Bonds for Alternative Revenue Source Series 2020 (AGM) (A3/AA) | South Sangamon Water Commission GO Refunding Bonds for Alternative Revenue Source Series 2020 (AGM) (A3/AA) |
| 1000000 | 4.000 | 01/01/2032 | 1006433 |
| 325000 | 4.000 | 01/01/2033 | 325894 |
| 475000 | 4.000 | 01/01/2034 | 474316 |
| 420000 | 4.000 | 01/01/2035 | 417315 |
| 470000 | 4.000 | 01/01/2037 | 459475 |
| Southwestern Ill Dev Authority Local Govt Revenue Bonds Edwardsville Cusd #7 2007 (AGM) (NR/AA) | Southwestern Ill Dev Authority Local Govt Revenue Bonds Edwardsville Cusd #7 2007 (AGM) (NR/AA) | Southwestern Ill Dev Authority Local Govt Revenue Bonds Edwardsville Cusd #7 2007 (AGM) (NR/AA) | Southwestern Ill Dev Authority Local Govt Revenue Bonds Edwardsville Cusd #7 2007 (AGM) (NR/AA) |
| 6055000 | 0.000 <sup>(g)</sup> | 12/01/2025 | 5924675 |
| State of Illinois Build Illinois Bonds Sales Tax RB Junior Obligation Series C of March 2025 (NR/A) | State of Illinois Build Illinois Bonds Sales Tax RB Junior Obligation Series C of March 2025 (NR/A) | State of Illinois Build Illinois Bonds Sales Tax RB Junior Obligation Series C of March 2025 (NR/A) | State of Illinois Build Illinois Bonds Sales Tax RB Junior Obligation Series C of March 2025 (NR/A) |
| 5000000 | 5.000 | 06/15/2043 | 5243971 |
| State of Illinois GO Bonds Series 2016 (A3/A-) | State of Illinois GO Bonds Series 2016 (A3/A-) | State of Illinois GO Bonds Series 2016 (A3/A-) | State of Illinois GO Bonds Series 2016 (A3/A-) |
| 1115000 | 3.500 | 06/01/2031 | 1079604 |
| State of Illinois GO Bonds Series 2017 A (A3/A-) | State of Illinois GO Bonds Series 2017 A (A3/A-) | State of Illinois GO Bonds Series 2017 A (A3/A-) | State of Illinois GO Bonds Series 2017 A (A3/A-) |
| 1455000 | 4.250 | 12/01/2040 | 1388549 |
| State of Illinois GO Bonds Series 2017 D (A3/A-) | State of Illinois GO Bonds Series 2017 D (A3/A-) | State of Illinois GO Bonds Series 2017 D (A3/A-) | State of Illinois GO Bonds Series 2017 D (A3/A-) |
| 925000 | 3.250 | 11/01/2026 | 924083 |
| State of Illinois GO Bonds Series 2017C (A3/A-) | State of Illinois GO Bonds Series 2017C (A3/A-) | State of Illinois GO Bonds Series 2017C (A3/A-) | State of Illinois GO Bonds Series 2017C (A3/A-) |
| 12830000 | 5.000 | 11/01/2029 | 13301077 |
| State of Illinois GO Bonds Series 2017D (A3/A-) | State of Illinois GO Bonds Series 2017D (A3/A-) | State of Illinois GO Bonds Series 2017D (A3/A-) | State of Illinois GO Bonds Series 2017D (A3/A-) |
| 10000000 | 5.000 | 11/01/2027 | 10424511 |
| State of Illinois GO Bonds Series 2019B (A3/A-) | State of Illinois GO Bonds Series 2019B (A3/A-) | State of Illinois GO Bonds Series 2019B (A3/A-) | State of Illinois GO Bonds Series 2019B (A3/A-) |
| 2000000 | 4.000 | 11/01/2034 | 1960801 |
| State of Illinois GO Bonds Series 2020 (A3/A-) | State of Illinois GO Bonds Series 2020 (A3/A-) | State of Illinois GO Bonds Series 2020 (A3/A-) | State of Illinois GO Bonds Series 2020 (A3/A-) |
| 3000000 | 5.500 | 05/01/2030 | 3173404 |
| State of Illinois GO Bonds Series 2021A (A3/A-) | State of Illinois GO Bonds Series 2021A (A3/A-) | State of Illinois GO Bonds Series 2021A (A3/A-) | State of Illinois GO Bonds Series 2021A (A3/A-) |
| 4195000 | 4.000 | 03/01/2041 | 3910365 |
| State of Illinois GO Bonds Series 2022A (A3/A-) | State of Illinois GO Bonds Series 2022A (A3/A-) | State of Illinois GO Bonds Series 2022A (A3/A-) | State of Illinois GO Bonds Series 2022A (A3/A-) |
| 875000 | 5.500 | 03/01/2047 | 908260 |
| State of Illinois GO Bonds Series 2023B (A3/A-) | State of Illinois GO Bonds Series 2023B (A3/A-) | State of Illinois GO Bonds Series 2023B (A3/A-) | State of Illinois GO Bonds Series 2023B (A3/A-) |
| 3000000 | 5.500 | 05/01/2047 | 3118657 |
| State of Illinois GO Bonds Series of May 2024B (A3/A-) | State of Illinois GO Bonds Series of May 2024B (A3/A-) | State of Illinois GO Bonds Series of May 2024B (A3/A-) | State of Illinois GO Bonds Series of May 2024B (A3/A-) |
| 7220000 | 5.000 | 05/01/2040 | 7588143 |
| 6415000 | 5.000 | 05/01/2041 | 6716313 |
| State of Illinois GO Bonds, Series of May 2023B (A3/A-) | State of Illinois GO Bonds, Series of May 2023B (A3/A-) | State of Illinois GO Bonds, Series of May 2023B (A3/A-) | State of Illinois GO Bonds, Series of May 2023B (A3/A-) |
| 1760000 | 5.250 | 05/01/2038 | 1876060 |
| 2195000 | 5.250 | 05/01/2039 | 2328631 |
| 2700000 | 5.250 | 05/01/2040 | 2847508 |
| State of Illinois GO Refunding Bonds Series 2018A (A3/A-) | State of Illinois GO Refunding Bonds Series 2018A (A3/A-) | State of Illinois GO Refunding Bonds Series 2018A (A3/A-) | State of Illinois GO Refunding Bonds Series 2018A (A3/A-) |
| 500000 | 5.000 | 10/01/2028 | 526205 |
| State of Illinois GO Refunding Bonds Series of October 2024 (A3/A-) | State of Illinois GO Refunding Bonds Series of October 2024 (A3/A-) | State of Illinois GO Refunding Bonds Series of October 2024 (A3/A-) | State of Illinois GO Refunding Bonds Series of October 2024 (A3/A-) |
| 3350000 | 5.000 | 02/01/2039 | 3548448 |
| State of Illinois GO Unlimited Bonds Series 2017 A (A3/A-) | State of Illinois GO Unlimited Bonds Series 2017 A (A3/A-) | State of Illinois GO Unlimited Bonds Series 2017 A (A3/A-) | State of Illinois GO Unlimited Bonds Series 2017 A (A3/A-) |
| 1500000 | 4.000 | 12/01/2033 | 1485440 |
| 10700000 | 4.250 | 12/01/2037 | 10401832 |
| State of Illinois GO Unlimited Refunding Bonds Series 2018 B (A3/A-) | State of Illinois GO Unlimited Refunding Bonds Series 2018 B (A3/A-) | State of Illinois GO Unlimited Refunding Bonds Series 2018 B (A3/A-) | State of Illinois GO Unlimited Refunding Bonds Series 2018 B (A3/A-) |
| 5100000 | 5.000 | 10/01/2027 | 5308769 |
| 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 | 5597285 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 52 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Sales Tax RB Junior Obligation Series C (NR/A) | State of Illinois Sales Tax RB Junior Obligation Series C (NR/A) | State of Illinois Sales Tax RB Junior Obligation Series C (NR/A) | State of Illinois Sales Tax RB Junior Obligation Series C (NR/A) |
| 11365000 | 5.000% | 06/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11840629 |
| Upper Illinois River Valley Development Authority Educational Facility RB for Elgin Math & Science Academy Charter School Project Series 2023A (Ba3/NR) | Upper Illinois River Valley Development Authority Educational Facility RB for Elgin Math & Science Academy Charter School Project Series 2023A (Ba3/NR) | Upper Illinois River Valley Development Authority Educational Facility RB for Elgin Math & Science Academy Charter School Project Series 2023A (Ba3/NR) | Upper Illinois River Valley Development Authority Educational Facility RB for Elgin Math & Science Academy Charter School Project Series 2023A (Ba3/NR) |
| 2200000 | 5.625 <sup>(c)</sup> | 03/01/2043 | 2216518 |
| Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR) | Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR) | Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR) | Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR) |
| 160000 | 4.000 <sup>(c)</sup> | 01/01/2031 | 154676 |
| 1050000 | 5.000 <sup>(c)</sup> | 01/01/2045 | 999833 |
| 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) |
| 2300000 | 5.000 | 01/01/2030 | 2309617 |
| 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) |
| 1000000 | 4.250 | 01/01/2029 | 975269 |
| 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 | 3225769 |
| 3235000 | 5.000 | 12/30/2028 | 3470152 |
| 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 | 178697 |
| 1420000 | 4.125 | 10/01/2046 | 1170921 |
| Will County Community High School District No. 210 Lincoln-Way GO Refunding Bonds Series 2020 (AGM) (A1/AA) | Will County Community High School District No. 210 Lincoln-Way GO Refunding Bonds Series 2020 (AGM) (A1/AA) | Will County Community High School District No. 210 Lincoln-Way GO Refunding Bonds Series 2020 (AGM) (A1/AA) | Will County Community High School District No. 210 Lincoln-Way GO Refunding Bonds Series 2020 (AGM) (A1/AA) |
| 650000 | 4.000 | 01/01/2034 | 642249 |
|  |  |  | 1018957798 |
| Indiana - 0.6% | Indiana - 0.6% | Indiana - 0.6% | Indiana - 0.6% |
| Brownsburg 1999 School Building Corporation AD Valorem Property Tax First Mortgage Bonds, Series 2024B (ST INTERCEPT) (NR/AA+) | Brownsburg 1999 School Building Corporation AD Valorem Property Tax First Mortgage Bonds, Series 2024B (ST INTERCEPT) (NR/AA+) | Brownsburg 1999 School Building Corporation AD Valorem Property Tax First Mortgage Bonds, Series 2024B (ST INTERCEPT) (NR/AA+) | Brownsburg 1999 School Building Corporation AD Valorem Property Tax First Mortgage Bonds, Series 2024B (ST INTERCEPT) (NR/AA+) |
| 2210000 | 5.000 | 07/15/2040 | 2367791 |
| 3750000 | 5.000 | 07/15/2042 | 3972687 |
| 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 | 1416504 |
| City of Valparaiso Indiana Exempt Facilities Refunding RB Pratt Paper LIC Project Series 2024 (NR/NR) | City of Valparaiso Indiana Exempt Facilities Refunding RB Pratt Paper LIC Project Series 2024 (NR/NR) | City of Valparaiso Indiana Exempt Facilities Refunding RB Pratt Paper LIC Project Series 2024 (NR/NR) | City of Valparaiso Indiana Exempt Facilities Refunding RB Pratt Paper LIC Project Series 2024 (NR/NR) |
| 2550000 | 4.875 <sup>(c)</sup> | 01/01/2044 | 2547609 |
| Indiana Finance Authority CHF - Tippecanoe, LLC - Student Housing Project Student Housing RB Series 2023A (NR/BBB-) | Indiana Finance Authority CHF - Tippecanoe, LLC - Student Housing Project Student Housing RB Series 2023A (NR/BBB-) | Indiana Finance Authority CHF - Tippecanoe, LLC - Student Housing Project Student Housing RB Series 2023A (NR/BBB-) | Indiana Finance Authority CHF - Tippecanoe, LLC - Student Housing Project Student Housing RB Series 2023A (NR/BBB-) |
| 1550000 | 5.125 | 06/01/2058 | 1551925 |
| Indiana Finance Authority Economic Development Refunding RB Republic Services Inc. Project Series 2010A (AMT) (NR/BBB+/A-2) (PUTABLE) | Indiana Finance Authority Economic Development Refunding RB Republic Services Inc. Project Series 2010A (AMT) (NR/BBB+/A-2) (PUTABLE) | Indiana Finance Authority Economic Development Refunding RB Republic Services Inc. Project Series 2010A (AMT) (NR/BBB+/A-2) (PUTABLE) | Indiana Finance Authority Economic Development Refunding RB Republic Services Inc. Project Series 2010A (AMT) (NR/BBB+/A-2) (PUTABLE) |
| 6000000 | 3.850 <sup>(a)(b)</sup> | 05/01/2028 | 5998686 |
| 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 | 546502 |
| 680000 | 5.000 | 09/15/2039 | 671300 |
| 445000 | 4.000 | 09/15/2044 | 366382 |
| Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (B1/BB-) | Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (B1/BB-) | Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (B1/BB-) | Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (B1/BB-) |
| 4915000 | 4.125 | 12/01/2026 | 4920110 |
| Indiana Finance Authority First Lien Wastewater Utility RB Refunding for CWA Authority Project Series 2023A (Aa3/AA) | Indiana Finance Authority First Lien Wastewater Utility RB Refunding for CWA Authority Project Series 2023A (Aa3/AA) | Indiana Finance Authority First Lien Wastewater Utility RB Refunding for CWA Authority Project Series 2023A (Aa3/AA) | Indiana Finance Authority First Lien Wastewater Utility RB Refunding for CWA Authority Project Series 2023A (Aa3/AA) |
| 1250000 | 5.000 | 10/01/2035 | 1378766 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 First Lien Wastewater Utility RB Refunding for CWA Authority Project Series 2023A (Aa3/AA) – (continued) | Indiana Finance Authority First Lien Wastewater Utility RB Refunding for CWA Authority Project Series 2023A (Aa3/AA) – (continued) | Indiana Finance Authority First Lien Wastewater Utility RB Refunding for CWA Authority Project Series 2023A (Aa3/AA) – (continued) | Indiana Finance Authority First Lien Wastewater Utility RB Refunding for CWA Authority Project Series 2023A (Aa3/AA) – (continued) |
| $1000000 | 5.000% | 10/01/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097404 |
| 1000000 | 5.000 | 10/01/2037 | 1091941 |
| 75000 | 5.000 | 10/01/2038 | 81533 |
| Indiana Finance Authority First Lien Wastewater Utility RB Refunding for CWA Authority Project Series 2024A forward Delivery (Aa3/AA) | Indiana Finance Authority First Lien Wastewater Utility RB Refunding for CWA Authority Project Series 2024A forward Delivery (Aa3/AA) | Indiana Finance Authority First Lien Wastewater Utility RB Refunding for CWA Authority Project Series 2024A forward Delivery (Aa3/AA) | Indiana Finance Authority First Lien Wastewater Utility RB Refunding for CWA Authority Project Series 2024A forward Delivery (Aa3/AA) |
| 1000000 | 5.000 | 10/01/2040 | 1078516 |
| 1500000 | 5.000 | 10/01/2041 | 1600832 |
| 1700000 | 5.000 | 10/01/2043 | 1792998 |
| 1600000 | 5.000 | 10/01/2044 | 1682324 |
| 1250000 | 5.000 | 10/01/2045 | 1310757 |
| Indiana Finance Authority Health Facility RB Series 2024 (A3/A-) | Indiana Finance Authority Health Facility RB Series 2024 (A3/A-) | Indiana Finance Authority Health Facility RB Series 2024 (A3/A-) | Indiana Finance Authority Health Facility RB Series 2024 (A3/A-) |
| 800000 | 5.000 | 03/01/2039 | 841412 |
| 925000 | 5.000 | 03/01/2040 | 965368 |
| 600000 | 5.000 | 03/01/2041 | 622235 |
| 4000000 | 4.250 | 03/01/2049 | 3716940 |
| Indiana Finance Authority RB for BHI Senior Living Series 2016A (NR/NR) | Indiana Finance Authority RB for BHI Senior Living Series 2016A (NR/NR) | Indiana Finance Authority RB for BHI Senior Living Series 2016A (NR/NR) | Indiana Finance Authority RB for BHI Senior Living Series 2016A (NR/NR) |
| 1675000 | 5.250 | 11/15/2046 | 1681534 |
| Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/BBB+) | Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/BBB+) | Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/BBB+) | Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/BBB+) |
| 2300000 | 2.100 <sup>(a)(b)</sup> | 11/01/2049 | 2234159 |
| 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 | 180407 |
| 300000 | 5.000 | 07/01/2040 | 298287 |
| Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Baa3/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Baa3/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Baa3/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Baa3/NR) |
| 2110000 | 3.000 | 11/01/2030 | 2010249 |
| Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Baa3/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Baa3/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Baa3/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Baa3/NR) |
| 2350000 | 3.000 | 11/01/2030 | 2238902 |
| 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) |
| 360000 | 2.450 | 11/15/2025 | 354226 |
| 465000 | 2.520 | 11/15/2026 | 446298 |
| 610000 | 2.920 | 11/15/2027 | 576685 |
| 850000 | 3.210 | 11/15/2028 | 793088 |
| 880000 | 3.260 | 11/15/2029 | 804268 |
| 670000 | 3.300 | 11/15/2030 | 598105 |
| Indiana Finance Authority Student Housing RB Prg Uindy Properties Llc Series 2025 (NR/BB) | Indiana Finance Authority Student Housing RB Prg Uindy Properties Llc Series 2025 (NR/BB) | Indiana Finance Authority Student Housing RB Prg Uindy Properties Llc Series 2025 (NR/BB) | Indiana Finance Authority Student Housing RB Prg Uindy Properties Llc Series 2025 (NR/BB) |
| 850000 | 5.250 | 07/01/2045 | 831579 |
| Indiana Housing & Community Development Authority Multifamily Housing RB Sunrise Crossing Series 2024 (Aaa/NR) | Indiana Housing & Community Development Authority Multifamily Housing RB Sunrise Crossing Series 2024 (Aaa/NR) | Indiana Housing & Community Development Authority Multifamily Housing RB Sunrise Crossing Series 2024 (Aaa/NR) | Indiana Housing & Community Development Authority Multifamily Housing RB Sunrise Crossing Series 2024 (Aaa/NR) |
| 3085000 | 3.300 <sup>(a)(b)</sup> | 01/01/2045 | 3081329 |
| South Bend Redevelopment Authority Lease Rental RB of 2024 (NR/AA) | South Bend Redevelopment Authority Lease Rental RB of 2024 (NR/AA) | South Bend Redevelopment Authority Lease Rental RB of 2024 (NR/AA) | South Bend Redevelopment Authority Lease Rental RB of 2024 (NR/AA) |
| 2850000 | 4.000 | 08/01/2039 | 2692214 |
| 2855000 | 4.000 | 08/01/2040 | 2674319 |
| 3080000 | 4.000 | 08/01/2041 | 2833569 |
| 3210000 | 4.000 | 08/01/2042 | 2920620 |
| 1400000 | 4.250 | 08/01/2043 | 1306298 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **53** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301682 |
|  |  |  | 71478340 |
| Iowa - 0.7% | Iowa - 0.7% | Iowa - 0.7% | Iowa - 0.7% |
| City of Coralville GO Annual Appropriation Refunding Bonds Series 2022C (NR/NR) | City of Coralville GO Annual Appropriation Refunding Bonds Series 2022C (NR/NR) | City of Coralville GO Annual Appropriation Refunding Bonds Series 2022C (NR/NR) | City of Coralville GO Annual Appropriation Refunding Bonds Series 2022C (NR/NR) |
| 11195000 | 5.000 | 05/01/2042 | 10791824 |
| City of Davenport GO Corporate Bonds Series 2019 IA (Aa2/AA) | City of Davenport GO Corporate Bonds Series 2019 IA (Aa2/AA) | City of Davenport GO Corporate Bonds Series 2019 IA (Aa2/AA) | City of Davenport GO Corporate Bonds Series 2019 IA (Aa2/AA) |
| 1060000 | 4.000 | 06/01/2031 | 1077333 |
| City of Waterloo Black Hawk County Iowa GO Capital Loan Notes Series 2024D (Aa2/NR) | City of Waterloo Black Hawk County Iowa GO Capital Loan Notes Series 2024D (Aa2/NR) | City of Waterloo Black Hawk County Iowa GO Capital Loan Notes Series 2024D (Aa2/NR) | City of Waterloo Black Hawk County Iowa GO Capital Loan Notes Series 2024D (Aa2/NR) |
| 3650000 | 4.500 | 06/01/2027 | 3705751 |
| Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds for Iowa Fertilizer Company Project Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds for Iowa Fertilizer Company Project Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds for Iowa Fertilizer Company Project Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds for Iowa Fertilizer Company Project Series 2022 (#Aaa/AA+) |
| 12550000 | 5.000 <sup>(a)(b)(d)</sup> | 12/01/2032 | 14149452 |
| Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (#Aaa/AA+) |
| 8800000 | 4.000 <sup>(a)(b)(d)</sup> | 12/01/2032 | 9325609 |
| 4700000 | 5.000 <sup>(d)</sup> | 12/01/2032 | 5298998 |
| 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 | 1395393 |
| 2300000 | 5.000 | 05/15/2055 | 2182988 |
| Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2016A (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2016A (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2016A (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2016A (NR/NR) |
| 3825000 | 5.000 | 05/15/2047 | 3755530 |
| Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2018A (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2018A (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2018A (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2018A (NR/NR) |
| 7175000 | 5.000 | 05/15/2043 | 7143782 |
| 5400000 | 5.000 | 05/15/2048 | 5285963 |
| Iowa Finance Authority Single Family Mortgage Bonds 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/AAA) | Iowa Finance Authority Single Family Mortgage Bonds 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/AAA) | Iowa Finance Authority Single Family Mortgage Bonds 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/AAA) | Iowa Finance Authority Single Family Mortgage Bonds 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/AAA) |
| 5750000 | 4.500 | 07/01/2044 | 5644218 |
| Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (Baa1/BBB+) | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (Baa1/BBB+) | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (Baa1/BBB+) | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (Baa1/BBB+) |
| 925000 | 5.375 | 10/01/2052 | 943993 |
| Iowa Higher Education Loan Authority Private College Facility RB University of Dubuque Project Series 2025 (NR/BBB-) | Iowa Higher Education Loan Authority Private College Facility RB University of Dubuque Project Series 2025 (NR/BBB-) | Iowa Higher Education Loan Authority Private College Facility RB University of Dubuque Project Series 2025 (NR/BBB-) | Iowa Higher Education Loan Authority Private College Facility RB University of Dubuque Project Series 2025 (NR/BBB-) |
| 3350000 | 5.250 | 10/01/2040 | 3419287 |
| 1250000 | 5.000 | 10/01/2045 | 1186306 |
| 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+) |
| 785000 | 4.000 | 06/01/2049 | 740759 |
|  |  |  | 76047186 |
| Kansas - 0.2% | Kansas - 0.2% | Kansas - 0.2% | Kansas - 0.2% |
| 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 | 757913 |
| 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 | 1782063 |
| 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) |
| 1060000 | 5.000 | 05/15/2025 | 1059524 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Kansas – (continued) | Kansas – (continued) | Kansas – (continued) | Kansas – (continued) |
| City of Wichita Health Care Facilities RB Presbyterian Manors, Inc. Series III, 2019 (NR/NR) | City of Wichita Health Care Facilities RB Presbyterian Manors, Inc. Series III, 2019 (NR/NR) | City of Wichita Health Care Facilities RB Presbyterian Manors, Inc. Series III, 2019 (NR/NR) | City of Wichita Health Care Facilities RB Presbyterian Manors, Inc. Series III, 2019 (NR/NR) |
| 1110000 | 5.000% | 05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110264 |
| Kansas Development Finance Authority Multifamily Housing RB Terrace Pointe Series 2024K-2 (Aaa/NR) | Kansas Development Finance Authority Multifamily Housing RB Terrace Pointe Series 2024K-2 (Aaa/NR) | Kansas Development Finance Authority Multifamily Housing RB Terrace Pointe Series 2024K-2 (Aaa/NR) | Kansas Development Finance Authority Multifamily Housing RB Terrace Pointe Series 2024K-2 (Aaa/NR) |
| 835000 | 5.000 <sup>(a)(b)</sup> | 09/01/2028 | 868941 |
| Salina Airport Authority GO Bonds 2023B (AGM-CR) (Aa3/AA) | Salina Airport Authority GO Bonds 2023B (AGM-CR) (Aa3/AA) | Salina Airport Authority GO Bonds 2023B (AGM-CR) (Aa3/AA) | Salina Airport Authority GO Bonds 2023B (AGM-CR) (Aa3/AA) |
| 3565000 | 4.000 | 09/01/2036 | 3491280 |
| Unified School District No. 500 Wyandotte County GO Improvement Bonds Series 2016-A (A1/AA-) | Unified School District No. 500 Wyandotte County GO Improvement Bonds Series 2016-A (A1/AA-) | Unified School District No. 500 Wyandotte County GO Improvement Bonds Series 2016-A (A1/AA-) | Unified School District No. 500 Wyandotte County GO Improvement Bonds Series 2016-A (A1/AA-) |
| 15850000 | 5.250 <sup>(d)</sup> | 09/01/2026 | 16397954 |
|  |  |  | 25467939 |
| Kentucky - 1.5% | Kentucky - 1.5% | Kentucky - 1.5% | Kentucky - 1.5% |
| City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR) | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR) | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR) | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR) |
| 1925000 | 4.450 <sup>(c)</sup> | 01/01/2042 | 1856421 |
| City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR) | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR) | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR) | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR) |
| 1740000 | 3.700 <sup>(c)</sup> | 01/01/2032 | 1704983 |
| City of Henderson, Kentucky Exempt Facilities RB Pratt Paper KY, LLC Project Series 2022A (NR/NR) | City of Henderson, Kentucky Exempt Facilities RB Pratt Paper KY, LLC Project Series 2022A (NR/NR) | City of Henderson, Kentucky Exempt Facilities RB Pratt Paper KY, LLC Project Series 2022A (NR/NR) | City of Henderson, Kentucky Exempt Facilities RB Pratt Paper KY, LLC Project Series 2022A (NR/NR) |
| 525000 | 4.700 <sup>(c)</sup> | 01/01/2052 | 496107 |
| County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (A1/A) |
| 4525000 | 2.125 | 10/01/2034 | 3542711 |
| County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (A1/A) |
| 6100000 | 2.000 | 02/01/2032 | 5091039 |
| County of Owen Water Facilities Refunding RB Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | County of Owen Water Facilities Refunding RB Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | County of Owen Water Facilities Refunding RB Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | County of Owen Water Facilities Refunding RB Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) |
| 1000000 | 3.875 <sup>(a)(b)</sup> | 06/01/2040 | 988178 |
| Fayette County School District Finance Corp. School Building RB Series 2023A (ST INTERCEPT) (Aa3/AA-) | Fayette County School District Finance Corp. School Building RB Series 2023A (ST INTERCEPT) (Aa3/AA-) | Fayette County School District Finance Corp. School Building RB Series 2023A (ST INTERCEPT) (Aa3/AA-) | Fayette County School District Finance Corp. School Building RB Series 2023A (ST INTERCEPT) (Aa3/AA-) |
| 4145000 | 4.000 | 03/01/2045 | 3800388 |
| 4400000 | 4.000 | 03/01/2048 | 4006632 |
| Kenton County KY School District Financial Coporation School Building RB 2016 B (BAM-TCRS ST INTERCEPT) (Aa3/AA) | Kenton County KY School District Financial Coporation School Building RB 2016 B (BAM-TCRS ST INTERCEPT) (Aa3/AA) | Kenton County KY School District Financial Coporation School Building RB 2016 B (BAM-TCRS ST INTERCEPT) (Aa3/AA) | Kenton County KY School District Financial Coporation School Building RB 2016 B (BAM-TCRS ST INTERCEPT) (Aa3/AA) |
| 1000000 | 3.000 | 04/01/2030 | 969208 |
| 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-) |
| 280000 | 4.000 | 03/01/2046 | 245030 |
| 330000 | 4.000 | 03/01/2049 | 280757 |
| Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A1/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A1/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A1/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A1/AA) |
| 3200000 | 4.000 | 06/01/2037 | 3108924 |
| 400000 | 4.000 | 06/01/2045 | 365283 |
| Kentucky Economic Development Finance Authority RB Series 2019A-2 (A3/A-) | Kentucky Economic Development Finance Authority RB Series 2019A-2 (A3/A-) | Kentucky Economic Development Finance Authority RB Series 2019A-2 (A3/A-) | Kentucky Economic Development Finance Authority RB Series 2019A-2 (A3/A-) |
| 1675000 | 5.000 | 08/01/2044 | 1690658 |
| Kentucky Interlocal School Transportation Association Kista Equipment Lease Certificates of Participation Series of 2024 (ST INTERCEPT) (Aa3/NR) | Kentucky Interlocal School Transportation Association Kista Equipment Lease Certificates of Participation Series of 2024 (ST INTERCEPT) (Aa3/NR) | Kentucky Interlocal School Transportation Association Kista Equipment Lease Certificates of Participation Series of 2024 (ST INTERCEPT) (Aa3/NR) | Kentucky Interlocal School Transportation Association Kista Equipment Lease Certificates of Participation Series of 2024 (ST INTERCEPT) (Aa3/NR) |
| 1060000 | 4.000 | 03/01/2026 | 1069053 |
| 995000 | 4.000 | 03/01/2027 | 1012358 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 54 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938790 |
| 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 | 14042920 |
| 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 | 9773942 |
| Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2023A (NR/A) | Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2023A (NR/A) | Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2023A (NR/A) | Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2023A (NR/A) |
| 3600000 | 5.000 | 10/01/2040 | 3804079 |
| 2455000 | 5.000 | 10/01/2041 | 2570022 |
| 830000 | 5.000 | 10/01/2042 | 863036 |
| Louisville Jefferson County Metro Government Health System RB Series 2016A (Norton Healthcare, Inc.) (NR/A) | Louisville Jefferson County Metro Government Health System RB Series 2016A (Norton Healthcare, Inc.) (NR/A) | Louisville Jefferson County Metro Government Health System RB Series 2016A (Norton Healthcare, Inc.) (NR/A) | Louisville Jefferson County Metro Government Health System RB Series 2016A (Norton Healthcare, Inc.) (NR/A) |
| 2125000 | 5.000 | 10/01/2033 | 2160342 |
| Public Energy Authority of Kentucky Gas Supply RB Series 2020A (A1/NR) | Public Energy Authority of Kentucky Gas Supply RB Series 2020A (A1/NR) | Public Energy Authority of Kentucky Gas Supply RB Series 2020A (A1/NR) | Public Energy Authority of Kentucky Gas Supply RB Series 2020A (A1/NR) |
| 32050000 | 4.000 <sup>(a)(b)</sup> | 12/01/2050 | 32186363 |
| Public Energy Authority of Kentucky Gas Supply RB Series 2022 A-1 (A1/NR) | Public Energy Authority of Kentucky Gas Supply RB Series 2022 A-1 (A1/NR) | Public Energy Authority of Kentucky Gas Supply RB Series 2022 A-1 (A1/NR) | Public Energy Authority of Kentucky Gas Supply RB Series 2022 A-1 (A1/NR) |
| 17730000 | 4.000 <sup>(a)(b)</sup> | 08/01/2052 | 17670541 |
| Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2025 Series A (A1/NR) | Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2025 Series A (A1/NR) | Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2025 Series A (A1/NR) | Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2025 Series A (A1/NR) |
| 25000000 | 5.250 <sup>(a)(b)</sup> | 06/01/2055 | 26415517 |
| Public Energy Authority of Kentucky Gas Supply RR Bonds 2023 Series A-1 (Fixed Rate) 2023 (A1/NR) | Public Energy Authority of Kentucky Gas Supply RR Bonds 2023 Series A-1 (Fixed Rate) 2023 (A1/NR) | Public Energy Authority of Kentucky Gas Supply RR Bonds 2023 Series A-1 (Fixed Rate) 2023 (A1/NR) | Public Energy Authority of Kentucky Gas Supply RR Bonds 2023 Series A-1 (Fixed Rate) 2023 (A1/NR) |
| 5750000 | 5.250 <sup>(a)(b)</sup> | 04/01/2054 | 6178485 |
| Public Energy Authority of Kentucky Gas Supply RR Bonds 2024 Series B (A1/NR) | Public Energy Authority of Kentucky Gas Supply RR Bonds 2024 Series B (A1/NR) | Public Energy Authority of Kentucky Gas Supply RR Bonds 2024 Series B (A1/NR) | Public Energy Authority of Kentucky Gas Supply RR Bonds 2024 Series B (A1/NR) |
| 14000000 | 5.000 <sup>(a)(b)</sup> | 01/01/2055 | 14695208 |
| 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 | 3262883 |
|  |  |  | 165789858 |
| Louisiana - 1.5% | Louisiana - 1.5% | Louisiana - 1.5% | Louisiana - 1.5% |
| Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group<br>Series 2019 (NR/BB) | Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group<br>Series 2019 (NR/BB) | Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group<br>Series 2019 (NR/BB) | Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group<br>Series 2019 (NR/BB) |
| 4155000 | 5.000 | 12/01/2025 | 4174214 |
| 3555000 | 5.000 | 12/01/2027 | 3597198 |
| 1600000 | 5.000 | 12/01/2028 | 1624302 |
| 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) |
| 310000 | 4.000 | 06/01/2036 | 312391 |
| 285000 | 4.000 | 06/01/2037 | 285510 |
| 310000 | 4.000 | 06/01/2038 | 307216 |
| 400000 | 4.000 | 06/01/2039 | 393022 |
| Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2021 Subseries A-2 (A2/A) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2021 Subseries A-2 (A2/A) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2021 Subseries A-2 (A2/A) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2021 Subseries A-2 (A2/A) |
| 4820000 | 4.000 | 10/01/2041 | 4469685 |
| Greater New Orleans Expressway Commission Toll Revenue Subordinate Lien Bonds Series 2017 (AGM) (NR/AA) | Greater New Orleans Expressway Commission Toll Revenue Subordinate Lien Bonds Series 2017 (AGM) (NR/AA) | Greater New Orleans Expressway Commission Toll Revenue Subordinate Lien Bonds Series 2017 (AGM) (NR/AA) | Greater New Orleans Expressway Commission Toll Revenue Subordinate Lien Bonds Series 2017 (AGM) (NR/AA) |
| 1250000 | 5.000 | 11/01/2042 | 1257131 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Juban Crossing Economic Development District Revenue and Refunding Bonds for General Infrastructure Projects Series 2024C (NR/A-) | Juban Crossing Economic Development District Revenue and Refunding Bonds for General Infrastructure Projects Series 2024C (NR/A-) | Juban Crossing Economic Development District Revenue and Refunding Bonds for General Infrastructure Projects Series 2024C (NR/A-) | Juban Crossing Economic Development District Revenue and Refunding Bonds for General Infrastructure Projects Series 2024C (NR/A-) |
| $1700000 | 5.000% | 09/15/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790481 |
| Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) |
| 2540000 | 3.750 <sup>(c)</sup> | 06/01/2030 | 2435135 |
| 5070000 | 4.375 <sup>(c)</sup> | 06/01/2048 | 4293109 |
| 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) |
| 245000 | 2.375 | 06/01/2026 | 239554 |
| 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) |
| 1935000 | 5.000 | 08/15/2026 | 1985431 |
| Louisiana Local Government Environmental Facilities & Community Development Authority RB for Downsville Community Charter School Project Series 2023 (NR/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority RB for Downsville Community Charter School Project Series 2023 (NR/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority RB for Downsville Community Charter School Project Series 2023 (NR/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority RB for Downsville Community Charter School Project Series 2023 (NR/NR) |
| 1690000 | 6.500 <sup>(c)</sup> | 06/15/2038 | 1736819 |
| Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+) | Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+) | Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+) | Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+) |
| 16840000 | 5.000 <sup>(c)</sup> | 04/01/2035 | 17037346 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue and Refunding RB for Christwood Project Series 2024 (NR/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue and Refunding RB for Christwood Project Series 2024 (NR/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue and Refunding RB for Christwood Project Series 2024 (NR/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue and Refunding RB for Christwood Project Series 2024 (NR/NR) |
| 1725000 | 5.000 <sup>(c)</sup> | 11/15/2037 | 1741422 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Westlake Chemical Corp. Project Series 2017 (Baa2/BBB+) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Westlake Chemical Corp. Project Series 2017 (Baa2/BBB+) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Westlake Chemical Corp. Project Series 2017 (Baa2/BBB+) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Westlake Chemical Corp. Project Series 2017 (Baa2/BBB+) |
| 18260000 | 3.500 | 11/01/2032 | 17435738 |
| Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2007A (A3/NR) | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2007A (A3/NR) | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2007A (A3/NR) | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2007A (A3/NR) |
| 7110000 | 4.150 | 09/01/2027 | 7156190 |
| Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2013A (NON-AMT) (A3/NR) (PUTABLE) | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2013A (NON-AMT) (A3/NR) (PUTABLE) | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2013A (NON-AMT) (A3/NR) (PUTABLE) | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2013A (NON-AMT) (A3/NR) (PUTABLE) |
| 6325000 | 4.200 <sup>(a)(b)</sup> | 09/01/2033 | 6318822 |
| Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2013C (NON-AMT) (A3/NR) (PUTABLE) | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2013C (NON-AMT) (A3/NR) (PUTABLE) | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2013C (NON-AMT) (A3/NR) (PUTABLE) | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2013C (NON-AMT) (A3/NR) (PUTABLE) |
| 7900000 | 4.200 <sup>(a)(b)</sup> | 09/01/2034 | 7883026 |
| Louisiana Public Facilities Authority RB for Geo Academies Mid-City Project Series 2022 (NR/NR) | Louisiana Public Facilities Authority RB for Geo Academies Mid-City Project Series 2022 (NR/NR) | Louisiana Public Facilities Authority RB for Geo Academies Mid-City Project Series 2022 (NR/NR) | Louisiana Public Facilities Authority RB for Geo Academies Mid-City Project Series 2022 (NR/NR) |
| 320000 | 5.625 <sup>(c)</sup> | 06/01/2037 | 326243 |
| Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR) | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR) | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR) | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR) |
| 400000 | 6.000 <sup>(c)</sup> | 06/01/2037 | 401410 |
| 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 | 1149137 |
| 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 | 2559725 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **55** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 900000 | 4.000% | 07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812102 |
| 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) |
| 1625000 | 4.000 | 10/01/2036 | 1562214 |
| 1000000 | 4.000 | 10/01/2037 | 952224 |
| 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 | 3549953 |
| 600000 | 5.000 | 05/15/2046 | 603317 |
| Louisiana Public Facilities Authority RB Series 2021A (NR/NR) | Louisiana Public Facilities Authority RB Series 2021A (NR/NR) | Louisiana Public Facilities Authority RB Series 2021A (NR/NR) | Louisiana Public Facilities Authority RB Series 2021A (NR/NR) |
| 870000 | 4.000 <sup>(c)</sup> | 06/01/2031 | 822822 |
| 1235000 | 4.000 <sup>(c)</sup> | 06/01/2041 | 1022766 |
| Louisiana Public Facilities Authority RB Series 2021C (NR/NR) | Louisiana Public Facilities Authority RB Series 2021C (NR/NR) | Louisiana Public Facilities Authority RB Series 2021C (NR/NR) | Louisiana Public Facilities Authority RB Series 2021C (NR/NR) |
| 490000 | 4.000 <sup>(c)</sup> | 06/01/2031 | 463428 |
| 1225000 | 4.000 <sup>(c)</sup> | 06/01/2041 | 1014485 |
| 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) |
| 3750000 | 5.000 | 05/15/2042 | 3783452 |
| Louisiana Public Facilities Authority Senior Lien RB for I-10 Calcasieu River Bridge Public-Private Partnership Project Series 2024 (AMT) (Baa3/NR) | Louisiana Public Facilities Authority Senior Lien RB for I-10 Calcasieu River Bridge Public-Private Partnership Project Series 2024 (AMT) (Baa3/NR) | Louisiana Public Facilities Authority Senior Lien RB for I-10 Calcasieu River Bridge Public-Private Partnership Project Series 2024 (AMT) (Baa3/NR) | Louisiana Public Facilities Authority Senior Lien RB for I-10 Calcasieu River Bridge Public-Private Partnership Project Series 2024 (AMT) (Baa3/NR) |
| 39265000 | 5.500 | 09/01/2054 | 40766348 |
| Louisiana Stadium and Exposition District Senior RB, Tax-Exempt Series 2023A (A2/NR) | Louisiana Stadium and Exposition District Senior RB, Tax-Exempt Series 2023A (A2/NR) | Louisiana Stadium and Exposition District Senior RB, Tax-Exempt Series 2023A (A2/NR) | Louisiana Stadium and Exposition District Senior RB, Tax-Exempt Series 2023A (A2/NR) |
| 2250000 | 5.000 | 07/01/2035 | 2452113 |
| 1400000 | 5.000 | 07/01/2036 | 1520642 |
| 200000 | 5.000 | 07/01/2037 | 216007 |
| 1425000 | 5.000 | 07/01/2038 | 1531160 |
| New Orleans Aviation Board General Airport Revenue Refunding Bonds Series 2024B (AMT) (A2/NR) | New Orleans Aviation Board General Airport Revenue Refunding Bonds Series 2024B (AMT) (A2/NR) | New Orleans Aviation Board General Airport Revenue Refunding Bonds Series 2024B (AMT) (A2/NR) | New Orleans Aviation Board General Airport Revenue Refunding Bonds Series 2024B (AMT) (A2/NR) |
| 5790000 | 5.250 | 01/01/2041 | 6136264 |
| Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (A2/A-) (PUTABLE) | Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (A2/A-) (PUTABLE) | Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (A2/A-) (PUTABLE) | Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (A2/A-) (PUTABLE) |
| 7210000 | 4.050 <sup>(a)(b)</sup> | 06/01/2037 | 7259950 |
|  |  |  | 165379504 |
| Maine - 0.3% | Maine - 0.3% | Maine - 0.3% | Maine - 0.3% |
| City of Portland General Airport RB Refunding Green Bonds Series 2019 (Baa1/A-) | City of Portland General Airport RB Refunding Green Bonds Series 2019 (Baa1/A-) | City of Portland General Airport RB Refunding Green Bonds Series 2019 (Baa1/A-) | City of Portland General Airport RB Refunding Green Bonds Series 2019 (Baa1/A-) |
| 800000 | 3.000 | 01/01/2027 | 791565 |
| 300000 | 5.000 | 01/01/2028 | 314531 |
| 225000 | 5.000 | 01/01/2029 | 239083 |
| 270000 | 5.000 | 01/01/2030 | 289965 |
| 370000 | 5.000 | 01/01/2031 | 396865 |
| 810000 | 5.000 | 01/01/2032 | 862718 |
| 890000 | 5.000 | 01/01/2033 | 944638 |
| 620000 | 5.000 | 01/01/2034 | 656019 |
| City of Portland, Maine General Airport Refunding RB Series 2016 (NON-AMT) (Baa1/A-) | City of Portland, Maine General Airport Refunding RB Series 2016 (NON-AMT) (Baa1/A-) | City of Portland, Maine General Airport Refunding RB Series 2016 (NON-AMT) (Baa1/A-) | City of Portland, Maine General Airport Refunding RB Series 2016 (NON-AMT) (Baa1/A-) |
| 1295000 | 5.000 | 01/01/2038 | 1300468 |
| Finance Authority of Maine RB Refunding for Supplemental Education Loan Series 2019 A-1 (AMT) (AGM) (Aa3/AA) | Finance Authority of Maine RB Refunding for Supplemental Education Loan Series 2019 A-1 (AMT) (AGM) (Aa3/AA) | Finance Authority of Maine RB Refunding for Supplemental Education Loan Series 2019 A-1 (AMT) (AGM) (Aa3/AA) | Finance Authority of Maine RB Refunding for Supplemental Education Loan Series 2019 A-1 (AMT) (AGM) (Aa3/AA) |
| 450000 | 5.000 | 12/01/2025 | 454470 |
| 1530000 | 5.000 | 12/01/2026 | 1555182 |
| 1500000 | 5.000 | 12/01/2027 | 1546588 |
| 1000000 | 5.000 | 12/01/2028 | 1036755 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183365 |
| 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 | 5928403 |
| Maine Health & Higher Educational Facilities Authority RB Refunding for Northern Light Health Obligated Group Series 2021 A (AGM ST INTRCPT ST RES BD GTY) (Aa3/AA) | Maine Health & Higher Educational Facilities Authority RB Refunding for Northern Light Health Obligated Group Series 2021 A (AGM ST INTRCPT ST RES BD GTY) (Aa3/AA) | Maine Health & Higher Educational Facilities Authority RB Refunding for Northern Light Health Obligated Group Series 2021 A (AGM ST INTRCPT ST RES BD GTY) (Aa3/AA) | Maine Health & Higher Educational Facilities Authority RB Refunding for Northern Light Health Obligated Group Series 2021 A (AGM ST INTRCPT ST RES BD GTY) (Aa3/AA) |
| 500000 | 2.500 | 07/01/2029 | 487904 |
| Maine Health and Higher Educational Facilities Authority RB Series 2024A (AGC) (Aa3/AA) | Maine Health and Higher Educational Facilities Authority RB Series 2024A (AGC) (Aa3/AA) | Maine Health and Higher Educational Facilities Authority RB Series 2024A (AGC) (Aa3/AA) | Maine Health and Higher Educational Facilities Authority RB Series 2024A (AGC) (Aa3/AA) |
| 3775000 | 4.250 | 07/01/2054 | 3541091 |
| Maine State Housing Authority Mortgage Purchase Bonds 2022 Series F (Aa1/AA+) | Maine State Housing Authority Mortgage Purchase Bonds 2022 Series F (Aa1/AA+) | Maine State Housing Authority Mortgage Purchase Bonds 2022 Series F (Aa1/AA+) | Maine State Housing Authority Mortgage Purchase Bonds 2022 Series F (Aa1/AA+) |
| 2000000 | 4.850 | 11/15/2042 | 1954583 |
| 2110000 | 4.950 | 11/15/2047 | 2110891 |
| Maine State Housing Authority Mortgage Purchase Bonds 2024 Series B (Aa1/AA+) | Maine State Housing Authority Mortgage Purchase Bonds 2024 Series B (Aa1/AA+) | Maine State Housing Authority Mortgage Purchase Bonds 2024 Series B (Aa1/AA+) | Maine State Housing Authority Mortgage Purchase Bonds 2024 Series B (Aa1/AA+) |
| 3700000 | 4.650 | 11/15/2049 | 3636066 |
| Maine State Housing Authority Mortgage Purchase Bonds 2024 Series C (HUD SECT 8) (Aa1/AA+) | Maine State Housing Authority Mortgage Purchase Bonds 2024 Series C (HUD SECT 8) (Aa1/AA+) | Maine State Housing Authority Mortgage Purchase Bonds 2024 Series C (HUD SECT 8) (Aa1/AA+) | Maine State Housing Authority Mortgage Purchase Bonds 2024 Series C (HUD SECT 8) (Aa1/AA+) |
| 5045000 | 4.550 | 11/15/2044 | 4994009 |
|  |  |  | 33225159 |
| Maryland - 1.0% | Maryland - 1.0% | Maryland - 1.0% | Maryland - 1.0% |
| 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) |
| 155000 | 4.000 | 01/01/2036 | 151406 |
| 900000 | 4.000 | 01/01/2039 | 857055 |
| 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 | 424728 |
| 650000 | 4.500 | 09/01/2033 | 645746 |
| City of Baltimore Project RB for Stormwater Projects Series 2019A (Aa2/AA-) | City of Baltimore Project RB for Stormwater Projects Series 2019A (Aa2/AA-) | City of Baltimore Project RB for Stormwater Projects Series 2019A (Aa2/AA-) | City of Baltimore Project RB for Stormwater Projects Series 2019A (Aa2/AA-) |
| 4465000 | 5.000 | 07/01/2049 | 4564119 |
| City of Baltimore Tax Allocation Refunding for Harbor Point Special Taxing District Project Series 2019 A (NR/NR) | City of Baltimore Tax Allocation Refunding for Harbor Point Special Taxing District Project Series 2019 A (NR/NR) | City of Baltimore Tax Allocation Refunding for Harbor Point Special Taxing District Project Series 2019 A (NR/NR) | City of Baltimore Tax Allocation Refunding for Harbor Point Special Taxing District Project Series 2019 A (NR/NR) |
| 125000 | 2.800 <sup>(c)</sup> | 06/01/2025 | 124733 |
| 135000 | 2.850 <sup>(c)</sup> | 06/01/2026 | 133323 |
| 175000 | 2.950 <sup>(c)</sup> | 06/01/2027 | 171175 |
| 190000 | 3.050 <sup>(c)</sup> | 06/01/2028 | 184632 |
| 200000 | 3.150 <sup>(c)</sup> | 06/01/2029 | 192767 |
| 300000 | 3.375 <sup>(c)</sup> | 06/01/2029 | 287490 |
| 200000 | 3.200 <sup>(c)</sup> | 06/01/2030 | 191263 |
| 200000 | 3.250 <sup>(c)</sup> | 06/01/2031 | 189740 |
| 250000 | 3.300 <sup>(c)</sup> | 06/01/2032 | 235023 |
| 270000 | 3.350 <sup>(c)</sup> | 06/01/2033 | 252071 |
| 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) |
| 945000 | 4.000 | 07/01/2029 | 930401 |
| City of Gaithersburg Economic Development Project RB for Asbury Maryland Obligated Group Series 2022 (NR/NR) | City of Gaithersburg Economic Development Project RB for Asbury Maryland Obligated Group Series 2022 (NR/NR) | City of Gaithersburg Economic Development Project RB for Asbury Maryland Obligated Group Series 2022 (NR/NR) | City of Gaithersburg Economic Development Project RB for Asbury Maryland Obligated Group Series 2022 (NR/NR) |
| 1675000 | 5.000 | 01/01/2037 | 1699267 |
| Community Development Administration Maryland Department of Housing and Community Development RB Series 2024 D (NON-AMT) (FHA 542(C)) (Aa2/NR) | Community Development Administration Maryland Department of Housing and Community Development RB Series 2024 D (NON-AMT) (FHA 542(C)) (Aa2/NR) | Community Development Administration Maryland Department of Housing and Community Development RB Series 2024 D (NON-AMT) (FHA 542(C)) (Aa2/NR) | Community Development Administration Maryland Department of Housing and Community Development RB Series 2024 D (NON-AMT) (FHA 542(C)) (Aa2/NR) |
| 8250000 | 4.450 | 07/01/2044 | 8038458 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 56 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Community Development Administration Multifamily Development RB Sustainability Bonds for Villages at Marley Station Series 2024 D-2 (Cash-Collateralized) (Aaa/NR) | Community Development Administration Multifamily Development RB Sustainability Bonds for Villages at Marley Station Series 2024 D-2 (Cash-Collateralized) (Aaa/NR) | Community Development Administration Multifamily Development RB Sustainability Bonds for Villages at Marley Station Series 2024 D-2 (Cash-Collateralized) (Aaa/NR) | Community Development Administration Multifamily Development RB Sustainability Bonds for Villages at Marley Station Series 2024 D-2 (Cash-Collateralized) (Aaa/NR) |
| $3480000 | 3.300% | 01/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3472037 |
| 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 | 421336 |
| 370000 | 4.000 | 01/01/2039 | 350885 |
| 1330000 | 4.000 | 01/01/2040 | 1244536 |
| 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 | 615042 |
| 530000 | 4.000 | 01/01/2033 | 527900 |
| 450000 | 4.000 | 01/01/2034 | 445282 |
| 150000 | 4.000 | 01/01/2035 | 147565 |
| 1380000 | 4.000 | 01/01/2037 | 1338668 |
| 1045000 | 4.000 | 01/01/2038 | 1003629 |
| 1725000 | 4.000 | 01/01/2040 | 1622976 |
| 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) |
| 355000 | 5.700 | 07/01/2029 | 355630 |
| 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 | 1257712 |
| 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) |
| 235000 | 4.000 | 07/01/2040 | 218180 |
| 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 | 2126705 |
| 2085000 | 5.000 | 06/01/2041 | 2216440 |
| 2190000 | 5.000 | 06/01/2042 | 2317879 |
| Howard County Consolidated Public Improvement Refunding Bonds 2017 Series D (Aaa/AAA) | Howard County Consolidated Public Improvement Refunding Bonds 2017 Series D (Aaa/AAA) | Howard County Consolidated Public Improvement Refunding Bonds 2017 Series D (Aaa/AAA) | Howard County Consolidated Public Improvement Refunding Bonds 2017 Series D (Aaa/AAA) |
| 2355000 | 5.000 | 02/15/2027 | 2449874 |
| Maryland Economic Development Corp. Adjustable Mode Revenue Refunding Bonds for Constellation Energy Group Inc. Project Series 2006B (Baa1/BBB+) (PUTABLE) | Maryland Economic Development Corp. Adjustable Mode Revenue Refunding Bonds for Constellation Energy Group Inc. Project Series 2006B (Baa1/BBB+) (PUTABLE) | Maryland Economic Development Corp. Adjustable Mode Revenue Refunding Bonds for Constellation Energy Group Inc. Project Series 2006B (Baa1/BBB+) (PUTABLE) | Maryland Economic Development Corp. Adjustable Mode Revenue Refunding Bonds for Constellation Energy Group Inc. Project Series 2006B (Baa1/BBB+) (PUTABLE) |
| 1625000 | 4.100 <sup>(a)(b)</sup> | 10/01/2036 | 1654987 |
| Maryland Economic Development Corp. Private Activity RB for Purple Line Light Rail Project Series 2022A (Baa3/NR) | Maryland Economic Development Corp. Private Activity RB for Purple Line Light Rail Project Series 2022A (Baa3/NR) | Maryland Economic Development Corp. Private Activity RB for Purple Line Light Rail Project Series 2022A (Baa3/NR) | Maryland Economic Development Corp. Private Activity RB for Purple Line Light Rail Project Series 2022A (Baa3/NR) |
| 3230000 | 5.000 | 11/12/2028 | 3272046 |
| Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa2/NR) | Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa2/NR) | Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa2/NR) | Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa2/NR) |
| 1000000 | 5.000 | 06/01/2049 | 1003367 |
| Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Ba2/NR) | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Ba2/NR) | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Ba2/NR) | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Ba2/NR) |
| 5430000 | 3.997 | 04/01/2034 | 3847444 |
| 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) |
| 12975000 | 5.500 | 01/01/2046 | 13045877 |
| Maryland Health & Higher Educational Facilities Authority RB for Maryland Institute College of Art Issue Series 2024 (NR/NR) | Maryland Health & Higher Educational Facilities Authority RB for Maryland Institute College of Art Issue Series 2024 (NR/NR) | Maryland Health & Higher Educational Facilities Authority RB for Maryland Institute College of Art Issue Series 2024 (NR/NR) | Maryland Health & Higher Educational Facilities Authority RB for Maryland Institute College of Art Issue Series 2024 (NR/NR) |
| 1750000 | 5.250 | 06/01/2042 | 1782379 |
| 3125000 | 5.500 | 06/01/2047 | 3205280 |
| Maryland Health & Higher Educational Facilities Authority RB for St. John's College Series 2020 (NR/A-) | Maryland Health & Higher Educational Facilities Authority RB for St. John's College Series 2020 (NR/A-) | Maryland Health & Higher Educational Facilities Authority RB for St. John's College Series 2020 (NR/A-) | Maryland Health & Higher Educational Facilities Authority RB for St. John's College Series 2020 (NR/A-) |
| 390000 | 4.000 | 10/01/2025 | 390551 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635433 |
| 350000 | 4.000 | 07/01/2040 | 323358 |
| 750000 | 4.000 | 07/01/2045 | 668128 |
| Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/A-) | Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/A-) | Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/A-) | Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/A-) |
| 425000 | 4.000 | 10/01/2027 | 429702 |
| 440000 | 4.000 | 10/01/2028 | 445316 |
| 355000 | 4.000 | 10/01/2029 | 358754 |
| 475000 | 4.000 | 10/01/2030 | 478242 |
| 795000 | 3.000 | 10/01/2034 | 712194 |
| 475000 | 4.000 | 10/01/2040 | 438467 |
| Maryland Health and Higher Educational Facilities Authority RB Adventist Healthcare Issue Series 2020 (Baa3/NR) | Maryland Health and Higher Educational Facilities Authority RB Adventist Healthcare Issue Series 2020 (Baa3/NR) | Maryland Health and Higher Educational Facilities Authority RB Adventist Healthcare Issue Series 2020 (Baa3/NR) | Maryland Health and Higher Educational Facilities Authority RB Adventist Healthcare Issue Series 2020 (Baa3/NR) |
| 865000 | 4.000 | 01/01/2038 | 813918 |
| Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR) |
| 650000 | 5.500 <sup>(c)</sup> | 05/01/2042 | 635529 |
| Maryland Health and Higher Educational Facilities Authority RB Loyola University Maryland Issue Series 2025 (A3/A-) | Maryland Health and Higher Educational Facilities Authority RB Loyola University Maryland Issue Series 2025 (A3/A-) | Maryland Health and Higher Educational Facilities Authority RB Loyola University Maryland Issue Series 2025 (A3/A-) | Maryland Health and Higher Educational Facilities Authority RB Loyola University Maryland Issue Series 2025 (A3/A-) |
| 6275000 | 5.000 | 10/01/2050 | 6471789 |
| Maryland Health and Higher Educational Facilities Authority RB Monocacy Montessori Communities Issue Series 2023 (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB Monocacy Montessori Communities Issue Series 2023 (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB Monocacy Montessori Communities Issue Series 2023 (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB Monocacy Montessori Communities Issue Series 2023 (NR/NR) |
| 250000 | 5.250 <sup>(c)</sup> | 07/01/2033 | 255841 |
| 300000 | 5.875 <sup>(c)</sup> | 07/01/2043 | 305066 |
| Maryland Health and Higher Educational Facilities Authority RB University of Maryland Medical System Issue Series 2025A (A2/A) | Maryland Health and Higher Educational Facilities Authority RB University of Maryland Medical System Issue Series 2025A (A2/A) | Maryland Health and Higher Educational Facilities Authority RB University of Maryland Medical System Issue Series 2025A (A2/A) | Maryland Health and Higher Educational Facilities Authority RB University of Maryland Medical System Issue Series 2025A (A2/A) |
| 6000000 | 5.250 | 07/01/2052 | 6263687 |
| Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-) | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-) | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-) | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-) |
| 10300000 | 0.000 <sup>(g)</sup> | 05/01/2051 | 2761313 |
| 10300000 | 0.000 <sup>(g)</sup> | 05/01/2052 | 2619604 |
| Mayor and City Council of Baltimore City of Baltimore, Maryland Convention Center Hotel Revenue Refunding Bonds, Series 2017 (NR/B+) | Mayor and City Council of Baltimore City of Baltimore, Maryland Convention Center Hotel Revenue Refunding Bonds, Series 2017 (NR/B+) | Mayor and City Council of Baltimore City of Baltimore, Maryland Convention Center Hotel Revenue Refunding Bonds, Series 2017 (NR/B+) | Mayor and City Council of Baltimore City of Baltimore, Maryland Convention Center Hotel Revenue Refunding Bonds, Series 2017 (NR/B+) |
| 3000000 | 5.000 | 09/01/2032 | 3023518 |
| 1250000 | 5.000 | 09/01/2035 | 1254085 |
| 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 | 391339 |
| 675000 | 4.875 | 06/01/2042 | 675581 |
| Prince George County Special Obligation Bonds Series 2018 (NR/NR) | Prince George County Special Obligation Bonds Series 2018 (NR/NR) | Prince George County Special Obligation Bonds Series 2018 (NR/NR) | Prince George County Special Obligation Bonds Series 2018 (NR/NR) |
| 3295000 | 5.125 <sup>(c)</sup> | 07/01/2039 | 3303529 |
| 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 | 10911252 |
|  |  |  | 113783249 |
| Massachusetts - 1.5% | Massachusetts - 1.5% | Massachusetts - 1.5% | Massachusetts - 1.5% |
| Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2023 Series D (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2023 Series D (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2023 Series D (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2023 Series D (Aa1/AA+) |
| 50000000 | 5.000 | 10/01/2050 | 52211005 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **57** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2023, Series A (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2023, Series A (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2023, Series A (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2023, Series A (Aa1/AA+) |
| $2240000 | 5.000% | 05/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322262 |
| Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series A (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series A (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series A (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series A (Aa1/AA+) |
| 4545000 | 5.000 | 01/01/2049 | 4751504 |
| 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 | 9171810 |
| Massachusetts Development Finance Agency RB for CHF Merrimack, Inc. Issue, Merrimack College Student Housing Project Series 2024A (NR/BB) | Massachusetts Development Finance Agency RB for CHF Merrimack, Inc. Issue, Merrimack College Student Housing Project Series 2024A (NR/BB) | Massachusetts Development Finance Agency RB for CHF Merrimack, Inc. Issue, Merrimack College Student Housing Project Series 2024A (NR/BB) | Massachusetts Development Finance Agency RB for CHF Merrimack, Inc. Issue, Merrimack College Student Housing Project Series 2024A (NR/BB) |
| 900000 | 5.000 <sup>(c)</sup> | 07/01/2044 | 912547 |
| 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 | 5795918 |
| Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR) | Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR) | Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR) | Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR) |
| 1200000 | 5.000 <sup>(c)</sup> | 11/15/2028 | 1245152 |
| Massachusetts Development Finance Agency RB for Tufts Medicine Issue Series 2024 E (NR/BBB-) | Massachusetts Development Finance Agency RB for Tufts Medicine Issue Series 2024 E (NR/BBB-) | Massachusetts Development Finance Agency RB for Tufts Medicine Issue Series 2024 E (NR/BBB-) | Massachusetts Development Finance Agency RB for Tufts Medicine Issue Series 2024 E (NR/BBB-) |
| 15575000 | 8.500 | 10/01/2026 | 15723997 |
| 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 | 199381 |
| 245000 | 5.000 | 12/01/2042 | 245587 |
| Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BBB+) | Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BBB+) | Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BBB+) | Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BBB+) |
| 125000 | 5.000 | 07/15/2025 | 125766 |
| 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) |
| 425000 | 5.000 | 10/01/2029 | 455017 |
| 325000 | 5.000 | 10/01/2030 | 351446 |
| 450000 | 5.000 | 10/01/2031 | 485620 |
| 400000 | 5.000 | 10/01/2032 | 427631 |
| 500000 | 5.000 | 10/01/2033 | 530078 |
| 450000 | 5.000 | 10/01/2034 | 473014 |
| Massachusetts Development Finance Agency Refunding RB Emerson College Issue Series 2025 (NR/BBB+) | Massachusetts Development Finance Agency Refunding RB Emerson College Issue Series 2025 (NR/BBB+) | Massachusetts Development Finance Agency Refunding RB Emerson College Issue Series 2025 (NR/BBB+) | Massachusetts Development Finance Agency Refunding RB Emerson College Issue Series 2025 (NR/BBB+) |
| 11060000 | 5.250 | 07/01/2050 | 11515180 |
| Massachusetts Development Finance Agency Refunding RB Emerson College Issue Series 2025 (Baa2/BBB+) | Massachusetts Development Finance Agency Refunding RB Emerson College Issue Series 2025 (Baa2/BBB+) | Massachusetts Development Finance Agency Refunding RB Emerson College Issue Series 2025 (Baa2/BBB+) | Massachusetts Development Finance Agency Refunding RB Emerson College Issue Series 2025 (Baa2/BBB+) |
| 1500000 | 5.000 | 01/01/2036 | 1600247 |
| 1200000 | 5.000 | 01/01/2037 | 1275584 |
| 1220000 | 5.250 | 01/01/2038 | 1317766 |
| 900000 | 5.250 | 01/01/2042 | 948015 |
| 800000 | 5.250 | 01/01/2045 | 835659 |
| Massachusetts Development Finance Agency Sustainability RB for Boston Medical Center Issue Series 2023 G (Baa2/BBB) | Massachusetts Development Finance Agency Sustainability RB for Boston Medical Center Issue Series 2023 G (Baa2/BBB) | Massachusetts Development Finance Agency Sustainability RB for Boston Medical Center Issue Series 2023 G (Baa2/BBB) | Massachusetts Development Finance Agency Sustainability RB for Boston Medical Center Issue Series 2023 G (Baa2/BBB) |
| 665000 | 5.000 | 07/01/2025 | 667761 |
| 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-) |
| 425000 | 5.000 | 07/01/2038 | 425527 |
| 2250000 | 5.000 | 07/01/2039 | 2236825 |
| Massachusetts Housing Finance Agency Single Family Housing RB Series 242 (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Massachusetts Housing Finance Agency Single Family Housing RB Series 242 (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Massachusetts Housing Finance Agency Single Family Housing RB Series 242 (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Massachusetts Housing Finance Agency Single Family Housing RB Series 242 (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) |
| 550000 | 4.200 | 12/01/2040 | 545950 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 School Building Authority Senior Dedicated Sales Tax Bonds 2016 Series B (Aa1/AA+) | Massachusetts School Building Authority Senior Dedicated Sales Tax Bonds 2016 Series B (Aa1/AA+) | Massachusetts School Building Authority Senior Dedicated Sales Tax Bonds 2016 Series B (Aa1/AA+) | Massachusetts School Building Authority Senior Dedicated Sales Tax Bonds 2016 Series B (Aa1/AA+) |
| 3500000 | 5.000% | 11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3558250 |
| Massachusetts School Building Authority Subordinated Dedicated Sales Tax Bonds 2018 Series B (Aa2/AA) | Massachusetts School Building Authority Subordinated Dedicated Sales Tax Bonds 2018 Series B (Aa2/AA) | Massachusetts School Building Authority Subordinated Dedicated Sales Tax Bonds 2018 Series B (Aa2/AA) | Massachusetts School Building Authority Subordinated Dedicated Sales Tax Bonds 2018 Series B (Aa2/AA) |
| 10735000 | 4.000 | 02/15/2041 | 10331625 |
| The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2018 Series E (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2018 Series E (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2018 Series E (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2018 Series E (Aa1/AA+) |
| 7525000 | 5.250 | 09/01/2043 | 7801875 |
| The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2022, Series C (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2022, Series C (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2022, Series C (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2022, Series C (Aa1/AA+) |
| 2760000 | 5.000 | 10/01/2052 | 2857605 |
| The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series I (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series I (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series I (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series I (Aa1/AA+) |
| 20000000 | 5.000 | 12/01/2051 | 20884024 |
|  |  |  | 162229628 |
| Michigan - 2.4% | Michigan - 2.4% | Michigan - 2.4% | Michigan - 2.4% |
| City of Detroit Downtown Development Authority Tax Increment Revenue Refunding Bonds Series 2024 (NR/BBB+) | City of Detroit Downtown Development Authority Tax Increment Revenue Refunding Bonds Series 2024 (NR/BBB+) | City of Detroit Downtown Development Authority Tax Increment Revenue Refunding Bonds Series 2024 (NR/BBB+) | City of Detroit Downtown Development Authority Tax Increment Revenue Refunding Bonds Series 2024 (NR/BBB+) |
| 7100000 | 5.000 | 07/01/2048 | 7272720 |
| City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR) | City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR) | City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR) | City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR) |
| 50843183 | 4.000 <sup>(b)</sup> | 04/01/2044 | 40634660 |
| City of Detroit GO Bonds Series 2020 (Baa2/BBB) | City of Detroit GO Bonds Series 2020 (Baa2/BBB) | City of Detroit GO Bonds Series 2020 (Baa2/BBB) | City of Detroit GO Bonds Series 2020 (Baa2/BBB) |
| 275000 | 5.000 | 04/01/2025 | 275000 |
| 290000 | 5.000 | 04/01/2026 | 294591 |
| 615000 | 5.000 | 04/01/2027 | 634153 |
| 645000 | 5.000 | 04/01/2028 | 674091 |
| 455000 | 5.000 | 04/01/2029 | 480520 |
| 710000 | 5.000 | 04/01/2030 | 756392 |
| City of Detroit GO Bonds Series 2021 A (Baa2/BBB) | City of Detroit GO Bonds Series 2021 A (Baa2/BBB) | City of Detroit GO Bonds Series 2021 A (Baa2/BBB) | City of Detroit GO Bonds Series 2021 A (Baa2/BBB) |
| 1365000 | 5.000 | 04/01/2030 | 1454191 |
| 2280000 | 5.000 | 04/01/2036 | 2386695 |
| 250000 | 5.000 | 04/01/2038 | 259784 |
| 1500000 | 5.000 | 04/01/2039 | 1555127 |
| City of Detroit GO Bonds Series 2021 B (Baa2/BBB) | City of Detroit GO Bonds Series 2021 B (Baa2/BBB) | City of Detroit GO Bonds Series 2021 B (Baa2/BBB) | City of Detroit GO Bonds Series 2021 B (Baa2/BBB) |
| 500000 | 2.511 | 04/01/2025 | 500000 |
| 675000 | 2.711 | 04/01/2026 | 663471 |
| City of Detroit Tax Exempt UT GO Bonds, Series 2023A Social Bonds (Baa2/BBB) | City of Detroit Tax Exempt UT GO Bonds, Series 2023A Social Bonds (Baa2/BBB) | City of Detroit Tax Exempt UT GO Bonds, Series 2023A Social Bonds (Baa2/BBB) | City of Detroit Tax Exempt UT GO Bonds, Series 2023A Social Bonds (Baa2/BBB) |
| 1750000 | 5.250 | 05/01/2025 | 1752434 |
| 1250000 | 5.250 | 05/01/2026 | 1274720 |
| City of Detroit, County of Wayne, State of Michigan Unlimited Tax GO Bonds, Series 2021A (Tax-Exempt) (Social Bonds) (Baa2/BBB) | City of Detroit, County of Wayne, State of Michigan Unlimited Tax GO Bonds, Series 2021A (Tax-Exempt) (Social Bonds) (Baa2/BBB) | City of Detroit, County of Wayne, State of Michigan Unlimited Tax GO Bonds, Series 2021A (Tax-Exempt) (Social Bonds) (Baa2/BBB) | City of Detroit, County of Wayne, State of Michigan Unlimited Tax GO Bonds, Series 2021A (Tax-Exempt) (Social Bonds) (Baa2/BBB) |
| 1880000 | 5.000 | 04/01/2037 | 1960847 |
| City of Detroit, County of Wayne, UT GO Social Bonds Series 2021A (Tax Exempt) (Baa2/BBB) | City of Detroit, County of Wayne, UT GO Social Bonds Series 2021A (Tax Exempt) (Baa2/BBB) | City of Detroit, County of Wayne, UT GO Social Bonds Series 2021A (Tax Exempt) (Baa2/BBB) | City of Detroit, County of Wayne, UT GO Social Bonds Series 2021A (Tax Exempt) (Baa2/BBB) |
| 1250000 | 5.000 | 04/01/2035 | 1314252 |
| Detroit Financial Recovery Bonds LT Series B-2 (NR/NR) | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR) | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR) | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR) |
| 2556114 | 4.000 <sup>(b)</sup> | 04/01/2044 | 2042886 |
| Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) (3M USD SOFR + 0.60%) | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) (3M USD SOFR + 0.60%) | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) (3M USD SOFR + 0.60%) | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) (3M USD SOFR + 0.60%) |
| 11250000 | 3.663 <sup>(f)</sup> | 07/01/2032 | 11089187 |
| Great Lakes Water Authority Sewage Disposal System RR Senior Lien Bonds Series 2018B (Aa3/AA-) | Great Lakes Water Authority Sewage Disposal System RR Senior Lien Bonds Series 2018B (Aa3/AA-) | Great Lakes Water Authority Sewage Disposal System RR Senior Lien Bonds Series 2018B (Aa3/AA-) | Great Lakes Water Authority Sewage Disposal System RR Senior Lien Bonds Series 2018B (Aa3/AA-) |
| 5125000 | 5.000 | 07/01/2029 | 5551663 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 58 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Great Lakes Water Authority Water Supply System Revenue Refunding Senior Lien Bonds Series 2016C (Aa3/AA-) | Great Lakes Water Authority Water Supply System Revenue Refunding Senior Lien Bonds Series 2016C (Aa3/AA-) | Great Lakes Water Authority Water Supply System Revenue Refunding Senior Lien Bonds Series 2016C (Aa3/AA-) | Great Lakes Water Authority Water Supply System Revenue Refunding Senior Lien Bonds Series 2016C (Aa3/AA-) |
| $10525000 | 5.250% | 07/01/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10707014 |
| Great Lakes Water Authority Water Supply System RR Senior Lien Bonds, Series 2016C (Aa3/AA-) | Great Lakes Water Authority Water Supply System RR Senior Lien Bonds, Series 2016C (Aa3/AA-) | Great Lakes Water Authority Water Supply System RR Senior Lien Bonds, Series 2016C (Aa3/AA-) | Great Lakes Water Authority Water Supply System RR Senior Lien Bonds, Series 2016C (Aa3/AA-) |
| 17775000 | 5.250 | 07/01/2034 | 18097325 |
| Ivywood Classical Academy Public School Academy Bonds, Series 2023 (NR/NR) | Ivywood Classical Academy Public School Academy Bonds, Series 2023 (NR/NR) | Ivywood Classical Academy Public School Academy Bonds, Series 2023 (NR/NR) | Ivywood Classical Academy Public School Academy Bonds, Series 2023 (NR/NR) |
| 1000000 | 5.875 | 01/01/2044 | 1004561 |
| 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) |
| 460000 | 4.000 | 11/15/2031 | 444240 |
| Lansing Board of Water and Light City of Lansing Michigan Utility System Revenue and Revenue Refunding Bonds Series 2024A (Aa3/AA-) | Lansing Board of Water and Light City of Lansing Michigan Utility System Revenue and Revenue Refunding Bonds Series 2024A (Aa3/AA-) | Lansing Board of Water and Light City of Lansing Michigan Utility System Revenue and Revenue Refunding Bonds Series 2024A (Aa3/AA-) | Lansing Board of Water and Light City of Lansing Michigan Utility System Revenue and Revenue Refunding Bonds Series 2024A (Aa3/AA-) |
| 10000000 | 5.250 | 07/01/2054 | 10587025 |
| Michigan Finance Authority Act 38 Facilities Senior RB for The Henry Ford Health Detroit South Campus Central Utility Plant Project Series 2024 (Green Bonds) (A3/NR) | Michigan Finance Authority Act 38 Facilities Senior RB for The Henry Ford Health Detroit South Campus Central Utility Plant Project Series 2024 (Green Bonds) (A3/NR) | Michigan Finance Authority Act 38 Facilities Senior RB for The Henry Ford Health Detroit South Campus Central Utility Plant Project Series 2024 (Green Bonds) (A3/NR) | Michigan Finance Authority Act 38 Facilities Senior RB for The Henry Ford Health Detroit South Campus Central Utility Plant Project Series 2024 (Green Bonds) (A3/NR) |
| 1850000 | 5.500 | 02/28/2049 | 1973565 |
| 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 | 555906 |
| 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 | 3332613 |
| 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 | 5727184 |
| 13070000 | 4.000 | 02/15/2050 | 11388916 |
| Michigan Finance Authority Hospital RB for Trinity Health Corporation 2013Mi-3 (NR/NR) (PUTABLE) | Michigan Finance Authority Hospital RB for Trinity Health Corporation 2013Mi-3 (NR/NR) (PUTABLE) | Michigan Finance Authority Hospital RB for Trinity Health Corporation 2013Mi-3 (NR/NR) (PUTABLE) | Michigan Finance Authority Hospital RB for Trinity Health Corporation 2013Mi-3 (NR/NR) (PUTABLE) |
| 14970000 | 3.750 <sup>(a)</sup> | 12/01/2038 | 15246701 |
| Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2015C (A1/A+) | Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2015C (A1/A+) | Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2015C (A1/A+) | Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2015C (A1/A+) |
| 3000000 | 5.000 | 07/01/2034 | 3010035 |
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D-2 (A1/A+) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D-2 (A1/A+) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D-2 (A1/A+) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D-2 (A1/A+) |
| 2100000 | 5.000 | 07/01/2034 | 2106708 |
| 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+) |
| 870000 | 3.500 | 09/01/2030 | 820868 |
| Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/NR) | Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/NR) | Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/NR) | Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/NR) |
| 450000 | 4.000 | 09/01/2045 | 367685 |
| 3350000 | 4.000 | 09/01/2050 | 2606254 |
| Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (NR/BBB+) | Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (NR/BBB+) | Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (NR/BBB+) | Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (NR/BBB+) |
| 6600000 | 5.000 | 06/01/2040 | 6746150 |
| Michigan Finance Authority Tobacco Settlement RB Refunding<br>Series 2020 B-1 Class 2 (NR/BBB+) | Michigan Finance Authority Tobacco Settlement RB Refunding<br>Series 2020 B-1 Class 2 (NR/BBB+) | Michigan Finance Authority Tobacco Settlement RB Refunding<br>Series 2020 B-1 Class 2 (NR/BBB+) | Michigan Finance Authority Tobacco Settlement RB Refunding<br>Series 2020 B-1 Class 2 (NR/BBB+) |
| 745000 | 5.000 | 06/01/2049 | 746770 |
| Michigan Finance Authority Tobacco Settlement RB Refunding<br>Series 2020 B-2 Class 2 (NR/NR) | Michigan Finance Authority Tobacco Settlement RB Refunding<br>Series 2020 B-2 Class 2 (NR/NR) | Michigan Finance Authority Tobacco Settlement RB Refunding<br>Series 2020 B-2 Class 2 (NR/NR) | Michigan Finance Authority Tobacco Settlement RB Refunding<br>Series 2020 B-2 Class 2 (NR/NR) |
| 101825000 | 0.000 <sup>(g)</sup> | 06/01/2065 | 10446318 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Housing Development Authority Multifamily Housing RB Series 2025 (Aaa/NR) | Michigan State Housing Development Authority Multifamily Housing RB Series 2025 (Aaa/NR) | Michigan State Housing Development Authority Multifamily Housing RB Series 2025 (Aaa/NR) | Michigan State Housing Development Authority Multifamily Housing RB Series 2025 (Aaa/NR) |
| $985000 | 3.350 %<sup>(a)(b)</sup> | 09/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986845 |
| Michigan State Housing Development Authority Rental Housing RB 2024 Series A (NON-AMT) (HUD SECT 8) (NR/AA+) | Michigan State Housing Development Authority Rental Housing RB 2024 Series A (NON-AMT) (HUD SECT 8) (NR/AA+) | Michigan State Housing Development Authority Rental Housing RB 2024 Series A (NON-AMT) (HUD SECT 8) (NR/AA+) | Michigan State Housing Development Authority Rental Housing RB 2024 Series A (NON-AMT) (HUD SECT 8) (NR/AA+) |
| 1000000 | 4.450 | 10/01/2044 | 978104 |
| Michigan State Housing Development Authority Single-Family Mortgage RB Social Bonds 2024 Series D (NON-AMT) (Aa2/AA+) | Michigan State Housing Development Authority Single-Family Mortgage RB Social Bonds 2024 Series D (NON-AMT) (Aa2/AA+) | Michigan State Housing Development Authority Single-Family Mortgage RB Social Bonds 2024 Series D (NON-AMT) (Aa2/AA+) | Michigan State Housing Development Authority Single-Family Mortgage RB Social Bonds 2024 Series D (NON-AMT) (Aa2/AA+) |
| 2000000 | 4.000 | 12/01/2039 | 1921468 |
| 4500000 | 4.350 | 12/01/2044 | 4356587 |
| 4250000 | 4.450 | 12/01/2049 | 4121850 |
| Michigan Strategic Fund Limited Obligation RB DTE Electric Company Exempt Facilities Project, Collateralized Series 2023DT (Aa3/A) | Michigan Strategic Fund Limited Obligation RB DTE Electric Company Exempt Facilities Project, Collateralized Series 2023DT (Aa3/A) | Michigan Strategic Fund Limited Obligation RB DTE Electric Company Exempt Facilities Project, Collateralized Series 2023DT (Aa3/A) | Michigan Strategic Fund Limited Obligation RB DTE Electric Company Exempt Facilities Project, Collateralized Series 2023DT (Aa3/A) |
| 7350000 | 3.875 <sup>(a)(b)</sup> | 06/01/2053 | 7339500 |
| Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A1/AA) | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A1/AA) | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A1/AA) | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A1/AA) |
| 24500000 | 4.250 | 12/31/2038 | 23390522 |
| Michigan Strategic Fund RB Refunding for DTE Electric Co.<br>Series 1995 (Aa3/A) | Michigan Strategic Fund RB Refunding for DTE Electric Co.<br>Series 1995 (Aa3/A) | Michigan Strategic Fund RB Refunding for DTE Electric Co.<br>Series 1995 (Aa3/A) | Michigan Strategic Fund RB Refunding for DTE Electric Co.<br>Series 1995 (Aa3/A) |
| 7500000 | 1.450 | 09/01/2030 | 6322166 |
| Michigan Strategic Fund RB Refunding for DTE Electric Co.<br>Series 2008 (Aa3/A) | Michigan Strategic Fund RB Refunding for DTE Electric Co.<br>Series 2008 (Aa3/A) | Michigan Strategic Fund RB Refunding for DTE Electric Co.<br>Series 2008 (Aa3/A) | Michigan Strategic Fund RB Refunding for DTE Electric Co.<br>Series 2008 (Aa3/A) |
| 7175000 | 1.350 | 08/01/2029 | 6260248 |
| Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR) | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR) | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR) | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR) |
| 40075000 | 0.000 <sup>(g)</sup> | 06/01/2058 | 1244934 |
| 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-) |
| 180000 | 2.000 | 12/01/2026 | 173966 |
| 500000 | 4.000 | 12/01/2031 | 487957 |
| 1100000 | 4.000 | 12/01/2040 | 1002165 |
| 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 | 2525060 |
| 2585000 | 4.000 | 11/01/2027 | 2644672 |
| 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 | 3782581 |
| Warren Consolidated Schools GO Bonds Series 2016 (Q-SBLF) (NR/AA) | Warren Consolidated Schools GO Bonds Series 2016 (Q-SBLF) (NR/AA) | Warren Consolidated Schools GO Bonds Series 2016 (Q-SBLF) (NR/AA) | Warren Consolidated Schools GO Bonds Series 2016 (Q-SBLF) (NR/AA) |
| 1145000 | 5.000 | 05/01/2025 | 1146894 |
| 1215000 | 5.000 | 05/01/2026 | 1242921 |
| 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 | 578888 |
| Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (A1/A) | Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (A1/A) | Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (A1/A) | Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (A1/A) |
| 400000 | 5.000 | 12/01/2033 | 410617 |
| 1065000 | 5.000 | 12/01/2034 | 1091112 |
| 650000 | 5.000 | 12/01/2035 | 664648 |
| 800000 | 5.000 | 12/01/2036 | 816296 |
| 880000 | 5.000 | 12/01/2037 | 895880 |
|  |  |  | 263129103 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **59** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Minnesota - 0.2% | Minnesota - 0.2% | Minnesota - 0.2% | Minnesota - 0.2% |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260134 |
| 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 | 2171263 |
| 2940000 | 2.000 | 12/01/2030 | 2606711 |
| 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) |
| 675000 | 5.000 | 05/01/2048 | 688189 |
| City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BB) | City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BB) | City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BB) | City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BB) |
| 310000 | 3.000 | 12/01/2030 | 279330 |
| Duluth Economic Development Authority Health Care Facilities RB (St. Luke's Hospital of Duluth Obligated Group) Series 2022A (NR/AA-) | Duluth Economic Development Authority Health Care Facilities RB (St. Luke's Hospital of Duluth Obligated Group) Series 2022A (NR/AA-) | Duluth Economic Development Authority Health Care Facilities RB (St. Luke's Hospital of Duluth Obligated Group) Series 2022A (NR/AA-) | Duluth Economic Development Authority Health Care Facilities RB (St. Luke's Hospital of Duluth Obligated Group) Series 2022A (NR/AA-) |
| 450000 | 5.000 | 06/15/2031 | 488238 |
| 580000 | 5.000 | 06/15/2033 | 629754 |
| Duluth Economic Development Authority Health Care Facilities RB for St. Luke's Hospital of Duluth Obligated Group Series 2022A (NR/AA-) | Duluth Economic Development Authority Health Care Facilities RB for St. Luke's Hospital of Duluth Obligated Group Series 2022A (NR/AA-) | Duluth Economic Development Authority Health Care Facilities RB for St. Luke's Hospital of Duluth Obligated Group Series 2022A (NR/AA-) | Duluth Economic Development Authority Health Care Facilities RB for St. Luke's Hospital of Duluth Obligated Group Series 2022A (NR/AA-) |
| 500000 | 4.000 | 06/15/2034 | 511098 |
| 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 | 1940756 |
| 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) |
| 400000 | 3.000 | 07/01/2025 | 398037 |
| 360000 | 3.000 | 07/01/2026 | 352461 |
| Duluth Independent School District No. 709 COPS Refunding Series 2019 B (SD CRED PROG) (Aa1/NR) | Duluth Independent School District No. 709 COPS Refunding Series 2019 B (SD CRED PROG) (Aa1/NR) | Duluth Independent School District No. 709 COPS Refunding Series 2019 B (SD CRED PROG) (Aa1/NR) | Duluth Independent School District No. 709 COPS Refunding Series 2019 B (SD CRED PROG) (Aa1/NR) |
| 350000 | 5.000 | 02/01/2028 | 367509 |
| 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 | 450248 |
| Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa3/NR) | Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa3/NR) | Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa3/NR) | Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa3/NR) |
| 165000 | 4.000 | 12/01/2026 | 164774 |
| 165000 | 4.000 | 12/01/2027 | 163027 |
| 205000 | 4.000 | 12/01/2028 | 200999 |
| 125000 | 4.000 | 12/01/2029 | 121449 |
| 250000 | 4.000 | 12/01/2030 | 240253 |
| 170000 | 4.000 | 12/01/2031 | 161476 |
| Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (Aa1/NR) | Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (Aa1/NR) | Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (Aa1/NR) | Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (Aa1/NR) |
| 5650000 | 4.000 | 12/01/2026 | 5707442 |
| Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (Aaa/AAA) | Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (Aaa/AAA) | Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (Aaa/AAA) | Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (Aaa/AAA) |
| 1680000 | 3.000 | 10/01/2029 | 1656227 |
| State of Minnesota GO State Various Purpose Bonds Series 2015A (Aaa/AAA) | State of Minnesota GO State Various Purpose Bonds Series 2015A (Aaa/AAA) | State of Minnesota GO State Various Purpose Bonds Series 2015A (Aaa/AAA) | State of Minnesota GO State Various Purpose Bonds Series 2015A (Aaa/AAA) |
| 5500000 | 5.000 | 08/01/2035 | 5517217 |
|  |  |  | 26076592 |
| Mississippi - 0.2% | Mississippi - 0.2% | Mississippi - 0.2% | Mississippi - 0.2% |
| Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (Baa2/BBB) (PUTABLE) | Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (Baa2/BBB) (PUTABLE) | Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (Baa2/BBB) (PUTABLE) | Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (Baa2/BBB) (PUTABLE) |
| 9500000 | 2.650 <sup>(a)(b)</sup> | 04/01/2037 | 9320497 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 (NR/BB) | Mississippi Development Bank Special Obligation Bonds Series 2021 (NR/BB) | Mississippi Development Bank Special Obligation Bonds Series 2021 (NR/BB) | Mississippi Development Bank Special Obligation Bonds Series 2021 (NR/BB) |
| 660000 | 5.000 %<sup>(c)</sup> | 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661283 |
| 750000 | 5.000 <sup>(c)</sup> | 10/01/2026 | 756793 |
| 700000 | 5.000 <sup>(c)</sup> | 10/01/2027 | 707777 |
| 950000 | 5.000 <sup>(c)</sup> | 10/01/2028 | 962761 |
| 700000 | 5.000 <sup>(c)</sup> | 10/01/2029 | 709735 |
| 175000 | 5.000 <sup>(c)</sup> | 10/01/2030 | 177331 |
| 1400000 | 5.000 <sup>(c)</sup> | 10/01/2031 | 1420217 |
| Mississippi Home Corp. Single Family Mortgage RB Series 2025A (GNMA/FNMA/FHLMC) (Aaa/NR) | Mississippi Home Corp. Single Family Mortgage RB Series 2025A (GNMA/FNMA/FHLMC) (Aaa/NR) | Mississippi Home Corp. Single Family Mortgage RB Series 2025A (GNMA/FNMA/FHLMC) (Aaa/NR) | Mississippi Home Corp. Single Family Mortgage RB Series 2025A (GNMA/FNMA/FHLMC) (Aaa/NR) |
| 7780000 | 4.800 <sup>(e)</sup> | 12/01/2045 | 7806778 |
| Mississippi Home Corporation Multifamily Housing RB for Woodcrest Apartments Project Series 2024-1 (Aaa/NR) (PUTABLE) | Mississippi Home Corporation Multifamily Housing RB for Woodcrest Apartments Project Series 2024-1 (Aaa/NR) (PUTABLE) | Mississippi Home Corporation Multifamily Housing RB for Woodcrest Apartments Project Series 2024-1 (Aaa/NR) (PUTABLE) | Mississippi Home Corporation Multifamily Housing RB for Woodcrest Apartments Project Series 2024-1 (Aaa/NR) (PUTABLE) |
| 1675000 | 5.000 <sup>(a)(b)</sup> | 11/01/2028 | 1747380 |
| Mississippi State GO Bonds Series 2015 F (Aa2/AA) | Mississippi State GO Bonds Series 2015 F (Aa2/AA) | Mississippi State GO Bonds Series 2015 F (Aa2/AA) | Mississippi State GO Bonds Series 2015 F (Aa2/AA) |
| 1000000 | 4.000 <sup>(d)</sup> | 11/01/2025 | 1006950 |
|  |  |  | 25277502 |
| Missouri - 0.6% | Missouri - 0.6% | Missouri - 0.6% | Missouri - 0.6% |
| Cape Girardeau County IDA Health Facilities RB for Southeast HEALTH Obligated Group Series 2021 (A1/A+) | Cape Girardeau County IDA Health Facilities RB for Southeast HEALTH Obligated Group Series 2021 (A1/A+) | Cape Girardeau County IDA Health Facilities RB for Southeast HEALTH Obligated Group Series 2021 (A1/A+) | Cape Girardeau County IDA Health Facilities RB for Southeast HEALTH Obligated Group Series 2021 (A1/A+) |
| 1200000 | 4.000 | 03/01/2041 | 1163879 |
| 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 | 566947 |
| 1060000 | 2.625 | 10/01/2046 | 638748 |
| City of St. Louis IDA Tax Increment Financing RB for St. Louis Innovation District Project Series 2022 (NR/NR) | City of St. Louis IDA Tax Increment Financing RB for St. Louis Innovation District Project Series 2022 (NR/NR) | City of St. Louis IDA Tax Increment Financing RB for St. Louis Innovation District Project Series 2022 (NR/NR) | City of St. Louis IDA Tax Increment Financing RB for St. Louis Innovation District Project Series 2022 (NR/NR) |
| 1650000 | 5.000 | 05/15/2041 | 1647048 |
| Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Bjc Health System Series 2025A (Aa2/AA) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Bjc Health System Series 2025A (Aa2/AA) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Bjc Health System Series 2025A (Aa2/AA) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Bjc Health System Series 2025A (Aa2/AA) |
| 5500000 | 4.000 | 04/01/2045 | 5070919 |
| Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Wright Memorial Hospital Series 2019 (NR/NR) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Wright Memorial Hospital Series 2019 (NR/NR) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Wright Memorial Hospital Series 2019 (NR/NR) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Wright Memorial Hospital Series 2019 (NR/NR) |
| 355000 | 5.000 | 09/01/2029 | 360627 |
| Health and Educational Facilities Authority of The State of Missouri Senior Living Facilities RB Lutheran Senior Services Projects Series 2024A (NR/NR) | Health and Educational Facilities Authority of The State of Missouri Senior Living Facilities RB Lutheran Senior Services Projects Series 2024A (NR/NR) | Health and Educational Facilities Authority of The State of Missouri Senior Living Facilities RB Lutheran Senior Services Projects Series 2024A (NR/NR) | Health and Educational Facilities Authority of The State of Missouri Senior Living Facilities RB Lutheran Senior Services Projects Series 2024A (NR/NR) |
| 800000 | 5.000 | 02/01/2032 | 848309 |
| 515000 | 5.000 | 02/01/2033 | 548105 |
| 555000 | 5.000 | 02/01/2034 | 591339 |
| I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR) | I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR) | I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR) | I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR) |
| 600000 | 4.500 <sup>(c)</sup> | 12/01/2029 | 597080 |
| 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 | 2110798 |
| 3200000 | 5.000 | 03/01/2034 | 3368467 |
| Kansas City Industrial Development Authority Special Obligation Bonds for Kansas City International Airport Series 2019 A (A2/A) | Kansas City Industrial Development Authority Special Obligation Bonds for Kansas City International Airport Series 2019 A (A2/A) | Kansas City Industrial Development Authority Special Obligation Bonds for Kansas City International Airport Series 2019 A (A2/A) | Kansas City Industrial Development Authority Special Obligation Bonds for Kansas City International Airport Series 2019 A (A2/A) |
| 4865000 | 5.000 | 03/01/2033 | 5046007 |
| 5000000 | 5.000 | 03/01/2034 | 5172548 |
| 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) |
| 3850000 | 5.000 | 05/01/2047 | 3915014 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 60 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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-) |
| $2585000 | 5.000% | 09/01/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2609729 |
| 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 | 342408 |
| 475000 | 4.000 | 08/01/2041 | 416845 |
| 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) |
| 860000 | 5.000 | 09/01/2027 | 872217 |
| 1065000 | 5.000 | 09/01/2031 | 1065178 |
| 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) |
| 520000 | 4.000 | 02/15/2037 | 520141 |
| 615000 | 4.000 | 02/15/2039 | 605135 |
| 1850000 | 4.000 | 02/15/2044 | 1771753 |
| 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) |
| 335000 | 3.000 | 10/01/2026 | 329422 |
| 875000 | 4.000 | 10/01/2031 | 846490 |
| 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 | 293313 |
| 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 | 215312 |
| 210000 | 5.000 | 10/01/2029 | 223476 |
| 150000 | 5.000 | 10/01/2032 | 158951 |
| 240000 | 4.000 | 10/01/2034 | 241023 |
| 125000 | 4.000 | 10/01/2035 | 125332 |
| 150000 | 4.000 | 10/01/2036 | 150441 |
| 170000 | 4.000 | 10/01/2037 | 169183 |
| 145000 | 4.000 | 10/01/2038 | 141776 |
| 110000 | 4.000 | 10/01/2039 | 106180 |
| 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) |
| 250000 | 3.000 | 05/01/2026 | 247080 |
| St. Louis Municipal Finance Corp. Leasehold RB for Convention Center Expansion and Improvement Projects Series 2020 (AGM) (A1/AA) | St. Louis Municipal Finance Corp. Leasehold RB for Convention Center Expansion and Improvement Projects Series 2020 (AGM) (A1/AA) | St. Louis Municipal Finance Corp. Leasehold RB for Convention Center Expansion and Improvement Projects Series 2020 (AGM) (A1/AA) | St. Louis Municipal Finance Corp. Leasehold RB for Convention Center Expansion and Improvement Projects Series 2020 (AGM) (A1/AA) |
| 6000000 | 5.000 | 10/01/2049 | 6047930 |
| State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (Baa1/A-) (PUTABLE) | State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (Baa1/A-) (PUTABLE) | State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (Baa1/A-) (PUTABLE) | State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (Baa1/A-) (PUTABLE) |
| 4250000 | 3.500 <sup>(a)(b)</sup> | 05/01/2038 | 4243513 |
| State of Missouri Health & Educational Facilities Authority Health Facilities RB for Mosaic Health System Series 2019A (A1/NR) | State of Missouri Health & Educational Facilities Authority Health Facilities RB for Mosaic Health System Series 2019A (A1/NR) | State of Missouri Health & Educational Facilities Authority Health Facilities RB for Mosaic Health System Series 2019A (A1/NR) | State of Missouri Health & Educational Facilities Authority Health Facilities RB for Mosaic Health System Series 2019A (A1/NR) |
| 460000 | 4.000 | 02/15/2038 | 456149 |
| State of Missouri Health & Educational Facilities Authority Long Term Health Facilities RB for BJC Health System Series 2021B (Aa2/AA) | State of Missouri Health & Educational Facilities Authority Long Term Health Facilities RB for BJC Health System Series 2021B (Aa2/AA) | State of Missouri Health & Educational Facilities Authority Long Term Health Facilities RB for BJC Health System Series 2021B (Aa2/AA) | State of Missouri Health & Educational Facilities Authority Long Term Health Facilities RB for BJC Health System Series 2021B (Aa2/AA) |
| 2515000 | 4.000 <sup>(a)(b)</sup> | 05/01/2051 | 2541229 |
| The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) | The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) | The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) | The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) |
| 1500000 | 5.000 <sup>(c)</sup> | 06/01/2046 | 1460138 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) – (continued) | The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) – (continued) | The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) – (continued) | The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) – (continued) |
| 2250000 | 5.000 %<sup>(c)</sup> | 06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136031 |
| The Industrial Development Authority of The City of Kansas City, Missouri Airport Special Obligation Bonds (Kansas City International Airport Terminal Modernization Project) Series 2019B (AGM) (A1/AA) | The Industrial Development Authority of The City of Kansas City, Missouri Airport Special Obligation Bonds (Kansas City International Airport Terminal Modernization Project) Series 2019B (AGM) (A1/AA) | The Industrial Development Authority of The City of Kansas City, Missouri Airport Special Obligation Bonds (Kansas City International Airport Terminal Modernization Project) Series 2019B (AGM) (A1/AA) | The Industrial Development Authority of The City of Kansas City, Missouri Airport Special Obligation Bonds (Kansas City International Airport Terminal Modernization Project) Series 2019B (AGM) (A1/AA) |
| 2775000 | 5.000 | 03/01/2049 | 2798642 |
| The Industrial Development Authority of The City of Lee's Summit Missouri Senior Living Facilities RB John Knox Village Series 2024B-1 (NR/NR) | The Industrial Development Authority of The City of Lee's Summit Missouri Senior Living Facilities RB John Knox Village Series 2024B-1 (NR/NR) | The Industrial Development Authority of The City of Lee's Summit Missouri Senior Living Facilities RB John Knox Village Series 2024B-1 (NR/NR) | The Industrial Development Authority of The City of Lee's Summit Missouri Senior Living Facilities RB John Knox Village Series 2024B-1 (NR/NR) |
| 1155000 | 4.825 | 08/15/2047 | 1155948 |
| The Industrial Development Authority of The City of Lee's Summit Missouri Senior Living Facilities RB John Knox Village Series 2024B-2 (NR/NR) | The Industrial Development Authority of The City of Lee's Summit Missouri Senior Living Facilities RB John Knox Village Series 2024B-2 (NR/NR) | The Industrial Development Authority of The City of Lee's Summit Missouri Senior Living Facilities RB John Knox Village Series 2024B-2 (NR/NR) | The Industrial Development Authority of The City of Lee's Summit Missouri Senior Living Facilities RB John Knox Village Series 2024B-2 (NR/NR) |
| 1160000 | 4.325 | 08/15/2047 | 1160977 |
| The Industrial Development Authority of The City of St. Louis Missouri Multifamily Housing RB The Brewery Apartments Series 2025 (Aaa/NR) | The Industrial Development Authority of The City of St. Louis Missouri Multifamily Housing RB The Brewery Apartments Series 2025 (Aaa/NR) | The Industrial Development Authority of The City of St. Louis Missouri Multifamily Housing RB The Brewery Apartments Series 2025 (Aaa/NR) | The Industrial Development Authority of The City of St. Louis Missouri Multifamily Housing RB The Brewery Apartments Series 2025 (Aaa/NR) |
| 2000000 | 3.150 <sup>(a)(b)</sup> | 04/01/2046 | 1986745 |
| The Industrial Development Authority of the City of St. Louis Missouri Tax Increment and Special District RB Union Station Phase 2 Redevelopment Project Series 2024A (NR/NR) | The Industrial Development Authority of the City of St. Louis Missouri Tax Increment and Special District RB Union Station Phase 2 Redevelopment Project Series 2024A (NR/NR) | The Industrial Development Authority of the City of St. Louis Missouri Tax Increment and Special District RB Union Station Phase 2 Redevelopment Project Series 2024A (NR/NR) | The Industrial Development Authority of the City of St. Louis Missouri Tax Increment and Special District RB Union Station Phase 2 Redevelopment Project Series 2024A (NR/NR) |
| 335000 | 4.875 | 06/15/2034 | 333618 |
| The Industrial Development Authority of The County of Taney, Missouri Sales Tax Revenue Improvement Bonds Big Cedar Infrastructure Project Series 2023 (NR/NR) | The Industrial Development Authority of The County of Taney, Missouri Sales Tax Revenue Improvement Bonds Big Cedar Infrastructure Project Series 2023 (NR/NR) | The Industrial Development Authority of The County of Taney, Missouri Sales Tax Revenue Improvement Bonds Big Cedar Infrastructure Project Series 2023 (NR/NR) | The Industrial Development Authority of The County of Taney, Missouri Sales Tax Revenue Improvement Bonds Big Cedar Infrastructure Project Series 2023 (NR/NR) |
| 1000000 | 5.000 <sup>(c)</sup> | 10/01/2033 | 983631 |
|  |  |  | 68401771 |
| Montana - 0.2% | Montana - 0.2% | Montana - 0.2% | Montana - 0.2% |
| 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 | 600734 |
| City of Forsyth Rosebud County Montana Pollution Control Revenue Refunding Bonds Puget Sound Energy Project Series 2013A Non-AMT (NR/A-) | City of Forsyth Rosebud County Montana Pollution Control Revenue Refunding Bonds Puget Sound Energy Project Series 2013A Non-AMT (NR/A-) | City of Forsyth Rosebud County Montana Pollution Control Revenue Refunding Bonds Puget Sound Energy Project Series 2013A Non-AMT (NR/A-) | City of Forsyth Rosebud County Montana Pollution Control Revenue Refunding Bonds Puget Sound Energy Project Series 2013A Non-AMT (NR/A-) |
| 10130000 | 3.900 <sup>(b)</sup> | 03/01/2031 | 9992043 |
| City of Forsyth, Rosebud County, Montana Pollution Control Revenue Refunding Bonds Northwestern Corporation Colstrip Project<br>Series 2023 (A3/NR) | City of Forsyth, Rosebud County, Montana Pollution Control Revenue Refunding Bonds Northwestern Corporation Colstrip Project<br>Series 2023 (A3/NR) | City of Forsyth, Rosebud County, Montana Pollution Control Revenue Refunding Bonds Northwestern Corporation Colstrip Project<br>Series 2023 (A3/NR) | City of Forsyth, Rosebud County, Montana Pollution Control Revenue Refunding Bonds Northwestern Corporation Colstrip Project<br>Series 2023 (A3/NR) |
| 3875000 | 3.875 | 07/01/2028 | 3920944 |
| Montana Board of Housing Multifamily Housing RB for Aurora Apartments Series 2024 (Aaa/NR) | Montana Board of Housing Multifamily Housing RB for Aurora Apartments Series 2024 (Aaa/NR) | Montana Board of Housing Multifamily Housing RB for Aurora Apartments Series 2024 (Aaa/NR) | Montana Board of Housing Multifamily Housing RB for Aurora Apartments Series 2024 (Aaa/NR) |
| 1675000 | 3.320 <sup>(a)(b)</sup> | 07/01/2046 | 1673107 |
| Montana Board of Housing Single Family Mortgage Bonds 2024 Series B (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Montana Board of Housing Single Family Mortgage Bonds 2024 Series B (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Montana Board of Housing Single Family Mortgage Bonds 2024 Series B (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Montana Board of Housing Single Family Mortgage Bonds 2024 Series B (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) |
| 1500000 | 4.400 | 12/01/2049 | 1452395 |
| 1000000 | 4.450 | 12/01/2053 | 949528 |
|  |  |  | 18588751 |
| Nebraska - 0.2% | Nebraska - 0.2% | Nebraska - 0.2% | Nebraska - 0.2% |
| 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 | 403582 |
| 2000000 | 4.000 | 01/01/2035 | 1919066 |
| 1250000 | 4.000 | 01/01/2036 | 1189231 |
| 1185000 | 4.000 | 01/01/2037 | 1117491 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **61** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Nebraska – (continued) | Nebraska – (continued) | Nebraska – (continued) | Nebraska – (continued) |
| Nebraska Educational Health Cultural & Social Services Finance Authority RB Refunding for Immanuel Retirement Communities Obligated Group Series 2019 A (NR/NR) – (continued) | Nebraska Educational Health Cultural & Social Services Finance Authority RB Refunding for Immanuel Retirement Communities Obligated Group Series 2019 A (NR/NR) – (continued) | Nebraska Educational Health Cultural & Social Services Finance Authority RB Refunding for Immanuel Retirement Communities Obligated Group Series 2019 A (NR/NR) – (continued) | Nebraska Educational Health Cultural & Social Services Finance Authority RB Refunding for Immanuel Retirement Communities Obligated Group Series 2019 A (NR/NR) – (continued) |
| 1500000 | 4.000% | 01/01/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394504 |
| 2000000 | 4.000 | 01/01/2039 | 1844034 |
| Nebraska Investment Finance Authority Single Family Housing RB 2025 Series A (GNMA/FNMA/FHLMC) (NR/AAA) | Nebraska Investment Finance Authority Single Family Housing RB 2025 Series A (GNMA/FNMA/FHLMC) (NR/AAA) | Nebraska Investment Finance Authority Single Family Housing RB 2025 Series A (GNMA/FNMA/FHLMC) (NR/AAA) | Nebraska Investment Finance Authority Single Family Housing RB 2025 Series A (GNMA/FNMA/FHLMC) (NR/AAA) |
| 7500000 | 4.500 | 09/01/2045 | 7338457 |
| Omaha Public Power District Electric System RB 2023 Series A (Aa2/AA) | Omaha Public Power District Electric System RB 2023 Series A (Aa2/AA) | Omaha Public Power District Electric System RB 2023 Series A (Aa2/AA) | Omaha Public Power District Electric System RB 2023 Series A (Aa2/AA) |
| 2755000 | 5.250 | 02/01/2053 | 2920629 |
| State of Nebraska State Highway Commission Highway Improvement RB Series 2025A (NR/AAA) | State of Nebraska State Highway Commission Highway Improvement RB Series 2025A (NR/AAA) | State of Nebraska State Highway Commission Highway Improvement RB Series 2025A (NR/AAA) | State of Nebraska State Highway Commission Highway Improvement RB Series 2025A (NR/AAA) |
| 5550000 | 4.000 | 06/15/2041 | 5382830 |
| 1950000 | 4.000 | 06/15/2042 | 1856743 |
|  |  |  | 25366567 |
| Nevada - 0.7% | Nevada - 0.7% |  |  |
| 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 | 194822 |
| 180000 | 3.500 | 06/01/2026 | 179206 |
| 190000 | 3.500 | 06/01/2027 | 188305 |
| 135000 | 3.500 | 06/01/2028 | 132935 |
| 155000 | 3.500 | 06/01/2029 | 149837 |
| 160000 | 3.250 | 06/01/2030 | 148644 |
| 290000 | 3.250 | 06/01/2031 | 264172 |
| 385000 | 3.500 | 06/01/2032 | 349928 |
| 430000 | 3.500 | 06/01/2033 | 386008 |
| 930000 | 3.500 | 06/01/2034 | 821644 |
| 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) |
| 410000 | 2.750 | 06/01/2033 | 348671 |
| 730000 | 2.750 | 06/01/2036 | 582724 |
| 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) |
| 230000 | 4.250 | 06/01/2034 | 221573 |
| 225000 | 4.625 | 06/01/2043 | 210650 |
| 365000 | 4.625 | 06/01/2049 | 333535 |
| Clark County Pollution Control Refunding RB for Nevada Power Company Projects Series 2017 (A2/A) (PUTABLE) | Clark County Pollution Control Refunding RB for Nevada Power Company Projects Series 2017 (A2/A) (PUTABLE) | Clark County Pollution Control Refunding RB for Nevada Power Company Projects Series 2017 (A2/A) (PUTABLE) | Clark County Pollution Control Refunding RB for Nevada Power Company Projects Series 2017 (A2/A) (PUTABLE) |
| 1300000 | 3.750 <sup>(a)(b)</sup> | 01/01/2036 | 1299361 |
| Clark County School District GO Bonds Series 2018 A (A1/AA-) | Clark County School District GO Bonds Series 2018 A (A1/AA-) | Clark County School District GO Bonds Series 2018 A (A1/AA-) | Clark County School District GO Bonds Series 2018 A (A1/AA-) |
| 3745000 | 5.000 | 06/15/2030 | 3949662 |
| 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) |
| 615000 | 5.000 | 06/15/2033 | 662229 |
| 850000 | 5.000 | 06/15/2034 | 912447 |
| 855000 | 4.000 | 06/15/2038 | 845878 |
| 950000 | 4.000 | 06/15/2039 | 928724 |
| 700000 | 4.000 | 06/15/2040 | 679131 |
| Clark County School District, Nevada GO (Limited Tax) Building Bonds Series 2020A (AGM) (A1/AA) | Clark County School District, Nevada GO (Limited Tax) Building Bonds Series 2020A (AGM) (A1/AA) | Clark County School District, Nevada GO (Limited Tax) Building Bonds Series 2020A (AGM) (A1/AA) | Clark County School District, Nevada GO (Limited Tax) Building Bonds Series 2020A (AGM) (A1/AA) |
| 105000 | 5.000 | 06/15/2030 | 114542 |
| 105000 | 5.000 | 06/15/2032 | 113451 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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, Nevada Airport System Subordinate Lien Refunding RB (McCarran International Airport) Series 2019A (NON-AMT) (Aa2/AA-) | Clark County, Nevada Airport System Subordinate Lien Refunding RB (McCarran International Airport) Series 2019A (NON-AMT) (Aa2/AA-) | Clark County, Nevada Airport System Subordinate Lien Refunding RB (McCarran International Airport) Series 2019A (NON-AMT) (Aa2/AA-) | Clark County, Nevada Airport System Subordinate Lien Refunding RB (McCarran International Airport) Series 2019A (NON-AMT) (Aa2/AA-) |
| 2600000 | 5.000% | 07/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668916 |
| Director of The State of Nevada Department of Business and Industry Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) | Director of The State of Nevada Department of Business and Industry Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) | Director of The State of Nevada Department of Business and Industry Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) | Director of The State of Nevada Department of Business and Industry Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) |
| 3150000 | 9.500 <sup>(a)(b)(c)</sup> | 01/01/2065 | 3138076 |
| Henderson Local Improvement District No. T-18 Limited Obligation RB Series 2016 (NR/NR) | Henderson Local Improvement District No. T-18 Limited Obligation RB Series 2016 (NR/NR) | Henderson Local Improvement District No. T-18 Limited Obligation RB Series 2016 (NR/NR) | Henderson Local Improvement District No. T-18 Limited Obligation RB Series 2016 (NR/NR) |
| 1595000 | 4.000 | 09/01/2035 | 1442301 |
| Henderson Nevada Local Improvement District No. T-18 (NR/NR) | Henderson Nevada Local Improvement District No. T-18 (NR/NR) | Henderson Nevada Local Improvement District No. T-18 (NR/NR) | Henderson Nevada Local Improvement District No. T-18 (NR/NR) |
| 1205000 | 4.000 | 09/01/2025 | 1204931 |
| Humboldt County Pollution Control Refunding RB for Sierra | Humboldt County Pollution Control Refunding RB for Sierra | Humboldt County Pollution Control Refunding RB for Sierra | Humboldt County Pollution Control Refunding RB for Sierra |
| Pacific Power Company Projects Series 2016A (NON-AMT) (A3/A) | Pacific Power Company Projects Series 2016A (NON-AMT) (A3/A) | Pacific Power Company Projects Series 2016A (NON-AMT) (A3/A) | Pacific Power Company Projects Series 2016A (NON-AMT) (A3/A) |
| 3000000 | 3.550 | 10/01/2029 | 3012491 |
| Humboldt County Pollution Control Refunding RB for Sierra Pacific Power Company Projects Series 2016B (NON-AMT) (A3/A) | Humboldt County Pollution Control Refunding RB for Sierra Pacific Power Company Projects Series 2016B (NON-AMT) (A3/A) | Humboldt County Pollution Control Refunding RB for Sierra Pacific Power Company Projects Series 2016B (NON-AMT) (A3/A) | Humboldt County Pollution Control Refunding RB for Sierra Pacific Power Company Projects Series 2016B (NON-AMT) (A3/A) |
| 2845000 | 3.550 | 10/01/2029 | 2849345 |
| Las Vegas Convention & Visitors Authority Convention Center Expansion RB Series 2018B (Aa3/AA-) | Las Vegas Convention & Visitors Authority Convention Center Expansion RB Series 2018B (Aa3/AA-) | Las Vegas Convention & Visitors Authority Convention Center Expansion RB Series 2018B (Aa3/AA-) | Las Vegas Convention & Visitors Authority Convention Center Expansion RB Series 2018B (Aa3/AA-) |
| 21870000 | 4.000 | 07/01/2049 | 19187876 |
| Las Vegas Convention & Visitors Authority RB Refunding Series 2016 C (Aa3/AA-) | Las Vegas Convention & Visitors Authority RB Refunding Series 2016 C (Aa3/AA-) | Las Vegas Convention & Visitors Authority RB Refunding Series 2016 C (Aa3/AA-) | Las Vegas Convention & Visitors Authority RB Refunding Series 2016 C (Aa3/AA-) |
| 1180000 | 5.000 | 07/01/2026 | 1212711 |
| Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/AA-) | Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/AA-) | Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/AA-) | Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/AA-) |
| 640000 | 5.000 | 07/01/2026 | 657742 |
| Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/AA-) | Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/AA-) | Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/AA-) | Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/AA-) |
| 2685000 | 5.000 | 07/01/2043 | 2747408 |
| Las Vegas Convention & Visitors Authority RB Series 2019 B (Aa3/AA-) | Las Vegas Convention & Visitors Authority RB Series 2019 B (Aa3/AA-) | Las Vegas Convention & Visitors Authority RB Series 2019 B (Aa3/AA-) | Las Vegas Convention & Visitors Authority RB Series 2019 B (Aa3/AA-) |
| 1195000 | 5.000 | 07/01/2027 | 1248941 |
| 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+) |
| 7305000 | 5.000 | 06/01/2025 | 7331846 |
| Nevada Housing Division Multi-Unit Housing RB Carville Park Apartments Series 2024 (HUD SECT 8) (Aaa/NR) | Nevada Housing Division Multi-Unit Housing RB Carville Park Apartments Series 2024 (HUD SECT 8) (Aaa/NR) | Nevada Housing Division Multi-Unit Housing RB Carville Park Apartments Series 2024 (HUD SECT 8) (Aaa/NR) | Nevada Housing Division Multi-Unit Housing RB Carville Park Apartments Series 2024 (HUD SECT 8) (Aaa/NR) |
| 1535000 | 5.000 <sup>(a)(b)</sup> | 07/01/2028 | 1593377 |
| 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 | 5008236 |
| 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 | 1728628 |
| Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016B (NON-AMT) (A3/A) (PUTABLE) | Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016B (NON-AMT) (A3/A) (PUTABLE) | Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016B (NON-AMT) (A3/A) (PUTABLE) | Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016B (NON-AMT) (A3/A) (PUTABLE) |
| 3845000 | 3.625 <sup>(a)(b)</sup> | 03/01/2036 | 3830307 |
| Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016G (NON-AMT) (A3/A) (PUTABLE) | Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016G (NON-AMT) (A3/A) (PUTABLE) | Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016G (NON-AMT) (A3/A) (PUTABLE) | Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016G (NON-AMT) (A3/A) (PUTABLE) |
| 2000000 | 3.625 <sup>(a)(b)</sup> | 03/01/2036 | 1992358 |
|  |  |  | 74873569 |
| New Hampshire - 0.7% | New Hampshire - 0.7% |  |  |
| National Finance Authority Hospital RB Series 2021B (AGM) (A1/AA) | National Finance Authority Hospital RB Series 2021B (AGM) (A1/AA) | National Finance Authority Hospital RB Series 2021B (AGM) (A1/AA) | National Finance Authority Hospital RB Series 2021B (AGM) (A1/AA) |
| 3500000 | 3.000 | 08/15/2046 | 2785893 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 62 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New Hampshire – (continued) | New Hampshire – (continued) | New Hampshire – (continued) | New Hampshire – (continued) |
| National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (Baa1/A-) | National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (Baa1/A-) | National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (Baa1/A-) | National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (Baa1/A-) |
| 8635000 | 4.000% | 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8634560 |
| National Finance Authority Special RB Caldwell Ranch Project Brazoria and Fort Bend Counties Texas Series 2024 (NR/NR) | National Finance Authority Special RB Caldwell Ranch Project Brazoria and Fort Bend Counties Texas Series 2024 (NR/NR) | National Finance Authority Special RB Caldwell Ranch Project Brazoria and Fort Bend Counties Texas Series 2024 (NR/NR) | National Finance Authority Special RB Caldwell Ranch Project Brazoria and Fort Bend Counties Texas Series 2024 (NR/NR) |
| 2000000 | 4.875 <sup>(c)</sup> | 12/01/2033 | 1976052 |
| 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) |
| 4700000 | 4.000 | 01/01/2041 | 4145199 |
| New Hampshire Health and Education Facilities Authority RB Dartmouth College Issue Series 2015A (Aa1/AAA) | New Hampshire Health and Education Facilities Authority RB Dartmouth College Issue Series 2015A (Aa1/AAA) | New Hampshire Health and Education Facilities Authority RB Dartmouth College Issue Series 2015A (Aa1/AAA) | New Hampshire Health and Education Facilities Authority RB Dartmouth College Issue Series 2015A (Aa1/AAA) |
| 2410000 | 3.300 <sup>(a)(b)</sup> | 06/01/2040 | 2416635 |
| New Hampshire Health and Education Facilities Authority RB Dartmouth College Issue Series 2015B (Aa1/AAA) | New Hampshire Health and Education Facilities Authority RB Dartmouth College Issue Series 2015B (Aa1/AAA) | New Hampshire Health and Education Facilities Authority RB Dartmouth College Issue Series 2015B (Aa1/AAA) | New Hampshire Health and Education Facilities Authority RB Dartmouth College Issue Series 2015B (Aa1/AAA) |
| 5900000 | 3.300 <sup>(a)(b)</sup> | 06/01/2040 | 5916244 |
| 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) |
| 8710000 | 5.000 | 08/01/2032 | 8996063 |
| 1135000 | 5.000 | 08/01/2033 | 1169170 |
| 4200000 | 5.000 | 08/01/2034 | 4323438 |
| 7085000 | 5.000 | 08/01/2035 | 7277822 |
| 5430000 | 5.000 | 08/01/2036 | 5570369 |
| 5975000 | 5.000 | 08/01/2037 | 6119087 |
| 5945000 | 5.000 | 08/01/2038 | 6073464 |
| 2535000 | 5.000 | 08/01/2039 | 2584140 |
| 2790000 | 5.000 | 08/01/2040 | 2832216 |
| New Hampshire Health and Education Facilities Authority RB, Dartmouth College Issue, Series 2017 (Aa1/AAA) | New Hampshire Health and Education Facilities Authority RB, Dartmouth College Issue, Series 2017 (Aa1/AAA) | New Hampshire Health and Education Facilities Authority RB, Dartmouth College Issue, Series 2017 (Aa1/AAA) | New Hampshire Health and Education Facilities Authority RB, Dartmouth College Issue, Series 2017 (Aa1/AAA) |
| 2225000 | 5.000 | 06/01/2028 | 2378019 |
|  |  |  | 73198371 |
| New Jersey - 3.7% | New Jersey - 3.7% | New Jersey - 3.7% | New Jersey - 3.7% |
| Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (A2/AA) | Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (A2/AA) | Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (A2/AA) | Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (A2/AA) |
| 250000 | 5.000 | 03/01/2026 | 254329 |
| Atlantic County Improvement GO Lease RB for Stockton University Atlantic City Campus Project Series 2021A (AGM) (A1/AA) | Atlantic County Improvement GO Lease RB for Stockton University Atlantic City Campus Project Series 2021A (AGM) (A1/AA) | Atlantic County Improvement GO Lease RB for Stockton University Atlantic City Campus Project Series 2021A (AGM) (A1/AA) | Atlantic County Improvement GO Lease RB for Stockton University Atlantic City Campus Project Series 2021A (AGM) (A1/AA) |
| 3840000 | 4.000 | 07/01/2053 | 3486622 |
| 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 | 1113931 |
| 1455000 | 3.000 | 02/15/2050 | 1102496 |
| 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 | 446503 |
| 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 | 1022451 |
| 1350000 | 3.000 | 09/01/2035 | 1233430 |
| 1350000 | 3.000 | 09/01/2036 | 1213396 |
| 1350000 | 3.000 | 09/01/2037 | 1191487 |
| 1350000 | 3.000 | 09/01/2038 | 1166840 |
| 1100000 | 3.000 | 09/01/2039 | 931577 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/BB-) | New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/BB-) | New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/BB-) | New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/BB-) |
| $500000 | 5.000% | 07/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502417 |
| New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (A2/A-) | New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (A2/A-) | New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (A2/A-) | New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (A2/A-) |
| 4000000 | 5.500 <sup>(d)</sup> | 12/15/2026 | 4181973 |
| New Jersey Economic Development Authority RB for School Facilities Construction Series 2018 EEE (A2/A-) | New Jersey Economic Development Authority RB for School Facilities Construction Series 2018 EEE (A2/A-) | New Jersey Economic Development Authority RB for School Facilities Construction Series 2018 EEE (A2/A-) | New Jersey Economic Development Authority RB for School Facilities Construction Series 2018 EEE (A2/A-) |
| 5805000 | 5.000 | 06/15/2028 | 6137237 |
| 10295000 | 5.000 | 06/15/2029 | 10931597 |
| New Jersey Economic Development Authority RB Refunding for Provident Group - Montclair Properties L.L.C. - Montclair University Student Housing Project Series 2017 (AGM) (A1/AA) | New Jersey Economic Development Authority RB Refunding for Provident Group - Montclair Properties L.L.C. - Montclair University Student Housing Project Series 2017 (AGM) (A1/AA) | New Jersey Economic Development Authority RB Refunding for Provident Group - Montclair Properties L.L.C. - Montclair University Student Housing Project Series 2017 (AGM) (A1/AA) | New Jersey Economic Development Authority RB Refunding for Provident Group - Montclair Properties L.L.C. - Montclair University Student Housing Project Series 2017 (AGM) (A1/AA) |
| 1300000 | 5.000 | 06/01/2042 | 1310532 |
| New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (A2/A-) | New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (A2/A-) | New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (A2/A-) | New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (A2/A-) |
| 9340000 | 5.000 | 06/15/2029 | 9917545 |
| 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 | 742461 |
| 1545000 | 5.000 | 06/01/2032 | 1593853 |
| New Jersey Economic Development Authority School Facilities Construction Bonds 2016 Series AAA (A2/A-) | New Jersey Economic Development Authority School Facilities Construction Bonds 2016 Series AAA (A2/A-) | New Jersey Economic Development Authority School Facilities Construction Bonds 2016 Series AAA (A2/A-) | New Jersey Economic Development Authority School Facilities Construction Bonds 2016 Series AAA (A2/A-) |
| 6415000 | 5.000 <sup>(d)</sup> | 12/15/2026 | 6653778 |
| New Jersey Economic Development Authority School Facilities Construction Refunding Bonds, 2024 Series SSS (A2/A-) | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds, 2024 Series SSS (A2/A-) | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds, 2024 Series SSS (A2/A-) | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds, 2024 Series SSS (A2/A-) |
| 1610000 | 5.250 | 06/15/2036 | 1791933 |
| 1675000 | 5.250 | 06/15/2038 | 1842958 |
| New Jersey Economic Development Authority School Facilities Construction Refunding Bonds, 2024 Series SSS Forward Delivery (A2/A-) | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds, 2024 Series SSS Forward Delivery (A2/A-) | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds, 2024 Series SSS Forward Delivery (A2/A-) | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds, 2024 Series SSS Forward Delivery (A2/A-) |
| 1465000 | 5.250 | 06/15/2037 | 1622721 |
| 1675000 | 5.250 | 06/15/2039 | 1831209 |
| New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 1999 (Ba3/BB) | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 1999 (Ba3/BB) | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 1999 (Ba3/BB) | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 1999 (Ba3/BB) |
| 5250000 | 5.250 | 09/15/2029 | 5255419 |
| New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 2000 (Ba3/BB) | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 2000 (Ba3/BB) | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 2000 (Ba3/BB) | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 2000 (Ba3/BB) |
| 2600000 | 5.625 | 11/15/2030 | 2603261 |
| 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) |
| 10000000 | 5.000 | 10/01/2047 | 9850404 |
| New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (A2/A-) | New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (A2/A-) | New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (A2/A-) | New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (A2/A-) |
| 5380000 | 5.000 | 06/15/2037 | 5491532 |
| New Jersey Economic Development Authority Tax Exempt Private Activity Bonds for Goethals Bridge Replacement Project Series 2013 (NR/A-) | New Jersey Economic Development Authority Tax Exempt Private Activity Bonds for Goethals Bridge Replacement Project Series 2013 (NR/A-) | New Jersey Economic Development Authority Tax Exempt Private Activity Bonds for Goethals Bridge Replacement Project Series 2013 (NR/A-) | New Jersey Economic Development Authority Tax Exempt Private Activity Bonds for Goethals Bridge Replacement Project Series 2013 (NR/A-) |
| 10325000 | 5.375 | 01/01/2043 | 10336175 |
| New Jersey Economic Development Authority Water Facilities Refunding RB New Jersey- American Water Company, Inc. Project Series 2020B Bonds (A1/A+) (PUTABLE) | New Jersey Economic Development Authority Water Facilities Refunding RB New Jersey- American Water Company, Inc. Project Series 2020B Bonds (A1/A+) (PUTABLE) | New Jersey Economic Development Authority Water Facilities Refunding RB New Jersey- American Water Company, Inc. Project Series 2020B Bonds (A1/A+) (PUTABLE) | New Jersey Economic Development Authority Water Facilities Refunding RB New Jersey- American Water Company, Inc. Project Series 2020B Bonds (A1/A+) (PUTABLE) |
| 4850000 | 3.750 <sup>(a)(b)</sup> | 11/01/2034 | 4830745 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **63** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Caa1/BB) | New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Caa1/BB) | New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Caa1/BB) | New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Caa1/BB) |
| $1600000 | 4.000% | 07/01/2042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133527 |
| 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 | 1005877 |
| New Jersey Health Care Facilities Financing Authority Revenue and Refunding Bonds Inspira Health Obligated Group Issue Series 2024A (A2/NR) | New Jersey Health Care Facilities Financing Authority Revenue and Refunding Bonds Inspira Health Obligated Group Issue Series 2024A (A2/NR) | New Jersey Health Care Facilities Financing Authority Revenue and Refunding Bonds Inspira Health Obligated Group Issue Series 2024A (A2/NR) | New Jersey Health Care Facilities Financing Authority Revenue and Refunding Bonds Inspira Health Obligated Group Issue Series 2024A (A2/NR) |
| 4375000 | 4.125 | 07/01/2054 | 3876338 |
| 6560000 | 5.250 | 07/01/2054 | 6990394 |
| New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (HUD SECT 8) (NR/AA-) | New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (HUD SECT 8) (NR/AA-) | New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (HUD SECT 8) (NR/AA-) | New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (HUD SECT 8) (NR/AA-) |
| 1910000 | 0.900 | 11/01/2025 | 1872646 |
| New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AMBAC) (A2/A-) | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AMBAC) (A2/A-) | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AMBAC) (A2/A-) | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AMBAC) (A2/A-) |
| 19370000 | 0.000 <sup>(g)</sup> | 12/15/2036 | 11983012 |
| New Jersey Transportation Trust Fund Authority Bonds Series 2006 C (AMBAC) (A2/A-) | New Jersey Transportation Trust Fund Authority Bonds Series 2006 C (AMBAC) (A2/A-) | New Jersey Transportation Trust Fund Authority Bonds Series 2006 C (AMBAC) (A2/A-) | New Jersey Transportation Trust Fund Authority Bonds Series 2006 C (AMBAC) (A2/A-) |
| 290000 | 0.000 <sup>(g)</sup> | 12/15/2025 | 283663 |
| 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+) |
| 2200000 | 5.000 | 06/15/2027 | 2247773 |
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (A2/A-) |
| 4805000 | 0.000 <sup>(g)</sup> | 12/15/2035 | 3134965 |
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (A2/A-) |
| 3000000 | 0.000 <sup>(g)</sup> | 12/15/2035 | 1957314 |
| 11270000 | 0.000 <sup>(g)</sup> | 12/15/2038 | 6276353 |
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-) |
| 9735000 | 0.000 <sup>(g)</sup> | 12/15/2026 | 9224210 |
| 1325000 | 0.000 <sup>(g)</sup> | 12/15/2031 | 1041326 |
| 5000000 | 0.000 <sup>(g)</sup> | 12/15/2036 | 3093189 |
| 1495000 | 0.000 <sup>(g)</sup> | 12/15/2037 | 877574 |
| New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (A2/A-) |
| 755000 | 5.000 | 06/15/2046 | 735981 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A-) |
| 20405000 | 0.000 <sup>(g)</sup> | 12/15/2031 | 16036426 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (A2/A-) |
| 26425000 | 0.000 <sup>(g)</sup> | 12/15/2036 | 16347501 |
| 33225000 | 0.000 <sup>(g)</sup> | 12/15/2037 | 19503265 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A-) |
| 230000 | 0.000 <sup>(g)</sup> | 12/15/2033 | 165576 |
| 30275000 | 0.000 <sup>(g)</sup> | 12/15/2038 | 16860390 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (A2/A-) |
| 1620000 | 5.000 | 12/15/2039 | 1678367 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Refunding for Federal Highway Reimbursement Notes Series 2018 A (A3/A+) | New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A3/A+) | New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A3/A+) | New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A3/A+) |
| $735000 | 5.000% | 06/15/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747563 |
| New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (A2/A-) |
| 2905000 | 4.000 | 12/15/2031 | 2943086 |
| 2070000 | 5.000 | 12/15/2032 | 2171371 |
| 7775000 | 5.000 | 12/15/2034 | 8110485 |
| 8840000 | 5.000 | 12/15/2035 | 9196531 |
| 3455000 | 5.000 | 12/15/2036 | 3583303 |
| 2410000 | 4.250 | 12/15/2038 | 2338221 |
| New Jersey Transportation Trust Fund Authority RB Series 2016 (A3/A+) | New Jersey Transportation Trust Fund Authority RB Series 2016 (A3/A+) | New Jersey Transportation Trust Fund Authority RB Series 2016 (A3/A+) | New Jersey Transportation Trust Fund Authority RB Series 2016 (A3/A+) |
| 2435000 | 5.000 | 06/15/2030 | 2478063 |
| New Jersey Transportation Trust Fund Authority RB Series 2018 (A2/A-) | New Jersey Transportation Trust Fund Authority RB Series 2018 (A2/A-) | New Jersey Transportation Trust Fund Authority RB Series 2018 (A2/A-) | New Jersey Transportation Trust Fund Authority RB Series 2018 (A2/A-) |
| 8320000 | 5.000 | 12/15/2033 | 8703104 |
| New Jersey Transportation Trust Fund Authority RB Series 2020 AA (A2/A-) | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (A2/A-) | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (A2/A-) | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (A2/A-) |
| 120000 | 3.000 | 06/15/2050 | 86506 |
| New Jersey Transportation Trust Fund Authority Transporattion System Bonds 2010 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transporattion System Bonds 2010 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transporattion System Bonds 2010 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transporattion System Bonds 2010 Series A (A2/A-) |
| 5000000 | 0.000 <sup>(g)</sup> | 12/15/2040 | 2490019 |
| New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2019 Series AA (NR/NR) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2019 Series AA (NR/NR) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2019 Series AA (NR/NR) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2019 Series AA (NR/NR) |
| 3510000 | 4.500 <sup>(d)</sup> | 12/15/2028 | 3721117 |
| New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2019 Series AA (NR/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2019 Series AA (NR/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2019 Series AA (NR/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2019 Series AA (NR/A-) |
| 6490000 | 4.500 | 06/15/2049 | 6278568 |
| New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2019 Series BB (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2019 Series BB (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2019 Series BB (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2019 Series BB (A2/A-) |
| 1645000 | 5.000 | 06/15/2032 | 1727916 |
| New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2020 Series AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2020 Series AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2020 Series AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2020 Series AA (A2/A-) |
| 4600000 | 4.000 | 06/15/2045 | 4198778 |
| New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2024 Series CC (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2024 Series CC (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2024 Series CC (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2024 Series CC (A2/A-) |
| 1880000 | 5.250 | 06/15/2050 | 1968556 |
| 9320000 | 5.250 | 06/15/2055 | 9726133 |
| New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2023 Series AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2023 Series AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2023 Series AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2023 Series AA (A2/A-) |
| 4675000 | 4.250 | 06/15/2044 | 4442961 |
| New Jersey Transportation Trust Fund Authority Transportation Program Notes 2014 Series BB-1 (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Notes 2014 Series BB-1 (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Notes 2014 Series BB-1 (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Notes 2014 Series BB-1 (A2/A-) |
| 3260000 | 5.000 | 06/15/2032 | 3424320 |
| New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2014 BB-1 (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2014 BB-1 (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2014 BB-1 (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2014 BB-1 (A2/A-) |
| 1320000 | 5.000 | 06/15/2030 | 1396432 |
| New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (A2/A-) |
| 3060000 | 5.000 | 06/15/2034 | 3196457 |
| 10000000 | 5.000 | 06/15/2037 | 10354872 |
| 3000000 | 5.250 | 06/15/2043 | 3080858 |
| New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (A2/A-) |
| 2000000 | 4.000 | 06/15/2044 | 1837649 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 64 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 RB Series 2009 A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (A2/A-) |
| $6255000 | 0.000 %<sup>(g)</sup> | 12/15/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4713145 |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A2/A-) |
| 3190000 | 0.000 <sup>(g)</sup> | 12/15/2029 | 2717051 |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2019 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2019 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2019 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2019 Series A (A2/A-) |
| 2500000 | 5.000 | 12/15/2032 | 2659523 |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2022 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2022 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2022 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2022 Series A (A2/A-) |
| 3000000 | 4.000 | 06/15/2041 | 2806756 |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2023 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2023 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2023 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2023 Series A (A2/A-) |
| 4550000 | 4.250 | 06/15/2040 | 4439313 |
| 2000000 | 5.250 | 06/15/2041 | 2142014 |
| 3000000 | 5.250 | 06/15/2042 | 3193667 |
| New Jersey Turnpike Authority RB Series 2024 A (A1/AA-) | New Jersey Turnpike Authority RB Series 2024 A (A1/AA-) | New Jersey Turnpike Authority RB Series 2024 A (A1/AA-) | New Jersey Turnpike Authority RB Series 2024 A (A1/AA-) |
| 5000000 | 5.000 | 01/01/2027 | 5181904 |
| New Jersey Turnpike Authority Turnpike RB Series 2017 G (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2017 G (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2017 G (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2017 G (A1/AA-) |
| 3000000 | 4.000 | 01/01/2043 | 2902324 |
| 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 | 1406159 |
| 4725000 | 5.250 | 01/01/2052 | 4989907 |
| New Jersey Turnpike Authority Turnpike RB Series 2024 C (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2024 C (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2024 C (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2024 C (A1/AA-) |
| 16750000 | 5.000 | 01/01/2045 | 17764025 |
| Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) | Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) | Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) | Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) |
| 900000 | 5.375 | 07/01/2053 | 914132 |
| Passaic County Improvement Authority Charter School RB Paterson Charter School For Science and Technology Inc. Project Series 2025 (Baa3/NR) | Passaic County Improvement Authority Charter School RB Paterson Charter School For Science and Technology Inc. Project Series 2025 (Baa3/NR) | Passaic County Improvement Authority Charter School RB Paterson Charter School For Science and Technology Inc. Project Series 2025 (Baa3/NR) | Passaic County Improvement Authority Charter School RB Paterson Charter School For Science and Technology Inc. Project Series 2025 (Baa3/NR) |
| 575000 | 4.125 | 07/01/2033 | 568670 |
| South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (A3/NR) | South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (A3/NR) | South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (A3/NR) | South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (A3/NR) |
| 1020000 | 5.000 | 01/01/2037 | 1036251 |
| South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (A3/NR) | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (A3/NR) | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (A3/NR) | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (A3/NR) |
| 5585000 | 5.000 | 01/01/2048 | 5504886 |
| South Jersey Transportation Authority RB Refunding Series 2019 A (AGM) (A1/AA) | South Jersey Transportation Authority RB Refunding Series 2019 A (AGM) (A1/AA) | South Jersey Transportation Authority RB Refunding Series 2019 A (AGM) (A1/AA) | South Jersey Transportation Authority RB Refunding Series 2019 A (AGM) (A1/AA) |
| 725000 | 5.000 | 11/01/2033 | 766946 |
| South Jersey Transportation Authority Transportation System Revenue Refunding Bonds 2025 Series A (BAM) (Baa2/AA) | South Jersey Transportation Authority Transportation System Revenue Refunding Bonds 2025 Series A (BAM) (Baa2/AA) | South Jersey Transportation Authority Transportation System Revenue Refunding Bonds 2025 Series A (BAM) (Baa2/AA) | South Jersey Transportation Authority Transportation System Revenue Refunding Bonds 2025 Series A (BAM) (Baa2/AA) |
| 1000000 | 5.000 | 11/01/2039 | 1065991 |
| 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+) |
| 17440000 | 5.000 | 06/01/2046 | 17040223 |
| Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (NR/NR) | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (NR/NR) | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (NR/NR) | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (NR/NR) |
| 6455000 | 6.750 <sup>(c)</sup> | 12/01/2041 | 4153320 |
|  |  |  | 411085555 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New Mexico – 0.3% | New Mexico – 0.3% | New Mexico – 0.3% | New Mexico – 0.3% |
| City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series B (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series B (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series B (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series B (NON-AMT) (Baa2/BBB) (PUTABLE) |
| $2975000 | 3.875 %<sup>(a)(b)</sup> | 06/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977000 |
| City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series C (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series C (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series C (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series C (NON-AMT) (Baa2/BBB) (PUTABLE) |
| 2570000 | 3.875 <sup>(a)(b)</sup> | 06/01/2040 | 2571727 |
| City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series E (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series E (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series E (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series E (NON-AMT) (Baa2/BBB) (PUTABLE) |
| 3800000 | 3.875 <sup>(a)(b)</sup> | 06/01/2040 | 3802554 |
| City of Farmington Pollution Control Refunding RB 2005 Series A (A2/A-) | City of Farmington Pollution Control Refunding RB 2005 Series A (A2/A-) | City of Farmington Pollution Control Refunding RB 2005 Series A (A2/A-) | City of Farmington Pollution Control Refunding RB 2005 Series A (A2/A-) |
| 6000000 | 1.800 | 04/01/2029 | 5358698 |
| City of Farmington, New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series D (Baa2/BBB) (PUTABLE) | City of Farmington, New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series D (Baa2/BBB) (PUTABLE) | City of Farmington, New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series D (Baa2/BBB) (PUTABLE) | City of Farmington, New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series D (Baa2/BBB) (PUTABLE) |
| 6835000 | 3.900 <sup>(a)(b)</sup> | 06/01/2040 | 6845173 |
| New Mexico Finance Authority Environmental Improvement RB for Enchantment Water, LLC Project Series 2024 Blue Circular Economy Bonds (NR/NR) | New Mexico Finance Authority Environmental Improvement RB for Enchantment Water, LLC Project Series 2024 Blue Circular Economy Bonds (NR/NR) | New Mexico Finance Authority Environmental Improvement RB for Enchantment Water, LLC Project Series 2024 Blue Circular Economy Bonds (NR/NR) | New Mexico Finance Authority Environmental Improvement RB for Enchantment Water, LLC Project Series 2024 Blue Circular Economy Bonds (NR/NR) |
| 2650000 | 8.250 <sup>(c)</sup> | 12/01/2045 | 2649438 |
| New Mexico Mortgage Finance Authority Single Family Mortgage Program Class I Bonds 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | New Mexico Mortgage Finance Authority Single Family Mortgage Program Class I Bonds 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | New Mexico Mortgage Finance Authority Single Family Mortgage Program Class I Bonds 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | New Mexico Mortgage Finance Authority Single Family Mortgage Program Class I Bonds 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) |
| 3670000 | 4.700 | 09/01/2049 | 3605361 |
| 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 | 4.000 | 09/01/2025 | 175470 |
| 200000 | 5.000 | 09/01/2029 | 212646 |
| 450000 | 5.000 | 09/01/2030 | 482753 |
| 300000 | 5.000 | 09/01/2031 | 320734 |
| 350000 | 5.000 | 09/01/2032 | 373143 |
| Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Receipts Tax Increment Bonds Series 2022 (NR/NR) | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Receipts Tax Increment Bonds Series 2022 (NR/NR) | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Receipts Tax Increment Bonds Series 2022 (NR/NR) | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Receipts Tax Increment Bonds Series 2022 (NR/NR) |
| 633000 | 3.750 <sup>(c)</sup> | 05/01/2028 | 627059 |
| 2070000 | 4.000 <sup>(c)</sup> | 05/01/2033 | 1972588 |
| 2845000 | 4.250 <sup>(c)</sup> | 05/01/2040 | 2602679 |
|  |  |  | 34577023 |
| New York - 8.8% | New York - 8.8% | New York - 8.8% | New York - 8.8% |
| Allegany County Capital Resource Corp. RB Alfred University Project Series 2024 (NR/BBB+) | Allegany County Capital Resource Corp. RB Alfred University Project Series 2024 (NR/BBB+) | Allegany County Capital Resource Corp. RB Alfred University Project Series 2024 (NR/BBB+) | Allegany County Capital Resource Corp. RB Alfred University Project Series 2024 (NR/BBB+) |
| 2000000 | 5.250 | 04/01/2049 | 2011075 |
| 1925000 | 5.250 | 04/01/2054 | 1919304 |
| Allegany County Capital Resource Corp. RB for Alfred University Project Series 2024 (NR/BBB+) | Allegany County Capital Resource Corp. RB for Alfred University Project Series 2024 (NR/BBB+) | Allegany County Capital Resource Corp. RB for Alfred University Project Series 2024 (NR/BBB+) | Allegany County Capital Resource Corp. RB for Alfred University Project Series 2024 (NR/BBB+) |
| 1255000 | 5.250 | 04/01/2039 | 1306597 |
| Brooklyn Arena Local Development Corp. Pilot RB Series 2009 (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot RB Series 2009 (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot RB Series 2009 (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot RB Series 2009 (Ba1/NR) |
| 1800000 | 0.000 <sup>(g)</sup> | 07/15/2044 | 700916 |
| Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) |
| 1400000 | 5.000 | 07/15/2042 | 1411505 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **65** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Academic Leadership Charter School Project Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Project Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Project Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Project Series 2021 (NR/BBB-) |
| $110000 | 4.000% | 06/15/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109917 |
| 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-) |
| 200000 | 4.000 | 06/15/2027 | 200682 |
| 200000 | 4.000 | 06/15/2028 | 200554 |
| Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) | Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) | Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) | Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) |
| 675000 | 5.000 <sup>(c)</sup> | 09/01/2039 | 672790 |
| 525000 | 5.000 <sup>(c)</sup> | 09/01/2044 | 507789 |
| Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/B+) | Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/B+) | Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/B+) | Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/B+) |
| 725000 | 5.000 | 06/15/2042 | 686251 |
| 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-) |
| 600000 | 5.000 | 07/01/2042 | 598924 |
| Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR) |
| 1425000 | 5.000 <sup>(c)</sup> | 12/01/2041 | 1328765 |
| 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-) |
| 2500000 | 5.000 | 07/01/2042 | 2532421 |
| 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 <sup>(c)</sup> | 06/15/2031 | 289797 |
| 425000 | 4.000 <sup>(c)</sup> | 06/15/2041 | 371419 |
| Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR) | Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR) | Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR) | Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR) |
| 2465000 | 4.000 <sup>(c)</sup> | 06/15/2027 | 2406434 |
| Build NYC Resource Corp. RB for Unity Preparatory Charter School of Brooklyn Project Series 2023A (NR/BB) | Build NYC Resource Corp. RB for Unity Preparatory Charter School of Brooklyn Project Series 2023A (NR/BB) | Build NYC Resource Corp. RB for Unity Preparatory Charter School of Brooklyn Project Series 2023A (NR/BB) | Build NYC Resource Corp. RB for Unity Preparatory Charter School of Brooklyn Project Series 2023A (NR/BB) |
| 350000 | 5.000 <sup>(c)</sup> | 06/15/2033 | 366596 |
| 425000 | 5.250 <sup>(c)</sup> | 06/15/2043 | 430746 |
| Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR) | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR) | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR) | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR) |
| 260000 | 6.500 <sup>(c)</sup> | 07/01/2032 | 273028 |
| 2500000 | 6.500 <sup>(c)</sup> | 07/01/2042 | 2547967 |
| 850000 | 6.500 <sup>(c)</sup> | 07/01/2052 | 858047 |
| Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR) | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR) | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR) | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR) |
| 900000 | 9.750 <sup>(c)</sup> | 07/01/2032 | 889057 |
| Build NYC Resource Corp. Tax-Exempt RB for Success Academy Charter Schools Project Series 2024 (NR/A-) | Build NYC Resource Corp. Tax-Exempt RB for Success Academy Charter Schools Project Series 2024 (NR/A-) | Build NYC Resource Corp. Tax-Exempt RB for Success Academy Charter Schools Project Series 2024 (NR/A-) | Build NYC Resource Corp. Tax-Exempt RB for Success Academy Charter Schools Project Series 2024 (NR/A-) |
| 2110000 | 5.000 | 09/01/2031 | 2305234 |
| 1000000 | 5.000 | 09/01/2033 | 1080360 |
| Build NYC Resource Corporation RB Classical Charter Schools Project Series 2023A (NR/BBB-) | Build NYC Resource Corporation RB Classical Charter Schools Project Series 2023A (NR/BBB-) | Build NYC Resource Corporation RB Classical Charter Schools Project Series 2023A (NR/BBB-) | Build NYC Resource Corporation RB Classical Charter Schools Project Series 2023A (NR/BBB-) |
| 750000 | 4.750 | 06/15/2053 | 698509 |
| Build NYC Resource Corporation Tax-Exempt RB Success Academy Charter Schools Project Series 2024 (NR/A-) | Build NYC Resource Corporation Tax-Exempt RB Success Academy Charter Schools Project Series 2024 (NR/A-) | Build NYC Resource Corporation Tax-Exempt RB Success Academy Charter Schools Project Series 2024 (NR/A-) | Build NYC Resource Corporation Tax-Exempt RB Success Academy Charter Schools Project Series 2024 (NR/A-) |
| 3155000 | 5.000 | 09/01/2032 | 3422499 |
| Chautauqua County Capital Resource Corp. Exempt Facilities Revenue Refunding Bonds for NRG Energy Project Series 2020 (Baa3/BBB-) (PUTABLE) | Chautauqua County Capital Resource Corp. Exempt Facilities Revenue Refunding Bonds for NRG Energy Project Series 2020 (Baa3/BBB-) (PUTABLE) | Chautauqua County Capital Resource Corp. Exempt Facilities Revenue Refunding Bonds for NRG Energy Project Series 2020 (Baa3/BBB-) (PUTABLE) | Chautauqua County Capital Resource Corp. Exempt Facilities Revenue Refunding Bonds for NRG Energy Project Series 2020 (Baa3/BBB-) (PUTABLE) |
| 7920000 | 4.250 <sup>(a)(b)</sup> | 04/01/2042 | 8014607 |
| 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 | 326366 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| City of New Rochelle RB for Iona College Project Series 2015 A (Baa2/BBB) – (continued) | City of New Rochelle RB for Iona College Project Series 2015 A (Baa2/BBB) – (continued) | City of New Rochelle RB for Iona College Project Series 2015 A (Baa2/BBB) – (continued) | City of New Rochelle RB for Iona College Project Series 2015 A (Baa2/BBB) – (continued) |
| $335000 | 5.000% | 07/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336425 |
| 425000 | 5.000 | 07/01/2027 | 426559 |
| City of New York GO Bonds 2023 Series C (Aa2/AA) | City of New York GO Bonds 2023 Series C (Aa2/AA) | City of New York GO Bonds 2023 Series C (Aa2/AA) | City of New York GO Bonds 2023 Series C (Aa2/AA) |
| 2845000 | 5.000 | 08/01/2026 | 2926393 |
| City of New York GO Bonds Fiscal 2008 Series A Subseries A-4 (AGM) (Aa2/AA) | City of New York GO Bonds Fiscal 2008 Series A Subseries A-4 (AGM) (Aa2/AA) | City of New York GO Bonds Fiscal 2008 Series A Subseries A-4 (AGM) (Aa2/AA) | City of New York GO Bonds Fiscal 2008 Series A Subseries A-4 (AGM) (Aa2/AA) |
| 1945000 | 5.000 | 08/01/2026 | 2005816 |
| City of New York GO Bonds Fiscal 2008 Series C Subseries C-4 (AGM) (Aa2/AA) | City of New York GO Bonds Fiscal 2008 Series C Subseries C-4 (AGM) (Aa2/AA) | City of New York GO Bonds Fiscal 2008 Series C Subseries C-4 (AGM) (Aa2/AA) | City of New York GO Bonds Fiscal 2008 Series C Subseries C-4 (AGM) (Aa2/AA) |
| 5760000 | 5.000 | 10/01/2026 | 5952650 |
| City of New York GO Bonds Fiscal 2009 Series B Subseries B-3 (Aa2/AA) | City of New York GO Bonds Fiscal 2009 Series B Subseries B-3 (Aa2/AA) | City of New York GO Bonds Fiscal 2009 Series B Subseries B-3 (Aa2/AA) | City of New York GO Bonds Fiscal 2009 Series B Subseries B-3 (Aa2/AA) |
| 1905000 | 5.000 | 09/01/2026 | 1962826 |
| City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (Aa2/AA) | City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (Aa2/AA) | City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (Aa2/AA) | City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (Aa2/AA) |
| 2500000 | 5.500 | 05/01/2046 | 2669445 |
| 3900000 | 4.500 | 05/01/2049 | 3883575 |
| City of New York GO Tax Exempt Bonds 2020 Series D (Aa2/AA) | City of New York GO Tax Exempt Bonds 2020 Series D (Aa2/AA) | City of New York GO Tax Exempt Bonds 2020 Series D (Aa2/AA) | City of New York GO Tax Exempt Bonds 2020 Series D (Aa2/AA) |
| 4750000 | 4.000 | 03/01/2050 | 4320104 |
| City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A (Forward Delivery) (A3/BBB+) | City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A (Forward Delivery) (A3/BBB+) | City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A (Forward Delivery) (A3/BBB+) | City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A (Forward Delivery) (A3/BBB+) |
| 1150000 | 5.000 | 09/01/2037 | 1201156 |
| Clinton County Capital Resource Corp. (A3/NR) | Clinton County Capital Resource Corp. (A3/NR) | Clinton County Capital Resource Corp. (A3/NR) | Clinton County Capital Resource Corp. (A3/NR) |
| 2315000 | 5.000 <sup>(c)</sup> | 07/01/2037 | 2452268 |
| County of Monroe Industrial Development Agency Multifamily Housing RB andrews Terrace Community Partners L.P. Project Series 2023B-1 (HUD SECT 8) (Aaa/NR) | County of Monroe Industrial Development Agency Multifamily Housing RB andrews Terrace Community Partners L.P. Project Series 2023B-1 (HUD SECT 8) (Aaa/NR) | County of Monroe Industrial Development Agency Multifamily Housing RB andrews Terrace Community Partners L.P. Project Series 2023B-1 (HUD SECT 8) (Aaa/NR) | County of Monroe Industrial Development Agency Multifamily Housing RB andrews Terrace Community Partners L.P. Project Series 2023B-1 (HUD SECT 8) (Aaa/NR) |
| 2900000 | 5.000 <sup>(a)(b)</sup> | 07/01/2028 | 3012208 |
| Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) | Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) | Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) | Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) |
| 2300000 | 5.250 | 07/01/2049 | 2393444 |
| 2750000 | 5.250 | 07/01/2054 | 2847582 |
| Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) |
| 900000 | 5.250 | 05/01/2044 | 956135 |
| 1400000 | 5.500 | 05/01/2049 | 1496679 |
| 2800000 | 5.500 | 05/01/2056 | 2976816 |
| Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2024A (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2024A (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2024A (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2024A (Aa1/NR) |
| 10000000 | 5.250 | 03/15/2049 | 10640196 |
| Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2025A (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2025A (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2025A (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2025A (Aa1/NR) |
| 37280000 | 5.000 | 03/15/2048 | 39071293 |
| Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2015E (Aa1/AA+) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2015E (Aa1/AA+) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2015E (Aa1/AA+) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2015E (Aa1/AA+) |
| 14675000 | 3.250 | 03/15/2035 | 13747971 |
| Dormitory Authority of The State of New York State Sales Tax RB Series 2024A (Aa1/NR) | Dormitory Authority of The State of New York State Sales Tax RB Series 2024A (Aa1/NR) | Dormitory Authority of The State of New York State Sales Tax RB Series 2024A (Aa1/NR) | Dormitory Authority of The State of New York State Sales Tax RB Series 2024A (Aa1/NR) |
| 6700000 | 5.000 | 03/15/2032 | 7552524 |
| Dutchess County Local Development Corp. RB for Health QuestSystems, Inc. Project Series 2016B (Baa3/BBB) | Dutchess County Local Development Corp. RB for Health QuestSystems, Inc. Project Series 2016B (Baa3/BBB) | Dutchess County Local Development Corp. RB for Health QuestSystems, Inc. Project Series 2016B (Baa3/BBB) | Dutchess County Local Development Corp. RB for Health QuestSystems, Inc. Project Series 2016B (Baa3/BBB) |
| 5000000 | 5.000 | 07/01/2046 | 5007743 |
| Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BBB-) | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BBB-) | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BBB-) | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BBB-) |
| 1000000 | 5.000 | 07/01/2045 | 1008439 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 66 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 (NR/AA+) | Empire State Urban Development Corp. State Personal Income Tax RB Series 2020E (NR/AA+) | Empire State Urban Development Corp. State Personal Income Tax RB Series 2020E (NR/AA+) | Empire State Urban Development Corp. State Personal Income Tax RB Series 2020E (NR/AA+) |
| 500000 | 4.000% | 03/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493924 |
| Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds<br>Series 2006 A (NR/NR) | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds<br>Series 2006 A (NR/NR) | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds<br>Series 2006 A (NR/NR) | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds<br>Series 2006 A (NR/NR) |
| 29200000 | 0.000 <sup>(c)(g)</sup> | 06/01/2060 | 1445461 |
| Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A (Aaa/NR) ((SOFR + 0.614%)) | Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A (Aaa/NR) ((SOFR + 0.614%)) | Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A (Aaa/NR) ((SOFR + 0.614%)) | Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A (Aaa/NR) ((SOFR + 0.614%)) |
| 6606644 | 4.950 <sup>(f)</sup> | 01/25/2033 | 6602852 |
| Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (NR/BBB+) | Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (NR/BBB+) | Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (NR/BBB+) | Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (NR/BBB+) |
| 200000 | 5.000 | 12/01/2025 | 201607 |
| Long Island Power Authority Electric System General RB Series 2024A (A2/A) | Long Island Power Authority Electric System General RB Series 2024A (A2/A) | Long Island Power Authority Electric System General RB Series 2024A (A2/A) | Long Island Power Authority Electric System General RB Series 2024A (A2/A) |
| 2000000 | 5.000 | 09/01/2042 | 2130522 |
| Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Series 2024A (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Series 2024A (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Series 2024A (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Series 2024A (NR/AA) |
| 5000000 | 4.000 | 11/15/2051 | 4555351 |
| Metropolitan Transportation Authority RB Green Bond Series 2015 A-2 (A3/NR) | Metropolitan Transportation Authority RB Green Bond Series 2015 A-2 (A3/NR) | Metropolitan Transportation Authority RB Green Bond Series 2015 A-2 (A3/NR) | Metropolitan Transportation Authority RB Green Bond Series 2015 A-2 (A3/NR) |
| 2500000 | 5.000 <sup>(a)(b)</sup> | 11/15/2045 | 2633604 |
| Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/A-) | Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/A-) | Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/A-) | Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/A-) |
| 645000 | 5.000 | 11/15/2027 | 657661 |
| Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/A-) | Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/A-) | Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/A-) | Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/A-) |
| 9325000 | 4.750 | 11/15/2045 | 9354034 |
| 4445000 | 5.000 | 11/15/2050 | 4474529 |
| 1800000 | 5.250 | 11/15/2055 | 1837514 |
| Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/A-) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/A-) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/A-) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/A-) |
| 3275000 | 5.000 | 11/15/2029 | 3543045 |
| 1450000 | 5.000 | 11/15/2030 | 1582135 |
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 A-2 (A3/A-) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 A-2 (A3/A-) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 A-2 (A3/A-) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 A-2 (A3/A-) |
| 1340000 | 5.000 | 11/15/2027 | 1396290 |
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/A-) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/A-) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/A-) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/A-) |
| 2465000 | 4.000 | 11/15/2032 | 2476963 |
| Metropolitan Transportation Authority RB Refunding Green Bond<br>Series 2024A (A3/A-) | Metropolitan Transportation Authority RB Refunding Green Bond<br>Series 2024A (A3/A-) | Metropolitan Transportation Authority RB Refunding Green Bond<br>Series 2024A (A3/A-) | Metropolitan Transportation Authority RB Refunding Green Bond<br>Series 2024A (A3/A-) |
| 7785000 | 5.000 | 11/15/2037 | 8436353 |
| 10270000 | 5.000 | 11/15/2039 | 10905944 |
| 3780000 | 5.000 | 11/15/2040 | 3980811 |
| 4190000 | 4.000 | 11/15/2043 | 3812061 |
| 5365000 | 5.250 | 11/15/2049 | 5542210 |
| Metropolitan Transportation Authority RB Refunding Series 2016 B (A3/A-) | Metropolitan Transportation Authority RB Refunding Series 2016 B (A3/A-) | Metropolitan Transportation Authority RB Refunding Series 2016 B (A3/A-) | Metropolitan Transportation Authority RB Refunding Series 2016 B (A3/A-) |
| 545000 | 5.000 | 11/15/2027 | 560526 |
| Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/A-) | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/A-) | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/A-) | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/A-) |
| 530000 | 5.000 | 11/15/2029 | 543207 |
| 755000 | 5.250 | 11/15/2031 | 775371 |
| Metropolitan Transportation Authority RB Series 2016 C-1 (A3/A-) | Metropolitan Transportation Authority RB Series 2016 C-1 (A3/A-) | Metropolitan Transportation Authority RB Series 2016 C-1 (A3/A-) | Metropolitan Transportation Authority RB Series 2016 C-1 (A3/A-) |
| 595000 | 5.000 | 11/15/2028 | 610886 |
| Metropolitan Transportation Authority Transportation RB Series 2010B-1 (A3/A-) | Metropolitan Transportation Authority Transportation RB Series 2010B-1 (A3/A-) | Metropolitan Transportation Authority Transportation RB Series 2010B-1 (A3/A-) | Metropolitan Transportation Authority Transportation RB Series 2010B-1 (A3/A-) |
| 16165000 | 6.548 | 11/15/2031 | 17099631 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Transportation RB Series 2015A-1 (A3/A-) | Metropolitan Transportation Authority Transportation RB Series 2015A-1 (A3/A-) | Metropolitan Transportation Authority Transportation RB Series 2015A-1 (A3/A-) | Metropolitan Transportation Authority Transportation RB Series 2015A-1 (A3/A-) |
| $475000 | 5.000% | 11/15/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476155 |
| Metropolitan Transportation Authority Transportation RB Series 2015B (A3/A-) | Metropolitan Transportation Authority Transportation RB Series 2015B (A3/A-) | Metropolitan Transportation Authority Transportation RB Series 2015B (A3/A-) | Metropolitan Transportation Authority Transportation RB Series 2015B (A3/A-) |
| 2340000 | 5.250 | 11/15/2055 | 2346397 |
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019A (AGM) (A1/AA) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019A (AGM) (A1/AA) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019A (AGM) (A1/AA) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019A (AGM) (A1/AA) |
| 11050000 | 5.000 | 11/15/2044 | 11319782 |
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AGM) (A1/AA) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AGM) (A1/AA) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AGM) (A1/AA) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AGM) (A1/AA) |
| 4980000 | 4.000 | 11/15/2047 | 4452913 |
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/A-) |
| 3000000 | 4.000 | 11/15/2047 | 2663452 |
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Subseries 2021A-1 (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Subseries 2021A-1 (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Subseries 2021A-1 (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Subseries 2021A-1 (A3/A-) |
| 5000000 | 4.000 | 11/15/2047 | 4456321 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/A-) |
| 3750000 | 5.000 | 11/15/2027 | 3940365 |
| 400000 | 5.000 | 11/15/2028 | 426913 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017B (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017B (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017B (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017B (A3/A-) |
| 1655000 | 5.000 | 11/15/2025 | 1673873 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A3/A-) |
| 2765000 | 5.000 | 11/15/2027 | 2905362 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2024A (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2024A (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2024A (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2024A (A3/A-) |
| 8835000 | 5.500 | 11/15/2047 | 9347566 |
| MTA Hudson Rail Yards Trust Obligations Series 2016A (A3/NR) | MTA Hudson Rail Yards Trust Obligations Series 2016A (A3/NR) | MTA Hudson Rail Yards Trust Obligations Series 2016A (A3/NR) | MTA Hudson Rail Yards Trust Obligations Series 2016A (A3/NR) |
| 2000000 | 5.000 | 11/15/2056 | 1985698 |
| Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) |
| 82790000 | 0.000 <sup>(g)</sup> | 06/01/2060 | 5062592 |
| New York City Housing Development Corp. Multi-Family Housing RB 2024 Series B-2 (NON-AMT) (HUD SECT 8) (Aa2/AA+) | New York City Housing Development Corp. Multi-Family Housing RB 2024 Series B-2 (NON-AMT) (HUD SECT 8) (Aa2/AA+) | New York City Housing Development Corp. Multi-Family Housing RB 2024 Series B-2 (NON-AMT) (HUD SECT 8) (Aa2/AA+) | New York City Housing Development Corp. Multi-Family Housing RB 2024 Series B-2 (NON-AMT) (HUD SECT 8) (Aa2/AA+) |
| 10000000 | 3.700 <sup>(a)(b)</sup> | 05/01/2064 | 10102293 |
| 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) |
| 940000 | 2.250 <sup>(b)</sup> | 10/01/2029 | 855086 |
| New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) |
| 4015000 | 3.000 | 01/01/2039 | 3375745 |
| 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) |
| 6025000 | 4.000 | 03/01/2045 | 5484626 |
| New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A1/AA) |
| 2410000 | 3.000 | 03/01/2036 | 2199899 |
| 2555000 | 3.000 | 03/01/2040 | 2115702 |
| 1925000 | 4.000 | 03/01/2045 | 1785047 |
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Fiscal 2022 Series DD Adjustable Rate Remarketed Securities (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Fiscal 2022 Series DD Adjustable Rate Remarketed Securities (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Fiscal 2022 Series DD Adjustable Rate Remarketed Securities (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Fiscal 2022 Series DD Adjustable Rate Remarketed Securities (Aa1/AA+) |
| 7345000 | 3.650 <sup>(a)(b)</sup> | 06/15/2033 | 7345000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **67** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2018 Series Bb (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2018 Series Bb (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2018 Series Bb (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2018 Series Bb (Aa1/AA+) |
| $11150000 | 5.000% | 06/15/2046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11353569 |
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2025 Series Aa Fiscal 2025 Subseries Aa-1 (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2025 Series Aa Fiscal 2025 Subseries Aa-1 (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2025 Series Aa Fiscal 2025 Subseries Aa-1 (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2025 Series Aa Fiscal 2025 Subseries Aa-1 (Aa1/AA+) |
| 3850000 | 5.000 | 06/15/2051 | 4033337 |
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2025 Series Aa Fiscal 2025 Subseries Aa-2 (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2025 Series Aa Fiscal 2025 Subseries Aa-2 (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2025 Series Aa Fiscal 2025 Subseries Aa-2 (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2025 Series Aa Fiscal 2025 Subseries Aa-2 (Aa1/AA+) |
| 2500000 | 5.000 | 06/15/2046 | 2636426 |
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB, Fiscal 2019 Series Ee, (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB, Fiscal 2019 Series Ee, (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB, Fiscal 2019 Series Ee, (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB, Fiscal 2019 Series Ee, (Aa1/AA+) |
| 1000000 | 4.000 | 06/15/2040 | 990386 |
| New York City Transitional Finance Authority Building Aid RB Fiscal 2016 Series S-1 (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2016 Series S-1 (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2016 Series S-1 (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2016 Series S-1 (ST AID WITHHLDG) (Aa2/AA) |
| 5000000 | 5.000 | 07/15/2032 | 5066086 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2018 Series B Subseries B-1 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2018 Series B Subseries B-1 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2018 Series B Subseries B-1 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2018 Series B Subseries B-1 (Aa1/AAA) |
| 18400000 | 5.000 | 08/01/2045 | 18733207 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series D Subseries D-1 Tax- Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series D Subseries D-1 Tax- Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series D Subseries D-1 Tax- Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series D Subseries D-1 Tax- Exempt Bonds (Aa1/AAA) |
| 6000000 | 5.500 | 11/01/2045 | 6471024 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series A Subseries A-1 Tax- Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series A Subseries A-1 Tax- Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series A Subseries A-1 Tax- Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series A Subseries A-1 Tax- Exempt Bonds (Aa1/AAA) |
| 3000000 | 5.000 | 11/01/2039 | 3276394 |
| 2500000 | 5.000 | 11/01/2040 | 2705901 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series C Subseries C-1 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series C Subseries C-1 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series C Subseries C-1 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series C Subseries C-1 (Aa1/AAA) |
| 6915000 | 5.250 | 05/01/2049 | 7371497 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series F Subseries F-1 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series F Subseries F-1 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series F Subseries F-1 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series F Subseries F-1 (Aa1/AAA) |
| 6285000 | 5.000 | 11/01/2028 | 6733320 |
| 5000000 | 5.000 | 11/01/2032 | 5587973 |
| New York City Transitional Finance Authority Future Tax Secured Tax Exempt Subordinate Bonds Fiscal 2024 Series A-1 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Tax Exempt Subordinate Bonds Fiscal 2024 Series A-1 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Tax Exempt Subordinate Bonds Fiscal 2024 Series A-1 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Tax Exempt Subordinate Bonds Fiscal 2024 Series A-1 (Aa1/AAA) |
| 830000 | 4.000 | 05/01/2045 | 768016 |
| New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2024 Series C (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2024 Series C (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2024 Series C (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2024 Series C (Aa1/AAA) |
| 6490000 | 5.500 | 05/01/2042 | 7153864 |
| 8300000 | 5.250 | 05/01/2048 | 8829901 |
| 3500000 | 5.500 | 05/01/2053 | 3761282 |
| New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2025 Series D (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2025 Series D (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2025 Series D (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2025 Series D (Aa1/AAA) |
| 18845000 | 5.250 | 05/01/2048 | 20164156 |
| 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 | 3787898 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Counties Tobacco Trust IV RB Series 2005 F (NR/NR) | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR) | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR) | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR) |
| $143440000 | 0.000 %<sup>(g)</sup> | 06/01/2060 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8497084 |
| New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) |
| 4050000 | 5.150 <sup>(c)</sup> | 11/15/2034 | 4061190 |
| 9000000 | 5.375 <sup>(c)</sup> | 11/15/2040 | 9023347 |
| New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR) |
| 4175000 | 7.250 <sup>(c)</sup> | 11/15/2044 | 4186767 |
| New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) |
| 20610000 | 5.000 <sup>(c)</sup> | 11/15/2044 | 20655134 |
| New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A1/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A1/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A1/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A1/NR) |
| 855000 | 2.625 | 09/15/2069 | 790095 |
| New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa1/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa1/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa1/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa1/NR) |
| 1070000 | 2.800 | 09/15/2069 | 980004 |
| New York NY GO Bonds 2018 E-1 (Aa2/AA) | New York NY GO Bonds 2018 E-1 (Aa2/AA) | New York NY GO Bonds 2018 E-1 (Aa2/AA) | New York NY GO Bonds 2018 E-1 (Aa2/AA) |
| 9725000 | 5.000 | 03/01/2044 | 9913418 |
| 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-) |
| 7835000 | 4.000 | 07/15/2051 | 6973469 |
| New York St Dorm Auth St Pers Income Tax Rev General Purpose Bonds 2022 A (NR/NR) | New York St Dorm Auth St Pers Income Tax Rev General Purpose Bonds 2022 A (NR/NR) | New York St Dorm Auth St Pers Income Tax Rev General Purpose Bonds 2022 A (NR/NR) | New York St Dorm Auth St Pers Income Tax Rev General Purpose Bonds 2022 A (NR/NR) |
| 450000 | 5.000 | 03/15/2027 | 469198 |
| New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (Aa1/AA+) | New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (Aa1/AA+) | New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (Aa1/AA+) | New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (Aa1/AA+) |
| 2550000 | 5.000 <sup>(d)</sup> | 08/15/2026 | 2632537 |
| New York State Dormitory Authority RB New York University 2001 (AMBAC) (Aa2/AA-) | New York State Dormitory Authority RB New York University 2001 (AMBAC) (Aa2/AA-) | New York State Dormitory Authority RB New York University 2001 (AMBAC) (Aa2/AA-) | New York State Dormitory Authority RB New York University 2001 (AMBAC) (Aa2/AA-) |
| 945000 | 5.500 | 07/01/2040 | 1084208 |
| 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 | 1443419 |
| 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 | 98465 |
| 100000 | 3.670 | 07/01/2027 | 97503 |
| 40000 | 3.760 | 07/01/2028 | 38600 |
| 200000 | 3.820 | 07/01/2029 | 190733 |
| 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) |
| 970000 | 5.000 | 07/01/2025 | 972537 |
| 1185000 | 5.000 | 07/01/2029 | 1189151 |
| 745000 | 5.000 | 07/01/2030 | 744482 |
| 100000 | 4.000 | 07/01/2031 | 93800 |
| New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B3/B-) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B3/B-) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B3/B-) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B3/B-) |
| 540000 | 5.000 | 07/01/2032 | 542535 |
| 465000 | 5.000 | 07/01/2034 | 464814 |
| 1005000 | 5.000 | 07/01/2035 | 1000589 |
| 440000 | 5.000 | 07/01/2036 | 435722 |
| 545000 | 4.000 | 07/01/2040 | 479731 |
| 590000 | 5.000 | 07/01/2041 | 577620 |
| 2315000 | 4.000 | 07/01/2045 | 1956143 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 68 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 (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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511312 |
| 500000 | 4.000 | 09/01/2037 | 477926 |
| 575000 | 4.000 | 09/01/2038 | 543951 |
| 615000 | 4.000 | 09/01/2039 | 575639 |
| 750000 | 4.000 | 09/01/2040 | 695618 |
| 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-) |
| 2750000 | 4.000 | 07/01/2048 | 2491679 |
| New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (Aa1/NR) | New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (Aa1/NR) | New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (Aa1/NR) | New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (Aa1/NR) |
| 4450000 | 3.000 | 03/15/2038 | 3948572 |
| 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 | 873417 |
| 1550000 | 3.000 | 04/01/2048 | 1139069 |
| New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2020 A (Aa1/NR) | New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2020 A (Aa1/NR) | New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2020 A (Aa1/NR) | New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2020 A (Aa1/NR) |
| 24990000 | 4.000 | 03/15/2043 | 23631406 |
| New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2020A (NR/NR) | New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2020A (NR/NR) | New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2020A (NR/NR) | New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2020A (NR/NR) |
| 10000 | 4.000 <sup>(d)</sup> | 09/15/2030 | 10524 |
| New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2021 E (NR/AA+) | New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2021 E (NR/AA+) | New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2021 E (NR/AA+) | New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2021 E (NR/AA+) |
| 9995000 | 4.000 | 03/15/2038 | 10007150 |
| New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2021 E (NR/NR) | New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2021 E (NR/NR) | New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2021 E (NR/NR) | New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2021 E (NR/NR) |
| 5000 | 4.000 <sup>(d)</sup> | 03/15/2032 | 5295 |
| New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) (PUTABLE) | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) (PUTABLE) | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) (PUTABLE) | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) (PUTABLE) |
| 1440000 | 2.875 <sup>(a)(b)(c)</sup> | 12/01/2044 | 1362434 |
| New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (B1/B+) | New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (B1/B+) | New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (B1/B+) | New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (B1/B+) |
| 750000 | 2.750 <sup>(a)(b)</sup> | 09/01/2050 | 745839 |
| New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (Aa2/NR) | New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (Aa2/NR) | New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (Aa2/NR) | New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (Aa2/NR) |
| 3050000 | 1.100 <sup>(a)(b)</sup> | 11/01/2061 | 2895229 |
| New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 (Aa1/NR) | New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 (Aa1/NR) | New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 (Aa1/NR) | New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 (Aa1/NR) |
| 2025000 | 3.450 <sup>(a)(b)</sup> | 06/15/2054 | 2012178 |
| New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 Sustainability Bonds (Aa1/NR) | New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 Sustainability Bonds (Aa1/NR) | New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 Sustainability Bonds (Aa1/NR) | New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 Sustainability Bonds (Aa1/NR) |
| 4465000 | 3.350 <sup>(a)(b)</sup> | 06/15/2054 | 4463755 |
| New York State Thruway Authority General RB Series P (Aa3/A+) | New York State Thruway Authority General RB Series P (Aa3/A+) | New York State Thruway Authority General RB Series P (Aa3/A+) | New York State Thruway Authority General RB Series P (Aa3/A+) |
| 1800000 | 5.000 | 01/01/2049 | 1886202 |
| 1865000 | 5.250 | 01/01/2054 | 1973079 |
| New York State Urban Development Corp. RB for State of New York Personal Income Tax Revenue Series 2020 A (Aa1/NR) | New York State Urban Development Corp. RB for State of New York Personal Income Tax Revenue Series 2020 A (Aa1/NR) | New York State Urban Development Corp. RB for State of New York Personal Income Tax Revenue Series 2020 A (Aa1/NR) | New York State Urban Development Corp. RB for State of New York Personal Income Tax Revenue Series 2020 A (Aa1/NR) |
| 7000000 | 3.000 | 03/15/2050 | 4995511 |
| New York State Urban Development Corp. Sales Tax RB Series 2023A (Aa1/NR) | New York State Urban Development Corp. Sales Tax RB Series 2023A (Aa1/NR) | New York State Urban Development Corp. Sales Tax RB Series 2023A (Aa1/NR) | New York State Urban Development Corp. Sales Tax RB Series 2023A (Aa1/NR) |
| 8300000 | 5.000 | 03/15/2052 | 8643008 |
| New York State Urban Development Corporation State Personal Income Tax RB (General Purpose) Series 2020A (Tax-Exempt) (Aa1/NR) | New York State Urban Development Corporation State Personal Income Tax RB (General Purpose) Series 2020A (Tax-Exempt) (Aa1/NR) | New York State Urban Development Corporation State Personal Income Tax RB (General Purpose) Series 2020A (Tax-Exempt) (Aa1/NR) | New York State Urban Development Corporation State Personal Income Tax RB (General Purpose) Series 2020A (Tax-Exempt) (Aa1/NR) |
| 11500000 | 4.000 | 03/15/2038 | 11454293 |
| New York State Urban Development Corporation State Sales Tax RB, Series 2023A (Tax-Exempt) (Aa1/NR) | New York State Urban Development Corporation State Sales Tax RB, Series 2023A (Tax-Exempt) (Aa1/NR) | New York State Urban Development Corporation State Sales Tax RB, Series 2023A (Tax-Exempt) (Aa1/NR) | New York State Urban Development Corporation State Sales Tax RB, Series 2023A (Tax-Exempt) (Aa1/NR) |
| 8000000 | 5.000 | 03/15/2051 | 8329957 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (A1/AA) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (A1/AA) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (A1/AA) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (A1/AA) |
| $1000000 | 4.000% | 12/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966178 |
| New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (Baa1/NR) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (Baa1/NR) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (Baa1/NR) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (Baa1/NR) |
| 2500000 | 5.000 | 12/01/2036 | 2633025 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) |
| 4780000 | 5.000 | 01/01/2027 | 4878955 |
| 310000 | 5.000 | 01/01/2031 | 317976 |
| 8645000 | 5.000 | 01/01/2033 | 8836539 |
| 3800000 | 5.000 | 01/01/2034 | 3877920 |
| 9625000 | 4.000 | 01/01/2036 | 9153735 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa2/NR) |
| 2850000 | 5.000 | 01/01/2036 | 2898361 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) |
| 4580000 | 4.000 | 10/01/2030 | 4541812 |
| 4815000 | 5.000 | 10/01/2035 | 4956572 |
| 8140000 | 5.000 | 10/01/2040 | 8276871 |
| 9800000 | 4.375 | 10/01/2045 | 9141783 |
| New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) |
| 1225000 | 2.500 | 10/31/2031 | 1036543 |
| 600000 | 4.000 | 10/31/2034 | 573609 |
| 4780000 | 4.000 | 10/31/2041 | 4231925 |
| New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM-CR) (A1/AA) | New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM-CR) (A1/AA) | New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM-CR) (A1/AA) | New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM-CR) (A1/AA) |
| 1500000 | 4.000 | 07/01/2046 | 1334658 |
| New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (Baa1/NR) |
| 500000 | 5.000 | 12/01/2028 | 520734 |
| 500000 | 5.000 | 12/01/2029 | 524359 |
| 2200000 | 5.000 | 12/01/2036 | 2256344 |
| 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) |
| 165000 | 5.000 | 12/01/2032 | 176173 |
| New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) |
| 690000 | 5.000 | 07/01/2034 | 690101 |
| 15675000 | 5.000 | 07/01/2041 | 15676991 |
| 14050000 | 5.000 | 07/01/2046 | 13948331 |
| New York Transportation Development Corp. Special Facilities Bonds Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (Baa2/NR) |
| 8425000 | 5.250 | 01/01/2050 | 8424664 |
| New York Transportation Development Corp. Special Facilities RB for John F. Kennedy international Airport New Terminal One Project Green Bonds Series (AMT) (AGM) (A1/AA) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy international Airport New Terminal One Project Green Bonds Series (AMT) (AGM) (A1/AA) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy international Airport New Terminal One Project Green Bonds Series (AMT) (AGM) (A1/AA) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy international Airport New Terminal One Project Green Bonds Series (AMT) (AGM) (A1/AA) |
| 8375000 | 5.000 | 06/30/2049 | 8437489 |
| New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (AGM) (A1/AA) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (AGM) (A1/AA) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (AGM) (A1/AA) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (AGM) (A1/AA) |
| 2490000 | 5.000 | 06/30/2049 | 2504689 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **69** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/NR) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/NR) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/NR) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/NR) |
| $3125000 | 6.000% | 06/30/2054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3322371 |
| New York Transportation Development Corp. Special Facilities RB for Terminal 4 JFK International Airport Project Series 2022 (Baa1/NR) | New York Transportation Development Corp. Special Facilities RB for Terminal 4 JFK International Airport Project Series 2022 (Baa1/NR) | New York Transportation Development Corp. Special Facilities RB for Terminal 4 JFK International Airport Project Series 2022 (Baa1/NR) | New York Transportation Development Corp. Special Facilities RB for Terminal 4 JFK International Airport Project Series 2022 (Baa1/NR) |
| 500000 | 5.000 | 12/01/2027 | 517328 |
| New York Transportation Development Corp. Special Facilities RB Series 2024 John F. Kennedy International Airport New Terminal One Project (AMT) (Baa3/NR) | New York Transportation Development Corp. Special Facilities RB Series 2024 John F. Kennedy International Airport New Terminal One Project (AMT) (Baa3/NR) | New York Transportation Development Corp. Special Facilities RB Series 2024 John F. Kennedy International Airport New Terminal One Project (AMT) (Baa3/NR) | New York Transportation Development Corp. Special Facilities RB Series 2024 John F. Kennedy International Airport New Terminal One Project (AMT) (Baa3/NR) |
| 5350000 | 5.500 | 06/30/2054 | 5530128 |
| New York Transportation Development Corp. Special Facility RB for Delta Air Lines Inc. Laguardia Airport Terminals C&D Redevelopment Project Series 2023 (Baa2/BBB-) | New York Transportation Development Corp. Special Facility RB for Delta Air Lines Inc. Laguardia Airport Terminals C&D Redevelopment Project Series 2023 (Baa2/BBB-) | New York Transportation Development Corp. Special Facility RB for Delta Air Lines Inc. Laguardia Airport Terminals C&D Redevelopment Project Series 2023 (Baa2/BBB-) | New York Transportation Development Corp. Special Facility RB for Delta Air Lines Inc. Laguardia Airport Terminals C&D Redevelopment Project Series 2023 (Baa2/BBB-) |
| 750000 | 6.000 | 04/01/2035 | 823860 |
| New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) |
| 2250000 | 5.000 | 08/01/2031 | 2252646 |
| New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (NR/B+) |
| 5890000 | 5.250 | 08/01/2031 | 6098685 |
| 5675000 | 5.375 | 08/01/2036 | 5855243 |
| 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) |
| 4060000 | 3.000 | 08/01/2031 | 3742372 |
| New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (NR/B+) |
| 2375000 | 5.000 | 08/01/2026 | 2375052 |
| New York Transportation Development Corporation (Terminal 4 John F. Kennedy International Airport Project) Special Facility RB, Series 2020C (Baa1/NR) | New York Transportation Development Corporation (Terminal 4 John F. Kennedy International Airport Project) Special Facility RB, Series 2020C (Baa1/NR) | New York Transportation Development Corporation (Terminal 4 John F. Kennedy International Airport Project) Special Facility RB, Series 2020C (Baa1/NR) | New York Transportation Development Corporation (Terminal 4 John F. Kennedy International Airport Project) Special Facility RB, Series 2020C (Baa1/NR) |
| 1250000 | 5.000 | 12/01/2029 | 1332340 |
| Oneida County Local Development Corp. RB Mohawk Valley Health System Project Series 2019 (Tax-Exempt) (AGM) (NR/AA) | Oneida County Local Development Corp. RB Mohawk Valley Health System Project Series 2019 (Tax-Exempt) (AGM) (NR/AA) | Oneida County Local Development Corp. RB Mohawk Valley Health System Project Series 2019 (Tax-Exempt) (AGM) (NR/AA) | Oneida County Local Development Corp. RB Mohawk Valley Health System Project Series 2019 (Tax-Exempt) (AGM) (NR/AA) |
| 420000 | 4.000 | 12/01/2033 | 421291 |
| 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) |
| 1065000 | 4.000 | 12/01/2034 | 1065128 |
| 670000 | 4.000 | 12/01/2035 | 664642 |
| 1135000 | 4.000 | 12/01/2036 | 1117439 |
| 1260000 | 3.000 | 12/01/2039 | 1015607 |
| 840000 | 3.000 | 12/01/2040 | 662525 |
| 6270000 | 4.000 | 12/01/2049 | 5632179 |
| 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 | 277576 |
| 4225000 | 3.000 | 07/01/2044 | 2651590 |
| Oneida Indian Nation Tax RB Series 2024B (Federally Tax- Exempt) (NR/NR) | Oneida Indian Nation Tax RB Series 2024B (Federally Tax- Exempt) (NR/NR) | Oneida Indian Nation Tax RB Series 2024B (Federally Tax- Exempt) (NR/NR) | Oneida Indian Nation Tax RB Series 2024B (Federally Tax- Exempt) (NR/NR) |
| 1585000 | 6.000 <sup>(c)</sup> | 09/01/2043 | 1709703 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3874325 |
| Port Authority of New York & New Jersey Consolidated RB Series 221 (Aa3/AA-) | Port Authority of New York & New Jersey Consolidated RB Series 221 (Aa3/AA-) | Port Authority of New York & New Jersey Consolidated RB Series 221 (Aa3/AA-) | Port Authority of New York & New Jersey Consolidated RB Series 221 (Aa3/AA-) |
| 2000000 | 4.000 | 07/15/2045 | 1819700 |
| 1500000 | 4.000 | 07/15/2050 | 1319463 |
| Port Authority of New York and New Jersey Consolidated Bonds 242nd Series (Aa3/AA-) | Port Authority of New York and New Jersey Consolidated Bonds 242nd Series (Aa3/AA-) | Port Authority of New York and New Jersey Consolidated Bonds 242nd Series (Aa3/AA-) | Port Authority of New York and New Jersey Consolidated Bonds 242nd Series (Aa3/AA-) |
| 1500000 | 5.000 | 12/01/2026 | 1539681 |
| 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 | 8807909 |
| 1555000 | 3.000 | 10/01/2028 | 1508195 |
| 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-) |
| 4020000 | 5.250 | 08/01/2047 | 4166675 |
| Power Authority of The State of New York Green Transmission Project RB, Series 2023A (AGM) (Aa3/AA) | Power Authority of The State of New York Green Transmission Project RB, Series 2023A (AGM) (Aa3/AA) | Power Authority of The State of New York Green Transmission Project RB, Series 2023A (AGM) (Aa3/AA) | Power Authority of The State of New York Green Transmission Project RB, Series 2023A (AGM) (Aa3/AA) |
| 1500000 | 5.000 | 11/15/2053 | 1559471 |
| State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A3/A-) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A3/A-) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A3/A-) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A3/A-) |
| 6200000 | 4.250 | 05/01/2052 | 5855094 |
| 5225000 | 5.000 | 05/01/2052 | 5355776 |
| State of New York Dormitory Authority Personal Income Tax RB<br>Series 2018A (Aa1/NR) | State of New York Dormitory Authority Personal Income Tax RB<br>Series 2018A (Aa1/NR) | State of New York Dormitory Authority Personal Income Tax RB<br>Series 2018A (Aa1/NR) | State of New York Dormitory Authority Personal Income Tax RB<br>Series 2018A (Aa1/NR) |
| 10200000 | 4.000 | 03/15/2048 | 9161498 |
| State of New York Dormitory Authority Personal Income Tax RB<br>Series 2019D (Aa1/NR) | State of New York Dormitory Authority Personal Income Tax RB<br>Series 2019D (Aa1/NR) | State of New York Dormitory Authority Personal Income Tax RB<br>Series 2019D (Aa1/NR) | State of New York Dormitory Authority Personal Income Tax RB<br>Series 2019D (Aa1/NR) |
| 10000000 | 4.000 | 02/15/2047 | 9152077 |
| State of New York Dormitory Authority Personal Income Tax RB<br>Series 2021A (NR/AA+) | State of New York Dormitory Authority Personal Income Tax RB<br>Series 2021A (NR/AA+) | State of New York Dormitory Authority Personal Income Tax RB<br>Series 2021A (NR/AA+) | State of New York Dormitory Authority Personal Income Tax RB<br>Series 2021A (NR/AA+) |
| 10215000 | 4.000 | 03/15/2038 | 10225815 |
| 8175000 | 4.000 | 03/15/2040 | 8026316 |
| State of New York Dormitory Authority Personal Income Tax RB<br>Series 2021E (NR/AA+) | State of New York Dormitory Authority Personal Income Tax RB<br>Series 2021E (NR/AA+) | State of New York Dormitory Authority Personal Income Tax RB<br>Series 2021E (NR/AA+) | State of New York Dormitory Authority Personal Income Tax RB<br>Series 2021E (NR/AA+) |
| 6800000 | 4.000 | 03/15/2046 | 6265542 |
| 8700000 | 4.000 | 03/15/2047 | 7995657 |
| State of New York Dormitory Authority RB for St. Joseph's College<br>Series 2020A (NR/NR) | State of New York Dormitory Authority RB for St. Joseph's College<br>Series 2020A (NR/NR) | State of New York Dormitory Authority RB for St. Joseph's College<br>Series 2020A (NR/NR) | State of New York Dormitory Authority RB for St. Joseph's College<br>Series 2020A (NR/NR) |
| 1070000 | 5.000 | 07/01/2027 | 1076105 |
| 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-) |
| 3430000 | 4.000 | 06/01/2050 | 3206923 |
| The City of New York GO Bonds Fiscal 2018 Series B Subseries B-4 and B-5 (Aa2/AA/A-1) | The City of New York GO Bonds Fiscal 2018 Series B Subseries B-4 and B-5 (Aa2/AA/A-1) | The City of New York GO Bonds Fiscal 2018 Series B Subseries B-4 and B-5 (Aa2/AA/A-1) | The City of New York GO Bonds Fiscal 2018 Series B Subseries B-4 and B-5 (Aa2/AA/A-1) |
| 5190000 | 3.600 <sup>(a)(b)</sup> | 10/01/2046 | 5190000 |
| Triborough Bridge & Tunnel Authority General Revenue Bond<br>Series 2022A (Aa3/AA-) | Triborough Bridge & Tunnel Authority General Revenue Bond<br>Series 2022A (Aa3/AA-) | Triborough Bridge & Tunnel Authority General Revenue Bond<br>Series 2022A (Aa3/AA-) | Triborough Bridge & Tunnel Authority General Revenue Bond<br>Series 2022A (Aa3/AA-) |
| 5900000 | 5.500 | 11/15/2057 | 6318030 |
| Triborough Bridge & Tunnel Authority Sales Tax RB for TBTA Capital Lockbox City Sales Tax Series 2023A (NR/AA+) | Triborough Bridge & Tunnel Authority Sales Tax RB for TBTA Capital Lockbox City Sales Tax Series 2023A (NR/AA+) | Triborough Bridge & Tunnel Authority Sales Tax RB for TBTA Capital Lockbox City Sales Tax Series 2023A (NR/AA+) | Triborough Bridge & Tunnel Authority Sales Tax RB for TBTA Capital Lockbox City Sales Tax Series 2023A (NR/AA+) |
| 8150000 | 4.250 | 05/15/2058 | 7647112 |
| Triborough Bridge & Tunnel Authority Sales Tax RB Subseries 2024A-1 (NR/AA+) | Triborough Bridge & Tunnel Authority Sales Tax RB Subseries 2024A-1 (NR/AA+) | Triborough Bridge & Tunnel Authority Sales Tax RB Subseries 2024A-1 (NR/AA+) | Triborough Bridge & Tunnel Authority Sales Tax RB Subseries 2024A-1 (NR/AA+) |
| 4000000 | 5.000 | 05/15/2049 | 4160884 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 70 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (A1/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (A1/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (A1/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (A1/SP-1+) |
| 25000000 | 5.000% | 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26369583 |
| Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (NR/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (NR/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (NR/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (NR/SP-1+) |
| 25000000 | 5.000 | 03/01/2028 | 26335970 |
| Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (NR/AA+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (NR/AA+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (NR/AA+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (NR/AA+) |
| 4800000 | 5.250 | 05/15/2059 | 5068460 |
| Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (A1/A+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (A1/A+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (A1/A+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (A1/A+) |
| 5850000 | 5.250 | 12/01/2054 | 6174138 |
| Westchester County Local Development Corporation RB for New York Blood Center Project Series 2024 (Baa1/NR) | Westchester County Local Development Corporation RB for New York Blood Center Project Series 2024 (Baa1/NR) | Westchester County Local Development Corporation RB for New York Blood Center Project Series 2024 (Baa1/NR) | Westchester County Local Development Corporation RB for New York Blood Center Project Series 2024 (Baa1/NR) |
| 2555000 | 5.000 | 07/01/2035 | 2739889 |
| 1345000 | 5.000 | 07/01/2038 | 1421189 |
| 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) |
| 195000 | 4.000 | 10/15/2029 | 192913 |
| 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) |
| 610000 | 4.000 | 10/15/2030 | 603287 |
|  |  |  | 981000976 |
| North Carolina - 0.7% | North Carolina - 0.7% | North Carolina - 0.7% | North Carolina - 0.7% |
| Charlotte Douglas International Airport RB Series 2023A (NON-AMT) Series 2023B (AMT) (Aa3/NR) | Charlotte Douglas International Airport RB Series 2023A (NON-AMT) Series 2023B (AMT) (Aa3/NR) | Charlotte Douglas International Airport RB Series 2023A (NON-AMT) Series 2023B (AMT) (Aa3/NR) | Charlotte Douglas International Airport RB Series 2023A (NON-AMT) Series 2023B (AMT) (Aa3/NR) |
| 6525000 | 5.000 | 07/01/2048 | 6872110 |
| City of Mebane Combined Utilities RB Series 2024 (Aa3/AA-) | City of Mebane Combined Utilities RB Series 2024 (Aa3/AA-) | City of Mebane Combined Utilities RB Series 2024 (Aa3/AA-) | City of Mebane Combined Utilities RB Series 2024 (Aa3/AA-) |
| 1800000 | 4.000 | 08/01/2049 | 1667746 |
| Columbus County Industrial Facilities & Pollution Control Financing Authority Environmental Improvement and Refunding RB for International Paper Company Project Series 2019A (NR/BBB) (PUTABLE) | Columbus County Industrial Facilities & Pollution Control Financing Authority Environmental Improvement and Refunding RB for International Paper Company Project Series 2019A (NR/BBB) (PUTABLE) | Columbus County Industrial Facilities & Pollution Control Financing Authority Environmental Improvement and Refunding RB for International Paper Company Project Series 2019A (NR/BBB) (PUTABLE) | Columbus County Industrial Facilities & Pollution Control Financing Authority Environmental Improvement and Refunding RB for International Paper Company Project Series 2019A (NR/BBB) (PUTABLE) |
| 1100000 | 3.450 <sup>(a)(b)</sup> | 11/01/2033 | 1074337 |
| Columbus County Industrial Facilities & Pollution Control Financing Authority Refunding RB for International Paper Company Project<br>Series 2019B (NR/BBB) (PUTABLE) | Columbus County Industrial Facilities & Pollution Control Financing Authority Refunding RB for International Paper Company Project<br>Series 2019B (NR/BBB) (PUTABLE) | Columbus County Industrial Facilities & Pollution Control Financing Authority Refunding RB for International Paper Company Project<br>Series 2019B (NR/BBB) (PUTABLE) | Columbus County Industrial Facilities & Pollution Control Financing Authority Refunding RB for International Paper Company Project<br>Series 2019B (NR/BBB) (PUTABLE) |
| 1400000 | 3.450 <sup>(a)(b)</sup> | 11/01/2033 | 1367338 |
| County of Mecklenburg GO Bonds for Public Improvement<br>Series 2018 (Aaa/AAA) | County of Mecklenburg GO Bonds for Public Improvement<br>Series 2018 (Aaa/AAA) | County of Mecklenburg GO Bonds for Public Improvement<br>Series 2018 (Aaa/AAA) | County of Mecklenburg GO Bonds for Public Improvement<br>Series 2018 (Aaa/AAA) |
| 5250000 | 5.000 | 03/01/2029 | 5563780 |
| County of Wake GO Refunding Bonds Series 2023B (Aaa/AAA) | County of Wake GO Refunding Bonds Series 2023B (Aaa/AAA) | County of Wake GO Refunding Bonds Series 2023B (Aaa/AAA) | County of Wake GO Refunding Bonds Series 2023B (Aaa/AAA) |
| 1810000 | 5.000 | 05/01/2026 | 1854721 |
| Greater Asheville Regional Airport Authority Airport System RB<br>Series 2022A (AMT) (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB<br>Series 2022A (AMT) (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB<br>Series 2022A (AMT) (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB<br>Series 2022A (AMT) (AGM) (A1/AA) |
| 1000000 | 5.000 | 07/01/2028 | 1044286 |
| 1900000 | 5.500 | 07/01/2052 | 1978156 |
| Greater Asheville Regional Airport Authority Airport System RB<br>Series 2023 (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB<br>Series 2023 (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB<br>Series 2023 (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB<br>Series 2023 (AGM) (A1/AA) |
| 1150000 | 5.250 | 07/01/2053 | 1182248 |
| North Carolina Capital Facilities Finance Agency Revenue Refunding Bonds Duke University Project Series 2016B (Aa1/AA+) | North Carolina Capital Facilities Finance Agency Revenue Refunding Bonds Duke University Project Series 2016B (Aa1/AA+) | North Carolina Capital Facilities Finance Agency Revenue Refunding Bonds Duke University Project Series 2016B (Aa1/AA+) | North Carolina Capital Facilities Finance Agency Revenue Refunding Bonds Duke University Project Series 2016B (Aa1/AA+) |
| 2790000 | 5.000 | 10/01/2044 | 2842692 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Department of Transportation Tax Exempt Private Activity Bonds Series 2015 (NR/NR) | North Carolina Department of Transportation Tax Exempt Private Activity Bonds Series 2015 (NR/NR) | North Carolina Department of Transportation Tax Exempt Private Activity Bonds Series 2015 (NR/NR) | North Carolina Department of Transportation Tax Exempt Private Activity Bonds Series 2015 (NR/NR) |
| $2735000 | 5.000% | 12/31/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738767 |
| North Carolina Housing Finance Agency Home Ownership RB Series 54-A (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | North Carolina Housing Finance Agency Home Ownership RB Series 54-A (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | North Carolina Housing Finance Agency Home Ownership RB Series 54-A (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | North Carolina Housing Finance Agency Home Ownership RB Series 54-A (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) |
| 1500000 | 4.550 | 07/01/2044 | 1484237 |
| North Carolina Housing Finance Agency Home Ownership RB Series 55-A (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | North Carolina Housing Finance Agency Home Ownership RB Series 55-A (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | North Carolina Housing Finance Agency Home Ownership RB Series 55-A (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | North Carolina Housing Finance Agency Home Ownership RB Series 55-A (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) |
| 9730000 | 4.350 | 01/01/2044 | 9415912 |
| North Carolina Medical Care Commission Health Care Facilities First Mortgage Revenue Refunding Bonds Pennybyrn at Maryfield Series 2015 (NR/NR) | North Carolina Medical Care Commission Health Care Facilities First Mortgage Revenue Refunding Bonds Pennybyrn at Maryfield Series 2015 (NR/NR) | North Carolina Medical Care Commission Health Care Facilities First Mortgage Revenue Refunding Bonds Pennybyrn at Maryfield Series 2015 (NR/NR) | North Carolina Medical Care Commission Health Care Facilities First Mortgage Revenue Refunding Bonds Pennybyrn at Maryfield Series 2015 (NR/NR) |
| 3875000 | 5.000 | 10/01/2035 | 3819809 |
| 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 | 611357 |
| 325000 | 4.000 | 09/01/2046 | 276252 |
| 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) |
| 220000 | 5.000 | 03/01/2026 | 221787 |
| 270000 | 5.000 | 03/01/2027 | 274437 |
| 255000 | 5.000 | 03/01/2028 | 261208 |
| 250000 | 4.000 | 03/01/2029 | 248459 |
| 260000 | 4.000 | 03/01/2030 | 257472 |
| 270000 | 4.000 | 03/01/2031 | 266212 |
| 725000 | 4.000 | 03/01/2036 | 692022 |
| 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) |
| 1355000 | 5.000 | 10/01/2040 | 1345756 |
| 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 | 4790841 |
| 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) |
| 1905000 | 4.000 | 09/01/2041 | 1740889 |
| 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 | 581079 |
| 1785000 | 3.000 | 07/01/2027 | 1738697 |
| 1040000 | 4.000 | 07/01/2030 | 1024733 |
| 1080000 | 5.000 | 07/01/2031 | 1104490 |
| 1110000 | 5.000 | 07/01/2032 | 1132697 |
| 1375000 | 5.000 | 07/01/2033 | 1400754 |
| North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Series 2024A (NR/NR) | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Series 2024A (NR/NR) | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Series 2024A (NR/NR) | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Series 2024A (NR/NR) |
| 750000 | 5.000 | 10/01/2044 | 759227 |
| 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 | 2337837 |
| 3500000 | 5.000 | 01/01/2049 | 3563431 |
| 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 | 9640442 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **71** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| The Charlotte-Mecklenburg Hospital Authority Atrium Health Variable Rate Health Care RB Series 2021D (Aa3/AA) | The Charlotte-Mecklenburg Hospital Authority Atrium Health Variable Rate Health Care RB Series 2021D (Aa3/AA) | The Charlotte-Mecklenburg Hospital Authority Atrium Health Variable Rate Health Care RB Series 2021D (Aa3/AA) | The Charlotte-Mecklenburg Hospital Authority Atrium Health Variable Rate Health Care RB Series 2021D (Aa3/AA) |
| 2410000 | 5.000 %<sup>(a)(b)</sup> | 01/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2627040 |
|  |  |  | 79803258 |
| 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<br>Series 2021 (Baa3/NR) | City of Grand Forks Health Care System RB for Altru Health System<br>Series 2021 (Baa3/NR) | City of Grand Forks Health Care System RB for Altru Health System<br>Series 2021 (Baa3/NR) | City of Grand Forks Health Care System RB for Altru Health System<br>Series 2021 (Baa3/NR) |
| 4125000 | 4.000 | 12/01/2035 | 3893756 |
| City of Grand Forks Health Care System RB for Altru Health System<br>Series 2021 (AGM) (A1/AA) | City of Grand Forks Health Care System RB for Altru Health System<br>Series 2021 (AGM) (A1/AA) | City of Grand Forks Health Care System RB for Altru Health System<br>Series 2021 (AGM) (A1/AA) | City of Grand Forks Health Care System RB for Altru Health System<br>Series 2021 (AGM) (A1/AA) |
| 1875000 | 3.000 | 12/01/2051 | 1309947 |
| City of Horace GO Refunding Bonds Series 2021 (Baa3/NR) | City of Horace GO Refunding Bonds Series 2021 (Baa3/NR) | City of Horace GO Refunding Bonds Series 2021 (Baa3/NR) | City of Horace GO Refunding Bonds Series 2021 (Baa3/NR) |
| 1100000 | 3.000 | 05/01/2041 | 777962 |
| 2750000 | 3.000 | 05/01/2046 | 1792763 |
|  |  |  | 7774428 |
| Ohio - 2.1% | Ohio - 2.1% | Ohio - 2.1% | Ohio - 2.1% |
| Bon Secours Mercy Health Hospital Facilities RB Series 2022B-1 (A1/A+) | Bon Secours Mercy Health Hospital Facilities RB Series 2022B-1 (A1/A+) | Bon Secours Mercy Health Hospital Facilities RB Series 2022B-1 (A1/A+) | Bon Secours Mercy Health Hospital Facilities RB Series 2022B-1 (A1/A+) |
| 7110000 | 5.000 <sup>(a)(b)</sup> | 10/01/2049 | 7350390 |
| 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 | 3643240 |
| 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) |
| 26565000 | 5.000 | 06/01/2055 | 23414893 |
| 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 | 458639 |
| 310000 | 4.000 | 06/01/2037 | 299805 |
| 2655000 | 4.000 | 06/01/2038 | 2544174 |
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR) |
| 37685000 | 0.000 <sup>(g)</sup> | 06/01/2057 | 3742674 |
| Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Asset Backed Refunding Bonds Series 2020 (NR/BBB+) | Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Asset Backed Refunding Bonds Series 2020 (NR/BBB+) | Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Asset Backed Refunding Bonds Series 2020 (NR/BBB+) | Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Asset Backed Refunding Bonds Series 2020 (NR/BBB+) |
| 6710000 | 4.000 | 06/01/2048 | 5811675 |
| Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB) | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB) | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB) | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB) |
| 7195000 | 5.375 | 09/15/2027 | 7202737 |
| Columbus Regional Airport Authority John Glenn Columbus International Airport Airport RB Series 2025A (AMT) (A2/A) | Columbus Regional Airport Authority John Glenn Columbus International Airport Airport RB Series 2025A (AMT) (A2/A) | Columbus Regional Airport Authority John Glenn Columbus International Airport Airport RB Series 2025A (AMT) (A2/A) | Columbus Regional Airport Authority John Glenn Columbus International Airport Airport RB Series 2025A (AMT) (A2/A) |
| 2000000 | 5.000 | 01/01/2030 | 2119887 |
| 3600000 | 5.000 | 01/01/2031 | 3833802 |
| 2890000 | 5.000 | 01/01/2032 | 3092900 |
| 3000000 | 5.000 | 01/01/2033 | 3220437 |
| 2120000 | 5.000 | 01/01/2034 | 2282347 |
| Columbus-Franklin County Finance Authority Lease RB for The Cornerstone Academy Community School Series 2023 (NR/NR) | Columbus-Franklin County Finance Authority Lease RB for The Cornerstone Academy Community School Series 2023 (NR/NR) | Columbus-Franklin County Finance Authority Lease RB for The Cornerstone Academy Community School Series 2023 (NR/NR) | Columbus-Franklin County Finance Authority Lease RB for The Cornerstone Academy Community School Series 2023 (NR/NR) |
| 2525000 | 7.000 <sup>(c)</sup> | 07/01/2053 | 2559943 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network<br>Series 2022A (NR/NR) | County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network<br>Series 2022A (NR/NR) | County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network<br>Series 2022A (NR/NR) | County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network<br>Series 2022A (NR/NR) |
| $2185000 | 5.000% | 05/15/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167590 |
| County of Cuyahoga Hospital RB Series 2017 (Baa2/BBB) | County of Cuyahoga Hospital RB Series 2017 (Baa2/BBB) | County of Cuyahoga Hospital RB Series 2017 (Baa2/BBB) | County of Cuyahoga Hospital RB Series 2017 (Baa2/BBB) |
| 6500000 | 5.000 | 02/15/2037 | 6516962 |
| County of Cuyahoga Ohio Hospital RB for The Metrohealth System<br>Series 2017 (Baa2/BBB) | County of Cuyahoga Ohio Hospital RB for The Metrohealth System<br>Series 2017 (Baa2/BBB) | County of Cuyahoga Ohio Hospital RB for The Metrohealth System<br>Series 2017 (Baa2/BBB) | County of Cuyahoga Ohio Hospital RB for The Metrohealth System<br>Series 2017 (Baa2/BBB) |
| 5000000 | 5.500 | 02/15/2052 | 5024460 |
| 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 | 343228 |
| 625000 | 4.000 | 09/01/2045 | 506052 |
| 850000 | 5.000 | 09/01/2049 | 793159 |
| County of Franklin Healthcare Facilities RB for Ohio Living Communities Series 2023 (NR/NR) | County of Franklin Healthcare Facilities RB for Ohio Living Communities Series 2023 (NR/NR) | County of Franklin Healthcare Facilities RB for Ohio Living Communities Series 2023 (NR/NR) | County of Franklin Healthcare Facilities RB for Ohio Living Communities Series 2023 (NR/NR) |
| 3210000 | 5.000 | 07/01/2035 | 3311307 |
| 3915000 | 5.000 | 07/01/2036 | 4009152 |
| County of Franklin Ohio Health Care Facilities Refunding RB Series 2022 (NR/NR) | County of Franklin Ohio Health Care Facilities Refunding RB Series 2022 (NR/NR) | County of Franklin Ohio Health Care Facilities Refunding RB Series 2022 (NR/NR) | County of Franklin Ohio Health Care Facilities Refunding RB Series 2022 (NR/NR) |
| 5000 | 4.000 <sup>(d)</sup> | 07/01/2028 | 5297 |
| 4220000 | 4.000 | 07/01/2040 | 3695317 |
| 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) |
| 3680000 | 5.250 | 11/15/2040 | 3673405 |
| 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) |
| 11225000 | 5.250 | 11/15/2048 | 11287808 |
| County of Montgomery Ohio Health Care Facilities Revenue Refunding and Improvement Bonds Series 2024 (Baa1/NR) | County of Montgomery Ohio Health Care Facilities Revenue Refunding and Improvement Bonds Series 2024 (Baa1/NR) | County of Montgomery Ohio Health Care Facilities Revenue Refunding and Improvement Bonds Series 2024 (Baa1/NR) | County of Montgomery Ohio Health Care Facilities Revenue Refunding and Improvement Bonds Series 2024 (Baa1/NR) |
| 2000000 | 5.250 | 09/01/2054 | 2024721 |
| County of Warren Ohio Hospital Facilities Refunding RB Series 2024A (NR/NR) | County of Warren Ohio Hospital Facilities Refunding RB Series 2024A (NR/NR) | County of Warren Ohio Hospital Facilities Refunding RB Series 2024A (NR/NR) | County of Warren Ohio Hospital Facilities Refunding RB Series 2024A (NR/NR) |
| 1755000 | 5.000 | 05/15/2034 | 1861484 |
| Cuyahoga County Ohio Hospital RB for Metrohealth System Series 2017 (Baa2/BBB) | Cuyahoga County Ohio Hospital RB for Metrohealth System Series 2017 (Baa2/BBB) | Cuyahoga County Ohio Hospital RB for Metrohealth System Series 2017 (Baa2/BBB) | Cuyahoga County Ohio Hospital RB for Metrohealth System Series 2017 (Baa2/BBB) |
| 7325000 | 5.250 | 02/15/2047 | 7200808 |
| 5475000 | 5.000 | 02/15/2052 | 5231353 |
| 760000 | 5.000 | 02/15/2057 | 719705 |
| Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa2/BBB) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa2/BBB) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa2/BBB) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa2/BBB) |
| 10000000 | 8.223 | 02/15/2040 | 11060879 |
| Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa2/BBB) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa2/BBB) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa2/BBB) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa2/BBB) |
| 2865000 | 5.500 | 02/15/2057 | 2877218 |
| Cuyahoga Metropolitan Housing Authority RB for Social Bonds<br>Series 2021 (HUD SECT 8) (NR/A+) | Cuyahoga Metropolitan Housing Authority RB for Social Bonds<br>Series 2021 (HUD SECT 8) (NR/A+) | Cuyahoga Metropolitan Housing Authority RB for Social Bonds<br>Series 2021 (HUD SECT 8) (NR/A+) | Cuyahoga Metropolitan Housing Authority RB for Social Bonds<br>Series 2021 (HUD SECT 8) (NR/A+) |
| 3550000 | 2.000 | 12/01/2031 | 3040197 |
| 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 | 1649896 |
| 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-) |
| 325000 | 5.000 | 12/01/2026 | 328226 |
| 325000 | 5.000 | 12/01/2027 | 329739 |
| 425000 | 5.000 | 12/01/2028 | 432243 |
| 400000 | 5.000 | 12/01/2029 | 406851 |
| 680000 | 5.000 | 12/01/2030 | 689879 |
| 800000 | 5.000 | 12/01/2031 | 808854 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 72 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) – (continued) | Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) – (continued) | Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) – (continued) | Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) – (continued) |
| $660000 | 5.000% | 12/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665070 |
| 1170000 | 5.000 | 12/01/2033 | 1177819 |
| 1725000 | 5.000 | 12/01/2035 | 1728108 |
| 650000 | 5.000 | 12/01/2037 | 641468 |
| 1630000 | 5.000 | 12/01/2038 | 1596471 |
| 2000000 | 5.000 | 12/01/2051 | 1846754 |
| Northeast Ohio Medical University RB Refunding Series 2021 A (Baa1/NR) | Northeast Ohio Medical University RB Refunding Series 2021 A (Baa1/NR) | Northeast Ohio Medical University RB Refunding Series 2021 A (Baa1/NR) | Northeast Ohio Medical University RB Refunding Series 2021 A (Baa1/NR) |
| 250000 | 4.000 | 12/01/2035 | 240678 |
| Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (Baa2/BBB) (PUTABLE) | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (Baa2/BBB) (PUTABLE) | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (Baa2/BBB) (PUTABLE) | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (Baa2/BBB) (PUTABLE) |
| 3500000 | 4.250 <sup>(a)(b)</sup> | 11/01/2039 | 3534475 |
| Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB) (PUTABLE) | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB) (PUTABLE) | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB) (PUTABLE) | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB) (PUTABLE) |
| 14000000 | 4.250 <sup>(a)(b)</sup> | 11/01/2040 | 14120474 |
| Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (NR/NR) | Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (NR/NR) | Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (NR/NR) | Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (NR/NR) |
| 700000 | 4.500 <sup>(c)</sup> | 01/15/2048 | 649309 |
| Ohio Air Quality Development Authority Pollution Control RB Refunding Series 2009-D (NON-AMT) (NR/BBB-) | Ohio Air Quality Development Authority Pollution Control RB Refunding Series 2009-D (NON-AMT) (NR/BBB-) | Ohio Air Quality Development Authority Pollution Control RB Refunding Series 2009-D (NON-AMT) (NR/BBB-) | Ohio Air Quality Development Authority Pollution Control RB Refunding Series 2009-D (NON-AMT) (NR/BBB-) |
| 1100000 | 3.375 <sup>(b)</sup> | 08/01/2029 | 1077473 |
| Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Baa3/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Baa3/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Baa3/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Baa3/NR) |
| 925000 | 2.875 | 02/01/2026 | 913866 |
| Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Baa3/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Baa3/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Baa3/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Baa3/NR) |
| 2305000 | 2.875 | 02/01/2026 | 2277257 |
| Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (Baa3/NR) | Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (Baa3/NR) | Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (Baa3/NR) | Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (Baa3/NR) |
| 3130000 | 3.250 | 09/01/2029 | 3054179 |
| Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014A (Baa2/BBB) | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014A (Baa2/BBB) | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014A (Baa2/BBB) | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014A (Baa2/BBB) |
| 2500000 | 2.400 <sup>(a)(b)</sup> | 12/01/2038 | 2320271 |
| Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014B (Baa2/BBB) | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014B (Baa2/BBB) | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014B (Baa2/BBB) | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014B (Baa2/BBB) |
| 3500000 | 2.600 <sup>(a)(b)</sup> | 06/01/2041 | 3263171 |
| 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) |
| 1445000 | 5.000 | 01/15/2035 | 1502471 |
| 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 | 1224222 |
| 1250000 | 5.000 | 12/01/2045 | 1196177 |
| Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (Baa1/NR) | Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (Baa1/NR) | Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (Baa1/NR) | Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (Baa1/NR) |
| 695000 | 4.000 | 05/01/2037 | 667209 |
| Ohio Housing Finance Agency Multifamily Housing RB Haven'S Edge Apartments Project Series 2025A (NR/NR) | Ohio Housing Finance Agency Multifamily Housing RB Haven'S Edge Apartments Project Series 2025A (NR/NR) | Ohio Housing Finance Agency Multifamily Housing RB Haven'S Edge Apartments Project Series 2025A (NR/NR) | Ohio Housing Finance Agency Multifamily Housing RB Haven'S Edge Apartments Project Series 2025A (NR/NR) |
| 1325000 | 5.700 <sup>(c)</sup> | 08/01/2043 | 1370940 |
| Ohio Housing Finance Agency Residential Mortgage RB 2024 Series B Mortgage-Backed Securities Program (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Ohio Housing Finance Agency Residential Mortgage RB 2024 Series B Mortgage-Backed Securities Program (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Ohio Housing Finance Agency Residential Mortgage RB 2024 Series B Mortgage-Backed Securities Program (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Ohio Housing Finance Agency Residential Mortgage RB 2024 Series B Mortgage-Backed Securities Program (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) |
| 2480000 | 4.650 | 09/01/2049 | 2438145 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 State Higher Education Facility Commission RB Series 2020 (A3/NR) | Ohio State Higher Education Facility Commission RB Series 2020 (A3/NR) | Ohio State Higher Education Facility Commission RB Series 2020 (A3/NR) | Ohio State Higher Education Facility Commission RB Series 2020 (A3/NR) |
| 900000 | 5.000% | 01/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924097 |
| Ohio State Higher Educational Facilities Commission Hospital RB Project Series 2020 (A3/NR) | Ohio State Higher Educational Facilities Commission Hospital RB Project Series 2020 (A3/NR) | Ohio State Higher Educational Facilities Commission Hospital RB Project Series 2020 (A3/NR) | Ohio State Higher Educational Facilities Commission Hospital RB Project Series 2020 (A3/NR) |
| 1060000 | 5.000 | 01/15/2033 | 1108104 |
| Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR) | Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR) | Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR) | Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR) |
| 925000 | 5.000 <sup>(c)</sup> | 12/01/2033 | 915642 |
| 1795000 | 5.000 <sup>(c)</sup> | 12/01/2038 | 1712709 |
| 2725000 | 5.000 <sup>(c)</sup> | 12/01/2048 | 2452095 |
| Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR) | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR) | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR) | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR) |
| 1500000 | 4.375 <sup>(a)(b)</sup> | 06/15/2056 | 1479693 |
| Port of Greater Cincinnati Development Authority Ohio Tax Increment Financing RB Series 2024 (NR/NR) | Port of Greater Cincinnati Development Authority Ohio Tax Increment Financing RB Series 2024 (NR/NR) | Port of Greater Cincinnati Development Authority Ohio Tax Increment Financing RB Series 2024 (NR/NR) | Port of Greater Cincinnati Development Authority Ohio Tax Increment Financing RB Series 2024 (NR/NR) |
| 1190000 | 5.000 | 12/01/2044 | 1174102 |
| Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR) | Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR) | Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR) | Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR) |
| 390000 | 3.750 <sup>(c)</sup> | 12/01/2031 | 390676 |
| Port of Greater Cincinnati Development Authority Special Obligation Development TIF RB, Series 2016B (NR/NR) | Port of Greater Cincinnati Development Authority Special Obligation Development TIF RB, Series 2016B (NR/NR) | Port of Greater Cincinnati Development Authority Special Obligation Development TIF RB, Series 2016B (NR/NR) | Port of Greater Cincinnati Development Authority Special Obligation Development TIF RB, Series 2016B (NR/NR) |
| 3725000 | 5.000 | 12/01/2046 | 3492744 |
| State of Ohio Higher Educational Facilities Senior Lien Hospital Bonds Series 2020 (A3/NR) | State of Ohio Higher Educational Facilities Senior Lien Hospital Bonds Series 2020 (A3/NR) | State of Ohio Higher Educational Facilities Senior Lien Hospital Bonds Series 2020 (A3/NR) | State of Ohio Higher Educational Facilities Senior Lien Hospital Bonds Series 2020 (A3/NR) |
| 1140000 | 5.000 | 01/15/2037 | 1179214 |
| 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 | 1539413 |
| 1500000 | 6.000 | 09/01/2042 | 1527969 |
| State of Ohio Higher Educational Facility RB for Xavier University 2024 Project (Baa1/NR) | State of Ohio Higher Educational Facility RB for Xavier University 2024 Project (Baa1/NR) | State of Ohio Higher Educational Facility RB for Xavier University 2024 Project (Baa1/NR) | State of Ohio Higher Educational Facility RB for Xavier University 2024 Project (Baa1/NR) |
| 880000 | 5.000 | 05/01/2039 | 919215 |
| 815000 | 5.000 | 05/01/2041 | 841086 |
| 740000 | 5.000 | 05/01/2042 | 759799 |
| State of Ohio Higher Educational Facility Refunding RB for Xavier University 2025 Project Forward Delivery (Baa1/NR) | State of Ohio Higher Educational Facility Refunding RB for Xavier University 2025 Project Forward Delivery (Baa1/NR) | State of Ohio Higher Educational Facility Refunding RB for Xavier University 2025 Project Forward Delivery (Baa1/NR) | State of Ohio Higher Educational Facility Refunding RB for Xavier University 2025 Project Forward Delivery (Baa1/NR) |
| 2710000 | 5.000 | 05/01/2043 | 2777911 |
| 3590000 | 5.000 | 05/01/2044 | 3682538 |
| 2360000 | 5.000 | 05/01/2045 | 2411181 |
| State of Ohio Hospital RB, Series 2020 Premier Health Partners Obligated Group (Baa1/NR) | State of Ohio Hospital RB, Series 2020 Premier Health Partners Obligated Group (Baa1/NR) | State of Ohio Hospital RB, Series 2020 Premier Health Partners Obligated Group (Baa1/NR) | State of Ohio Hospital RB, Series 2020 Premier Health Partners Obligated Group (Baa1/NR) |
| 1270000 | 4.000 | 11/15/2041 | 1135573 |
| Toledo-Lucas County Port Authority Parking System RB Series 2021 (Baa3/NR) | Toledo-Lucas County Port Authority Parking System RB Series 2021 (Baa3/NR) | Toledo-Lucas County Port Authority Parking System RB Series 2021 (Baa3/NR) | Toledo-Lucas County Port Authority Parking System RB Series 2021 (Baa3/NR) |
| 3500000 | 4.000 | 01/01/2038 | 3309948 |
| 960000 | 4.000 | 01/01/2041 | 873050 |
| Trinity Health Credit Group County of Franklin Ohio RB Series 2017Oh (Aa3/AA-) | Trinity Health Credit Group County of Franklin Ohio RB Series 2017Oh (Aa3/AA-) | Trinity Health Credit Group County of Franklin Ohio RB Series 2017Oh (Aa3/AA-) | Trinity Health Credit Group County of Franklin Ohio RB Series 2017Oh (Aa3/AA-) |
| 2120000 | 5.000 | 12/01/2046 | 2137352 |
|  |  |  | 235823451 |
| Oklahoma - 0.5% | Oklahoma - 0.5% | Oklahoma - 0.5% | Oklahoma - 0.5% |
| City of Tulsa GO Bonds Series 2021 (Aa1/AA) | City of Tulsa GO Bonds Series 2021 (Aa1/AA) | City of Tulsa GO Bonds Series 2021 (Aa1/AA) | City of Tulsa GO Bonds Series 2021 (Aa1/AA) |
| 3800000 | 2.000 | 11/01/2029 | 3461046 |
| Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (B1/B) | Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (B1/B) | Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (B1/B) | Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (B1/B) |
| 925000 | 4.000 | 09/01/2045 | 676287 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **73** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024A (NR/AA) | Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024A (NR/AA) | Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024A (NR/AA) | Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024A (NR/AA) |
| 3300000 | 5.000% | 07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387972 |
| 3400000 | 5.000 | 07/01/2027 | 3557258 |
| Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024B (NR/AA) | Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024B (NR/AA) | Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024B (NR/AA) | Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024B (NR/AA) |
| 650000 | 5.000 | 07/01/2026 | 667328 |
| 500000 | 5.000 | 07/01/2027 | 523349 |
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba2/BB) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba2/BB) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba2/BB) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba2/BB) |
| 2125000 | 5.000 | 08/15/2029 | 2194994 |
| 5400000 | 5.500 | 08/15/2057 | 5466849 |
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A1/AA) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A1/AA) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A1/AA) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A1/AA) |
| 3670000 | 4.000 | 08/15/2048 | 3290202 |
| 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 | 2762563 |
| Oklahoma Housing Finance Agency Collateralized RB Pioneer Plaza Apartments, Series 2023A HUD SECT 8 FHA 221(D)(4) (Aaa/NR) | Oklahoma Housing Finance Agency Collateralized RB Pioneer Plaza Apartments, Series 2023A HUD SECT 8 FHA 221(D)(4) (Aaa/NR) | Oklahoma Housing Finance Agency Collateralized RB Pioneer Plaza Apartments, Series 2023A HUD SECT 8 FHA 221(D)(4) (Aaa/NR) | Oklahoma Housing Finance Agency Collateralized RB Pioneer Plaza Apartments, Series 2023A HUD SECT 8 FHA 221(D)(4) (Aaa/NR) |
| 775000 | 4.000 <sup>(a)(b)</sup> | 06/01/2028 | 775347 |
| Oklahoma Housing Finance Agency Collateralized RB Trinity Trails Project Series 2025 (HUD SECT 8) (Aaa/NR) | Oklahoma Housing Finance Agency Collateralized RB Trinity Trails Project Series 2025 (HUD SECT 8) (Aaa/NR) | Oklahoma Housing Finance Agency Collateralized RB Trinity Trails Project Series 2025 (HUD SECT 8) (Aaa/NR) | Oklahoma Housing Finance Agency Collateralized RB Trinity Trails Project Series 2025 (HUD SECT 8) (Aaa/NR) |
| 1500000 | 3.200 <sup>(a)(b)</sup> | 10/01/2042 | 1492181 |
| Oklahoma Turnpike Authority Oklahoma Turnpike System Refunding Second Senior RB Series 2025B (Aa3/AA-) | Oklahoma Turnpike Authority Oklahoma Turnpike System Refunding Second Senior RB Series 2025B (Aa3/AA-) | Oklahoma Turnpike Authority Oklahoma Turnpike System Refunding Second Senior RB Series 2025B (Aa3/AA-) | Oklahoma Turnpike Authority Oklahoma Turnpike System Refunding Second Senior RB Series 2025B (Aa3/AA-) |
| 3000000 | 5.000 <sup>(e)</sup> | 01/01/2037 | 3284044 |
| 1850000 | 5.000 <sup>(e)</sup> | 01/01/2038 | 2015005 |
| 1475000 | 5.000 <sup>(e)</sup> | 01/01/2039 | 1601506 |
| 1000000 | 5.000 <sup>(e)</sup> | 01/01/2040 | 1073722 |
| 1750000 | 5.000 <sup>(e)</sup> | 01/01/2041 | 1859753 |
| 2000000 | 5.000 <sup>(e)</sup> | 01/01/2042 | 2111358 |
| Oklahoma Turnpike Authority Oklahoma Turnpike System Second Senior RB Series 2023 (Aa3/AA-) | Oklahoma Turnpike Authority Oklahoma Turnpike System Second Senior RB Series 2023 (Aa3/AA-) | Oklahoma Turnpike Authority Oklahoma Turnpike System Second Senior RB Series 2023 (Aa3/AA-) | Oklahoma Turnpike Authority Oklahoma Turnpike System Second Senior RB Series 2023 (Aa3/AA-) |
| 4000000 | 5.500 | 01/01/2053 | 4277890 |
| Payne County Economic Development Authority Educational Facilities Lease RB Stillwater Public Schools Project Series 2024 (BAM) (A2/AA) | Payne County Economic Development Authority Educational Facilities Lease RB Stillwater Public Schools Project Series 2024 (BAM) (A2/AA) | Payne County Economic Development Authority Educational Facilities Lease RB Stillwater Public Schools Project Series 2024 (BAM) (A2/AA) | Payne County Economic Development Authority Educational Facilities Lease RB Stillwater Public Schools Project Series 2024 (BAM) (A2/AA) |
| 2105000 | 5.000 | 09/01/2026 | 2159205 |
| 1740000 | 5.000 | 09/01/2027 | 1815710 |
| Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (NR/B+) | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (NR/B+) | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (NR/B+) | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (NR/B+) |
| 1785000 | 5.000 <sup>(a)(b)</sup> | 06/01/2035 | 1786841 |
|  |  |  | 50240410 |
| Oregon - 0.5% | Oregon - 0.5% | Oregon - 0.5% | Oregon - 0.5% |
| City of Cannon Beach Full Faith and Credit Obligations Series 2024 (NR/AA) | City of Cannon Beach Full Faith and Credit Obligations Series 2024 (NR/AA) | City of Cannon Beach Full Faith and Credit Obligations Series 2024 (NR/AA) | City of Cannon Beach Full Faith and Credit Obligations Series 2024 (NR/AA) |
| 750000 | 4.000 | 06/01/2054 | 689406 |
| City of Portland, Oregon Second Lien Sewer System Revenue and Refunding Bonds, 2023 Series A (Aa2/AA) | City of Portland, Oregon Second Lien Sewer System Revenue and Refunding Bonds, 2023 Series A (Aa2/AA) | City of Portland, Oregon Second Lien Sewer System Revenue and Refunding Bonds, 2023 Series A (Aa2/AA) | City of Portland, Oregon Second Lien Sewer System Revenue and Refunding Bonds, 2023 Series A (Aa2/AA) |
| 5500000 | 5.000 | 12/01/2035 | 6122647 |
| City of Portland, Oregon Second Lien Sewer System Revenue and Refunding Bonds, 2025 Series A (Aa2/AA) | City of Portland, Oregon Second Lien Sewer System Revenue and Refunding Bonds, 2025 Series A (Aa2/AA) | City of Portland, Oregon Second Lien Sewer System Revenue and Refunding Bonds, 2025 Series A (Aa2/AA) | City of Portland, Oregon Second Lien Sewer System Revenue and Refunding Bonds, 2025 Series A (Aa2/AA) |
| 1125000 | 5.000 | 10/01/2043 | 1215434 |
| 13000000 | 5.000 | 10/01/2049 | 13657292 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Clackamas County Hospital Facility Authority RB Refunding for<br>Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR) | Clackamas County Hospital Facility Authority RB Refunding for<br>Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR) | Clackamas County Hospital Facility Authority RB Refunding for<br>Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR) | Clackamas County Hospital Facility Authority RB Refunding for<br>Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR) |
| 240000 | 5.125% | 11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240385 |
| 120000 | 5.250 | 11/15/2050 | 116282 |
| 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 | 1327242 |
| 1540000 | 3.750 | 03/01/2032 | 1422618 |
| 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+) |
| 1875000 | 5.000 | 08/15/2045 | 1908628 |
| Oregon State Facilities Authority RB Refunding for Reed College Project Series 2017 A (NR/NR) | Oregon State Facilities Authority RB Refunding for Reed College Project Series 2017 A (NR/NR) | Oregon State Facilities Authority RB Refunding for Reed College Project Series 2017 A (NR/NR) | Oregon State Facilities Authority RB Refunding for Reed College Project Series 2017 A (NR/NR) |
| 8895000 | 5.000 <sup>(d)</sup> | 07/01/2027 | 9305980 |
| 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+) |
| 525000 | 5.000 | 10/01/2029 | 548539 |
| 225000 | 5.000 | 10/01/2035 | 232517 |
| Port of Portland International Airport RB Series 28 (NR/AA-) | Port of Portland International Airport RB Series 28 (NR/AA-) | Port of Portland International Airport RB Series 28 (NR/AA-) | Port of Portland International Airport RB Series 28 (NR/AA-) |
| 2145000 | 4.000 | 07/01/2047 | 1895836 |
| Port of Portland RB for International Airport Series 2019 25-B (NR/AA-) | Port of Portland RB for International Airport Series 2019 25-B (NR/AA-) | Port of Portland RB for International Airport Series 2019 25-B (NR/AA-) | Port of Portland RB for International Airport Series 2019 25-B (NR/AA-) |
| 2365000 | 5.000 | 07/01/2033 | 2458439 |
| 1000000 | 5.000 | 07/01/2034 | 1035722 |
| 1000000 | 5.000 | 07/01/2035 | 1032921 |
| 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 | 1111941 |
| 860000 | 1.375 | 08/01/2028 | 797158 |
| 875000 | 1.500 | 08/01/2029 | 794518 |
| The Hospital Facilities Authority of The City of Astoria Oregon RB Columbia Memorial Hospital Project Series 2024 (NR/BBB) | The Hospital Facilities Authority of The City of Astoria Oregon RB Columbia Memorial Hospital Project Series 2024 (NR/BBB) | The Hospital Facilities Authority of The City of Astoria Oregon RB Columbia Memorial Hospital Project Series 2024 (NR/BBB) | The Hospital Facilities Authority of The City of Astoria Oregon RB Columbia Memorial Hospital Project Series 2024 (NR/BBB) |
| 4500000 | 5.250 | 08/01/2049 | 4635981 |
| Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (A3/NR) | Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (A3/NR) | Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (A3/NR) | Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (A3/NR) |
| 190000 | 5.000 <sup>(c)</sup> | 11/01/2034 | 201088 |
| 500000 | 5.000 <sup>(c)</sup> | 11/01/2036 | 526395 |
| 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 | 4328544 |
| 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 | 1387478 |
|  |  |  | 56992991 |
| Pennsylvania - 3.6% | Pennsylvania - 3.6% | Pennsylvania - 3.6% | Pennsylvania - 3.6% |
| Acts Retirement Life Communities, Inc. Obligated Group Montgomery County Industrial Development Authority Retirement Communities RB Series 2016 (NR/NR) | Acts Retirement Life Communities, Inc. Obligated Group Montgomery County Industrial Development Authority Retirement Communities RB Series 2016 (NR/NR) | Acts Retirement Life Communities, Inc. Obligated Group Montgomery County Industrial Development Authority Retirement Communities RB Series 2016 (NR/NR) | Acts Retirement Life Communities, Inc. Obligated Group Montgomery County Industrial Development Authority Retirement Communities RB Series 2016 (NR/NR) |
| 900000 | 5.000 | 11/15/2033 | 915230 |
| Adams County General Authority RB for The Brethren Home Community Project Series 2024A (NR/NR) | Adams County General Authority RB for The Brethren Home Community Project Series 2024A (NR/NR) | Adams County General Authority RB for The Brethren Home Community Project Series 2024A (NR/NR) | Adams County General Authority RB for The Brethren Home Community Project Series 2024A (NR/NR) |
| 2500000 | 5.000 | 06/01/2034 | 2603384 |
| 1450000 | 5.000 | 06/01/2039 | 1502256 |
| 1750000 | 5.000 | 06/01/2044 | 1774431 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 74 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 (NR/BBB-) | Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (NR/BBB-) | Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (NR/BBB-) | Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (NR/BBB-) |
| $1000000 | 5.250% | 09/01/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976985 |
| Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A USD (NR/A) | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A USD (NR/A) | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A USD (NR/A) | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A USD (NR/A) |
| 18400000 | 4.000 | 04/01/2044 | 17155124 |
| 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) |
| 5145000 | 5.000 | 04/01/2030 | 5347795 |
| Allegheny County Hospital Development Authority UPMC RB<br>Series 2019A (A2/A) | Allegheny County Hospital Development Authority UPMC RB<br>Series 2019A (A2/A) | Allegheny County Hospital Development Authority UPMC RB<br>Series 2019A (A2/A) | Allegheny County Hospital Development Authority UPMC RB<br>Series 2019A (A2/A) |
| 6230000 | 4.000 | 07/15/2038 | 6082040 |
| 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-) |
| 2750000 | 5.125 | 05/01/2030 | 2865819 |
| 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) |
| 75000 | 5.000 | 05/01/2026 | 76263 |
| 525000 | 5.000 | 05/01/2027 | 541171 |
| 700000 | 5.000 | 05/01/2029 | 734897 |
| 750000 | 5.000 | 05/01/2030 | 792329 |
| 750000 | 5.000 | 05/01/2031 | 797779 |
| Allentown Neighborhood Improvement Zone Development Authority Senior Tax RB for Waterfront - 30 E. Allen Street Project Series 2024A (NR/NR) | Allentown Neighborhood Improvement Zone Development Authority Senior Tax RB for Waterfront - 30 E. Allen Street Project Series 2024A (NR/NR) | Allentown Neighborhood Improvement Zone Development Authority Senior Tax RB for Waterfront - 30 E. Allen Street Project Series 2024A (NR/NR) | Allentown Neighborhood Improvement Zone Development Authority Senior Tax RB for Waterfront - 30 E. Allen Street Project Series 2024A (NR/NR) |
| 800000 | 5.250 <sup>(c)</sup> | 05/01/2032 | 821680 |
| Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR) |
| 1380000 | 5.000 <sup>(c)</sup> | 05/01/2027 | 1408287 |
| 1600000 | 5.000 <sup>(c)</sup> | 05/01/2032 | 1614039 |
| Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR) |
| 800000 | 5.000 <sup>(c)</sup> | 05/01/2028 | 817230 |
| 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) |
| 500000 | 5.000 | 05/01/2025 | 500652 |
| 900000 | 5.000 | 05/01/2033 | 956940 |
| 1000000 | 5.000 | 05/01/2034 | 1059857 |
| 900000 | 5.000 | 05/01/2035 | 951424 |
| 1000000 | 5.000 | 05/01/2036 | 1052978 |
| Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 forward Delivery (Baa3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 forward Delivery (Baa3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 forward Delivery (Baa3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 forward Delivery (Baa3/NR) |
| 750000 | 5.000 | 05/01/2032 | 800044 |
| Bethel Park School District Allegheny County Pennsylvania GO Limited Tax Bonds Series of 2024 (ST AID WITHHLDG) (Aa2/NR) | Bethel Park School District Allegheny County Pennsylvania GO Limited Tax Bonds Series of 2024 (ST AID WITHHLDG) (Aa2/NR) | Bethel Park School District Allegheny County Pennsylvania GO Limited Tax Bonds Series of 2024 (ST AID WITHHLDG) (Aa2/NR) | Bethel Park School District Allegheny County Pennsylvania GO Limited Tax Bonds Series of 2024 (ST AID WITHHLDG) (Aa2/NR) |
| 695000 | 5.000 | 08/01/2039 | 759878 |
| 1090000 | 5.000 | 08/01/2040 | 1186421 |
| 1550000 | 5.000 | 08/01/2041 | 1676008 |
| 2125000 | 5.000 | 08/01/2043 | 2274506 |
| 1695000 | 5.000 | 08/01/2044 | 1803313 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/B+) | Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/B+) | Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/B+) | Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/B+) |
| $325000 | 5.000% | 07/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324557 |
| 420000 | 5.000 | 07/01/2026 | 420046 |
| 425000 | 5.000 | 07/01/2027 | 435251 |
| 450000 | 5.000 | 07/01/2028 | 464807 |
| 475000 | 5.000 | 07/01/2029 | 493609 |
| 650000 | 5.000 | 07/01/2030 | 678755 |
| 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 | 10/01/2030 | 102286 |
| 350000 | 5.000 | 10/01/2031 | 357446 |
| 410000 | 5.000 | 10/01/2033 | 417611 |
| Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB) | Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB) | Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB) | Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB) |
| 900000 | 6.000 <sup>(c)</sup> | 10/15/2052 | 920939 |
| 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 | 9124812 |
| Chester County School Authority Chester County Pennsylvania School Lease RB Chester County Intermediate Unit Project Series of 2025 (Aa3/NR) | Chester County School Authority Chester County Pennsylvania School Lease RB Chester County Intermediate Unit Project Series of 2025 (Aa3/NR) | Chester County School Authority Chester County Pennsylvania School Lease RB Chester County Intermediate Unit Project Series of 2025 (Aa3/NR) | Chester County School Authority Chester County Pennsylvania School Lease RB Chester County Intermediate Unit Project Series of 2025 (Aa3/NR) |
| 1000000 | 5.000 | 04/01/2041 | 1054929 |
| 1000000 | 5.000 | 04/01/2044 | 1036663 |
| 1000000 | 5.000 | 04/01/2045 | 1035700 |
| 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 | 462460 |
| 595000 | 4.000 | 05/01/2041 | 508358 |
| 380000 | 5.000 | 05/01/2047 | 357066 |
| City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (NR/BBB-) | City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (NR/BBB-) | City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (NR/BBB-) | City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (NR/BBB-) |
| 2075000 | 4.000 | 03/01/2042 | 1700130 |
| Coatesville School District GO Refunding Bonds Series 2017 (AGM ST AID WITHHLDG) (Aa3/AA) | Coatesville School District GO Refunding Bonds Series 2017 (AGM ST AID WITHHLDG) (Aa3/AA) | Coatesville School District GO Refunding Bonds Series 2017 (AGM ST AID WITHHLDG) (Aa3/AA) | Coatesville School District GO Refunding Bonds Series 2017 (AGM ST AID WITHHLDG) (Aa3/AA) |
| 1000000 | 5.000 | 08/01/2025 | 1006270 |
| Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (Aa3/AA) | Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (Aa3/AA) | Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (Aa3/AA) | Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (Aa3/AA) |
| 21580000 | 4.000 | 06/01/2039 | 20231641 |
| Commonwealth of Pennsylvania COPS Series 2018 A (A1/A) | Commonwealth of Pennsylvania COPS Series 2018 A (A1/A) | Commonwealth of Pennsylvania COPS Series 2018 A (A1/A) | Commonwealth of Pennsylvania COPS Series 2018 A (A1/A) |
| 1250000 | 4.000 | 07/01/2046 | 1154803 |
| Commonwealth of Pennsylvania GO Bonds 1st Series 2015 (Aa2/A+) | Commonwealth of Pennsylvania GO Bonds 1st Series 2015 (Aa2/A+) | Commonwealth of Pennsylvania GO Bonds 1st Series 2015 (Aa2/A+) | Commonwealth of Pennsylvania GO Bonds 1st Series 2015 (Aa2/A+) |
| 6500000 | 5.000 | 03/15/2033 | 6507681 |
| Commonwealth of Pennsylvania GO Bonds First Series of 2024 Bid Group B (Aa2/A+) | Commonwealth of Pennsylvania GO Bonds First Series of 2024 Bid Group B (Aa2/A+) | Commonwealth of Pennsylvania GO Bonds First Series of 2024 Bid Group B (Aa2/A+) | Commonwealth of Pennsylvania GO Bonds First Series of 2024 Bid Group B (Aa2/A+) |
| 11450000 | 4.000 | 08/15/2044 | 10976494 |
| Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/B-) | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/B-) | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/B-) | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/B-) |
| 2000000 | 5.875 <sup>(c)</sup> | 10/15/2040 | 1598494 |
| 6375000 | 6.250 <sup>(c)</sup> | 10/15/2053 | 4802821 |
| Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/B-) | Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/B-) | Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/B-) | Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/B-) |
| 850000 | 5.000 <sup>(c)</sup> | 10/15/2034 | 698903 |
| Delaware County Authority RB for Villanova University Series 2015 (Aa3/AA-) | Delaware County Authority RB for Villanova University Series 2015 (Aa3/AA-) | Delaware County Authority RB for Villanova University Series 2015 (Aa3/AA-) | Delaware County Authority RB for Villanova University Series 2015 (Aa3/AA-) |
| 1120000 | 5.000 | 08/01/2040 | 1125190 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **75** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Doylestown Hospital Authority Commonwealth of Pennsylvania Doylestown Hospital RB Series 2024 (NR/NR) | Doylestown Hospital Authority Commonwealth of Pennsylvania Doylestown Hospital RB Series 2024 (NR/NR) | Doylestown Hospital Authority Commonwealth of Pennsylvania Doylestown Hospital RB Series 2024 (NR/NR) | Doylestown Hospital Authority Commonwealth of Pennsylvania Doylestown Hospital RB Series 2024 (NR/NR) |
| 1400000 | 5.000 %<sup>(c)</sup> | 07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464218 |
| 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 | 726268 |
| Geisinger Authority Health System RB for Geisinger Health System Series 2007 (NR/AA-) (3M USD SOFR + 0.77%) | Geisinger Authority Health System RB for Geisinger Health System Series 2007 (NR/AA-) (3M USD SOFR + 0.77%) | Geisinger Authority Health System RB for Geisinger Health System Series 2007 (NR/AA-) (3M USD SOFR + 0.77%) | Geisinger Authority Health System RB for Geisinger Health System Series 2007 (NR/AA-) (3M USD SOFR + 0.77%) |
| 15800000 | 0.907 <sup>(f)(h)</sup> | 05/01/2037 | 14763879 |
| 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 | 671461 |
| 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 | 804241 |
| Lancaster Municipal Authority Healthcare Facilities RB for Garden Spot Village Project Series A of 2024 (NR/NR) | Lancaster Municipal Authority Healthcare Facilities RB for Garden Spot Village Project Series A of 2024 (NR/NR) | Lancaster Municipal Authority Healthcare Facilities RB for Garden Spot Village Project Series A of 2024 (NR/NR) | Lancaster Municipal Authority Healthcare Facilities RB for Garden Spot Village Project Series A of 2024 (NR/NR) |
| 900000 | 5.000 | 05/01/2049 | 916685 |
| Lancaster Municipal Authority Healthcare Facilities RB Series A of 2025 Luthercare Project Tax-Exempt (NR/NR) | Lancaster Municipal Authority Healthcare Facilities RB Series A of 2025 Luthercare Project Tax-Exempt (NR/NR) | Lancaster Municipal Authority Healthcare Facilities RB Series A of 2025 Luthercare Project Tax-Exempt (NR/NR) | Lancaster Municipal Authority Healthcare Facilities RB Series A of 2025 Luthercare Project Tax-Exempt (NR/NR) |
| 1525000 | 4.000 | 12/01/2035 | 1502554 |
| 825000 | 5.000 | 12/01/2045 | 835421 |
| 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-) |
| 185000 | 5.000 | 03/01/2026 | 186047 |
| 150000 | 5.000 | 03/01/2027 | 152520 |
| 135000 | 5.000 | 03/01/2028 | 137982 |
| 160000 | 5.000 | 03/01/2029 | 163921 |
| Latrobe Industrial Development Authority University RB Refunding for Seton Hill University Series 2021 (NR/BBB-) | Latrobe Industrial Development Authority University RB Refunding for Seton Hill University Series 2021 (NR/BBB-) | Latrobe Industrial Development Authority University RB Refunding for Seton Hill University Series 2021 (NR/BBB-) | Latrobe Industrial Development Authority University RB Refunding for Seton Hill University Series 2021 (NR/BBB-) |
| 175000 | 5.000 | 03/01/2031 | 179309 |
| 300000 | 5.000 | 03/01/2033 | 304445 |
| Lincoln University of The Commonwealth System of Higher Education RB Refunding Tax Exempt Social Bonds 2023 Series A (Baa3/NR) | Lincoln University of The Commonwealth System of Higher Education RB Refunding Tax Exempt Social Bonds 2023 Series A (Baa3/NR) | Lincoln University of The Commonwealth System of Higher Education RB Refunding Tax Exempt Social Bonds 2023 Series A (Baa3/NR) | Lincoln University of The Commonwealth System of Higher Education RB Refunding Tax Exempt Social Bonds 2023 Series A (Baa3/NR) |
| 3240000 | 5.250 | 07/01/2044 | 3024445 |
| Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A3/A) | Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A3/A) | Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A3/A) | Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A3/A) |
| 1000000 | 4.000 | 09/01/2037 | 969801 |
| 550000 | 4.000 | 09/01/2038 | 532031 |
| 1000000 | 4.000 | 09/01/2039 | 962780 |
| Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series A (Baa1/BBB+) (PUTABLE) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series A (Baa1/BBB+) (PUTABLE) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series A (Baa1/BBB+) (PUTABLE) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series A (Baa1/BBB+) (PUTABLE) |
| 2250000 | 4.100 <sup>(a)(b)</sup> | 04/01/2053 | 2297510 |
| Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) |
| 1645000 | 4.100 | 06/01/2029 | 1683002 |
| Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series C (Baa1/BBB+) (PUTABLE) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series C (Baa1/BBB+) (PUTABLE) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series C (Baa1/BBB+) (PUTABLE) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series C (Baa1/BBB+) (PUTABLE) |
| 2665000 | 4.450 <sup>(a)(b)</sup> | 10/01/2034 | 2719756 |
| Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communities Obligated Group Series 2020C (NR/NR) | Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communities Obligated Group Series 2020C (NR/NR) | Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communities Obligated Group Series 2020C (NR/NR) | Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communities Obligated Group Series 2020C (NR/NR) |
| 1035000 | 5.000 | 11/15/2045 | 1048384 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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) |
| $1200000 | 4.000% | 11/15/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106729 |
| Montgomery County Industrial Development Authority RB Refunding for The Public School of Germantown Series 2021 A (NR/A-) | Montgomery County Industrial Development Authority RB Refunding for The Public School of Germantown Series 2021 A (NR/A-) | Montgomery County Industrial Development Authority RB Refunding for The Public School of Germantown Series 2021 A (NR/A-) | Montgomery County Industrial Development Authority RB Refunding for The Public School of Germantown Series 2021 A (NR/A-) |
| 400000 | 4.000 | 10/01/2036 | 374581 |
| 400000 | 4.000 | 10/01/2041 | 354909 |
| Montgomery County Industrial Development Authority Retirement Communities RB Acts Retirement-Life Communities Inc Obligated Group Series 2025A (NR/NR) | Montgomery County Industrial Development Authority Retirement Communities RB Acts Retirement-Life Communities Inc Obligated Group Series 2025A (NR/NR) | Montgomery County Industrial Development Authority Retirement Communities RB Acts Retirement-Life Communities Inc Obligated Group Series 2025A (NR/NR) | Montgomery County Industrial Development Authority Retirement Communities RB Acts Retirement-Life Communities Inc Obligated Group Series 2025A (NR/NR) |
| 955000 | 5.000 | 11/15/2049 | 959422 |
| 1340000 | 5.000 | 11/15/2055 | 1333444 |
| Northampton County General Purpose Authority Hospital RB Series 2016A (A3/A-) | Northampton County General Purpose Authority Hospital RB Series 2016A (A3/A-) | Northampton County General Purpose Authority Hospital RB Series 2016A (A3/A-) | Northampton County General Purpose Authority Hospital RB Series 2016A (A3/A-) |
| 24840000 | 5.000 | 08/15/2046 | 24915193 |
| 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 | 973652 |
| Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project Series 2021 (NR/NR) | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project Series 2021 (NR/NR) | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project Series 2021 (NR/NR) | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project Series 2021 (NR/NR) |
| 1600000 | 4.000 | 07/01/2030 | 1603856 |
| 1950000 | 4.000 | 07/01/2033 | 1936510 |
| Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Series 2023B-2 (NR/NR) | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Series 2023B-2 (NR/NR) | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Series 2023B-2 (NR/NR) | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Series 2023B-2 (NR/NR) |
| 4140000 | 5.000 | 07/01/2038 | 4312586 |
| 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 | 751022 |
| 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+) |
| 8355000 | 3.000 | 04/01/2039 | 6998533 |
| 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) |
| 1800000 | 4.000 | 07/01/2041 | 1658498 |
| 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) |
| 1200000 | 4.000 | 10/15/2040 | 1164365 |
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2021A-2 (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2021A-2 (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2021A-2 (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2021A-2 (NR/A-/A-2) |
| 10000000 | 4.600 <sup>(a)(b)</sup> | 10/01/2046 | 10054484 |
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (NR/A-/A-2) |
| 6050000 | 1.100 <sup>(a)(b)</sup> | 06/01/2031 | 5766894 |
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (AGM) (A1/AA) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (AGM) (A1/AA) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (AGM) (A1/AA) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (AGM) (A1/AA) |
| 5000000 | 5.000 | 12/31/2057 | 5068523 |
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) |
| 6650000 | 5.750 | 06/30/2048 | 7015328 |
| 1350000 | 5.250 | 06/30/2053 | 1372861 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 76 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) – (continued) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) – (continued) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) – (continued) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) – (continued) |
| 10000000 | 6.000% | 06/30/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10697956 |
| 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 | 1200624 |
| Pennsylvania Economic Development Financing Authority Upmc RB Series 2023A Subseries 2023A-1 (A2/A) | Pennsylvania Economic Development Financing Authority Upmc RB Series 2023A Subseries 2023A-1 (A2/A) | Pennsylvania Economic Development Financing Authority Upmc RB Series 2023A Subseries 2023A-1 (A2/A) | Pennsylvania Economic Development Financing Authority Upmc RB Series 2023A Subseries 2023A-1 (A2/A) |
| 21260000 | 5.000 | 05/15/2031 | 22937227 |
| Pennsylvania Economic Development Financing Authority UPMC RB, Series 2020A (A2/A) | Pennsylvania Economic Development Financing Authority UPMC RB, Series 2020A (A2/A) | Pennsylvania Economic Development Financing Authority UPMC RB, Series 2020A (A2/A) | Pennsylvania Economic Development Financing Authority UPMC RB, Series 2020A (A2/A) |
| 2200000 | 4.000 | 04/15/2036 | 2190731 |
| 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 | 350185 |
| 675000 | 5.000 | 03/01/2038 | 697815 |
| 500000 | 5.000 | 03/01/2039 | 516413 |
| Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC) (NR/AA)<br>(3M USD SOFR + 0.60%) | Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC) (NR/AA)<br>(3M USD SOFR + 0.60%) | Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC) (NR/AA)<br>(3M USD SOFR + 0.60%) | Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC) (NR/AA)<br>(3M USD SOFR + 0.60%) |
| 580000 | 3.663 <sup>(f)</sup> | 07/01/2027 | 576556 |
| 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 | 10273556 |
| 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) |
| 23255000 | 5.250 | 12/01/2044 | 24048858 |
| Pennsylvania Turnpike Commission RB Series 2019 A (A2/NR) | Pennsylvania Turnpike Commission RB Series 2019 A (A2/NR) | Pennsylvania Turnpike Commission RB Series 2019 A (A2/NR) | Pennsylvania Turnpike Commission RB Series 2019 A (A2/NR) |
| 4250000 | 5.000 | 12/01/2036 | 4494967 |
| 4275000 | 5.000 | 12/01/2038 | 4483506 |
| Pennsylvania Turnpike Commission Registration Fee Revenue Refunding Bonds Series of 2023 (A1/AA-) (SIFMA Municipal Swap Index Yield + 0.85%) | Pennsylvania Turnpike Commission Registration Fee Revenue Refunding Bonds Series of 2023 (A1/AA-) (SIFMA Municipal Swap Index Yield + 0.85%) | Pennsylvania Turnpike Commission Registration Fee Revenue Refunding Bonds Series of 2023 (A1/AA-) (SIFMA Municipal Swap Index Yield + 0.85%) | Pennsylvania Turnpike Commission Registration Fee Revenue Refunding Bonds Series of 2023 (A1/AA-) (SIFMA Municipal Swap Index Yield + 0.85%) |
| 2075000 | 3.720 <sup>(a)(f)</sup> | 07/15/2041 | 2074121 |
| Philadelphia Airport Revenue and Refunding Bonds Series 2021 (A1/NR) | Philadelphia Airport Revenue and Refunding Bonds Series 2021 (A1/NR) | Philadelphia Airport Revenue and Refunding Bonds Series 2021 (A1/NR) | Philadelphia Airport Revenue and Refunding Bonds Series 2021 (A1/NR) |
| 5750000 | 5.000 | 07/01/2026 | 5878870 |
| 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 | 643497 |
| 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) |
| 345000 | 4.000 | 06/15/2029 | 333868 |
| 1000000 | 5.000 | 06/15/2039 | 961381 |
| 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) |
| 435000 | 5.000 | 08/01/2030 | 445525 |
| 290000 | 5.000 | 08/01/2040 | 290727 |
| Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+) | Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+) | Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+) | Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+) |
| 900000 | 5.000 <sup>(c)</sup> | 06/15/2040 | 891494 |
| Philadelphia Authority for Industrial Development Tacony Charter School Project Social Bond RB Series 2023 (NR/BB) | Philadelphia Authority for Industrial Development Tacony Charter School Project Social Bond RB Series 2023 (NR/BB) | Philadelphia Authority for Industrial Development Tacony Charter School Project Social Bond RB Series 2023 (NR/BB) | Philadelphia Authority for Industrial Development Tacony Charter School Project Social Bond RB Series 2023 (NR/BB) |
| 1400000 | 5.000 <sup>(c)</sup> | 06/15/2033 | 1389958 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Authority For Industrial Development The Children'S Hospital of Philadelphia Project Hospital RB Series A of 2024 (Aa2/AA) | Philadelphia Authority For Industrial Development The Children'S Hospital of Philadelphia Project Hospital RB Series A of 2024 (Aa2/AA) | Philadelphia Authority For Industrial Development The Children'S Hospital of Philadelphia Project Hospital RB Series A of 2024 (Aa2/AA) | Philadelphia Authority For Industrial Development The Children'S Hospital of Philadelphia Project Hospital RB Series A of 2024 (Aa2/AA) |
| $18180000 | 5.500% | 07/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19651236 |
| Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group<br>Series 2017 (Baa3/BBB) | Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group<br>Series 2017 (Baa3/BBB) | Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group<br>Series 2017 (Baa3/BBB) | Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group<br>Series 2017 (Baa3/BBB) |
| 2310000 | 5.000 | 07/01/2028 | 2362574 |
| 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 | 2605009 |
| Philadelphia Redevelopment Authority City Service Agreement RB for City of Philadelphia Neighborhood Preservation Initiative Series B of 2024 (Tax-Exempt Social Bonds) (A1/A+) | Philadelphia Redevelopment Authority City Service Agreement RB for City of Philadelphia Neighborhood Preservation Initiative Series B of 2024 (Tax-Exempt Social Bonds) (A1/A+) | Philadelphia Redevelopment Authority City Service Agreement RB for City of Philadelphia Neighborhood Preservation Initiative Series B of 2024 (Tax-Exempt Social Bonds) (A1/A+) | Philadelphia Redevelopment Authority City Service Agreement RB for City of Philadelphia Neighborhood Preservation Initiative Series B of 2024 (Tax-Exempt Social Bonds) (A1/A+) |
| 1215000 | 5.000 | 09/01/2040 | 1293660 |
| 1350000 | 5.000 | 09/01/2041 | 1427165 |
| 500000 | 5.000 | 09/01/2042 | 526548 |
| 1065000 | 5.000 | 09/01/2043 | 1118312 |
| Philadelphia School District GO Bonds Series 2015 A (ST AID WITHHLDG) (Aa3/NR) | Philadelphia School District GO Bonds Series 2015 A (ST AID WITHHLDG) (Aa3/NR) | Philadelphia School District GO Bonds Series 2015 A (ST AID WITHHLDG) (Aa3/NR) | Philadelphia School District GO Bonds Series 2015 A (ST AID WITHHLDG) (Aa3/NR) |
| 2415000 | 5.000 | 09/01/2027 | 2434905 |
| Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (A1/AA) | Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (A1/AA) | Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (A1/AA) | Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (A1/AA) |
| 1000000 | 5.000 | 09/01/2034 | 1065308 |
| 1720000 | 5.000 | 09/01/2035 | 1819619 |
| 1285000 | 5.000 | 09/01/2036 | 1356414 |
| 2000000 | 5.000 | 09/01/2037 | 2103534 |
| 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) |
| 2500000 | 4.000 | 09/01/2034 | 2543805 |
| School District of Haverford Township Delaware County Pennsylvania GO Bonds Series of 2025 (ST AID WITHHLDG) (Aa2/NR) | School District of Haverford Township Delaware County Pennsylvania GO Bonds Series of 2025 (ST AID WITHHLDG) (Aa2/NR) | School District of Haverford Township Delaware County Pennsylvania GO Bonds Series of 2025 (ST AID WITHHLDG) (Aa2/NR) | School District of Haverford Township Delaware County Pennsylvania GO Bonds Series of 2025 (ST AID WITHHLDG) (Aa2/NR) |
| 1210000 | 5.000 | 03/15/2039 | 1291213 |
| 1000000 | 5.000 | 03/15/2040 | 1061557 |
| 1000000 | 5.000 | 03/15/2041 | 1054869 |
| 900000 | 5.000 | 03/15/2043 | 942351 |
| Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BBB+) | Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BBB+) | Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BBB+) | Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BBB+) |
| 265000 | 5.000 | 11/15/2028 | 265105 |
| Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (Baa3/NR) | Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (Baa3/NR) | Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (Baa3/NR) | Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (Baa3/NR) |
| 1100000 | 5.000 | 01/01/2035 | 1107628 |
| 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+) |
| 610000 | 4.000 | 10/01/2029 | 582963 |
| 425000 | 5.000 | 10/01/2039 | 395080 |
| The Berks County Municipal Authority RB for Tower Health Project<br>Series 2024 A-4 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project<br>Series 2024 A-4 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project<br>Series 2024 A-4 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project<br>Series 2024 A-4 (NR/NR) |
| 4291000 | 7.000 | 06/30/2039 | 3969189 |
| The Berks County Municipal Authority RB for Tower Health Project<br>Series 2024 B-1 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project<br>Series 2024 B-1 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project<br>Series 2024 B-1 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project<br>Series 2024 B-1 (NR/NR) |
| 3083000 | 0.000 <sup>(h)</sup> | 06/30/2044 | 2270530 |
| The Berks County Municipal Authority RB for Tower Health Project<br>Series 2024 B-2 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project<br>Series 2024 B-2 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project<br>Series 2024 B-2 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project<br>Series 2024 B-2 (NR/NR) |
| 2256000 | 0.000 <sup>(h)</sup> | 06/30/2044 | 1286998 |
| The Berks County Municipal Authority RB for Tower Health Project<br>Series 2024A-1 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project<br>Series 2024A-1 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project<br>Series 2024A-1 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project<br>Series 2024A-1 (NR/NR) |
| 1584000 | 8.000 | 06/30/2034 | 1620186 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **77** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| The Berks County Municipal Authority RB for Tower Health Project Series 2024A-2 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-2 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-2 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-2 (NR/NR) |
| 786000 | 6.000% | 06/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847130 |
| The Berks County Municipal Authority RB for Tower Health Project Series 2024A-3 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-3 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-3 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-3 (NR/NR) |
| 6171000 | 5.000 | 06/30/2039 | 5973070 |
| The Hospitals and Higher Education Facilities Authority of Philadelphia Hospital RB (Temple University Health System Obligated Group) Series 2017 (Baa3/BBB) | The Hospitals and Higher Education Facilities Authority of Philadelphia Hospital RB (Temple University Health System Obligated Group) Series 2017 (Baa3/BBB) | The Hospitals and Higher Education Facilities Authority of Philadelphia Hospital RB (Temple University Health System Obligated Group) Series 2017 (Baa3/BBB) | The Hospitals and Higher Education Facilities Authority of Philadelphia Hospital RB (Temple University Health System Obligated Group) Series 2017 (Baa3/BBB) |
| 3190000 | 5.000 | 07/01/2027 | 3265561 |
| Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR) | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR) | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR) | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR) |
| 200000 | 6.000 <sup>(c)</sup> | 07/01/2029 | 198103 |
| Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa3/NR) | Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa3/NR) | Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa3/NR) | Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa3/NR) |
| 490000 | 5.000 | 07/01/2030 | 508157 |
|  |  |  | 403940146 |
| Puerto Rico - 5.3% | Puerto Rico - 5.3% | Puerto Rico - 5.3% | Puerto Rico - 5.3% |
| GDB Debt Recovery Authority Bonds (NR/NR) | GDB Debt Recovery Authority Bonds (NR/NR) | GDB Debt Recovery Authority Bonds (NR/NR) | GDB Debt Recovery Authority Bonds (NR/NR) |
| 6818114 | 7.500 | 08/20/2040 | 6666446 |
| 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) |
| 1287868 | 5.250 | 07/01/2038 | 1288170 |
| Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR) | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR) | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR) | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR) |
| 4000000 | 5.000 <sup>(c)</sup> | 07/01/2030 | 4143995 |
| 16475000 | 5.000 <sup>(c)</sup> | 07/01/2035 | 16918087 |
| Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR) | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR) | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR) | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR) |
| 5580000 | 5.000 <sup>(c)</sup> | 07/01/2037 | 5747564 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) |
| 20865000 | 5.000 <sup>(c)</sup> | 07/01/2047 | 20851398 |
| Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds 2021 B (NR/NR) | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds 2021 B (NR/NR) | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds 2021 B (NR/NR) | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds 2021 B (NR/NR) |
| 900000 | 5.000 <sup>(c)</sup> | 07/01/2037 | 923790 |
| Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR) | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR) | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR) | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR) |
| 9700000 | 4.000 <sup>(c)</sup> | 07/01/2042 | 8705712 |
| Puerto Rico Commonwealth GO Bonds (NR/NR) | Puerto Rico Commonwealth GO Bonds (NR/NR) | Puerto Rico Commonwealth GO Bonds (NR/NR) | Puerto Rico Commonwealth GO Bonds (NR/NR) |
| 18175011 | 0.010 <sup>(b)(h)(i)</sup> | 11/01/2043 | 11382101 |
| Puerto Rico Commonwealth GO Clawback Bonds (NR/NR) | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR) | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR) | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR) |
| 8400038 | 0.010 <sup>(b)(h)(i)</sup> | 11/01/2051 | 4510821 |
| Puerto Rico Commonwealth GO Clawback CVIs (NR/NR) | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR) | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR) | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR) |
| 11617919 | 0.010 <sup>(b)(h)(i)</sup> | 11/01/2051 | 7217632 |
| 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) |
| 3400000 | 5.375 | 07/01/2025 | 3415124 |
| 1750000 | 5.625 | 07/01/2027 | 1811950 |
| 10915508 | 5.625 | 07/01/2029 | 11692790 |
| 13899948 | 5.750 | 07/01/2031 | 15271667 |
| 19403085 | 0.000 <sup>(g)</sup> | 07/01/2033 | 13294466 |
| 4598951 | 4.000 | 07/01/2033 | 4502807 |
| 3601382 | 4.000 | 07/01/2035 | 3440316 |
| 7727039 | 4.000 | 07/01/2037 | 7303152 |
| 12189086 | 4.000 | 07/01/2041 | 11146385 |
| 15453596 | 4.000 | 07/01/2046 | 13471638 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** |  | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | 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 – (continued) |
| Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR) |
| 5465000 | 5.000 | %\* | 07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3033075 |
| Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR) |
| 1350000 | 7.000 | \* | 07/01/2033 | 749250 |
| 11365000 | 6.750 | \* | 07/01/2036 | 6307575 |
| Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR) |
| 196972 | 10.000 | \* | 07/01/2022 | 109319 |
| Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR) | Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR) | Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR) | Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR) | Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR) |
| 1050000 | 5.250 | \* | 07/01/2031 | 582750 |
| Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR) | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR) | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR) | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR) | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR) |
| 4075000 | 5.250 | \* | 07/01/2026 | 2261625 |
| 1555000 | 5.000 | \* | 07/01/2028 | 863025 |
| Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR) |
| 590915 | 10.000 | \* | 01/01/2021 | 327958 |
| Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR) |
| 590915 | 10.000 | \* | 07/01/2021 | 327958 |
| Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR) |
| 196972 | 10.000 | \* | 01/01/2022 | 109319 |
| Puerto Rico Electric Power Authority Power RB Series TT (NR/NR) | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR) | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR) | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR) | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR) |
| 220000 | 5.000 | \* | 07/01/2025 | 122100 |
| 10835000 | 5.000 | \* | 07/01/2032 | 6013425 |
| Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) | Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) | Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) | Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) | Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) |
| 350000 | 5.250 |  | 07/01/2029 | 344167 |
| 215000 | 5.250 |  | 07/01/2030 | 212276 |
| 1150000 | 5.250 |  | 07/01/2032 | 1132907 |
| Puerto Rico Electric Power Authority Power RB Series WW (NR/NR) | Puerto Rico Electric Power Authority Power RB Series WW (NR/NR) | Puerto Rico Electric Power Authority Power RB Series WW (NR/NR) | Puerto Rico Electric Power Authority Power RB Series WW (NR/NR) | Puerto Rico Electric Power Authority Power RB Series WW (NR/NR) |
| 4585000 | 5.500 | \* | 07/01/2038 | 2544675 |
| Puerto Rico Electric Power Authority Power RB Series XX (NR/NR) | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR) | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR) | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR) | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR) |
| 2335000 | 5.250 | \* | 07/01/2035 | 1295925 |
| 17660000 | 5.250 | \* | 07/01/2040 | 9801300 |
| Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR) | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR) | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR) | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR) | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR) |
| 1000000 | 5.250 | \* | 07/01/2019 | 555000 |
| 1365000 | 5.250 | \* | 07/01/2026 | 757575 |
| Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA) (3M USD SOFR + 0.52%) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA) (3M USD SOFR + 0.52%) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA) (3M USD SOFR + 0.52%) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA) (3M USD SOFR + 0.52%) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA) (3M USD SOFR + 0.52%) |
| 21915000 | 3.583 | <sup>(f)</sup> | 07/01/2029 | 21342661 |
| Puerto Rico Electric Power Authority RB Series TT (NR/NR) | Puerto Rico Electric Power Authority RB Series TT (NR/NR) | Puerto Rico Electric Power Authority RB Series TT (NR/NR) | Puerto Rico Electric Power Authority RB Series TT (NR/NR) | Puerto Rico Electric Power Authority RB Series TT (NR/NR) |
| 3250000 | 5.000 | \* | 07/01/2037 | 1803750 |
| Puerto Rico Industrial Tourist Educational Medical and Environmental Control Facilities Financing Authority Afica Dock and Wharf RB forward Delivery Collectively The "Series 2023 Bonds" (NR/BBB-) | Puerto Rico Industrial Tourist Educational Medical and Environmental Control Facilities Financing Authority Afica Dock and Wharf RB forward Delivery Collectively The "Series 2023 Bonds" (NR/BBB-) | Puerto Rico Industrial Tourist Educational Medical and Environmental Control Facilities Financing Authority Afica Dock and Wharf RB forward Delivery Collectively The "Series 2023 Bonds" (NR/BBB-) | Puerto Rico Industrial Tourist Educational Medical and Environmental Control Facilities Financing Authority Afica Dock and Wharf RB forward Delivery Collectively The "Series 2023 Bonds" (NR/BBB-) | Puerto Rico Industrial Tourist Educational Medical and Environmental Control Facilities Financing Authority Afica Dock and Wharf RB forward Delivery Collectively The "Series 2023 Bonds" (NR/BBB-) |
| 2185000 | 6.250 |  | 01/01/2040 | 2497802 |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) |
| 8420000 | 4.550 |  | 07/01/2040 | 8334182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 78 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 4000000 | 4.329% | 07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3897543 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) |
| 17225000 | 0.000 <sup>(g)</sup> | 07/01/2027 | 15792530 |
| 11021000 | 0.000 <sup>(g)</sup> | 07/01/2029 | 9325679 |
| 19009000 | 0.000 <sup>(g)</sup> | 07/01/2031 | 14878947 |
| 28145000 | 0.000 <sup>(g)</sup> | 07/01/2033 | 20169616 |
| 59662000 | 0.000 <sup>(g)</sup> | 07/01/2046 | 19470055 |
| 17036000 | 0.000 <sup>(g)</sup> | 07/01/2051 | 4114453 |
| 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) |
| 155915000 | 4.329 | 07/01/2040 | 151921346 |
| 143000 | 4.536 | 07/01/2053 | 133913 |
| 20205000 | 4.784 | 07/01/2058 | 19232325 |
| 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) |
| 34064000 | 4.500 | 07/01/2034 | 33844594 |
| 18568000 | 4.750 | 07/01/2053 | 17852181 |
| 41312000 | 5.000 | 07/01/2058 | 40682256 |
|  |  |  | 596451048 |
| Rhode Island - 0.3% | Rhode Island - 0.3% | Rhode Island - 0.3% | Rhode Island - 0.3% |
| Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AGC) (A1/AA) | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AGC) (A1/AA) | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AGC) (A1/AA) | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AGC) (A1/AA) |
| 1100000 | 5.250 | 09/15/2042 | 1179313 |
| 500000 | 5.250 | 09/15/2043 | 533572 |
| 1000000 | 5.250 | 09/15/2044 | 1062485 |
| Rhode Island Health and Educational Building Corp. RB for Cumberland Public School Financing Program Series 2023 A (NR/AA+) | Rhode Island Health and Educational Building Corp. RB for Cumberland Public School Financing Program Series 2023 A (NR/AA+) | Rhode Island Health and Educational Building Corp. RB for Cumberland Public School Financing Program Series 2023 A (NR/AA+) | Rhode Island Health and Educational Building Corp. RB for Cumberland Public School Financing Program Series 2023 A (NR/AA+) |
| 3655000 | 5.000 | 05/15/2048 | 3852823 |
| Rhode Island Health and Educational Building Corporation Hospital Financing RB Lifespan Obligated Group Issue Series 2024 (NR/BBB+) | Rhode Island Health and Educational Building Corporation Hospital Financing RB Lifespan Obligated Group Issue Series 2024 (NR/BBB+) | Rhode Island Health and Educational Building Corporation Hospital Financing RB Lifespan Obligated Group Issue Series 2024 (NR/BBB+) | Rhode Island Health and Educational Building Corporation Hospital Financing RB Lifespan Obligated Group Issue Series 2024 (NR/BBB+) |
| 3500000 | 5.250 | 05/15/2049 | 3624252 |
| 4500000 | 5.250 | 05/15/2054 | 4626960 |
| Rhode Island Health and Educational Building Corporation Public Schools Financing RB for Town of Cumberland Issue Series 2023 A (NR/AA+) | Rhode Island Health and Educational Building Corporation Public Schools Financing RB for Town of Cumberland Issue Series 2023 A (NR/AA+) | Rhode Island Health and Educational Building Corporation Public Schools Financing RB for Town of Cumberland Issue Series 2023 A (NR/AA+) | Rhode Island Health and Educational Building Corporation Public Schools Financing RB for Town of Cumberland Issue Series 2023 A (NR/AA+) |
| 5025000 | 4.125 | 05/15/2053 | 4652905 |
| Rhode Island Health and Educational Building Corporation Public Schools RB Financing Program RB Series 2024 A (ST AID WITHHLDG) (NR/AA-) | Rhode Island Health and Educational Building Corporation Public Schools RB Financing Program RB Series 2024 A (ST AID WITHHLDG) (NR/AA-) | Rhode Island Health and Educational Building Corporation Public Schools RB Financing Program RB Series 2024 A (ST AID WITHHLDG) (NR/AA-) | Rhode Island Health and Educational Building Corporation Public Schools RB Financing Program RB Series 2024 A (ST AID WITHHLDG) (NR/AA-) |
| 10000000 | 5.000 | 05/15/2049 | 10354039 |
| Rhode Island Housing & Mortgage Finance Corp. Homeownership | Rhode Island Housing & Mortgage Finance Corp. Homeownership | Rhode Island Housing & Mortgage Finance Corp. Homeownership | Rhode Island Housing & Mortgage Finance Corp. Homeownership |
| Opportunity Bonds Series 78-A (Aa1/AA+) | Opportunity Bonds Series 78-A (Aa1/AA+) | Opportunity Bonds Series 78-A (Aa1/AA+) | Opportunity Bonds Series 78-A (Aa1/AA+) |
| 4970000 | 5.000 | 10/01/2042 | 5100862 |
| Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 82-A (NON-AMT) (GNMA COLL) (Aa1/AA+) | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 82-A (NON-AMT) (GNMA COLL) (Aa1/AA+) | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 82-A (NON-AMT) (GNMA COLL) (Aa1/AA+) | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 82-A (NON-AMT) (GNMA COLL) (Aa1/AA+) |
| 4060000 | 4.450 | 10/01/2044 | 3966000 |
|  |  |  | 38953211 |
| South Carolina - 0.7% | South Carolina - 0.7% | South Carolina - 0.7% | South Carolina - 0.7% |
| City of Charleston Waterworks & Sewer System Capital Improvement RB Series 2022 (Aaa/AAA) | City of Charleston Waterworks & Sewer System Capital Improvement RB Series 2022 (Aaa/AAA) | City of Charleston Waterworks & Sewer System Capital Improvement RB Series 2022 (Aaa/AAA) | City of Charleston Waterworks & Sewer System Capital Improvement RB Series 2022 (Aaa/AAA) |
| 7145000 | 5.000 | 01/01/2052 | 7461680 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571297 |
| Clemson University South Carolina Athletic Facilities RB Series 2025A (Aa3/NR) | Clemson University South Carolina Athletic Facilities RB Series 2025A (Aa3/NR) | Clemson University South Carolina Athletic Facilities RB Series 2025A (Aa3/NR) | Clemson University South Carolina Athletic Facilities RB Series 2025A (Aa3/NR) |
| 3750000 | 5.000 | 05/01/2055 | 3917481 |
| 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 | 2644633 |
| 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) |
| 2000000 | 5.000 | 03/01/2031 | 2067597 |
| 1615000 | 4.000 | 03/01/2032 | 1624066 |
| Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR) | Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR) | Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR) | Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR) |
| 410000 | 3.000 <sup>(c)</sup> | 11/01/2026 | 396348 |
| 900000 | 3.625 <sup>(c)</sup> | 11/01/2031 | 787193 |
| 1170000 | 3.750 <sup>(c)</sup> | 11/01/2036 | 939793 |
| South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR) | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR) | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR) | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR) |
| 1920000 | 5.125 <sup>(c)</sup> | 06/15/2042 | 1825424 |
| South Carolina Jobs-Economic Development Authority Economic Development RB Wofford College Project Series 2024 (NR/A-) | South Carolina Jobs-Economic Development Authority Economic Development RB Wofford College Project Series 2024 (NR/A-) | South Carolina Jobs-Economic Development Authority Economic Development RB Wofford College Project Series 2024 (NR/A-) | South Carolina Jobs-Economic Development Authority Economic Development RB Wofford College Project Series 2024 (NR/A-) |
| 8350000 | 5.000 | 04/01/2034 | 9120002 |
| South Carolina Jobs-Economic Development Authority Health Care Facilities RB Novant Health Obligated Group Series 2024A (A1/A+) | South Carolina Jobs-Economic Development Authority Health Care Facilities RB Novant Health Obligated Group Series 2024A (A1/A+) | South Carolina Jobs-Economic Development Authority Health Care Facilities RB Novant Health Obligated Group Series 2024A (A1/A+) | South Carolina Jobs-Economic Development Authority Health Care Facilities RB Novant Health Obligated Group Series 2024A (A1/A+) |
| 4125000 | 4.000 | 11/01/2042 | 3989946 |
| 4125000 | 5.250 | 11/01/2043 | 4429869 |
| South Carolina Jobs-Economic Development Authority Solid Waste Disposal RB for Enerra South Carolina Project Series 2024 (Aaa/NR) (PUTABLE) | South Carolina Jobs-Economic Development Authority Solid Waste Disposal RB for Enerra South Carolina Project Series 2024 (Aaa/NR) (PUTABLE) | South Carolina Jobs-Economic Development Authority Solid Waste Disposal RB for Enerra South Carolina Project Series 2024 (Aaa/NR) (PUTABLE) | South Carolina Jobs-Economic Development Authority Solid Waste Disposal RB for Enerra South Carolina Project Series 2024 (Aaa/NR) (PUTABLE) |
| 6500000 | 3.700 <sup>(a)(b)(c)</sup> | 12/15/2027 | 6473329 |
| South Carolina Ports Authority RB Series 2018 (A1/A+) | South Carolina Ports Authority RB Series 2018 (A1/A+) | South Carolina Ports Authority RB Series 2018 (A1/A+) | South Carolina Ports Authority RB Series 2018 (A1/A+) |
| 3750000 | 5.000 | 07/01/2037 | 3819722 |
| 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 | 10965540 |
| South Carolina Public Service Authority Revenue Refunding Obligations Santee Cooper Consisting of Series 2024-B (Tax-Exempt) (A3/A-) | South Carolina Public Service Authority Revenue Refunding Obligations Santee Cooper Consisting of Series 2024-B (Tax-Exempt) (A3/A-) | South Carolina Public Service Authority Revenue Refunding Obligations Santee Cooper Consisting of Series 2024-B (Tax-Exempt) (A3/A-) | South Carolina Public Service Authority Revenue Refunding Obligations Santee Cooper Consisting of Series 2024-B (Tax-Exempt) (A3/A-) |
| 5400000 | 4.125 | 12/01/2044 | 5054448 |
| South Carolina State Housing Finance and Development Authority Mortgage RB Series 2024 B (NON-AMT) (Aaa/NR) | South Carolina State Housing Finance and Development Authority Mortgage RB Series 2024 B (NON-AMT) (Aaa/NR) | South Carolina State Housing Finance and Development Authority Mortgage RB Series 2024 B (NON-AMT) (Aaa/NR) | South Carolina State Housing Finance and Development Authority Mortgage RB Series 2024 B (NON-AMT) (Aaa/NR) |
| 15000 | 4.625 | 07/01/2054 | 14616 |
| South Carolina State Housing Finance and Development Authority Multifamily Housing RB Poplar Square Apartments Project Series 2025 (Aaa/NR) | South Carolina State Housing Finance and Development Authority Multifamily Housing RB Poplar Square Apartments Project Series 2025 (Aaa/NR) | South Carolina State Housing Finance and Development Authority Multifamily Housing RB Poplar Square Apartments Project Series 2025 (Aaa/NR) | South Carolina State Housing Finance and Development Authority Multifamily Housing RB Poplar Square Apartments Project Series 2025 (Aaa/NR) |
| 1125000 | 5.000 <sup>(a)(b)</sup> | 04/01/2028 | 1163397 |
| 1120000 | 5.000 <sup>(a)(b)</sup> | 11/01/2028 | 1167550 |
| Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) |
| 500000 | 5.000 | 04/15/2032 | 535318 |
| 500000 | 5.000 | 04/15/2033 | 533783 |
| 500000 | 5.000 | 04/15/2034 | 532257 |
| 525000 | 5.000 | 04/15/2035 | 557327 |
| 600000 | 4.000 | 04/15/2036 | 599520 |
| 550000 | 4.000 | 04/15/2037 | 541298 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **79** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) – (continued) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) – (continued) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) – (continued) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) – (continued) |
| 525000 | 4.000% | 04/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510936 |
| 700000 | 4.000 | 04/15/2039 | 671988 |
| 750000 | 4.000 | 04/15/2040 | 712166 |
|  |  |  | 74628524 |
| 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-) |
| 650000 | 4.000 | 08/01/2041 | 562083 |
| 1200000 | 4.000 | 08/01/2051 | 953091 |
| 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+) |
| 730000 | 5.000 | 01/01/2026 | 741712 |
|  |  |  | 2256886 |
| Tennessee - 0.3% | Tennessee - 0.3% | Tennessee - 0.3% | Tennessee - 0.3% |
| 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 | 1212140 |
| 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-) |
| 1800000 | 4.000 | 07/01/2040 | 1685222 |
| Health, Educational and Housing Facility Board of The County of Knox Student Housing RB Series 2024A-1 (Tax-Exempt) (BAM) (NR/AA) | Health, Educational and Housing Facility Board of The County of Knox Student Housing RB Series 2024A-1 (Tax-Exempt) (BAM) (NR/AA) | Health, Educational and Housing Facility Board of The County of Knox Student Housing RB Series 2024A-1 (Tax-Exempt) (BAM) (NR/AA) | Health, Educational and Housing Facility Board of The County of Knox Student Housing RB Series 2024A-1 (Tax-Exempt) (BAM) (NR/AA) |
| 1000000 | 5.250 | 07/01/2049 | 1039408 |
| 1250000 | 5.500 | 07/01/2054 | 1320647 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (NR/A) | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (NR/A) | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (NR/A) | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (NR/A) |
| 700000 | 5.000 | 07/01/2046 | 698832 |
| Metropolitan Nashville Airport Authority Airport Improvement RB<br>Series 2022B (AMT) (A1/NR) | Metropolitan Nashville Airport Authority Airport Improvement RB<br>Series 2022B (AMT) (A1/NR) | Metropolitan Nashville Airport Authority Airport Improvement RB<br>Series 2022B (AMT) (A1/NR) | Metropolitan Nashville Airport Authority Airport Improvement RB<br>Series 2022B (AMT) (A1/NR) |
| 1700000 | 5.000 | 07/01/2026 | 1737260 |
| Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR) | Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR) | Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR) | Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR) |
| 455000 | 4.500 <sup>(c)</sup> | 06/01/2028 | 457921 |
| Tennergy Corp. Gas Supply RB Series 2024 Sub-Series 2024A (Aa1/NR) | Tennergy Corp. Gas Supply RB Series 2024 Sub-Series 2024A (Aa1/NR) | Tennergy Corp. Gas Supply RB Series 2024 Sub-Series 2024A (Aa1/NR) | Tennergy Corp. Gas Supply RB Series 2024 Sub-Series 2024A (Aa1/NR) |
| 14250000 | 5.000 <sup>(a)(b)</sup> | 10/01/2054 | 14926819 |
| The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County Tennessee Multifamily Housing RB Burning Tree Apartments Project Series 2025 (FHA 221(D)(4)) (Aaa/NR) | The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County Tennessee Multifamily Housing RB Burning Tree Apartments Project Series 2025 (FHA 221(D)(4)) (Aaa/NR) | The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County Tennessee Multifamily Housing RB Burning Tree Apartments Project Series 2025 (FHA 221(D)(4)) (Aaa/NR) | The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County Tennessee Multifamily Housing RB Burning Tree Apartments Project Series 2025 (FHA 221(D)(4)) (Aaa/NR) |
| 1775000 | 5.000 <sup>(a)(b)</sup> | 10/01/2028 | 1849916 |
| The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County, Multifamily Housing RB Ben Allen Ridge Apartments Project Series 2022B (FNMA COLL) (Aaa/NR) (PUTABLE) | The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County, Multifamily Housing RB Ben Allen Ridge Apartments Project Series 2022B (FNMA COLL) (Aaa/NR) (PUTABLE) | The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County, Multifamily Housing RB Ben Allen Ridge Apartments Project Series 2022B (FNMA COLL) (Aaa/NR) (PUTABLE) | The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County, Multifamily Housing RB Ben Allen Ridge Apartments Project Series 2022B (FNMA COLL) (Aaa/NR) (PUTABLE) |
| 1550000 | 3.850 <sup>(a)(b)</sup> | 02/01/2048 | 1557862 |
| The Health Educational and Housing Facility Board of The City of Chattanooga Tennessee Collateralized Multifamily Housing Bonds Espero Chattanooga Project Series 2023 (HUD SECT 8) (Aaa/NR) | The Health Educational and Housing Facility Board of The City of Chattanooga Tennessee Collateralized Multifamily Housing Bonds Espero Chattanooga Project Series 2023 (HUD SECT 8) (Aaa/NR) | The Health Educational and Housing Facility Board of The City of Chattanooga Tennessee Collateralized Multifamily Housing Bonds Espero Chattanooga Project Series 2023 (HUD SECT 8) (Aaa/NR) | The Health Educational and Housing Facility Board of The City of Chattanooga Tennessee Collateralized Multifamily Housing Bonds Espero Chattanooga Project Series 2023 (HUD SECT 8) (Aaa/NR) |
| 360000 | 3.000 <sup>(a)(b)</sup> | 12/01/2043 | 356119 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| The Sports Authority of The County of Hamilton and The City of Chattanooga Public Facility RB for Stadium Project Series 2024A (NR/AAA) | The Sports Authority of The County of Hamilton and The City of Chattanooga Public Facility RB for Stadium Project Series 2024A (NR/AAA) | The Sports Authority of The County of Hamilton and The City of Chattanooga Public Facility RB for Stadium Project Series 2024A (NR/AAA) | The Sports Authority of The County of Hamilton and The City of Chattanooga Public Facility RB for Stadium Project Series 2024A (NR/AAA) |
| 1750000 | 5.750% | 12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957317 |
| 2520000 | 6.000 | 12/01/2055 | 2850039 |
|  |  |  | 31649502 |
| Texas - 8.7% | Texas - 8.7% | Texas - 8.7% | Texas - 8.7% |
| Aldine independent School District Harris County Texas UT Refunding Bonds Series 2024A (PSF-GTD) (Aaa/AAA) | Aldine independent School District Harris County Texas UT Refunding Bonds Series 2024A (PSF-GTD) (Aaa/AAA) | Aldine independent School District Harris County Texas UT Refunding Bonds Series 2024A (PSF-GTD) (Aaa/AAA) | Aldine independent School District Harris County Texas UT Refunding Bonds Series 2024A (PSF-GTD) (Aaa/AAA) |
| 2500000 | 3.000 | 02/15/2042 | 2105155 |
| Aldine Independent School District Harris County Texas UT School Building and Refunding Bonds Series 2024B (PSF-GTD) (Aaa/AAA) | Aldine Independent School District Harris County Texas UT School Building and Refunding Bonds Series 2024B (PSF-GTD) (Aaa/AAA) | Aldine Independent School District Harris County Texas UT School Building and Refunding Bonds Series 2024B (PSF-GTD) (Aaa/AAA) | Aldine Independent School District Harris County Texas UT School Building and Refunding Bonds Series 2024B (PSF-GTD) (Aaa/AAA) |
| 3975000 | 4.000 | 02/15/2054 | 3584984 |
| Arlington Higher Education Finance Corp. Education RB Basis Texas Charter Schools, Inc. Series 2024 (Ba2/NR) | Arlington Higher Education Finance Corp. Education RB Basis Texas Charter Schools, Inc. Series 2024 (Ba2/NR) | Arlington Higher Education Finance Corp. Education RB Basis Texas Charter Schools, Inc. Series 2024 (Ba2/NR) | Arlington Higher Education Finance Corp. Education RB Basis Texas Charter Schools, Inc. Series 2024 (Ba2/NR) |
| 925000 | 4.250 <sup>(c)</sup> | 06/15/2039 | 871909 |
| 830000 | 4.500 <sup>(c)</sup> | 06/15/2044 | 768907 |
| 915000 | 4.750 <sup>(c)</sup> | 06/15/2049 | 851143 |
| 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 | 1090125 |
| Arlington Higher Education Finance Corp. Great Hearts America - Texas Education RB Series 2024A (Baa3/NR) | Arlington Higher Education Finance Corp. Great Hearts America - Texas Education RB Series 2024A (Baa3/NR) | Arlington Higher Education Finance Corp. Great Hearts America - Texas Education RB Series 2024A (Baa3/NR) | Arlington Higher Education Finance Corp. Great Hearts America - Texas Education RB Series 2024A (Baa3/NR) |
| 1050000 | 4.500 | 08/15/2039 | 1005041 |
| 1075000 | 4.750 | 08/15/2044 | 1004033 |
| 750000 | 5.000 | 08/15/2049 | 716180 |
| Arlington Higher Education Finance Corp. Harmony Public Schools Education RB Series 2024 (PSF-GTD) (NR/AAA) | Arlington Higher Education Finance Corp. Harmony Public Schools Education RB Series 2024 (PSF-GTD) (NR/AAA) | Arlington Higher Education Finance Corp. Harmony Public Schools Education RB Series 2024 (PSF-GTD) (NR/AAA) | Arlington Higher Education Finance Corp. Harmony Public Schools Education RB Series 2024 (PSF-GTD) (NR/AAA) |
| 8000000 | 4.000 | 02/15/2049 | 7387954 |
| 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) |
| 205000 | 5.000 | 08/15/2025 | 205352 |
| 190000 | 5.000 | 08/15/2026 | 191696 |
| 200000 | 5.000 | 08/15/2027 | 202888 |
| 80000 | 5.000 | 08/15/2028 | 81421 |
| 160000 | 4.000 | 08/15/2029 | 156579 |
| 165000 | 4.000 | 08/15/2030 | 160191 |
| 180000 | 4.000 | 08/15/2031 | 173331 |
| Arlington Independent School District UT School Building and Refunding Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | Arlington Independent School District UT School Building and Refunding Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | Arlington Independent School District UT School Building and Refunding Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | Arlington Independent School District UT School Building and Refunding Bonds Series 2023 (PSF-GTD) (Aaa/AAA) |
| 1125000 | 5.000 | 02/15/2027 | 1171296 |
| Austin Community College District Limited Tax Bonds Series 2023 (Aa1/AA+) | Austin Community College District Limited Tax Bonds Series 2023 (Aa1/AA+) | Austin Community College District Limited Tax Bonds Series 2023 (Aa1/AA+) | Austin Community College District Limited Tax Bonds Series 2023 (Aa1/AA+) |
| 3750000 | 5.250 | 08/01/2053 | 3960421 |
| 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 | 1358042 |
| Austin Independent School District UT School Building Bonds Series 2023 (NON-PSF) (Aaa/NR) | Austin Independent School District UT School Building Bonds Series 2023 (NON-PSF) (Aaa/NR) | Austin Independent School District UT School Building Bonds Series 2023 (NON-PSF) (Aaa/NR) | Austin Independent School District UT School Building Bonds Series 2023 (NON-PSF) (Aaa/NR) |
| 5670000 | 5.000 | 08/01/2043 | 6006128 |
| Bastrop County, Special Assessment RB, Series 2023 Double Eagle Ranch Public Improvement District Improvement Area 1 Project (NR/NR) | Bastrop County, Special Assessment RB, Series 2023 Double Eagle Ranch Public Improvement District Improvement Area 1 Project (NR/NR) | Bastrop County, Special Assessment RB, Series 2023 Double Eagle Ranch Public Improvement District Improvement Area 1 Project (NR/NR) | Bastrop County, Special Assessment RB, Series 2023 Double Eagle Ranch Public Improvement District Improvement Area 1 Project (NR/NR) |
| 1000000 | 5.250 <sup>(c)</sup> | 09/01/2043 | 1002910 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 80 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Bastrop County, Special Assessment RB, Series 2024 Double Eagle Ranch Public Improvement District Improvement Area #2 Project (NR/NR) | Bastrop County, Special Assessment RB, Series 2024 Double Eagle Ranch Public Improvement District Improvement Area #2 Project (NR/NR) | Bastrop County, Special Assessment RB, Series 2024 Double Eagle Ranch Public Improvement District Improvement Area #2 Project (NR/NR) | Bastrop County, Special Assessment RB, Series 2024 Double Eagle Ranch Public Improvement District Improvement Area #2 Project (NR/NR) |
| $225000 | 4.500% | 09/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223618 |
| Bexar Management and Development Corp. Multifamily Housing RB for Hill View Heights Apartments Series 2024 (Aaa/NR) | Bexar Management and Development Corp. Multifamily Housing RB for Hill View Heights Apartments Series 2024 (Aaa/NR) | Bexar Management and Development Corp. Multifamily Housing RB for Hill View Heights Apartments Series 2024 (Aaa/NR) | Bexar Management and Development Corp. Multifamily Housing RB for Hill View Heights Apartments Series 2024 (Aaa/NR) |
| 4325000 | 3.020 <sup>(a)(b)</sup> | 05/10/2045 | 4258295 |
| Boerne Independent School District A Political Subdivision of The State of Texas Located In Kendall Bexar and Comal Counties Texas Fixed and Variable Rate Unlimited Tax School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Boerne Independent School District A Political Subdivision of The State of Texas Located In Kendall Bexar and Comal Counties Texas Fixed and Variable Rate Unlimited Tax School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Boerne Independent School District A Political Subdivision of The State of Texas Located In Kendall Bexar and Comal Counties Texas Fixed and Variable Rate Unlimited Tax School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Boerne Independent School District A Political Subdivision of The State of Texas Located In Kendall Bexar and Comal Counties Texas Fixed and Variable Rate Unlimited Tax School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) |
| 3075000 | 4.000 <sup>(a)(b)</sup> | 02/01/2054 | 3137856 |
| Carrollton-Farmers Branch Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | Carrollton-Farmers Branch Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | Carrollton-Farmers Branch Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | Carrollton-Farmers Branch Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) |
| 1600000 | 5.000 | 02/15/2026 | 1629858 |
| 1925000 | 5.000 | 02/15/2027 | 2001351 |
| 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 | 652214 |
| 650000 | 5.000 | 01/01/2029 | 694008 |
| 1115000 | 5.000 | 01/01/2034 | 1186807 |
| 610000 | 5.000 | 01/01/2036 | 644959 |
| 645000 | 5.000 | 01/01/2037 | 680053 |
| 675000 | 5.000 | 01/01/2038 | 709524 |
| 1420000 | 5.000 | 01/01/2039 | 1488293 |
| Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2021D (A3/A+) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2021D (A3/A+) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2021D (A3/A+) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2021D (A3/A+) |
| 2330000 | 3.000 | 01/01/2046 | 1804546 |
| Central Texas Regional Mobility Authority Senior Lien Revenue Refunding Bonds Series 2021D (A3/A+) | Central Texas Regional Mobility Authority Senior Lien Revenue Refunding Bonds Series 2021D (A3/A+) | Central Texas Regional Mobility Authority Senior Lien Revenue Refunding Bonds Series 2021D (A3/A+) | Central Texas Regional Mobility Authority Senior Lien Revenue Refunding Bonds Series 2021D (A3/A+) |
| 1100000 | 4.000 | 01/01/2040 | 1064349 |
| Cities of Dallas and Fort Worth, Texas Dallas Fort Worth International Airport Joint RR Bonds Series 2023C (A1/AA-) | Cities of Dallas and Fort Worth, Texas Dallas Fort Worth International Airport Joint RR Bonds Series 2023C (A1/AA-) | Cities of Dallas and Fort Worth, Texas Dallas Fort Worth International Airport Joint RR Bonds Series 2023C (A1/AA-) | Cities of Dallas and Fort Worth, Texas Dallas Fort Worth International Airport Joint RR Bonds Series 2023C (A1/AA-) |
| 4300000 | 5.000 | 11/01/2030 | 4588087 |
| Cities of Dallas and Fort Worth, Texas Dallas Fort Worth International Airport, Joint RR and Improvement Bonds, Series 2023B (A1/AA-) | Cities of Dallas and Fort Worth, Texas Dallas Fort Worth International Airport, Joint RR and Improvement Bonds, Series 2023B (A1/AA-) | Cities of Dallas and Fort Worth, Texas Dallas Fort Worth International Airport, Joint RR and Improvement Bonds, Series 2023B (A1/AA-) | Cities of Dallas and Fort Worth, Texas Dallas Fort Worth International Airport, Joint RR and Improvement Bonds, Series 2023B (A1/AA-) |
| 1000000 | 5.000 | 11/01/2042 | 1060061 |
| City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR) | City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR) | City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR) | City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR) |
| 135000 | 5.750 <sup>(c)</sup> | 09/01/2029 | 137324 |
| City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR) | City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR) | City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR) | City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR) |
| 195000 | 3.250 <sup>(c)</sup> | 09/15/2026 | 191043 |
| City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR) | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR) | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR) | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR) |
| 1402000 | 5.750 <sup>(c)</sup> | 09/01/2042 | 1447736 |
| City of Anna Special Assessment RB for Meadow Vista Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Anna Special Assessment RB for Meadow Vista Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Anna Special Assessment RB for Meadow Vista Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Anna Special Assessment RB for Meadow Vista Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) |
| 305000 | 4.875 <sup>(c)</sup> | 09/15/2031 | 304996 |
| 400000 | 5.500 <sup>(c)</sup> | 09/15/2044 | 397802 |
| City of Anna Special Assessment RB for Woods at Lindsey Place Public and District Improvement Area #1 Project Series 2023 (NR/NR) | City of Anna Special Assessment RB for Woods at Lindsey Place Public and District Improvement Area #1 Project Series 2023 (NR/NR) | City of Anna Special Assessment RB for Woods at Lindsey Place Public and District Improvement Area #1 Project Series 2023 (NR/NR) | City of Anna Special Assessment RB for Woods at Lindsey Place Public and District Improvement Area #1 Project Series 2023 (NR/NR) |
| 781000 | 5.625 <sup>(c)</sup> | 09/15/2043 | 796507 |
| City of Aubrey Special Assessment RB for Aubrey Public Improvement District No. 1 Project Series 2023 (NR/NR) | City of Aubrey Special Assessment RB for Aubrey Public Improvement District No. 1 Project Series 2023 (NR/NR) | City of Aubrey Special Assessment RB for Aubrey Public Improvement District No. 1 Project Series 2023 (NR/NR) | City of Aubrey Special Assessment RB for Aubrey Public Improvement District No. 1 Project Series 2023 (NR/NR) |
| 850000 | 5.000 <sup>(c)</sup> | 09/01/2030 | 853498 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR) | City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR) | City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR) | City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR) |
| $776000 | 5.250 %<sup>(c)</sup> | 09/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797918 |
| City of Aubrey Special Assessment Revenue Refunding Bonds Series 2024 (Jackson Ridge Public Improvement District Phase #1 and Phase #2 Assessments) (BAM) (NR/AA) | City of Aubrey Special Assessment Revenue Refunding Bonds Series 2024 (Jackson Ridge Public Improvement District Phase #1 and Phase #2 Assessments) (BAM) (NR/AA) | City of Aubrey Special Assessment Revenue Refunding Bonds Series 2024 (Jackson Ridge Public Improvement District Phase #1 and Phase #2 Assessments) (BAM) (NR/AA) | City of Aubrey Special Assessment Revenue Refunding Bonds Series 2024 (Jackson Ridge Public Improvement District Phase #1 and Phase #2 Assessments) (BAM) (NR/AA) |
| 1350000 | 5.000 | 09/01/2037 | 1463412 |
| 1250000 | 5.000 | 09/01/2045 | 1299869 |
| City of Aubrey Texas A Municipal Corp. of The State of Texas Located In Denton County Special Assessment RB Series 2025 (NR/NR) | City of Aubrey Texas A Municipal Corp. of The State of Texas Located In Denton County Special Assessment RB Series 2025 (NR/NR) | City of Aubrey Texas A Municipal Corp. of The State of Texas Located In Denton County Special Assessment RB Series 2025 (NR/NR) | City of Aubrey Texas A Municipal Corp. of The State of Texas Located In Denton County Special Assessment RB Series 2025 (NR/NR) |
| 400000 | 4.375 <sup>(c)</sup> | 12/31/2030 | 394170 |
| 550000 | 4.625 <sup>(c)</sup> | 12/31/2035 | 537430 |
| City of Austin Airport System RB Series 2019B (AMT) (A1/A+) | City of Austin Airport System RB Series 2019B (AMT) (A1/A+) | City of Austin Airport System RB Series 2019B (AMT) (A1/A+) | City of Austin Airport System RB Series 2019B (AMT) (A1/A+) |
| 4000000 | 5.000 | 11/15/2031 | 4196106 |
| 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 | 7481571 |
| City of Austin RB for Airport System Series 2019 B (A1/A+) | City of Austin RB for Airport System Series 2019 B (A1/A+) | City of Austin RB for Airport System Series 2019 B (A1/A+) | City of Austin RB for Airport System Series 2019 B (A1/A+) |
| 1980000 | 5.000 | 11/15/2032 | 2071017 |
| City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR) | City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR) | City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR) | City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR) |
| 2380000 | 4.000 <sup>(c)</sup> | 11/01/2028 | 2332737 |
| City of Austin Special Assessment RB for Whisper Valley Public Improvement District Improvement Area #3 Series 2024 (NR/NR) | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Improvement Area #3 Series 2024 (NR/NR) | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Improvement Area #3 Series 2024 (NR/NR) | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Improvement Area #3 Series 2024 (NR/NR) |
| 560000 | 5.000 <sup>(c)</sup> | 11/01/2044 | 540103 |
| City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR) | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR) | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR) | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR) |
| 777000 | 5.375 <sup>(c)</sup> | 11/01/2042 | 781349 |
| City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (Aa2/AA) | City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (Aa2/AA) | City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (Aa2/AA) | City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (Aa2/AA) |
| 1300000 | 5.000 | 11/15/2038 | 1397212 |
| 2250000 | 5.000 | 11/15/2039 | 2404380 |
| 2000000 | 5.000 | 11/15/2040 | 2132445 |
| City of Bastrop Texas A Municipal Corp. of The State of Texas Located In Bastrop County Special Assessment RB Series 2025 (NR/NR) | City of Bastrop Texas A Municipal Corp. of The State of Texas Located In Bastrop County Special Assessment RB Series 2025 (NR/NR) | City of Bastrop Texas A Municipal Corp. of The State of Texas Located In Bastrop County Special Assessment RB Series 2025 (NR/NR) | City of Bastrop Texas A Municipal Corp. of The State of Texas Located In Bastrop County Special Assessment RB Series 2025 (NR/NR) |
| 493000 | 4.250 <sup>(c)(e)</sup> | 09/01/2030 | 492223 |
| 608000 | 4.625 <sup>(c)(e)</sup> | 09/01/2035 | 608530 |
| 621000 | 5.375 <sup>(c)(e)</sup> | 09/01/2045 | 619385 |
| City of Beaumont Waterworks and Sewer System RB Series 2024 (BAM) (A1/AA) | City of Beaumont Waterworks and Sewer System RB Series 2024 (BAM) (A1/AA) | City of Beaumont Waterworks and Sewer System RB Series 2024 (BAM) (A1/AA) | City of Beaumont Waterworks and Sewer System RB Series 2024 (BAM) (A1/AA) |
| 1075000 | 5.000 | 09/01/2041 | 1139363 |
| 750000 | 5.000 | 09/01/2042 | 790940 |
| 1000000 | 5.000 | 09/01/2044 | 1048538 |
| City of Boyd Special Assessment RB, Series 2024 (City of Boyd Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) | City of Boyd Special Assessment RB, Series 2024 (City of Boyd Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) | City of Boyd Special Assessment RB, Series 2024 (City of Boyd Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) | City of Boyd Special Assessment RB, Series 2024 (City of Boyd Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) |
| 1405000 | 5.500 <sup>(c)</sup> | 09/15/2053 | 1401821 |
| City of Buda Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2025 (NR/NR) | City of Buda Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2025 (NR/NR) | City of Buda Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2025 (NR/NR) | City of Buda Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2025 (NR/NR) |
| 1500000 | 5.875 <sup>(c)</sup> | 09/01/2045 | 1475297 |
| City of Buda Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (Persimmon Public Improvement District Major Improvement Area Project) (NR/NR) | City of Buda Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (Persimmon Public Improvement District Major Improvement Area Project) (NR/NR) | City of Buda Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (Persimmon Public Improvement District Major Improvement Area Project) (NR/NR) | City of Buda Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (Persimmon Public Improvement District Major Improvement Area Project) (NR/NR) |
| 900000 | 5.750 <sup>(c)</sup> | 09/01/2033 | 891437 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **81** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Bonds for Wells South Public Improvement District Series 2020 (NR/NR) | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR) | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR) | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR) |
| $125000 | 2.500 %<sup>(c)</sup> | 09/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124018 |
| 140000 | 3.125 <sup>(c)</sup> | 09/01/2030 | 129418 |
| 180000 | 3.250 <sup>(c)</sup> | 09/01/2030 | 164949 |
| 355000 | 4.000 <sup>(c)</sup> | 09/01/2040 | 307571 |
| City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR) | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR) | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR) | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR) |
| 88000 | 2.500 <sup>(c)</sup> | 09/01/2026 | 85462 |
| 158000 | 3.000 <sup>(c)</sup> | 09/01/2031 | 140824 |
| 329000 | 3.375 <sup>(c)</sup> | 09/01/2041 | 263769 |
| City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR) | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR) | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR) | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR) |
| 430000 | 4.625 <sup>(c)</sup> | 09/01/2032 | 421398 |
| 704000 | 4.875 <sup>(c)</sup> | 09/01/2042 | 669971 |
| City of Celina Special Assessment RB for Chalk Hill Public Improvement District No. 2 Phases #2-3 Direct Improvement Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Chalk Hill Public Improvement District No. 2 Phases #2-3 Direct Improvement Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Chalk Hill Public Improvement District No. 2 Phases #2-3 Direct Improvement Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Chalk Hill Public Improvement District No. 2 Phases #2-3 Direct Improvement Project Series 2023 (NR/NR) |
| 767000 | 5.750 <sup>(c)</sup> | 09/01/2043 | 772053 |
| City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR) | City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR) | City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR) | City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR) |
| 168000 | 2.750 <sup>(c)</sup> | 09/01/2027 | 160569 |
| 432000 | 3.125 <sup>(c)</sup> | 09/01/2032 | 368527 |
| City of Celina Special Assessment RB for North Sky Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for North Sky Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for North Sky Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for North Sky Public Improvement District Project Series 2023 (NR/NR) |
| 812000 | 5.375 | 09/01/2043 | 809120 |
| 1006000 | 5.625 | 09/01/2052 | 991140 |
| 1000000 | 6.125 <sup>(c)</sup> | 09/01/2052 | 996367 |
| City of Celina Special Assessment RB for Parvin Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Parvin Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Parvin Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Parvin Public Improvement District Project Series 2023 (NR/NR) |
| 459000 | 5.750 <sup>(c)</sup> | 09/01/2030 | 478202 |
| City of Celina Special Assessment RB for Ten Mile Creek Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Ten Mile Creek Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Ten Mile Creek Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Ten Mile Creek Public Improvement District Project Series 2023 (NR/NR) |
| 492000 | 4.750 <sup>(c)</sup> | 09/01/2030 | 496126 |
| 235000 | 5.500 <sup>(c)</sup> | 09/01/2030 | 241966 |
| 1169000 | 5.500 <sup>(c)</sup> | 09/01/2042 | 1182029 |
| City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) | City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) | City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) | City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) |
| 255000 | 4.875 <sup>(c)</sup> | 09/01/2032 | 258626 |
| 495000 | 5.500 <sup>(c)</sup> | 09/01/2042 | 499979 |
| City of Celina Special Assessment RB Series 2022 (NR/NR) | City of Celina Special Assessment RB Series 2022 (NR/NR) | City of Celina Special Assessment RB Series 2022 (NR/NR) | City of Celina Special Assessment RB Series 2022 (NR/NR) |
| 144000 | 2.875 <sup>(c)</sup> | 09/01/2027 | 138037 |
| 143000 | 3.250 <sup>(c)</sup> | 09/01/2027 | 138132 |
| 250000 | 3.250 <sup>(c)</sup> | 09/01/2032 | 220875 |
| 235000 | 3.625 <sup>(c)</sup> | 09/01/2032 | 209378 |
| 1175000 | 3.500 <sup>(c)</sup> | 09/01/2042 | 936001 |
| City of Celina Texas A Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (NR/NR) | City of Celina Texas A Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (NR/NR) | City of Celina Texas A Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (NR/NR) | City of Celina Texas A Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (NR/NR) |
| 475000 | 5.500 <sup>(c)</sup> | 09/01/2044 | 475722 |
| City of Celina Texas A Municipal Corp. of The State of Texas Located In Collin and Denton Counties Special Assessment RB Series 2025 (NR/NR) | City of Celina Texas A Municipal Corp. of The State of Texas Located In Collin and Denton Counties Special Assessment RB Series 2025 (NR/NR) | City of Celina Texas A Municipal Corp. of The State of Texas Located In Collin and Denton Counties Special Assessment RB Series 2025 (NR/NR) | City of Celina Texas A Municipal Corp. of The State of Texas Located In Collin and Denton Counties Special Assessment RB Series 2025 (NR/NR) |
| 205000 | 4.350 <sup>(c)(e)</sup> | 09/01/2030 | 203508 |
| 340000 | 4.600 <sup>(c)(e)</sup> | 09/01/2035 | 335517 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 A Municipal Corp. of The State of Texas Located In Collin and Denton Counties Special Assessment Revenue Refunding and Improvement Bonds Series 2025 (AGC) (NR/AA) | City of Celina Texas A Municipal Corp. of The State of Texas Located In Collin and Denton Counties Special Assessment Revenue Refunding and Improvement Bonds Series 2025 (AGC) (NR/AA) | City of Celina Texas A Municipal Corp. of The State of Texas Located In Collin and Denton Counties Special Assessment Revenue Refunding and Improvement Bonds Series 2025 (AGC) (NR/AA) | City of Celina Texas A Municipal Corp. of The State of Texas Located In Collin and Denton Counties Special Assessment Revenue Refunding and Improvement Bonds Series 2025 (AGC) (NR/AA) |
| $1250000 | 5.000% | 09/01/2045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280626 |
| 3965000 | 4.750 | 09/01/2049 | 3922758 |
| City of Celina Texas A Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment Revenue Refunding and Improvement Bonds, Series 2025 (The Lakes At Mustang Ranch Public Improvement District Major Improvement Area And P (AGC) (NR/AA) | City of Celina Texas A Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment Revenue Refunding and Improvement Bonds, Series 2025 (The Lakes At Mustang Ranch Public Improvement District Major Improvement Area And P (AGC) (NR/AA) | City of Celina Texas A Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment Revenue Refunding and Improvement Bonds, Series 2025 (The Lakes At Mustang Ranch Public Improvement District Major Improvement Area And P (AGC) (NR/AA) | City of Celina Texas A Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment Revenue Refunding and Improvement Bonds, Series 2025 (The Lakes At Mustang Ranch Public Improvement District Major Improvement Area And P (AGC) (NR/AA) |
| 3700000 | 4.750 | 09/01/2054 | 3615767 |
| 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) |
| 115000 | 4.200 | 09/01/2027 | 114561 |
| 570000 | 4.800 | 09/01/2037 | 556238 |
| 647000 | 5.250 | 09/01/2046 | 630997 |
| City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR) |
| 300000 | 5.375 <sup>(c)</sup> | 09/01/2038 | 302373 |
| 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) |
| 306000 | 5.000 | 09/01/2028 | 309315 |
| City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) |
| 650000 | 4.500 <sup>(c)</sup> | 09/01/2031 | 643875 |
| City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Phase #1B Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Phase #1B Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Phase #1B Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Phase #1B Project Series 2024 (NR/NR) |
| 360000 | 5.125 <sup>(c)</sup> | 09/01/2044 | 345076 |
| City of Celina Texas Municipal Corp. Special Assessment RB for North Sky Public Improvement District Improvement Area #1B Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for North Sky Public Improvement District Improvement Area #1B Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for North Sky Public Improvement District Improvement Area #1B Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for North Sky Public Improvement District Improvement Area #1B Project Series 2024 (NR/NR) |
| 270000 | 4.250 | 09/01/2031 | 266103 |
| City of Celina Texas Special Assessment RB Series 2025 (NR/NR) | City of Celina Texas Special Assessment RB Series 2025 (NR/NR) | City of Celina Texas Special Assessment RB Series 2025 (NR/NR) | City of Celina Texas Special Assessment RB Series 2025 (NR/NR) |
| 375000 | 4.625 <sup>(c)</sup> | 09/01/2032 | 374871 |
| City of Celina, Collin and Denton Counties Special Assessment RB,<br>Series 2023 Cross Creek Meadows Public Improvement District Improvement Area 1 Project (NR/NR) | City of Celina, Collin and Denton Counties Special Assessment RB,<br>Series 2023 Cross Creek Meadows Public Improvement District Improvement Area 1 Project (NR/NR) | City of Celina, Collin and Denton Counties Special Assessment RB,<br>Series 2023 Cross Creek Meadows Public Improvement District Improvement Area 1 Project (NR/NR) | City of Celina, Collin and Denton Counties Special Assessment RB,<br>Series 2023 Cross Creek Meadows Public Improvement District Improvement Area 1 Project (NR/NR) |
| 601000 | 4.500 <sup>(c)</sup> | 09/01/2030 | 601796 |
| 1524000 | 5.375 <sup>(c)</sup> | 09/01/2043 | 1518595 |
| City of Celina, Collin and Denton Counties Special Assessment RB,<br>Series 2023 Cross Creek Meadows Public Improvement District Major Improvement Area Project (NR/NR) | City of Celina, Collin and Denton Counties Special Assessment RB,<br>Series 2023 Cross Creek Meadows Public Improvement District Major Improvement Area Project (NR/NR) | City of Celina, Collin and Denton Counties Special Assessment RB,<br>Series 2023 Cross Creek Meadows Public Improvement District Major Improvement Area Project (NR/NR) | City of Celina, Collin and Denton Counties Special Assessment RB,<br>Series 2023 Cross Creek Meadows Public Improvement District Major Improvement Area Project (NR/NR) |
| 216000 | 5.000 <sup>(c)</sup> | 09/01/2030 | 219327 |
| City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Sutton Fields II Public Improvement District Major Improvement Area 1 Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Sutton Fields II Public Improvement District Major Improvement Area 1 Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Sutton Fields II Public Improvement District Major Improvement Area 1 Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Sutton Fields II Public Improvement District Major Improvement Area 1 Project (BAM) (NR/AA) |
| 809000 | 5.000 | 09/01/2038 | 843649 |
| 1000000 | 5.000 | 09/01/2045 | 1008484 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 82 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Sutton Fields II Public Improvement District Major Improvement Area Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Sutton Fields II Public Improvement District Major Improvement Area Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Sutton Fields II Public Improvement District Major Improvement Area Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Sutton Fields II Public Improvement District Major Improvement Area Project (BAM) (NR/AA) |
| $2092000 | 5.000% | 09/01/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2226386 |
| 1550000 | 5.000 | 09/01/2037 | 1623914 |
| 1092000 | 5.000 | 09/01/2040 | 1122496 |
| City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Wells South Public Improvement District Major Improvement Area Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Wells South Public Improvement District Major Improvement Area Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Wells South Public Improvement District Major Improvement Area Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Wells South Public Improvement District Major Improvement Area Project (BAM) (NR/AA) |
| 1000000 | 5.000 | 09/01/2038 | 1042829 |
| 2566000 | 5.000 | 09/01/2045 | 2587770 |
| City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Wells South Public Improvement District Neighborhood Improvement Area #1 Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Wells South Public Improvement District Neighborhood Improvement Area #1 Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Wells South Public Improvement District Neighborhood Improvement Area #1 Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Wells South Public Improvement District Neighborhood Improvement Area #1 Project (BAM) (NR/AA) |
| 713000 | 5.000 | 09/01/2038 | 743537 |
| 1954000 | 5.000 | 09/01/2045 | 1970578 |
| City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) | City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) | City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) | City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) |
| 100000 | 3.250 <sup>(c)</sup> | 09/01/2026 | 98307 |
| 185000 | 3.750 <sup>(c)</sup> | 09/01/2031 | 172424 |
| City of Corpus Christi Special Assessment RB for Whitecap Public Improvement District No. 1 Improvement Area #1 Project Series 2024 (NR/NR) | City of Corpus Christi Special Assessment RB for Whitecap Public Improvement District No. 1 Improvement Area #1 Project Series 2024 (NR/NR) | City of Corpus Christi Special Assessment RB for Whitecap Public Improvement District No. 1 Improvement Area #1 Project Series 2024 (NR/NR) | City of Corpus Christi Special Assessment RB for Whitecap Public Improvement District No. 1 Improvement Area #1 Project Series 2024 (NR/NR) |
| 600000 | 5.375 | 09/15/2031 | 600329 |
| City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR) |
| 214000 | 3.375 <sup>(c)</sup> | 09/15/2026 | 211269 |
| 410000 | 4.000 <sup>(c)</sup> | 09/15/2031 | 400320 |
| City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR) | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR) | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR) | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR) |
| 381000 | 5.375 <sup>(c)</sup> | 09/15/2027 | 385258 |
| City of Crandall Texas A Municipal Corp. of The State of Texas Located In Kaufman County Special Assessment RB Series 2025 (NR/NR) | City of Crandall Texas A Municipal Corp. of The State of Texas Located In Kaufman County Special Assessment RB Series 2025 (NR/NR) | City of Crandall Texas A Municipal Corp. of The State of Texas Located In Kaufman County Special Assessment RB Series 2025 (NR/NR) | City of Crandall Texas A Municipal Corp. of The State of Texas Located In Kaufman County Special Assessment RB Series 2025 (NR/NR) |
| 700000 | 4.250 <sup>(c)</sup> | 09/15/2030 | 693390 |
| City of Dallas Fort Worth International Airport Joint Revenue Refunding Bonds Series 2021A (A1/NR) | City of Dallas Fort Worth International Airport Joint Revenue Refunding Bonds Series 2021A (A1/NR) | City of Dallas Fort Worth International Airport Joint Revenue Refunding Bonds Series 2021A (A1/NR) | City of Dallas Fort Worth International Airport Joint Revenue Refunding Bonds Series 2021A (A1/NR) |
| 3975000 | 4.000 | 11/01/2039 | 3956482 |
| City of Dallas fort Worth International Airport Joint Revenue Refunding Bonds Series 2021B (NON-AMT) (A1/NR) | City of Dallas fort Worth International Airport Joint Revenue Refunding Bonds Series 2021B (NON-AMT) (A1/NR) | City of Dallas fort Worth International Airport Joint Revenue Refunding Bonds Series 2021B (NON-AMT) (A1/NR) | City of Dallas fort Worth International Airport Joint Revenue Refunding Bonds Series 2021B (NON-AMT) (A1/NR) |
| 6240000 | 4.000 | 11/01/2045 | 5863991 |
| City of Dallas fort Worth International Airport Joint Revenue Refunding Bonds Series 2023C (A1/AA-) | City of Dallas fort Worth International Airport Joint Revenue Refunding Bonds Series 2023C (A1/AA-) | City of Dallas fort Worth International Airport Joint Revenue Refunding Bonds Series 2023C (A1/AA-) | City of Dallas fort Worth International Airport Joint Revenue Refunding Bonds Series 2023C (A1/AA-) |
| 6400000 | 5.000 | 11/01/2026 | 6583286 |
| City of Dallas Housing Finance Corp. Multifamily Housing RB for Positano Series 2023 (FHA 221(D4)) (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for Positano Series 2023 (FHA 221(D4)) (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for Positano Series 2023 (FHA 221(D4)) (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for Positano Series 2023 (FHA 221(D4)) (Aaa/NR) |
| 2955000 | 5.000 <sup>(a)(b)</sup> | 09/01/2026 | 2976909 |
| City of Dallas Housing Finance Corp. Multifamily Housing RB for The Mondello Series 2024 (FHA 221(D4)) (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for The Mondello Series 2024 (FHA 221(D4)) (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for The Mondello Series 2024 (FHA 221(D4)) (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for The Mondello Series 2024 (FHA 221(D4)) (Aaa/NR) |
| 1065000 | 5.000 <sup>(a)(b)</sup> | 08/01/2027 | 1089632 |
| City of Dallas Housing Finance Corp. Multifamily Housing RB for Waterford at Goldmark Series 2024 (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for Waterford at Goldmark Series 2024 (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for Waterford at Goldmark Series 2024 (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for Waterford at Goldmark Series 2024 (Aaa/NR) |
| 3335000 | 3.300 <sup>(a)(b)</sup> | 01/01/2043 | 3331031 |
| City of Dallas Housing Finance Corp. Multifamily Housing Revenue Notes for Estates at Ferguson Series 2023 (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing Revenue Notes for Estates at Ferguson Series 2023 (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing Revenue Notes for Estates at Ferguson Series 2023 (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing Revenue Notes for Estates at Ferguson Series 2023 (Aaa/NR) |
| 1725000 | 5.000 <sup>(a)(b)</sup> | 07/01/2042 | 1776183 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 (A1/AA-) | City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (A1/AA-) | City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (A1/AA-) | City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (A1/AA-) |
| $4000000 | 4.000% | 11/01/2041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3882885 |
| City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR) | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR) | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR) | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR) |
| 268000 | 4.875 <sup>(c)</sup> | 09/01/2032 | 269864 |
| 765000 | 5.125 <sup>(c)</sup> | 09/01/2042 | 754723 |
| City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #2 Project Series 2024A (NR/NR) | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #2 Project Series 2024A (NR/NR) | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #2 Project Series 2024A (NR/NR) | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #2 Project Series 2024A (NR/NR) |
| 793000 | 4.500 <sup>(c)</sup> | 09/01/2031 | 778207 |
| 1220000 | 5.375 <sup>(c)</sup> | 09/01/2044 | 1194199 |
| City of Decatur a Municipal Corporation of The State of Texas Located In Wise County Special Assessment RB for Vista Park Public Improvement District No. 1 Improvement Area #1 Project Series 2023 (NR/NR) | City of Decatur a Municipal Corporation of The State of Texas Located In Wise County Special Assessment RB for Vista Park Public Improvement District No. 1 Improvement Area #1 Project Series 2023 (NR/NR) | City of Decatur a Municipal Corporation of The State of Texas Located In Wise County Special Assessment RB for Vista Park Public Improvement District No. 1 Improvement Area #1 Project Series 2023 (NR/NR) | City of Decatur a Municipal Corporation of The State of Texas Located In Wise County Special Assessment RB for Vista Park Public Improvement District No. 1 Improvement Area #1 Project Series 2023 (NR/NR) |
| 417000 | 5.750 <sup>(c)</sup> | 09/15/2030 | 419715 |
| City of Decatur, Texas, (A Municipal Corporation of The State of Texas Located In Wise County) Special Assessment RB Series 2025 (NR/NR) | City of Decatur, Texas, (A Municipal Corporation of The State of Texas Located In Wise County) Special Assessment RB Series 2025 (NR/NR) | City of Decatur, Texas, (A Municipal Corporation of The State of Texas Located In Wise County) Special Assessment RB Series 2025 (NR/NR) | City of Decatur, Texas, (A Municipal Corporation of The State of Texas Located In Wise County) Special Assessment RB Series 2025 (NR/NR) |
| 400000 | 4.750 <sup>(c)</sup> | 09/15/2035 | 394318 |
| 172000 | 5.375 <sup>(c)</sup> | 09/15/2035 | 169294 |
| City of Decatur, Texas, (A Municipal Corporation of The State of Texas Located In Wise County) Special Assessment RB, Series 2025 (NR/NR) | City of Decatur, Texas, (A Municipal Corporation of The State of Texas Located In Wise County) Special Assessment RB, Series 2025 (NR/NR) | City of Decatur, Texas, (A Municipal Corporation of The State of Texas Located In Wise County) Special Assessment RB, Series 2025 (NR/NR) | City of Decatur, Texas, (A Municipal Corporation of The State of Texas Located In Wise County) Special Assessment RB, Series 2025 (NR/NR) |
| 400000 | 4.500 <sup>(c)</sup> | 09/15/2030 | 396059 |
| City of Denton Texas Certificates of Obligation Series 2024 (NR/AA+) | City of Denton Texas Certificates of Obligation Series 2024 (NR/AA+) | City of Denton Texas Certificates of Obligation Series 2024 (NR/AA+) | City of Denton Texas Certificates of Obligation Series 2024 (NR/AA+) |
| 13085000 | 4.000 | 02/15/2042 | 12331737 |
| 13620000 | 4.000 | 02/15/2043 | 12853322 |
| 2645000 | 4.125 | 02/15/2050 | 2466643 |
| City of Dorchester Texas Special Assessment RB for Cottonwood Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Dorchester Texas Special Assessment RB for Cottonwood Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Dorchester Texas Special Assessment RB for Cottonwood Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Dorchester Texas Special Assessment RB for Cottonwood Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) |
| 350000 | 5.250 <sup>(c)</sup> | 09/15/2031 | 342983 |
| City of Dripping Springs Special Assessment RB for Heritage Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Dripping Springs Special Assessment RB for Heritage Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Dripping Springs Special Assessment RB for Heritage Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Dripping Springs Special Assessment RB for Heritage Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) |
| 596000 | 5.000 <sup>(c)</sup> | 09/01/2044 | 566555 |
| City of Dripping Springs, Hays County Special Assessment RB, Series 2023 Heritage Public Improvement District Improvement Area 1 Project (NR/NR) | City of Dripping Springs, Hays County Special Assessment RB, Series 2023 Heritage Public Improvement District Improvement Area 1 Project (NR/NR) | City of Dripping Springs, Hays County Special Assessment RB, Series 2023 Heritage Public Improvement District Improvement Area 1 Project (NR/NR) | City of Dripping Springs, Hays County Special Assessment RB, Series 2023 Heritage Public Improvement District Improvement Area 1 Project (NR/NR) |
| 1000000 | 5.375 <sup>(c)</sup> | 09/01/2043 | 1009657 |
| City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR) | City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR) | City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR) | City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR) |
| 357000 | 2.875 <sup>(c)</sup> | 09/01/2026 | 348330 |
| 398000 | 3.375 <sup>(c)</sup> | 09/01/2031 | 354548 |
| 1206000 | 3.750 <sup>(c)</sup> | 09/01/2041 | 946114 |
| City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR) | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR) | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR) | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR) |
| 100000 | 2.625 <sup>(c)</sup> | 08/15/2025 | 99499 |
| 171000 | 3.375 <sup>(c)</sup> | 08/15/2030 | 156017 |
| City of Fate Special Assessment RB for Monterra Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Fate Special Assessment RB for Monterra Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Fate Special Assessment RB for Monterra Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Fate Special Assessment RB for Monterra Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) |
| 570000 | 4.500 <sup>(c)</sup> | 08/15/2031 | 559215 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **83** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 RB for Monterra Public Improvement District Series 2021 (NR/NR) | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR) | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR) | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR) |
| $297000 | 2.750 %<sup>(c)</sup> | 08/15/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289528 |
| 612000 | 3.375 <sup>(c)</sup> | 08/15/2031 | 558032 |
| 846000 | 3.750 <sup>(c)</sup> | 08/15/2041 | 702068 |
| City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR) | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR) | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR) | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR) |
| 355000 | 4.875 <sup>(c)</sup> | 08/15/2027 | 355569 |
| 778000 | 5.250 <sup>(c)</sup> | 08/15/2032 | 782538 |
| 1300000 | 5.875 <sup>(c)</sup> | 08/15/2042 | 1293534 |
| City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR) | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR) | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR) | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR) |
| 340000 | 3.500 <sup>(c)</sup> | 08/15/2029 | 324491 |
| 1905000 | 4.000 <sup>(c)</sup> | 08/15/2039 | 1702494 |
| 1825000 | 4.250 <sup>(c)</sup> | 08/15/2049 | 1563612 |
| City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR) | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR) | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR) | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR) |
| 295000 | 4.000 <sup>(c)</sup> | 08/15/2032 | 280543 |
| 1129000 | 4.250 <sup>(c)</sup> | 08/15/2042 | 1002428 |
| 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) |
| 165000 | 4.000 | 08/15/2028 | 166990 |
| 170000 | 4.000 | 08/15/2029 | 171619 |
| 925000 | 3.000 | 08/15/2034 | 844857 |
| City of Fate, Rockwall County Special Assessment RB, Series 2023 Williamsburg Public Improvement District No. 1 Phase 3B (NR/NR) | City of Fate, Rockwall County Special Assessment RB, Series 2023 Williamsburg Public Improvement District No. 1 Phase 3B (NR/NR) | City of Fate, Rockwall County Special Assessment RB, Series 2023 Williamsburg Public Improvement District No. 1 Phase 3B (NR/NR) | City of Fate, Rockwall County Special Assessment RB, Series 2023 Williamsburg Public Improvement District No. 1 Phase 3B (NR/NR) |
| 384000 | 4.250 <sup>(c)</sup> | 08/15/2030 | 380386 |
| 761000 | 5.125 <sup>(c)</sup> | 08/15/2043 | 731392 |
| City of Fort Worth Texas A Municipal Corp. of The State of Texas Located In Tarrant Denton Parker Johnson and Wise Counties Special Assessment RB Series 2024 Project (BAM) (NR/AA) | City of Fort Worth Texas A Municipal Corp. of The State of Texas Located In Tarrant Denton Parker Johnson and Wise Counties Special Assessment RB Series 2024 Project (BAM) (NR/AA) | City of Fort Worth Texas A Municipal Corp. of The State of Texas Located In Tarrant Denton Parker Johnson and Wise Counties Special Assessment RB Series 2024 Project (BAM) (NR/AA) | City of Fort Worth Texas A Municipal Corp. of The State of Texas Located In Tarrant Denton Parker Johnson and Wise Counties Special Assessment RB Series 2024 Project (BAM) (NR/AA) |
| 688000 | 4.000 | 09/01/2036 | 682219 |
| 1073000 | 4.125 | 09/01/2039 | 1053703 |
| 1168000 | 4.250 | 09/01/2041 | 1145898 |
| City of Galveston Wharves and Terminal First Lien RB Series 2024A (NR/A) | City of Galveston Wharves and Terminal First Lien RB Series 2024A (NR/A) | City of Galveston Wharves and Terminal First Lien RB Series 2024A (NR/A) | City of Galveston Wharves and Terminal First Lien RB Series 2024A (NR/A) |
| 750000 | 5.250 | 08/01/2039 | 789277 |
| 625000 | 5.500 | 08/01/2040 | 666717 |
| 600000 | 5.500 | 08/01/2041 | 636261 |
| 1200000 | 5.500 | 08/01/2042 | 1268891 |
| 550000 | 5.500 | 08/01/2043 | 581072 |
| 630000 | 5.500 | 08/01/2044 | 664666 |
| City of Garland Electric Utility System Refunding RB New Series 2024 (AGC) (A1/AA) | City of Garland Electric Utility System Refunding RB New Series 2024 (AGC) (A1/AA) | City of Garland Electric Utility System Refunding RB New Series 2024 (AGC) (A1/AA) | City of Garland Electric Utility System Refunding RB New Series 2024 (AGC) (A1/AA) |
| 1000000 | 5.000 | 03/01/2041 | 1063588 |
| 1170000 | 5.000 | 03/01/2042 | 1234332 |
| City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR) | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR) | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR) | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR) |
| 184000 | 3.625 <sup>(c)</sup> | 09/15/2027 | 180540 |
| 409000 | 3.875 <sup>(c)</sup> | 09/15/2032 | 381531 |
| City of Gunter Texas A Municipal Corp. of The State of Texas Located In Grayson County Special Assessment RB Series 2025 (NR/NR) | City of Gunter Texas A Municipal Corp. of The State of Texas Located In Grayson County Special Assessment RB Series 2025 (NR/NR) | City of Gunter Texas A Municipal Corp. of The State of Texas Located In Grayson County Special Assessment RB Series 2025 (NR/NR) | City of Gunter Texas A Municipal Corp. of The State of Texas Located In Grayson County Special Assessment RB Series 2025 (NR/NR) |
| 285000 | 4.500 <sup>(c)(e)</sup> | 09/15/2032 | 282447 |
| 772000 | 5.500 <sup>(c)(e)</sup> | 09/15/2045 | 752781 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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) |
| $225000 | 4.125% | 09/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225021 |
| 1350000 | 4.625 | 09/01/2037 | 1300648 |
| 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) |
| 385000 | 4.500 | 09/01/2027 | 386891 |
| 1800000 | 4.500 | 09/01/2037 | 1713600 |
| 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-) |
| 440000 | 4.000 | 09/01/2025 | 440168 |
| 460000 | 4.000 | 09/01/2026 | 460944 |
| 480000 | 4.000 | 09/01/2027 | 481373 |
| City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR) | City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR) | City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR) | City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR) |
| 256000 | 3.250 <sup>(c)</sup> | 09/01/2031 | 226208 |
| 1271000 | 3.625 <sup>(c)</sup> | 09/01/2041 | 1003387 |
| City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR) | City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR) | City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR) | City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR) |
| 290000 | 3.625 <sup>(c)</sup> | 09/01/2029 | 277476 |
| 785000 | 4.125 <sup>(c)</sup> | 09/01/2039 | 706517 |
| 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) |
| 231000 | 3.000 | 10/01/2025 | 229162 |
| 640000 | 3.000 | 10/01/2030 | 578230 |
| 436000 | 3.250 | 10/01/2033 | 379248 |
| City of Houston Airport System Special Facilities RB for United Airlines Inc. Airport Improvement Projects Series 2018C (AMT) (NR/BB) | City of Houston Airport System Special Facilities RB for United Airlines Inc. Airport Improvement Projects Series 2018C (AMT) (NR/BB) | City of Houston Airport System Special Facilities RB for United Airlines Inc. Airport Improvement Projects Series 2018C (AMT) (NR/BB) | City of Houston Airport System Special Facilities RB for United Airlines Inc. Airport Improvement Projects Series 2018C (AMT) (NR/BB) |
| 1170000 | 5.000 | 07/15/2028 | 1198674 |
| City of Houston Airport System Special Facilities RB for United Airlines Technical Operations Center Project Series 2018 (NR/ BB) | City of Houston Airport System Special Facilities RB for United Airlines Technical Operations Center Project Series 2018 (NR/ BB) | City of Houston Airport System Special Facilities RB for United Airlines Technical Operations Center Project Series 2018 (NR/ BB) | City of Houston Airport System Special Facilities RB for United Airlines Technical Operations Center Project Series 2018 (NR/ BB) |
| 2125000 | 5.000 | 07/15/2028 | 2177079 |
| City of Houston Airport System Subordinate Lien Revenue and Refunding Bonds Series 2023A (AMT) (AGM) (A1/AA) | City of Houston Airport System Subordinate Lien Revenue and Refunding Bonds Series 2023A (AMT) (AGM) (A1/AA) | City of Houston Airport System Subordinate Lien Revenue and Refunding Bonds Series 2023A (AMT) (AGM) (A1/AA) | City of Houston Airport System Subordinate Lien Revenue and Refunding Bonds Series 2023A (AMT) (AGM) (A1/AA) |
| 4000000 | 5.250 | 07/01/2053 | 4112166 |
| 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 | 1736548 |
| City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2020A (AMT) (A1/A+) | City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2020A (AMT) (A1/A+) | City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2020A (AMT) (A1/A+) | City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2020A (AMT) (A1/A+) |
| 1000000 | 4.000 | 07/01/2047 | 885085 |
| City of Houston Higher Education Finance Corp. University RB Houston Christian University Project Series 2025 (NR/BBB-) | City of Houston Higher Education Finance Corp. University RB Houston Christian University Project Series 2025 (NR/BBB-) | City of Houston Higher Education Finance Corp. University RB Houston Christian University Project Series 2025 (NR/BBB-) | City of Houston Higher Education Finance Corp. University RB Houston Christian University Project Series 2025 (NR/BBB-) |
| 3675000 | 5.250 | 10/01/2054 | 3604733 |
| City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2024A (Aa2/NR) | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2024A (Aa2/NR) | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2024A (Aa2/NR) | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2024A (Aa2/NR) |
| 8750000 | 5.000 | 11/15/2026 | 9059513 |
| 8750000 | 5.000 | 11/15/2027 | 9218590 |
| City of Houston, Texas Airport System Subordinate Lien RR Bonds<br>Series 2018D (A1/NR) | City of Houston, Texas Airport System Subordinate Lien RR Bonds<br>Series 2018D (A1/NR) | City of Houston, Texas Airport System Subordinate Lien RR Bonds<br>Series 2018D (A1/NR) | City of Houston, Texas Airport System Subordinate Lien RR Bonds<br>Series 2018D (A1/NR) |
| 2220000 | 5.000 | 07/01/2031 | 2334095 |
| City of Houston, Texas Airport System, Subordinate Lien Revenue and Refunding Bonds, Series 2018B (NON-AMT) (A1/NR) | City of Houston, Texas Airport System, Subordinate Lien Revenue and Refunding Bonds, Series 2018B (NON-AMT) (A1/NR) | City of Houston, Texas Airport System, Subordinate Lien Revenue and Refunding Bonds, Series 2018B (NON-AMT) (A1/NR) | City of Houston, Texas Airport System, Subordinate Lien Revenue and Refunding Bonds, Series 2018B (NON-AMT) (A1/NR) |
| 1660000 | 5.000 | 07/01/2030 | 1748920 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 84 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Huntsville Special Assessment RB for The Reserves of Huntsville Public Improvement District Series 2024 (NR/NR) | City of Huntsville Special Assessment RB for The Reserves of Huntsville Public Improvement District Series 2024 (NR/NR) | City of Huntsville Special Assessment RB for The Reserves of Huntsville Public Improvement District Series 2024 (NR/NR) | City of Huntsville Special Assessment RB for The Reserves of Huntsville Public Improvement District Series 2024 (NR/NR) |
| $351000 | 4.500 %<sup>(c)</sup> | 09/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351324 |
| City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR) |
| 11000 | 2.625 <sup>(c)</sup> | 09/01/2026 | 10713 |
| 206000 | 3.250 <sup>(c)</sup> | 09/01/2031 | 187143 |
| City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) |
| 360000 | 3.125 <sup>(c)</sup> | 09/01/2031 | 329063 |
| 939000 | 3.500 <sup>(c)</sup> | 09/01/2041 | 760282 |
| City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR) | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR) | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR) | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR) |
| 122000 | 2.750 <sup>(c)</sup> | 09/01/2026 | 118847 |
| 392000 | 3.500 <sup>(c)</sup> | 09/01/2031 | 360638 |
| 900000 | 3.875 <sup>(c)</sup> | 09/01/2041 | 764664 |
| City of Hutto Special Assessment RB for Emory Crossing Public Improvement District Improvement Area #2 Project Series 2023 (NR/NR) | City of Hutto Special Assessment RB for Emory Crossing Public Improvement District Improvement Area #2 Project Series 2023 (NR/NR) | City of Hutto Special Assessment RB for Emory Crossing Public Improvement District Improvement Area #2 Project Series 2023 (NR/NR) | City of Hutto Special Assessment RB for Emory Crossing Public Improvement District Improvement Area #2 Project Series 2023 (NR/NR) |
| 270000 | 4.500 <sup>(c)</sup> | 09/01/2030 | 271656 |
| 859000 | 5.250 <sup>(c)</sup> | 09/01/2043 | 862895 |
| City of Hutto Texas A Municipal Corp. of The State of Texas Located In Williamson County Special Assessment RB Series 2025 (NR/NR) | City of Hutto Texas A Municipal Corp. of The State of Texas Located In Williamson County Special Assessment RB Series 2025 (NR/NR) | City of Hutto Texas A Municipal Corp. of The State of Texas Located In Williamson County Special Assessment RB Series 2025 (NR/NR) | City of Hutto Texas A Municipal Corp. of The State of Texas Located In Williamson County Special Assessment RB Series 2025 (NR/NR) |
| 274000 | 4.125 <sup>(c)</sup> | 09/01/2030 | 271406 |
| 783000 | 4.125 <sup>(c)</sup> | 09/01/2032 | 767053 |
| 410000 | 4.375 <sup>(c)</sup> | 09/01/2035 | 402033 |
| 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 | 08/15/2025 | 130341 |
| 150000 | 5.000 | 08/15/2026 | 151573 |
| 100000 | 5.000 | 08/15/2027 | 101710 |
| 125000 | 5.000 | 08/15/2028 | 127802 |
| 150000 | 5.000 | 08/15/2029 | 153745 |
| 200000 | 5.000 | 08/15/2030 | 204482 |
| 280000 | 5.000 | 08/15/2032 | 284288 |
| 300000 | 5.000 | 08/15/2034 | 303910 |
| 175000 | 5.000 | 08/15/2035 | 176909 |
| 250000 | 5.000 | 08/15/2036 | 251837 |
| 250000 | 5.000 | 08/15/2037 | 250653 |
| 300000 | 5.000 | 08/15/2038 | 300020 |
| 300000 | 5.000 | 08/15/2039 | 295724 |
| City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR) | City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR) | City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR) | City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR) |
| 254000 | 2.500 <sup>(c)</sup> | 09/01/2026 | 248100 |
| 729000 | 3.000 <sup>(c)</sup> | 09/01/2031 | 660598 |
| 1484000 | 3.375 <sup>(c)</sup> | 09/01/2041 | 1192607 |
| City of Justin Texas Special Assessment RB Series 2024 Timberbrook Public Improvement District No. 2 Improvement Area #1 Project (NR/NR) | City of Justin Texas Special Assessment RB Series 2024 Timberbrook Public Improvement District No. 2 Improvement Area #1 Project (NR/NR) | City of Justin Texas Special Assessment RB Series 2024 Timberbrook Public Improvement District No. 2 Improvement Area #1 Project (NR/NR) | City of Justin Texas Special Assessment RB Series 2024 Timberbrook Public Improvement District No. 2 Improvement Area #1 Project (NR/NR) |
| 353000 | 4.500 <sup>(c)</sup> | 09/01/2031 | 354949 |
| 578000 | 5.500 <sup>(c)</sup> | 09/01/2044 | 579067 |
| City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR) | City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR) | City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR) | City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR) |
| 160000 | 2.625 <sup>(c)</sup> | 09/15/2026 | 155472 |
| 230000 | 3.125 <sup>(c)</sup> | 09/15/2031 | 202206 |
| City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR) | City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR) | City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR) | City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR) |
| 722000 | 5.625 <sup>(c)</sup> | 09/15/2042 | 720324 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Kyle Special Assessment RB for 6 Creeks Public Improvement District Project Series 2023 (NR/NR) | City of Kyle Special Assessment RB for 6 Creeks Public Improvement District Project Series 2023 (NR/NR) | City of Kyle Special Assessment RB for 6 Creeks Public Improvement District Project Series 2023 (NR/NR) | City of Kyle Special Assessment RB for 6 Creeks Public Improvement District Project Series 2023 (NR/NR) |
| $723000 | 4.375 %<sup>(c)</sup> | 09/01/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724512 |
| 750000 | 4.500 <sup>(c)</sup> | 09/01/2033 | 741999 |
| City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR) | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR) | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR) | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR) |
| 431000 | 3.375 <sup>(c)</sup> | 09/01/2031 | 404890 |
| 628000 | 3.750 <sup>(c)</sup> | 09/01/2041 | 536791 |
| City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR) | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR) | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR) | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR) |
| 1180000 | 4.750 <sup>(c)</sup> | 09/01/2044 | 1105387 |
| City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR) | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR) | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR) | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR) |
| 610000 | 3.125 <sup>(c)</sup> | 09/01/2030 | 561143 |
| City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR) | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR) | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR) | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR) |
| 1000000 | 4.125 <sup>(c)</sup> | 09/01/2041 | 877904 |
| City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR) | City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR) | City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR) | City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR) |
| 255000 | 4.250 <sup>(c)</sup> | 09/01/2029 | 253786 |
| 1000000 | 4.875 <sup>(c)</sup> | 09/01/2044 | 965985 |
| 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) |
| 321000 | 4.375 | 09/01/2027 | 321908 |
| 535000 | 4.750 | 09/01/2032 | 534977 |
| City of Kyle Special Assessment RB, Series 2023 Porter Country Public Improvement District Improvement Area 1 Project (NR/NR) | City of Kyle Special Assessment RB, Series 2023 Porter Country Public Improvement District Improvement Area 1 Project (NR/NR) | City of Kyle Special Assessment RB, Series 2023 Porter Country Public Improvement District Improvement Area 1 Project (NR/NR) | City of Kyle Special Assessment RB, Series 2023 Porter Country Public Improvement District Improvement Area 1 Project (NR/NR) |
| 1229000 | 5.750 <sup>(c)</sup> | 09/01/2043 | 1214474 |
| City of Kyle Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2024 (NR/NR) | City of Kyle Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2024 (NR/NR) | City of Kyle Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2024 (NR/NR) | City of Kyle Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2024 (NR/NR) |
| 560000 | 5.500 <sup>(c)</sup> | 09/01/2044 | 556409 |
| City of Kyle Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2025 (NR/NR) | City of Kyle Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2025 (NR/NR) | City of Kyle Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2025 (NR/NR) | City of Kyle Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2025 (NR/NR) |
| 365000 | 4.500 <sup>(c)</sup> | 09/01/2035 | 356046 |
| City of Kyle, Hays County Special Assessment RB, Series 2023 Limestone Creek Public Improvement District Improvement Area 1 Project (NR/NR) | City of Kyle, Hays County Special Assessment RB, Series 2023 Limestone Creek Public Improvement District Improvement Area 1 Project (NR/NR) | City of Kyle, Hays County Special Assessment RB, Series 2023 Limestone Creek Public Improvement District Improvement Area 1 Project (NR/NR) | City of Kyle, Hays County Special Assessment RB, Series 2023 Limestone Creek Public Improvement District Improvement Area 1 Project (NR/NR) |
| 678000 | 5.500 <sup>(c)</sup> | 09/01/2043 | 672140 |
| City of Kyle, Texas, Special Assessment RB for Southwest Kyle Public Improvement District Project Series 2023 (NR/NR) | City of Kyle, Texas, Special Assessment RB for Southwest Kyle Public Improvement District Project Series 2023 (NR/NR) | City of Kyle, Texas, Special Assessment RB for Southwest Kyle Public Improvement District Project Series 2023 (NR/NR) | City of Kyle, Texas, Special Assessment RB for Southwest Kyle Public Improvement District Project Series 2023 (NR/NR) |
| 1500000 | 6.750 <sup>(c)</sup> | 09/01/2048 | 1561976 |
| City of Lago Vista Special Assessment RB for Tessera On Lake Travis Public Improvement District Improvement Area #3 Project Series 2024 (NR/NR) | City of Lago Vista Special Assessment RB for Tessera On Lake Travis Public Improvement District Improvement Area #3 Project Series 2024 (NR/NR) | City of Lago Vista Special Assessment RB for Tessera On Lake Travis Public Improvement District Improvement Area #3 Project Series 2024 (NR/NR) | City of Lago Vista Special Assessment RB for Tessera On Lake Travis Public Improvement District Improvement Area #3 Project Series 2024 (NR/NR) |
| 474000 | 4.750 <sup>(c)</sup> | 09/01/2030 | 470584 |
| 1210000 | 5.625 <sup>(c)</sup> | 09/01/2043 | 1189489 |
| 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) |
| 160000 | 2.750 | 09/01/2025 | 159076 |
| 430000 | 3.125 | 09/01/2030 | 396334 |
| City of Laredo Waterworks and Sewer System RB New Series 2024 (Aa3/AA-) | City of Laredo Waterworks and Sewer System RB New Series 2024 (Aa3/AA-) | City of Laredo Waterworks and Sewer System RB New Series 2024 (Aa3/AA-) | City of Laredo Waterworks and Sewer System RB New Series 2024 (Aa3/AA-) |
| 2765000 | 4.000 | 03/01/2049 | 2504025 |
| 7500000 | 4.000 | 03/01/2054 | 6720822 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **85** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812417 |
| City of Lavon Special Assessment RB for Elevon Public Improvement District Improvement Area #2A-2B Project Series 2024 (NR/NR) | City of Lavon Special Assessment RB for Elevon Public Improvement District Improvement Area #2A-2B Project Series 2024 (NR/NR) | City of Lavon Special Assessment RB for Elevon Public Improvement District Improvement Area #2A-2B Project Series 2024 (NR/NR) | City of Lavon Special Assessment RB for Elevon Public Improvement District Improvement Area #2A-2B Project Series 2024 (NR/NR) |
| 300000 | 4.375 <sup>(c)</sup> | 09/15/2031 | 294715 |
| City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR) | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR) | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR) | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR) |
| 245000 | 3.750 <sup>(c)</sup> | 09/15/2029 | 236086 |
| City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR) | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR) | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR) | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR) |
| 50000 | 4.375 <sup>(c)</sup> | 09/15/2029 | 49524 |
| City of Lavon Special Assessment RB for Lakepointe Public Improvement District Project Series 2022 (NR/NR) | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Project Series 2022 (NR/NR) | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Project Series 2022 (NR/NR) | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Project Series 2022 (NR/NR) |
| 1500000 | 5.875 <sup>(c)</sup> | 09/15/2042 | 1574550 |
| 2126000 | 6.125 <sup>(c)</sup> | 09/15/2052 | 2207275 |
| City of Lavon Special Assessment RB Series 2022 (NR/NR) | City of Lavon Special Assessment RB Series 2022 (NR/NR) | City of Lavon Special Assessment RB Series 2022 (NR/NR) | City of Lavon Special Assessment RB Series 2022 (NR/NR) |
| 400000 | 3.500 <sup>(c)</sup> | 09/15/2027 | 389516 |
| 276000 | 3.750 <sup>(c)</sup> | 09/15/2027 | 270287 |
| 1000000 | 3.875 <sup>(c)</sup> | 09/15/2032 | 943572 |
| 455000 | 4.125 <sup>(c)</sup> | 09/15/2032 | 437769 |
| City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR) | City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR) | City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR) | City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR) |
| 120000 | 2.500 <sup>(c)</sup> | 09/01/2025 | 119479 |
| 330000 | 3.125 <sup>(c)</sup> | 09/01/2030 | 305654 |
| 845000 | 4.000 <sup>(c)</sup> | 09/01/2040 | 757690 |
| City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR) | City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR) | City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR) | City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR) |
| 558000 | 2.625 <sup>(c)</sup> | 09/01/2027 | 538902 |
| 750000 | 3.125 <sup>(c)</sup> | 09/01/2032 | 687345 |
| 1772000 | 3.375 <sup>(c)</sup> | 09/01/2042 | 1412561 |
| City of Lubbock Texas Combination Tax and Revenue Certificates of Obligation Series 2024 (NR/AA+) | City of Lubbock Texas Combination Tax and Revenue Certificates of Obligation Series 2024 (NR/AA+) | City of Lubbock Texas Combination Tax and Revenue Certificates of Obligation Series 2024 (NR/AA+) | City of Lubbock Texas Combination Tax and Revenue Certificates of Obligation Series 2024 (NR/AA+) |
| 1895000 | 5.000 | 02/15/2041 | 2010756 |
| City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR) |
| 195000 | 2.500 <sup>(c)</sup> | 09/15/2026 | 189142 |
| 250000 | 3.125 <sup>(c)</sup> | 09/15/2031 | 221172 |
| 310000 | 3.750 <sup>(c)</sup> | 09/15/2031 | 275958 |
| City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR) | City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR) | City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR) | City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR) |
| 45000 | 3.750 <sup>(c)</sup> | 09/15/2025 | 44955 |
| City of Manor Texas A Municipal Corp. of The State of Texas Located In Travis County Special Assessment RB Series 2024 (NR/NR) | City of Manor Texas A Municipal Corp. of The State of Texas Located In Travis County Special Assessment RB Series 2024 (NR/NR) | City of Manor Texas A Municipal Corp. of The State of Texas Located In Travis County Special Assessment RB Series 2024 (NR/NR) | City of Manor Texas A Municipal Corp. of The State of Texas Located In Travis County Special Assessment RB Series 2024 (NR/NR) |
| 500000 | 4.625 <sup>(c)</sup> | 09/15/2031 | 498634 |
| 408000 | 5.375 <sup>(c)</sup> | 09/15/2044 | 410445 |
| City of Manor, Travis County Special Assessment RB, Series 2023 Manor Heights Public Improvement District Improvement Area 3 Project (NR/NR) | City of Manor, Travis County Special Assessment RB, Series 2023 Manor Heights Public Improvement District Improvement Area 3 Project (NR/NR) | City of Manor, Travis County Special Assessment RB, Series 2023 Manor Heights Public Improvement District Improvement Area 3 Project (NR/NR) | City of Manor, Travis County Special Assessment RB, Series 2023 Manor Heights Public Improvement District Improvement Area 3 Project (NR/NR) |
| 528000 | 5.250 <sup>(c)</sup> | 09/15/2043 | 528622 |
| City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR) |
| 230000 | 3.375 <sup>(c)</sup> | 09/01/2026 | 225818 |
| 350000 | 3.875 <sup>(c)</sup> | 09/01/2031 | 321704 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) | City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR) | City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR) | City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR) |
| $280000 | 3.750 %<sup>(c)</sup> | 09/15/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270906 |
| City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR) | City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR) | City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR) | City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR) |
| 90000 | 2.625 <sup>(c)</sup> | 09/15/2026 | 87453 |
| 480000 | 3.125 <sup>(c)</sup> | 09/15/2031 | 428545 |
| City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR) | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR) | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR) | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR) |
| 400000 | 5.375 <sup>(c)</sup> | 09/15/2032 | 402113 |
| City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR) | City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR) | City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR) | City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR) |
| 400000 | 5.250 <sup>(c)</sup> | 09/15/2029 | 404715 |
| City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR) | City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR) | City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR) | City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR) |
| 795000 | 4.500 <sup>(c)</sup> | 09/15/2029 | 794558 |
| 775000 | 5.375 <sup>(c)</sup> | 09/15/2029 | 781809 |
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects Series 2023 (NR/NR) |
| 806000 | 4.750 <sup>(c)</sup> | 09/01/2030 | 812765 |
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 (NR/NR) |
| 1275000 | 5.500 <sup>(c)</sup> | 09/01/2043 | 1295947 |
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-1 Projects Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-1 Projects Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-1 Projects Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-1 Projects Series 2023 (NR/NR) |
| 411000 | 4.625 <sup>(c)</sup> | 09/01/2030 | 411038 |
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-1 Projects, Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-1 Projects, Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-1 Projects, Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-1 Projects, Series 2023 (NR/NR) |
| 400000 | 5.375 <sup>(c)</sup> | 09/01/2043 | 402665 |
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-2 Projects Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-2 Projects Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-2 Projects Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-2 Projects Series 2023 (NR/NR) |
| 392000 | 4.625 <sup>(c)</sup> | 09/01/2030 | 393894 |
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-3 Projects Series 2024 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-3 Projects Series 2024 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-3 Projects Series 2024 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-3 Projects Series 2024 (NR/NR) |
| 244000 | 4.250 <sup>(c)</sup> | 09/01/2031 | 240478 |
| City of Mesquite, Dallas and Kaufman Counties Special Assessment RB, Series 2023 Heartland Town Center Public Improvement District Phase 2 Specific Improvements Project (NR/NR) | City of Mesquite, Dallas and Kaufman Counties Special Assessment RB, Series 2023 Heartland Town Center Public Improvement District Phase 2 Specific Improvements Project (NR/NR) | City of Mesquite, Dallas and Kaufman Counties Special Assessment RB, Series 2023 Heartland Town Center Public Improvement District Phase 2 Specific Improvements Project (NR/NR) | City of Mesquite, Dallas and Kaufman Counties Special Assessment RB, Series 2023 Heartland Town Center Public Improvement District Phase 2 Specific Improvements Project (NR/NR) |
| 559000 | 5.125 <sup>(c)</sup> | 09/01/2052 | 527803 |
| City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR) | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR) | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR) | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR) |
| 410000 | 3.500 <sup>(c)</sup> | 09/15/2031 | 375265 |
| 1000000 | 3.875 <sup>(c)</sup> | 09/15/2041 | 853977 |
| City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR) | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR) | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR) | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR) |
| 393000 | 4.375 <sup>(c)</sup> | 09/15/2027 | 391763 |
| 626000 | 4.750 <sup>(c)</sup> | 09/15/2032 | 624297 |
| 1417000 | 5.250 <sup>(c)</sup> | 09/15/2042 | 1412824 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 86 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR) | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR) | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR) | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR) |
| $180000 | 5.125 %<sup>(c)</sup> | 09/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180035 |
| 310000 | 5.500 <sup>(c)</sup> | 09/15/2032 | 305834 |
| 600000 | 6.000 <sup>(c)</sup> | 09/15/2042 | 599605 |
| City of Mustang Ridge Special Assessment RB for Durango Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Mustang Ridge Special Assessment RB for Durango Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Mustang Ridge Special Assessment RB for Durango Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Mustang Ridge Special Assessment RB for Durango Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) |
| 676000 | 6.125 <sup>(c)</sup> | 09/01/2043 | 684158 |
| City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR) | City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR) | City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR) | City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR) |
| 254000 | 4.875 <sup>(c)</sup> | 09/01/2030 | 257455 |
| 265000 | 5.250 <sup>(c)</sup> | 09/01/2030 | 271818 |
| 381000 | 5.250 <sup>(c)</sup> | 09/01/2040 | 379118 |
| 310000 | 5.625 <sup>(c)</sup> | 09/01/2040 | 308032 |
| 795000 | 4.125 <sup>(c)</sup> | 09/01/2049 | 665521 |
| City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR) | City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR) | City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR) | City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR) |
| 95000 | 2.500 <sup>(c)</sup> | 09/01/2025 | 94161 |
| 455000 | 3.250 <sup>(c)</sup> | 09/01/2030 | 416549 |
| City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2019 (NR/NR) | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2019 (NR/NR) | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2019 (NR/NR) | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2019 (NR/NR) |
| 140000 | 3.500 <sup>(c)</sup> | 09/01/2029 | 133747 |
| 350000 | 4.000 <sup>(c)</sup> | 09/01/2039 | 318936 |
| City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR) | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR) | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR) | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR) |
| 136000 | 2.375 <sup>(c)</sup> | 09/01/2026 | 131884 |
| City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR) | City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR) | City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR) | City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR) |
| 205000 | 4.000 <sup>(c)</sup> | 09/01/2028 | 204845 |
| 1535000 | 4.500 <sup>(c)</sup> | 09/01/2048 | 1397448 |
| City of Oak Point Texas A Municipal Corporation of The State of Texas Located in Denton County Special Assessment RB Series 2024 (NR/NR) | City of Oak Point Texas A Municipal Corporation of The State of Texas Located in Denton County Special Assessment RB Series 2024 (NR/NR) | City of Oak Point Texas A Municipal Corporation of The State of Texas Located in Denton County Special Assessment RB Series 2024 (NR/NR) | City of Oak Point Texas A Municipal Corporation of The State of Texas Located in Denton County Special Assessment RB Series 2024 (NR/NR) |
| 250000 | 4.700 <sup>(c)</sup> | 09/15/2031 | 247744 |
| 475000 | 5.350 <sup>(c)</sup> | 09/15/2044 | 463976 |
| City of Oak Point Texas Special Assessment RB Series 2024 (NR/NR) | City of Oak Point Texas Special Assessment RB Series 2024 (NR/NR) | City of Oak Point Texas Special Assessment RB Series 2024 (NR/NR) | City of Oak Point Texas Special Assessment RB Series 2024 (NR/NR) |
| 625000 | 5.100 <sup>(c)</sup> | 09/15/2044 | 594896 |
| City of Pflugerville, Texas Special Assessment RB Series 2025 (NR/NR) | City of Pflugerville, Texas Special Assessment RB Series 2025 (NR/NR) | City of Pflugerville, Texas Special Assessment RB Series 2025 (NR/NR) | City of Pflugerville, Texas Special Assessment RB Series 2025 (NR/NR) |
| 446000 | 4.250 <sup>(c)</sup> | 09/01/2033 | 437506 |
| City of Pflugerville, Texas Travis and Williamson Counties, Texas Combination Tax and Limited Revenue Certificates of Obligation,<br>Series 2023 (Aa3/NR) | City of Pflugerville, Texas Travis and Williamson Counties, Texas Combination Tax and Limited Revenue Certificates of Obligation,<br>Series 2023 (Aa3/NR) | City of Pflugerville, Texas Travis and Williamson Counties, Texas Combination Tax and Limited Revenue Certificates of Obligation,<br>Series 2023 (Aa3/NR) | City of Pflugerville, Texas Travis and Williamson Counties, Texas Combination Tax and Limited Revenue Certificates of Obligation,<br>Series 2023 (Aa3/NR) |
| 3275000 | 4.000 | 08/01/2049 | 2977833 |
| City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR) |
| 309000 | 4.875 <sup>(c)</sup> | 09/15/2027 | 309587 |
| 350000 | 5.250 <sup>(c)</sup> | 09/15/2032 | 351772 |
| 245000 | 5.750 <sup>(c)</sup> | 09/15/2032 | 251616 |
| City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR) |
| 280000 | 4.875 <sup>(c)</sup> | 09/15/2027 | 280492 |
| 300000 | 5.250 <sup>(c)</sup> | 09/15/2032 | 301374 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR) |
| $1000000 | 5.500 %<sup>(c)</sup> | 09/15/2048 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996778 |
| City of Pilot Point, Denton, Grayson, and Cooke Counties Special Assessment RB, Series 2023 Mobberly Public Improvement District Improvement Area 1B Project (NR/NR) | City of Pilot Point, Denton, Grayson, and Cooke Counties Special Assessment RB, Series 2023 Mobberly Public Improvement District Improvement Area 1B Project (NR/NR) | City of Pilot Point, Denton, Grayson, and Cooke Counties Special Assessment RB, Series 2023 Mobberly Public Improvement District Improvement Area 1B Project (NR/NR) | City of Pilot Point, Denton, Grayson, and Cooke Counties Special Assessment RB, Series 2023 Mobberly Public Improvement District Improvement Area 1B Project (NR/NR) |
| 321000 | 4.750 <sup>(c)</sup> | 09/15/2030 | 322299 |
| City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) | City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) | City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) | City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) |
| 2875000 | 4.375 <sup>(c)</sup> | 09/15/2051 | 2295705 |
| City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) | City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) | City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) | City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) |
| 1876000 | 4.000 <sup>(c)</sup> | 09/15/2051 | 1489028 |
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR) |
| 700000 | 4.250 <sup>(c)</sup> | 09/01/2042 | 607460 |
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR) |
| 321000 | 3.750 <sup>(c)</sup> | 09/01/2029 | 311708 |
| 846000 | 4.250 <sup>(c)</sup> | 09/01/2039 | 773729 |
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR) |
| 180000 | 3.375 <sup>(c)</sup> | 09/01/2030 | 166165 |
| 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) |
| 415000 | 4.250 | 09/01/2029 | 411545 |
| 655000 | 4.875 | 09/01/2039 | 638535 |
| 1000000 | 5.000 | 09/01/2049 | 937746 |
| City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) |
| 289000 | 3.375 <sup>(c)</sup> | 09/01/2041 | 228146 |
| City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area No. 2 Project Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area No. 2 Project Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area No. 2 Project Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area No. 2 Project Series 2023 (NR/NR) |
| 450000 | 4.500 <sup>(c)</sup> | 09/01/2030 | 450596 |
| City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR) |
| 300000 | 4.250 <sup>(c)</sup> | 09/01/2027 | 299467 |
| 379000 | 4.750 <sup>(c)</sup> | 09/01/2032 | 377816 |
| City of Princeton Special Assessment RB for Sicily Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Sicily Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Sicily Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Sicily Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) |
| 975000 | 7.000 <sup>(c)</sup> | 09/01/2043 | 983836 |
| City of Princeton Special Assessment RB for Southridge Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Southridge Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Southridge Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Southridge Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) |
| 1286000 | 6.250 <sup>(c)</sup> | 09/01/2043 | 1349856 |
| City of Princeton Special Assessment RB for Southridge Public Improvement District Improvement Area No. 2 Project Series 2024 (NR/NR) | City of Princeton Special Assessment RB for Southridge Public Improvement District Improvement Area No. 2 Project Series 2024 (NR/NR) | City of Princeton Special Assessment RB for Southridge Public Improvement District Improvement Area No. 2 Project Series 2024 (NR/NR) | City of Princeton Special Assessment RB for Southridge Public Improvement District Improvement Area No. 2 Project Series 2024 (NR/NR) |
| 515000 | 4.375 <sup>(c)</sup> | 09/01/2031 | 509705 |
| City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR) | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR) | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR) | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR) |
| 365000 | 4.000 <sup>(c)</sup> | 09/01/2029 | 354494 |
| 480000 | 5.000 <sup>(c)</sup> | 09/01/2029 | 482364 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **87** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Whitewing Trails Public Improvement District Project Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District Project Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District Project Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District Project Series 2023 (NR/NR) |
| $1000000 | 5.125 %<sup>(c)</sup> | 09/01/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969792 |
| City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR) |
| 306000 | 4.250 <sup>(c)</sup> | 09/01/2027 | 305387 |
| 460000 | 4.750 <sup>(c)</sup> | 09/01/2032 | 460419 |
| City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR) |
| 305000 | 3.250 <sup>(c)</sup> | 09/01/2030 | 280997 |
| City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR) |
| 140000 | 2.375 <sup>(c)</sup> | 09/01/2026 | 135652 |
| 469000 | 3.250 <sup>(c)</sup> | 09/01/2041 | 351950 |
| City of Princeton Special Assessment RB for Windmore Public Improvement District Improvement Area No. 1 Project Series 2024 (NR/NR) | City of Princeton Special Assessment RB for Windmore Public Improvement District Improvement Area No. 1 Project Series 2024 (NR/NR) | City of Princeton Special Assessment RB for Windmore Public Improvement District Improvement Area No. 1 Project Series 2024 (NR/NR) | City of Princeton Special Assessment RB for Windmore Public Improvement District Improvement Area No. 1 Project Series 2024 (NR/NR) |
| 252000 | 4.375 <sup>(c)</sup> | 09/01/2031 | 250100 |
| City of Princeton Special Assessment RB Series 2024 (NR/NR) | City of Princeton Special Assessment RB Series 2024 (NR/NR) | City of Princeton Special Assessment RB Series 2024 (NR/NR) | City of Princeton Special Assessment RB Series 2024 (NR/NR) |
| 302000 | 4.250 <sup>(c)</sup> | 09/01/2031 | 296651 |
| City of Princeton Texas A Municipal Corp. of The State of Texas Located In Collin County Special Assessment RB Series 2025 (Westridge Public Improvement District Improvement Area No. 1 Project) (NR/NR) | City of Princeton Texas A Municipal Corp. of The State of Texas Located In Collin County Special Assessment RB Series 2025 (Westridge Public Improvement District Improvement Area No. 1 Project) (NR/NR) | City of Princeton Texas A Municipal Corp. of The State of Texas Located In Collin County Special Assessment RB Series 2025 (Westridge Public Improvement District Improvement Area No. 1 Project) (NR/NR) | City of Princeton Texas A Municipal Corp. of The State of Texas Located In Collin County Special Assessment RB Series 2025 (Westridge Public Improvement District Improvement Area No. 1 Project) (NR/NR) |
| 300000 | 5.375 <sup>(c)(e)</sup> | 09/01/2045 | 297026 |
| City of Princeton Texas Special Assessment RB Series 2024 (NR/NR) | City of Princeton Texas Special Assessment RB Series 2024 (NR/NR) | City of Princeton Texas Special Assessment RB Series 2024 (NR/NR) | City of Princeton Texas Special Assessment RB Series 2024 (NR/NR) |
| 320000 | 4.375 <sup>(c)</sup> | 09/01/2031 | 314963 |
| City of Princeton Texas Special Assessment RB Series 2025 (NR/NR) | City of Princeton Texas Special Assessment RB Series 2025 (NR/NR) | City of Princeton Texas Special Assessment RB Series 2025 (NR/NR) | City of Princeton Texas Special Assessment RB Series 2025 (NR/NR) |
| 747000 | 4.250 <sup>(c)(e)</sup> | 09/01/2030 | 744055 |
| 656000 | 4.600 <sup>(c)(e)</sup> | 09/01/2035 | 652674 |
| 504000 | 5.375 <sup>(c)(e)</sup> | 09/01/2045 | 499003 |
| City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR) | City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR) | City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR) | City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR) |
| 125000 | 2.625 <sup>(c)</sup> | 09/15/2026 | 121462 |
| 355000 | 3.125 <sup>(c)</sup> | 09/15/2031 | 311568 |
| City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR) | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR) | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR) | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR) |
| 140000 | 2.625 <sup>(c)</sup> | 09/15/2025 | 139070 |
| 405000 | 3.375 <sup>(c)</sup> | 09/15/2030 | 376355 |
| City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR) | City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR) | City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR) | City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR) |
| 225000 | 3.625 <sup>(c)</sup> | 09/15/2030 | 208385 |
| 140000 | 4.375 <sup>(c)</sup> | 09/15/2030 | 135174 |
| 500000 | 4.125 <sup>(c)</sup> | 09/15/2040 | 440413 |
| 400000 | 4.875 <sup>(c)</sup> | 09/15/2040 | 374941 |
| City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR) | City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR) | City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR) | City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR) |
| 370000 | 4.125 <sup>(c)</sup> | 09/15/2029 | 364251 |
| 1050000 | 4.625 <sup>(c)</sup> | 09/15/2039 | 994475 |
| City of Royse City Special Assessment RB for Liberty Crossing Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Royse City Special Assessment RB for Liberty Crossing Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Royse City Special Assessment RB for Liberty Crossing Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Royse City Special Assessment RB for Liberty Crossing Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) |
| 1192000 | 6.375 <sup>(c)</sup> | 09/15/2053 | 1215869 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Royse City Texas A Municipal Corp. of The State of Texas Located In Rockwall Collin and Hunt Counties Special Assessment RB Series 2024 (NR/NR) | City of Royse City Texas A Municipal Corp. of The State of Texas Located In Rockwall Collin and Hunt Counties Special Assessment RB Series 2024 (NR/NR) | City of Royse City Texas A Municipal Corp. of The State of Texas Located In Rockwall Collin and Hunt Counties Special Assessment RB Series 2024 (NR/NR) | City of Royse City Texas A Municipal Corp. of The State of Texas Located In Rockwall Collin and Hunt Counties Special Assessment RB Series 2024 (NR/NR) |
| $342000 | 4.625 %<sup>(c)</sup> | 09/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343348 |
| City of Royse City Texas A Municipal Corporation of The State of Texas Located in Rockwall Collin and Hunt Counties Special Assessment RB Series 2024 (NR/NR) | City of Royse City Texas A Municipal Corporation of The State of Texas Located in Rockwall Collin and Hunt Counties Special Assessment RB Series 2024 (NR/NR) | City of Royse City Texas A Municipal Corporation of The State of Texas Located in Rockwall Collin and Hunt Counties Special Assessment RB Series 2024 (NR/NR) | City of Royse City Texas A Municipal Corporation of The State of Texas Located in Rockwall Collin and Hunt Counties Special Assessment RB Series 2024 (NR/NR) |
| 947000 | 5.250 <sup>(c)</sup> | 09/15/2044 | 913836 |
| City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR) | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR) | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR) | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR) |
| 150000 | 2.500 <sup>(c)</sup> | 09/15/2025 | 149422 |
| 305000 | 3.250 <sup>(c)</sup> | 09/15/2030 | 279421 |
| City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR) | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR) | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR) | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR) |
| 665000 | 6.000 <sup>(c)</sup> | 09/15/2050 | 694516 |
| City of San Antonio Electric and Gas Systems Revenue Refunding Bonds New Series 2024D (Aa2/AA-) | City of San Antonio Electric and Gas Systems Revenue Refunding Bonds New Series 2024D (Aa2/AA-) | City of San Antonio Electric and Gas Systems Revenue Refunding Bonds New Series 2024D (Aa2/AA-) | City of San Antonio Electric and Gas Systems Revenue Refunding Bonds New Series 2024D (Aa2/AA-) |
| 4600000 | 5.000 | 02/01/2041 | 4901555 |
| City of San Antonio Electric and Gas Systems Revenue Refunding Bonds New Series 2024E (Aa2/AA-) | City of San Antonio Electric and Gas Systems Revenue Refunding Bonds New Series 2024E (Aa2/AA-) | City of San Antonio Electric and Gas Systems Revenue Refunding Bonds New Series 2024E (Aa2/AA-) | City of San Antonio Electric and Gas Systems Revenue Refunding Bonds New Series 2024E (Aa2/AA-) |
| 3475000 | 5.000 | 02/01/2041 | 3702805 |
| City of San Antonio Texas Municipal Facilities Corporation City Tower Renovation Project Variable Rate Lease RB Series 2021 (Aa1/AA+) | City of San Antonio Texas Municipal Facilities Corporation City Tower Renovation Project Variable Rate Lease RB Series 2021 (Aa1/AA+) | City of San Antonio Texas Municipal Facilities Corporation City Tower Renovation Project Variable Rate Lease RB Series 2021 (Aa1/AA+) | City of San Antonio Texas Municipal Facilities Corporation City Tower Renovation Project Variable Rate Lease RB Series 2021 (Aa1/AA+) |
| 3455000 | 5.000 <sup>(a)(b)</sup> | 08/01/2050 | 3590892 |
| City of San Antonio Texas Water System Revenue Refunding Bonds Series 2025B (Aa1/AA+) | City of San Antonio Texas Water System Revenue Refunding Bonds Series 2025B (Aa1/AA+) | City of San Antonio Texas Water System Revenue Refunding Bonds Series 2025B (Aa1/AA+) | City of San Antonio Texas Water System Revenue Refunding Bonds Series 2025B (Aa1/AA+) |
| 1945000 | 5.000 | 05/15/2038 | 2133258 |
| 1500000 | 5.000 | 05/15/2039 | 1635138 |
| 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) |
| 115000 | 4.375 | 09/01/2025 | 115151 |
| 500000 | 4.875 | 09/01/2030 | 497460 |
| 635000 | 5.375 | 09/01/2040 | 637576 |
| City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR) | City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR) | City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR) | City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR) |
| 300000 | 3.750 <sup>(c)</sup> | 09/01/2027 | 293975 |
| 425000 | 4.000 <sup>(c)</sup> | 09/01/2032 | 404235 |
| City of San Marcos, Texas (A Municipal Corporation of The State of Texas Located In Hays, Caldwell and Guadalupe Counties) Special Assessment RB, Series 2024 (Trace Public Improvement District) (NR/NR) | City of San Marcos, Texas (A Municipal Corporation of The State of Texas Located In Hays, Caldwell and Guadalupe Counties) Special Assessment RB, Series 2024 (Trace Public Improvement District) (NR/NR) | City of San Marcos, Texas (A Municipal Corporation of The State of Texas Located In Hays, Caldwell and Guadalupe Counties) Special Assessment RB, Series 2024 (Trace Public Improvement District) (NR/NR) | City of San Marcos, Texas (A Municipal Corporation of The State of Texas Located In Hays, Caldwell and Guadalupe Counties) Special Assessment RB, Series 2024 (Trace Public Improvement District) (NR/NR) |
| 209000 | 4.875 <sup>(c)</sup> | 09/01/2030 | 207450 |
| City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR) | City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR) | City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR) | City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR) |
| 146000 | 4.375 <sup>(c)</sup> | 09/01/2027 | 144933 |
| City of Sinton Special Assessment RB Series 2022 (NR/NR) | City of Sinton Special Assessment RB Series 2022 (NR/NR) | City of Sinton Special Assessment RB Series 2022 (NR/NR) | City of Sinton Special Assessment RB Series 2022 (NR/NR) |
| 281000 | 4.375 <sup>(c)</sup> | 09/01/2027 | 278568 |
| 659000 | 4.750 <sup>(c)</sup> | 09/01/2032 | 632301 |
| City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area No. 2 Series 2023 (NR/NR) | City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area No. 2 Series 2023 (NR/NR) | City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area No. 2 Series 2023 (NR/NR) | City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area No. 2 Series 2023 (NR/NR) |
| 225000 | 4.875 <sup>(c)</sup> | 09/15/2033 | 225436 |
| City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area No. 3 Series 2023 (NR/NR) | City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area No. 3 Series 2023 (NR/NR) | City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area No. 3 Series 2023 (NR/NR) | City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area No. 3 Series 2023 (NR/NR) |
| 283000 | 5.000 <sup>(c)</sup> | 09/15/2033 | 283243 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 88 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Uhland Special Assessment RB for Anderson Park Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Uhland Special Assessment RB for Anderson Park Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Uhland Special Assessment RB for Anderson Park Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Uhland Special Assessment RB for Anderson Park Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) |
| $353000 | 4.375 %<sup>(c)</sup> | 09/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350339 |
| City of Venus Special Assessment RB for Patriot Estates Public Improvement Project Series 2021 (NR/NR) | City of Venus Special Assessment RB for Patriot Estates Public Improvement Project Series 2021 (NR/NR) | City of Venus Special Assessment RB for Patriot Estates Public Improvement Project Series 2021 (NR/NR) | City of Venus Special Assessment RB for Patriot Estates Public Improvement Project Series 2021 (NR/NR) |
| 1010000 | 3.375 <sup>(c)</sup> | 09/15/2041 | 815877 |
| City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR) | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR) | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR) | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR) |
| 1125000 | 5.500 <sup>(c)</sup> | 08/15/2052 | 1110572 |
| Clifton Higher Education Finance Corp. Education Revenue and Refunding Bonds Series 2024 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corp. Education Revenue and Refunding Bonds Series 2024 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corp. Education Revenue and Refunding Bonds Series 2024 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corp. Education Revenue and Refunding Bonds Series 2024 (PSF-GTD) (NR/AAA) |
| 1000000 | 5.000 | 08/15/2037 | 1074536 |
| 1000000 | 5.000 | 08/15/2039 | 1066843 |
| 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) |
| 700000 | 4.000 | 04/01/2031 | 717121 |
| 575000 | 4.000 | 04/01/2035 | 577884 |
| 1345000 | 4.000 | 04/01/2037 | 1340601 |
| 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 | 4321379 |
| 3875000 | 4.000 | 08/15/2037 | 3796792 |
| Club Municipal Management District No. 1 Special Assessment RB for Improvement Area #3 Project Series 2024 (NR/NR) | Club Municipal Management District No. 1 Special Assessment RB for Improvement Area #3 Project Series 2024 (NR/NR) | Club Municipal Management District No. 1 Special Assessment RB for Improvement Area #3 Project Series 2024 (NR/NR) | Club Municipal Management District No. 1 Special Assessment RB for Improvement Area #3 Project Series 2024 (NR/NR) |
| 500000 | 4.375 <sup>(c)</sup> | 09/01/2031 | 494039 |
| Club Municipal Management District Special Assessment RB Series 2021 (NR/NR) | Club Municipal Management District Special Assessment RB Series 2021 (NR/NR) | Club Municipal Management District Special Assessment RB Series 2021 (NR/NR) | Club Municipal Management District Special Assessment RB Series 2021 (NR/NR) |
| 470000 | 3.000 <sup>(c)</sup> | 09/01/2031 | 419144 |
| 930000 | 3.250 <sup>(c)</sup> | 09/01/2041 | 710444 |
| 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) |
| 495000 | 5.000 | 02/01/2026 | 503886 |
| Comal Independent School District UT School Building and Refunding Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Comal Independent School District UT School Building and Refunding Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Comal Independent School District UT School Building and Refunding Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Comal Independent School District UT School Building and Refunding Bonds Series 2024 (PSF-GTD) (Aaa/NR) |
| 2250000 | 3.000 | 02/15/2041 | 1916494 |
| 2250000 | 3.000 | 02/15/2042 | 1882616 |
| 2750000 | 3.000 | 02/15/2043 | 2244955 |
| Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/B) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/B) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/B) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/B) |
| 475000 | 2.500 | 10/01/2031 | 406475 |
| Conroe Local Government Corp. Conroe Convention Center Hotel<br>Series 2021 C (Aa3/NR) | Conroe Local Government Corp. Conroe Convention Center Hotel<br>Series 2021 C (Aa3/NR) | Conroe Local Government Corp. Conroe Convention Center Hotel<br>Series 2021 C (Aa3/NR) | Conroe Local Government Corp. Conroe Convention Center Hotel<br>Series 2021 C (Aa3/NR) |
| 100000 | 5.000 | 10/01/2028 | 106031 |
| 115000 | 5.000 | 10/01/2029 | 123266 |
| 120000 | 5.000 | 10/01/2030 | 129758 |
| 100000 | 5.000 | 10/01/2031 | 108863 |
| 100000 | 5.000 | 10/01/2032 | 108621 |
| 170000 | 5.000 | 10/01/2033 | 183741 |
| 185000 | 5.000 | 10/01/2034 | 198703 |
| 200000 | 5.000 | 10/01/2036 | 212531 |
| 500000 | 4.000 | 10/01/2041 | 468979 |
| County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR) | County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR) | County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR) | County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR) |
| 95000 | 2.500 <sup>(c)</sup> | 09/15/2025 | 94380 |
| 350000 | 3.250 <sup>(c)</sup> | 09/15/2030 | 319549 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR) | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR) | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR) | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR) |
| $170000 | 3.500 %<sup>(c)</sup> | 09/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168043 |
| 395000 | 4.125 <sup>(c)</sup> | 09/01/2031 | 376192 |
| Crandall Independent School District (Kaufman County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | Crandall Independent School District (Kaufman County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | Crandall Independent School District (Kaufman County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | Crandall Independent School District (Kaufman County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) |
| 1315000 | 5.000 | 08/15/2048 | 1368949 |
| Crane Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Crane Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Crane Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Crane Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) |
| 1770000 | 4.125 | 02/15/2048 | 1675937 |
| Crosswinds at South Lake Special Improvement District Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Bonds,<br>Series 2024 (AGC) (Baa3/AA) | Crosswinds at South Lake Special Improvement District Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Bonds,<br>Series 2024 (AGC) (Baa3/AA) | Crosswinds at South Lake Special Improvement District Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Bonds,<br>Series 2024 (AGC) (Baa3/AA) | Crosswinds at South Lake Special Improvement District Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Bonds,<br>Series 2024 (AGC) (Baa3/AA) |
| 725000 | 5.000 | 08/15/2047 | 729832 |
| Crowley Independent School District UT Refunding Bonds Series 2016B (PSF-GTD) (Aaa/NR) | Crowley Independent School District UT Refunding Bonds Series 2016B (PSF-GTD) (Aaa/NR) | Crowley Independent School District UT Refunding Bonds Series 2016B (PSF-GTD) (Aaa/NR) | Crowley Independent School District UT Refunding Bonds Series 2016B (PSF-GTD) (Aaa/NR) |
| 500000 | 5.000 <sup>(d)</sup> | 08/01/2025 | 503474 |
| Cypress-Fairbanks Independent School District UT School Building and Refunding Bonds Series 2020A (PSF-GTD) (Aaa/AAA) | Cypress-Fairbanks Independent School District UT School Building and Refunding Bonds Series 2020A (PSF-GTD) (Aaa/AAA) | Cypress-Fairbanks Independent School District UT School Building and Refunding Bonds Series 2020A (PSF-GTD) (Aaa/AAA) | Cypress-Fairbanks Independent School District UT School Building and Refunding Bonds Series 2020A (PSF-GTD) (Aaa/AAA) |
| 7000000 | 5.000 | 02/15/2026 | 7134280 |
| Denton County Junior Lien Special Assessment RB for Tabor Ranch Public Improvement District Area #1 Project Series 2024B (NR/NR) | Denton County Junior Lien Special Assessment RB for Tabor Ranch Public Improvement District Area #1 Project Series 2024B (NR/NR) | Denton County Junior Lien Special Assessment RB for Tabor Ranch Public Improvement District Area #1 Project Series 2024B (NR/NR) | Denton County Junior Lien Special Assessment RB for Tabor Ranch Public Improvement District Area #1 Project Series 2024B (NR/NR) |
| 500000 | 5.125 <sup>(c)</sup> | 12/31/2031 | 495438 |
| Denton County Senior Lien Special Assessment RB for Tabor Ranch Public Improvement District Area #1 Project Series 2024A (NR/NR) | Denton County Senior Lien Special Assessment RB for Tabor Ranch Public Improvement District Area #1 Project Series 2024A (NR/NR) | Denton County Senior Lien Special Assessment RB for Tabor Ranch Public Improvement District Area #1 Project Series 2024A (NR/NR) | Denton County Senior Lien Special Assessment RB for Tabor Ranch Public Improvement District Area #1 Project Series 2024A (NR/NR) |
| 605000 | 4.625 <sup>(c)</sup> | 12/31/2031 | 598367 |
| Denton County Special Assessment RB for Tabor Ranch Public Improvement District Major Improvement Area Project Series 2024 (NR/NR) | Denton County Special Assessment RB for Tabor Ranch Public Improvement District Major Improvement Area Project Series 2024 (NR/NR) | Denton County Special Assessment RB for Tabor Ranch Public Improvement District Major Improvement Area Project Series 2024 (NR/NR) | Denton County Special Assessment RB for Tabor Ranch Public Improvement District Major Improvement Area Project Series 2024 (NR/NR) |
| 500000 | 5.250 <sup>(c)</sup> | 12/31/2031 | 494760 |
| Denton County Texas Special Assessment RB Series 2025 (NR/NR) | Denton County Texas Special Assessment RB Series 2025 (NR/NR) | Denton County Texas Special Assessment RB Series 2025 (NR/NR) | Denton County Texas Special Assessment RB Series 2025 (NR/NR) |
| 700000 | 4.250 <sup>(c)</sup> | 12/31/2030 | 692728 |
| 750000 | 4.750 <sup>(c)</sup> | 12/31/2030 | 742310 |
| Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Improvement Area #1 Project (NR/NR) | Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Improvement Area #1 Project (NR/NR) | Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Improvement Area #1 Project (NR/NR) | Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Improvement Area #1 Project (NR/NR) |
| 1117000 | 4.500 <sup>(c)</sup> | 12/31/2035 | 1094533 |
| Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Major Improvement Area Project (NR/NR) | Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Major Improvement Area Project (NR/NR) | Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Major Improvement Area Project (NR/NR) | Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Major Improvement Area Project (NR/NR) |
| 1135000 | 5.000 <sup>(c)</sup> | 12/31/2035 | 1112719 |
| Eagle Mountain-Saginaw Independent School District Variable Rate UT School Building Bonds Series 2011 (PSF-GTD) (NR/AAA) | Eagle Mountain-Saginaw Independent School District Variable Rate UT School Building Bonds Series 2011 (PSF-GTD) (NR/AAA) | Eagle Mountain-Saginaw Independent School District Variable Rate UT School Building Bonds Series 2011 (PSF-GTD) (NR/AAA) | Eagle Mountain-Saginaw Independent School District Variable Rate UT School Building Bonds Series 2011 (PSF-GTD) (NR/AAA) |
| 3125000 | 4.000 <sup>(a)(b)</sup> | 08/01/2050 | 3180469 |
| East Montgomery County Improvement District Sales Tax RB Series 2024 (AGC) (NR/AA) | East Montgomery County Improvement District Sales Tax RB Series 2024 (AGC) (NR/AA) | East Montgomery County Improvement District Sales Tax RB Series 2024 (AGC) (NR/AA) | East Montgomery County Improvement District Sales Tax RB Series 2024 (AGC) (NR/AA) |
| 3500000 | 5.250 | 08/15/2049 | 3720879 |
| 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-) |
| 320000 | 5.000 | 09/15/2025 | 321151 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **89** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR) | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR) | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR) | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR) |
| $235000 | 4.000 %<sup>(c)</sup> | 08/15/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225734 |
| 775000 | 4.500 <sup>(c)</sup> | 08/15/2035 | 715588 |
| 575000 | 5.000 <sup>(c)</sup> | 08/15/2044 | 521755 |
| 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 | 944932 |
| 950000 | 3.250 | 08/15/2041 | 692087 |
| El Paso County Hospital District Refunding RB Series 2024 (BAM) (NR/AA) | El Paso County Hospital District Refunding RB Series 2024 (BAM) (NR/AA) | El Paso County Hospital District Refunding RB Series 2024 (BAM) (NR/AA) | El Paso County Hospital District Refunding RB Series 2024 (BAM) (NR/AA) |
| 1000000 | 4.125 | 02/15/2049 | 932997 |
| 1570000 | 4.250 | 02/15/2054 | 1459543 |
| Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR) | Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR) | Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR) | Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR) |
| 190000 | 5.000 <sup>(c)</sup> | 09/01/2027 | 189920 |
| 225000 | 5.000 <sup>(c)</sup> | 09/01/2032 | 221979 |
| 330000 | 5.125 <sup>(c)</sup> | 09/01/2037 | 319420 |
| Frisco Independent School District, Collin and Denton Counties, UT School Building and Refunding Bonds, Series 2023 (PSF-GTD) (Aaa/AAA) | Frisco Independent School District, Collin and Denton Counties, UT School Building and Refunding Bonds, Series 2023 (PSF-GTD) (Aaa/AAA) | Frisco Independent School District, Collin and Denton Counties, UT School Building and Refunding Bonds, Series 2023 (PSF-GTD) (Aaa/AAA) | Frisco Independent School District, Collin and Denton Counties, UT School Building and Refunding Bonds, Series 2023 (PSF-GTD) (Aaa/AAA) |
| 1560000 | 5.000 | 02/15/2035 | 1733647 |
| 1430000 | 5.000 | 02/15/2036 | 1577982 |
| 600000 | 5.000 | 02/15/2037 | 657391 |
| Galena Park independent School District A Political Subdivision of The State of Texas Located in Harris County Texas UT School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Galena Park independent School District A Political Subdivision of The State of Texas Located in Harris County Texas UT School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Galena Park independent School District A Political Subdivision of The State of Texas Located in Harris County Texas UT School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Galena Park independent School District A Political Subdivision of The State of Texas Located in Harris County Texas UT School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) |
| 1400000 | 3.000 | 08/15/2049 | 1082657 |
| 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+) |
| 14225000 | 5.000 | 10/01/2037 | 14698169 |
| Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+) | Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+) | Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+) | Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+) |
| 5095000 | 5.800 | 10/01/2046 | 5362996 |
| 6075000 | 5.850 | 10/01/2047 | 6404035 |
| Grand Parkway Transportation Corporation Grand Parkway System Subordinate Tier Toll RB, Series 2018A (Tela Supported) (NR/AA+) | Grand Parkway Transportation Corporation Grand Parkway System Subordinate Tier Toll RB, Series 2018A (Tela Supported) (NR/AA+) | Grand Parkway Transportation Corporation Grand Parkway System Subordinate Tier Toll RB, Series 2018A (Tela Supported) (NR/AA+) | Grand Parkway Transportation Corporation Grand Parkway System Subordinate Tier Toll RB, Series 2018A (Tela Supported) (NR/AA+) |
| 4000000 | 5.000 | 10/01/2038 | 4123484 |
| 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) |
| 470000 | 5.000 | 09/01/2027 | 488201 |
| 500000 | 5.000 | 09/01/2028 | 526093 |
| 745000 | 5.000 | 09/01/2029 | 792107 |
| 465000 | 4.000 | 09/01/2031 | 469897 |
| 415000 | 4.000 | 09/01/2033 | 415792 |
| 650000 | 4.000 | 09/01/2034 | 649119 |
| 580000 | 4.000 | 09/01/2036 | 577421 |
| Harlandale Independent School District UT Refunding Bonds Series 2015A (PSF-GTD) (NR/AAA) | Harlandale Independent School District UT Refunding Bonds Series 2015A (PSF-GTD) (NR/AAA) | Harlandale Independent School District UT Refunding Bonds Series 2015A (PSF-GTD) (NR/AAA) | Harlandale Independent School District UT Refunding Bonds Series 2015A (PSF-GTD) (NR/AAA) |
| 5855000 | 4.000 <sup>(d)</sup> | 08/15/2025 | 5876836 |
| Harris County Industrial Development Corporation Marine Terminal Refunding RB Energy Transfer LP Project Series 2023 (Baa2/BBB) | Harris County Industrial Development Corporation Marine Terminal Refunding RB Energy Transfer LP Project Series 2023 (Baa2/BBB) | Harris County Industrial Development Corporation Marine Terminal Refunding RB Energy Transfer LP Project Series 2023 (Baa2/BBB) | Harris County Industrial Development Corporation Marine Terminal Refunding RB Energy Transfer LP Project Series 2023 (Baa2/BBB) |
| 10425000 | 4.050 <sup>(a)(b)</sup> | 11/01/2050 | 10395293 |
| Harris County UT Road Refunding Bonds Series 2023A (Aaa/NR) | Harris County UT Road Refunding Bonds Series 2023A (Aaa/NR) | Harris County UT Road Refunding Bonds Series 2023A (Aaa/NR) | Harris County UT Road Refunding Bonds Series 2023A (Aaa/NR) |
| 3335000 | 4.250 | 09/15/2048 | 3221734 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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, Texas Permanent Improvement Refunding Bonds,<br>Series 2023A (Aaa/NR) | Harris County, Texas Permanent Improvement Refunding Bonds,<br>Series 2023A (Aaa/NR) | Harris County, Texas Permanent Improvement Refunding Bonds,<br>Series 2023A (Aaa/NR) | Harris County, Texas Permanent Improvement Refunding Bonds,<br>Series 2023A (Aaa/NR) |
| $2000000 | 5.000% | 09/15/2048 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089667 |
| Harris County-Houston Sports Authority Second Lien Revenue Refunding Bonds Series 2024B (AGC) (A1/AA) | Harris County-Houston Sports Authority Second Lien Revenue Refunding Bonds Series 2024B (AGC) (A1/AA) | Harris County-Houston Sports Authority Second Lien Revenue Refunding Bonds Series 2024B (AGC) (A1/AA) | Harris County-Houston Sports Authority Second Lien Revenue Refunding Bonds Series 2024B (AGC) (A1/AA) |
| 1500000 | 5.000 | 11/15/2030 | 1613446 |
| 1500000 | 5.000 | 11/15/2031 | 1624356 |
| 1500000 | 5.000 | 11/15/2032 | 1632297 |
| Harrisburg Redevelopment Authority A Public Nonprofit Local Government Corp. Acting On Behalf of The City of Houston Texas Tax Increment Contract RB Series 2025 (AGC) (A1/AA) | Harrisburg Redevelopment Authority A Public Nonprofit Local Government Corp. Acting On Behalf of The City of Houston Texas Tax Increment Contract RB Series 2025 (AGC) (A1/AA) | Harrisburg Redevelopment Authority A Public Nonprofit Local Government Corp. Acting On Behalf of The City of Houston Texas Tax Increment Contract RB Series 2025 (AGC) (A1/AA) | Harrisburg Redevelopment Authority A Public Nonprofit Local Government Corp. Acting On Behalf of The City of Houston Texas Tax Increment Contract RB Series 2025 (AGC) (A1/AA) |
| 350000 | 5.000 | 09/01/2025 | 352512 |
| 315000 | 5.000 | 09/01/2026 | 322542 |
| 325000 | 5.000 | 09/01/2027 | 337365 |
| 350000 | 5.000 | 09/01/2028 | 367529 |
| 335000 | 5.000 | 09/01/2029 | 355122 |
| 400000 | 5.000 | 09/01/2030 | 427685 |
| 260000 | 5.000 | 09/01/2031 | 280667 |
| 285000 | 5.000 | 09/01/2032 | 309795 |
| 345000 | 5.000 | 09/01/2033 | 377065 |
| 300000 | 5.000 | 09/01/2034 | 329322 |
| Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) |
| 469000 | 4.750 <sup>(c)</sup> | 09/15/2027 | 469124 |
| 700000 | 4.875 <sup>(c)</sup> | 09/15/2032 | 693587 |
| Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR) | Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR) | Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR) | Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR) |
| 490000 | 4.000 <sup>(c)</sup> | 09/01/2029 | 479331 |
| 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-) |
| 100000 | 3.500 | 09/01/2025 | 99601 |
| 100000 | 3.500 | 09/01/2026 | 98853 |
| 105000 | 3.500 | 09/01/2027 | 102733 |
| Highland Park Independent School District (Potter County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | Highland Park Independent School District (Potter County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | Highland Park Independent School District (Potter County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | Highland Park Independent School District (Potter County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) |
| 2000000 | 5.250 | 02/15/2041 | 2167473 |
| Highland Park Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Highland Park Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Highland Park Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Highland Park Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) |
| 600000 | 5.250 | 02/15/2039 | 660287 |
| 2340000 | 5.250 | 02/15/2042 | 2520838 |
| 2390000 | 5.250 | 02/15/2043 | 2566966 |
| Houston Airport System RB Refunding for United Airlines, Inc.<br>Series 2020 A (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc.<br>Series 2020 A (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc.<br>Series 2020 A (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc.<br>Series 2020 A (NR/NR) |
| 830000 | 5.000 | 07/01/2027 | 844912 |
| Houston Airport System RB Refunding for United Airlines, Inc.<br>Series 2020 B-2 (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc.<br>Series 2020 B-2 (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc.<br>Series 2020 B-2 (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc.<br>Series 2020 B-2 (NR/NR) |
| 5880000 | 5.000 | 07/15/2027 | 5987417 |
| Houston Airport System RB Refunding for United Airlines, Inc.<br>Series 2020 C (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc.<br>Series 2020 C (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc.<br>Series 2020 C (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc.<br>Series 2020 C (NR/NR) |
| 3600000 | 5.000 | 07/15/2027 | 3665673 |
| 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 | 382176 |
| Houston Housing Finance Corp. Multifamily Housing Revenue Notes for Summerdale Apartments Series 2023 (Aaa/NR) | Houston Housing Finance Corp. Multifamily Housing Revenue Notes for Summerdale Apartments Series 2023 (Aaa/NR) | Houston Housing Finance Corp. Multifamily Housing Revenue Notes for Summerdale Apartments Series 2023 (Aaa/NR) | Houston Housing Finance Corp. Multifamily Housing Revenue Notes for Summerdale Apartments Series 2023 (Aaa/NR) |
| 2440000 | 5.000 <sup>(a)(b)</sup> | 08/01/2041 | 2475646 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 90 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3234727 |
| Hutto Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | Hutto Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | Hutto Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | Hutto Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) |
| 2750000 | 5.000 | 08/01/2048 | 2868448 |
| 2500000 | 5.000 | 08/01/2053 | 2587898 |
| Joshua Farms Municipal Management District No. 1, Johnson County, Special Assessment RB, Series 2023 Improvement Areas 1-2 Project (NR/NR) | Joshua Farms Municipal Management District No. 1, Johnson County, Special Assessment RB, Series 2023 Improvement Areas 1-2 Project (NR/NR) | Joshua Farms Municipal Management District No. 1, Johnson County, Special Assessment RB, Series 2023 Improvement Areas 1-2 Project (NR/NR) | Joshua Farms Municipal Management District No. 1, Johnson County, Special Assessment RB, Series 2023 Improvement Areas 1-2 Project (NR/NR) |
| 1617000 | 5.250 <sup>(c)</sup> | 09/01/2043 | 1614044 |
| Judson Independent School District UT School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Judson Independent School District UT School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Judson Independent School District UT School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Judson Independent School District UT School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) |
| 4760000 | 4.000 | 02/01/2053 | 4374319 |
| Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR) | Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR) | Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR) | Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR) |
| 1315000 | 5.000 <sup>(c)</sup> | 09/01/2038 | 1321986 |
| Karis Municipal Management District of Tarrant County Assessment RB for Improvement Area #1 Series 2024 (NR/NR) | Karis Municipal Management District of Tarrant County Assessment RB for Improvement Area #1 Series 2024 (NR/NR) | Karis Municipal Management District of Tarrant County Assessment RB for Improvement Area #1 Series 2024 (NR/NR) | Karis Municipal Management District of Tarrant County Assessment RB for Improvement Area #1 Series 2024 (NR/NR) |
| 524000 | 4.125 | 12/01/2031 | 517953 |
| Karnes County Hospital District A Political Subdivision of The State of Texas Located In Karnes County Adjustable-Rate Hospital Revenue Refunding Bonds Series 2024 (NR/NR) | Karnes County Hospital District A Political Subdivision of The State of Texas Located In Karnes County Adjustable-Rate Hospital Revenue Refunding Bonds Series 2024 (NR/NR) | Karnes County Hospital District A Political Subdivision of The State of Texas Located In Karnes County Adjustable-Rate Hospital Revenue Refunding Bonds Series 2024 (NR/NR) | Karnes County Hospital District A Political Subdivision of The State of Texas Located In Karnes County Adjustable-Rate Hospital Revenue Refunding Bonds Series 2024 (NR/NR) |
| 5900000 | 5.000 <sup>(a)(b)</sup> | 02/01/2044 | 6141450 |
| 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) |
| 150000 | 2.000 | 09/01/2025 | 148148 |
| 150000 | 2.000 | 09/01/2026 | 143754 |
| 150000 | 2.000 | 09/01/2027 | 139434 |
| 155000 | 2.000 | 09/01/2028 | 139417 |
| 160000 | 2.000 | 09/01/2029 | 139615 |
| Kaufman County Fresh Water Supply District No. 1-D Unlimited Tax Utility Bonds Series 2024 (AGC) (Baa3/AA) | Kaufman County Fresh Water Supply District No. 1-D Unlimited Tax Utility Bonds Series 2024 (AGC) (Baa3/AA) | Kaufman County Fresh Water Supply District No. 1-D Unlimited Tax Utility Bonds Series 2024 (AGC) (Baa3/AA) | Kaufman County Fresh Water Supply District No. 1-D Unlimited Tax Utility Bonds Series 2024 (AGC) (Baa3/AA) |
| 1090000 | 4.375 | 09/01/2048 | 1050189 |
| Kennedale Independent School District (Tarrant County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | Kennedale Independent School District (Tarrant County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | Kennedale Independent School District (Tarrant County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | Kennedale Independent School District (Tarrant County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) |
| 1795000 | 5.000 | 02/15/2038 | 1947149 |
| Kermit Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Kermit Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Kermit Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Kermit Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) |
| 1000000 | 5.000 | 02/15/2048 | 1040998 |
| 1960000 | 5.000 | 02/15/2053 | 2030463 |
| Leander Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (NR/AAA) | Leander Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (NR/AAA) | Leander Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (NR/AAA) | Leander Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (NR/AAA) |
| 1145000 | 5.000 | 08/15/2026 | 1179451 |
| 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 | 3746494 |
| 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) |
| 2035000 | 5.000 | 05/15/2030 | 2170138 |
| 1520000 | 5.000 | 05/15/2031 | 1615020 |
| Lower Colorado River Authority Transmission Contract Refunding RB for LCRA Transmission Services Corp. Project Series 2024A (AGC) (NR/AA) | Lower Colorado River Authority Transmission Contract Refunding RB for LCRA Transmission Services Corp. Project Series 2024A (AGC) (NR/AA) | Lower Colorado River Authority Transmission Contract Refunding RB for LCRA Transmission Services Corp. Project Series 2024A (AGC) (NR/AA) | Lower Colorado River Authority Transmission Contract Refunding RB for LCRA Transmission Services Corp. Project Series 2024A (AGC) (NR/AA) |
| 750000 | 5.000 | 05/15/2042 | 797259 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Lower Colorado River Authority Transmission Contract Refunding RB Lcra Transmission Services Corp. Project Series 2024A (AGC) (NR/AA) | Lower Colorado River Authority Transmission Contract Refunding RB Lcra Transmission Services Corp. Project Series 2024A (AGC) (NR/AA) | Lower Colorado River Authority Transmission Contract Refunding RB Lcra Transmission Services Corp. Project Series 2024A (AGC) (NR/AA) | Lower Colorado River Authority Transmission Contract Refunding RB Lcra Transmission Services Corp. Project Series 2024A (AGC) (NR/AA) |
| $3500000 | 5.000% | 05/15/2041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754251 |
| 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 | 1229050 |
| Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) |
| 2660000 | 4.250 | 05/01/2030 | 2724507 |
| Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 2001 A (Baa3/BBB+) | Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 2001 A (Baa3/BBB+) | Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 2001 A (Baa3/BBB+) | Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 2001 A (Baa3/BBB+) |
| 6350000 | 2.600 | 11/01/2029 | 5978657 |
| Maypearl Independent School District (Ellis County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | Maypearl Independent School District (Ellis County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | Maypearl Independent School District (Ellis County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | Maypearl Independent School District (Ellis County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) |
| 1000000 | 5.000 | 02/15/2037 | 1095652 |
| Maypearl Independent School District Unlimited Tax School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Maypearl Independent School District Unlimited Tax School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Maypearl Independent School District Unlimited Tax School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Maypearl Independent School District Unlimited Tax School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) |
| 1350000 | 5.000 | 02/15/2048 | 1405347 |
| 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 | 1980040 |
| 1500000 | 3.000 | 09/01/2048 | 1135327 |
| Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (NR/BB-) | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (NR/BB-) | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (NR/BB-) | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (NR/BB-) |
| 5575000 | 4.625 <sup>(c)</sup> | 10/01/2031 | 5553576 |
| 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) |
| 535000 | 5.250 | 02/15/2030 | 527997 |
| 405000 | 5.375 | 02/15/2035 | 397622 |
| Montgomery County Industrial Development Authority Retirement Communities RB Acts Retirement-Life Communities Inc Obligated Group Series 2025A (NR/NR) | Montgomery County Industrial Development Authority Retirement Communities RB Acts Retirement-Life Communities Inc Obligated Group Series 2025A (NR/NR) | Montgomery County Industrial Development Authority Retirement Communities RB Acts Retirement-Life Communities Inc Obligated Group Series 2025A (NR/NR) | Montgomery County Industrial Development Authority Retirement Communities RB Acts Retirement-Life Communities Inc Obligated Group Series 2025A (NR/NR) |
| 667000 | 4.500 | 09/15/2032 | 662258 |
| 676000 | 5.125 | 09/15/2045 | 659047 |
| 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 | 713329 |
| 750000 | 5.000 | 09/15/2034 | 753288 |
| 790000 | 5.000 | 09/15/2035 | 793181 |
| Montgomery County Toll Road Authority Senior Lien Toll Road RB<br>Series 2018 (NR/BBB+) | Montgomery County Toll Road Authority Senior Lien Toll Road RB<br>Series 2018 (NR/BBB+) | Montgomery County Toll Road Authority Senior Lien Toll Road RB<br>Series 2018 (NR/BBB+) | Montgomery County Toll Road Authority Senior Lien Toll Road RB<br>Series 2018 (NR/BBB+) |
| 1650000 | 5.000 | 09/15/2030 | 1659530 |
| New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (Ba2/BB+) | New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (Ba2/BB+) | New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (Ba2/BB+) | New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (Ba2/BB+) |
| 1660000 | 4.000 <sup>(c)</sup> | 08/15/2036 | 1543297 |
| New Hope Cultural Education Facilities Finance Corp. Education RB Jubilee Academic Center 2024A and Taxable Education RB 2024B (NR/BB+) | New Hope Cultural Education Facilities Finance Corp. Education RB Jubilee Academic Center 2024A and Taxable Education RB 2024B (NR/BB+) | New Hope Cultural Education Facilities Finance Corp. Education RB Jubilee Academic Center 2024A and Taxable Education RB 2024B (NR/BB+) | New Hope Cultural Education Facilities Finance Corp. Education RB Jubilee Academic Center 2024A and Taxable Education RB 2024B (NR/BB+) |
| 2465000 | 4.500 <sup>(c)</sup> | 08/15/2044 | 2257325 |
| New Hope Cultural Education Facilities Finance Corp. Education Revenue and Refunding Bonds Jubilee Academic Center Series 2021 (Ba2/BB+) | New Hope Cultural Education Facilities Finance Corp. Education Revenue and Refunding Bonds Jubilee Academic Center Series 2021 (Ba2/BB+) | New Hope Cultural Education Facilities Finance Corp. Education Revenue and Refunding Bonds Jubilee Academic Center Series 2021 (Ba2/BB+) | New Hope Cultural Education Facilities Finance Corp. Education Revenue and Refunding Bonds Jubilee Academic Center Series 2021 (Ba2/BB+) |
| 1325000 | 4.000 <sup>(c)</sup> | 08/15/2026 | 1322689 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **91** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| New Hope Cultural Education Facilities Finance Corp. Education Revenue Refunding Bonds for Jubilee Academic Center Series 2021 (Ba2/BB+) | New Hope Cultural Education Facilities Finance Corp. Education Revenue Refunding Bonds for Jubilee Academic Center Series 2021 (Ba2/BB+) | New Hope Cultural Education Facilities Finance Corp. Education Revenue Refunding Bonds for Jubilee Academic Center Series 2021 (Ba2/BB+) | New Hope Cultural Education Facilities Finance Corp. Education Revenue Refunding Bonds for Jubilee Academic Center Series 2021 (Ba2/BB+) |
| $1950000 | 4.000 %<sup>(c)</sup> | 08/15/2041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713335 |
| New Hope Cultural Education Facilities Finance Corp. RB for CHF-Collegiate Housing College Station I LLC Series 2014 A (AGM) (A1/AA) | New Hope Cultural Education Facilities Finance Corp. RB for CHF-Collegiate Housing College Station I LLC Series 2014 A (AGM) (A1/AA) | New Hope Cultural Education Facilities Finance Corp. RB for CHF-Collegiate Housing College Station I LLC Series 2014 A (AGM) (A1/AA) | New Hope Cultural Education Facilities Finance Corp. RB for CHF-Collegiate Housing College Station I LLC Series 2014 A (AGM) (A1/AA) |
| 250000 | 5.000 | 04/01/2046 | 247263 |
| 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) |
| 175000 | 2.000 | 01/01/2026 | 171774 |
| 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 | 4353253 |
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/ BBB-) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/ BBB-) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/ BBB-) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/ BBB-) |
| 325000 | 4.000 <sup>(c)</sup> | 08/15/2029 | 319563 |
| 610000 | 5.000 <sup>(c)</sup> | 08/15/2039 | 598414 |
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (NR/NR) |
| 765000 | 5.000 | 04/01/2027 | 793649 |
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (NR/NR) |
| 365000 | 4.000 | 04/01/2025 | 365000 |
| 335000 | 5.000 <sup>(d)</sup> | 04/01/2026 | 341935 |
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (NR/NR) |
| 250000 | 5.000 <sup>(d)</sup> | 04/01/2025 | 250000 |
| North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (NR/NR) | North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (NR/NR) | North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (NR/NR) | North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (NR/NR) |
| 1000000 | 7.000 <sup>(d)</sup> | 09/01/2031 | 1190689 |
| North Texas tollway Authority RB for First Tier Series 2008 D (AGC) (Aa3/AA) | North Texas tollway Authority RB for First Tier Series 2008 D (AGC) (Aa3/AA) | North Texas tollway Authority RB for First Tier Series 2008 D (AGC) (Aa3/AA) | North Texas tollway Authority RB for First Tier Series 2008 D (AGC) (Aa3/AA) |
| 4900000 | 0.000 <sup>(g)</sup> | 01/01/2037 | 3052437 |
| North Texas Tollway Authority RB for Second Tier Series 2021 B (A1/A+) | North Texas Tollway Authority RB for Second Tier Series 2021 B (A1/A+) | North Texas Tollway Authority RB for Second Tier Series 2021 B (A1/A+) | North Texas Tollway Authority RB for Second Tier Series 2021 B (A1/A+) |
| 225000 | 4.000 | 01/01/2040 | 213914 |
| North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (Aa3/AA-) | North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (Aa3/AA-) | North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (Aa3/AA-) | North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (Aa3/AA-) |
| 5000000 | 5.000 | 01/01/2038 | 5148164 |
| North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A1/A+) | North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A1/A+) | North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A1/A+) | North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A1/A+) |
| 2000000 | 5.000 | 01/01/2032 | 2049646 |
| Northside Independent School District (A Political Subdivision of The State of Texas Located Primarily In Bexar County) Unlimited Tax School Building and Refunding Bonds, Series 2023A (PSF-GTD) (Aaa/NR) | Northside Independent School District (A Political Subdivision of The State of Texas Located Primarily In Bexar County) Unlimited Tax School Building and Refunding Bonds, Series 2023A (PSF-GTD) (Aaa/NR) | Northside Independent School District (A Political Subdivision of The State of Texas Located Primarily In Bexar County) Unlimited Tax School Building and Refunding Bonds, Series 2023A (PSF-GTD) (Aaa/NR) | Northside Independent School District (A Political Subdivision of The State of Texas Located Primarily In Bexar County) Unlimited Tax School Building and Refunding Bonds, Series 2023A (PSF-GTD) (Aaa/NR) |
| 650000 | 5.000 | 08/15/2037 | 706715 |
| Northside Independent School District Texas Bexar County Hill Variable Rate Unlimited Tax School Building and Refunding Bonds Series 2024B (PSF-GTD) (Aaa/NR) | Northside Independent School District Texas Bexar County Hill Variable Rate Unlimited Tax School Building and Refunding Bonds Series 2024B (PSF-GTD) (Aaa/NR) | Northside Independent School District Texas Bexar County Hill Variable Rate Unlimited Tax School Building and Refunding Bonds Series 2024B (PSF-GTD) (Aaa/NR) | Northside Independent School District Texas Bexar County Hill Variable Rate Unlimited Tax School Building and Refunding Bonds Series 2024B (PSF-GTD) (Aaa/NR) |
| 10300000 | 3.450 <sup>(a)(b)</sup> | 08/01/2054 | 10296719 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Northside Independent School District, Bexar County UT School Building and Refunding Bonds, Series 2023A (PSF-GTD) (Aaa/NR) | Northside Independent School District, Bexar County UT School Building and Refunding Bonds, Series 2023A (PSF-GTD) (Aaa/NR) | Northside Independent School District, Bexar County UT School Building and Refunding Bonds, Series 2023A (PSF-GTD) (Aaa/NR) | Northside Independent School District, Bexar County UT School Building and Refunding Bonds, Series 2023A (PSF-GTD) (Aaa/NR) |
| 1930000 | 4.000% | 08/15/2045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827940 |
| Northside Independent School District, Bexar County, Variable Rate UT School Building Bonds, Series 2023B (PSF-GTD) (Aaa/NR) | Northside Independent School District, Bexar County, Variable Rate UT School Building Bonds, Series 2023B (PSF-GTD) (Aaa/NR) | Northside Independent School District, Bexar County, Variable Rate UT School Building Bonds, Series 2023B (PSF-GTD) (Aaa/NR) | Northside Independent School District, Bexar County, Variable Rate UT School Building Bonds, Series 2023B (PSF-GTD) (Aaa/NR) |
| 4975000 | 3.000 <sup>(a)(b)</sup> | 08/01/2053 | 4953789 |
| Perryton Independent School District Unlimited Tax School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Perryton Independent School District Unlimited Tax School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Perryton Independent School District Unlimited Tax School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Perryton Independent School District Unlimited Tax School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) |
| 2775000 | 4.125 | 08/15/2048 | 2626319 |
| Plainview Independent School District Adjustable Rate UT School Building Bonds Series 2020B (PSF-GTD) (Aaa/NR) | Plainview Independent School District Adjustable Rate UT School Building Bonds Series 2020B (PSF-GTD) (Aaa/NR) | Plainview Independent School District Adjustable Rate UT School Building Bonds Series 2020B (PSF-GTD) (Aaa/NR) | Plainview Independent School District Adjustable Rate UT School Building Bonds Series 2020B (PSF-GTD) (Aaa/NR) |
| 2100000 | 4.000 <sup>(a)(b)</sup> | 02/15/2050 | 2113648 |
| Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (NR/NR) | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (NR/NR) | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (NR/NR) | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (NR/NR) |
| 750000 | 1.875 <sup>(c)</sup> | 01/01/2026 | 736747 |
| 550000 | 2.000 <sup>(c)</sup> | 01/01/2027 | 528398 |
| 575000 | 2.125 <sup>(c)</sup> | 01/01/2028 | 541930 |
| 800000 | 2.250 <sup>(c)</sup> | 01/01/2029 | 739109 |
| 850000 | 2.500 <sup>(c)</sup> | 01/01/2030 | 774525 |
| 800000 | 2.625 <sup>(c)</sup> | 01/01/2031 | 717439 |
| Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR) | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR) | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR) | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR) |
| 13100000 | 4.100 <sup>(c)</sup> | 01/01/2028 | 11885706 |
| Port of Beaumont Navigation District of Jefferson County Texas Dock and Wharf Facility RB Series 2024A (NR/NR) | Port of Beaumont Navigation District of Jefferson County Texas Dock and Wharf Facility RB Series 2024A (NR/NR) | Port of Beaumont Navigation District of Jefferson County Texas Dock and Wharf Facility RB Series 2024A (NR/NR) | Port of Beaumont Navigation District of Jefferson County Texas Dock and Wharf Facility RB Series 2024A (NR/NR) |
| 2100000 | 5.000 <sup>(c)</sup> | 01/01/2039 | 2115418 |
| Port of Beaumont Navigation District of Jefferson County Texas Facility RB Series 2024B (NR/NR) | Port of Beaumont Navigation District of Jefferson County Texas Facility RB Series 2024B (NR/NR) | Port of Beaumont Navigation District of Jefferson County Texas Facility RB Series 2024B (NR/NR) | Port of Beaumont Navigation District of Jefferson County Texas Facility RB Series 2024B (NR/NR) |
| 3400000 | 10.000 <sup>(c)</sup> | 07/01/2026 | 3492534 |
| Prosper Independent School District Adjustable Rate UT School Building Bonds Series 2019B (PSF-GTD) (Aaa/NR) | Prosper Independent School District Adjustable Rate UT School Building Bonds Series 2019B (PSF-GTD) (Aaa/NR) | Prosper Independent School District Adjustable Rate UT School Building Bonds Series 2019B (PSF-GTD) (Aaa/NR) | Prosper Independent School District Adjustable Rate UT School Building Bonds Series 2019B (PSF-GTD) (Aaa/NR) |
| 2600000 | 4.000 <sup>(a)(b)</sup> | 02/15/2050 | 2620372 |
| Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR) | Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR) | Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR) | Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR) |
| 51000 | 4.875 <sup>(c)</sup> | 09/15/2027 | 51344 |
| 284000 | 5.250 <sup>(c)</sup> | 09/15/2032 | 293321 |
| 590000 | 5.875 <sup>(c)</sup> | 09/15/2042 | 591362 |
| Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR) | Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR) | Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR) | Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR) |
| 355000 | 3.625 <sup>(c)</sup> | 09/15/2029 | 340869 |
| 1250000 | 4.125 <sup>(c)</sup> | 09/15/2039 | 1133804 |
| San Antonio Housing Trust Public Facility Corporation Multifamily Housing RB Palladium San Antonio Series 2024 (Aaa/NR) (PUTABLE) | San Antonio Housing Trust Public Facility Corporation Multifamily Housing RB Palladium San Antonio Series 2024 (Aaa/NR) (PUTABLE) | San Antonio Housing Trust Public Facility Corporation Multifamily Housing RB Palladium San Antonio Series 2024 (Aaa/NR) (PUTABLE) | San Antonio Housing Trust Public Facility Corporation Multifamily Housing RB Palladium San Antonio Series 2024 (Aaa/NR) (PUTABLE) |
| 2190000 | 3.450 <sup>(a)(b)</sup> | 07/01/2029 | 2200222 |
| Sherman Independent School District Unlimited Tax School Building Bonds Series 2023-B (PSF-GTD) (Aaa/AAA) | Sherman Independent School District Unlimited Tax School Building Bonds Series 2023-B (PSF-GTD) (Aaa/AAA) | Sherman Independent School District Unlimited Tax School Building Bonds Series 2023-B (PSF-GTD) (Aaa/AAA) | Sherman Independent School District Unlimited Tax School Building Bonds Series 2023-B (PSF-GTD) (Aaa/AAA) |
| 13000000 | 5.000 | 02/15/2048 | 13532970 |
| 5500000 | 5.000 | 02/15/2053 | 5697730 |
| SMHA Finance Public Facility Corporation Texas Multifamily Housing Revenue Bonds Centerpoint Depot Series 2024 (Aaa/NR) (PUTABLE) | SMHA Finance Public Facility Corporation Texas Multifamily Housing Revenue Bonds Centerpoint Depot Series 2024 (Aaa/NR) (PUTABLE) | SMHA Finance Public Facility Corporation Texas Multifamily Housing Revenue Bonds Centerpoint Depot Series 2024 (Aaa/NR) (PUTABLE) | SMHA Finance Public Facility Corporation Texas Multifamily Housing Revenue Bonds Centerpoint Depot Series 2024 (Aaa/NR) (PUTABLE) |
| 5335000 | 3.700 <sup>(a)(b)</sup> | 07/01/2028 | 5388611 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 92 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| South Manvel Development Authority Tax Increment Contract RB<br>Series 2023 (NR/NR) | South Manvel Development Authority Tax Increment Contract RB<br>Series 2023 (NR/NR) | South Manvel Development Authority Tax Increment Contract RB<br>Series 2023 (NR/NR) | South Manvel Development Authority Tax Increment Contract RB<br>Series 2023 (NR/NR) |
| $1200000 | 4.500% | 04/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188861 |
| 1600000 | 5.000 | 04/01/2038 | 1578509 |
| South Manvel Development Authority Tax Increment Contract RB<br>Series 2024 (NR/NR) | South Manvel Development Authority Tax Increment Contract RB<br>Series 2024 (NR/NR) | South Manvel Development Authority Tax Increment Contract RB<br>Series 2024 (NR/NR) | South Manvel Development Authority Tax Increment Contract RB<br>Series 2024 (NR/NR) |
| 1450000 | 4.500 | 04/01/2039 | 1386427 |
| 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) |
| 325000 | 5.000 | 09/01/2027 | 339974 |
| 380000 | 5.000 | 09/01/2029 | 407732 |
| 450000 | 4.000 | 09/01/2032 | 457632 |
| 395000 | 4.000 | 09/01/2034 | 396957 |
| 615000 | 4.000 | 09/01/2036 | 615021 |
| 1040000 | 2.625 | 09/01/2038 | 792835 |
| 1230000 | 2.750 | 09/01/2039 | 925285 |
| 1200000 | 2.750 | 09/01/2040 | 879924 |
| Spring Independent School District UT School Building Bonds Series 2023 (Aa2/AA-) | Spring Independent School District UT School Building Bonds Series 2023 (Aa2/AA-) | Spring Independent School District UT School Building Bonds Series 2023 (Aa2/AA-) | Spring Independent School District UT School Building Bonds Series 2023 (Aa2/AA-) |
| 4725000 | 4.000 | 08/15/2052 | 4324922 |
| State of Texas College Student Loan GO Unlimited Bonds Series 2019 (Aaa/AAA) | State of Texas College Student Loan GO Unlimited Bonds Series 2019 (Aaa/AAA) | State of Texas College Student Loan GO Unlimited Bonds Series 2019 (Aaa/AAA) | State of Texas College Student Loan GO Unlimited Bonds Series 2019 (Aaa/AAA) |
| 5905000 | 5.000 | 08/01/2026 | 6050748 |
| 5010000 | 5.000 | 08/01/2028 | 5246728 |
| 6835000 | 5.000 | 08/01/2029 | 7179386 |
| Strategic Housing Finance Corporation of Travis County Multifamily Housing RB Series 2024 (Aaa/NR) | Strategic Housing Finance Corporation of Travis County Multifamily Housing RB Series 2024 (Aaa/NR) | Strategic Housing Finance Corporation of Travis County Multifamily Housing RB Series 2024 (Aaa/NR) | Strategic Housing Finance Corporation of Travis County Multifamily Housing RB Series 2024 (Aaa/NR) |
| 4755000 | 3.350 <sup>(a)(b)</sup> | 03/01/2046 | 4752593 |
| 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) |
| 9980000 | 5.000 | 07/01/2035 | 10395562 |
| Tarrant County Cultural Education Facilities Finance Corp. Revenue Refunding Bonds Christus Health Series 2024B (A1/NR) | Tarrant County Cultural Education Facilities Finance Corp. Revenue Refunding Bonds Christus Health Series 2024B (A1/NR) | Tarrant County Cultural Education Facilities Finance Corp. Revenue Refunding Bonds Christus Health Series 2024B (A1/NR) | Tarrant County Cultural Education Facilities Finance Corp. Revenue Refunding Bonds Christus Health Series 2024B (A1/NR) |
| 1025000 | 5.000 | 07/01/2026 | 1048607 |
| 1550000 | 5.000 | 07/01/2027 | 1613735 |
| 1650000 | 5.000 | 07/01/2028 | 1744321 |
| 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 | 5069474 |
| Tarrant County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds Trinity Terrace Project Series 2024 (NR/NR) | Tarrant County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds Trinity Terrace Project Series 2024 (NR/NR) | Tarrant County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds Trinity Terrace Project Series 2024 (NR/NR) | Tarrant County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds Trinity Terrace Project Series 2024 (NR/NR) |
| 825000 | 5.000 | 10/01/2031 | 888138 |
| 1075000 | 5.000 | 10/01/2044 | 1119760 |
| Tarrant County Hospital District LT Bonds Series 2023 (Aa1/NR) | Tarrant County Hospital District LT Bonds Series 2023 (Aa1/NR) | Tarrant County Hospital District LT Bonds Series 2023 (Aa1/NR) | Tarrant County Hospital District LT Bonds Series 2023 (Aa1/NR) |
| 2200000 | 4.250 | 08/15/2053 | 2020980 |
| Tarrant County Housing Finance Corp. Multifamily Housing RB for Tobias Place Apartments Series 2023B (FNMA) (Aaa/NR) | Tarrant County Housing Finance Corp. Multifamily Housing RB for Tobias Place Apartments Series 2023B (FNMA) (Aaa/NR) | Tarrant County Housing Finance Corp. Multifamily Housing RB for Tobias Place Apartments Series 2023B (FNMA) (Aaa/NR) | Tarrant County Housing Finance Corp. Multifamily Housing RB for Tobias Place Apartments Series 2023B (FNMA) (Aaa/NR) |
| 1875000 | 5.000 <sup>(a)(b)</sup> | 03/01/2027 | 1904968 |
| Texas Department of Housing and Community Affairs Multifamily Housing RB for North Grand Villas Series 2023 (FHA 221(D4)) (Aaa/NR) | Texas Department of Housing and Community Affairs Multifamily Housing RB for North Grand Villas Series 2023 (FHA 221(D4)) (Aaa/NR) | Texas Department of Housing and Community Affairs Multifamily Housing RB for North Grand Villas Series 2023 (FHA 221(D4)) (Aaa/NR) | Texas Department of Housing and Community Affairs Multifamily Housing RB for North Grand Villas Series 2023 (FHA 221(D4)) (Aaa/NR) |
| 915000 | 5.000 <sup>(a)(b)</sup> | 08/01/2026 | 921057 |
| Texas Department of Housing and Community Affairs Multifamily Housing RB Gulfway Manor Series 2024 (HUD SECT 8) (Aaa/NR) | Texas Department of Housing and Community Affairs Multifamily Housing RB Gulfway Manor Series 2024 (HUD SECT 8) (Aaa/NR) | Texas Department of Housing and Community Affairs Multifamily Housing RB Gulfway Manor Series 2024 (HUD SECT 8) (Aaa/NR) | Texas Department of Housing and Community Affairs Multifamily Housing RB Gulfway Manor Series 2024 (HUD SECT 8) (Aaa/NR) |
| 7500000 | 3.250 <sup>(a)(b)</sup> | 08/01/2028 | 7503408 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Municipal Gas Acquisition & Supply Corp. I RB Senior Lien<br>Series 2006 B (A1/A-) (3M USD SOFR + 0.70%) | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien<br>Series 2006 B (A1/A-) (3M USD SOFR + 0.70%) | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien<br>Series 2006 B (A1/A-) (3M USD SOFR + 0.70%) | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien<br>Series 2006 B (A1/A-) (3M USD SOFR + 0.70%) |
| $1895000 | 3.756 %<sup>(f)</sup> | 12/15/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896209 |
| Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien<br>Series 2008 D (A1/A-) | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien<br>Series 2008 D (A1/A-) | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien<br>Series 2008 D (A1/A-) | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien<br>Series 2008 D (A1/A-) |
| 3055000 | 6.250 | 12/15/2026 | 3152594 |
| Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A1/A) (SIFMA Municipal Swap Index Yield + 0.55%) | Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A1/A) (SIFMA Municipal Swap Index Yield + 0.55%) | Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A1/A) (SIFMA Municipal Swap Index Yield + 0.55%) | Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A1/A) (SIFMA Municipal Swap Index Yield + 0.55%) |
| 1485000 | 3.420 <sup>(f)</sup> | 09/15/2027 | 1473597 |
| Texas Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (A1/BBB+) | Texas Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (A1/BBB+) | Texas Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (A1/BBB+) | Texas Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (A1/BBB+) |
| 2500000 | 5.000 | 12/15/2025 | 2520600 |
| Texas Municipal Gas Acquisition and Supply Corp. II RB for SOFR Index Rate Series 2012 C (A1/A) (3M USD SOFR + 0.86%) | Texas Municipal Gas Acquisition and Supply Corp. II RB for SOFR Index Rate Series 2012 C (A1/A) (3M USD SOFR + 0.86%) | Texas Municipal Gas Acquisition and Supply Corp. II RB for SOFR Index Rate Series 2012 C (A1/A) (3M USD SOFR + 0.86%) | Texas Municipal Gas Acquisition and Supply Corp. II RB for SOFR Index Rate Series 2012 C (A1/A) (3M USD SOFR + 0.86%) |
| 61800000 | 3.700 <sup>(f)</sup> | 09/15/2027 | 61912247 |
| Texas Municipal Gas Acquisition and Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (A1/BBB+) | Texas Municipal Gas Acquisition and Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (A1/BBB+) | Texas Municipal Gas Acquisition and Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (A1/BBB+) | Texas Municipal Gas Acquisition and Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (A1/BBB+) |
| 3260000 | 5.000 | 12/15/2028 | 3387054 |
| Texas Municipal Gas Acquisition and Supply Corp. V Gas Supply RB Series 2024 (A1/NR) | Texas Municipal Gas Acquisition and Supply Corp. V Gas Supply RB Series 2024 (A1/NR) | Texas Municipal Gas Acquisition and Supply Corp. V Gas Supply RB Series 2024 (A1/NR) | Texas Municipal Gas Acquisition and Supply Corp. V Gas Supply RB Series 2024 (A1/NR) |
| 13300000 | 5.000 <sup>(a)(b)</sup> | 01/01/2055 | 14134543 |
| Texas Municipal Gas Acquisition and Supply Corporation Iii Gas Supply RR Bonds, Series 2021 (A1/BBB+) | Texas Municipal Gas Acquisition and Supply Corporation Iii Gas Supply RR Bonds, Series 2021 (A1/BBB+) | Texas Municipal Gas Acquisition and Supply Corporation Iii Gas Supply RR Bonds, Series 2021 (A1/BBB+) | Texas Municipal Gas Acquisition and Supply Corporation Iii Gas Supply RR Bonds, Series 2021 (A1/BBB+) |
| 8740000 | 5.000 | 12/15/2031 | 9157009 |
| Texas Private Activity Bond Surface Transportation Corporation Senior Lien RB for NTE Mobility Partners LLC North Tarrant Express Project, Series 2023 (Baa1/NR) | Texas Private Activity Bond Surface Transportation Corporation Senior Lien RB for NTE Mobility Partners LLC North Tarrant Express Project, Series 2023 (Baa1/NR) | Texas Private Activity Bond Surface Transportation Corporation Senior Lien RB for NTE Mobility Partners LLC North Tarrant Express Project, Series 2023 (Baa1/NR) | Texas Private Activity Bond Surface Transportation Corporation Senior Lien RB for NTE Mobility Partners LLC North Tarrant Express Project, Series 2023 (Baa1/NR) |
| 4165000 | 5.500 | 12/31/2058 | 4372465 |
| Texas Private Activity Bond Surface Transportation Corporation Senior Lien RB for NTE Mobility Partners LLC North Tarrant Express Project, Series 2023 (NR/AAA) | Texas Private Activity Bond Surface Transportation Corporation Senior Lien RB for NTE Mobility Partners LLC North Tarrant Express Project, Series 2023 (NR/AAA) | Texas Private Activity Bond Surface Transportation Corporation Senior Lien RB for NTE Mobility Partners LLC North Tarrant Express Project, Series 2023 (NR/AAA) | Texas Private Activity Bond Surface Transportation Corporation Senior Lien RB for NTE Mobility Partners LLC North Tarrant Express Project, Series 2023 (NR/AAA) |
| 2300000 | 5.000 | 10/15/2058 | 2381268 |
| Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (Baa1/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (Baa1/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (Baa1/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (Baa1/NR) |
| 7040000 | 5.000 | 12/31/2032 | 7418941 |
| 7030000 | 5.000 | 12/31/2036 | 7306443 |
| Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (Baa1/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (Baa1/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (Baa1/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (Baa1/NR) |
| 12405000 | 5.000 | 06/30/2058 | 12294490 |
| Texas Public Finance Authority Texas Southern University Revenue Financing System Bonds, Series 2023 (BAM) (NR/AA) | Texas Public Finance Authority Texas Southern University Revenue Financing System Bonds, Series 2023 (BAM) (NR/AA) | Texas Public Finance Authority Texas Southern University Revenue Financing System Bonds, Series 2023 (BAM) (NR/AA) | Texas Public Finance Authority Texas Southern University Revenue Financing System Bonds, Series 2023 (BAM) (NR/AA) |
| 1335000 | 5.250 | 05/01/2040 | 1403280 |
| Texas Transportation Commission Central Texas Turnpike System First Tier Revenue Refunding Put Bonds Series 2024-B (A2/A) | Texas Transportation Commission Central Texas Turnpike System First Tier Revenue Refunding Put Bonds Series 2024-B (A2/A) | Texas Transportation Commission Central Texas Turnpike System First Tier Revenue Refunding Put Bonds Series 2024-B (A2/A) | Texas Transportation Commission Central Texas Turnpike System First Tier Revenue Refunding Put Bonds Series 2024-B (A2/A) |
| 3000000 | 5.000 <sup>(a)(b)</sup> | 08/15/2042 | 3167133 |
| Texas Transportation Commission State Highway Improvement GO Refunding Bonds Series 2024 (Aaa/AAA) | Texas Transportation Commission State Highway Improvement GO Refunding Bonds Series 2024 (Aaa/AAA) | Texas Transportation Commission State Highway Improvement GO Refunding Bonds Series 2024 (Aaa/AAA) | Texas Transportation Commission State Highway Improvement GO Refunding Bonds Series 2024 (Aaa/AAA) |
| 5000000 | 5.000 | 04/01/2026 | 5111417 |
| Texas Water Development Board State Water Implementation Revenue Fund for Texas RB Series 2015A (NR/AAA) | Texas Water Development Board State Water Implementation Revenue Fund for Texas RB Series 2015A (NR/AAA) | Texas Water Development Board State Water Implementation Revenue Fund for Texas RB Series 2015A (NR/AAA) | Texas Water Development Board State Water Implementation Revenue Fund for Texas RB Series 2015A (NR/AAA) |
| 6295000 | 4.000 | 10/15/2040 | 6026023 |
| The Lakes Fresh Water Supply District of Denton County UT Road Bonds Series 2022 (AGM) (A1/AA) | The Lakes Fresh Water Supply District of Denton County UT Road Bonds Series 2022 (AGM) (A1/AA) | The Lakes Fresh Water Supply District of Denton County UT Road Bonds Series 2022 (AGM) (A1/AA) | The Lakes Fresh Water Supply District of Denton County UT Road Bonds Series 2022 (AGM) (A1/AA) |
| 3230000 | 3.000 | 09/01/2047 | 2391952 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **93** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR) | Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR) | Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR) | Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR) |
| $300000 | 4.375 %<sup>(c)</sup> | 09/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297682 |
| 445000 | 4.750 <sup>(c)</sup> | 09/15/2032 | 435067 |
| 1200000 | 5.250 <sup>(c)</sup> | 09/15/2042 | 1160593 |
| Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR) | Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR) | Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR) | Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR) |
| 37000 | 3.250 <sup>(c)</sup> | 09/01/2027 | 35921 |
| 205000 | 3.500 <sup>(c)</sup> | 09/01/2032 | 186371 |
| Town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR) | Town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR) | Town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR) | Town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR) |
| 324000 | 6.000 <sup>(c)</sup> | 09/01/2027 | 327683 |
| 712000 | 6.125 <sup>(c)</sup> | 09/01/2032 | 749619 |
| Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) |
| 831000 | 4.000 <sup>(c)</sup> | 09/01/2047 | 693640 |
| Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases 2-3 Project Series 2018 (NR/NR) | Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases 2-3 Project Series 2018 (NR/NR) | Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases 2-3 Project Series 2018 (NR/NR) | Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases 2-3 Project Series 2018 (NR/NR) |
| 300000 | 5.250 <sup>(c)</sup> | 09/01/2028 | 305586 |
| Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR) | Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR) | Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR) | Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR) |
| 170000 | 4.500 <sup>(c)</sup> | 09/01/2027 | 170987 |
| Town of Providence Village Texas A Municipal Corporation of The State of Texas Located In Denton County Special Assessment RB Series 2024 (NR/NR) | Town of Providence Village Texas A Municipal Corporation of The State of Texas Located In Denton County Special Assessment RB Series 2024 (NR/NR) | Town of Providence Village Texas A Municipal Corporation of The State of Texas Located In Denton County Special Assessment RB Series 2024 (NR/NR) | Town of Providence Village Texas A Municipal Corporation of The State of Texas Located In Denton County Special Assessment RB Series 2024 (NR/NR) |
| 255000 | 4.375 <sup>(c)</sup> | 09/01/2031 | 251960 |
| 650000 | 5.000 <sup>(c)</sup> | 09/01/2044 | 620893 |
| Town of Providence Village Texas Special Assessment RB Series 2025 (NR/NR) | Town of Providence Village Texas Special Assessment RB Series 2025 (NR/NR) | Town of Providence Village Texas Special Assessment RB Series 2025 (NR/NR) | Town of Providence Village Texas Special Assessment RB Series 2025 (NR/NR) |
| 636000 | 4.250 <sup>(c)</sup> | 09/01/2030 | 629848 |
| 413000 | 4.500 <sup>(c)</sup> | 09/01/2035 | 404193 |
| Travis County Development Authority Contract Assessment RB for Bella Fortuna Public Improvement District Series 2024 (NR/NR) | Travis County Development Authority Contract Assessment RB for Bella Fortuna Public Improvement District Series 2024 (NR/NR) | Travis County Development Authority Contract Assessment RB for Bella Fortuna Public Improvement District Series 2024 (NR/NR) | Travis County Development Authority Contract Assessment RB for Bella Fortuna Public Improvement District Series 2024 (NR/NR) |
| 843000 | 5.375 <sup>(c)</sup> | 09/01/2044 | 850707 |
| 750000 | 5.625 <sup>(c)</sup> | 09/01/2051 | 757609 |
| Travis County Development Authority Contract Assessment RB for Longview 71 Public Improvement District Improvement Area # 1 Project Series 2024 (NR/NR) | Travis County Development Authority Contract Assessment RB for Longview 71 Public Improvement District Improvement Area # 1 Project Series 2024 (NR/NR) | Travis County Development Authority Contract Assessment RB for Longview 71 Public Improvement District Improvement Area # 1 Project Series 2024 (NR/NR) | Travis County Development Authority Contract Assessment RB for Longview 71 Public Improvement District Improvement Area # 1 Project Series 2024 (NR/NR) |
| 600000 | 5.000 <sup>(c)</sup> | 09/01/2044 | 583702 |
| Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area #1 Commercial Lot 98 and Improvement Area #2 Project Series 2025 (NR/NR) | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area #1 Commercial Lot 98 and Improvement Area #2 Project Series 2025 (NR/NR) | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area #1 Commercial Lot 98 and Improvement Area #2 Project Series 2025 (NR/NR) | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area #1 Commercial Lot 98 and Improvement Area #2 Project Series 2025 (NR/NR) |
| 1400000 | 5.250 | 09/01/2054 | 1343955 |
| Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR) | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR) | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR) | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR) |
| 868000 | 5.375 <sup>(c)</sup> | 09/01/2042 | 883449 |
| Travis County Housing Finance Corporation Multifamily Housing RB for Bluestein Boulevard Apartments Series 2024 (Aaa/NR) | Travis County Housing Finance Corporation Multifamily Housing RB for Bluestein Boulevard Apartments Series 2024 (Aaa/NR) | Travis County Housing Finance Corporation Multifamily Housing RB for Bluestein Boulevard Apartments Series 2024 (Aaa/NR) | Travis County Housing Finance Corporation Multifamily Housing RB for Bluestein Boulevard Apartments Series 2024 (Aaa/NR) |
| 3615000 | 3.400 <sup>(a)(b)</sup> | 01/01/2059 | 3614658 |
| Travis County Texas Permanent Improvement Bonds Series 2024 (Aaa/AAA) | Travis County Texas Permanent Improvement Bonds Series 2024 (Aaa/AAA) | Travis County Texas Permanent Improvement Bonds Series 2024 (Aaa/AAA) | Travis County Texas Permanent Improvement Bonds Series 2024 (Aaa/AAA) |
| 840000 | 4.000 | 03/01/2043 | 798449 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Travis County Texas Unlimited Tax Road Bonds Series 2024 (Aaa/AAA) | Travis County Texas Unlimited Tax Road Bonds Series 2024 (Aaa/AAA) | Travis County Texas Unlimited Tax Road Bonds Series 2024 (Aaa/AAA) | Travis County Texas Unlimited Tax Road Bonds Series 2024 (Aaa/AAA) |
| 965000 | 4.000% | 03/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910783 |
| 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) |
| 8600000 | 3.250 | 02/15/2041 | 7290665 |
| 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) |
| 755000 | 5.000 | 09/01/2031 | 787995 |
| 950000 | 3.000 | 09/01/2034 | 824583 |
| Viridian Municipal Management District Special Assessment Bonds<br>Series 2020 (NR/NR) | Viridian Municipal Management District Special Assessment Bonds<br>Series 2020 (NR/NR) | Viridian Municipal Management District Special Assessment Bonds<br>Series 2020 (NR/NR) | Viridian Municipal Management District Special Assessment Bonds<br>Series 2020 (NR/NR) |
| 66000 | 2.375 | 12/01/2025 | 65322 |
| 308000 | 2.875 | 12/01/2030 | 277489 |
| 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) |
| 442000 | 4.250 | 12/01/2029 | 437450 |
| 1159000 | 4.625 | 12/01/2035 | 1132408 |
| 1704000 | 5.000 | 12/01/2045 | 1636600 |
| Westpointe Special Improvement District Limited Ad Valorem Tax Road Bonds Series 2024 (BAM) (Baa2/AA) | Westpointe Special Improvement District Limited Ad Valorem Tax Road Bonds Series 2024 (BAM) (Baa2/AA) | Westpointe Special Improvement District Limited Ad Valorem Tax Road Bonds Series 2024 (BAM) (Baa2/AA) | Westpointe Special Improvement District Limited Ad Valorem Tax Road Bonds Series 2024 (BAM) (Baa2/AA) |
| 1000000 | 5.000 | 08/15/2045 | 1014073 |
| 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 | 740659 |
| 1000000 | 5.625 | 08/15/2052 | 1001842 |
| Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (Baa3/NR) | Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (Baa3/NR) | Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (Baa3/NR) | Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (Baa3/NR) |
| 325000 | 3.000 | 08/15/2034 | 282254 |
| 345000 | 3.000 | 08/15/2036 | 287811 |
| 745000 | 3.000 | 08/15/2039 | 569798 |
| Williamson County Texas Unlimited Tax Road Bonds Limited Tax Notes Series 2024 (NR/AAA) | Williamson County Texas Unlimited Tax Road Bonds Limited Tax Notes Series 2024 (NR/AAA) | Williamson County Texas Unlimited Tax Road Bonds Limited Tax Notes Series 2024 (NR/AAA) | Williamson County Texas Unlimited Tax Road Bonds Limited Tax Notes Series 2024 (NR/AAA) |
| 3500000 | 5.000 | 02/15/2026 | 3567140 |
| Wise County Texas Tax Notes Series 2024 (NR/AA+) | Wise County Texas Tax Notes Series 2024 (NR/AA+) | Wise County Texas Tax Notes Series 2024 (NR/AA+) | Wise County Texas Tax Notes Series 2024 (NR/AA+) |
| 1070000 | 5.000 | 02/15/2026 | 1087831 |
| 1130000 | 5.000 | 02/15/2027 | 1169792 |
| 1070000 | 5.000 | 02/15/2028 | 1126908 |
| Yoakum Independent School District Unlimited Tax School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Yoakum Independent School District Unlimited Tax School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Yoakum Independent School District Unlimited Tax School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Yoakum Independent School District Unlimited Tax School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) |
| 1000000 | 4.250 | 02/15/2048 | 968934 |
|  |  |  | 978997894 |
| Utah - 1.0% | Utah - 1.0% | Utah - 1.0% | Utah - 1.0% |
| Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR) | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR) | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR) | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR) |
| 1675000 | 3.250 <sup>(c)</sup> | 03/01/2031 | 1572113 |
| 1875000 | 3.500 <sup>(c)</sup> | 03/01/2036 | 1670642 |
| 1900000 | 3.750 <sup>(c)</sup> | 03/01/2041 | 1627077 |
| Black Desert Public Infrastructure District In Ivins City Washington County Utah Special Assessment Bonds Series 2024 (NR/NR) | Black Desert Public Infrastructure District In Ivins City Washington County Utah Special Assessment Bonds Series 2024 (NR/NR) | Black Desert Public Infrastructure District In Ivins City Washington County Utah Special Assessment Bonds Series 2024 (NR/NR) | Black Desert Public Infrastructure District In Ivins City Washington County Utah Special Assessment Bonds Series 2024 (NR/NR) |
| 2300000 | 5.625 <sup>(c)</sup> | 12/01/2053 | 2304726 |
| Intermountain Power Agency Power Supply RB 2023 Series A<br>(Tax-Exempt) (Aa3/NR) | Intermountain Power Agency Power Supply RB 2023 Series A<br>(Tax-Exempt) (Aa3/NR) | Intermountain Power Agency Power Supply RB 2023 Series A<br>(Tax-Exempt) (Aa3/NR) | Intermountain Power Agency Power Supply RB 2023 Series A<br>(Tax-Exempt) (Aa3/NR) |
| 6500000 | 5.000 | 07/01/2034 | 7029453 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 94 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR) | Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR) | Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR) | Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR) |
| $3875000 | 5.250 %<sup>(c)</sup> | 02/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3332761 |
| Mida Mountain Village Public Infrastructure District Subordinate Tax Allocation RB Series 2024-2 (NR/NR) | Mida Mountain Village Public Infrastructure District Subordinate Tax Allocation RB Series 2024-2 (NR/NR) | Mida Mountain Village Public Infrastructure District Subordinate Tax Allocation RB Series 2024-2 (NR/NR) | Mida Mountain Village Public Infrastructure District Subordinate Tax Allocation RB Series 2024-2 (NR/NR) |
| 1750000 | 5.500 <sup>(c)</sup> | 06/15/2039 | 1784884 |
| 1000000 | 5.750 <sup>(c)</sup> | 06/15/2044 | 1024657 |
| Salt Lake City Airport RB (AMT) for Salt Lake City International Airport Series 2017A (A2/A+) | Salt Lake City Airport RB (AMT) for Salt Lake City International Airport Series 2017A (A2/A+) | Salt Lake City Airport RB (AMT) for Salt Lake City International Airport Series 2017A (A2/A+) | Salt Lake City Airport RB (AMT) for Salt Lake City International Airport Series 2017A (A2/A+) |
| 1060000 | 5.000 | 07/01/2047 | 1061046 |
| Salt Lake City Airport RB for Salt Lake City International Airport<br>Series 2023A (AMT) (A2/A+) | Salt Lake City Airport RB for Salt Lake City International Airport<br>Series 2023A (AMT) (A2/A+) | Salt Lake City Airport RB for Salt Lake City International Airport<br>Series 2023A (AMT) (A2/A+) | Salt Lake City Airport RB for Salt Lake City International Airport<br>Series 2023A (AMT) (A2/A+) |
| 1500000 | 5.250 | 07/01/2053 | 1543090 |
| 6300000 | 5.500 | 07/01/2053 | 6591484 |
| 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 | 10795368 |
| 5000000 | 5.000 | 07/01/2038 | 5101136 |
| 7500000 | 5.250 | 07/01/2048 | 7591201 |
| Salt Lake City International Airport RB Series 2018A (AMT) (A2/A+) | Salt Lake City International Airport RB Series 2018A (AMT) (A2/A+) | Salt Lake City International Airport RB Series 2018A (AMT) (A2/A+) | Salt Lake City International Airport RB Series 2018A (AMT) (A2/A+) |
| 4000000 | 5.000 | 07/01/2029 | 4172534 |
| 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+) |
| 5035000 | 5.000 | 07/01/2046 | 5097847 |
| 1500000 | 4.000 | 07/01/2051 | 1311491 |
| Salt Lake City International Airport RB Series 2023A (A2/A+) | Salt Lake City International Airport RB Series 2023A (A2/A+) | Salt Lake City International Airport RB Series 2023A (A2/A+) | Salt Lake City International Airport RB Series 2023A (A2/A+) |
| 200000 | 5.250 | 07/01/2048 | 206627 |
| Salt Lake City RB for International Airport Series 2018 A (A2/A+) | Salt Lake City RB for International Airport Series 2018 A (A2/A+) | Salt Lake City RB for International Airport Series 2018 A (A2/A+) | Salt Lake City RB for International Airport Series 2018 A (A2/A+) |
| 5500000 | 5.000 | 07/01/2030 | 5725598 |
| Salt Lake City Utah Public Utilities RB Series 2025 (Aa1/AAA) | Salt Lake City Utah Public Utilities RB Series 2025 (Aa1/AAA) | Salt Lake City Utah Public Utilities RB Series 2025 (Aa1/AAA) | Salt Lake City Utah Public Utilities RB Series 2025 (Aa1/AAA) |
| 20875000 | 5.250 | 02/01/2055 | 22436993 |
| Salt Lake City, Utah Airport RB, Series 2017A (AMT) Salt Lake City International Airport (A2/A+) | Salt Lake City, Utah Airport RB, Series 2017A (AMT) Salt Lake City International Airport (A2/A+) | Salt Lake City, Utah Airport RB, Series 2017A (AMT) Salt Lake City International Airport (A2/A+) | Salt Lake City, Utah Airport RB, Series 2017A (AMT) Salt Lake City International Airport (A2/A+) |
| 5200000 | 5.000 | 07/01/2042 | 5232539 |
| Utah Charter School Finance Authority Charter School RB for Beehive Science & Technology Academy Project Series 2021A (NR/NR) | Utah Charter School Finance Authority Charter School RB for Beehive Science & Technology Academy Project Series 2021A (NR/NR) | Utah Charter School Finance Authority Charter School RB for Beehive Science & Technology Academy Project Series 2021A (NR/NR) | Utah Charter School Finance Authority Charter School RB for Beehive Science & Technology Academy Project Series 2021A (NR/NR) |
| 2325000 | 4.000 <sup>(c)</sup> | 10/15/2041 | 1852452 |
| Utah Charter School Finance Authority Charter School RB Series 2022A (NR/BB+) | Utah Charter School Finance Authority Charter School RB Series 2022A (NR/BB+) | Utah Charter School Finance Authority Charter School RB Series 2022A (NR/BB+) | Utah Charter School Finance Authority Charter School RB Series 2022A (NR/BB+) |
| 1610000 | 5.625 <sup>(c)</sup> | 06/15/2042 | 1620803 |
| Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB) | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB) | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB) | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB) |
| 500000 | 4.000 <sup>(c)</sup> | 07/15/2037 | 430310 |
| 3485000 | 4.250 <sup>(c)</sup> | 07/15/2050 | 2792519 |
| Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022B (NR/BB) | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022B (NR/BB) | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022B (NR/BB) | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022B (NR/BB) |
| 65000 | 5.750 <sup>(c)</sup> | 07/15/2026 | 64537 |
| Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR) | Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR) | Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR) | Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR) |
| 890000 | 4.000 <sup>(c)</sup> | 06/15/2041 | 733187 |
| 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 | 713852 |
| 625000 | 5.000 | 04/15/2044 | 630012 |
| 1150000 | 5.000 | 04/15/2049 | 1153214 |
| Utah Housing Corp. Multifamily Housing RB for Promontory Place Apartments Series 2024B (Aaa/NR) | Utah Housing Corp. Multifamily Housing RB for Promontory Place Apartments Series 2024B (Aaa/NR) | Utah Housing Corp. Multifamily Housing RB for Promontory Place Apartments Series 2024B (Aaa/NR) | Utah Housing Corp. Multifamily Housing RB for Promontory Place Apartments Series 2024B (Aaa/NR) |
| 2285000 | 3.400 <sup>(a)(b)</sup> | 02/01/2028 | 2293384 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (Aa2/AA+) | Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (Aa2/AA+) | Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (Aa2/AA+) | Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (Aa2/AA+) |
| 3065000 | 4.000 %<sup>(d)</sup> | 06/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071716 |
|  |  |  | 112569253 |
| Vermont - 0.1% | Vermont - 0.1% | Vermont - 0.1% | Vermont - 0.1% |
| University of Vermont State Agricultural College GO Bonds Series 2017 (Aa3/A+) | University of Vermont State Agricultural College GO Bonds Series 2017 (Aa3/A+) | University of Vermont State Agricultural College GO Bonds Series 2017 (Aa3/A+) | University of Vermont State Agricultural College GO Bonds Series 2017 (Aa3/A+) |
| 365000 | 5.000 | 10/01/2043 | 372397 |
| 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 | 745184 |
| 585000 | 5.000 | 05/01/2026 | 588099 |
| Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B1/B+) | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B1/B+) | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B1/B+) | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B1/B+) |
| 2175000 | 5.000 <sup>(a)(b)(c)</sup> | 06/01/2052 | 2212585 |
| Vermont Educational and Health Buildings Financing Agency RB Saint Michael's College Project, Series 2023 (NR/BBB-) | Vermont Educational and Health Buildings Financing Agency RB Saint Michael's College Project, Series 2023 (NR/BBB-) | Vermont Educational and Health Buildings Financing Agency RB Saint Michael's College Project, Series 2023 (NR/BBB-) | Vermont Educational and Health Buildings Financing Agency RB Saint Michael's College Project, Series 2023 (NR/BBB-) |
| 2700000 | 5.500 <sup>(c)</sup> | 10/01/2043 | 2420401 |
|  |  |  | 6338666 |
| Virgin Islands - 0.1% | Virgin Islands - 0.1% | Virgin Islands - 0.1% | Virgin Islands - 0.1% |
| Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) |
| 825000 | 5.000 | 10/01/2039 | 839246 |
| Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR) | Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR) | Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR) | Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR) |
| 4700000 | 5.000 <sup>(c)</sup> | 10/01/2039 | 4465528 |
| Virgin Islands Public Finance Authority RB Series 2014 A (AGM-CR) (A1/AA) | Virgin Islands Public Finance Authority RB Series 2014 A (AGM-CR) (A1/AA) | Virgin Islands Public Finance Authority RB Series 2014 A (AGM-CR) (A1/AA) | Virgin Islands Public Finance Authority RB Series 2014 A (AGM-CR) (A1/AA) |
| 5000000 | 5.000 <sup>(c)</sup> | 10/01/2034 | 5004850 |
|  |  |  | 10309624 |
| Virginia - 1.2% | Virginia - 1.2% | Virginia - 1.2% | Virginia - 1.2% |
| City of Virginia Beach Development Authority Residential Care Facility RB (Westminster-Canterbury On Chesapeake Bay) Series 2023A Tax Exempt Fixed Rate Bonds (NR/NR) | City of Virginia Beach Development Authority Residential Care Facility RB (Westminster-Canterbury On Chesapeake Bay) Series 2023A Tax Exempt Fixed Rate Bonds (NR/NR) | City of Virginia Beach Development Authority Residential Care Facility RB (Westminster-Canterbury On Chesapeake Bay) Series 2023A Tax Exempt Fixed Rate Bonds (NR/NR) | City of Virginia Beach Development Authority Residential Care Facility RB (Westminster-Canterbury On Chesapeake Bay) Series 2023A Tax Exempt Fixed Rate Bonds (NR/NR) |
| 2700000 | 7.000 | 09/01/2053 | 3027119 |
| Economic Development Authority of The City of Winchester Virginia RB Valley Health System Obligated Group Series 2024A (A1/A+) | Economic Development Authority of The City of Winchester Virginia RB Valley Health System Obligated Group Series 2024A (A1/A+) | Economic Development Authority of The City of Winchester Virginia RB Valley Health System Obligated Group Series 2024A (A1/A+) | Economic Development Authority of The City of Winchester Virginia RB Valley Health System Obligated Group Series 2024A (A1/A+) |
| 1425000 | 5.000 | 01/01/2040 | 1504912 |
| 5365000 | 5.000 | 01/01/2041 | 5622509 |
| 2180000 | 5.000 | 01/01/2042 | 2265437 |
| Fairfax County Redevelopment & Housing Authority Multifamily Housing RB for Dominion Square North Project Series 2023 (Aaa/NR) | Fairfax County Redevelopment & Housing Authority Multifamily Housing RB for Dominion Square North Project Series 2023 (Aaa/NR) | Fairfax County Redevelopment & Housing Authority Multifamily Housing RB for Dominion Square North Project Series 2023 (Aaa/NR) | Fairfax County Redevelopment & Housing Authority Multifamily Housing RB for Dominion Square North Project Series 2023 (Aaa/NR) |
| 1825000 | 5.000 <sup>(a)(b)</sup> | 01/01/2045 | 1893703 |
| 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 | 2932904 |
| Harrisonburg Redevelopment and Housing Authority Multifamily Housing RB Helios Series 2023 (Aaa/NR) | Harrisonburg Redevelopment and Housing Authority Multifamily Housing RB Helios Series 2023 (Aaa/NR) | Harrisonburg Redevelopment and Housing Authority Multifamily Housing RB Helios Series 2023 (Aaa/NR) | Harrisonburg Redevelopment and Housing Authority Multifamily Housing RB Helios Series 2023 (Aaa/NR) |
| 4750000 | 3.570 <sup>(a)(b)</sup> | 10/01/2045 | 4775121 |
| Industrial Development Authority of Arlington County Hospital RB for VHC Health Series 2023A (NR/A+) | Industrial Development Authority of Arlington County Hospital RB for VHC Health Series 2023A (NR/A+) | Industrial Development Authority of Arlington County Hospital RB for VHC Health Series 2023A (NR/A+) | Industrial Development Authority of Arlington County Hospital RB for VHC Health Series 2023A (NR/A+) |
| 6700000 | 5.000 <sup>(a)(b)</sup> | 07/01/2053 | 7168437 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **95** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Norfolk Redevelopment and Housing Authority Multifamily Housing RB Braywood Manor Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) | Norfolk Redevelopment and Housing Authority Multifamily Housing RB Braywood Manor Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) | Norfolk Redevelopment and Housing Authority Multifamily Housing RB Braywood Manor Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) | Norfolk Redevelopment and Housing Authority Multifamily Housing RB Braywood Manor Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) |
| $4215000 | 5.000 %<sup>(a)(b)</sup> | 05/01/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4294790 |
| 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+) |
| 350000 | 5.000 | 04/01/2027 | 358831 |
| 400000 | 5.000 | 04/01/2028 | 413961 |
| 460000 | 5.000 | 04/01/2029 | 478765 |
| 350000 | 5.000 | 04/01/2030 | 365462 |
| 740000 | 5.000 | 04/01/2031 | 768948 |
| 300000 | 5.000 | 04/01/2032 | 310297 |
| 650000 | 5.000 | 04/01/2033 | 669228 |
| 395000 | 5.000 | 04/01/2034 | 405912 |
| 110000 | 5.000 | 04/01/2035 | 112826 |
| 430000 | 5.000 | 04/01/2036 | 439775 |
| 1030000 | 5.000 | 04/01/2037 | 1048328 |
| 410000 | 4.000 | 04/01/2039 | 373909 |
| 265000 | 4.000 | 04/01/2040 | 237669 |
| 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-) |
| 8510000 | 6.706 | 06/01/2046 | 7012083 |
| Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-) |
| 123090000 | 0.000 <sup>(g)</sup> | 06/01/2047 | 33269061 |
| Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-) |
| 13500000 | 0.000 <sup>(g)</sup> | 06/01/2047 | 3571140 |
| 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 | 20728430 |
| Virginia Beach Development Authority Residential Care Facility Tax Exempt Mandatory Paydown Securities RB for Westminster-Canterbury On Chesapeake Bay Series 2023B-3 (NR/NR) | Virginia Beach Development Authority Residential Care Facility Tax Exempt Mandatory Paydown Securities RB for Westminster-Canterbury On Chesapeake Bay Series 2023B-3 (NR/NR) | Virginia Beach Development Authority Residential Care Facility Tax Exempt Mandatory Paydown Securities RB for Westminster-Canterbury On Chesapeake Bay Series 2023B-3 (NR/NR) | Virginia Beach Development Authority Residential Care Facility Tax Exempt Mandatory Paydown Securities RB for Westminster-Canterbury On Chesapeake Bay Series 2023B-3 (NR/NR) |
| 3975000 | 5.375 | 09/01/2029 | 4064965 |
| 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) |
| 300000 | 5.000 | 06/01/2028 | 309704 |
| 375000 | 5.000 | 06/01/2029 | 389094 |
| 300000 | 5.000 | 06/01/2031 | 312953 |
| 875000 | 4.000 | 06/01/2036 | 826403 |
| 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 | 3902685 |
| Virginia Housing Development Authority Rental Housing Bonds 2024 Series C (NON-AMT) (Aa1/AA+) | Virginia Housing Development Authority Rental Housing Bonds 2024 Series C (NON-AMT) (Aa1/AA+) | Virginia Housing Development Authority Rental Housing Bonds 2024 Series C (NON-AMT) (Aa1/AA+) | Virginia Housing Development Authority Rental Housing Bonds 2024 Series C (NON-AMT) (Aa1/AA+) |
| 1000000 | 4.800 | 12/01/2049 | 990916 |
| Virginia Housing Development Authority Rental Housing Bonds 2025 Series A (NON-AMT) (Aa1/AA+) | Virginia Housing Development Authority Rental Housing Bonds 2025 Series A (NON-AMT) (Aa1/AA+) | Virginia Housing Development Authority Rental Housing Bonds 2025 Series A (NON-AMT) (Aa1/AA+) | Virginia Housing Development Authority Rental Housing Bonds 2025 Series A (NON-AMT) (Aa1/AA+) |
| 550000 | 3.250 | 03/01/2029 | 546926 |
| 1750000 | 3.250 | 09/01/2029 | 1737315 |
| Virginia Port Authority Commonwealth Port Fund RB Series 2015 (Aa1/AA+) | Virginia Port Authority Commonwealth Port Fund RB Series 2015 (Aa1/AA+) | Virginia Port Authority Commonwealth Port Fund RB Series 2015 (Aa1/AA+) | Virginia Port Authority Commonwealth Port Fund RB Series 2015 (Aa1/AA+) |
| 5000000 | 5.000 <sup>(d)</sup> | 07/01/2025 | 5020812 |
| Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (NR/NR) | Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (NR/NR) | Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (NR/NR) | Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (NR/NR) |
| 750000 | 5.000 <sup>(d)</sup> | 07/01/2025 | 753027 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Port Authority Port Facilities Revenue Refunding Bonds Series 2015A (NR/NR) | Virginia Port Authority Port Facilities Revenue Refunding Bonds Series 2015A (NR/NR) | Virginia Port Authority Port Facilities Revenue Refunding Bonds Series 2015A (NR/NR) | Virginia Port Authority Port Facilities Revenue Refunding Bonds Series 2015A (NR/NR) |
| 2000000 | 5.000 %<sup>(d)</sup> | 07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008073 |
| Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (Baa3/NR) | Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (Baa3/NR) | Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (Baa3/NR) | Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (Baa3/NR) |
| 1050000 | 5.000 | 12/31/2056 | 1034283 |
| Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (Baa1/NR) | Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (Baa1/NR) | Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (Baa1/NR) | Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (Baa1/NR) |
| 1875000 | 5.000 | 12/31/2052 | 1907436 |
| Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (NR/B) | Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (NR/B) | Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (NR/B) | Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (NR/B) |
| 300000 | 5.000 <sup>(a)(b)(c)</sup> | 01/01/2048 | 298924 |
| Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) | Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) | Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) | Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) |
| 5385000 | 5.000 | 12/31/2049 | 5392759 |
| 4950000 | 5.000 | 12/31/2052 | 4935139 |
|  |  |  | 138480971 |
| Washington - 2.1% | Washington - 2.1% | Washington - 2.1% | Washington - 2.1% |
| Bethel School District No. 403 Pierce County Washington Unlimited Tax GO Bonds 2024 (SCH BD GTY) (Aaa/NR) | Bethel School District No. 403 Pierce County Washington Unlimited Tax GO Bonds 2024 (SCH BD GTY) (Aaa/NR) | Bethel School District No. 403 Pierce County Washington Unlimited Tax GO Bonds 2024 (SCH BD GTY) (Aaa/NR) | Bethel School District No. 403 Pierce County Washington Unlimited Tax GO Bonds 2024 (SCH BD GTY) (Aaa/NR) |
| 5865000 | 5.000 | 12/01/2041 | 6343649 |
| 6700000 | 5.000 | 12/01/2042 | 7207940 |
| 4600000 | 5.000 | 12/01/2043 | 4922146 |
| City of Seattle Drainage and Wastewater System Improvement and Refunding RB Series 2022 (Aa1/AA+) | City of Seattle Drainage and Wastewater System Improvement and Refunding RB Series 2022 (Aa1/AA+) | City of Seattle Drainage and Wastewater System Improvement and Refunding RB Series 2022 (Aa1/AA+) | City of Seattle Drainage and Wastewater System Improvement and Refunding RB Series 2022 (Aa1/AA+) |
| 1200000 | 4.000 | 09/01/2036 | 1222249 |
| 2665000 | 4.000 | 09/01/2037 | 2693485 |
| 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 | 3395792 |
| 6715000 | 4.000 | 01/01/2034 | 6809335 |
| 11655000 | 4.000 | 01/01/2043 | 11205244 |
| 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 | 12654312 |
| 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 | 6588525 |
| City of Tacoma Electric System RB Green Bonds Series 2024A (NR/AA) | City of Tacoma Electric System RB Green Bonds Series 2024A (NR/AA) | City of Tacoma Electric System RB Green Bonds Series 2024A (NR/AA) | City of Tacoma Electric System RB Green Bonds Series 2024A (NR/AA) |
| 1000000 | 5.000 | 01/01/2049 | 1045099 |
| Energy Northwest Columbia Generating Station Electric Revenue Refunding Bonds Series 2021-A (Aa1/AA-) | Energy Northwest Columbia Generating Station Electric Revenue Refunding Bonds Series 2021-A (Aa1/AA-) | Energy Northwest Columbia Generating Station Electric Revenue Refunding Bonds Series 2021-A (Aa1/AA-) | Energy Northwest Columbia Generating Station Electric Revenue Refunding Bonds Series 2021-A (Aa1/AA-) |
| 8830000 | 4.000 | 07/01/2042 | 8325540 |
| Highline School District No. 401, King County, Washington UT GO Bonds, 2023 (SCH BD GTY) (Aaa/NR) | Highline School District No. 401, King County, Washington UT GO Bonds, 2023 (SCH BD GTY) (Aaa/NR) | Highline School District No. 401, King County, Washington UT GO Bonds, 2023 (SCH BD GTY) (Aaa/NR) | Highline School District No. 401, King County, Washington UT GO Bonds, 2023 (SCH BD GTY) (Aaa/NR) |
| 2750000 | 5.000 | 12/01/2039 | 2982240 |
| Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (NR/BBB-) | Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (NR/BBB-) | Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (NR/BBB-) | Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (NR/BBB-) |
| 8685000 | 5.000 | 04/01/2030 | 8684994 |
| 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 | 4810236 |
| 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 | 7152034 |
| Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1/AA-) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1/AA-) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1/AA-) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1/AA-) |
| 4000000 | 5.000 | 08/01/2037 | 4163578 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 96 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1/AA-) – (continued) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1/AA-) – (continued) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1/AA-) – (continued) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1/AA-) – (continued) |
| $700000 | 4.000% | 08/01/2041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649599 |
| Port of Seattle Intermediate Lien Revenue Bonds Series 2018A | Port of Seattle Intermediate Lien Revenue Bonds Series 2018A | Port of Seattle Intermediate Lien Revenue Bonds Series 2018A | Port of Seattle Intermediate Lien Revenue Bonds Series 2018A |
| (A1/AA-) |  |  |  |
| 2500000 | 5.000 | 05/01/2043 | 2532950 |
| Port of Seattle Intermediate Lien Revenue Refunding Bond Series 2022A (A1/AA-) | Port of Seattle Intermediate Lien Revenue Refunding Bond Series 2022A (A1/AA-) | Port of Seattle Intermediate Lien Revenue Refunding Bond Series 2022A (A1/AA-) | Port of Seattle Intermediate Lien Revenue Refunding Bond Series 2022A (A1/AA-) |
| 865000 | 5.000 | 08/01/2028 | 921931 |
| Port of Seattle RB Refunding for Intermediate Lien Series 2021 C | Port of Seattle RB Refunding for Intermediate Lien Series 2021 C | Port of Seattle RB Refunding for Intermediate Lien Series 2021 C | Port of Seattle RB Refunding for Intermediate Lien Series 2021 C |
| (A1/AA-) |  |  |  |
| 5000000 | 5.000 | 08/01/2039 | 5171822 |
| Port of Tacoma Revenue and Refunding Bonds 2016B (Aa3/AA+) | Port of Tacoma Revenue and Refunding Bonds 2016B (Aa3/AA+) | Port of Tacoma Revenue and Refunding Bonds 2016B (Aa3/AA+) | Port of Tacoma Revenue and Refunding Bonds 2016B (Aa3/AA+) |
| 12455000 | 5.000 | 12/01/2043 | 12518983 |
| Public Hospital District No. 2 Quincy Valley Medical Center UT GO Bonds 2024 (Baa1/NR) | Public Hospital District No. 2 Quincy Valley Medical Center UT GO Bonds 2024 (Baa1/NR) | Public Hospital District No. 2 Quincy Valley Medical Center UT GO Bonds 2024 (Baa1/NR) | Public Hospital District No. 2 Quincy Valley Medical Center UT GO Bonds 2024 (Baa1/NR) |
| 800000 | 5.500 | 12/01/2044 | 826755 |
| Spokane County Washington Airport RB Series 2024B (AMT) (A2/A) | Spokane County Washington Airport RB Series 2024B (AMT) (A2/A) | Spokane County Washington Airport RB Series 2024B (AMT) (A2/A) | Spokane County Washington Airport RB Series 2024B (AMT) (A2/A) |
| 1585000 | 5.250 | 01/01/2041 | 1679789 |
| 3000000 | 5.250 | 01/01/2042 | 3158776 |
| State of Washington Various Purpose GO Bonds Series 2025C (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2025C (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2025C (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2025C (Aaa/AA+) |
| 45860000 | 5.000 | 02/01/2048 | 48179961 |
| 4190000 | 5.000 | 02/01/2049 | 4388523 |
| State of Washington Various Purpose GO Bonds Series R-2022A (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series R-2022A (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series R-2022A (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series R-2022A (Aaa/AA+) |
| 2490000 | 5.000 | 02/01/2027 | 2590627 |
| Washington Health Care Facilities Authority RB (Commonspirit Health) Series 2019A-2 (A3/A-) | Washington Health Care Facilities Authority RB (Commonspirit Health) Series 2019A-2 (A3/A-) | Washington Health Care Facilities Authority RB (Commonspirit Health) Series 2019A-2 (A3/A-) | Washington Health Care Facilities Authority RB (Commonspirit Health) Series 2019A-2 (A3/A-) |
| 5000000 | 5.000 | 08/01/2037 | 5199303 |
| 1140000 | 5.000 | 08/01/2039 | 1177814 |
| Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) |
| 3370000 | 4.000 | 08/01/2044 | 3096362 |
| Washington Health Care Facilities Authority RB for Fred Hutchinson Cancer Research Center Series 2015 (NR/NR) | Washington Health Care Facilities Authority RB for Fred Hutchinson Cancer Research Center Series 2015 (NR/NR) | Washington Health Care Facilities Authority RB for Fred Hutchinson Cancer Research Center Series 2015 (NR/NR) | Washington Health Care Facilities Authority RB for Fred Hutchinson Cancer Research Center Series 2015 (NR/NR) |
| 1500000 | 5.000 <sup>(d)</sup> | 07/01/2025 | 1506622 |
| Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 | Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 | Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 | Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 |
| (A3/A-) |  |  |  |
| 2000000 | 5.000 | 08/01/2037 | 2079721 |
| 1000000 | 5.000 | 08/01/2038 | 1036102 |
| Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 | Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 | Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 | Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 |
| (A3/A-) |  |  |  |
| 570000 | 5.000 | 08/01/2036 | 594206 |
| Washington Health Care Facilities Authority RB Refunding for Providence St. Joseph Health Obligated Group Series 2021 B (A2/A) | Washington Health Care Facilities Authority RB Refunding for Providence St. Joseph Health Obligated Group Series 2021 B (A2/A) | Washington Health Care Facilities Authority RB Refunding for Providence St. Joseph Health Obligated Group Series 2021 B (A2/A) | Washington Health Care Facilities Authority RB Refunding for Providence St. Joseph Health Obligated Group Series 2021 B (A2/A) |
| 900000 | 4.000 <sup>(a)(b)</sup> | 10/01/2042 | 913065 |
| Washington Higher Education Facilities Authority RB for Seattle University Project Series 2020 (NR/A) | Washington Higher Education Facilities Authority RB for Seattle University Project Series 2020 (NR/A) | Washington Higher Education Facilities Authority RB for Seattle University Project Series 2020 (NR/A) | Washington Higher Education Facilities Authority RB for Seattle University Project Series 2020 (NR/A) |
| 1200000 | 4.000 | 05/01/2050 | 1065384 |
| Washington State Convention Center Public Facilities District Junior Lodging Tax Notes 2021 (NR/NR) | Washington State Convention Center Public Facilities District Junior Lodging Tax Notes 2021 (NR/NR) | Washington State Convention Center Public Facilities District Junior Lodging Tax Notes 2021 (NR/NR) | Washington State Convention Center Public Facilities District Junior Lodging Tax Notes 2021 (NR/NR) |
| 1050000 | 4.000 | 07/01/2031 | 1049942 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Convention Center Public Facilities District RB Series 2018 (A3/BBB) | Washington State Convention Center Public Facilities District RB Series 2018 (A3/BBB) | Washington State Convention Center Public Facilities District RB Series 2018 (A3/BBB) | Washington State Convention Center Public Facilities District RB Series 2018 (A3/BBB) |
| 320000 | 5.000% | 07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333787 |
| 18275000 | 5.000 | 07/01/2048 | 18495678 |
| Washington State Convention Center Public Facilities District Subordinate Lodging Tax Refunding Bonds Series 2021B (Baa1/BBB-) | Washington State Convention Center Public Facilities District Subordinate Lodging Tax Refunding Bonds Series 2021B (Baa1/BBB-) | Washington State Convention Center Public Facilities District Subordinate Lodging Tax Refunding Bonds Series 2021B (Baa1/BBB-) | Washington State Convention Center Public Facilities District Subordinate Lodging Tax Refunding Bonds Series 2021B (Baa1/BBB-) |
| 2925000 | 4.000 | 07/01/2043 | 2673080 |
| Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR) | Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR) | Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR) | Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR) |
| 745000 | 5.000 <sup>(c)</sup> | 01/01/2034 | 749448 |
| 1400000 | 5.000 <sup>(c)</sup> | 01/01/2039 | 1378675 |
| Washington State Housing Finance Commission Nonprofit Housing Revenue and Refunding Revenue Bonds for Emerald Heights Project Series 2023A (NR/NR) | Washington State Housing Finance Commission Nonprofit Housing Revenue and Refunding Revenue Bonds for Emerald Heights Project Series 2023A (NR/NR) | Washington State Housing Finance Commission Nonprofit Housing Revenue and Refunding Revenue Bonds for Emerald Heights Project Series 2023A (NR/NR) | Washington State Housing Finance Commission Nonprofit Housing Revenue and Refunding Revenue Bonds for Emerald Heights Project Series 2023A (NR/NR) |
| 1325000 | 5.000 | 07/01/2038 | 1385271 |
| Washington State Housing Finance Commission Nonprofit RB Refunding Series 2023 (NR/BBB) | Washington State Housing Finance Commission Nonprofit RB Refunding Series 2023 (NR/BBB) | Washington State Housing Finance Commission Nonprofit RB Refunding Series 2023 (NR/BBB) | Washington State Housing Finance Commission Nonprofit RB Refunding Series 2023 (NR/BBB) |
| 900000 | 5.625 <sup>(c)</sup> | 07/01/2038 | 972201 |
| Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (Aaa/AA+) | Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (Aaa/AA+) | Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (Aaa/AA+) | Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (Aaa/AA+) |
| 6855000 | 0.000 <sup>(g)</sup> | 06/01/2028 | 6202319 |
|  |  |  | 232735094 |
| West Virginia - 0.6% | West Virginia - 0.6% | West Virginia - 0.6% | West Virginia - 0.6% |
| County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (NR/BBB-) | 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-) |
| 665000 | 3.000 | 03/01/2035 | 574923 |
| Monongalia County Commission Senior Tax Increment Revenue, Refunding and Improvement Bonds for Development District No. 4 – University Town Centre Series 2023 A (NR/NR) | Monongalia County Commission Senior Tax Increment Revenue, Refunding and Improvement Bonds for Development District No. 4 – University Town Centre Series 2023 A (NR/NR) | Monongalia County Commission Senior Tax Increment Revenue, Refunding and Improvement Bonds for Development District No. 4 – University Town Centre Series 2023 A (NR/NR) | Monongalia County Commission Senior Tax Increment Revenue, Refunding and Improvement Bonds for Development District No. 4 – University Town Centre Series 2023 A (NR/NR) |
| 410000 | 5.000 <sup>(c)</sup> | 06/01/2033 | 423323 |
| Monongalia County Commission Subordinate Special District Excise Tax Revenue & Improvement Bonds for University Town Centre Economic Opportunity Development District Series 2023 A (NR/NR) | Monongalia County Commission Subordinate Special District Excise Tax Revenue & Improvement Bonds for University Town Centre Economic Opportunity Development District Series 2023 A (NR/NR) | Monongalia County Commission Subordinate Special District Excise Tax Revenue & Improvement Bonds for University Town Centre Economic Opportunity Development District Series 2023 A (NR/NR) | Monongalia County Commission Subordinate Special District Excise Tax Revenue & Improvement Bonds for University Town Centre Economic Opportunity Development District Series 2023 A (NR/NR) |
| 1325000 | 7.000 <sup>(c)</sup> | 06/01/2043 | 1390968 |
| 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-) |
| 7140000 | 5.000 | 06/01/2035 | 7435814 |
| State of West Virginia GO State Road Bonds Series 2019 A (Aa2/ AA-) | State of West Virginia GO State Road Bonds Series 2019 A (Aa2/ AA-) | State of West Virginia GO State Road Bonds Series 2019 A (Aa2/ AA-) | State of West Virginia GO State Road Bonds Series 2019 A (Aa2/ AA-) |
| 605000 | 5.000 | 06/01/2035 | 638138 |
| State of West Virginia, West Virginia GO State Road Bonds, Series 2019 A (Aa2/AA-) | State of West Virginia, West Virginia GO State Road Bonds, Series 2019 A (Aa2/AA-) | State of West Virginia, West Virginia GO State Road Bonds, Series 2019 A (Aa2/AA-) | State of West Virginia, West Virginia GO State Road Bonds, Series 2019 A (Aa2/AA-) |
| 1600000 | 5.000 | 12/01/2036 | 1680048 |
| West Virginia Economic Development Authority RB Refunding for Appalachian Power Company Series 2015A (Baa1/BBB+) (PUTABLE) | West Virginia Economic Development Authority RB Refunding for Appalachian Power Company Series 2015A (Baa1/BBB+) (PUTABLE) | West Virginia Economic Development Authority RB Refunding for Appalachian Power Company Series 2015A (Baa1/BBB+) (PUTABLE) | West Virginia Economic Development Authority RB Refunding for Appalachian Power Company Series 2015A (Baa1/BBB+) (PUTABLE) |
| 7445000 | 3.375 <sup>(a)(b)</sup> | 03/01/2040 | 7385184 |
| West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/BBB+) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/BBB+) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/BBB+) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/BBB+) (PUTABLE) |
| 9150000 | 3.000 <sup>(a)(b)</sup> | 06/01/2037 | 8961231 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **97** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| West Virginia – (continued) | West Virginia – (continued) | West Virginia – (continued) | West Virginia – (continued) |
| West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds Kentucky Power Company - Mitchell Project, Series 2014A (Baa3/BBB) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds Kentucky Power Company - Mitchell Project, Series 2014A (Baa3/BBB) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds Kentucky Power Company - Mitchell Project, Series 2014A (Baa3/BBB) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds Kentucky Power Company - Mitchell Project, Series 2014A (Baa3/BBB) (PUTABLE) |
| 3565000 | 4.700 %<sup>(a)(b)</sup> | 04/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3603356 |
| West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB for Vandalia Health Group Series 2023B (AGM) (A1/AA) | West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB for Vandalia Health Group Series 2023B (AGM) (A1/AA) | West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB for Vandalia Health Group Series 2023B (AGM) (A1/AA) | West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB for Vandalia Health Group Series 2023B (AGM) (A1/AA) |
| 2855000 | 5.125 | 09/01/2042 | 3008028 |
| West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB Vandalia Health Group Series 2023B (AGM) (A1/AA) | West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB Vandalia Health Group Series 2023B (AGM) (A1/AA) | West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB Vandalia Health Group Series 2023B (AGM) (A1/AA) | West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB Vandalia Health Group Series 2023B (AGM) (A1/AA) |
| 2970000 | 5.500 | 09/01/2048 | 3179145 |
| West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa3/BBB) | West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa3/BBB) | West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa3/BBB) | West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa3/BBB) |
| 1000000 | 5.000 | 01/01/2033 | 1028182 |
| 950000 | 5.000 | 01/01/2034 | 974317 |
| 825000 | 5.000 | 01/01/2035 | 844377 |
| 2330000 | 5.000 | 01/01/2036 | 2379263 |
| 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) |
| 2375000 | 5.000 | 09/01/2029 | 2485051 |
| 4775000 | 5.000 | 09/01/2030 | 4972949 |
| 1520000 | 5.000 | 09/01/2032 | 1568281 |
| West Virginia Housing Development Fund Housing Finance Bonds 2024 Series B (NON-AMT) (Aaa/AAA) | West Virginia Housing Development Fund Housing Finance Bonds 2024 Series B (NON-AMT) (Aaa/AAA) | West Virginia Housing Development Fund Housing Finance Bonds 2024 Series B (NON-AMT) (Aaa/AAA) | West Virginia Housing Development Fund Housing Finance Bonds 2024 Series B (NON-AMT) (Aaa/AAA) |
| 3825000 | 4.350 | 11/01/2039 | 3789343 |
| 4685000 | 4.700 | 11/01/2044 | 4666774 |
| West Virginia Housing Development Fund Multifamily Housing RB for Beckley Preservation Series 2024 (HUD SECT 8) (Aaa/NR) | West Virginia Housing Development Fund Multifamily Housing RB for Beckley Preservation Series 2024 (HUD SECT 8) (Aaa/NR) | West Virginia Housing Development Fund Multifamily Housing RB for Beckley Preservation Series 2024 (HUD SECT 8) (Aaa/NR) | West Virginia Housing Development Fund Multifamily Housing RB for Beckley Preservation Series 2024 (HUD SECT 8) (Aaa/NR) |
| 2000000 | 5.000 <sup>(a)(b)</sup> | 08/01/2027 | 2068261 |
|  |  |  | 63056956 |
| Wisconsin - 1.5% | Wisconsin - 1.5% | Wisconsin - 1.5% | Wisconsin - 1.5% |
| City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N3 (AGM) (NR/AA) | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N3 (AGM) (NR/AA) | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N3 (AGM) (NR/AA) | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N3 (AGM) (NR/AA) |
| 4100000 | 5.000 | 04/01/2026 | 4180716 |
| City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N7 (BAM) (NR/AA) | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N7 (BAM) (NR/AA) | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N7 (BAM) (NR/AA) | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N7 (BAM) (NR/AA) |
| 1475000 | 5.000 | 04/01/2026 | 1504038 |
| Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR) | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR) | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR) | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR) |
| 800000 | 5.875 <sup>(c)</sup> | 06/01/2052 | 807118 |
| Public Finance Authority Charter School RB for Founders Academy of Las Vegas Series 2023A (NR/BB-) | Public Finance Authority Charter School RB for Founders Academy of Las Vegas Series 2023A (NR/BB-) | Public Finance Authority Charter School RB for Founders Academy of Las Vegas Series 2023A (NR/BB-) | Public Finance Authority Charter School RB for Founders Academy of Las Vegas Series 2023A (NR/BB-) |
| 300000 | 6.375 <sup>(c)</sup> | 07/01/2043 | 308932 |
| Public Finance Authority Charter School RB Series 2021A (Ba2/ NR) | Public Finance Authority Charter School RB Series 2021A (Ba2/ NR) | Public Finance Authority Charter School RB Series 2021A (Ba2/ NR) | Public Finance Authority Charter School RB Series 2021A (Ba2/ NR) |
| 165000 | 4.250 <sup>(c)</sup> | 06/15/2031 | 156632 |
| Public Finance Authority Charter School Revenue and Refunding Bonds North East Carolina Preparatory School Project Series 2024A (Baa3/NR) | Public Finance Authority Charter School Revenue and Refunding Bonds North East Carolina Preparatory School Project Series 2024A (Baa3/NR) | Public Finance Authority Charter School Revenue and Refunding Bonds North East Carolina Preparatory School Project Series 2024A (Baa3/NR) | Public Finance Authority Charter School Revenue and Refunding Bonds North East Carolina Preparatory School Project Series 2024A (Baa3/NR) |
| 700000 | 5.000 | 06/15/2044 | 685671 |
| Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR) | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR) | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR) | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR) |
| 1060000 | 5.375 <sup>(c)</sup> | 06/15/2042 | 1034574 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Mater Academy of Nevada - East Las Vegas Campus Project Series 2024A (NR/BB) | Public Finance Authority Education RB Mater Academy of Nevada - East Las Vegas Campus Project Series 2024A (NR/BB) | Public Finance Authority Education RB Mater Academy of Nevada - East Las Vegas Campus Project Series 2024A (NR/BB) | Public Finance Authority Education RB Mater Academy of Nevada - East Las Vegas Campus Project Series 2024A (NR/BB) |
| $1280000 | 5.000 %<sup>(c)</sup> | 12/15/2044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257373 |
| Public Finance Authority Education RB Series 2022 (NR/NR) | Public Finance Authority Education RB Series 2022 (NR/NR) | Public Finance Authority Education RB Series 2022 (NR/NR) | Public Finance Authority Education RB Series 2022 (NR/NR) |
| 1290000 | 5.000 <sup>(c)</sup> | 01/01/2042 | 1171638 |
| Public Finance Authority Education Revenue Refunding Bonds for Pinecrest Academy of Nevada—Sloan Canyon Campus Project Series 2024A (NR/BB+) | Public Finance Authority Education Revenue Refunding Bonds for Pinecrest Academy of Nevada—Sloan Canyon Campus Project Series 2024A (NR/BB+) | Public Finance Authority Education Revenue Refunding Bonds for Pinecrest Academy of Nevada—Sloan Canyon Campus Project Series 2024A (NR/BB+) | Public Finance Authority Education Revenue Refunding Bonds for Pinecrest Academy of Nevada—Sloan Canyon Campus Project Series 2024A (NR/BB+) |
| 750000 | 4.000 <sup>(c)</sup> | 07/15/2039 | 692025 |
| 700000 | 4.250 <sup>(c)</sup> | 07/15/2044 | 644430 |
| 700000 | 4.500 <sup>(c)</sup> | 07/15/2049 | 648766 |
| Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (Ba1/BB+) | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (Ba1/BB+) | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (Ba1/BB+) | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (Ba1/BB+) |
| 1000000 | 4.300 | 11/01/2030 | 992837 |
| Public Finance Authority Limited Obligation Grant RB (American Dream @ Meadowlands Project) Series 2017A (Tax-Exempt) Series 2017B (NR/NR) | Public Finance Authority Limited Obligation Grant RB (American Dream @ Meadowlands Project) Series 2017A (Tax-Exempt) Series 2017B (NR/NR) | Public Finance Authority Limited Obligation Grant RB (American Dream @ Meadowlands Project) Series 2017A (Tax-Exempt) Series 2017B (NR/NR) | Public Finance Authority Limited Obligation Grant RB (American Dream @ Meadowlands Project) Series 2017A (Tax-Exempt) Series 2017B (NR/NR) |
| 10975000 | 6.750 <sup>(c)</sup> | 08/01/2031 | 9850062 |
| 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 | 268256 |
| 310000 | 5.000 | 07/01/2036 | 312886 |
| 265000 | 5.000 | 07/01/2037 | 266530 |
| 310000 | 5.000 | 07/01/2038 | 310586 |
| 310000 | 5.000 | 07/01/2039 | 308185 |
| 285000 | 5.000 | 07/01/2040 | 280366 |
| 310000 | 5.000 | 07/01/2041 | 301881 |
| Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A1/AA) | Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A1/AA) | Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A1/AA) | Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A1/AA) |
| 220000 | 4.000 | 07/01/2026 | 221638 |
| 220000 | 4.000 | 07/01/2027 | 222581 |
| 220000 | 4.000 | 07/01/2028 | 223381 |
| 220000 | 4.000 | 07/01/2029 | 221783 |
| 265000 | 4.000 | 07/01/2030 | 266601 |
| 355000 | 4.000 | 07/01/2031 | 355868 |
| 420000 | 4.000 | 07/01/2032 | 419068 |
| 175000 | 4.000 | 07/01/2033 | 173668 |
| 130000 | 4.000 | 07/01/2034 | 128557 |
| 155000 | 4.000 | 07/01/2035 | 152356 |
| 220000 | 4.000 | 07/01/2036 | 215198 |
| 220000 | 4.000 | 07/01/2037 | 214448 |
| 265000 | 4.000 | 07/01/2038 | 255293 |
| 265000 | 4.000 | 07/01/2039 | 251918 |
| 265000 | 4.000 | 07/01/2040 | 249788 |
| Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba2/NR) | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba2/NR) | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba2/NR) | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba2/NR) |
| 1580000 | 5.000 <sup>(c)</sup> | 12/01/2035 | 1582739 |
| 1950000 | 5.000 <sup>(c)</sup> | 12/01/2045 | 1839500 |
| 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 | 771046 |
| 1000000 | 4.000 | 07/01/2051 | 802818 |
| Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR) | Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR) | Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR) | Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR) |
| 395000 | 4.000 <sup>(c)</sup> | 06/15/2030 | 387135 |
| 815000 | 5.000 <sup>(c)</sup> | 06/15/2040 | 808149 |
| Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR) | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR) | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR) | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR) |
| 1225000 | 4.000 <sup>(c)</sup> | 03/01/2030 | 1181430 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 98 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR) | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR) | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR) |
| $6950000 | 5.625 %<sup>(c)</sup> | 06/01/2050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6637264 |
| Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR) | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR) | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR) | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR) |
| 7575000 | 6.500 <sup>(c)</sup> | 06/01/2045 | 6616800 |
| 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 | 509776 |
| 1430000 | 5.350 | 12/01/2045 | 1445509 |
| Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB) | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB) | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB) | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB) |
| 2470000 | 6.000 <sup>(c)</sup> | 07/01/2031 | 2231496 |
| Public Finance Authority RB Kahala Nui Project Series 2025 (NR/BBB-) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/BBB-) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/BBB-) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/BBB-) |
| 8000000 | 5.500 <sup>(c)(e)</sup> | 06/01/2040 | 8204410 |
| Public Finance Authority RB Kahala Nui Project Series 2025 (NR/NR) (PUTABLE) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/NR) (PUTABLE) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/NR) (PUTABLE) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/NR) (PUTABLE) |
| 240000 | 4.000 <sup>(a)(b)(d)</sup> | 10/01/2030 | 250624 |
| Public Finance Authority RB Kahala Nui Project Series 2025 (NR/A) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/A) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/A) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/A) |
| 360000 | 4.000 <sup>(a)(b)</sup> | 10/01/2041 | 365226 |
| Public Finance Authority RB Kahala Nui Project Series 2025 (NR/NR) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/NR) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/NR) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/NR) |
| 2125000 | 5.250 | 11/15/2050 | 2208527 |
| 1550000 | 5.250 | 11/15/2055 | 1605442 |
| 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) |
| 750000 | 5.000 | 01/01/2029 | 783952 |
| 1400000 | 5.000 | 01/01/2032 | 1470554 |
| 950000 | 5.000 | 01/01/2033 | 996105 |
| 900000 | 5.000 | 01/01/2036 | 937171 |
| 500000 | 5.000 | 01/01/2037 | 518972 |
| 2000000 | 5.000 | 01/01/2039 | 2060984 |
| 875000 | 5.000 | 01/01/2040 | 898139 |
| Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR) | Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR) | Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR) | Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR) |
| 535000 | 5.000 <sup>(c)</sup> | 06/01/2029 | 539535 |
| 710000 | 5.000 <sup>(c)</sup> | 06/01/2039 | 686360 |
| 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 | 990884 |
| Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR) | Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR) | Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR) | Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR) |
| 370000 | 4.000 <sup>(c)</sup> | 09/01/2029 | 363268 |
| 770000 | 5.000 <sup>(c)</sup> | 09/01/2039 | 760455 |
| Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB) | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB) | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB) | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB) |
| 5900000 | 4.500 <sup>(c)</sup> | 07/01/2048 | 4546898 |
| Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB+) | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB+) | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB+) | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB+) |
| 2770000 | 6.125 <sup>(c)</sup> | 10/01/2049 | 2433166 |
| Public Finance Authority RB Refunding for Waste Management, Inc. Project Series 2016 A-2 (NR/A-/A-2) | Public Finance Authority RB Refunding for Waste Management, Inc. Project Series 2016 A-2 (NR/A-/A-2) | Public Finance Authority RB Refunding for Waste Management, Inc. Project Series 2016 A-2 (NR/A-/A-2) | Public Finance Authority RB Refunding for Waste Management, Inc. Project Series 2016 A-2 (NR/A-/A-2) |
| 2000000 | 2.875 | 05/01/2027 | 1957030 |
| Public Finance Authority RB Roseman University of Health Sciences 2020 (NR/NR) | Public Finance Authority RB Roseman University of Health Sciences 2020 (NR/NR) | Public Finance Authority RB Roseman University of Health Sciences 2020 (NR/NR) | Public Finance Authority RB Roseman University of Health Sciences 2020 (NR/NR) |
| 5000 | 3.000 <sup>(c)</sup> | 04/01/2025 | 5000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Roseman University of Health Sciences 2020 (NR/BB+) | Public Finance Authority RB Roseman University of Health Sciences 2020 (NR/BB+) | Public Finance Authority RB Roseman University of Health Sciences 2020 (NR/BB+) | Public Finance Authority RB Roseman University of Health Sciences 2020 (NR/BB+) |
| $110000 | 3.000 %<sup>(c)</sup> | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 |
| 500000 | 5.000 <sup>(c)</sup> | 04/01/2030 | 510488 |
| 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) |
| 1205000 | 5.000 | 11/15/2041 | 1236304 |
| 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) |
| 975000 | 5.000 | 11/15/2044 | 988002 |
| 570000 | 5.000 | 11/15/2049 | 571407 |
| Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Infrastructure Properties LLC Obligated Group Series 2012 B (NR/BBB+) | Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Infrastructure Properties LLC Obligated Group Series 2012 B (NR/BBB+) | Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Infrastructure Properties LLC Obligated Group Series 2012 B (NR/BBB+) | Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Infrastructure Properties LLC Obligated Group Series 2012 B (NR/BBB+) |
| 3435000 | 5.250 | 07/01/2028 | 3437134 |
| 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 | 7200533 |
| Public Finance Authority Student Housing RB KSU Bixby Real Estate Foundation Llc Project Senior Series 2025A (Baa1/NR) | Public Finance Authority Student Housing RB KSU Bixby Real Estate Foundation Llc Project Senior Series 2025A (Baa1/NR) | Public Finance Authority Student Housing RB KSU Bixby Real Estate Foundation Llc Project Senior Series 2025A (Baa1/NR) | Public Finance Authority Student Housing RB KSU Bixby Real Estate Foundation Llc Project Senior Series 2025A (Baa1/NR) |
| 825000 | 5.250 | 06/15/2045 | 851299 |
| 650000 | 5.250 | 06/15/2050 | 664342 |
| Public Finance Authority Student Housing RB Series 2021A-1 (Ba1/NR) | Public Finance Authority Student Housing RB Series 2021A-1 (Ba1/NR) | Public Finance Authority Student Housing RB Series 2021A-1 (Ba1/NR) | Public Finance Authority Student Housing RB Series 2021A-1 (Ba1/NR) |
| 630000 | 4.000 <sup>(c)</sup> | 07/01/2041 | 550441 |
| 2725000 | 4.000 <sup>(c)</sup> | 07/01/2051 | 2201967 |
| Public Finance Authority Tax Increment Revenue Senior Bonds for Miami Worldcenter Project Series 2024A (NR/NR) | Public Finance Authority Tax Increment Revenue Senior Bonds for Miami Worldcenter Project Series 2024A (NR/NR) | Public Finance Authority Tax Increment Revenue Senior Bonds for Miami Worldcenter Project Series 2024A (NR/NR) | Public Finance Authority Tax Increment Revenue Senior Bonds for Miami Worldcenter Project Series 2024A (NR/NR) |
| 5000000 | 5.000 <sup>(c)</sup> | 06/01/2041 | 5083512 |
| Public Finance Authority, Wisconsin Special Revenue Bonds Signorelli Projects Municipal Utility Districts Montgomery and Waller Counties, Texas Series 2024 (NR/NR) | Public Finance Authority, Wisconsin Special Revenue Bonds Signorelli Projects Municipal Utility Districts Montgomery and Waller Counties, Texas Series 2024 (NR/NR) | Public Finance Authority, Wisconsin Special Revenue Bonds Signorelli Projects Municipal Utility Districts Montgomery and Waller Counties, Texas Series 2024 (NR/NR) | Public Finance Authority, Wisconsin Special Revenue Bonds Signorelli Projects Municipal Utility Districts Montgomery and Waller Counties, Texas Series 2024 (NR/NR) |
| 2677000 | 5.375 <sup>(c)</sup> | 12/15/2032 | 2676631 |
| Racine Unified School District Racine County Wisconsin GO Promissory Notes (BAM) (Aa3/AA) | Racine Unified School District Racine County Wisconsin GO Promissory Notes (BAM) (Aa3/AA) | Racine Unified School District Racine County Wisconsin GO Promissory Notes (BAM) (Aa3/AA) | Racine Unified School District Racine County Wisconsin GO Promissory Notes (BAM) (Aa3/AA) |
| 1250000 | 5.000 | 04/01/2038 | 1340857 |
| 1340000 | 5.000 | 04/01/2039 | 1429381 |
| 1750000 | 5.000 | 04/01/2040 | 1861229 |
| 1675000 | 5.000 | 04/01/2041 | 1774326 |
| State of Wisconsin GO Bonds of Series 2024 A (Aa1/AA+) | State of Wisconsin GO Bonds of Series 2024 A (Aa1/AA+) | State of Wisconsin GO Bonds of Series 2024 A (Aa1/AA+) | State of Wisconsin GO Bonds of Series 2024 A (Aa1/AA+) |
| 2220000 | 5.000 | 05/01/2027 | 2322348 |
| 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 | 346227 |
| Wisconsin Health & Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024A (NR/NR) | Wisconsin Health & Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024A (NR/NR) | Wisconsin Health & Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024A (NR/NR) | Wisconsin Health & Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024A (NR/NR) |
| 1165000 | 5.250 | 08/15/2039 | 1226826 |
| Wisconsin Health & Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024B-1 (NR/NR) | Wisconsin Health & Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024B-1 (NR/NR) | Wisconsin Health & Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024B-1 (NR/NR) | Wisconsin Health & Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024B-1 (NR/NR) |
| 1385000 | 4.400 | 08/15/2029 | 1380958 |
| Wisconsin Health & Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024B-2 (NR/NR) | Wisconsin Health & Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024B-2 (NR/NR) | Wisconsin Health & Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024B-2 (NR/NR) | Wisconsin Health & Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024B-2 (NR/NR) |
| 4200000 | 4.200 | 08/15/2028 | 4167833 |
| 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 | 894325 |
| 390000 | 4.000 | 02/01/2045 | 335767 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **99** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 & 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) |
| 415000 | 3.000% | 12/01/2031 | 355050 |
| 775000 | 4.000 | 12/01/2041 | 602493 |
| Wisconsin Health & Educational Facilities Authority Refunding RB Series 2021B (NR/NR) | Wisconsin Health & Educational Facilities Authority Refunding RB Series 2021B (NR/NR) | Wisconsin Health & Educational Facilities Authority Refunding RB Series 2021B (NR/NR) | Wisconsin Health & Educational Facilities Authority Refunding RB Series 2021B (NR/NR) |
| 475000 | 4.000 | 09/15/2036 | 449201 |
| 460000 | 4.000 | 09/15/2041 | 415246 |
| 425000 | 4.000 | 09/15/2045 | 367186 |
| Wisconsin Health & Educational Facilities Authority Refunding RB<br>Series 2022 (NR/NR) | Wisconsin Health & Educational Facilities Authority Refunding RB<br>Series 2022 (NR/NR) | Wisconsin Health & Educational Facilities Authority Refunding RB<br>Series 2022 (NR/NR) | Wisconsin Health & Educational Facilities Authority Refunding RB<br>Series 2022 (NR/NR) |
| 700000 | 4.000 | 09/15/2036 | 661980 |
| 680000 | 4.000 | 09/15/2041 | 613842 |
| 575000 | 4.000 | 09/15/2045 | 496781 |
| Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project<br>Series 2024 (Baa2/NR) | Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project<br>Series 2024 (Baa2/NR) | Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project<br>Series 2024 (Baa2/NR) | Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project<br>Series 2024 (Baa2/NR) |
| 7680000 | 5.000 <sup>(c)</sup> | 08/01/2027 | 7805105 |
| Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.18%) | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.18%) | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.18%) | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.18%) |
| 2775000 | 3.050 <sup>(a)(f)</sup> | 08/15/2054 | 2745770 |
| Wisconsin Health and Educational Facilities Authority RB Series 2024A (BAM) (NR/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2024A (BAM) (NR/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2024A (BAM) (NR/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2024A (BAM) (NR/AA) |
| 5675000 | 4.500 | 02/15/2054 | 5497754 |
| Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/BBB-) | Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/BBB-) | Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/BBB-) | Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/BBB-) |
| 5700000 | 5.000 | 02/01/2042 | 5770480 |
| Wisconsin State Health and Educational Facilities Authority Variable Rate Refunding RB Froedtert Health Inc. Obligated Group Series 2024A (NR/AA) | Wisconsin State Health and Educational Facilities Authority Variable Rate Refunding RB Froedtert Health Inc. Obligated Group Series 2024A (NR/AA) | Wisconsin State Health and Educational Facilities Authority Variable Rate Refunding RB Froedtert Health Inc. Obligated Group Series 2024A (NR/AA) | Wisconsin State Health and Educational Facilities Authority Variable Rate Refunding RB Froedtert Health Inc. Obligated Group Series 2024A (NR/AA) |
| 1735000 | 5.000 | 04/01/2041 | 1859332 |
| 2910000 | 5.000 | 04/01/2042 | 3095772 |
| 2540000 | 5.000 | 04/01/2043 | 2688765 |
|  |  |  | 163538906 |
| Wyoming - 0.1% | Wyoming - 0.1% | Wyoming - 0.1% | Wyoming - 0.1% |
| 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 | 16399375 |
| TOTAL MUNICIPAL BONDS | TOTAL MUNICIPAL BONDS | TOTAL MUNICIPAL BONDS | TOTAL MUNICIPAL BONDS |
| (Cost $11,202,085,358) | (Cost $11,202,085,358) | (Cost $11,202,085,358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10993716582 |
| Corporate Bonds - 0.3% | Corporate Bonds - 0.3% | Corporate Bonds - 0.3% | Corporate Bonds - 0.3% |
| Healthcare-Services - 0.1% | Healthcare-Services - 0.1% | Healthcare-Services - 0.1% | Healthcare-Services - 0.1% |
| Prime Healthcare Foundation, Inc. Series | Prime Healthcare Foundation, Inc. Series | Prime Healthcare Foundation, Inc. Series | Prime Healthcare Foundation, Inc. Series |
| 4975000 | 7.000% | 12/01/27 | 5172577 |
| Toledo Hospital RB Series 2022 B | Toledo Hospital RB Series 2022 B | Toledo Hospital RB Series 2022 B | Toledo Hospital RB Series 2022 B |
| 1895000 | 5.325 | 11/15/28 | 1874216 |
|  |  |  | 7046793 |
| Real Estate - 0.2% | Real Estate - 0.2% | Real Estate - 0.2% | Real Estate - 0.2% |
| Benloch Ranch Improvement Association No. 1 Series 2020 | Benloch Ranch Improvement Association No. 1 Series 2020 | Benloch Ranch Improvement Association No. 1 Series 2020 | Benloch Ranch Improvement Association No. 1 Series 2020 |
| 2780721 | 9.750 <sup>(c)(j)</sup> | 12/01/39 | 2538965 |
| Benloch Ranch Improvement Association No. 1 Series 2021 | Benloch Ranch Improvement Association No. 1 Series 2021 | Benloch Ranch Improvement Association No. 1 Series 2021 | Benloch Ranch Improvement Association No. 1 Series 2021 |
| 1613868 | 9.750 <sup>(c)(j)</sup> | 12/01/39 | 1473558 |
| Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 |
| 14700000 | 10.000 <sup>(c)(j)</sup> | 12/01/51 | 11640930 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Bonds – (continued) | Corporate Bonds – (continued) | Corporate Bonds – (continued) | Corporate Bonds – (continued) |
| Brixton Park Improvement Association No. 1 Series | Brixton Park Improvement Association No. 1 Series | Brixton Park Improvement Association No. 1 Series | Brixton Park Improvement Association No. 1 Series |
| 14386285 | 6.875 %<sup>(c)(j)</sup> | 12/01/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12471039 |
|  |  |  | 28124492 |
| TOTAL CORPORATE BONDS | TOTAL CORPORATE BONDS | TOTAL CORPORATE BONDS | TOTAL CORPORATE BONDS |
| (Cost $39,466,609) | (Cost $39,466,609) |  | 35171285 |
| Bank Loans<sup>(k)</sup> - 0.0% | Bank Loans<sup>(k)</sup> - 0.0% | Bank Loans<sup>(k)</sup> - 0.0% | Bank Loans<sup>(k)</sup> - 0.0% |
| Engineering & Construction - 0.0% | Engineering & Construction - 0.0% | Engineering & Construction - 0.0% | Engineering & Construction - 0.0% |
| Rialto Bioenergy Facility, LLC (SOFR + 0.1%) | Rialto Bioenergy Facility, LLC (SOFR + 0.1%) | Rialto Bioenergy Facility, LLC (SOFR + 0.1%) | Rialto Bioenergy Facility, LLC (SOFR + 0.1%) |
| 7624999 | 15.334 <sup>(j)</sup> | 04/30/24 | 0 |
| 292874 | 15.329 <sup>(j)</sup> | 06/10/24 | 11882 |
|  |  |  | 11882 |
| TOTAL BANK LOANS | TOTAL BANK LOANS | TOTAL BANK LOANS | TOTAL BANK LOANS |
| (Cost $7,691,475) | (Cost $7,691,475) |  | 11882 |
| TOTAL INVESTMENTS - 98.5% | TOTAL INVESTMENTS - 98.5% | TOTAL INVESTMENTS - 98.5% | TOTAL INVESTMENTS - 98.5% |
| (Cost $11,249,243,442) | (Cost $11,249,243,442) |  | $11028899749 |
| OTHER ASSETS IN EXCESS | OTHER ASSETS IN EXCESS | OTHER ASSETS IN EXCESS | OTHER ASSETS IN EXCESS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OF LIABILITIES - 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OF LIABILITIES - 1.5%** |  | 171945493 |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% |  | $11200845242 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable Rate Demand Instruments – rate shown is that which is in effect on March 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Pre-refunded security. Maturity date disclosed is pre-refunding date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Issued with a zero coupon. Income is recognized through the accretion of discount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Zero coupon bond until next reset date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 2025. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 100 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <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 |
| FHLMC | - Insured by Federal Home Loan Mortgage Corp. |
| FNMA | - Insured by Federal National Mortgage Association |
| GNMA | - Insured by Government National Mortgage Association |
| GO | - General Obligation |
| HUD SECT 8 | - Hud Section 8 |
| IDA | - Industrial Development Agency |
| LP | - Limited Partnership |
| LT | - Limited Tax |
| MTA | - Metropolitan Transportation Authority |
| MUN GOVT |  |
| GTD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Government Guaranteed NATL |
| NATL | - National Public Finance Guarantee Corp. |
| NR | - Not Rated |
| PCRB | - Pollution Control Revenue Bond |
| PSF-GTD | - Guaranteed by Permanent School Fund |
| Q-SBLF | - Qualified School Bond Loan Fund |
| RB | - Revenue Bond |
| RMKT | - Remarketed |
| RR | - Revenue Refunding |
| SCH BD |  |
| GTY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Bond Guaranty |

---

---

| | |
|:---|:---|
| **Investment Abbreviations: (continued)** | **Investment Abbreviations: (continued)** |
| SCH BD RES |  |
| FD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Board Reserve Fund |
| SCSDE | - South Carolina State Department of Education |
| SD CRED |  |
| PROG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Aid Withholding |
| ST APPROP | - State Appropriation |
| TCRS | - Transferable Custody Receipts |
| UPMC | - University of Pittsburgh Medical Center |
| USD | - United States Dollar |
| UT | - Unlimited Tax |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ADDITIONAL INVESTMENT INFORMATION**<br>

FUTURES CONTRACTS — At March 31, 2025, 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 Ultra Bond | (1962) | 06/18/25 | $(241080750) | $(2622902) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **101** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds - 97.4% | Municipal Bonds - 97.4% | Municipal Bonds - 97.4% | Municipal Bonds - 97.4% |
| Alabama - 2.2% | Alabama - 2.2% | Alabama - 2.2% | Alabama - 2.2% |
| Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/NR) | Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/NR) | Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/NR) | Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/NR) |
| $1275000 | 4.000 %<sup>(a)(b)</sup> | 12/01/2049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278966 |
| Black Belt Energy Gas District Gas Project RB Series 2022C-1 (A1/NR) | Black Belt Energy Gas District Gas Project RB Series 2022C-1 (A1/NR) | Black Belt Energy Gas District Gas Project RB Series 2022C-1 (A1/NR) | Black Belt Energy Gas District Gas Project RB Series 2022C-1 (A1/NR) |
| 10000000 | 5.250 <sup>(a)(b)</sup> | 02/01/2053 | 10464051 |
| Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 A (NR/NR) | Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 A (NR/NR) | Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 A (NR/NR) | Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 A (NR/NR) |
| 5555000 | 6.000 <sup>(c)(d)</sup> | 07/01/2025 | 5760266 |
| Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 B (NR/NR) | Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 B (NR/NR) | Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 B (NR/NR) | Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 B (NR/NR) |
| 1975000 | 8.000 <sup>(c)(d)</sup> | 07/01/2025 | 2047141 |
| Energy Southeast a Cooperative District Energy Supply RB 2024 Series B (A1/NR) | Energy Southeast a Cooperative District Energy Supply RB 2024 Series B (A1/NR) | Energy Southeast a Cooperative District Energy Supply RB 2024 Series B (A1/NR) | Energy Southeast a Cooperative District Energy Supply RB 2024 Series B (A1/NR) |
| 3150000 | 5.250 <sup>(a)(b)</sup> | 07/01/2054 | 3350016 |
| Energy Southeast, A Cooperative District Energy Supply RB Series 2023B-1 (Fixed Rate) (A1/NR) | Energy Southeast, A Cooperative District Energy Supply RB Series 2023B-1 (Fixed Rate) (A1/NR) | Energy Southeast, A Cooperative District Energy Supply RB Series 2023B-1 (Fixed Rate) (A1/NR) | Energy Southeast, A Cooperative District Energy Supply RB Series 2023B-1 (Fixed Rate) (A1/NR) |
| 2525000 | 5.750 <sup>(a)(b)</sup> | 04/01/2054 | 2775038 |
| Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (B1/BB-) | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (B1/BB-) | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (B1/BB-) | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (B1/BB-) |
| 25350000 | 5.750 | 10/01/2049 | 26395269 |
| Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) |
| 6185000 | 5.250 | 10/01/2049 | 6377675 |
| 41155000 | 5.500 | 10/01/2053 | 43031960 |
| 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 | 941158 |
| 1000000 | 4.750 | 11/01/2049 | 856524 |
| Midcity Improvement District Special Assessment RB Series 2024 (NR/NR) | Midcity Improvement District Special Assessment RB Series 2024 (NR/NR) | Midcity Improvement District Special Assessment RB Series 2024 (NR/NR) | Midcity Improvement District Special Assessment RB Series 2024 (NR/NR) |
| 400000 | 6.500 <sup>(d)</sup> | 11/01/2044 | 381965 |
| 550000 | 6.750 <sup>(d)</sup> | 11/01/2053 | 519671 |
| Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) |
| 80000000 | 5.000 <sup>(a)(b)</sup> | 06/01/2049 | 83824936 |
| Southeast Energy Authority A Cooperative District Energy Supply RB Series 2025B (A1/NR) | Southeast Energy Authority A Cooperative District Energy Supply RB Series 2025B (A1/NR) | Southeast Energy Authority A Cooperative District Energy Supply RB Series 2025B (A1/NR) | Southeast Energy Authority A Cooperative District Energy Supply RB Series 2025B (A1/NR) |
| 18265000 | 5.250 <sup>(a)(b)</sup> | 03/01/2055 | 19169777 |
| Southeast Energy Authority Commodity Supply RB for Project No. 6 Series 2023B (Aa1/NR) | Southeast Energy Authority Commodity Supply RB for Project No. 6 Series 2023B (Aa1/NR) | Southeast Energy Authority Commodity Supply RB for Project No. 6 Series 2023B (Aa1/NR) | Southeast Energy Authority Commodity Supply RB for Project No. 6 Series 2023B (Aa1/NR) |
| 10000000 | 5.000 <sup>(a)(b)</sup> | 01/01/2054 | 10510391 |
| The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) | The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) | The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) | The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) |
| 18620000 | 5.250 <sup>(a)(b)</sup> | 12/01/2053 | 19910723 |
| The Educational Building Authority of The City of Homewood Alabama Lease RB CHF – Horizons I L.L.C. Recreation Center Project at Samford University Tax-Exempt Series 2024- A (Baa2/NR) | The Educational Building Authority of The City of Homewood Alabama Lease RB CHF – Horizons I L.L.C. Recreation Center Project at Samford University Tax-Exempt Series 2024- A (Baa2/NR) | The Educational Building Authority of The City of Homewood Alabama Lease RB CHF – Horizons I L.L.C. Recreation Center Project at Samford University Tax-Exempt Series 2024- A (Baa2/NR) | The Educational Building Authority of The City of Homewood Alabama Lease RB CHF – Horizons I L.L.C. Recreation Center Project at Samford University Tax-Exempt Series 2024- A (Baa2/NR) |
| 3000000 | 5.500 | 10/01/2054 | 3087926 |
| The Educational Building Authority of The City of Homewood Alabama RB CHF – Horizons II L.L.C. Student Housing & Parking Project at Samford University Tax-Exempt Series 2024-C (Baa2/NR) | The Educational Building Authority of The City of Homewood Alabama RB CHF – Horizons II L.L.C. Student Housing & Parking Project at Samford University Tax-Exempt Series 2024-C (Baa2/NR) | The Educational Building Authority of The City of Homewood Alabama RB CHF – Horizons II L.L.C. Student Housing & Parking Project at Samford University Tax-Exempt Series 2024-C (Baa2/NR) | The Educational Building Authority of The City of Homewood Alabama RB CHF – Horizons II L.L.C. Student Housing & Parking Project at Samford University Tax-Exempt Series 2024-C (Baa2/NR) |
| 2930000 | 5.500 | 10/01/2054 | 3015875 |
| 1100000 | 5.000 | 10/01/2056 | 1061217 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| The Industrial Development Authority of Mobile County Solid Waste Disposal RB AM NS Calvert LLC Project Series 2024A (Baa3/BBB-) | The Industrial Development Authority of Mobile County Solid Waste Disposal RB AM NS Calvert LLC Project Series 2024A (Baa3/BBB-) | The Industrial Development Authority of Mobile County Solid Waste Disposal RB AM NS Calvert LLC Project Series 2024A (Baa3/BBB-) | The Industrial Development Authority of Mobile County Solid Waste Disposal RB AM NS Calvert LLC Project Series 2024A (Baa3/BBB-) |
| 14400000 | 5.000% | 06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14224651 |
| The Industrial Development Authority of Mobile County Solid Waste Disposal RB for AM NS Calvert LLC Project Series 2024B (Baa3/BBB-) | The Industrial Development Authority of Mobile County Solid Waste Disposal RB for AM NS Calvert LLC Project Series 2024B (Baa3/BBB-) | The Industrial Development Authority of Mobile County Solid Waste Disposal RB for AM NS Calvert LLC Project Series 2024B (Baa3/BBB-) | The Industrial Development Authority of Mobile County Solid Waste Disposal RB for AM NS Calvert LLC Project Series 2024B (Baa3/BBB-) |
| 12775000 | 4.750 | 12/01/2054 | 12066684 |
|  |  |  | 271051880 |
| Alaska - 0.0% | Alaska - 0.0% | Alaska - 0.0% | Alaska - 0.0% |
| Northern tobacco Securitization Corp. tobacco Settlement Asset Back Bonds Series 2021 (NR/NR) | Northern tobacco Securitization Corp. tobacco Settlement Asset Back Bonds Series 2021 (NR/NR) | Northern tobacco Securitization Corp. tobacco Settlement Asset Back Bonds Series 2021 (NR/NR) | Northern tobacco Securitization Corp. tobacco Settlement Asset Back Bonds Series 2021 (NR/NR) |
| 19470000 | 0.000 <sup>(e)</sup> | 06/01/2066 | 2580242 |
| American Samoa - 0.1% | American Samoa - 0.1% | American Samoa - 0.1% | American Samoa - 0.1% |
| American Samoa Economic Development Authority General RB Series 2021A (Ba3/NR) | American Samoa Economic Development Authority General RB Series 2021A (Ba3/NR) | American Samoa Economic Development Authority General RB Series 2021A (Ba3/NR) | American Samoa Economic Development Authority General RB Series 2021A (Ba3/NR) |
| 6375000 | 5.000 <sup>(d)</sup> | 09/01/2038 | 6319710 |
| American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR) | American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR) | American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR) | American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR) |
| 1800000 | 3.720 <sup>(d)</sup> | 09/01/2027 | 1718708 |
|  |  |  | 8038418 |
| Arizona - 1.3% | Arizona - 1.3% | Arizona - 1.3% | Arizona - 1.3% |
| Arizona IDA Education RB for Academies of Math & Science Projects Series 2023 (NR/BB+) | Arizona IDA Education RB for Academies of Math & Science Projects Series 2023 (NR/BB+) | Arizona IDA Education RB for Academies of Math & Science Projects Series 2023 (NR/BB+) | Arizona IDA Education RB for Academies of Math & Science Projects Series 2023 (NR/BB+) |
| 900000 | 5.375 <sup>(d)</sup> | 07/01/2053 | 900349 |
| 1000000 | 5.500 <sup>(d)</sup> | 07/01/2058 | 1005937 |
| Arizona IDA Education RB for Benjamin Franklin Charter School Projects Series 2023A (Ba1/NR) | Arizona IDA Education RB for Benjamin Franklin Charter School Projects Series 2023A (Ba1/NR) | Arizona IDA Education RB for Benjamin Franklin Charter School Projects Series 2023A (Ba1/NR) | Arizona IDA Education RB for Benjamin Franklin Charter School Projects Series 2023A (Ba1/NR) |
| 1000000 | 5.250 <sup>(d)</sup> | 07/01/2053 | 976045 |
| 1000000 | 5.500 <sup>(d)</sup> | 07/01/2058 | 1000344 |
| Arizona IDA Hospital RB for Navajo Health Foundation - Sage Memorial Hospital, Inc. Project Series 2024 (NR/NR) | Arizona IDA Hospital RB for Navajo Health Foundation - Sage Memorial Hospital, Inc. Project Series 2024 (NR/NR) | Arizona IDA Hospital RB for Navajo Health Foundation - Sage Memorial Hospital, Inc. Project Series 2024 (NR/NR) | Arizona IDA Hospital RB for Navajo Health Foundation - Sage Memorial Hospital, Inc. Project Series 2024 (NR/NR) |
| 7075000 | 7.125 <sup>(d)</sup> | 05/01/2044 | 7505061 |
| 11200000 | 7.625 <sup>(d)</sup> | 05/01/2054 | 12093558 |
| Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/BB+) | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/BB+) | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/BB+) | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/BB+) |
| 17000000 | 6.500 <sup>(d)</sup> | 11/01/2053 | 17136325 |
| Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Social Bond Series 2020A (NR/A) | Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Social Bond Series 2020A (NR/A) | Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Social Bond Series 2020A (NR/A) | Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Social Bond Series 2020A (NR/A) |
| 1500000 | 4.000 | 11/01/2050 | 1309211 |
| Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Ca/NR) | Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Ca/NR) | Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Ca/NR) | Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Ca/NR) |
| 1000000 | 5.000 \* | 05/01/2038 | 497500 |
| 2780000 | 5.000 \* | 05/01/2043 | 1383050 |
| 3450000 | 5.000 \* | 05/01/2048 | 1716375 |
| 2000000 | 5.000 \* | 05/01/2051 | 995000 |
| Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB) | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB) | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB) | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB) |
| 925000 | 4.000 <sup>(d)</sup> | 12/15/2041 | 814033 |
| 2115000 | 4.000 <sup>(d)</sup> | 12/15/2051 | 1695039 |
| Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A (Ba1/NR) | Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A (Ba1/NR) | Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A (Ba1/NR) | Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A (Ba1/NR) |
| 470000 | 4.000 <sup>(d)</sup> | 07/15/2051 | 383448 |
| 445000 | 4.000 <sup>(d)</sup> | 07/15/2056 | 352781 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 102 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** |  | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Arizona – (continued) | Arizona – (continued) | Arizona – (continued) | Arizona – (continued) | Arizona – (continued) |
| Arizona Industrial Development Authority RB Refunding for Pinecrest Academy of Nevada Series 2020 A-1 (NR/BB+) | Arizona Industrial Development Authority RB Refunding for Pinecrest Academy of Nevada Series 2020 A-1 (NR/BB+) | Arizona Industrial Development Authority RB Refunding for Pinecrest Academy of Nevada Series 2020 A-1 (NR/BB+) | Arizona Industrial Development Authority RB Refunding for Pinecrest Academy of Nevada Series 2020 A-1 (NR/BB+) | Arizona Industrial Development Authority RB Refunding for Pinecrest Academy of Nevada Series 2020 A-1 (NR/BB+) |
| $10845000 | 5.000 | %<sup>(d)</sup> | 07/15/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10640539 |
| Arizona Industrial Development Authority Senior Living RB First Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB First Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB First Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB First Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB First Tier Series 2025 A2 (NR/NR) |
| 9550000 | 5.125 |  | 01/01/2059 | 8719695 |
| Arizona Industrial Development Authority Senior Living RB Second Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB Second Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB Second Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB Second Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB Second Tier Series 2025 A2 (NR/NR) |
| 5927748 | 5.125 |  | 01/01/2059 | 4619562 |
| City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (Aa3/A+) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (Aa3/A+) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (Aa3/A+) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (Aa3/A+) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (Aa3/A+) |
| 1625000 | 3.000 |  | 07/01/2049 | 1192849 |
| City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (Aa3/A+) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (Aa3/A+) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (Aa3/A+) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (Aa3/A+) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (Aa3/A+) |
| 2710000 | 3.250 |  | 07/01/2049 | 2046361 |
| County of Maricopa IDA Education RB Series 2021A (NR/BBB-) | County of Maricopa IDA Education RB Series 2021A (NR/BBB-) | County of Maricopa IDA Education RB Series 2021A (NR/BBB-) | County of Maricopa IDA Education RB Series 2021A (NR/BBB-) | County of Maricopa IDA Education RB Series 2021A (NR/BBB-) |
| 1250000 | 4.000 | <sup>(d)</sup> | 07/01/2056 | 982508 |
| County of Maricopa IDA Education RB Taxable Convertible Series 2021B (NR/BBB-) | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (NR/BBB-) | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (NR/BBB-) | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (NR/BBB-) | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (NR/BBB-) |
| 3400000 | 3.500 | <sup>(a)(d)</sup> | 07/01/2044 | 2644611 |
| County of Maricopa IDA Exempt Facilities RB for Commercial Metals Company Project Series 2022 (Ba2/BB+) | County of Maricopa IDA Exempt Facilities RB for Commercial Metals Company Project Series 2022 (Ba2/BB+) | County of Maricopa IDA Exempt Facilities RB for Commercial Metals Company Project Series 2022 (Ba2/BB+) | County of Maricopa IDA Exempt Facilities RB for Commercial Metals Company Project Series 2022 (Ba2/BB+) | County of Maricopa IDA Exempt Facilities RB for Commercial Metals Company Project Series 2022 (Ba2/BB+) |
| 1825000 | 4.000 | <sup>(d)</sup> | 10/15/2047 | 1555097 |
| County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR) | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR) | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR) | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR) | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR) |
| 4500000 | 6.875 | <sup>(d)</sup> | 11/15/2052 | 4805701 |
| 2750000 | 7.000 | <sup>(d)</sup> | 11/15/2057 | 2945090 |
| Equitable School Revolving Fund National Charter School Revolving Loan Fund RB (NR/A) | Equitable School Revolving Fund National Charter School Revolving Loan Fund RB (NR/A) | Equitable School Revolving Fund National Charter School Revolving Loan Fund RB (NR/A) | Equitable School Revolving Fund National Charter School Revolving Loan Fund RB (NR/A) | Equitable School Revolving Fund National Charter School Revolving Loan Fund RB (NR/A) |
| 4325000 | 4.000 |  | 11/01/2051 | 3746545 |
| 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) | Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR) |
| 530000 | 3.500 |  | 07/01/2029 | 496370 |
| 595000 | 4.100 |  | 07/01/2034 | 545583 |
| 1842000 | 4.750 |  | 07/01/2043 | 1622985 |
| 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) | Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR) |
| 17705000 | 5.000 |  | 05/15/2056 | 15976239 |
| La Paz County Industrial Development Authority RB for American Fiber Optics LLC Series 2018 A (NR/NR) | La Paz County Industrial Development Authority RB for American Fiber Optics LLC Series 2018 A (NR/NR) | La Paz County Industrial Development Authority RB for American Fiber Optics LLC Series 2018 A (NR/NR) | La Paz County Industrial Development Authority RB for American Fiber Optics LLC Series 2018 A (NR/NR) | La Paz County Industrial Development Authority RB for American Fiber Optics LLC Series 2018 A (NR/NR) |
| 3100000 | 6.000 | <sup>(d)</sup>\* | 08/01/2028 | 1550000 |
| 16130000 | 6.250 | <sup>(d)</sup>\* | 08/01/2040 | 8065000 |
| 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+) | La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB+) |
| 580000 | 4.000 |  | 02/15/2051 | 453579 |
| Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB) | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB) | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB) | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB) | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB) |
| 700000 | 5.000 | <sup>(d)</sup> | 07/01/2050 | 670102 |
| 1340000 | 5.000 | <sup>(d)</sup> | 07/01/2054 | 1261888 |
| Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR) | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR) | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR) | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR) | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR) |
| 1885000 | 5.250 | <sup>(d)</sup> | 10/01/2040 | 1690084 |
| 1885000 | 5.500 | <sup>(d)</sup> | 10/01/2051 | 1622001 |
| Maricopa County Pollution Control Corp Pollution Control Revenue Refunding Bonds Series A (A2/A-) | Maricopa County Pollution Control Corp Pollution Control Revenue Refunding Bonds Series A (A2/A-) | Maricopa County Pollution Control Corp Pollution Control Revenue Refunding Bonds Series A (A2/A-) | Maricopa County Pollution Control Corp Pollution Control Revenue Refunding Bonds Series A (A2/A-) | Maricopa County Pollution Control Corp Pollution Control Revenue Refunding Bonds Series A (A2/A-) |
| 2000000 | 2.400 |  | 06/01/2035 | 1595929 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) | Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR) | Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR) | Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR) |
| 250000 | 5.500 %<sup>(d)</sup> | 05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246289 |
| 950000 | 5.750 <sup>(d)</sup> | 05/01/2050 | 945777 |
| Salt River Agricultural Improvement and Power District Project Electric System RB Series 2023B (Aa1/AA+) | Salt River Agricultural Improvement and Power District Project Electric System RB Series 2023B (Aa1/AA+) | Salt River Agricultural Improvement and Power District Project Electric System RB Series 2023B (Aa1/AA+) | Salt River Agricultural Improvement and Power District Project Electric System RB Series 2023B (Aa1/AA+) |
| 4350000 | 5.250 | 01/01/2053 | 4653487 |
| 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 | 1436543 |
| 1900000 | 5.000 | 12/01/2054 | 1772696 |
| 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 | 858944 |
| 1000000 | 5.000 | 07/01/2042 | 1000820 |
| The Industrial Development Authority of The City of Sierra Vista Education Facility RB American Leadership Academy Project Series 2024 (NR/NR) | The Industrial Development Authority of The City of Sierra Vista Education Facility RB American Leadership Academy Project Series 2024 (NR/NR) | The Industrial Development Authority of The City of Sierra Vista Education Facility RB American Leadership Academy Project Series 2024 (NR/NR) | The Industrial Development Authority of The City of Sierra Vista Education Facility RB American Leadership Academy Project Series 2024 (NR/NR) |
| 1050000 | 5.000 <sup>(d)</sup> | 06/15/2054 | 997760 |
| 1375000 | 5.000 <sup>(d)</sup> | 06/15/2059 | 1292525 |
| 1825000 | 5.000 <sup>(d)</sup> | 06/15/2064 | 1696595 |
| The Industrial Development Authority of The County of Maricopa Education Facilities RB for Arizona Christian University Project Series 2024A (NR/NR) | The Industrial Development Authority of The County of Maricopa Education Facilities RB for Arizona Christian University Project Series 2024A (NR/NR) | The Industrial Development Authority of The County of Maricopa Education Facilities RB for Arizona Christian University Project Series 2024A (NR/NR) | The Industrial Development Authority of The County of Maricopa Education Facilities RB for Arizona Christian University Project Series 2024A (NR/NR) |
| 3675000 | 6.375 <sup>(a)(b)(d)</sup> | 10/01/2054 | 3653154 |
| The Industrial Development Authority of The County of Maricopa Education RB (Legacy Traditional Schools Projects) Series 2021A (NR/BBB-) | The Industrial Development Authority of The County of Maricopa Education RB (Legacy Traditional Schools Projects) Series 2021A (NR/BBB-) | The Industrial Development Authority of The County of Maricopa Education RB (Legacy Traditional Schools Projects) Series 2021A (NR/BBB-) | The Industrial Development Authority of The County of Maricopa Education RB (Legacy Traditional Schools Projects) Series 2021A (NR/BBB-) |
| 1150000 | 4.000 <sup>(d)</sup> | 07/01/2051 | 928751 |
| The Industrial Development Authority of The County of Maricopa Education Revenue Refunding Bonds Legacy Traditional Schools Projects Series 2024 (NR/BBB-) | The Industrial Development Authority of The County of Maricopa Education Revenue Refunding Bonds Legacy Traditional Schools Projects Series 2024 (NR/BBB-) | The Industrial Development Authority of The County of Maricopa Education Revenue Refunding Bonds Legacy Traditional Schools Projects Series 2024 (NR/BBB-) | The Industrial Development Authority of The County of Maricopa Education Revenue Refunding Bonds Legacy Traditional Schools Projects Series 2024 (NR/BBB-) |
| 3675000 | 4.250 | 07/01/2044 | 3241543 |
| The Industrial Development Authority of The County of Maricopa Educational Facilities Valley Christian Schools Project RB Series 2023A (NR/NR) | The Industrial Development Authority of The County of Maricopa Educational Facilities Valley Christian Schools Project RB Series 2023A (NR/NR) | The Industrial Development Authority of The County of Maricopa Educational Facilities Valley Christian Schools Project RB Series 2023A (NR/NR) | The Industrial Development Authority of The County of Maricopa Educational Facilities Valley Christian Schools Project RB Series 2023A (NR/NR) |
| 1925000 | 6.250 <sup>(d)</sup> | 07/01/2053 | 1930775 |
| 1800000 | 6.375 <sup>(d)</sup> | 07/01/2058 | 1809821 |
|  |  |  | 155677854 |
| Arkansas - 0.2% | Arkansas - 0.2% | Arkansas - 0.2% | Arkansas - 0.2% |
| Arkansas Development Finance Authority Environmental Improvement RB Series 2022 (AMT) (NR/BB-) | Arkansas Development Finance Authority Environmental Improvement RB Series 2022 (AMT) (NR/BB-) | Arkansas Development Finance Authority Environmental Improvement RB Series 2022 (AMT) (NR/BB-) | Arkansas Development Finance Authority Environmental Improvement RB Series 2022 (AMT) (NR/BB-) |
| 16175000 | 5.450 | 09/01/2052 | 16563758 |
| Arkansas Development Finance Authority Environmental Improvement RB Series 2023 United States Steel Corporation Project Green Bonds (AMT) (NR/BB-) | Arkansas Development Finance Authority Environmental Improvement RB Series 2023 United States Steel Corporation Project Green Bonds (AMT) (NR/BB-) | Arkansas Development Finance Authority Environmental Improvement RB Series 2023 United States Steel Corporation Project Green Bonds (AMT) (NR/BB-) | Arkansas Development Finance Authority Environmental Improvement RB Series 2023 United States Steel Corporation Project Green Bonds (AMT) (NR/BB-) |
| 1375000 | 5.700 | 05/01/2053 | 1428056 |
| 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 | 3965357 |
| 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 | 1090815 |
| 775000 | 3.500 | 07/01/2046 | 511925 |
| 500000 | 4.000 | 07/01/2052 | 344564 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **103** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3875809 |
|  |  |  | 27780284 |
| California - 8.7% | California - 8.7% | California - 8.7% | California - 8.7% |
| ABC Unified School District GO Bonds Series 2001 C (NATL) (Aa2/AA-) | ABC Unified School District GO Bonds Series 2001 C (NATL) (Aa2/AA-) | ABC Unified School District GO Bonds Series 2001 C (NATL) (Aa2/AA-) | ABC Unified School District GO Bonds Series 2001 C (NATL) (Aa2/AA-) |
| 1600000 | 0.000 <sup>(e)</sup> | 08/01/2026 | 1535513 |
| Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Bonds Series 2025A (AMT) (A1/AA-) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Bonds Series 2025A (AMT) (A1/AA-) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Bonds Series 2025A (AMT) (A1/AA-) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Bonds Series 2025A (AMT) (A1/AA-) |
| 16000000 | 5.500 | 05/01/2055 | 17157250 |
| Airport Commission of The City and County of San Francisco Second Series RB Series 2019A (AMT) (A1/AA-) | Airport Commission of The City and County of San Francisco Second Series RB Series 2019A (AMT) (A1/AA-) | Airport Commission of The City and County of San Francisco Second Series RB Series 2019A (AMT) (A1/AA-) | Airport Commission of The City and County of San Francisco Second Series RB Series 2019A (AMT) (A1/AA-) |
| 3980000 | 4.000 | 05/01/2049 | 3503400 |
| Airport Commission of The City and County of San Francisco Second Series RB Series 2019E (AMT) (NR/NR) | Airport Commission of The City and County of San Francisco Second Series RB Series 2019E (AMT) (NR/NR) | Airport Commission of The City and County of San Francisco Second Series RB Series 2019E (AMT) (NR/NR) | Airport Commission of The City and County of San Francisco Second Series RB Series 2019E (AMT) (NR/NR) |
| 145000 | 4.000 <sup>(c)</sup> | 05/01/2029 | 145531 |
| Airport Commission of The City and County of San Francisco Second Series RB Series 2019E (AMT) (NR/AA-) | Airport Commission of The City and County of San Francisco Second Series RB Series 2019E (AMT) (NR/AA-) | Airport Commission of The City and County of San Francisco Second Series RB Series 2019E (AMT) (NR/AA-) | Airport Commission of The City and County of San Francisco Second Series RB Series 2019E (AMT) (NR/AA-) |
| 1535000 | 4.000 | 05/01/2050 | 1342604 |
| Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (A3/A-) | Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (A3/A-) | Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (A3/A-) | Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (A3/A-) |
| 1850000 | 0.000 <sup>(f)</sup> | 10/01/2047 | 1064897 |
| 1850000 | 0.000 <sup>(f)</sup> | 10/01/2048 | 1057765 |
| 2300000 | 0.000 <sup>(f)</sup> | 10/01/2049 | 1297499 |
| 1375000 | 0.000 <sup>(f)</sup> | 10/01/2050 | 773786 |
| Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (AGM) (A1/AA) | Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (AGM) (A1/AA) | Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (AGM) (A1/AA) | Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (AGM) (A1/AA) |
| 3225000 | 0.000 <sup>(f)</sup> | 10/01/2051 | 1810677 |
| Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA) | Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA) | Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA) | Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA) |
| 4995000 | 0.000 <sup>(e)</sup> | 08/01/2037 | 3063494 |
| Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (A1/AA) | Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (A1/AA) | Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (A1/AA) | Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (A1/AA) |
| 2050000 | 0.000 <sup>(e)</sup> | 08/01/2036 | 1249978 |
| Bay Area Toll Authority San Francisco Bay Area Subordinate Toll Bridge RB 2019 Series S-8 (A1/AA-) | Bay Area Toll Authority San Francisco Bay Area Subordinate Toll Bridge RB 2019 Series S-8 (A1/AA-) | Bay Area Toll Authority San Francisco Bay Area Subordinate Toll Bridge RB 2019 Series S-8 (A1/AA-) | Bay Area Toll Authority San Francisco Bay Area Subordinate Toll Bridge RB 2019 Series S-8 (A1/AA-) |
| 5000000 | 3.000 | 04/01/2054 | 3651539 |
| Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (A2/A) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (A2/A) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (A2/A) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (A2/A) |
| 5875000 | 5.250 | 07/01/2054 | 6041141 |
| Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (AGM) (A1/AA) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (AGM) (A1/AA) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (AGM) (A1/AA) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (AGM) (A1/AA) |
| 5000000 | 4.500 | 07/01/2054 | 4738415 |
| Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (A1/AA) | Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (A1/AA) | Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (A1/AA) | Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (A1/AA) |
| 1055000 | 0.000 <sup>(e)</sup> | 08/01/2025 | 1043760 |
| California Community Choice Financing Authority Clean Energy Project RB Fixed Rate Green Bonds Series 2023E-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Fixed Rate Green Bonds Series 2023E-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Fixed Rate Green Bonds Series 2023E-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Fixed Rate Green Bonds Series 2023E-1 (A1/NR) |
| 3000000 | 5.000 <sup>(a)(b)</sup> | 02/01/2054 | 3170641 |
| California Community Choice Financing Authority Clean Energy Project RB Green Bonds Series 2024A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Green Bonds Series 2024A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Green Bonds Series 2024A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Green Bonds Series 2024A (A1/NR) |
| 24500000 | 5.000 <sup>(a)(b)</sup> | 05/01/2054 | 26055228 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 2023B (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) |
| $2000000 | 5.000 %<sup>(a)(b)</sup> | 07/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093439 |
| California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (NR/BBB-) | California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (NR/BBB-) | California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (NR/BBB-) | California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (NR/BBB-) |
| 2755000 | 5.250 | 05/01/2048 | 2819452 |
| 2850000 | 5.250 | 05/01/2053 | 2905637 |
| California Community College Financing Authority Student Housing RB for Napa Valley College Project Series 2022A (NR/NR) | California Community College Financing Authority Student Housing RB for Napa Valley College Project Series 2022A (NR/NR) | California Community College Financing Authority Student Housing RB for Napa Valley College Project Series 2022A (NR/NR) | California Community College Financing Authority Student Housing RB for Napa Valley College Project Series 2022A (NR/NR) |
| 9275000 | 5.750 <sup>(d)</sup> | 07/01/2060 | 8108746 |
| California Community Housing Agency Aster Apartments RB Series 2021 A-1 (NR/NR) | California Community Housing Agency Aster Apartments RB Series 2021 A-1 (NR/NR) | California Community Housing Agency Aster Apartments RB Series 2021 A-1 (NR/NR) | California Community Housing Agency Aster Apartments RB Series 2021 A-1 (NR/NR) |
| 9775000 | 4.000 <sup>(d)</sup> | 02/01/2056 | 8251131 |
| California Community Housing Agency Essential Housing Junior RB Series 2021A-2 (NR/NR) | California Community Housing Agency Essential Housing Junior RB Series 2021A-2 (NR/NR) | California Community Housing Agency Essential Housing Junior RB Series 2021A-2 (NR/NR) | California Community Housing Agency Essential Housing Junior RB Series 2021A-2 (NR/NR) |
| 2300000 | 4.000 <sup>(d)</sup> | 08/01/2050 | 1788824 |
| California Community Housing Agency Essential Housing RB Series 2021A (NR/NR) | California Community Housing Agency Essential Housing RB Series 2021A (NR/NR) | California Community Housing Agency Essential Housing RB Series 2021A (NR/NR) | California Community Housing Agency Essential Housing RB Series 2021A (NR/NR) |
| 20820000 | 4.000 <sup>(d)</sup> | 02/01/2056 | 16216252 |
| California Community Housing Agency Essential Housing RB Series 2021A-1 (NR/NR) | California Community Housing Agency Essential Housing RB Series 2021A-1 (NR/NR) | California Community Housing Agency Essential Housing RB Series 2021A-1 (NR/NR) | California Community Housing Agency Essential Housing RB Series 2021A-1 (NR/NR) |
| 1825000 | 3.000 <sup>(d)</sup> | 02/01/2057 | 1225530 |
| California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR) | California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR) | California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR) | California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR) |
| 6450000 | 4.000 <sup>(d)</sup> | 02/01/2056 | 5453416 |
| 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) |
| 1345000 | 5.000 | 06/01/2050 | 1297557 |
| California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) |
| 7375000 | 0.000 <sup>(e)</sup> | 06/01/2055 | 1558299 |
| 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+) |
| 205000 | 5.000 | 06/01/2049 | 205171 |
| California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR) | California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR) | California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR) | California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR) |
| 145960000 | 0.000 <sup>(e)</sup> | 06/01/2055 | 27909201 |
| California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) |
| 145220000 | 0.000 <sup>(e)</sup> | 06/01/2055 | 17545873 |
| California Enterprise Development Authority Charter School RB for The Rocklin Academy Project Series 2024 (NR/BB+) | California Enterprise Development Authority Charter School RB for The Rocklin Academy Project Series 2024 (NR/BB+) | California Enterprise Development Authority Charter School RB for The Rocklin Academy Project Series 2024 (NR/BB+) | California Enterprise Development Authority Charter School RB for The Rocklin Academy Project Series 2024 (NR/BB+) |
| 700000 | 5.000 <sup>(d)</sup> | 06/01/2054 | 693875 |
| 1100000 | 5.000 <sup>(d)</sup> | 06/01/2064 | 1071331 |
| California Enterprise Development Authority RB Refunding for Rocklin Academy Obligated Group Series 2021 A (NR/BB+) | California Enterprise Development Authority RB Refunding for Rocklin Academy Obligated Group Series 2021 A (NR/BB+) | California Enterprise Development Authority RB Refunding for Rocklin Academy Obligated Group Series 2021 A (NR/BB+) | California Enterprise Development Authority RB Refunding for Rocklin Academy Obligated Group Series 2021 A (NR/BB+) |
| 595000 | 4.000 <sup>(d)</sup> | 06/01/2061 | 491192 |
| California Health Facilities Financing Authority RB for Commonspirit Health 2020 A (NR/NR) | California Health Facilities Financing Authority RB for Commonspirit Health 2020 A (NR/NR) | California Health Facilities Financing Authority RB for Commonspirit Health 2020 A (NR/NR) | California Health Facilities Financing Authority RB for Commonspirit Health 2020 A (NR/NR) |
| 195000 | 4.000 <sup>(c)</sup> | 04/01/2030 | 205076 |
| California Health Facilities Financing Authority RB for Commonspirit Health 2020 A (NR/A-) | California Health Facilities Financing Authority RB for Commonspirit Health 2020 A (NR/A-) | California Health Facilities Financing Authority RB for Commonspirit Health 2020 A (NR/A-) | California Health Facilities Financing Authority RB for Commonspirit Health 2020 A (NR/A-) |
| 5510000 | 4.000 | 04/01/2049 | 4930193 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 104 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Health Facilities Financing Authority Refunding RB Lucile Salter Packard Children's Hospital at Stanford 2022 Series A Forward Delivery (A1/A+) | California Health Facilities Financing Authority Refunding RB Lucile Salter Packard Children's Hospital at Stanford 2022 Series A Forward Delivery (A1/A+) | California Health Facilities Financing Authority Refunding RB Lucile Salter Packard Children's Hospital at Stanford 2022 Series A Forward Delivery (A1/A+) | California Health Facilities Financing Authority Refunding RB Lucile Salter Packard Children's Hospital at Stanford 2022 Series A Forward Delivery (A1/A+) |
| $2525000 | 4.000% | 05/15/2051 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308718 |
| California Infrastructure & Economic Development Bank Brightline West Passenger Rail Project Series RB Series 2020A-1 (NR/NR) | California Infrastructure & Economic Development Bank Brightline West Passenger Rail Project Series RB Series 2020A-1 (NR/NR) | California Infrastructure & Economic Development Bank Brightline West Passenger Rail Project Series RB Series 2020A-1 (NR/NR) | California Infrastructure & Economic Development Bank Brightline West Passenger Rail Project Series RB Series 2020A-1 (NR/NR) |
| 900000 | 5.000 <sup>(d)</sup> | 01/01/2055 | 837775 |
| California Infrastructure and Economic Development Bank Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) | California Infrastructure and Economic Development Bank Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) | California Infrastructure and Economic Development Bank Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) | California Infrastructure and Economic Development Bank Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) |
| 62575000 | 9.500 <sup>(a)(b)(d)</sup> | 01/01/2065 | 62537668 |
| California Municipal Finance Authority Charter School Leave Revenue Refunding Bonds Series 2022 (NR/BB+) | California Municipal Finance Authority Charter School Leave Revenue Refunding Bonds Series 2022 (NR/BB+) | California Municipal Finance Authority Charter School Leave Revenue Refunding Bonds Series 2022 (NR/BB+) | California Municipal Finance Authority Charter School Leave Revenue Refunding Bonds Series 2022 (NR/BB+) |
| 750000 | 5.000 | 07/01/2052 | 731102 |
| 3725000 | 5.000 | 07/01/2062 | 3552527 |
| 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 | 2795944 |
| 5250000 | 5.000 | 09/01/2057 | 5322798 |
| California Municipal Finance Authority RB (California Lutheran University) Series 2018 (Baa1/NR) | California Municipal Finance Authority RB (California Lutheran University) Series 2018 (Baa1/NR) | California Municipal Finance Authority RB (California Lutheran University) Series 2018 (Baa1/NR) | California Municipal Finance Authority RB (California Lutheran University) Series 2018 (Baa1/NR) |
| 225000 | 5.000 | 10/01/2035 | 231101 |
| California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/BBB+) | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/BBB+) | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/BBB+) | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/BBB+) |
| 3800000 | 5.000 | 02/01/2042 | 3811327 |
| 10000000 | 5.000 | 02/01/2047 | 10020769 |
| California Municipal Finance Authority RB for P3 Claremont Holdings LLC Series 2020 A (NR/NR) | California Municipal Finance Authority RB for P3 Claremont Holdings LLC Series 2020 A (NR/NR) | California Municipal Finance Authority RB for P3 Claremont Holdings LLC Series 2020 A (NR/NR) | California Municipal Finance Authority RB for P3 Claremont Holdings LLC Series 2020 A (NR/NR) |
| 1135000 | 5.000 <sup>(d)</sup> | 07/01/2052 | 1022912 |
| 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 | 1252815 |
| 1035000 | 4.000 | 07/01/2055 | 842645 |
| 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 | 257265 |
| 300000 | 5.000 | 10/01/2037 | 306717 |
| 300000 | 5.000 | 10/01/2038 | 306096 |
| California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR) | California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR) | California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR) | California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR) |
| 1090000 | 5.000 <sup>(d)</sup> | 10/01/2049 | 1022292 |
| 1740000 | 5.000 <sup>(d)</sup> | 10/01/2054 | 1603282 |
| 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 | 7411299 |
| 14040000 | 4.000 | 12/31/2047 | 12301011 |
| California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB) |
| 11425000 | 4.000 | 07/15/2029 | 11307743 |
| California Municipal Finance Authority Student Residence RB Ascent 613 Project Series 2025A (NR/NR) | California Municipal Finance Authority Student Residence RB Ascent 613 Project Series 2025A (NR/NR) | California Municipal Finance Authority Student Residence RB Ascent 613 Project Series 2025A (NR/NR) | California Municipal Finance Authority Student Residence RB Ascent 613 Project Series 2025A (NR/NR) |
| 2825000 | 5.375 <sup>(d)</sup> | 01/01/2055 | 2773816 |
| 1375000 | 5.500 <sup>(d)</sup> | 01/01/2060 | 1366194 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Water Furnishing RB for Poseidon Resources Desalination Project Series 2012 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2012 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2012 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2012 (Baa3/NR) |
| $1325000 | 5.000 %<sup>(d)</sup> | 07/01/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325810 |
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) |
| 2355000 | 5.000 <sup>(d)</sup> | 07/01/2035 | 2503009 |
| 1730000 | 5.000 <sup>(d)</sup> | 07/01/2037 | 1823843 |
| 1750000 | 5.000 <sup>(d)</sup> | 07/01/2038 | 1835242 |
| 1200000 | 5.000 <sup>(d)</sup> | 11/21/2045 | 1229926 |
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) |
| 12660000 | 5.000 <sup>(d)</sup> | 11/21/2045 | 12607902 |
| California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR) |
| 8500000 | 5.000 <sup>(d)</sup> | 11/21/2045 | 8606004 |
| California Pollution Control Financing Authority Water Furnishing RR Bonds, Series 2019 (San Diego County Water Authority Desalination Project Pipeline) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RR Bonds, Series 2019 (San Diego County Water Authority Desalination Project Pipeline) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RR Bonds, Series 2019 (San Diego County Water Authority Desalination Project Pipeline) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RR Bonds, Series 2019 (San Diego County Water Authority Desalination Project Pipeline) (Baa3/NR) |
| 550000 | 5.000 <sup>(d)</sup> | 07/01/2039 | 562546 |
| California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR) | California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR) | California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR) | California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR) |
| 1540000 | 5.000 <sup>(d)</sup> | 06/15/2050 | 1456152 |
| 1030000 | 5.000 <sup>(d)</sup> | 06/15/2055 | 958019 |
| California Public Finance Authority Senior Living Revenue Refunding Bonds for Enso Village Project Series 2021B1 (NR/NR) | California Public Finance Authority Senior Living Revenue Refunding Bonds for Enso Village Project Series 2021B1 (NR/NR) | California Public Finance Authority Senior Living Revenue Refunding Bonds for Enso Village Project Series 2021B1 (NR/NR) | California Public Finance Authority Senior Living Revenue Refunding Bonds for Enso Village Project Series 2021B1 (NR/NR) |
| 900000 | 3.125 <sup>(d)</sup> | 05/15/2029 | 872107 |
| California School Finance Authority Charter School RB Envision Education Obligated Group Series 2024A (NR/BB+) | California School Finance Authority Charter School RB Envision Education Obligated Group Series 2024A (NR/BB+) | California School Finance Authority Charter School RB Envision Education Obligated Group Series 2024A (NR/BB+) | California School Finance Authority Charter School RB Envision Education Obligated Group Series 2024A (NR/BB+) |
| 1620000 | 5.000 <sup>(d)</sup> | 06/01/2064 | 1551548 |
| California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (NR/BB-) | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (NR/BB-) | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (NR/BB-) | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (NR/BB-) |
| 4605000 | 6.375 <sup>(d)</sup> | 04/01/2062 | 4663786 |
| California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (NR/BBB-) | California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (NR/BBB-) | California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (NR/BBB-) | California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (NR/BBB-) |
| 2055000 | 5.000 <sup>(d)</sup> | 10/01/2052 | 1979505 |
| 3250000 | 5.000 <sup>(d)</sup> | 10/01/2061 | 3108672 |
| California School Finance Authority Charter School RB for Classical Academies Vista Project Series 2021 (NR/BBB-) | California School Finance Authority Charter School RB for Classical Academies Vista Project Series 2021 (NR/BBB-) | California School Finance Authority Charter School RB for Classical Academies Vista Project Series 2021 (NR/BBB-) | California School Finance Authority Charter School RB for Classical Academies Vista Project Series 2021 (NR/BBB-) |
| 1450000 | 4.000 <sup>(d)</sup> | 10/01/2046 | 1231411 |
| California School Finance Authority Charter School RB for Harbor Springs Obligated Group Series 2024A (NR/BB+) | California School Finance Authority Charter School RB for Harbor Springs Obligated Group Series 2024A (NR/BB+) | California School Finance Authority Charter School RB for Harbor Springs Obligated Group Series 2024A (NR/BB+) | California School Finance Authority Charter School RB for Harbor Springs Obligated Group Series 2024A (NR/BB+) |
| 2235000 | 5.500 <sup>(d)</sup> | 07/01/2054 | 2291992 |
| 2200000 | 5.625 <sup>(d)</sup> | 07/01/2063 | 2253262 |
| California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+) | California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+) | California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+) | California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+) |
| 1055000 | 5.250 <sup>(d)</sup> | 07/01/2052 | 1065990 |
| 745000 | 5.375 <sup>(d)</sup> | 07/01/2056 | 755087 |
| 1525000 | 5.500 <sup>(d)</sup> | 07/01/2062 | 1549361 |
| California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR) | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR) | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR) | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR) |
| 1800000 | 6.500 <sup>(d)</sup> | 06/01/2062 | 1877247 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **105** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Orange County Educational Arts Academy Project Series 2023A (NR/NR) | California School Finance Authority Charter School RB for Orange County Educational Arts Academy Project Series 2023A (NR/NR) | California School Finance Authority Charter School RB for Orange County Educational Arts Academy Project Series 2023A (NR/NR) | California School Finance Authority Charter School RB for Orange County Educational Arts Academy Project Series 2023A (NR/NR) |
| $560000 | 5.625 %<sup>(d)</sup> | 06/01/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566498 |
| 700000 | 5.875 <sup>(d)</sup> | 06/01/2053 | 708945 |
| California School Finance Authority Charter School RB for River Springs Charter School Series 2022A (NR/BB+) | California School Finance Authority Charter School RB for River Springs Charter School Series 2022A (NR/BB+) | California School Finance Authority Charter School RB for River Springs Charter School Series 2022A (NR/BB+) | California School Finance Authority Charter School RB for River Springs Charter School Series 2022A (NR/BB+) |
| 2905000 | 5.000 <sup>(d)</sup> | 07/01/2052 | 2856817 |
| 4190000 | 5.000 <sup>(d)</sup> | 07/01/2061 | 4050180 |
| California School Finance Authority Charter School RB for Valley International Preparatory High School Project Series 2022A (NR/NR) | California School Finance Authority Charter School RB for Valley International Preparatory High School Project Series 2022A (NR/NR) | California School Finance Authority Charter School RB for Valley International Preparatory High School Project Series 2022A (NR/NR) | California School Finance Authority Charter School RB for Valley International Preparatory High School Project Series 2022A (NR/NR) |
| 2230000 | 5.250 <sup>(d)</sup> | 03/01/2062 | 1646878 |
| California School Finance Authority Charter School Refunding RB Partnerships to Uplift Communities Project Series 2023 (NR/BB+) | California School Finance Authority Charter School Refunding RB Partnerships to Uplift Communities Project Series 2023 (NR/BB+) | California School Finance Authority Charter School Refunding RB Partnerships to Uplift Communities Project Series 2023 (NR/BB+) | California School Finance Authority Charter School Refunding RB Partnerships to Uplift Communities Project Series 2023 (NR/BB+) |
| 500000 | 5.250 <sup>(d)</sup> | 08/01/2038 | 515873 |
| 550000 | 5.500 <sup>(d)</sup> | 08/01/2043 | 572578 |
| 400000 | 5.500 <sup>(d)</sup> | 08/01/2047 | 414129 |
| California School Finance Authority Educational Facilities RB New Designs Charter School Project Series 2024A (NR/BB+) | California School Finance Authority Educational Facilities RB New Designs Charter School Project Series 2024A (NR/BB+) | California School Finance Authority Educational Facilities RB New Designs Charter School Project Series 2024A (NR/BB+) | California School Finance Authority Educational Facilities RB New Designs Charter School Project Series 2024A (NR/BB+) |
| 1475000 | 5.000 <sup>(d)</sup> | 06/01/2064 | 1396333 |
| California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) |
| 3500000 | 5.000 <sup>(d)</sup> | 10/01/2050 | 3351657 |
| California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) |
| 2770000 | 5.000 <sup>(d)</sup> | 07/01/2058 | 2663470 |
| California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (NR/NR) | California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (NR/NR) | California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (NR/NR) | California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (NR/NR) |
| 600000 | 5.000 <sup>(d)</sup> | 06/01/2051 | 543624 |
| 2440000 | 5.000 <sup>(d)</sup> | 06/01/2061 | 2147434 |
| California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+) | California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+) | California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+) | California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+) |
| 1340000 | 5.000 <sup>(d)</sup> | 07/01/2045 | 1322933 |
| 1240000 | 5.000 <sup>(d)</sup> | 07/01/2055 | 1206886 |
| California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR) | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR) | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR) | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR) |
| 600000 | 4.000 <sup>(d)</sup> | 06/01/2041 | 488583 |
| 700000 | 4.000 <sup>(d)</sup> | 06/01/2051 | 507951 |
| 1220000 | 4.000 <sup>(d)</sup> | 06/01/2061 | 839129 |
| California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 A (NR/BBB-) | California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 A (NR/BBB-) | California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 A (NR/BBB-) | California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 A (NR/BBB-) |
| 2420000 | 5.000 <sup>(d)</sup> | 07/01/2059 | 2320568 |
| California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 B (NR/BBB-) | California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 B (NR/BBB-) | California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 B (NR/BBB-) | California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 B (NR/BBB-) |
| 945000 | 4.000 <sup>(d)</sup> | 07/01/2045 | 797199 |
| California School Finance Authority School Facility Refunding RB for Value Schools Series 2023A (ST INTERCEPT) (NR/BBB-) | California School Finance Authority School Facility Refunding RB for Value Schools Series 2023A (ST INTERCEPT) (NR/BBB-) | California School Finance Authority School Facility Refunding RB for Value Schools Series 2023A (ST INTERCEPT) (NR/BBB-) | California School Finance Authority School Facility Refunding RB for Value Schools Series 2023A (ST INTERCEPT) (NR/BBB-) |
| 700000 | 5.250 <sup>(d)</sup> | 07/01/2048 | 706138 |
| California Statewide Communities Development Authority (Marin General Hospital) RB Series 2018A (Green Bonds) (NR/BBB) | California Statewide Communities Development Authority (Marin General Hospital) RB Series 2018A (Green Bonds) (NR/BBB) | California Statewide Communities Development Authority (Marin General Hospital) RB Series 2018A (Green Bonds) (NR/BBB) | California Statewide Communities Development Authority (Marin General Hospital) RB Series 2018A (Green Bonds) (NR/BBB) |
| 500000 | 5.000 | 08/01/2038 | 506981 |
| California Statewide Communities Development Authority CFD No. 2022-03 Sheldon Farms Special Tax Bonds, Series 2023 (NR/NR) | California Statewide Communities Development Authority CFD No. 2022-03 Sheldon Farms Special Tax Bonds, Series 2023 (NR/NR) | California Statewide Communities Development Authority CFD No. 2022-03 Sheldon Farms Special Tax Bonds, Series 2023 (NR/NR) | California Statewide Communities Development Authority CFD No. 2022-03 Sheldon Farms Special Tax Bonds, Series 2023 (NR/NR) |
| 1000000 | 5.000 | 09/01/2053 | 1007978 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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) |
| $710000 | 5.000% | 09/01/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712267 |
| California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR) |
| 2880000 | 7.250 <sup>(d)</sup> | 09/01/2050 | 2950640 |
| 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) |
| 2650000 | 4.000 | 09/01/2051 | 2263251 |
| 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 | 4535964 |
| California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/BBB+) | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/BBB+) | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/BBB+) | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/BBB+) |
| 575000 | 5.000 | 09/02/2043 | 583139 |
| 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 | 1379822 |
| 895000 | 5.000 | 09/02/2044 | 909003 |
| California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR) | California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR) | California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR) | California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR) |
| 375000 | 5.000 <sup>(d)</sup> | 06/01/2034 | 382805 |
| 475000 | 5.000 <sup>(d)</sup> | 06/01/2039 | 477543 |
| 1340000 | 5.000 <sup>(d)</sup> | 06/01/2051 | 1286944 |
| 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 | 1876435 |
| California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (NR/BB) | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (NR/BB) | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (NR/BB) | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (NR/BB) |
| 10095000 | 5.500 <sup>(d)</sup> | 12/01/2058 | 10265886 |
| 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) |
| 18325000 | 5.250 | 12/01/2044 | 18329979 |
| California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB) | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB) | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB) | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB) |
| 1600000 | 5.000 <sup>(d)</sup> | 12/01/2041 | 1604991 |
| 2080000 | 5.000 <sup>(d)</sup> | 12/01/2046 | 2058646 |
| 10030000 | 5.250 <sup>(d)</sup> | 12/01/2056 | 10039987 |
| 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) |
| 3000000 | 4.000 | 08/01/2045 | 2581019 |
| California Statewide Communities Development Authority RB for Marin General Hospital Series 2018A (NR/BBB) | California Statewide Communities Development Authority RB for Marin General Hospital Series 2018A (NR/BBB) | California Statewide Communities Development Authority RB for Marin General Hospital Series 2018A (NR/BBB) | California Statewide Communities Development Authority RB for Marin General Hospital Series 2018A (NR/BBB) |
| 175000 | 5.000 | 08/01/2037 | 178034 |
| California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B) | California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B) | California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B) | California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B) |
| 2350000 | 5.250 <sup>(d)</sup> | 07/01/2039 | 2383378 |
| 3125000 | 5.250 <sup>(d)</sup> | 07/01/2049 | 3138940 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 106 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 NCCD-Hooper Street LLC Project Series 2019 (NR/B) – (continued) | California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B) – (continued) | California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B) – (continued) | California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B) – (continued) |
| $2225000 | 5.250 %<sup>(d)</sup> | 07/01/2052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229096 |
| California Statewide Communities Development Authority RB Green Bonds for Marin General Hospital Series 2018A (NR/BBB) | California Statewide Communities Development Authority RB Green Bonds for Marin General Hospital Series 2018A (NR/BBB) | California Statewide Communities Development Authority RB Green Bonds for Marin General Hospital Series 2018A (NR/BBB) | California Statewide Communities Development Authority RB Green Bonds for Marin General Hospital Series 2018A (NR/BBB) |
| 365000 | 5.000 | 08/01/2028 | 378962 |
| California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR) | California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR) | California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR) | California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR) |
| 935000 | 5.000 <sup>(d)</sup> | 11/01/2032 | 948707 |
| 1875000 | 5.000 <sup>(d)</sup> | 11/01/2041 | 1857027 |
| 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) |
| 13765000 | 5.500 | 12/01/2054 | 13768872 |
| 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 | 1063492 |
| 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) |
| 3095000 | 5.000 | 09/02/2038 | 3169244 |
| 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) |
| 1990000 | 4.000 | 09/02/2051 | 1691791 |
| 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 | 1563543 |
| California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018B (NR/BBB+) | California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018B (NR/BBB+) | California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018B (NR/BBB+) | California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018B (NR/BBB+) |
| 1040000 | 5.000 | 09/02/2048 | 1051276 |
| California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018C (NR/NR) | California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018C (NR/NR) | California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018C (NR/NR) | California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018C (NR/NR) |
| 2960000 | 5.000 | 09/02/2048 | 2988704 |
| 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) |
| 3075000 | 5.000 | 05/15/2047 | 3096997 |
| California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR) | California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR) | California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR) | California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR) |
| 36600000 | 0.000 <sup>(e)</sup> | 06/01/2046 | 5985637 |
| Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL) (Baa3/NR) | Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL) (Baa3/NR) | Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL) (Baa3/NR) | Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL) (Baa3/NR) |
| 7000000 | 0.000 <sup>(e)</sup> | 09/01/2033 | 4950082 |
| 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 | 156573 |
| 195000 | 3.000 | 09/01/2038 | 156174 |
| 205000 | 3.000 | 09/01/2039 | 159338 |
| 210000 | 3.000 | 09/01/2040 | 160878 |
| 715000 | 3.125 | 09/01/2044 | 529082 |
| 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 | 779238 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR) | City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR) | City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR) | City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR) |
| $1500000 | 4.000 %<sup>(d)</sup> | 09/01/2051 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254076 |
| City and County of San Francisco Special Tax District No. 2020-1 (Mission Rock Facilities and Services) Shoreline (Tax Zone 1) Special Tax Bonds, Series 2023C (NR/NR) | City and County of San Francisco Special Tax District No. 2020-1 (Mission Rock Facilities and Services) Shoreline (Tax Zone 1) Special Tax Bonds, Series 2023C (NR/NR) | City and County of San Francisco Special Tax District No. 2020-1 (Mission Rock Facilities and Services) Shoreline (Tax Zone 1) Special Tax Bonds, Series 2023C (NR/NR) | City and County of San Francisco Special Tax District No. 2020-1 (Mission Rock Facilities and Services) Shoreline (Tax Zone 1) Special Tax Bonds, Series 2023C (NR/NR) |
| 1345000 | 5.750 <sup>(d)</sup> | 09/01/2053 | 1410473 |
| City and County of San Francisco Special Tax District No. 2020-1 (Mission Rock Facilities and Services) Special Tax Bonds, Series 2023B (NR/NR) | City and County of San Francisco Special Tax District No. 2020-1 (Mission Rock Facilities and Services) Special Tax Bonds, Series 2023B (NR/NR) | City and County of San Francisco Special Tax District No. 2020-1 (Mission Rock Facilities and Services) Special Tax Bonds, Series 2023B (NR/NR) | City and County of San Francisco Special Tax District No. 2020-1 (Mission Rock Facilities and Services) Special Tax Bonds, Series 2023B (NR/NR) |
| 1650000 | 5.750 <sup>(d)</sup> | 09/01/2053 | 1730320 |
| City of Alameda Community Facilities District 2023 Special Tax Bonds (NR/NR) | City of Alameda Community Facilities District 2023 Special Tax Bonds (NR/NR) | City of Alameda Community Facilities District 2023 Special Tax Bonds (NR/NR) | City of Alameda Community Facilities District 2023 Special Tax Bonds (NR/NR) |
| 1050000 | 5.000 | 09/01/2053 | 1059497 |
| City of Beaumont Community Facilities District No. 2016-3 Special Tax Bonds for Sundance Series 2023 (NR/NR) | City of Beaumont Community Facilities District No. 2016-3 Special Tax Bonds for Sundance Series 2023 (NR/NR) | City of Beaumont Community Facilities District No. 2016-3 Special Tax Bonds for Sundance Series 2023 (NR/NR) | City of Beaumont Community Facilities District No. 2016-3 Special Tax Bonds for Sundance Series 2023 (NR/NR) |
| 900000 | 5.000 | 09/01/2053 | 914010 |
| 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 | 2789061 |
| City of Dublin, Community Facilities District No. 2015-1 (Dublin Crossing) Improvement Area No.5, California Special Tax Bonds, Series 2023 (NR/NR) | City of Dublin, Community Facilities District No. 2015-1 (Dublin Crossing) Improvement Area No.5, California Special Tax Bonds, Series 2023 (NR/NR) | City of Dublin, Community Facilities District No. 2015-1 (Dublin Crossing) Improvement Area No.5, California Special Tax Bonds, Series 2023 (NR/NR) | City of Dublin, Community Facilities District No. 2015-1 (Dublin Crossing) Improvement Area No.5, California Special Tax Bonds, Series 2023 (NR/NR) |
| 1150000 | 5.375 | 09/01/2051 | 1187816 |
| City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR) | City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR) | City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR) | City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR) |
| 850000 | 5.000 | 09/01/2050 | 859980 |
| 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 | 3003200 |
| City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series F (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series F (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series F (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series F (Aa3/AA-) |
| 4500000 | 4.000 | 05/15/2049 | 3960619 |
| City of Los Angeles Department of Airports International Airport Subordinate RB 2023 Series A (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2023 Series A (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2023 Series A (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2023 Series A (Aa3/AA-) |
| 450000 | 4.125 | 05/15/2043 | 419005 |
| City of Oroville RB for Oroville Hospital Series 2019 (NR/NR) | City of Oroville RB for Oroville Hospital Series 2019 (NR/NR) | City of Oroville RB for Oroville Hospital Series 2019 (NR/NR) | City of Oroville RB for Oroville Hospital Series 2019 (NR/NR) |
| 1900000 | 5.250 | 04/01/2034 | 1558172 |
| 3565000 | 5.250 | 04/01/2039 | 2860301 |
| 16065000 | 5.250 | 04/01/2049 | 12784628 |
| 11685000 | 5.250 | 04/01/2054 | 9087469 |
| City of Palm Desert Community Facilities District No. 2021-1 Special Tax Bonds Series 2024 (NR/NR) | City of Palm Desert Community Facilities District No. 2021-1 Special Tax Bonds Series 2024 (NR/NR) | City of Palm Desert Community Facilities District No. 2021-1 Special Tax Bonds Series 2024 (NR/NR) | City of Palm Desert Community Facilities District No. 2021-1 Special Tax Bonds Series 2024 (NR/NR) |
| 600000 | 5.000 | 09/01/2049 | 608293 |
| 525000 | 5.000 | 09/01/2053 | 529549 |
| 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) |
| 420000 | 3.000 | 09/01/2031 | 392360 |
| 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) |
| 1600000 | 4.000 | 09/02/2037 | 1524012 |
| 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 | 544089 |
| City of Rancho Cordova Sunridge Anatolia Community Facilities District Special Tax Bonds Series 2016 (NR/NR) | City of Rancho Cordova Sunridge Anatolia Community Facilities District Special Tax Bonds Series 2016 (NR/NR) | City of Rancho Cordova Sunridge Anatolia Community Facilities District Special Tax Bonds Series 2016 (NR/NR) | City of Rancho Cordova Sunridge Anatolia Community Facilities District Special Tax Bonds Series 2016 (NR/NR) |
| 500000 | 4.000 | 09/01/2029 | 502082 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **107** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Special Tax Bonds for Creekview Community Facilities District No. 1 Series 2023 (NR/NR) | City of Roseville Special Tax Bonds for Creekview Community Facilities District No. 1 Series 2023 (NR/NR) | City of Roseville Special Tax Bonds for Creekview Community Facilities District No. 1 Series 2023 (NR/NR) | City of Roseville Special Tax Bonds for Creekview Community Facilities District No. 1 Series 2023 (NR/NR) |
| $1650000 | 5.250% | 09/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690359 |
| 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) |
| 350000 | 4.000 | 09/01/2035 | 344434 |
| 375000 | 4.000 | 09/01/2040 | 354684 |
| 425000 | 4.000 | 09/01/2045 | 384164 |
| 950000 | 4.000 | 09/01/2050 | 830120 |
| 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 | 430518 |
| City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR) | City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR) | City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR) | City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR) |
| 280000 | 5.000 <sup>(d)</sup> | 09/01/2032 | 287691 |
| 700000 | 5.000 <sup>(d)</sup> | 09/01/2037 | 713804 |
| 1745000 | 5.000 <sup>(d)</sup> | 09/01/2047 | 1756778 |
| City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/AA-) | City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/AA-) | City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/AA-) | City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/AA-) |
| 2000000 | 5.000 | 05/01/2049 | 2014012 |
| 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 | 808038 |
| City of San Jose, California Airport Revenue Refunding Bonds Series 2017A (A2/A) | City of San Jose, California Airport Revenue Refunding Bonds Series 2017A (A2/A) | City of San Jose, California Airport Revenue Refunding Bonds Series 2017A (A2/A) | City of San Jose, California Airport Revenue Refunding Bonds Series 2017A (A2/A) |
| 4310000 | 5.000 | 03/01/2047 | 4320776 |
| CMFA Special Finance Agency Essential Housing RB Series 2021A-1 (NR/NR) | CMFA Special Finance Agency Essential Housing RB Series 2021A-1 (NR/NR) | CMFA Special Finance Agency Essential Housing RB Series 2021A-1 (NR/NR) | CMFA Special Finance Agency Essential Housing RB Series 2021A-1 (NR/NR) |
| 4465000 | 3.000 <sup>(d)</sup> | 12/01/2056 | 3017316 |
| CMFA Special Finance Agency VIII Essential Housing RB 2021A- 1 (NR/NR) | CMFA Special Finance Agency VIII Essential Housing RB 2021A- 1 (NR/NR) | CMFA Special Finance Agency VIII Essential Housing RB 2021A- 1 (NR/NR) | CMFA Special Finance Agency VIII Essential Housing RB 2021A- 1 (NR/NR) |
| 5500000 | 3.000 <sup>(d)</sup> | 08/01/2056 | 3711472 |
| Community Facilities District No. 2016-1 of The Root Creek Water District Improvement Area No. 2 Special Tax Bonds Series 2023 (NR/NR) | Community Facilities District No. 2016-1 of The Root Creek Water District Improvement Area No. 2 Special Tax Bonds Series 2023 (NR/NR) | Community Facilities District No. 2016-1 of The Root Creek Water District Improvement Area No. 2 Special Tax Bonds Series 2023 (NR/NR) | Community Facilities District No. 2016-1 of The Root Creek Water District Improvement Area No. 2 Special Tax Bonds Series 2023 (NR/NR) |
| 1600000 | 5.000 | 09/01/2053 | 1607282 |
| Community Facilities District No. 2023-1 of The County of Orange (Rienda Phase 2B) 2023 Series A Special Tax Bonds (NR/NR) | Community Facilities District No. 2023-1 of The County of Orange (Rienda Phase 2B) 2023 Series A Special Tax Bonds (NR/NR) | Community Facilities District No. 2023-1 of The County of Orange (Rienda Phase 2B) 2023 Series A Special Tax Bonds (NR/NR) | Community Facilities District No. 2023-1 of The County of Orange (Rienda Phase 2B) 2023 Series A Special Tax Bonds (NR/NR) |
| 1260000 | 5.500 | 08/15/2053 | 1322568 |
| 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) |
| 2600000 | 5.000 | 09/01/2044 | 2619870 |
| 200000 | 4.000 | 09/01/2045 | 177896 |
| County of Los Angeles Community Facilities District Special Tax Bonds Series 2022 (NR/NR) | County of Los Angeles Community Facilities District Special Tax Bonds Series 2022 (NR/NR) | County of Los Angeles Community Facilities District Special Tax Bonds Series 2022 (NR/NR) | County of Los Angeles Community Facilities District Special Tax Bonds Series 2022 (NR/NR) |
| 2775000 | 5.000 | 09/01/2052 | 2812696 |
| 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 | 477502 |
| CSCDA Community Improvement Authority Essential Housing RB Series 2021A-2 (NR/NR) | CSCDA Community Improvement Authority Essential Housing RB Series 2021A-2 (NR/NR) | CSCDA Community Improvement Authority Essential Housing RB Series 2021A-2 (NR/NR) | CSCDA Community Improvement Authority Essential Housing RB Series 2021A-2 (NR/NR) |
| 12855000 | 3.000 <sup>(d)</sup> | 12/01/2056 | 8763846 |
| CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) |
| 9475000 | 3.600 <sup>(d)</sup> | 05/01/2047 | 7799287 |
| CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-2 (NR/NR) | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-2 (NR/NR) | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-2 (NR/NR) | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-2 (NR/NR) |
| 6400000 | 3.250 <sup>(d)</sup> | 04/01/2057 | 4656737 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL) (Baa3/A-) | Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL) (Baa3/A-) | Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL) (Baa3/A-) | Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL) (Baa3/A-) |
| $1305000 | 0.000 %<sup>(e)</sup> | 08/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203186 |
| Department of Airports of The City of Los Angeles LAX Subordinate RB 2021 Series D (Private Activity/AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles LAX Subordinate RB 2021 Series D (Private Activity/AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles LAX Subordinate RB 2021 Series D (Private Activity/AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles LAX Subordinate RB 2021 Series D (Private Activity/AMT) (Aa3/AA-) |
| 11895000 | 4.000 | 05/15/2051 | 10403953 |
| Department of Airports of The City of Los Angeles LAX Subordinate RB 2022 Series A (Private Activity/AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles LAX Subordinate RB 2022 Series A (Private Activity/AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles LAX Subordinate RB 2022 Series A (Private Activity/AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles LAX Subordinate RB 2022 Series A (Private Activity/AMT) (Aa3/AA-) |
| 7955000 | 4.000 | 05/15/2049 | 7001495 |
| Dublin Unified School District GO Bonds Election of 2020 Series B (Aa1/AA+) | Dublin Unified School District GO Bonds Election of 2020 Series B (Aa1/AA+) | Dublin Unified School District GO Bonds Election of 2020 Series B (Aa1/AA+) | Dublin Unified School District GO Bonds Election of 2020 Series B (Aa1/AA+) |
| 15000000 | 4.250 | 08/01/2053 | 14892987 |
| 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) |
| 445000 | 3.125 | 09/01/2044 | 327254 |
| Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (Baa1/A) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (Baa1/A) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (Baa1/A) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (Baa1/A) |
| 1000000 | 4.000 | 01/15/2046 | 951673 |
| El Camino Community College District Capital Appreciation Term Bonds (Aa1/AA+) | El Camino Community College District Capital Appreciation Term Bonds (Aa1/AA+) | El Camino Community College District Capital Appreciation Term Bonds (Aa1/AA+) | El Camino Community College District Capital Appreciation Term Bonds (Aa1/AA+) |
| 6475000 | 0.000 <sup>(e)</sup> | 08/01/2038 | 3755800 |
| El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL) (Baa3/NR) | El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL) (Baa3/NR) | El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL) (Baa3/NR) | El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL) (Baa3/NR) |
| 5400000 | 0.000 <sup>(e)</sup> | 08/01/2032 | 4114786 |
| Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (AGC) (NR/AA) | Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (AGC) (NR/AA) | Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (AGC) (NR/AA) | Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (AGC) (NR/AA) |
| 4180000 | 0.000 <sup>(e)</sup> | 04/01/2029 | 3645646 |
| Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL) (Aa2/AA-) | Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL) (Aa2/AA-) | Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL) (Aa2/AA-) | Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL) (Aa2/AA-) |
| 3460000 | 0.000 <sup>(e)</sup> | 10/01/2032 | 2650220 |
| Foothill/Eastern Transportation Corridor Agency toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (A1/AA) | Foothill/Eastern Transportation Corridor Agency toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (A1/AA) | Foothill/Eastern Transportation Corridor Agency toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (A1/AA) | Foothill/Eastern Transportation Corridor Agency toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (A1/AA) |
| 10000000 | 0.000 <sup>(e)</sup> | 01/15/2035 | 6918334 |
| Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa1/A) | Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa1/A) | Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa1/A) | Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa1/A) |
| 22010000 | 3.950 <sup>(a)</sup> | 01/15/2053 | 19579260 |
| Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (NR/BBB-) | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (NR/BBB-) | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (NR/BBB-) | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (NR/BBB-) |
| 16045000 | 3.850 | 06/01/2050 | 14765567 |
| 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 | 5438419 |
| Golden State tobacco Securitization Settlement Corp ABS Bond Series 2021B-2 (NR/NR) | Golden State tobacco Securitization Settlement Corp ABS Bond Series 2021B-2 (NR/NR) | Golden State tobacco Securitization Settlement Corp ABS Bond Series 2021B-2 (NR/NR) | Golden State tobacco Securitization Settlement Corp ABS Bond Series 2021B-2 (NR/NR) |
| 134850000 | 0.000 <sup>(e)</sup> | 06/01/2066 | 14464240 |
| Improvement Area 3 of The City of Stockton Community Facilities District No. 2018-2 Westlake Villages Ii Special Tax Bonds Series 2024 (NR/NR) | Improvement Area 3 of The City of Stockton Community Facilities District No. 2018-2 Westlake Villages Ii Special Tax Bonds Series 2024 (NR/NR) | Improvement Area 3 of The City of Stockton Community Facilities District No. 2018-2 Westlake Villages Ii Special Tax Bonds Series 2024 (NR/NR) | Improvement Area 3 of The City of Stockton Community Facilities District No. 2018-2 Westlake Villages Ii Special Tax Bonds Series 2024 (NR/NR) |
| 650000 | 5.000 | 09/01/2054 | 659945 |
| Improvement Area B of The City of Fillmore Community Facilities District No. 5, Heritage Valley Parks Special Tax Bonds Series 2023 (NR/NR) | Improvement Area B of The City of Fillmore Community Facilities District No. 5, Heritage Valley Parks Special Tax Bonds Series 2023 (NR/NR) | Improvement Area B of The City of Fillmore Community Facilities District No. 5, Heritage Valley Parks Special Tax Bonds Series 2023 (NR/NR) | Improvement Area B of The City of Fillmore Community Facilities District No. 5, Heritage Valley Parks Special Tax Bonds Series 2023 (NR/NR) |
| 3500000 | 5.000 | 09/01/2053 | 3535143 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 108 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Improvement Area No. 1 of California Municipal Finance Authority Community Facilities District No. 2023-5 Special Tax Bonds, Series 2023 (NR/NR) | Improvement Area No. 1 of California Municipal Finance Authority Community Facilities District No. 2023-5 Special Tax Bonds, Series 2023 (NR/NR) | Improvement Area No. 1 of California Municipal Finance Authority Community Facilities District No. 2023-5 Special Tax Bonds, Series 2023 (NR/NR) | Improvement Area No. 1 of California Municipal Finance Authority Community Facilities District No. 2023-5 Special Tax Bonds, Series 2023 (NR/NR) |
| $1000000 | 5.500% | 09/01/2048 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055146 |
| 1000000 | 5.625 | 09/01/2053 | 1056340 |
| Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC) | Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC) | Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC) | Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC) |
| 112360000 | 0.000 <sup>(e)</sup> | 06/01/2036 | 52338153 |
| Inland Empire tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-2 (NR/CCC) | Inland Empire tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-2 (NR/CCC) | Inland Empire tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-2 (NR/CCC) | Inland Empire tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-2 (NR/CCC) |
| 51235000 | 0.000 <sup>(e)</sup> | 06/01/2047 | 10060433 |
| Inland Empire tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 D (NR/CCC) | Inland Empire tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 D (NR/CCC) | Inland Empire tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 D (NR/CCC) | Inland Empire tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 D (NR/CCC) |
| 290580000 | 0.000 <sup>(e)</sup> | 06/01/2057 | 22876840 |
| 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) |
| 4600000 | 5.000 | 03/01/2057 | 4624202 |
| Lodi Unified School District GO Bonds Series 2021 (Aa2/NR) | Lodi Unified School District GO Bonds Series 2021 (Aa2/NR) | Lodi Unified School District GO Bonds Series 2021 (Aa2/NR) | Lodi Unified School District GO Bonds Series 2021 (Aa2/NR) |
| 3700000 | 3.000 | 08/01/2046 | 2920531 |
| Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (Aa2/AA-) | Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (Aa2/AA-) | Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (Aa2/AA-) | Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (Aa2/AA-) |
| 49925000 | 0.000 <sup>(e)</sup> | 08/01/2050 | 15077744 |
| Los Angeles County Public Works Financing Authority Lease RB 2020 Series A (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2020 Series A (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2020 Series A (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2020 Series A (NR/AA+) |
| 2125000 | 3.000 | 12/01/2050 | 1550851 |
| Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR) | Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR) | Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR) | Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR) |
| 3760000 | 0.000 <sup>(e)</sup> | 08/01/2035 | 2551683 |
| 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+) |
| 12950000 | 6.500 | 11/01/2039 | 15571295 |
| 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+) |
| 3000000 | 6.500 | 11/01/2039 | 3607250 |
| 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+) |
| 7430000 | 6.125 | 11/01/2029 | 7877558 |
| 20315000 | 6.500 | 11/01/2039 | 24427093 |
| 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 | 5.500 | 08/01/2030 | 5038949 |
| New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (AGC) (Aa2/AA) | New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (AGC) (Aa2/AA) | New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (AGC) (Aa2/AA) | New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (AGC) (Aa2/AA) |
| 860000 | 0.000 <sup>(e)</sup> | 08/01/2025 | 851708 |
| 1105000 | 0.000 <sup>(e)</sup> | 08/01/2026 | 1062415 |
| 5550000 | 0.000 <sup>(e)</sup> | 08/01/2030 | 4663484 |
| 7855000 | 0.000 <sup>(e)</sup> | 08/01/2032 | 6111848 |
| 7000000 | 0.000 <sup>(e)</sup> | 08/01/2034 | 4990312 |
| 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) |
| 1000000 | 5.250 | 08/15/2045 | 1002490 |
| Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A1/AA) | Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A1/AA) | Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A1/AA) | Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A1/AA) |
| 10750000 | 7.000 | 08/01/2038 | 11855510 |
| Poway Unified School District GO Bonds Capital Appreciation for School Facility Improvement Series 2011 B (Aa2/AA-) | Poway Unified School District GO Bonds Capital Appreciation for School Facility Improvement Series 2011 B (Aa2/AA-) | Poway Unified School District GO Bonds Capital Appreciation for School Facility Improvement Series 2011 B (Aa2/AA-) | Poway Unified School District GO Bonds Capital Appreciation for School Facility Improvement Series 2011 B (Aa2/AA-) |
| 1300000 | 0.000 <sup>(e)</sup> | 08/01/2040 | 683351 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| $900000 | 3.000% | 09/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834579 |
| 820000 | 3.000 | 09/01/2033 | 749597 |
| 750000 | 3.000 | 09/01/2034 | 675683 |
| 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 | 404119 |
| Rialto Unified School District County of San Bernardino, California GO Bonds, Election of 2022, Series 2023 (BAM) (Aa3/AA) | Rialto Unified School District County of San Bernardino, California GO Bonds, Election of 2022, Series 2023 (BAM) (Aa3/AA) | Rialto Unified School District County of San Bernardino, California GO Bonds, Election of 2022, Series 2023 (BAM) (Aa3/AA) | Rialto Unified School District County of San Bernardino, California GO Bonds, Election of 2022, Series 2023 (BAM) (Aa3/AA) |
| 4000000 | 4.000 | 08/01/2052 | 3770858 |
| Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (Aa3/AA) | Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (Aa3/AA) | Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (Aa3/AA) | Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (Aa3/AA) |
| 6200000 | 0.000 <sup>(e)</sup> | 08/01/2036 | 3760101 |
| 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 | 2824395 |
| 3875000 | 5.000 | 09/01/2052 | 3795735 |
| River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax series 2022 (NR/NR) | River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax series 2022 (NR/NR) | River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax series 2022 (NR/NR) | River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax series 2022 (NR/NR) |
| 400000 | 5.750 | 09/01/2052 | 415378 |
| Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A+) | Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A+) | Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A+) | Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A+) |
| 2220000 | 0.000 <sup>(e)</sup> | 10/01/2033 | 1588522 |
| 2220000 | 0.000 <sup>(e)</sup> | 10/01/2035 | 1455432 |
| 1840000 | 0.000 <sup>(e)</sup> | 10/01/2037 | 1087825 |
| 5100000 | 0.000 <sup>(e)</sup> | 10/01/2038 | 2837037 |
| 8425000 | 0.000 <sup>(e)</sup> | 10/01/2039 | 4423271 |
| 13395000 | 0.000 <sup>(e)</sup> | 10/01/2040 | 6628343 |
| 7275000 | 0.000 <sup>(e)</sup> | 10/01/2041 | 3386848 |
| 6360000 | 0.000 <sup>(e)</sup> | 10/01/2042 | 2791359 |
| San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL) (A1/A+) | San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL) (A1/A+) | San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL) (A1/A+) | San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL) (A1/A+) |
| 1420000 | 0.000 <sup>(e)</sup> | 08/01/2025 | 1404362 |
| San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) |
| 1755000 | 5.000 | 07/01/2046 | 1783544 |
| 2165000 | 5.000 | 07/01/2056 | 2175779 |
| San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A1/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A1/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A1/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A1/NR) |
| 6080000 | 5.000 | 07/01/2051 | 6137591 |
| San Diego Unified School District 2010 GO Bonds (Aa2/AA-) | San Diego Unified School District 2010 GO Bonds (Aa2/AA-) | San Diego Unified School District 2010 GO Bonds (Aa2/AA-) | San Diego Unified School District 2010 GO Bonds (Aa2/AA-) |
| 900000 | 0.000 <sup>(e)</sup> | 07/01/2043 | 398608 |
| San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-) | San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-) | San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-) | San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-) |
| 10000000 | 0.000 <sup>(e)</sup> | 07/01/2030 | 8413893 |
| 3305000 | 0.000 <sup>(e)</sup> | 07/01/2031 | 2674508 |
| San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (B1/NR) | San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (B1/NR) | San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (B1/NR) | San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (B1/NR) |
| 1370000 | 4.000 | 08/01/2032 | 1227022 |
| 1560000 | 4.000 | 08/01/2033 | 1372779 |
| 1680000 | 4.000 | 08/01/2034 | 1453096 |
| 1810000 | 4.000 | 08/01/2035 | 1538373 |
| 1945000 | 4.000 | 08/01/2036 | 1624701 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **109** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL) (Aa2/A+) | San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL) (Aa2/A+) | San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL) (Aa2/A+) | San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL) (Aa2/A+) |
| 1595000 | 0.000 %<sup>(e)</sup> | 08/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578840 |
| 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 | 2002601 |
| Silicon Valley tobacco Securitization Authority tobacco Settlement ABS Series 2007D (NR/NR) | Silicon Valley tobacco Securitization Authority tobacco Settlement ABS Series 2007D (NR/NR) | Silicon Valley tobacco Securitization Authority tobacco Settlement ABS Series 2007D (NR/NR) | Silicon Valley tobacco Securitization Authority tobacco Settlement ABS Series 2007D (NR/NR) |
| 27250000 | 0.000 <sup>(e)</sup> | 06/01/2056 | 2533394 |
| Silicon Valley tobacco Securitization Authority tobacco Settlement Asset Backed RB Series 2007 C (NR/NR) | Silicon Valley tobacco Securitization Authority tobacco Settlement Asset Backed RB Series 2007 C (NR/NR) | Silicon Valley tobacco Securitization Authority tobacco Settlement Asset Backed RB Series 2007 C (NR/NR) | Silicon Valley tobacco Securitization Authority tobacco Settlement Asset Backed RB Series 2007 C (NR/NR) |
| 91400000 | 0.000 <sup>(e)</sup> | 06/01/2056 | 9295572 |
| 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) |
| 4750000 | 4.000 | 09/01/2050 | 4138080 |
| Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR) |
| 9510000 | 0.000 <sup>(e)</sup> | 06/01/2054 | 1910398 |
| 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) |
| 2155000 | 5.000 | 10/01/2049 | 2148522 |
| 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 | 751938 |
| West Patterson Financing Authority California Community Facilities Villages of Patterson Special Tax Bonds Series 2024 (NR/NR) | West Patterson Financing Authority California Community Facilities Villages of Patterson Special Tax Bonds Series 2024 (NR/NR) | West Patterson Financing Authority California Community Facilities Villages of Patterson Special Tax Bonds Series 2024 (NR/NR) | West Patterson Financing Authority California Community Facilities Villages of Patterson Special Tax Bonds Series 2024 (NR/NR) |
| 780000 | 4.625 | 09/01/2049 | 742381 |
| 2425000 | 5.000 | 09/01/2054 | 2447185 |
| William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (Aa2/AA) | William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (Aa2/AA) | William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (Aa2/AA) | William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (Aa2/AA) |
| 8360000 | 0.000 <sup>(e)</sup> | 08/01/2034 | 5959858 |
| Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (Aa2/AA-) | Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (Aa2/AA-) | Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (Aa2/AA-) | Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (Aa2/AA-) |
| 19135000 | 0.000 <sup>(f)</sup> | 08/01/2042 | 15598506 |
|  |  |  | 1056052267 |
| Colorado - 4.6% | Colorado - 4.6% | Colorado - 4.6% | Colorado - 4.6% |
| 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) |
| 1570000 | 4.700 | 12/01/2047 | 1377066 |
| 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) |
| 586000 | 5.000 | 12/01/2037 | 536931 |
| 613000 | 5.125 | 12/01/2047 | 537394 |
| Arista Metropolitan District In The City and County of Broomfield, Colorado Subordinate Limited Tax GO and Special RR and Improvement Bonds Series 2023B (NR/NR) | Arista Metropolitan District In The City and County of Broomfield, Colorado Subordinate Limited Tax GO and Special RR and Improvement Bonds Series 2023B (NR/NR) | Arista Metropolitan District In The City and County of Broomfield, Colorado Subordinate Limited Tax GO and Special RR and Improvement Bonds Series 2023B (NR/NR) | Arista Metropolitan District In The City and County of Broomfield, Colorado Subordinate Limited Tax GO and Special RR and Improvement Bonds Series 2023B (NR/NR) |
| 2260000 | 8.250 | 12/15/2039 | 2322391 |
| 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 | 3819410 |
| Banning Lewis Ranch Metropolitan District No. 8 GO Bonds Series 2021 (NR/NR) | Banning Lewis Ranch Metropolitan District No. 8 GO Bonds Series 2021 (NR/NR) | Banning Lewis Ranch Metropolitan District No. 8 GO Bonds Series 2021 (NR/NR) | Banning Lewis Ranch Metropolitan District No. 8 GO Bonds Series 2021 (NR/NR) |
| 4000000 | 4.875 <sup>(d)</sup> | 12/01/2051 | 3180680 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4269456 |
| Baseline Metropolitan District No.1 In The City and County of Broomfield Colorado Subordinate Special RB Series 2024B (NR/NR) | Baseline Metropolitan District No.1 In The City and County of Broomfield Colorado Subordinate Special RB Series 2024B (NR/NR) | Baseline Metropolitan District No.1 In The City and County of Broomfield Colorado Subordinate Special RB Series 2024B (NR/NR) | Baseline Metropolitan District No.1 In The City and County of Broomfield Colorado Subordinate Special RB Series 2024B (NR/NR) |
| 3000000 | 6.750 | 12/15/2054 | 2991273 |
| 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 | 5767932 |
| Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR) | Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR) | Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR) | Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR) |
| 1930000 | 0.000 <sup>(d)(f)</sup> | 12/01/2049 | 1899784 |
| Bent Grass Metropolitan District Refunding GO Bonds Series 2020 (NR/NR) | Bent Grass Metropolitan District Refunding GO Bonds Series 2020 (NR/NR) | Bent Grass Metropolitan District Refunding GO Bonds Series 2020 (NR/NR) | Bent Grass Metropolitan District Refunding GO Bonds Series 2020 (NR/NR) |
| 1185000 | 5.250 <sup>(d)</sup> | 12/01/2049 | 1126743 |
| Board of Trustees of The Colorado School of Mines Institutional Enterprise RB Series 2024A (ST HGR ED INTERCEPT PROG) (Aa2/AA) | Board of Trustees of The Colorado School of Mines Institutional Enterprise RB Series 2024A (ST HGR ED INTERCEPT PROG) (Aa2/AA) | Board of Trustees of The Colorado School of Mines Institutional Enterprise RB Series 2024A (ST HGR ED INTERCEPT PROG) (Aa2/AA) | Board of Trustees of The Colorado School of Mines Institutional Enterprise RB Series 2024A (ST HGR ED INTERCEPT PROG) (Aa2/AA) |
| 21250000 | 4.000 | 12/01/2049 | 19947611 |
| Brighton Crossing Metropolitan District No. 6 Limited Tax GO Bonds Series 2020A(3) (NR/NR) | Brighton Crossing Metropolitan District No. 6 Limited Tax GO Bonds Series 2020A(3) (NR/NR) | Brighton Crossing Metropolitan District No. 6 Limited Tax GO Bonds Series 2020A(3) (NR/NR) | Brighton Crossing Metropolitan District No. 6 Limited Tax GO Bonds Series 2020A(3) (NR/NR) |
| 3835000 | 5.000 | 12/01/2050 | 3664929 |
| 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 | 2198734 |
| 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) |
| 11500000 | 3.750 | 12/01/2040 | 9235735 |
| 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 | 2135357 |
| 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 | 3465916 |
| 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 | 7862809 |
| 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 | 2421644 |
| City of Colorado Springs Colorado Utilities System Improvement RB Series 2024A (Aa2/AA+) | City of Colorado Springs Colorado Utilities System Improvement RB Series 2024A (Aa2/AA+) | City of Colorado Springs Colorado Utilities System Improvement RB Series 2024A (Aa2/AA+) | City of Colorado Springs Colorado Utilities System Improvement RB Series 2024A (Aa2/AA+) |
| 2665000 | 5.250 | 11/15/2054 | 2850028 |
| 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+) |
| 7000000 | 4.000 | 12/01/2043 | 6433412 |
| City of Oak Point A Municipal Corporation of The State of Texas Located in Denton County Special Assessment RB Series 2024 (NR/NR) | City of Oak Point A Municipal Corporation of The State of Texas Located in Denton County Special Assessment RB Series 2024 (NR/NR) | City of Oak Point A Municipal Corporation of The State of Texas Located in Denton County Special Assessment RB Series 2024 (NR/NR) | City of Oak Point A Municipal Corporation of The State of Texas Located in Denton County Special Assessment RB Series 2024 (NR/NR) |
| 2200000 | 6.000 <sup>(d)</sup> | 12/01/2053 | 2083663 |
| 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 | 1832361 |
| Colorado Bridge and Tunnel Enterprise Senior Infrastructure RB Series 2024A (AGM) (A1/AA) | Colorado Bridge and Tunnel Enterprise Senior Infrastructure RB Series 2024A (AGM) (A1/AA) | Colorado Bridge and Tunnel Enterprise Senior Infrastructure RB Series 2024A (AGM) (A1/AA) | Colorado Bridge and Tunnel Enterprise Senior Infrastructure RB Series 2024A (AGM) (A1/AA) |
| 1500000 | 5.250 | 12/01/2049 | 1611702 |
| 6000000 | 5.500 | 12/01/2054 | 6501307 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 110 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Education & Cultural Facilities Authority Charter School RB Series 2021 (Baa3/NR) | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (Baa3/NR) | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (Baa3/NR) | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (Baa3/NR) |
| $2075000 | 4.000% | 10/01/2061 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574193 |
| 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 | 387339 |
| 1000000 | 4.000 | 05/01/2061 | 777371 |
| Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR) | Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR) | Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR) | Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR) |
| 900000 | 5.000 <sup>(d)</sup> | 02/01/2051 | 828233 |
| 2335000 | 5.000 <sup>(d)</sup> | 02/01/2061 | 2087920 |
| Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR) | Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR) | Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR) | Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR) |
| 6000000 | 5.000 <sup>(d)</sup> | 10/01/2059 | 5551383 |
| 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 | 1514086 |
| 1955000 | 5.000 | 09/01/2062 | 1853951 |
| Colorado Educational and Cultural Facilities Authority Charter School RB for Mountain Phoenix Community School Project Series 2023 (NR/NR) | Colorado Educational and Cultural Facilities Authority Charter School RB for Mountain Phoenix Community School Project Series 2023 (NR/NR) | Colorado Educational and Cultural Facilities Authority Charter School RB for Mountain Phoenix Community School Project Series 2023 (NR/NR) | Colorado Educational and Cultural Facilities Authority Charter School RB for Mountain Phoenix Community School Project Series 2023 (NR/NR) |
| 4355000 | 6.250 <sup>(d)</sup> | 07/01/2053 | 3907643 |
| Colorado Educational and Cultural Facilities Authority Charter School RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR) | Colorado Educational and Cultural Facilities Authority Charter School RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR) | Colorado Educational and Cultural Facilities Authority Charter School RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR) | Colorado Educational and Cultural Facilities Authority Charter School RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR) |
| 6140000 | 5.000 <sup>(d)</sup> | 10/01/2049 | 5857068 |
| Colorado Educational and Educational Facilities Authority Charter School RB Ascent Classical Academy Charter Schools Inc. Series 2024A (NR/BB) | Colorado Educational and Educational Facilities Authority Charter School RB Ascent Classical Academy Charter Schools Inc. Series 2024A (NR/BB) | Colorado Educational and Educational Facilities Authority Charter School RB Ascent Classical Academy Charter Schools Inc. Series 2024A (NR/BB) | Colorado Educational and Educational Facilities Authority Charter School RB Ascent Classical Academy Charter Schools Inc. Series 2024A (NR/BB) |
| 3500000 | 5.800 <sup>(d)</sup> | 04/01/2054 | 3581847 |
| 2050000 | 5.750 <sup>(d)</sup> | 04/01/2059 | 2083458 |
| 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 | 3172356 |
| 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 | 2054847 |
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (A3/A-) |
| 2500000 | 5.250 | 11/01/2052 | 2588685 |
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) |
| 1000000 | 5.250 | 12/01/2054 | 1034279 |
| Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Aa2/NR) | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Aa2/NR) | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Aa2/NR) | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Aa2/NR) |
| 1000000 | 4.000 <sup>(c)</sup> | 09/01/2030 | 1049015 |
| Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR) | Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR) | Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR) | Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR) |
| 33381200 | 5.000 <sup>(a)</sup> | 07/01/2057 | 25540704 |
| 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 | 838788 |
| Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) |
| 4935000 | 3.250 | 08/01/2049 | 3794622 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Senior RB Series 2017 (NR/NR) | Colorado High Performance Transportation Enterprise C-470 Express Lanes Senior RB Series 2017 (NR/NR) | Colorado High Performance Transportation Enterprise C-470 Express Lanes Senior RB Series 2017 (NR/NR) | Colorado High Performance Transportation Enterprise C-470 Express Lanes Senior RB Series 2017 (NR/NR) |
| $900000 | 5.000% | 12/31/2051 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880279 |
| 9680000 | 5.000 | 12/31/2056 | 9416346 |
| Colorado Springs Urban Renewal Authority RB for Canyon Creek Project Series 2018 A (NR/NR) | Colorado Springs Urban Renewal Authority RB for Canyon Creek Project Series 2018 A (NR/NR) | Colorado Springs Urban Renewal Authority RB for Canyon Creek Project Series 2018 A (NR/NR) | Colorado Springs Urban Renewal Authority RB for Canyon Creek Project Series 2018 A (NR/NR) |
| 3000000 | 5.750 \* | 12/01/2047 | 2405824 |
| 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 | 764835 |
| 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) |
| 1753000 | 5.000 | 12/01/2049 | 1639747 |
| 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) |
| 6615000 | 5.000 | 12/01/2039 | 6126840 |
| 1750000 | 5.000 | 12/01/2043 | 1558465 |
| 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 | 2885509 |
| 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 | 720253 |
| 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 | 992155 |
| 2100000 | 5.250 | 12/01/2047 | 2045755 |
| 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 | 2928528 |
| Crowfoot Valley Ranch Metropolitan District No. 2 Subordinate Limited Tax GO Refunding Bonds Series 2024B (NR/NR) | Crowfoot Valley Ranch Metropolitan District No. 2 Subordinate Limited Tax GO Refunding Bonds Series 2024B (NR/NR) | Crowfoot Valley Ranch Metropolitan District No. 2 Subordinate Limited Tax GO Refunding Bonds Series 2024B (NR/NR) | Crowfoot Valley Ranch Metropolitan District No. 2 Subordinate Limited Tax GO Refunding Bonds Series 2024B (NR/NR) |
| 2250000 | 6.125 | 12/15/2054 | 2211756 |
| Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (NR/BB) | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (NR/BB) | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (NR/BB) | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (NR/BB) |
| 34160000 | 5.000 | 10/01/2032 | 34167747 |
| 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 | 665706 |
| 2500000 | 5.000 | 12/01/2032 | 2500911 |
| 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 | 325228 |
| 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) |
| 1825000 | 4.000 | 12/01/2038 | 1695376 |
| 1690000 | 5.000 | 12/01/2048 | 1637165 |
| Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB) | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB) | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB) | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB) |
| 7200000 | 5.000 <sup>(d)</sup> | 12/01/2034 | 7295078 |
| 7300000 | 4.000 <sup>(d)</sup> | 12/01/2035 | 6991469 |
| 7300000 | 4.000 <sup>(d)</sup> | 12/01/2036 | 6921303 |
| 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) |
| 415000 | 5.000 | 12/01/2030 | 433668 |
| 950000 | 4.000 | 12/01/2040 | 863552 |
| 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) |
| 3695000 | 5.000 | 06/01/2049 | 3569691 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **111** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL) (A1/A+) | E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL) (A1/A+) | E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL) (A1/A+) | E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL) (A1/A+) |
| $3000000 | 0.000 %<sup>(e)</sup> | 09/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462902 |
| E-470 Public Highway Authority RB Series 2004 A (NATL) (A1/A+) | E-470 Public Highway Authority RB Series 2004 A (NATL) (A1/A+) | E-470 Public Highway Authority RB Series 2004 A (NATL) (A1/A+) | E-470 Public Highway Authority RB Series 2004 A (NATL) (A1/A+) |
| 15000000 | 0.000 <sup>(e)</sup> | 09/01/2028 | 13383696 |
| 4120000 | 0.000 <sup>(e)</sup> | 09/01/2034 | 2843431 |
| E-470 Public Highway Authority RB Series 2010 A (A1/A+) | E-470 Public Highway Authority RB Series 2010 A (A1/A+) | E-470 Public Highway Authority RB Series 2010 A (A1/A+) | E-470 Public Highway Authority RB Series 2010 A (A1/A+) |
| 20000000 | 0.000 <sup>(e)</sup> | 09/01/2040 | 10027962 |
| 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 | 1404374 |
| 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 | 1868605 |
| Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR) | Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR) | Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR) | Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR) |
| 2950000 | 5.550 <sup>(d)</sup> | 12/01/2047 | 3002891 |
| 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 | 2529129 |
| 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 | 1874203 |
| Granary Metropolitan District No. 9 Special Improvement District No. 1 Special Assessment RB Series 2024 (NR/NR) | Granary Metropolitan District No. 9 Special Improvement District No. 1 Special Assessment RB Series 2024 (NR/NR) | Granary Metropolitan District No. 9 Special Improvement District No. 1 Special Assessment RB Series 2024 (NR/NR) | Granary Metropolitan District No. 9 Special Improvement District No. 1 Special Assessment RB Series 2024 (NR/NR) |
| 2775000 | 5.450 <sup>(d)</sup> | 12/01/2044 | 2674963 |
| 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 | 1292424 |
| Hidden Creek Metropolitan District GO Bonds Series 2021 A (NR/NR) | Hidden Creek Metropolitan District GO Bonds Series 2021 A (NR/NR) | Hidden Creek Metropolitan District GO Bonds Series 2021 A (NR/NR) | Hidden Creek Metropolitan District GO Bonds Series 2021 A (NR/NR) |
| 1140000 | 4.625 <sup>(d)</sup> | 12/01/2045 | 938490 |
| 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 | 3501417 |
| 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 | 491847 |
| Independence Metropolitan District No. 3 Limited Tax GO and Special Revenue Refunding and Improvement Senior Bonds Series 2024A (NR/NR) | Independence Metropolitan District No. 3 Limited Tax GO and Special Revenue Refunding and Improvement Senior Bonds Series 2024A (NR/NR) | Independence Metropolitan District No. 3 Limited Tax GO and Special Revenue Refunding and Improvement Senior Bonds Series 2024A (NR/NR) | Independence Metropolitan District No. 3 Limited Tax GO and Special Revenue Refunding and Improvement Senior Bonds Series 2024A (NR/NR) |
| 4000000 | 5.375 | 12/01/2054 | 3887652 |
| 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 | 948186 |
| Jefferson Center Metropolitan District No. 1 RB Series 2020 A-2 (B1/NR) | Jefferson Center Metropolitan District No. 1 RB Series 2020 A-2 (B1/NR) | Jefferson Center Metropolitan District No. 1 RB Series 2020 A-2 (B1/NR) | Jefferson Center Metropolitan District No. 1 RB Series 2020 A-2 (B1/NR) |
| 580000 | 4.125 | 12/01/2040 | 532307 |
| 900000 | 4.375 | 12/01/2047 | 826551 |
| 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 | 856459 |
| 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) |
| 12172000 | 4.250 | 12/01/2046 | 10728924 |
| 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 | 1715664 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Jones District Community Authority Board RB for Convertible Capital Appreciation Bonds Series 2020 (NR/NR) | Jones District Community Authority Board RB for Convertible Capital Appreciation Bonds Series 2020 (NR/NR) | Jones District Community Authority Board RB for Convertible Capital Appreciation Bonds Series 2020 (NR/NR) | Jones District Community Authority Board RB for Convertible Capital Appreciation Bonds Series 2020 (NR/NR) |
| $7800000 | 0.000 %<sup>(f)</sup> | 12/01/2050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7176378 |
| Kremmling Memorial Hospital District Certificates of Participation Series 2024 (NR/NR) | Kremmling Memorial Hospital District Certificates of Participation Series 2024 (NR/NR) | Kremmling Memorial Hospital District Certificates of Participation Series 2024 (NR/NR) | Kremmling Memorial Hospital District Certificates of Participation Series 2024 (NR/NR) |
| 11000000 | 6.625 <sup>(d)</sup> | 12/01/2056 | 10600553 |
| Ledge Rock Center Residential Metropolitan District No. 1 in The Town of Johnstown Weld County Colorado LT GO Bonds Series 2024A (NR/NR) | Ledge Rock Center Residential Metropolitan District No. 1 in The Town of Johnstown Weld County Colorado LT GO Bonds Series 2024A (NR/NR) | Ledge Rock Center Residential Metropolitan District No. 1 in The Town of Johnstown Weld County Colorado LT GO Bonds Series 2024A (NR/NR) | Ledge Rock Center Residential Metropolitan District No. 1 in The Town of Johnstown Weld County Colorado LT GO Bonds Series 2024A (NR/NR) |
| 3550000 | 6.375 | 12/01/2054 | 3575141 |
| 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 | 1228200 |
| Lochbuie Station Residential Metropolitan District Subordinate GO Limited Tax Bonds Series 2024B (NR/NR) | Lochbuie Station Residential Metropolitan District Subordinate GO Limited Tax Bonds Series 2024B (NR/NR) | Lochbuie Station Residential Metropolitan District Subordinate GO Limited Tax Bonds Series 2024B (NR/NR) | Lochbuie Station Residential Metropolitan District Subordinate GO Limited Tax Bonds Series 2024B (NR/NR) |
| 535000 | 6.250 | 12/15/2044 | 528857 |
| 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 | 3568801 |
| 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) |
| 524000 | 4.875 | 12/01/2040 | 525671 |
| 750000 | 5.125 | 12/01/2050 | 740123 |
| 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 | 2974708 |
| Mineral Business Improvement District Limited Tax GO and Special RB Series 2024A (NR/NR) | Mineral Business Improvement District Limited Tax GO and Special RB Series 2024A (NR/NR) | Mineral Business Improvement District Limited Tax GO and Special RB Series 2024A (NR/NR) | Mineral Business Improvement District Limited Tax GO and Special RB Series 2024A (NR/NR) |
| 1600000 | 5.750 <sup>(d)</sup> | 12/01/2054 | 1615747 |
| Mineral Business Improvement District Subordinate Limited Tax GO and Special RB Series 2024B (NR/NR) | Mineral Business Improvement District Subordinate Limited Tax GO and Special RB Series 2024B (NR/NR) | Mineral Business Improvement District Subordinate Limited Tax GO and Special RB Series 2024B (NR/NR) | Mineral Business Improvement District Subordinate Limited Tax GO and Special RB Series 2024B (NR/NR) |
| 420000 | 8.500 <sup>(d)</sup> | 12/15/2054 | 417931 |
| Mirabelle Metropolitan District No. 2 Douglas County Colorado Subordinate Limited Tax GO Refunding and Improvement Bonds Series 2025B (NR/NR) | Mirabelle Metropolitan District No. 2 Douglas County Colorado Subordinate Limited Tax GO Refunding and Improvement Bonds Series 2025B (NR/NR) | Mirabelle Metropolitan District No. 2 Douglas County Colorado Subordinate Limited Tax GO Refunding and Improvement Bonds Series 2025B (NR/NR) | Mirabelle Metropolitan District No. 2 Douglas County Colorado Subordinate Limited Tax GO Refunding and Improvement Bonds Series 2025B (NR/NR) |
| 1500000 | 6.125 | 12/15/2049 | 1501072 |
| 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 | 2254362 |
| 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) |
| 978000 | 5.000 | 12/01/2049 | 933897 |
| 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 | 2765827 |
| 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 | 2607465 |
| 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 | 10982140 |
| 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 | 2123979 |
| Newlin Crossing Metropolitan District Limited Tax Convertible to UT GO Bonds Series 2024A (NR/NR) | Newlin Crossing Metropolitan District Limited Tax Convertible to UT GO Bonds Series 2024A (NR/NR) | Newlin Crossing Metropolitan District Limited Tax Convertible to UT GO Bonds Series 2024A (NR/NR) | Newlin Crossing Metropolitan District Limited Tax Convertible to UT GO Bonds Series 2024A (NR/NR) |
| 645000 | 5.375 <sup>(d)</sup> | 12/01/2054 | 637033 |
| 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 | 1029664 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 112 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Nine Mile Metropolitan District In The Town of Erie Boulder County RB Series 2020 (NR/NR) | Nine Mile Metropolitan District In The Town of Erie Boulder County RB Series 2020 (NR/NR) | Nine Mile Metropolitan District In The Town of Erie Boulder County RB Series 2020 (NR/NR) | Nine Mile Metropolitan District In The Town of Erie Boulder County RB Series 2020 (NR/NR) |
| $5760000 | 5.125% | 12/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5779336 |
| 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 | 1262109 |
| 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) |
| 2785000 | 5.625 | 12/01/2037 | 2776133 |
| 7855000 | 5.750 | 12/01/2047 | 7855851 |
| North Range Metropolitan District Subordinate LT GO Special RB Series 2017B (NR/NR) | North Range Metropolitan District Subordinate LT GO Special RB Series 2017B (NR/NR) | North Range Metropolitan District Subordinate LT GO Special RB Series 2017B (NR/NR) | North Range Metropolitan District Subordinate LT GO Special RB Series 2017B (NR/NR) |
| 1731000 | 7.750 | 12/15/2047 | 1730728 |
| 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-) |
| 350000 | 4.000 | 12/01/2032 | 347195 |
| 340000 | 4.000 | 12/01/2033 | 335179 |
| 190000 | 4.000 | 12/01/2034 | 186023 |
| 550000 | 4.000 | 12/01/2036 | 531071 |
| 215000 | 4.000 | 12/01/2038 | 201775 |
| Palisade Metropolitan District No. 2 Colorado Subordinate Convertible Capital Appreciation GO Limited Tax and Revenue Refunding Bonds Series 2024B (NR/NR) | Palisade Metropolitan District No. 2 Colorado Subordinate Convertible Capital Appreciation GO Limited Tax and Revenue Refunding Bonds Series 2024B (NR/NR) | Palisade Metropolitan District No. 2 Colorado Subordinate Convertible Capital Appreciation GO Limited Tax and Revenue Refunding Bonds Series 2024B (NR/NR) | Palisade Metropolitan District No. 2 Colorado Subordinate Convertible Capital Appreciation GO Limited Tax and Revenue Refunding Bonds Series 2024B (NR/NR) |
| 3000000 | 0.000 <sup>(d)(f)</sup> | 12/15/2054 | 2734961 |
| 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 | 2030277 |
| 3335000 | 5.250 | 12/01/2050 | 3054766 |
| 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 | 1950986 |
| Parkdale Community Authority Limited Tax Supported Convertible Capital Appreciation RB Series 2024A (NR/NR) | Parkdale Community Authority Limited Tax Supported Convertible Capital Appreciation RB Series 2024A (NR/NR) | Parkdale Community Authority Limited Tax Supported Convertible Capital Appreciation RB Series 2024A (NR/NR) | Parkdale Community Authority Limited Tax Supported Convertible Capital Appreciation RB Series 2024A (NR/NR) |
| 5170000 | 0.000 <sup>(d)(f)</sup> | 12/01/2053 | 4179515 |
| Parkdale Community Authority Subordinate Limited Tax Supported RB Series 2024B (NR/NR) | Parkdale Community Authority Subordinate Limited Tax Supported RB Series 2024B (NR/NR) | Parkdale Community Authority Subordinate Limited Tax Supported RB Series 2024B (NR/NR) | Parkdale Community Authority Subordinate Limited Tax Supported RB Series 2024B (NR/NR) |
| 1392000 | 9.000 <sup>(d)</sup> | 12/15/2053 | 1408485 |
| 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) |
| 991000 | 4.300 | 12/01/2050 | 849297 |
| Pinery Commercial Metropolitan District No. 2 Douglas County Colorado Special RB Series 2025 (NR/NR) | Pinery Commercial Metropolitan District No. 2 Douglas County Colorado Special RB Series 2025 (NR/NR) | Pinery Commercial Metropolitan District No. 2 Douglas County Colorado Special RB Series 2025 (NR/NR) | Pinery Commercial Metropolitan District No. 2 Douglas County Colorado Special RB Series 2025 (NR/NR) |
| 2700000 | 5.750 | 12/01/2054 | 2703420 |
| 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 | 1119765 |
| Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR) | Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR) | Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR) | Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR) |
| 1000000 | 5.000 <sup>(d)</sup> | 12/01/2040 | 980619 |
| 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 | 4720937 |
| Prairie Center Metropolitan District No. 3 In The City of Brighton Adams County Colorado Limited Property Tax Supported District Improvements RB Series 2024B (NR/NR) | Prairie Center Metropolitan District No. 3 In The City of Brighton Adams County Colorado Limited Property Tax Supported District Improvements RB Series 2024B (NR/NR) | Prairie Center Metropolitan District No. 3 In The City of Brighton Adams County Colorado Limited Property Tax Supported District Improvements RB Series 2024B (NR/NR) | Prairie Center Metropolitan District No. 3 In The City of Brighton Adams County Colorado Limited Property Tax Supported District Improvements RB Series 2024B (NR/NR) |
| 1000000 | 5.875 | 12/15/2046 | 1057695 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Prairie Center Metropolitan District No. 3 In The City of Brighton Adams County Colorado Limited Property Tax Supported Primary Improvements RB Series 2024A (NR/NR) | Prairie Center Metropolitan District No. 3 In The City of Brighton Adams County Colorado Limited Property Tax Supported Primary Improvements RB Series 2024A (NR/NR) | Prairie Center Metropolitan District No. 3 In The City of Brighton Adams County Colorado Limited Property Tax Supported Primary Improvements RB Series 2024A (NR/NR) | Prairie Center Metropolitan District No. 3 In The City of Brighton Adams County Colorado Limited Property Tax Supported Primary Improvements RB Series 2024A (NR/NR) |
| $1600000 | 5.875% | 12/15/2046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692312 |
| Prairie Center Metropolitan District No. 3 Limited Property Tax Supported RB Refunding Series 2017 A (NR/NR) | Prairie Center Metropolitan District No. 3 Limited Property Tax Supported RB Refunding Series 2017 A (NR/NR) | Prairie Center Metropolitan District No. 3 Limited Property Tax Supported RB Refunding Series 2017 A (NR/NR) | Prairie Center Metropolitan District No. 3 Limited Property Tax Supported RB Refunding Series 2017 A (NR/NR) |
| 6500000 | 5.000 <sup>(d)</sup> | 12/15/2041 | 6503734 |
| 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) |
| 725000 | 4.875 | 12/15/2044 | 694373 |
| Pueblo Urban Renewal Authority Tax Allocation Series 2021 A (NR/NR) | Pueblo Urban Renewal Authority Tax Allocation Series 2021 A (NR/NR) | Pueblo Urban Renewal Authority Tax Allocation Series 2021 A (NR/NR) | Pueblo Urban Renewal Authority Tax Allocation Series 2021 A (NR/NR) |
| 13975000 | 4.750 <sup>(d)</sup> | 12/01/2045 | 12009309 |
| Pueblo Urban Renewal Authority Tax Allocation Series 2021 B (NR/NR) | Pueblo Urban Renewal Authority Tax Allocation Series 2021 B (NR/NR) | Pueblo Urban Renewal Authority Tax Allocation Series 2021 B (NR/NR) | Pueblo Urban Renewal Authority Tax Allocation Series 2021 B (NR/NR) |
| 150000 | 0.000 <sup>(d)(e)</sup> | 12/01/2025 | 144822 |
| 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 | 1457484 |
| Redtail Ridge Metropolitan District City of Louisville Boulder County Colorado GO Limited Tax Capital Appreciation Turbo Bonds Series 2025 (NR/NR) | Redtail Ridge Metropolitan District City of Louisville Boulder County Colorado GO Limited Tax Capital Appreciation Turbo Bonds Series 2025 (NR/NR) | Redtail Ridge Metropolitan District City of Louisville Boulder County Colorado GO Limited Tax Capital Appreciation Turbo Bonds Series 2025 (NR/NR) | Redtail Ridge Metropolitan District City of Louisville Boulder County Colorado GO Limited Tax Capital Appreciation Turbo Bonds Series 2025 (NR/NR) |
| 4500000 | 0.000 <sup>(e)</sup> | 12/01/2032 | 2641527 |
| 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) |
| 2109201 | 3.625 | 12/01/2044 | 1543493 |
| Ritoro Metropolitan District in the Town of Elizabeth Colorado Subordinate GO Limited Tax Refunding Bonds Series 2025B (NR/NR) | Ritoro Metropolitan District in the Town of Elizabeth Colorado Subordinate GO Limited Tax Refunding Bonds Series 2025B (NR/NR) | Ritoro Metropolitan District in the Town of Elizabeth Colorado Subordinate GO Limited Tax Refunding Bonds Series 2025B (NR/NR) | Ritoro Metropolitan District in the Town of Elizabeth Colorado Subordinate GO Limited Tax Refunding Bonds Series 2025B (NR/NR) |
| 657000 | 6.250 | 12/15/2057 | 646700 |
| 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 | 444735 |
| 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 | 4418605 |
| Sabell Metropolitan District GO Bonds Series 2020 A (NR/NR) | Sabell Metropolitan District GO Bonds Series 2020 A (NR/NR) | Sabell Metropolitan District GO Bonds Series 2020 A (NR/NR) | Sabell Metropolitan District GO Bonds Series 2020 A (NR/NR) |
| 1053000 | 5.000 <sup>(d)</sup> | 12/01/2050 | 1022083 |
| 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 | 3355135 |
| 5695000 | 5.000 | 12/01/2049 | 5283535 |
| 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 | 8334134 |
| Settler's Crossing Metropolitan District No. 1 GO Bonds Series 2020 A (NR/NR) | Settler's Crossing Metropolitan District No. 1 GO Bonds Series 2020 A (NR/NR) | Settler's Crossing Metropolitan District No. 1 GO Bonds Series 2020 A (NR/NR) | Settler's Crossing Metropolitan District No. 1 GO Bonds Series 2020 A (NR/NR) |
| 2200000 | 5.000 <sup>(d)</sup> | 12/01/2040 | 2173624 |
| 1625000 | 5.125 <sup>(d)</sup> | 12/01/2050 | 1581198 |
| Sky Dance Metropolitan District No. 2 GO Limited Tax Convertible To UT Bonds Series 2024A (NR/NR) | Sky Dance Metropolitan District No. 2 GO Limited Tax Convertible To UT Bonds Series 2024A (NR/NR) | Sky Dance Metropolitan District No. 2 GO Limited Tax Convertible To UT Bonds Series 2024A (NR/NR) | Sky Dance Metropolitan District No. 2 GO Limited Tax Convertible To UT Bonds Series 2024A (NR/NR) |
| 2000000 | 6.000 | 12/01/2054 | 1967415 |
| 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 | 4134029 |
| 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) |
| 750000 | 4.000 | 12/01/2044 | 680921 |
| 2210000 | 3.000 | 12/01/2049 | 1633104 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **113** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889208 |
| 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 | 414332 |
| Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017A-1 (Ba1/NR) | Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017A-1 (Ba1/NR) | Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017A-1 (Ba1/NR) | Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017A-1 (Ba1/NR) |
| 1750000 | 5.000 | 12/01/2047 | 1706040 |
| Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A2/NR) | Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A2/NR) | Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A2/NR) | Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A2/NR) |
| 650000 | 5.000 | 12/01/2039 | 662362 |
| Sterling Ranch Community Authority Board Douglas County Colorado LT Supported and Special Revenue District No. 4 Subdistrict - A Refunding Senior Bonds Series 2024A (NR/NR) | Sterling Ranch Community Authority Board Douglas County Colorado LT Supported and Special Revenue District No. 4 Subdistrict - A Refunding Senior Bonds Series 2024A (NR/NR) | Sterling Ranch Community Authority Board Douglas County Colorado LT Supported and Special Revenue District No. 4 Subdistrict - A Refunding Senior Bonds Series 2024A (NR/NR) | Sterling Ranch Community Authority Board Douglas County Colorado LT Supported and Special Revenue District No. 4 Subdistrict - A Refunding Senior Bonds Series 2024A (NR/NR) |
| 1000000 | 6.500 | 12/01/2054 | 1026393 |
| Sterling Ranch Community Authority Board Douglas County Colorado Special Improvement District No. 1 Special Assessment RB Series 2024 (NR/NR) | Sterling Ranch Community Authority Board Douglas County Colorado Special Improvement District No. 1 Special Assessment RB Series 2024 (NR/NR) | Sterling Ranch Community Authority Board Douglas County Colorado Special Improvement District No. 1 Special Assessment RB Series 2024 (NR/NR) | Sterling Ranch Community Authority Board Douglas County Colorado Special Improvement District No. 1 Special Assessment RB Series 2024 (NR/NR) |
| 800000 | 5.625 | 12/01/2043 | 814774 |
| 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) |
| 705000 | 7.125 | 12/15/2050 | 705581 |
| 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 | 2261186 |
| Sunset Parks Metropolitan District Limited Tax GO Bonds Series 2024A (NR/NR) | Sunset Parks Metropolitan District Limited Tax GO Bonds Series 2024A (NR/NR) | Sunset Parks Metropolitan District Limited Tax GO Bonds Series 2024A (NR/NR) | Sunset Parks Metropolitan District Limited Tax GO Bonds Series 2024A (NR/NR) |
| 910000 | 5.125 <sup>(d)</sup> | 12/01/2054 | 887715 |
| 647000 | 7.625 <sup>(d)</sup> | 12/15/2054 | 639580 |
| 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 | 8220059 |
| The Canyons Metropolitan District No. 5 in The City of Castle Pines Subordinate Limited Tax GO and Special Revenue Refunding Bonds Series 2024B (NR/NR) | The Canyons Metropolitan District No. 5 in The City of Castle Pines Subordinate Limited Tax GO and Special Revenue Refunding Bonds Series 2024B (NR/NR) | The Canyons Metropolitan District No. 5 in The City of Castle Pines Subordinate Limited Tax GO and Special Revenue Refunding Bonds Series 2024B (NR/NR) | The Canyons Metropolitan District No. 5 in The City of Castle Pines Subordinate Limited Tax GO and Special Revenue Refunding Bonds Series 2024B (NR/NR) |
| 2000000 | 6.500 | 12/01/2054 | 2041011 |
| 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 | 1106455 |
| 1750000 | 5.000 | 12/01/2049 | 1751030 |
| 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 | 1744352 |
| Trails at Crowfoot Metropolitan District No. 3 In The Town of Parker Colorado Subordinate GO Limited Tax Refunding Bonds Series 2024B (NR/NR) | Trails at Crowfoot Metropolitan District No. 3 In The Town of Parker Colorado Subordinate GO Limited Tax Refunding Bonds Series 2024B (NR/NR) | Trails at Crowfoot Metropolitan District No. 3 In The Town of Parker Colorado Subordinate GO Limited Tax Refunding Bonds Series 2024B (NR/NR) | Trails at Crowfoot Metropolitan District No. 3 In The Town of Parker Colorado Subordinate GO Limited Tax Refunding Bonds Series 2024B (NR/NR) |
| 725000 | 6.875 | 12/15/2052 | 715787 |
| Trevenna Metropolitan District in The Town of Windsor Limited Tax GO Bonds Series 2024A (NR/NR) | Trevenna Metropolitan District in The Town of Windsor Limited Tax GO Bonds Series 2024A (NR/NR) | Trevenna Metropolitan District in The Town of Windsor Limited Tax GO Bonds Series 2024A (NR/NR) | Trevenna Metropolitan District in The Town of Windsor Limited Tax GO Bonds Series 2024A (NR/NR) |
| 2025000 | 5.750 | 12/01/2054 | 1982784 |
| Trevenna Metropolitan District In The Town of Windsor Subordinate Limited Tax GO Bonds Series 2024B(3) (NR/NR) | Trevenna Metropolitan District In The Town of Windsor Subordinate Limited Tax GO Bonds Series 2024B(3) (NR/NR) | Trevenna Metropolitan District In The Town of Windsor Subordinate Limited Tax GO Bonds Series 2024B(3) (NR/NR) | Trevenna Metropolitan District In The Town of Windsor Subordinate Limited Tax GO Bonds Series 2024B(3) (NR/NR) |
| 627000 | 8.250 | 12/15/2049 | 627900 |
| Village Metropolitan District No. 2 Limited Tax GO and Special RB Series 2019 (NR/NR) | Village Metropolitan District No. 2 Limited Tax GO and Special RB Series 2019 (NR/NR) | Village Metropolitan District No. 2 Limited Tax GO and Special RB Series 2019 (NR/NR) | Village Metropolitan District No. 2 Limited Tax GO and Special RB Series 2019 (NR/NR) |
| 500000 | 4.375 | 12/01/2044 | 473856 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546772 |
| 1020000 | 5.000 | 12/01/2050 | 904442 |
| Waterview North Metropolitan District No. 1 El Paso County Colorado Limited Tax GO Bonds Series 2024A (NR/NR) | Waterview North Metropolitan District No. 1 El Paso County Colorado Limited Tax GO Bonds Series 2024A (NR/NR) | Waterview North Metropolitan District No. 1 El Paso County Colorado Limited Tax GO Bonds Series 2024A (NR/NR) | Waterview North Metropolitan District No. 1 El Paso County Colorado Limited Tax GO Bonds Series 2024A (NR/NR) |
| 3150000 | 5.750 <sup>(d)</sup> | 12/01/2054 | 3045835 |
| Waterview North Metropolitan District No. 1 El Paso County, Colorado Limited Tax GO Bonds Subordinate Limited Tax GO Series 2024B (NR/NR) | Waterview North Metropolitan District No. 1 El Paso County, Colorado Limited Tax GO Bonds Subordinate Limited Tax GO Series 2024B (NR/NR) | Waterview North Metropolitan District No. 1 El Paso County, Colorado Limited Tax GO Bonds Subordinate Limited Tax GO Series 2024B (NR/NR) | Waterview North Metropolitan District No. 1 El Paso County, Colorado Limited Tax GO Bonds Subordinate Limited Tax GO Series 2024B (NR/NR) |
| 782000 | 8.000 <sup>(d)</sup> | 12/15/2054 | 772852 |
| West Meadow Metropolitan District Town of Fraser, Grand County, Colorado Limited Tax GO Senior Bonds Series 2023A (NR/NR) | West Meadow Metropolitan District Town of Fraser, Grand County, Colorado Limited Tax GO Senior Bonds Series 2023A (NR/NR) | West Meadow Metropolitan District Town of Fraser, Grand County, Colorado Limited Tax GO Senior Bonds Series 2023A (NR/NR) | West Meadow Metropolitan District Town of Fraser, Grand County, Colorado Limited Tax GO Senior Bonds Series 2023A (NR/NR) |
| 2250000 | 6.500 <sup>(d)</sup> | 12/01/2050 | 2323520 |
| Westerly Metropolitan District No. 4 GO Bonds Series 2021 A-2 (NR/NR) | Westerly Metropolitan District No. 4 GO Bonds Series 2021 A-2 (NR/NR) | Westerly Metropolitan District No. 4 GO Bonds Series 2021 A-2 (NR/NR) | Westerly Metropolitan District No. 4 GO Bonds Series 2021 A-2 (NR/NR) |
| 1000000 | 0.000 <sup>(f)</sup> | 12/01/2050 | 909705 |
| 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 | 3894087 |
| Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 A (NR/NR) | Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 A (NR/NR) | Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 A (NR/NR) | Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 A (NR/NR) |
| 950000 | 5.000 <sup>(d)</sup> | 12/01/2050 | 867006 |
| 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) |
| 93000 | 7.750 | 12/15/2050 | 89568 |
| 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 | 1483662 |
| Winsome Metropolitan District No. 3 GO Bonds Series 2021 A (NR/NR) | Winsome Metropolitan District No. 3 GO Bonds Series 2021 A (NR/NR) | Winsome Metropolitan District No. 3 GO Bonds Series 2021 A (NR/NR) | Winsome Metropolitan District No. 3 GO Bonds Series 2021 A (NR/NR) |
| 2184000 | 5.125 <sup>(d)</sup> | 12/01/2050 | 1878451 |
| 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) |
| 1728000 | 6.250 | 12/15/2040 | 1693762 |
|  |  |  | 554613330 |
| Connecticut - 0.7% | Connecticut - 0.7% | Connecticut - 0.7% | Connecticut - 0.7% |
| City of New Haven CT GO Bonds Series 2018 (NR/A-) | City of New Haven CT GO Bonds Series 2018 (NR/A-) | City of New Haven CT GO Bonds Series 2018 (NR/A-) | City of New Haven CT GO Bonds Series 2018 (NR/A-) |
| 310000 | 5.500 | 08/01/2038 | 322873 |
| City of New Haven GO Bonds Series 2018 A (NR/A-) | City of New Haven GO Bonds Series 2018 A (NR/A-) | City of New Haven GO Bonds Series 2018 A (NR/A-) | City of New Haven GO Bonds Series 2018 A (NR/A-) |
| 900000 | 5.500 | 08/01/2034 | 947936 |
| 500000 | 5.500 | 08/01/2035 | 525345 |
| 420000 | 5.500 | 08/01/2036 | 440343 |
| 500000 | 5.500 | 08/01/2037 | 522875 |
| City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR) | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR) | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR) | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR) |
| 3925000 | 11.000 <sup>(d)</sup> | 12/01/2027 | 5043577 |
| Connecticut Airport Authority Customer Facility Charge RB for Ground Transportation Center Project Series 2019A (NR/A) | Connecticut Airport Authority Customer Facility Charge RB for Ground Transportation Center Project Series 2019A (NR/A) | Connecticut Airport Authority Customer Facility Charge RB for Ground Transportation Center Project Series 2019A (NR/A) | Connecticut Airport Authority Customer Facility Charge RB for Ground Transportation Center Project Series 2019A (NR/A) |
| 1750000 | 4.000 | 07/01/2049 | 1519350 |
| Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR) | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR) | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR) | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR) |
| 1150000 | 5.000 <sup>(d)</sup> | 01/01/2045 | 1024993 |
| 3065000 | 5.000 <sup>(d)</sup> | 01/01/2055 | 2579272 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 114 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Refunding for The University of Hartford Series 2019 (NR/BB+) | Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BB+) | Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BB+) | Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BB+) |
| 1045000 | 4.000% | 07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877392 |
| 3500000 | 4.000 | 07/01/2044 | 2801971 |
| 5325000 | 4.000 | 07/01/2049 | 4092407 |
| Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR) | Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR) | Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR) | Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR) |
| 2500000 | 4.750 <sup>(d)</sup> | 10/01/2048 | 2337071 |
| Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/B-) | Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/B-) | Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/B-) | Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/B-) |
| 28100000 | 7.000 <sup>(d)</sup> | 02/01/2045 | 28334854 |
| State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BB+) | State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BB+) | State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BB+) | State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BB+) |
| 2455000 | 5.375 | 07/01/2052 | 2263495 |
| State of Connecticut Health and Educational Facilities Authority Revenue Bonds Goodwin University Obligated Group Issue Series A-1 (NR/BBB-) | State of Connecticut Health and Educational Facilities Authority Revenue Bonds Goodwin University Obligated Group Issue Series A-1 (NR/BBB-) | State of Connecticut Health and Educational Facilities Authority Revenue Bonds Goodwin University Obligated Group Issue Series A-1 (NR/BBB-) | State of Connecticut Health and Educational Facilities Authority Revenue Bonds Goodwin University Obligated Group Issue Series A-1 (NR/BBB-) |
| 4600000 | 5.375 | 07/01/2054 | 4413195 |
| Steel Point Infrastructure Improvement District Special Obligation RB Series 2024 (NR/NR) | Steel Point Infrastructure Improvement District Special Obligation RB Series 2024 (NR/NR) | Steel Point Infrastructure Improvement District Special Obligation RB Series 2024 (NR/NR) | Steel Point Infrastructure Improvement District Special Obligation RB Series 2024 (NR/NR) |
| 3865000 | 6.000 <sup>(d)</sup> | 04/01/2052 | 4100203 |
| Steel Point Infrastructure Improvement District Special Obligation RB Series 2024 Steelpointe Harbor Project (NR/NR) | Steel Point Infrastructure Improvement District Special Obligation RB Series 2024 Steelpointe Harbor Project (NR/NR) | Steel Point Infrastructure Improvement District Special Obligation RB Series 2024 Steelpointe Harbor Project (NR/NR) | Steel Point Infrastructure Improvement District Special Obligation RB Series 2024 Steelpointe Harbor Project (NR/NR) |
| 925000 | 5.625 <sup>(d)</sup> | 04/01/2044 | 957631 |
| Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR) | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR) | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR) | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR) |
| 2025000 | 4.000 <sup>(d)</sup> | 04/01/2051 | 1696340 |
| The Housing Authority of the City of Stamford RB Mozaic Concierge Living Project RB Series 2025A (NR/NR) | The Housing Authority of the City of Stamford RB Mozaic Concierge Living Project RB Series 2025A (NR/NR) | The Housing Authority of the City of Stamford RB Mozaic Concierge Living Project RB Series 2025A (NR/NR) | The Housing Authority of the City of Stamford RB Mozaic Concierge Living Project RB Series 2025A (NR/NR) |
| 750000 | 5.500 <sup>(g)</sup> | 10/01/2035 | 759822 |
| 1825000 | 6.000 <sup>(g)</sup> | 10/01/2040 | 1878993 |
| 1450000 | 6.375 <sup>(g)</sup> | 10/01/2045 | 1493308 |
| 2275000 | 6.500 <sup>(g)</sup> | 10/01/2055 | 2329787 |
| 1650000 | 6.250 <sup>(g)</sup> | 10/01/2060 | 1660415 |
| 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 | 7418597 |
|  |  |  | 80342045 |
| 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) |
| 1075000 | 4.000 | 06/01/2052 | 855059 |
| 1125000 | 4.000 | 06/01/2057 | 870969 |
| 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) |
| 2000000 | 5.000 | 11/15/2048 | 2004699 |
| 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 | 2907234 |
| 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 | 796638 |
| 835000 | 5.000 | 08/01/2054 | 765414 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871654 |
| 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) |
| 4779000 | 4.000 | 07/01/2035 | 4598601 |
|  |  |  | 14670268 |
| District of Columbia - 0.8% | District of Columbia - 0.8% | District of Columbia - 0.8% | District of Columbia - 0.8% |
| District Columbia Tobacco Settlement Filing Corp / Tobacco Asset Backed Bds 2006 A (NR/NR) | District Columbia Tobacco Settlement Filing Corp / Tobacco Asset Backed Bds 2006 A (NR/NR) | District Columbia Tobacco Settlement Filing Corp / Tobacco Asset Backed Bds 2006 A (NR/NR) | District Columbia Tobacco Settlement Filing Corp / Tobacco Asset Backed Bds 2006 A (NR/NR) |
| 135095000 | 0.000 <sup>(e)</sup> | 06/15/2046 | 34288935 |
| District of Columbia (Washington, D.C.) Income Tax Secured RB, Series 2023A (Tax-Exempt) (Aaa/AAA) | District of Columbia (Washington, D.C.) Income Tax Secured RB, Series 2023A (Tax-Exempt) (Aaa/AAA) | District of Columbia (Washington, D.C.) Income Tax Secured RB, Series 2023A (Tax-Exempt) (Aaa/AAA) | District of Columbia (Washington, D.C.) Income Tax Secured RB, Series 2023A (Tax-Exempt) (Aaa/AAA) |
| 3000000 | 5.250 | 05/01/2048 | 3185667 |
| District of Columbia Metropolitan Airport Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) | District of Columbia Metropolitan Airport Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) | District of Columbia Metropolitan Airport Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) | District of Columbia Metropolitan Airport Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) |
| 5000000 | 4.000 | 10/01/2051 | 4368967 |
| District of Columbia Union Market Project Tax Increment RB Convertible Capital Appreciation Bonds Series 2024B (NR/NR) | District of Columbia Union Market Project Tax Increment RB Convertible Capital Appreciation Bonds Series 2024B (NR/NR) | District of Columbia Union Market Project Tax Increment RB Convertible Capital Appreciation Bonds Series 2024B (NR/NR) | District of Columbia Union Market Project Tax Increment RB Convertible Capital Appreciation Bonds Series 2024B (NR/NR) |
| 3675000 | 0.000 <sup>(d)(f)</sup> | 06/01/2049 | 2158787 |
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2019A (AMT) (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2019A (AMT) (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2019A (AMT) (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2019A (AMT) (Aa3/AA-) |
| 2500000 | 5.000 | 10/01/2049 | 2517221 |
| 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 | 39759016 |
| Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A1/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A1/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A1/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A1/AA) |
| 3000000 | 3.000 | 10/01/2050 | 2158258 |
| 3170000 | 4.000 | 10/01/2053 | 2777394 |
| 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 | 979980 |
| Metropolitan Washington Airports Authority Dulles toll Road Revenue Refunding Bonds for Dulles Metrorail & Capital Improvements Projects Series 2022 (AGM) (A1/AA) | Metropolitan Washington Airports Authority Dulles toll Road Revenue Refunding Bonds for Dulles Metrorail & Capital Improvements Projects Series 2022 (AGM) (A1/AA) | Metropolitan Washington Airports Authority Dulles toll Road Revenue Refunding Bonds for Dulles Metrorail & Capital Improvements Projects Series 2022 (AGM) (A1/AA) | Metropolitan Washington Airports Authority Dulles toll Road Revenue Refunding Bonds for Dulles Metrorail & Capital Improvements Projects Series 2022 (AGM) (A1/AA) |
| 6190000 | 4.000 | 10/01/2052 | 5526832 |
|  |  |  | 97721057 |
| Florida - 14.7% | Florida - 14.7% | Florida - 14.7% | Florida - 14.7% |
| 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) |
| 1385000 | 5.500 | 06/15/2052 | 1404405 |
| 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) |
| 3560000 | 4.750 | 05/01/2036 | 3550373 |
| 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) |
| 610000 | 5.000 | 05/01/2039 | 613124 |
| 1020000 | 5.100 | 05/01/2049 | 1006059 |
| 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 | 1313551 |
| 1775000 | 4.000 | 05/01/2051 | 1456703 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **115** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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-) |
| $1705000 | 3.500% | 05/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625746 |
| Antillia Community Development District Miami-Dade County Florida Special Assessment Bonds Series 2024 (NR/NR) | Antillia Community Development District Miami-Dade County Florida Special Assessment Bonds Series 2024 (NR/NR) | Antillia Community Development District Miami-Dade County Florida Special Assessment Bonds Series 2024 (NR/NR) | Antillia Community Development District Miami-Dade County Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 900000 | 5.600 | 05/01/2044 | 902598 |
| 1295000 | 5.875 | 05/01/2054 | 1299311 |
| Arbors Community Development District Capital Improvement RB Series 2023 (NR/NR) | Arbors Community Development District Capital Improvement RB Series 2023 (NR/NR) | Arbors Community Development District Capital Improvement RB Series 2023 (NR/NR) | Arbors Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| 1125000 | 5.400 | 05/01/2043 | 1150221 |
| 2050000 | 5.625 | 05/01/2053 | 2102210 |
| Arbors Community Development District Capital Improvement RB Series 2024 (NR/NR) | Arbors Community Development District Capital Improvement RB Series 2024 (NR/NR) | Arbors Community Development District Capital Improvement RB Series 2024 (NR/NR) | Arbors Community Development District Capital Improvement RB Series 2024 (NR/NR) |
| 900000 | 5.150 <sup>(d)</sup> | 05/01/2044 | 891511 |
| 1365000 | 5.500 <sup>(d)</sup> | 05/01/2055 | 1361914 |
| 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 | 3921155 |
| 6695000 | 3.700 | 05/01/2036 | 6590825 |
| 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) |
| 635000 | 4.625 | 05/01/2028 | 640059 |
| 1765000 | 5.000 | 05/01/2036 | 1783936 |
| 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) |
| 2995000 | 6.900 | 05/01/2036 | 2996343 |
| 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) |
| 435000 | 6.900 | 05/01/2036 | 435113 |
| 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) |
| 495000 | 4.000 | 11/01/2040 | 440493 |
| 3135000 | 4.000 | 11/01/2050 | 2571945 |
| Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR) | Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR) | Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR) | Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR) |
| 1845000 | 5.100 <sup>(d)</sup> | 05/01/2039 | 1861888 |
| 3080000 | 5.200 <sup>(d)</sup> | 05/01/2049 | 3082117 |
| Artisan Lakes East Community Development District Special Assessment Bond Series 2021-2 (NR/NR) | Artisan Lakes East Community Development District Special Assessment Bond Series 2021-2 (NR/NR) | Artisan Lakes East Community Development District Special Assessment Bond Series 2021-2 (NR/NR) | Artisan Lakes East Community Development District Special Assessment Bond Series 2021-2 (NR/NR) |
| 270000 | 2.750 <sup>(d)</sup> | 05/01/2031 | 247153 |
| 515000 | 3.125 <sup>(d)</sup> | 05/01/2041 | 411838 |
| Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2024 Assessment Area Four Project (NR/NR) | Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2024 Assessment Area Four Project (NR/NR) | Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2024 Assessment Area Four Project (NR/NR) | Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2024 Assessment Area Four Project (NR/NR) |
| 1715000 | 5.700 | 05/01/2054 | 1739609 |
| Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR) | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR) | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR) | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR) |
| 500000 | 3.200 <sup>(d)</sup> | 05/01/2041 | 403969 |
| Astonia Community Development District Special Assessment for Assessment Area Three Series 2023 Project Series 2023 (NR/NR) | Astonia Community Development District Special Assessment for Assessment Area Three Series 2023 Project Series 2023 (NR/NR) | Astonia Community Development District Special Assessment for Assessment Area Three Series 2023 Project Series 2023 (NR/NR) | Astonia Community Development District Special Assessment for Assessment Area Three Series 2023 Project Series 2023 (NR/NR) |
| 1045000 | 5.375 | 06/15/2053 | 1054543 |
| Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR) | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR) | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR) | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR) |
| 775000 | 3.200 <sup>(d)</sup> | 05/01/2041 | 626152 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Aurora Oaks Community Development District Marion County, Florida Special Assessment Bonds, Series 2024 Assessment Area One Project (NR/NR) | Aurora Oaks Community Development District Marion County, Florida Special Assessment Bonds, Series 2024 Assessment Area One Project (NR/NR) | Aurora Oaks Community Development District Marion County, Florida Special Assessment Bonds, Series 2024 Assessment Area One Project (NR/NR) | Aurora Oaks Community Development District Marion County, Florida Special Assessment Bonds, Series 2024 Assessment Area One Project (NR/NR) |
| $1025000 | 5.625% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980602 |
| 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 | 583130 |
| 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 | 760949 |
| 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 | 202454 |
| 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) |
| 1780000 | 6.000 | 05/01/2048 | 1858053 |
| 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 | 522296 |
| 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 | 791474 |
| 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 <sup>(d)</sup> | 05/01/2040 | 510128 |
| Avenir Community Development District City of Palm Beach Gardens Florida Senior Special Assessment Bonds Series 2021A-1 (NR/NR) | Avenir Community Development District City of Palm Beach Gardens Florida Senior Special Assessment Bonds Series 2021A-1 (NR/NR) | Avenir Community Development District City of Palm Beach Gardens Florida Senior Special Assessment Bonds Series 2021A-1 (NR/NR) | Avenir Community Development District City of Palm Beach Gardens Florida Senior Special Assessment Bonds Series 2021A-1 (NR/NR) |
| 4165000 | 3.400 | 05/01/2052 | 3062314 |
| Avenir Community Development District Special Assessment Bonds for Assessment Area Two - 2021B Project Series 2021B (NR/NR) | Avenir Community Development District Special Assessment Bonds for Assessment Area Two - 2021B Project Series 2021B (NR/NR) | Avenir Community Development District Special Assessment Bonds for Assessment Area Two - 2021B Project Series 2021B (NR/NR) | Avenir Community Development District Special Assessment Bonds for Assessment Area Two - 2021B Project Series 2021B (NR/NR) |
| 4500000 | 5.000 <sup>(d)</sup> | 05/01/2041 | 4472752 |
| Avenir Community Development District Special Assessment Bonds Series 2019B- Parcel A-4 Project (NR/NR) | Avenir Community Development District Special Assessment Bonds Series 2019B- Parcel A-4 Project (NR/NR) | Avenir Community Development District Special Assessment Bonds Series 2019B- Parcel A-4 Project (NR/NR) | Avenir Community Development District Special Assessment Bonds Series 2019B- Parcel A-4 Project (NR/NR) |
| 1425000 | 5.250 | 05/01/2029 | 1426814 |
| Avenir Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Avenir Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Avenir Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Avenir Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 1170000 | 5.375 | 05/01/2043 | 1174282 |
| 4845000 | 5.625 | 05/01/2054 | 4900708 |
| Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR) | Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR) | Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR) | Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR) |
| 900000 | 4.500 <sup>(d)</sup> | 06/01/2039 | 855688 |
| 1630000 | 4.625 <sup>(d)</sup> | 06/01/2049 | 1488863 |
| 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) |
| 320000 | 4.750 | 11/01/2026 | 321516 |
| 700000 | 5.000 | 11/01/2031 | 703148 |
| 5975000 | 5.250 | 11/01/2046 | 5984393 |
| 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) |
| 6000000 | 5.000 | 05/01/2042 | 5962146 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 116 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Babcock Ranch Community Independent Special District Special Assessment RB Series 2024 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2024 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2024 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2024 (NR/NR) |
| 1375000 | 5.000 %<sup>(d)</sup> | 05/01/2044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345437 |
| 2750000 | 5.250 <sup>(d)</sup> | 05/01/2055 | 2674861 |
| 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 | 965521 |
| 1055000 | 5.000 | 11/01/2048 | 1026488 |
| Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR) | Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR) | Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR) | Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR) |
| 705000 | 3.500 <sup>(d)</sup> | 05/01/2041 | 595663 |
| 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) |
| 1535000 | 4.250 | 05/01/2029 | 1535713 |
| 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) |
| 890000 | 5.000 | 05/01/2035 | 890274 |
| 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+) |
| 855000 | 3.750 | 05/01/2031 | 821519 |
| 985000 | 4.000 | 05/01/2037 | 937076 |
| 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+) |
| 2810000 | 4.250 | 05/01/2037 | 2738111 |
| Beaumont Community Development District Special Assessment Bonds for Assessment Area Two-Commercial Project Series 2019 (NR/NR) | Beaumont Community Development District Special Assessment Bonds for Assessment Area Two-Commercial Project Series 2019 (NR/NR) | Beaumont Community Development District Special Assessment Bonds for Assessment Area Two-Commercial Project Series 2019 (NR/NR) | Beaumont Community Development District Special Assessment Bonds for Assessment Area Two-Commercial Project Series 2019 (NR/NR) |
| 1205000 | 6.375 <sup>(d)</sup> | 11/01/2049 | 1241669 |
| 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) |
| 245000 | 6.000 | 11/01/2027 | 253669 |
| 485000 | 3.750 | 11/01/2031 | 465909 |
| 2965000 | 6.500 | 11/01/2043 | 3114339 |
| 1490000 | 4.125 | 11/01/2046 | 1251380 |
| 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 | 988421 |
| 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) |
| 655000 | 6.125 | 11/01/2033 | 697732 |
| 1000000 | 6.500 | 11/01/2043 | 1084830 |
| Belmont II Community Development District Special Assessment RB Series 2020 (NR/NR) | Belmont II Community Development District Special Assessment RB Series 2020 (NR/NR) | Belmont II Community Development District Special Assessment RB Series 2020 (NR/NR) | Belmont II Community Development District Special Assessment RB Series 2020 (NR/NR) |
| 1500000 | 4.000 | 12/15/2050 | 1257024 |
| 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 | 1159361 |
| 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 | 1048655 |
| Berry Bay Community Development District Special Assessment RB for Assessment Area Three Series 2024 (NR/NR) | Berry Bay Community Development District Special Assessment RB for Assessment Area Three Series 2024 (NR/NR) | Berry Bay Community Development District Special Assessment RB for Assessment Area Three Series 2024 (NR/NR) | Berry Bay Community Development District Special Assessment RB for Assessment Area Three Series 2024 (NR/NR) |
| 825000 | 5.000 | 05/01/2044 | 792762 |
| 925000 | 5.350 | 05/01/2054 | 888555 |
| Berry Bay Community Development District Special Assessment RB Series 2023 (NR/NR) | Berry Bay Community Development District Special Assessment RB Series 2023 (NR/NR) | Berry Bay Community Development District Special Assessment RB Series 2023 (NR/NR) | Berry Bay Community Development District Special Assessment RB Series 2023 (NR/NR) |
| 1525000 | 5.750 | 05/01/2053 | 1560133 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671151 |
| 3200000 | 4.875 | 05/01/2047 | 3043609 |
| 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) |
| 890000 | 6.000 | 06/15/2052 | 916499 |
| 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 | 279877 |
| 950000 | 4.000 | 06/15/2050 | 783029 |
| 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) |
| 915000 | 4.250 | 06/15/2039 | 846375 |
| 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 | 957017 |
| 1355000 | 4.000 | 05/01/2051 | 1105400 |
| 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 | 476541 |
| Bradbury Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Bradbury Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Bradbury Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Bradbury Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 1800000 | 5.250 | 05/01/2043 | 1803680 |
| 2250000 | 5.500 | 05/01/2053 | 2256611 |
| Bridgewalk Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area Two Project) (NR/NR) | Bridgewalk Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area Two Project) (NR/NR) | Bridgewalk Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area Two Project) (NR/NR) | Bridgewalk Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area Two Project) (NR/NR) |
| 675000 | 6.500 | 12/15/2053 | 708660 |
| 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) |
| 5660000 | 5.750 | 05/01/2035 | 5808204 |
| Brightwater Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | Brightwater Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | Brightwater Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | Brightwater Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) |
| 650000 | 5.350 <sup>(d)</sup> | 05/01/2044 | 647021 |
| 1325000 | 5.625 <sup>(d)</sup> | 05/01/2055 | 1319188 |
| 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) |
| 935000 | 3.150 | 05/01/2041 | 729962 |
| 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 | 1016047 |
| 1500000 | 5.625 | 05/01/2052 | 1519503 |
| 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 | 913347 |
| 1305000 | 5.750 | 05/01/2052 | 1317295 |
| Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2024 (NR/NR) | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2024 (NR/NR) | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2024 (NR/NR) | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2024 (NR/NR) |
| 550000 | 5.600 | 05/01/2044 | 545622 |
| 1550000 | 5.875 | 05/01/2054 | 1534673 |
| 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 | 1062924 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **117** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Buena Lago Community Development District Osceola County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Buena Lago Community Development District Osceola County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Buena Lago Community Development District Osceola County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Buena Lago Community Development District Osceola County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) |
| $900000 | 5.550% | 05/01/2054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882584 |
| Cabot Citrus Farms Community Development District Special RB Anticipation Notes for Hernando County Project Series 2024 (NR/NR) | Cabot Citrus Farms Community Development District Special RB Anticipation Notes for Hernando County Project Series 2024 (NR/NR) | Cabot Citrus Farms Community Development District Special RB Anticipation Notes for Hernando County Project Series 2024 (NR/NR) | Cabot Citrus Farms Community Development District Special RB Anticipation Notes for Hernando County Project Series 2024 (NR/NR) |
| 12500000 | 5.250 | 03/01/2029 | 12567136 |
| 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 | 897876 |
| 1350000 | 4.000 | 12/15/2049 | 1112290 |
| Capital Projects Finance Authority Educational Facilities RB Kissimmee Charter Academy Project Series 2024 (NR/NR) | Capital Projects Finance Authority Educational Facilities RB Kissimmee Charter Academy Project Series 2024 (NR/NR) | Capital Projects Finance Authority Educational Facilities RB Kissimmee Charter Academy Project Series 2024 (NR/NR) | Capital Projects Finance Authority Educational Facilities RB Kissimmee Charter Academy Project Series 2024 (NR/NR) |
| 175000 | 6.500 <sup>(d)</sup> | 06/15/2054 | 181883 |
| 445000 | 6.625 <sup>(d)</sup> | 06/15/2059 | 464558 |
| Capital Projects Finance Authority Student Housing RB for PRG - Unionwest Properties LLC Project Senior Series 2024A-1 (Tax-Exempt) (Ba1/NR) | Capital Projects Finance Authority Student Housing RB for PRG - Unionwest Properties LLC Project Senior Series 2024A-1 (Tax-Exempt) (Ba1/NR) | Capital Projects Finance Authority Student Housing RB for PRG - Unionwest Properties LLC Project Senior Series 2024A-1 (Tax-Exempt) (Ba1/NR) | Capital Projects Finance Authority Student Housing RB for PRG - Unionwest Properties LLC Project Senior Series 2024A-1 (Tax-Exempt) (Ba1/NR) |
| 1650000 | 5.000 <sup>(d)</sup> | 06/01/2049 | 1629880 |
| 1375000 | 5.000 <sup>(d)</sup> | 06/01/2054 | 1347353 |
| 1375000 | 5.000 <sup>(d)</sup> | 06/01/2058 | 1335646 |
| Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR) | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR) | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR) | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR) |
| 63655000 | 5.250 <sup>(d)</sup> | 12/01/2058 | 62993294 |
| Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR) | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR) | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR) | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR) |
| 595000 | 4.000 <sup>(d)</sup> | 07/01/2056 | 459174 |
| Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR) | Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR) | Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR) | Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR) |
| 3030000 | 5.000 <sup>(d)</sup> | 06/01/2056 | 2676193 |
| Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (B1/NR) | Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (B1/NR) | Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (B1/NR) | Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (B1/NR) |
| 1155000 | 5.000 <sup>(d)</sup> | 12/15/2049 | 1052126 |
| 1075000 | 5.000 <sup>(d)</sup> | 12/15/2054 | 957598 |
| Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR) | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR) | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR) | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR) |
| 2025000 | 5.250 <sup>(d)</sup> | 12/01/2043 | 2038187 |
| Capital Trust Authority Educational Facilities Lease RB Seaside Community Charter School Project Series A (Baa3/NR) | Capital Trust Authority Educational Facilities Lease RB Seaside Community Charter School Project Series A (Baa3/NR) | Capital Trust Authority Educational Facilities Lease RB Seaside Community Charter School Project Series A (Baa3/NR) | Capital Trust Authority Educational Facilities Lease RB Seaside Community Charter School Project Series A (Baa3/NR) |
| 1220000 | 5.000 | 06/15/2044 | 1169224 |
| 1385000 | 5.125 | 06/15/2059 | 1299243 |
| Capital Trust Authority Educational Facilities Revenue and Revenue Refunding Bonds St. Johns Classical Academy Inc. Project Series 2025A (Ba2/NR) | Capital Trust Authority Educational Facilities Revenue and Revenue Refunding Bonds St. Johns Classical Academy Inc. Project Series 2025A (Ba2/NR) | Capital Trust Authority Educational Facilities Revenue and Revenue Refunding Bonds St. Johns Classical Academy Inc. Project Series 2025A (Ba2/NR) | Capital Trust Authority Educational Facilities Revenue and Revenue Refunding Bonds St. Johns Classical Academy Inc. Project Series 2025A (Ba2/NR) |
| 500000 | 5.125 <sup>(d)</sup> | 06/15/2050 | 481331 |
| 1000000 | 5.250 <sup>(d)</sup> | 06/15/2059 | 966776 |
| Capital Trust Authority Educational Facilities Revenue Refunding Bonds for Southeastern University, Inc. Project Series 2023A (NR/BB) | Capital Trust Authority Educational Facilities Revenue Refunding Bonds for Southeastern University, Inc. Project Series 2023A (NR/BB) | Capital Trust Authority Educational Facilities Revenue Refunding Bonds for Southeastern University, Inc. Project Series 2023A (NR/BB) | Capital Trust Authority Educational Facilities Revenue Refunding Bonds for Southeastern University, Inc. Project Series 2023A (NR/BB) |
| 4470000 | 6.375 <sup>(d)</sup> | 05/01/2053 | 4608323 |
| Capital Trust Authority Educational Facilities Revenue Refunding Bonds Southeastern University Inc Project Series 2023A (NR/BB) | Capital Trust Authority Educational Facilities Revenue Refunding Bonds Southeastern University Inc Project Series 2023A (NR/BB) | Capital Trust Authority Educational Facilities Revenue Refunding Bonds Southeastern University Inc Project Series 2023A (NR/BB) | Capital Trust Authority Educational Facilities Revenue Refunding Bonds Southeastern University Inc Project Series 2023A (NR/BB) |
| 4775000 | 6.250 <sup>(d)</sup> | 05/01/2048 | 4923053 |
| Capital Trust Authority RB Anticipation Notes Convivial-St Petersburg Project Series 2024A (NR/NR) | Capital Trust Authority RB Anticipation Notes Convivial-St Petersburg Project Series 2024A (NR/NR) | Capital Trust Authority RB Anticipation Notes Convivial-St Petersburg Project Series 2024A (NR/NR) | Capital Trust Authority RB Anticipation Notes Convivial-St Petersburg Project Series 2024A (NR/NR) |
| 10125000 | 12.000 <sup>(d)</sup> | 10/03/2029 | 10122674 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Authority Tax-Exempt RB for MVM Landfill, LLC Project Series 2024A (NR/NR) | Capital Trust Authority Tax-Exempt RB for MVM Landfill, LLC Project Series 2024A (NR/NR) | Capital Trust Authority Tax-Exempt RB for MVM Landfill, LLC Project Series 2024A (NR/NR) | Capital Trust Authority Tax-Exempt RB for MVM Landfill, LLC Project Series 2024A (NR/NR) |
| $3650000 | 6.875 %<sup>(d)</sup> | 12/01/2044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3677817 |
| 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 | 499504 |
| 1000000 | 5.250 | 05/01/2049 | 1001929 |
| Caymas Community Development District Capital Improvement RB, Series 2024 (Assessment Area One) (NR/NR) | Caymas Community Development District Capital Improvement RB, Series 2024 (Assessment Area One) (NR/NR) | Caymas Community Development District Capital Improvement RB, Series 2024 (Assessment Area One) (NR/NR) | Caymas Community Development District Capital Improvement RB, Series 2024 (Assessment Area One) (NR/NR) |
| 900000 | 5.625 | 05/01/2054 | 888349 |
| Center Lake Ranch West Community Development District (City of St. Cloud, Florida) Capital Improvement RB, Series 2023 (Assessment Area One) (NR/NR) | Center Lake Ranch West Community Development District (City of St. Cloud, Florida) Capital Improvement RB, Series 2023 (Assessment Area One) (NR/NR) | Center Lake Ranch West Community Development District (City of St. Cloud, Florida) Capital Improvement RB, Series 2023 (Assessment Area One) (NR/NR) | Center Lake Ranch West Community Development District (City of St. Cloud, Florida) Capital Improvement RB, Series 2023 (Assessment Area One) (NR/NR) |
| 2275000 | 6.000 | 05/01/2054 | 2341184 |
| Central Parc Community Development District City of North Port Florida Special Assessment RB Series 2024 (NR/NR) | Central Parc Community Development District City of North Port Florida Special Assessment RB Series 2024 (NR/NR) | Central Parc Community Development District City of North Port Florida Special Assessment RB Series 2024 (NR/NR) | Central Parc Community Development District City of North Port Florida Special Assessment RB Series 2024 (NR/NR) |
| 650000 | 5.700 | 05/01/2044 | 642644 |
| 650000 | 6.000 | 05/01/2054 | 648500 |
| 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) |
| 200000 | 4.125 | 12/15/2027 | 200644 |
| 500000 | 4.500 | 12/15/2032 | 501795 |
| 975000 | 4.700 | 12/15/2037 | 973493 |
| 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 | 1705925 |
| 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 | 538970 |
| 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 | 657163 |
| Chaparral of Palm Bay Community Development District Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Chaparral of Palm Bay Community Development District Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Chaparral of Palm Bay Community Development District Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Chaparral of Palm Bay Community Development District Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) |
| 900000 | 5.200 | 05/01/2044 | 879904 |
| 2090000 | 5.500 | 05/01/2055 | 2043269 |
| Chapel Creek Community Development District (Pasco County, Florida) / Special Assessment Bonds, Series 2024 (Series 2024 Project) (NR/NR) | Chapel Creek Community Development District (Pasco County, Florida) / Special Assessment Bonds, Series 2024 (Series 2024 Project) (NR/NR) | Chapel Creek Community Development District (Pasco County, Florida) / Special Assessment Bonds, Series 2024 (Series 2024 Project) (NR/NR) | Chapel Creek Community Development District (Pasco County, Florida) / Special Assessment Bonds, Series 2024 (Series 2024 Project) (NR/NR) |
| 300000 | 4.625 | 05/01/2031 | 301039 |
| 750000 | 5.500 | 05/01/2044 | 753776 |
| 1055000 | 5.750 | 05/01/2054 | 1056682 |
| Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR) | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR) | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR) | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR) |
| 470000 | 3.375 <sup>(d)</sup> | 05/01/2041 | 380613 |
| 670000 | 4.000 <sup>(d)</sup> | 05/01/2052 | 542951 |
| Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR) | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR) | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR) | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR) |
| 1605000 | 3.700 <sup>(d)</sup> | 05/01/2040 | 1366250 |
| 2815000 | 4.000 <sup>(d)</sup> | 05/01/2051 | 2269298 |
| 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) |
| 1505000 | 4.375 | 05/01/2050 | 1354761 |
| 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) |
| 1050000 | 4.000 | 05/01/2052 | 875892 |
| Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (NR/NR) | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (NR/NR) | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (NR/NR) | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (NR/NR) |
| 700000 | 5.500 <sup>(d)</sup> | 10/01/2036 | 703309 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 118 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** |  | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Florida – (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) | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR) | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR) | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR) | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR) |
| $5900000 | 5.000 | %<sup>(d)</sup> | 10/01/2049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5754056 |
| City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/BBB-) | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/BBB-) | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/BBB-) | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/BBB-) | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/BBB-) |
| 975000 | 5.250 |  | 06/01/2052 | 976497 |
| 1750000 | 5.375 |  | 06/01/2057 | 1761262 |
| 1375000 | 5.625 |  | 06/01/2062 | 1398611 |
| 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) | City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (NR/NR) |
| 480000 | 5.000 |  | 01/01/2037 | 477233 |
| 1725000 | 5.000 |  | 01/01/2047 | 1616829 |
| 1615000 | 5.000 |  | 01/01/2052 | 1470691 |
| City of Venice Retirement Community Revenue Improvement Bonds for Village on The Isle Project Series 2024A Tax- Exempt Fixed Rate Bonds (NR/NR) | City of Venice Retirement Community Revenue Improvement Bonds for Village on The Isle Project Series 2024A Tax- Exempt Fixed Rate Bonds (NR/NR) | City of Venice Retirement Community Revenue Improvement Bonds for Village on The Isle Project Series 2024A Tax- Exempt Fixed Rate Bonds (NR/NR) | City of Venice Retirement Community Revenue Improvement Bonds for Village on The Isle Project Series 2024A Tax- Exempt Fixed Rate Bonds (NR/NR) | City of Venice Retirement Community Revenue Improvement Bonds for Village on The Isle Project Series 2024A Tax- Exempt Fixed Rate Bonds (NR/NR) |
| 900000 | 5.500 | <sup>(d)</sup> | 01/01/2055 | 898767 |
| 1825000 | 5.625 | <sup>(d)</sup> | 01/01/2060 | 1830783 |
| CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A1/AA) | CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A1/AA) | CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A1/AA) | CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A1/AA) | CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A1/AA) |
| 25620000 | 0.000 | <sup>(f)</sup> | 05/01/2046 | 24009496 |
| Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR) | Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR) | Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR) | Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR) | Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR) |
| 500000 | 4.750 | <sup>(d)</sup> | 06/15/2039 | 492213 |
| 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) | Coddington Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| 900000 | 5.750 |  | 05/01/2052 | 926784 |
| Collier County Educational Facilities Authority Revenue Refunding Bonds for Ave Maria University Project Series 2023 (NR/BBB-) | Collier County Educational Facilities Authority Revenue Refunding Bonds for Ave Maria University Project Series 2023 (NR/BBB-) | Collier County Educational Facilities Authority Revenue Refunding Bonds for Ave Maria University Project Series 2023 (NR/BBB-) | Collier County Educational Facilities Authority Revenue Refunding Bonds for Ave Maria University Project Series 2023 (NR/BBB-) | Collier County Educational Facilities Authority Revenue Refunding Bonds for Ave Maria University Project Series 2023 (NR/BBB-) |
| 4165000 | 5.000 |  | 06/01/2043 | 3820702 |
| 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+) | Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (NR/A+) |
| 2990000 | 3.500 |  | 05/01/2032 | 2861203 |
| 1490000 | 3.625 |  | 05/01/2035 | 1406134 |
| 1750000 | 3.750 |  | 05/01/2046 | 1464254 |
| Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR) | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR) | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR) | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR) | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR) |
| 3305000 | 5.850 | \* | 05/01/2035 | 33 |
| Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR) | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR) | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR) | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR) | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR) |
| 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) | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR) |
| 915000 | 5.850 | \* | 05/01/2035 | 773330 |
| Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR) | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR) | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR) | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR) | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR) |
| 2939931 | 0.000 | <sup>(e)</sup>\* | 05/01/2017 | 1558163 |
| Connerton East Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Connerton East Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Connerton East Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Connerton East Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Connerton East Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 2045000 | 5.375 |  | 06/15/2053 | 2074572 |
| Cope's Landing Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | Cope's Landing Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | Cope's Landing Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | Cope's Landing Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | Cope's Landing Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) |
| 525000 | 5.150 |  | 05/01/2044 | 518177 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Cope's Landing Community Development District Capital Improvement RB Series 2023 (NR/NR) | Cope's Landing Community Development District Capital Improvement RB Series 2023 (NR/NR) | Cope's Landing Community Development District Capital Improvement RB Series 2023 (NR/NR) | Cope's Landing Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| $1675000 | 5.875% | 05/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751776 |
| Cope's Landing Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Cope's Landing Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Cope's Landing Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Cope's Landing Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) |
| 1200000 | 5.450 | 05/01/2054 | 1183322 |
| Copper Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Copper Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Copper Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Copper Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 270000 | 4.000 <sup>(d)</sup> | 11/01/2029 | 267571 |
| 500000 | 4.750 <sup>(d)</sup> | 11/01/2038 | 488497 |
| 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 | 382009 |
| 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 | 498830 |
| Coral Bay of Lee County Community Development District Lee County Florida Capital Improvement RB Series 2024 (NR/NR) | Coral Bay of Lee County Community Development District Lee County Florida Capital Improvement RB Series 2024 (NR/NR) | Coral Bay of Lee County Community Development District Lee County Florida Capital Improvement RB Series 2024 (NR/NR) | Coral Bay of Lee County Community Development District Lee County Florida Capital Improvement RB Series 2024 (NR/NR) |
| 1500000 | 5.550 | 05/01/2054 | 1504737 |
| Coral Creek Community Development District Special Assessment RB for Charlotte County Project Series 2024 (NR/NR) | Coral Creek Community Development District Special Assessment RB for Charlotte County Project Series 2024 (NR/NR) | Coral Creek Community Development District Special Assessment RB for Charlotte County Project Series 2024 (NR/NR) | Coral Creek Community Development District Special Assessment RB for Charlotte County Project Series 2024 (NR/NR) |
| 2315000 | 5.450 | 05/01/2044 | 2326683 |
| 1720000 | 5.750 | 05/01/2054 | 1726366 |
| 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 | 486304 |
| Coral Lakes Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Coral Lakes Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Coral Lakes Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Coral Lakes Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) |
| 1165000 | 5.500 | 11/01/2044 | 1183478 |
| 1000000 | 5.750 | 11/01/2053 | 1011673 |
| Corkscrew Crossing Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Corkscrew Crossing Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Corkscrew Crossing Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Corkscrew Crossing Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 1600000 | 5.300 | 05/01/2053 | 1582911 |
| Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR) | Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR) | Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR) | Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR) |
| 2175000 | 5.125 <sup>(d)</sup> | 11/01/2050 | 2131281 |
| 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 | 775178 |
| 1407000 | 4.250 | 05/01/2038 | 1339276 |
| 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) |
| 930000 | 3.750 | 05/01/2029 | 928683 |
| 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 | 3922160 |
| 2100000 | 5.750 | 08/15/2055 | 2032232 |
| County of Miami-Dade Aviation RB Series 2019 A (NR/A+) | County of Miami-Dade Aviation RB Series 2019 A (NR/A+) | County of Miami-Dade Aviation RB Series 2019 A (NR/A+) | County of Miami-Dade Aviation RB Series 2019 A (NR/A+) |
| 5220000 | 5.000 | 10/01/2044 | 5267275 |
| 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 | 460181 |
| 1175000 | 4.125 | 05/01/2048 | 1027491 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **119** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR) | Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR) | Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR) | Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR) |
| $1565000 | 4.700 %<sup>(d)</sup> | 11/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509811 |
| 2495000 | 4.750 <sup>(d)</sup> | 11/01/2049 | 2333123 |
| Creekview Community Development District Clay County Florida Special Assessment RB Series 2024 (NR/NR) | Creekview Community Development District Clay County Florida Special Assessment RB Series 2024 (NR/NR) | Creekview Community Development District Clay County Florida Special Assessment RB Series 2024 (NR/NR) | Creekview Community Development District Clay County Florida Special Assessment RB Series 2024 (NR/NR) |
| 2270000 | 5.375 | 05/01/2044 | 2223925 |
| 3435000 | 5.625 | 05/01/2055 | 3352052 |
| Cresswind Deland Community Development District City of Deland Florida Special Assessment Bonds Series 2024 (NR/NR) | Cresswind Deland Community Development District City of Deland Florida Special Assessment Bonds Series 2024 (NR/NR) | Cresswind Deland Community Development District City of Deland Florida Special Assessment Bonds Series 2024 (NR/NR) | Cresswind Deland Community Development District City of Deland Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 1075000 | 5.750 | 05/01/2054 | 1064976 |
| 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) |
| 1845000 | 4.500 | 05/01/2052 | 1673121 |
| Cross Creek North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Cross Creek North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Cross Creek North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Cross Creek North Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 1375000 | 5.375 | 05/01/2053 | 1385797 |
| Crossings Community Development District Osceola County Florida Special Assessment Bonds Series 2024 (NR/NR) | Crossings Community Development District Osceola County Florida Special Assessment Bonds Series 2024 (NR/NR) | Crossings Community Development District Osceola County Florida Special Assessment Bonds Series 2024 (NR/NR) | Crossings Community Development District Osceola County Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 1275000 | 5.600 | 05/01/2054 | 1243417 |
| 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) |
| 2440000 | 5.125 | 05/01/2052 | 2358184 |
| Crosswinds East Community Development District Polk County Florida Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) | Crosswinds East Community Development District Polk County Florida Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) | Crosswinds East Community Development District Polk County Florida Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) | Crosswinds East Community Development District Polk County Florida Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) |
| 920000 | 5.450 | 05/01/2054 | 887920 |
| Crosswinds East Community Development District Polk County Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) | Crosswinds East Community Development District Polk County Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) | Crosswinds East Community Development District Polk County Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) | Crosswinds East Community Development District Polk County Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) |
| 685000 | 5.150 | 05/01/2044 | 662483 |
| Crosswinds East Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Crosswinds East Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Crosswinds East Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Crosswinds East Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) |
| 955000 | 4.625 | 05/01/2031 | 958597 |
| 1430000 | 5.500 | 05/01/2044 | 1439238 |
| 1500000 | 5.750 | 05/01/2054 | 1506607 |
| 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 | 859968 |
| Curiosity Creek Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Curiosity Creek Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Curiosity Creek Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Curiosity Creek Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) |
| 800000 | 5.400 <sup>(d)</sup> | 05/01/2044 | 785175 |
| 1375000 | 5.700 <sup>(d)</sup> | 05/01/2055 | 1344912 |
| Cypress Bay West Community Development District Capital Improvement RB for Assessment Area One Series 2023 (NR/NR) | Cypress Bay West Community Development District Capital Improvement RB for Assessment Area One Series 2023 (NR/NR) | Cypress Bay West Community Development District Capital Improvement RB for Assessment Area One Series 2023 (NR/NR) | Cypress Bay West Community Development District Capital Improvement RB for Assessment Area One Series 2023 (NR/NR) |
| 670000 | 5.250 | 05/01/2043 | 673124 |
| 1150000 | 5.500 | 05/01/2053 | 1158609 |
| Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR) | Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR) | Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR) | Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR) |
| 1170000 | 3.800 <sup>(d)</sup> | 05/01/2050 | 999871 |
| Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR) | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR) | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR) | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR) |
| 1175000 | 3.875 <sup>(d)</sup> | 05/01/2040 | 1027255 |
| 1210000 | 4.000 <sup>(d)</sup> | 05/01/2051 | 982708 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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) |
| $480000 | 5.000% | 05/01/2042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462609 |
| 975000 | 5.125 | 05/01/2052 | 935588 |
| Cypress Ridge Community development District Special Assessment Bonds for Assessment Area 1 Series 2023 (NR/NR) | Cypress Ridge Community development District Special Assessment Bonds for Assessment Area 1 Series 2023 (NR/NR) | Cypress Ridge Community development District Special Assessment Bonds for Assessment Area 1 Series 2023 (NR/NR) | Cypress Ridge Community development District Special Assessment Bonds for Assessment Area 1 Series 2023 (NR/NR) |
| 820000 | 4.875 | 05/01/2030 | 827772 |
| 1560000 | 5.625 | 05/01/2043 | 1584916 |
| 1885000 | 5.875 | 05/01/2053 | 1920217 |
| Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| 3170000 | 5.125 <sup>(d)</sup> | 11/01/2048 | 3154882 |
| 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) |
| 1455000 | 5.400 | 05/01/2039 | 1497215 |
| 2570000 | 5.500 | 05/01/2044 | 2627321 |
| Deerbrook Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Deerbrook Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Deerbrook Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Deerbrook Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 1150000 | 5.500 | 05/01/2053 | 1161611 |
| 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) |
| 2640000 | 5.400 | 05/01/2049 | 2659040 |
| Del Webb Oak Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Del Webb Oak Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Del Webb Oak Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Del Webb Oak Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 1500000 | 5.000 | 05/01/2043 | 1493231 |
| 1650000 | 5.250 | 05/01/2053 | 1654903 |
| Dewey Robbins Community Development District City of Leesburg Florida Capital Improvement RB Series 2025 (NR/NR) | Dewey Robbins Community Development District City of Leesburg Florida Capital Improvement RB Series 2025 (NR/NR) | Dewey Robbins Community Development District City of Leesburg Florida Capital Improvement RB Series 2025 (NR/NR) | Dewey Robbins Community Development District City of Leesburg Florida Capital Improvement RB Series 2025 (NR/NR) |
| 1000000 | 5.800 | 05/01/2055 | 985231 |
| 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) |
| 700000 | 4.000 | 05/01/2051 | 571055 |
| Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| 1000000 | 4.750 <sup>(d)</sup> | 12/15/2038 | 990479 |
| 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 | 3063020 |
| 4260000 | 4.000 | 05/01/2037 | 4249756 |
| DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR) | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR) | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR) | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR) |
| 1030000 | 3.375 <sup>(d)</sup> | 05/01/2041 | 883966 |
| DW Bayview Community Development District Special Assessment Bonds for Manatee County Series 2022 (NR/NR) | DW Bayview Community Development District Special Assessment Bonds for Manatee County Series 2022 (NR/NR) | DW Bayview Community Development District Special Assessment Bonds for Manatee County Series 2022 (NR/NR) | DW Bayview Community Development District Special Assessment Bonds for Manatee County Series 2022 (NR/NR) |
| 750000 | 5.250 | 05/01/2052 | 753011 |
| 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) |
| 1980000 | 5.375 | 05/01/2052 | 1988490 |
| Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 1195000 | 4.125 <sup>(d)</sup> | 05/01/2040 | 1078297 |
| 3785000 | 4.125 <sup>(d)</sup> | 05/01/2051 | 3158819 |
| East 547 Community Development District Special Assessment Bond for Assessment Area Two Series 2023 (NR/NR) | East 547 Community Development District Special Assessment Bond for Assessment Area Two Series 2023 (NR/NR) | East 547 Community Development District Special Assessment Bond for Assessment Area Two Series 2023 (NR/NR) | East 547 Community Development District Special Assessment Bond for Assessment Area Two Series 2023 (NR/NR) |
| 850000 | 6.500 | 05/01/2054 | 896014 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 120 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| $980000 | 3.250% | 05/01/2041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804809 |
| East Bonita Beach Road Community Development District Special Assessment Bonds Series 2018 (NR/NR) | East Bonita Beach Road Community Development District Special Assessment Bonds Series 2018 (NR/NR) | East Bonita Beach Road Community Development District Special Assessment Bonds Series 2018 (NR/NR) | East Bonita Beach Road Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| 1000000 | 5.000 <sup>(d)</sup> | 11/01/2048 | 993129 |
| 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 | 487446 |
| 920000 | 5.000 | 11/01/2049 | 901938 |
| East Nassau Stewardship District Bond Anticipation Note for PDP #4 Series 2024 Project Series 2024 (NR/NR) | East Nassau Stewardship District Bond Anticipation Note for PDP #4 Series 2024 Project Series 2024 (NR/NR) | East Nassau Stewardship District Bond Anticipation Note for PDP #4 Series 2024 Project Series 2024 (NR/NR) | East Nassau Stewardship District Bond Anticipation Note for PDP #4 Series 2024 Project Series 2024 (NR/NR) |
| 2575000 | 5.250 | 05/01/2029 | 2562404 |
| East Palm Drive Community Development District City of Homestead Florida Special Assessment Bonds Series 2024 (NR/NR) | East Palm Drive Community Development District City of Homestead Florida Special Assessment Bonds Series 2024 (NR/NR) | East Palm Drive Community Development District City of Homestead Florida Special Assessment Bonds Series 2024 (NR/NR) | East Palm Drive Community Development District City of Homestead Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 900000 | 5.375 | 06/15/2054 | 877579 |
| Edar Crossings Community Development District Polk County Florida Special Assessment Bonds Series 2025 (NR/NR) | Edar Crossings Community Development District Polk County Florida Special Assessment Bonds Series 2025 (NR/NR) | Edar Crossings Community Development District Polk County Florida Special Assessment Bonds Series 2025 (NR/NR) | Edar Crossings Community Development District Polk County Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 500000 | 5.300 <sup>(d)</sup> | 05/01/2045 | 485937 |
| 600000 | 5.500 <sup>(d)</sup> | 05/01/2055 | 577366 |
| 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 | 714482 |
| 2390000 | 4.125 | 05/01/2052 | 1976379 |
| 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 | 177732 |
| 500000 | 4.125 | 05/01/2051 | 423529 |
| 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 | 1206963 |
| 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) |
| 1960000 | 4.000 | 05/01/2042 | 1737537 |
| Edgewater West Community Development District Osceola County Florida Special Assessment RB Series 2024 Assessment Area One (NR/NR) | Edgewater West Community Development District Osceola County Florida Special Assessment RB Series 2024 Assessment Area One (NR/NR) | Edgewater West Community Development District Osceola County Florida Special Assessment RB Series 2024 Assessment Area One (NR/NR) | Edgewater West Community Development District Osceola County Florida Special Assessment RB Series 2024 Assessment Area One (NR/NR) |
| 2500000 | 5.500 | 05/01/2054 | 2382794 |
| Entrada Community Development District Capital Improvement RB Series 2023 (NR/NR) | Entrada Community Development District Capital Improvement RB Series 2023 (NR/NR) | Entrada Community Development District Capital Improvement RB Series 2023 (NR/NR) | Entrada Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| 1730000 | 5.800 | 05/01/2053 | 1781170 |
| Epperson North Community Development District Capital Improvement RB Series 2024 (NR/NR) | Epperson North Community Development District Capital Improvement RB Series 2024 (NR/NR) | Epperson North Community Development District Capital Improvement RB Series 2024 (NR/NR) | Epperson North Community Development District Capital Improvement RB Series 2024 (NR/NR) |
| 415000 | 5.300 | 05/01/2044 | 407732 |
| 675000 | 5.600 | 05/01/2055 | 661961 |
| 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) |
| 375000 | 3.500 | 05/01/2041 | 308774 |
| Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (Baa2/BBB) | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (Baa2/BBB) | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (Baa2/BBB) | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (Baa2/BBB) |
| 17960000 | 4.000 | 08/15/2045 | 15950007 |
| Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (AGM) (A1/AA) | Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (AGM) (A1/AA) | Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (AGM) (A1/AA) | Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (AGM) (A1/AA) |
| 1745000 | 3.000 | 08/15/2050 | 1231802 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| $1030000 | 4.000% | 11/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928996 |
| 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) |
| 675000 | 4.125 | 11/01/2050 | 569701 |
| 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) |
| 300000 | 6.375 | 11/01/2026 | 300551 |
| 3225000 | 7.000 | 11/01/2045 | 3343419 |
| 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) |
| 755000 | 5.250 | 11/01/2035 | 755353 |
| 1305000 | 5.375 | 11/01/2046 | 1305168 |
| Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR) | Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR) | Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR) | Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR) |
| 1345000 | 5.000 <sup>(d)</sup> | 11/01/2039 | 1354022 |
| 1800000 | 5.125 <sup>(d)</sup> | 11/01/2049 | 1778532 |
| Everlands Community Development District Special Assessment Bonds for Assessment Area Two – 2024 Project Area Series 2024 (NR/NR) | Everlands Community Development District Special Assessment Bonds for Assessment Area Two – 2024 Project Area Series 2024 (NR/NR) | Everlands Community Development District Special Assessment Bonds for Assessment Area Two – 2024 Project Area Series 2024 (NR/NR) | Everlands Community Development District Special Assessment Bonds for Assessment Area Two – 2024 Project Area Series 2024 (NR/NR) |
| 750000 | 5.250 | 06/15/2044 | 751278 |
| 1000000 | 5.550 | 06/15/2054 | 1001506 |
| Everlands Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Everlands Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Everlands Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Everlands Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 820000 | 5.200 <sup>(d)</sup> | 06/15/2044 | 805735 |
| 1245000 | 5.500 <sup>(d)</sup> | 06/15/2054 | 1216997 |
| Everlands II Community Development District City of Palm Bay Florida Special Assessment Bonds Series 2024 (NR/NR) | Everlands II Community Development District City of Palm Bay Florida Special Assessment Bonds Series 2024 (NR/NR) | Everlands II Community Development District City of Palm Bay Florida Special Assessment Bonds Series 2024 (NR/NR) | Everlands II Community Development District City of Palm Bay Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 675000 | 5.200 | 06/15/2044 | 660087 |
| 900000 | 5.450 | 06/15/2054 | 872114 |
| 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 | 5393104 |
| 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 | 1168807 |
| 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) |
| 2390000 | 5.000 | 05/01/2035 | 2429203 |
| 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 | 164874 |
| 500000 | 4.200 | 05/01/2050 | 425790 |
| Fish Lake Cove Community Development District Osceola County Florida Special Assessment Bonds Series 2025 (NR/NR) | Fish Lake Cove Community Development District Osceola County Florida Special Assessment Bonds Series 2025 (NR/NR) | Fish Lake Cove Community Development District Osceola County Florida Special Assessment Bonds Series 2025 (NR/NR) | Fish Lake Cove Community Development District Osceola County Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 1085000 | 5.550 | 05/01/2055 | 1050274 |
| 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-) |
| 1445000 | 4.375 | 05/01/2034 | 1445023 |
| 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 | 933706 |
| Florida Development Finance Corp. Educational Facilities RB Series 2022A (Ba3/NR) | Florida Development Finance Corp. Educational Facilities RB Series 2022A (Ba3/NR) | Florida Development Finance Corp. Educational Facilities RB Series 2022A (Ba3/NR) | Florida Development Finance Corp. Educational Facilities RB Series 2022A (Ba3/NR) |
| 5000000 | 5.500 <sup>(d)</sup> | 07/01/2052 | 4491862 |
| 3825000 | 5.625 <sup>(d)</sup> | 07/01/2056 | 3452108 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **121** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+) | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+) | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+) | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+) |
| $3770000 | 5.125 %<sup>(d)</sup> | 10/01/2052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3613936 |
| 1725000 | 5.250 <sup>(d)</sup> | 10/01/2056 | 1669523 |
| Florida Development Finance Corp. Educational Revenue Refunding Bonds for Central Charter School Project Series 2022 (NR/NR) | Florida Development Finance Corp. Educational Revenue Refunding Bonds for Central Charter School Project Series 2022 (NR/NR) | Florida Development Finance Corp. Educational Revenue Refunding Bonds for Central Charter School Project Series 2022 (NR/NR) | Florida Development Finance Corp. Educational Revenue Refunding Bonds for Central Charter School Project Series 2022 (NR/NR) |
| 2735000 | 5.875 <sup>(d)</sup> | 08/15/2052 | 2623720 |
| 2430000 | 6.000 <sup>(d)</sup> | 08/15/2057 | 2350710 |
| Florida Development Finance Corp. Healthcare Facilities RB for Tampa General Hospital Project Series 2024A (Fixed Mode) (NR/A-) | Florida Development Finance Corp. Healthcare Facilities RB for Tampa General Hospital Project Series 2024A (Fixed Mode) (NR/A-) | Florida Development Finance Corp. Healthcare Facilities RB for Tampa General Hospital Project Series 2024A (Fixed Mode) (NR/A-) | Florida Development Finance Corp. Healthcare Facilities RB for Tampa General Hospital Project Series 2024A (Fixed Mode) (NR/A-) |
| 6000000 | 5.250 | 08/01/2049 | 6161290 |
| 4000000 | 4.500 | 08/01/2055 | 3793210 |
| 2000000 | 5.250 | 08/01/2055 | 2040569 |
| Florida Development Finance Corp. RB Brightline Florida Passenger Rail Expansion Project Series 2025A (NR/NR) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Expansion Project Series 2025A (NR/NR) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Expansion Project Series 2025A (NR/NR) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Expansion Project Series 2025A (NR/NR) |
| 36620000 | 8.250 <sup>(a)(b)(d)</sup> | 07/01/2057 | 38028240 |
| Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (AGM) (NR/AA) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (AGM) (NR/AA) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (AGM) (NR/AA) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (AGM) (NR/AA) |
| 5500000 | 5.250 | 07/01/2047 | 5612650 |
| 9000000 | 5.250 | 07/01/2053 | 9166115 |
| Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/NR) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/NR) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/NR) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/NR) |
| 106810000 | 12.000 <sup>(a)(b)(d)</sup> | 07/15/2032 | 113288838 |
| Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/BBB-) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/BBB-) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/BBB-) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/BBB-) |
| 26000000 | 5.250 | 07/01/2047 | 26107437 |
| 31575000 | 5.500 | 07/01/2053 | 31886440 |
| Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Project AAF Operations Holdings LLC Issue Series 2024A (Tax-Exempt) (NR/NR) | Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Project AAF Operations Holdings LLC Issue Series 2024A (Tax-Exempt) (NR/NR) | Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Project AAF Operations Holdings LLC Issue Series 2024A (Tax-Exempt) (NR/NR) | Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Project AAF Operations Holdings LLC Issue Series 2024A (Tax-Exempt) (NR/NR) |
| 24425000 | 10.000 <sup>(a)(b)(d)</sup> | 07/15/2059 | 25152782 |
| Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR) |
| 1650000 | 5.000 <sup>(d)</sup> | 06/01/2040 | 1319421 |
| 2595000 | 5.000 <sup>(d)</sup> | 06/01/2055 | 1802804 |
| Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) |
| 2555000 | 5.250 <sup>(d)</sup> | 06/01/2050 | 2457569 |
| 3560000 | 5.250 <sup>(d)</sup> | 06/01/2055 | 3358968 |
| 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 | 512846 |
| 800000 | 4.000 | 07/01/2055 | 636981 |
| 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 | 777458 |
| 1850000 | 5.000 | 06/01/2050 | 1649401 |
| 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) |
| 1850000 | 5.000 <sup>(d)</sup> | 06/01/2051 | 1712600 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Global Outreach Charter Academy Obligated Group Series 2021 A (B1/NR) | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (B1/NR) | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (B1/NR) | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (B1/NR) |
| $830000 | 4.000 %<sup>(d)</sup> | 06/30/2046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607724 |
| 2580000 | 4.000 <sup>(d)</sup> | 06/30/2056 | 1733309 |
| Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) |
| 2090000 | 4.000 <sup>(d)</sup> | 06/01/2055 | 1570955 |
| Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR) | Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR) | Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR) | Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR) |
| 2085000 | 5.000 <sup>(d)</sup> | 09/15/2050 | 1870867 |
| Florida Development Finance Corp. Student Housing RB SFP - Tampa I - The Henry Project Senior Series 2024A-1 (NR/NR) | Florida Development Finance Corp. Student Housing RB SFP - Tampa I - The Henry Project Senior Series 2024A-1 (NR/NR) | Florida Development Finance Corp. Student Housing RB SFP - Tampa I - The Henry Project Senior Series 2024A-1 (NR/NR) | Florida Development Finance Corp. Student Housing RB SFP - Tampa I - The Henry Project Senior Series 2024A-1 (NR/NR) |
| 2750000 | 5.250 <sup>(d)</sup> | 06/01/2054 | 2724152 |
| 1925000 | 5.250 <sup>(d)</sup> | 06/01/2059 | 1891497 |
| Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR) | Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR) | Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR) | Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR) |
| 1750000 | 4.750 <sup>(d)</sup> | 06/01/2038 | 1591964 |
| 3000000 | 5.000 <sup>(d)</sup> | 06/01/2048 | 2659251 |
| Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (NR/BB) | Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (NR/BB) | Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (NR/BB) | Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (NR/BB) |
| 4150000 | 5.000 | 03/01/2044 | 3245530 |
| 7900000 | 5.000 | 03/01/2049 | 5923101 |
| 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 | 5969387 |
| Florida Municipal Loan Council Capital Improvement RB Series 2024 Shingle Creek Transit and Utility Community Development District Series (NR/NR) | Florida Municipal Loan Council Capital Improvement RB Series 2024 Shingle Creek Transit and Utility Community Development District Series (NR/NR) | Florida Municipal Loan Council Capital Improvement RB Series 2024 Shingle Creek Transit and Utility Community Development District Series (NR/NR) | Florida Municipal Loan Council Capital Improvement RB Series 2024 Shingle Creek Transit and Utility Community Development District Series (NR/NR) |
| 820000 | 5.400 | 05/01/2054 | 821917 |
| 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 | 808551 |
| 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 | 1339200 |
| 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 | 206778 |
| Fox Branch Ranch Community Development District Polk County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) | Fox Branch Ranch Community Development District Polk County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) | Fox Branch Ranch Community Development District Polk County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) | Fox Branch Ranch Community Development District Polk County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) |
| 800000 | 5.400 | 05/01/2055 | 779635 |
| Gardens at Hammock Beach Community Development District Flagler County Florida Special Assessment Bonds Assessment Area Two Series 2024-2 (NR/NR) | Gardens at Hammock Beach Community Development District Flagler County Florida Special Assessment Bonds Assessment Area Two Series 2024-2 (NR/NR) | Gardens at Hammock Beach Community Development District Flagler County Florida Special Assessment Bonds Assessment Area Two Series 2024-2 (NR/NR) | Gardens at Hammock Beach Community Development District Flagler County Florida Special Assessment Bonds Assessment Area Two Series 2024-2 (NR/NR) |
| 895000 | 5.600 | 05/01/2044 | 875632 |
| 1150000 | 5.875 | 05/01/2055 | 1119855 |
| Gir East Community Development District Osceola County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) | Gir East Community Development District Osceola County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) | Gir East Community Development District Osceola County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) | Gir East Community Development District Osceola County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) |
| 1200000 | 5.300 | 05/01/2045 | 1164833 |
| 1825000 | 5.500 | 05/01/2055 | 1756156 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 122 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Governors Park South Community Development District Clay County Florida Special Assessment RB Series 2025 Assessment Area One (NR/NR) | Governors Park South Community Development District Clay County Florida Special Assessment RB Series 2025 Assessment Area One (NR/NR) | Governors Park South Community Development District Clay County Florida Special Assessment RB Series 2025 Assessment Area One (NR/NR) | Governors Park South Community Development District Clay County Florida Special Assessment RB Series 2025 Assessment Area One (NR/NR) |
| $775000 | 5.400% | 05/01/2045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765301 |
| 1150000 | 5.650 | 05/01/2055 | 1134360 |
| 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) |
| 1090000 | 4.250 | 05/01/2040 | 999968 |
| 1375000 | 4.500 | 05/01/2052 | 1215791 |
| 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) |
| 1105000 | 4.000 | 11/01/2051 | 899761 |
| Grande Pines Community Development District Special Assessment RB for Assessment Area Two Series 2024 (NR/NR) | Grande Pines Community Development District Special Assessment RB for Assessment Area Two Series 2024 (NR/NR) | Grande Pines Community Development District Special Assessment RB for Assessment Area Two Series 2024 (NR/NR) | Grande Pines Community Development District Special Assessment RB for Assessment Area Two Series 2024 (NR/NR) |
| 860000 | 5.450 | 05/01/2044 | 860668 |
| 1010000 | 5.800 | 05/01/2054 | 1011606 |
| 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 | 3167280 |
| 5000000 | 5.000 | 11/15/2036 | 5002147 |
| Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (Aa3/AA-) | Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (Aa3/AA-) | Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (Aa3/AA-) | Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (Aa3/AA-) |
| 6380000 | 5.000 | 10/01/2047 | 6388973 |
| Greenbriar Community Development District St. Johns County Florida Special Assessment RB Series 2025 Assessment Area One (NR/NR) | Greenbriar Community Development District St. Johns County Florida Special Assessment RB Series 2025 Assessment Area One (NR/NR) | Greenbriar Community Development District St. Johns County Florida Special Assessment RB Series 2025 Assessment Area One (NR/NR) | Greenbriar Community Development District St. Johns County Florida Special Assessment RB Series 2025 Assessment Area One (NR/NR) |
| 900000 | 5.650 | 05/01/2045 | 896386 |
| 1250000 | 5.875 | 05/01/2054 | 1246219 |
| 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 | 1477340 |
| 2275000 | 4.625 | 05/01/2046 | 2100821 |
| Hacienda North Community Development District (Collier County, Florida) Special Assessment RB, Series 2023 (NR/NR) | Hacienda North Community Development District (Collier County, Florida) Special Assessment RB, Series 2023 (NR/NR) | Hacienda North Community Development District (Collier County, Florida) Special Assessment RB, Series 2023 (NR/NR) | Hacienda North Community Development District (Collier County, Florida) Special Assessment RB, Series 2023 (NR/NR) |
| 2750000 | 6.500 | 05/01/2053 | 2919294 |
| Hamilton Bluff Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One Project) (NR/NR) | Hamilton Bluff Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One Project) (NR/NR) | Hamilton Bluff Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One Project) (NR/NR) | Hamilton Bluff Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One Project) (NR/NR) |
| 1000000 | 5.500 | 05/01/2044 | 996634 |
| 1150000 | 5.800 | 05/01/2054 | 1142507 |
| Hammock Oaks Community Development District Special Assessment Area One Bonds Series 2023 (NR/NR) | Hammock Oaks Community Development District Special Assessment Area One Bonds Series 2023 (NR/NR) | Hammock Oaks Community Development District Special Assessment Area One Bonds Series 2023 (NR/NR) | Hammock Oaks Community Development District Special Assessment Area One Bonds Series 2023 (NR/NR) |
| 1000000 | 5.750 | 05/01/2053 | 1011289 |
| Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) |
| 1125000 | 6.150 | 05/01/2054 | 1134543 |
| Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 Assessment Area Three (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 Assessment Area Three (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 Assessment Area Three (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 Assessment Area Three (NR/NR) |
| 1500000 | 5.750 <sup>(d)(g)</sup> | 05/01/2055 | 1501620 |
| 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) |
| 590000 | 4.700 | 05/01/2042 | 558432 |
| 935000 | 5.000 | 05/01/2052 | 894769 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495190 |
| 860000 | 4.000 | 05/01/2051 | 720769 |
| 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 | 429685 |
| 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) |
| 900000 | 3.750 | 05/01/2034 | 846171 |
| 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) |
| 2000000 | 3.875 | 05/01/2039 | 1831549 |
| 1400000 | 4.100 | 05/01/2048 | 1209541 |
| Harmony On Lake Eloise Community Development District Capital Improvement Assessment Area One RB Series 2023 (NR/NR) | Harmony On Lake Eloise Community Development District Capital Improvement Assessment Area One RB Series 2023 (NR/NR) | Harmony On Lake Eloise Community Development District Capital Improvement Assessment Area One RB Series 2023 (NR/NR) | Harmony On Lake Eloise Community Development District Capital Improvement Assessment Area One RB Series 2023 (NR/NR) |
| 1110000 | 5.375 | 05/01/2053 | 1117990 |
| Harmony on Lake Eloise Community Development District City of Winter Haven Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) | Harmony on Lake Eloise Community Development District City of Winter Haven Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) | Harmony on Lake Eloise Community Development District City of Winter Haven Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) | Harmony on Lake Eloise Community Development District City of Winter Haven Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) |
| 900000 | 5.450 | 11/01/2045 | 894855 |
| 1150000 | 5.650 | 11/01/2054 | 1139944 |
| Harmony West Community Development District Osceola County Florida Special Assessment RB Series 2025 Assessment Area Three (NR/NR) | Harmony West Community Development District Osceola County Florida Special Assessment RB Series 2025 Assessment Area Three (NR/NR) | Harmony West Community Development District Osceola County Florida Special Assessment RB Series 2025 Assessment Area Three (NR/NR) | Harmony West Community Development District Osceola County Florida Special Assessment RB Series 2025 Assessment Area Three (NR/NR) |
| 900000 | 5.650 | 05/01/2055 | 891577 |
| Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) |
| 1335000 | 4.250 | 05/01/2035 | 1310303 |
| 1810000 | 4.250 | 05/01/2039 | 1681943 |
| 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 | 563987 |
| 1150000 | 4.000 | 11/01/2051 | 929399 |
| 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 | 179573 |
| 495000 | 4.250 | 11/01/2051 | 418708 |
| Hawkstone Community Development District Special Assessment RB Series 2023 (NR/NR) | Hawkstone Community Development District Special Assessment RB Series 2023 (NR/NR) | Hawkstone Community Development District Special Assessment RB Series 2023 (NR/NR) | Hawkstone Community Development District Special Assessment RB Series 2023 (NR/NR) |
| 1530000 | 5.375 | 05/01/2043 | 1548628 |
| 1265000 | 5.500 | 05/01/2053 | 1275294 |
| Hawthorne Mill North Community Development District City of Lakeland Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Hawthorne Mill North Community Development District City of Lakeland Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Hawthorne Mill North Community Development District City of Lakeland Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Hawthorne Mill North Community Development District City of Lakeland Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) |
| 1290000 | 5.500 | 05/01/2054 | 1257706 |
| 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) |
| 625000 | 5.000 | 05/01/2034 | 640497 |
| 2170000 | 5.125 | 05/01/2045 | 2180661 |
| 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 | 500595 |
| 500000 | 5.150 | 05/01/2034 | 500536 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **123** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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) |
| $1300000 | 5.700% | 05/01/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308220 |
| 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) |
| 2190000 | 4.200 | 05/01/2031 | 2153784 |
| 1985000 | 4.350 | 05/01/2036 | 1941080 |
| Hickory Tree Community Development District Osceola County Florida Special Assessment Bonds Series 2024 Assessment Area One Project (NR/NR) | Hickory Tree Community Development District Osceola County Florida Special Assessment Bonds Series 2024 Assessment Area One Project (NR/NR) | Hickory Tree Community Development District Osceola County Florida Special Assessment Bonds Series 2024 Assessment Area One Project (NR/NR) | Hickory Tree Community Development District Osceola County Florida Special Assessment Bonds Series 2024 Assessment Area One Project (NR/NR) |
| 1600000 | 5.450 | 05/01/2055 | 1543765 |
| Higher Educational Facilities Financing Authority Educational Facilities Revenue Refunding Bonds for Saint Leo University Project Series 2019 (NR/BB) | Higher Educational Facilities Financing Authority Educational Facilities Revenue Refunding Bonds for Saint Leo University Project Series 2019 (NR/BB) | Higher Educational Facilities Financing Authority Educational Facilities Revenue Refunding Bonds for Saint Leo University Project Series 2019 (NR/BB) | Higher Educational Facilities Financing Authority Educational Facilities Revenue Refunding Bonds for Saint Leo University Project Series 2019 (NR/BB) |
| 1900000 | 5.000 | 03/01/2039 | 1562630 |
| 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 | 401524 |
| 665000 | 4.000 | 05/01/2050 | 547113 |
| Highland Trails Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Highland Trails Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Highland Trails Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Highland Trails Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) |
| 250000 | 4.700 | 05/01/2031 | 250601 |
| 810000 | 5.500 | 05/01/2044 | 809168 |
| 890000 | 5.850 | 05/01/2054 | 892655 |
| Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR) | Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR) | Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR) | Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR) |
| 1000000 | 4.875 <sup>(d)</sup> | 12/15/2038 | 995955 |
| 1000000 | 5.000 <sup>(d)</sup> | 12/15/2048 | 976546 |
| 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 | 2051556 |
| 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 | 514863 |
| Hillcrest Preserve Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Hillcrest Preserve Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Hillcrest Preserve Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Hillcrest Preserve Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 1150000 | 5.000 <sup>(d)</sup> | 05/01/2044 | 1097114 |
| 1465000 | 5.300 <sup>(d)</sup> | 05/01/2054 | 1390835 |
| Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR) | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR) | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR) | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR) |
| 1965000 | 4.000 <sup>(d)</sup> | 05/01/2040 | 1760841 |
| 3275000 | 4.000 <sup>(d)</sup> | 05/01/2050 | 2726290 |
| Hills of Minneola Community Development District City of Minneola Florida Special Assessment RB Series 2024 (NR/NR) | Hills of Minneola Community Development District City of Minneola Florida Special Assessment RB Series 2024 (NR/NR) | Hills of Minneola Community Development District City of Minneola Florida Special Assessment RB Series 2024 (NR/NR) | Hills of Minneola Community Development District City of Minneola Florida Special Assessment RB Series 2024 (NR/NR) |
| 600000 | 5.550 | 05/01/2044 | 618160 |
| 900000 | 5.875 | 05/01/2054 | 939753 |
| Hobe-St. Lucie Conservancy District Improvement Bonds Unit of Development No. 1A Series 2024 (NR/NR) | Hobe-St. Lucie Conservancy District Improvement Bonds Unit of Development No. 1A Series 2024 (NR/NR) | Hobe-St. Lucie Conservancy District Improvement Bonds Unit of Development No. 1A Series 2024 (NR/NR) | Hobe-St. Lucie Conservancy District Improvement Bonds Unit of Development No. 1A Series 2024 (NR/NR) |
| 900000 | 5.600 | 05/01/2044 | 916083 |
| 2750000 | 5.875 | 05/01/2055 | 2796243 |
| 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 | 186227 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Hunt Club Grove Community Development District City of Lake Wales Florida Special Assessment Bonds Series 2024 Assessment Area One (NR/NR) | Hunt Club Grove Community Development District City of Lake Wales Florida Special Assessment Bonds Series 2024 Assessment Area One (NR/NR) | Hunt Club Grove Community Development District City of Lake Wales Florida Special Assessment Bonds Series 2024 Assessment Area One (NR/NR) | Hunt Club Grove Community Development District City of Lake Wales Florida Special Assessment Bonds Series 2024 Assessment Area One (NR/NR) |
| $1250000 | 5.625% | 06/15/2054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223114 |
| Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) | Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) | Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) | Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) |
| 410000 | 5.125 <sup>(d)</sup> | 11/01/2049 | 404551 |
| Island Lake Estates Community Development District (Charlotte County, Florida) Special Assessment Bonds, Series 2023 (2023 Project) (NR/NR) | Island Lake Estates Community Development District (Charlotte County, Florida) Special Assessment Bonds, Series 2023 (2023 Project) (NR/NR) | Island Lake Estates Community Development District (Charlotte County, Florida) Special Assessment Bonds, Series 2023 (2023 Project) (NR/NR) | Island Lake Estates Community Development District (Charlotte County, Florida) Special Assessment Bonds, Series 2023 (2023 Project) (NR/NR) |
| 1550000 | 6.000 | 12/15/2053 | 1601610 |
| 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) |
| 975000 | 5.000 | 11/01/2047 | 936622 |
| JEA Water And Sewer System Revenue Bonds, 2024 Series A (Aa1/AA+) | JEA Water And Sewer System Revenue Bonds, 2024 Series A (Aa1/AA+) | JEA Water And Sewer System Revenue Bonds, 2024 Series A (Aa1/AA+) | JEA Water And Sewer System Revenue Bonds, 2024 Series A (Aa1/AA+) |
| 5000000 | 5.500 | 10/01/2054 | 5413079 |
| Juniper Cove Community Development District Miami-Dade County Florida Capital Improvement RB Series 2025 (NR/NR) | Juniper Cove Community Development District Miami-Dade County Florida Capital Improvement RB Series 2025 (NR/NR) | Juniper Cove Community Development District Miami-Dade County Florida Capital Improvement RB Series 2025 (NR/NR) | Juniper Cove Community Development District Miami-Dade County Florida Capital Improvement RB Series 2025 (NR/NR) |
| 915000 | 5.450 | 05/01/2045 | 912373 |
| 970000 | 5.700 | 05/01/2055 | 967851 |
| 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 | 740341 |
| Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One Project) (NR/NR) | Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One Project) (NR/NR) | Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One Project) (NR/NR) | Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One Project) (NR/NR) |
| 820000 | 6.250 | 11/01/2053 | 842936 |
| Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2025 (Assessment Area One Project) (NR/NR) | Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2025 (Assessment Area One Project) (NR/NR) | Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2025 (Assessment Area One Project) (NR/NR) | Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2025 (Assessment Area One Project) (NR/NR) |
| 535000 | 5.300 | 05/01/2045 | 526962 |
| 915000 | 5.500 | 05/01/2055 | 894541 |
| 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 | 257080 |
| 470000 | 3.750 | 05/01/2050 | 389857 |
| Kindred Community Development District II Special Assessment RB Series 2023 (NR/NR) | Kindred Community Development District II Special Assessment RB Series 2023 (NR/NR) | Kindred Community Development District II Special Assessment RB Series 2023 (NR/NR) | Kindred Community Development District II Special Assessment RB Series 2023 (NR/NR) |
| 600000 | 5.650 | 05/01/2043 | 619685 |
| 1000000 | 5.875 | 05/01/2054 | 1027010 |
| 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 | 5.000 | 05/01/2048 | 982461 |
| 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 | 1270929 |
| 1060000 | 4.000 | 06/15/2050 | 930075 |
| 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) |
| 1210000 | 5.625 | 05/01/2053 | 1208446 |
| Lake Emma Community Development District Lake County, Fl Special Assessment Bonds, Series 2023 Assessment Area Two (NR/NR) | Lake Emma Community Development District Lake County, Fl Special Assessment Bonds, Series 2023 Assessment Area Two (NR/NR) | Lake Emma Community Development District Lake County, Fl Special Assessment Bonds, Series 2023 Assessment Area Two (NR/NR) | Lake Emma Community Development District Lake County, Fl Special Assessment Bonds, Series 2023 Assessment Area Two (NR/NR) |
| 900000 | 5.500 <sup>(d)</sup> | 05/01/2053 | 915584 |
| Lake Emma Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) | Lake Emma Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) | Lake Emma Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) | Lake Emma Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) |
| 635000 | 5.250 <sup>(d)</sup> | 05/01/2043 | 640883 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 124 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Harris Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Lake Harris Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Lake Harris Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Lake Harris Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| $795000 | 5.375% | 05/01/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808353 |
| 585000 | 5.625 | 05/01/2053 | 596039 |
| Lake Hideaway Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Lake Hideaway Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Lake Hideaway Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Lake Hideaway Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) |
| 1665000 | 5.650 | 05/01/2044 | 1666276 |
| 2555000 | 5.900 | 05/01/2054 | 2531540 |
| Lakes of Sarasota Community Development District 2 Sarasota County Florida Capital Improvement RB Series 2025A (NR/NR) | Lakes of Sarasota Community Development District 2 Sarasota County Florida Capital Improvement RB Series 2025A (NR/NR) | Lakes of Sarasota Community Development District 2 Sarasota County Florida Capital Improvement RB Series 2025A (NR/NR) | Lakes of Sarasota Community Development District 2 Sarasota County Florida Capital Improvement RB Series 2025A (NR/NR) |
| 2750000 | 5.200 | 05/01/2035 | 2719267 |
| 660000 | 5.700 | 05/01/2055 | 650148 |
| 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 | 220556 |
| 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 | 277586 |
| 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) |
| 700000 | 4.125 | 05/01/2031 | 689889 |
| Lakeside Preserve Community Development District (City of Lakeland, Florida) Special Assessment Bonds, Series 2023 (Series 2023 Project) (NR/NR) | Lakeside Preserve Community Development District (City of Lakeland, Florida) Special Assessment Bonds, Series 2023 (Series 2023 Project) (NR/NR) | Lakeside Preserve Community Development District (City of Lakeland, Florida) Special Assessment Bonds, Series 2023 (Series 2023 Project) (NR/NR) | Lakeside Preserve Community Development District (City of Lakeland, Florida) Special Assessment Bonds, Series 2023 (Series 2023 Project) (NR/NR) |
| 300000 | 5.250 | 05/01/2030 | 304707 |
| 785000 | 6.000 | 05/01/2043 | 812840 |
| 1235000 | 6.375 | 05/01/2054 | 1290151 |
| Lakewood Park Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Lakewood Park Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Lakewood Park Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Lakewood Park Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 810000 | 5.750 | 05/01/2053 | 830260 |
| 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 | 270130 |
| 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 | 502109 |
| 525000 | 3.750 | 05/01/2040 | 474806 |
| 670000 | 3.900 | 05/01/2050 | 559120 |
| Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR) |
| 1085000 | 3.625 <sup>(d)</sup> | 05/01/2040 | 936791 |
| 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 | 224716 |
| 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 | 6454051 |
| 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) |
| 525000 | 4.400 | 05/01/2039 | 508940 |
| 1615000 | 4.500 | 05/01/2049 | 1492000 |
| Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR) |
| 1000000 | 5.000 <sup>(d)</sup> | 05/01/2037 | 1009572 |
| 2360000 | 5.125 <sup>(d)</sup> | 05/01/2047 | 2372560 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Indigo Expansion Area Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR) |
| $575000 | 3.750 %<sup>(d)</sup> | 05/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519227 |
| 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) |
| 415000 | 4.400 | 05/01/2039 | 402305 |
| 480000 | 4.500 | 05/01/2049 | 438449 |
| 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) |
| 755000 | 4.625 | 05/01/2027 | 761861 |
| 2500000 | 5.250 | 05/01/2037 | 2532252 |
| 6200000 | 5.375 | 05/01/2047 | 6271919 |
| 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 | 1186556 |
| 2545000 | 5.100 | 05/01/2048 | 2552785 |
| 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) |
| 3725000 | 5.450 | 05/01/2048 | 3787400 |
| Lakewood Ranch Stewardship District Special Assessment RB for Palm Grove Project Series 2024 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Palm Grove Project Series 2024 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Palm Grove Project Series 2024 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Palm Grove Project Series 2024 (NR/NR) |
| 660000 | 5.500 | 05/01/2055 | 647113 |
| Lakewood Ranch Stewardship District Special Assessment RB for Taylor Ranch Project 2023 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Taylor Ranch Project 2023 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Taylor Ranch Project 2023 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Taylor Ranch Project 2023 (NR/NR) |
| 3575000 | 6.300 | 05/01/2054 | 3743640 |
| 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) |
| 420000 | 4.250 | 05/01/2026 | 420524 |
| 4625000 | 5.000 | 05/01/2036 | 4653324 |
| 1600000 | 5.125 | 05/01/2046 | 1601541 |
| Lakewood Ranch Stewardship District Special Assessment RB Series 2024 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB Series 2024 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB Series 2024 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB Series 2024 (NR/NR) |
| 430000 | 5.550 | 05/01/2054 | 430085 |
| Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR) |
| 2100000 | 3.750 <sup>(d)</sup> | 05/01/2040 | 1863526 |
| 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) |
| 645000 | 3.125 | 05/01/2041 | 515797 |
| 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 | 1156519 |
| Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (NR/AA-) | Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (NR/AA-) | Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (NR/AA-) | Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (NR/AA-) |
| 1930000 | 3.000 | 05/01/2035 | 1659890 |
| 1990000 | 3.000 | 05/01/2038 | 1595133 |
| 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 | 613184 |
| 895000 | 4.000 | 05/01/2038 | 816017 |
| 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) |
| 360000 | 5.000 | 05/01/2042 | 358136 |
| 1145000 | 5.125 | 05/01/2052 | 1111381 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **125** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 IDA Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024A Bonds (NR/BBB+) | Lee County IDA Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024A Bonds (NR/BBB+) | Lee County IDA Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024A Bonds (NR/BBB+) | Lee County IDA Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024A Bonds (NR/BBB+) |
| $3700000 | 5.250% | 11/15/2054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3753990 |
| 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) |
| 2630000 | 5.250 | 10/01/2052 | 2411418 |
| 8800000 | 5.250 | 10/01/2057 | 7952293 |
| Leomas Landing Community Development District City of Lake Wales Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) | Leomas Landing Community Development District City of Lake Wales Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) | Leomas Landing Community Development District City of Lake Wales Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) | Leomas Landing Community Development District City of Lake Wales Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) |
| 465000 | 5.500 | 11/01/2045 | 459542 |
| 460000 | 5.700 | 11/04/2054 | 451515 |
| Liberty Cove Community Development District Nassau County Florida Special Assessment RB Series 2024 Assessment Area One Project (NR/NR) | Liberty Cove Community Development District Nassau County Florida Special Assessment RB Series 2024 Assessment Area One Project (NR/NR) | Liberty Cove Community Development District Nassau County Florida Special Assessment RB Series 2024 Assessment Area One Project (NR/NR) | Liberty Cove Community Development District Nassau County Florida Special Assessment RB Series 2024 Assessment Area One Project (NR/NR) |
| 1825000 | 5.700 | 05/01/2054 | 1777787 |
| 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 | 1439433 |
| 2840000 | 4.600 | 05/01/2051 | 2490564 |
| 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 | 977685 |
| 1775000 | 5.125 | 05/01/2049 | 1754391 |
| Longleaf Community Development District (NR/NR) | Longleaf Community Development District (NR/NR) | Longleaf Community Development District (NR/NR) | Longleaf Community Development District (NR/NR) |
| 854000 | 5.375 | 05/01/2030 | 854389 |
| Longleaf Community Development District Capital Improvement RB Series 2024 (NR/NR) | Longleaf Community Development District Capital Improvement RB Series 2024 (NR/NR) | Longleaf Community Development District Capital Improvement RB Series 2024 (NR/NR) | Longleaf Community Development District Capital Improvement RB Series 2024 (NR/NR) |
| 1270000 | 5.400 <sup>(d)</sup> | 05/01/2044 | 1281887 |
| 1330000 | 5.750 <sup>(d)</sup> | 05/01/2054 | 1345260 |
| Longleaf Community Development District Pasco County Florida Capital Improvement RB Series 2024A (NR/NR) | Longleaf Community Development District Pasco County Florida Capital Improvement RB Series 2024A (NR/NR) | Longleaf Community Development District Pasco County Florida Capital Improvement RB Series 2024A (NR/NR) | Longleaf Community Development District Pasco County Florida Capital Improvement RB Series 2024A (NR/NR) |
| 1060000 | 5.450 | 05/01/2055 | 1008135 |
| 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) |
| 2315000 | 5.400 | 05/01/2030 | 2316044 |
| Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (NR/NR) | Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (NR/NR) | Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (NR/NR) | Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (NR/NR) |
| 800000 | 5.550 | 06/15/2054 | 800062 |
| Lowery Hills Community Development District City of Lake Alfred Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) | Lowery Hills Community Development District City of Lake Alfred Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) | Lowery Hills Community Development District City of Lake Alfred Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) | Lowery Hills Community Development District City of Lake Alfred Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) |
| 1260000 | 5.850 <sup>(d)(g)</sup> | 05/01/2055 | 1241489 |
| 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 | 3177348 |
| LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment RB Series 2024-AA2 (NR/NR) | LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment RB Series 2024-AA2 (NR/NR) | LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment RB Series 2024-AA2 (NR/NR) | LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment RB Series 2024-AA2 (NR/NR) |
| 510000 | 6.000 | 05/01/2054 | 512378 |
| LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment RB Series 2024-AA3 (NR/NR) | LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment RB Series 2024-AA3 (NR/NR) | LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment RB Series 2024-AA3 (NR/NR) | LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment RB Series 2024-AA3 (NR/NR) |
| 1305000 | 6.050 | 05/01/2054 | 1313390 |
| LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment Refunding RB Series 2024-Aa4 (NR/NR) | LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment Refunding RB Series 2024-Aa4 (NR/NR) | LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment Refunding RB Series 2024-Aa4 (NR/NR) | LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment Refunding RB Series 2024-Aa4 (NR/NR) |
| 1305000 | 5.650 | 05/01/2054 | 1276420 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| $875000 | 3.250% | 05/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814342 |
| 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 | 678218 |
| 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 | 824583 |
| 1340000 | 4.750 | 05/01/2050 | 1244752 |
| 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) |
| 1750000 | 4.000 | 06/15/2039 | 1576276 |
| 2905000 | 4.375 | 06/15/2049 | 2554150 |
| Magnolia Island Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) | Magnolia Island Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) | Magnolia Island Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) | Magnolia Island Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) |
| 700000 | 5.550 | 05/01/2045 | 694665 |
| 1000000 | 5.750 | 05/01/2055 | 990740 |
| Malabar Springs Community Development District City of Palm Bay Florida Special Assessment Bonds Series 2024 Assessment Area One (NR/NR) | Malabar Springs Community Development District City of Palm Bay Florida Special Assessment Bonds Series 2024 Assessment Area One (NR/NR) | Malabar Springs Community Development District City of Palm Bay Florida Special Assessment Bonds Series 2024 Assessment Area One (NR/NR) | Malabar Springs Community Development District City of Palm Bay Florida Special Assessment Bonds Series 2024 Assessment Area One (NR/NR) |
| 1300000 | 5.200 | 05/01/2044 | 1258931 |
| 1500000 | 5.500 | 05/01/2054 | 1443876 |
| Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 835000 | 6.625 <sup>(d)</sup> | 05/01/2053 | 963023 |
| Marion Ranch Community Development District Marion County Florida Special Assessment Bonds Series 2024 (NR/NR) | Marion Ranch Community Development District Marion County Florida Special Assessment Bonds Series 2024 (NR/NR) | Marion Ranch Community Development District Marion County Florida Special Assessment Bonds Series 2024 (NR/NR) | Marion Ranch Community Development District Marion County Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 500000 | 5.700 | 05/01/2044 | 501084 |
| 1630000 | 5.950 | 05/01/2054 | 1633703 |
| McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR) | McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR) | McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR) | McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| 2800000 | 5.125 <sup>(d)</sup> | 11/01/2038 | 2844712 |
| 4750000 | 5.250 <sup>(d)</sup> | 11/01/2049 | 4758591 |
| 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) |
| 430000 | 7.250 | 05/01/2035 | 435557 |
| 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 | 408110 |
| Mediterranean Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR) | Mediterranean Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR) | Mediterranean Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR) | Mediterranean Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR) |
| 1000000 | 4.750 | 05/01/2037 | 989863 |
| 1700000 | 5.000 | 05/01/2048 | 1667930 |
| Merrick Square Community Development District Capital Improvement RB Series 2023 (NR/NR) | Merrick Square Community Development District Capital Improvement RB Series 2023 (NR/NR) | Merrick Square Community Development District Capital Improvement RB Series 2023 (NR/NR) | Merrick Square Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| 900000 | 5.625 | 05/01/2053 | 922922 |
| 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) |
| 460000 | 4.750 | 11/01/2027 | 467548 |
| 5300000 | 5.125 | 11/01/2039 | 5367601 |
| 4135000 | 5.250 | 11/01/2049 | 4179400 |
| Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (Ba2/NR) | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (Ba2/NR) | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (Ba2/NR) | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (Ba2/NR) |
| 1585000 | 5.250 <sup>(d)</sup> | 07/01/2052 | 1509288 |
| 2000000 | 5.500 <sup>(d)</sup> | 07/01/2061 | 1943218 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 126 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Seaport Revenue Refunding Bonds, Series 2022A (AMT) (A3/NR) | Miami-Dade County Seaport Revenue Refunding Bonds, Series 2022A (AMT) (A3/NR) | Miami-Dade County Seaport Revenue Refunding Bonds, Series 2022A (AMT) (A3/NR) | Miami-Dade County Seaport Revenue Refunding Bonds, Series 2022A (AMT) (A3/NR) |
| $3035000 | 5.250% | 10/01/2052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3112722 |
| Miami-Dade County Water & Sewer Revenue System Bonds Series 2021 (BAM-TCRS) (Aa3/AA) | Miami-Dade County Water & Sewer Revenue System Bonds Series 2021 (BAM-TCRS) (Aa3/AA) | Miami-Dade County Water & Sewer Revenue System Bonds Series 2021 (BAM-TCRS) (Aa3/AA) | Miami-Dade County Water & Sewer Revenue System Bonds Series 2021 (BAM-TCRS) (Aa3/AA) |
| 1575000 | 4.000 | 10/01/2051 | 1449673 |
| 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 | 3441120 |
| Midtown Miami Community Development District Special Assessment Revenue Refunding Bonds for Parking Garage Project Series 2014A (NR/NR) | Midtown Miami Community Development District Special Assessment Revenue Refunding Bonds for Parking Garage Project Series 2014A (NR/NR) | Midtown Miami Community Development District Special Assessment Revenue Refunding Bonds for Parking Garage Project Series 2014A (NR/NR) | Midtown Miami Community Development District Special Assessment Revenue Refunding Bonds for Parking Garage Project Series 2014A (NR/NR) |
| 3515000 | 5.000 | 05/01/2037 | 3514870 |
| 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) |
| 340000 | 3.250 | 05/01/2032 | 313224 |
| Mirada Community Development District Pasco County Florida Capital Improvement Revenue and Refunding Bonds Series 2024 Assessment Area Three (NR/NR) | Mirada Community Development District Pasco County Florida Capital Improvement Revenue and Refunding Bonds Series 2024 Assessment Area Three (NR/NR) | Mirada Community Development District Pasco County Florida Capital Improvement Revenue and Refunding Bonds Series 2024 Assessment Area Three (NR/NR) | Mirada Community Development District Pasco County Florida Capital Improvement Revenue and Refunding Bonds Series 2024 Assessment Area Three (NR/NR) |
| 1125000 | 5.625 | 05/01/2044 | 1114126 |
| 1500000 | 6.000 | 05/01/2055 | 1503536 |
| 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) |
| 1860000 | 3.500 | 05/01/2041 | 1540500 |
| 2430000 | 4.000 | 05/01/2051 | 2006219 |
| 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) |
| 660000 | 5.600 | 05/01/2042 | 675632 |
| 1035000 | 5.750 | 05/01/2053 | 1057636 |
| 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) |
| 1075000 | 5.000 | 05/01/2028 | 1076771 |
| 1200000 | 5.000 | 05/01/2035 | 1201976 |
| 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 | 740346 |
| 1225000 | 5.625 | 11/01/2045 | 1225468 |
| Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| 1185000 | 5.125 <sup>(d)</sup> | 11/01/2048 | 1182556 |
| 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) |
| 565000 | 3.875 | 05/01/2041 | 482679 |
| 2250000 | 4.125 | 05/01/2052 | 1863409 |
| New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR) | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR) | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR) | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR) |
| 30000 | 3.500 <sup>(d)</sup> | 05/01/2031 | 28391 |
| 85000 | 4.000 <sup>(d)</sup> | 05/01/2038 | 78039 |
| New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) |
| 815000 | 3.500 <sup>(d)</sup> | 05/01/2038 | 707164 |
| New River Community Development District Special Assessment Series 2006 B (NR/NR) | New River Community Development District Special Assessment Series 2006 B (NR/NR) | New River Community Development District Special Assessment Series 2006 B (NR/NR) | New River Community Development District Special Assessment Series 2006 B (NR/NR) |
| 3260000 | 5.000 \* | 05/01/2013 | 33 |
| Normandy Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Normandy Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Normandy Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Normandy Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) |
| 1600000 | 5.300 <sup>(d)</sup> | 05/01/2044 | 1537136 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Normandy Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) – (continued) | Normandy Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) – (continued) | Normandy Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) – (continued) | Normandy Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) – (continued) |
| $2300000 | 5.550 %<sup>(d)</sup> | 05/01/2054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186607 |
| North Ar-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) | North Ar-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) | North Ar-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) | North Ar-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) |
| 800000 | 5.750 | 05/01/2044 | 802292 |
| North AR-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) | North AR-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) | North AR-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) | North AR-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) |
| 2285000 | 6.000 | 05/01/2054 | 2301320 |
| North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Four Series 2024 (NR/NR) | North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Four Series 2024 (NR/NR) | North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Four Series 2024 (NR/NR) | North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Four Series 2024 (NR/NR) |
| 440000 | 5.450 | 05/01/2044 | 438514 |
| 940000 | 5.750 | 05/01/2054 | 933844 |
| North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Three, Series 2023 (NR/NR) | North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Three, Series 2023 (NR/NR) | North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Three, Series 2023 (NR/NR) | North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Three, Series 2023 (NR/NR) |
| 550000 | 5.000 | 05/01/2030 | 554980 |
| 920000 | 5.750 | 05/01/2043 | 936121 |
| 1380000 | 6.000 | 05/01/2054 | 1407651 |
| North Loop Community Development District (City of Punta Gorda, Florida) Special Assessment Bonds, Series 2023 (NR/NR) | North Loop Community Development District (City of Punta Gorda, Florida) Special Assessment Bonds, Series 2023 (NR/NR) | North Loop Community Development District (City of Punta Gorda, Florida) Special Assessment Bonds, Series 2023 (NR/NR) | North Loop Community Development District (City of Punta Gorda, Florida) Special Assessment Bonds, Series 2023 (NR/NR) |
| 1850000 | 6.625 | 05/01/2054 | 1973093 |
| 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 | 975847 |
| 3770000 | 4.000 | 11/01/2051 | 3092980 |
| North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 1255000 | 5.625 <sup>(d)</sup> | 05/01/2052 | 1283166 |
| 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 | 401034 |
| Ocala Preserve Community Development District Capital Improvement RB Series 2023 (NR/NR) | Ocala Preserve Community Development District Capital Improvement RB Series 2023 (NR/NR) | Ocala Preserve Community Development District Capital Improvement RB Series 2023 (NR/NR) | Ocala Preserve Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| 1210000 | 5.700 | 05/01/2043 | 1247295 |
| 1215000 | 5.875 | 05/01/2053 | 1251213 |
| 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 | 306416 |
| Orange Blossom Groves Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Orange Blossom Groves Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Orange Blossom Groves Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Orange Blossom Groves Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 665000 | 5.250 | 06/15/2043 | 677570 |
| 1275000 | 5.375 | 06/15/2053 | 1293438 |
| 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 | 2169223 |
| 3625000 | 5.000 | 05/01/2049 | 3521144 |
| Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2025A (NR/A+) | Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2025A (NR/A+) | Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2025A (NR/A+) | Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2025A (NR/A+) |
| 8520000 | 4.500 | 10/01/2056 | 8165833 |
| 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) |
| 1005000 | 5.000 | 04/01/2026 | 1005839 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **127** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750257 |
| 900000 | 4.000 | 05/01/2050 | 737207 |
| Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| 1675000 | 5.375 <sup>(d)</sup> | 11/01/2038 | 1706908 |
| 3295000 | 5.500 <sup>(d)</sup> | 11/01/2049 | 3333185 |
| Pacific Ace Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) | Pacific Ace Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) | Pacific Ace Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) | Pacific Ace Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) |
| 775000 | 5.500 | 05/01/2055 | 767630 |
| Paddocks Community Development District Capital Improvement RB Series 2024 (NR/NR) | Paddocks Community Development District Capital Improvement RB Series 2024 (NR/NR) | Paddocks Community Development District Capital Improvement RB Series 2024 (NR/NR) | Paddocks Community Development District Capital Improvement RB Series 2024 (NR/NR) |
| 1235000 | 5.450 <sup>(d)</sup> | 05/01/2055 | 1181336 |
| Palermo Community Development District Lee County Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) | Palermo Community Development District Lee County Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) | Palermo Community Development District Lee County Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) | Palermo Community Development District Lee County Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) |
| 645000 | 5.350 | 06/15/2045 | 630993 |
| 900000 | 5.500 | 06/15/2055 | 868455 |
| Palermo Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Palermo Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Palermo Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Palermo Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 1050000 | 5.000 | 06/15/2043 | 1046745 |
| 1375000 | 5.250 | 06/15/2053 | 1377122 |
| Palm Beach County Educational Facilities Authority RB Palm Beach Atlantic University, Inc. Series 2024 (NR/NR) | Palm Beach County Educational Facilities Authority RB Palm Beach Atlantic University, Inc. Series 2024 (NR/NR) | Palm Beach County Educational Facilities Authority RB Palm Beach Atlantic University, Inc. Series 2024 (NR/NR) | Palm Beach County Educational Facilities Authority RB Palm Beach Atlantic University, Inc. Series 2024 (NR/NR) |
| 1800000 | 5.250 | 10/01/2048 | 1803465 |
| 2850000 | 5.250 | 10/01/2053 | 2813873 |
| Palm Beach County Health Facilities Authority Hospital RB for Jupiter Medical Center Project 2022 Series A (NR/BBB-) | Palm Beach County Health Facilities Authority Hospital RB for Jupiter Medical Center Project 2022 Series A (NR/BBB-) | Palm Beach County Health Facilities Authority Hospital RB for Jupiter Medical Center Project 2022 Series A (NR/BBB-) | Palm Beach County Health Facilities Authority Hospital RB for Jupiter Medical Center Project 2022 Series A (NR/BBB-) |
| 1700000 | 5.000 | 11/01/2047 | 1707725 |
| Palm Beach County Health Facilities Authority RB (Lifespace Communities, Inc.), Series 2023C (NR/NR) | Palm Beach County Health Facilities Authority RB (Lifespace Communities, Inc.), Series 2023C (NR/NR) | Palm Beach County Health Facilities Authority RB (Lifespace Communities, Inc.), Series 2023C (NR/NR) | Palm Beach County Health Facilities Authority RB (Lifespace Communities, Inc.), Series 2023C (NR/NR) |
| 1225000 | 7.625 | 05/15/2058 | 1368661 |
| Palm Beach County Health Facilities Authority RB Anticipation Notes for Green Cay Life Plan Village Project Series 2022A (NR/NR) | Palm Beach County Health Facilities Authority RB Anticipation Notes for Green Cay Life Plan Village Project Series 2022A (NR/NR) | Palm Beach County Health Facilities Authority RB Anticipation Notes for Green Cay Life Plan Village Project Series 2022A (NR/NR) | Palm Beach County Health Facilities Authority RB Anticipation Notes for Green Cay Life Plan Village Project Series 2022A (NR/NR) |
| 7075000 | 11.500 <sup>(d)</sup> | 07/01/2027 | 9391869 |
| 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) |
| 4600000 | 4.000 | 05/15/2053 | 3812302 |
| 2175000 | 5.000 | 05/15/2053 | 2070791 |
| 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 | 1544121 |
| 1700000 | 4.250 | 06/01/2056 | 1384504 |
| Palm Coast Park Community Development District Special Assessment Bond for Somerset at Palm Coast Park, Series 2023 (NR/NR) | Palm Coast Park Community Development District Special Assessment Bond for Somerset at Palm Coast Park, Series 2023 (NR/NR) | Palm Coast Park Community Development District Special Assessment Bond for Somerset at Palm Coast Park, Series 2023 (NR/NR) | Palm Coast Park Community Development District Special Assessment Bond for Somerset at Palm Coast Park, Series 2023 (NR/NR) |
| 500000 | 5.400 | 05/01/2043 | 505588 |
| 1000000 | 5.600 | 05/01/2053 | 1011358 |
| 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 | 1011000 |
| Palm Gate Community Development District City of Florida City Florida Special Assessment Bonds Series 2025 (NR/NR) | Palm Gate Community Development District City of Florida City Florida Special Assessment Bonds Series 2025 (NR/NR) | Palm Gate Community Development District City of Florida City Florida Special Assessment Bonds Series 2025 (NR/NR) | Palm Gate Community Development District City of Florida City Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 900000 | 5.300 | 06/15/2045 | 875022 |
| 900000 | 5.550 | 06/15/2055 | 873616 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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) |
| $625000 | 4.000% | 11/01/2038 | $582911 |
| 3290000 | 4.200 | 11/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2918505 |
| 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 | 3077194 |
| 2140000 | 4.000 | 05/01/2036 | 2082562 |
| 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-) |
| 375000 | 4.000 | 05/01/2027 | 374895 |
| 2380000 | 5.000 | 05/01/2039 | 2389745 |
| 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 | 1885569 |
| 5090000 | 5.375 | 05/01/2050 | 5123825 |
| 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 | 655562 |
| 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 | 2076087 |
| Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/A-) | Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/A-) | Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/A-) | Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/A-) |
| 1065000 | 4.500 | 05/01/2034 | 1051095 |
| Parrish Lakes Community Development District Capital Improvement RB for Special Assessment Area Two Series 2023A (NR/NR) | Parrish Lakes Community Development District Capital Improvement RB for Special Assessment Area Two Series 2023A (NR/NR) | Parrish Lakes Community Development District Capital Improvement RB for Special Assessment Area Two Series 2023A (NR/NR) | Parrish Lakes Community Development District Capital Improvement RB for Special Assessment Area Two Series 2023A (NR/NR) |
| 590000 | 5.375 | 05/01/2043 | 591391 |
| 1475000 | 5.625 | 05/01/2053 | 1484551 |
| Parrish Lakes Community Development District Capital Improvement RB Series 2023 (NR/NR) | Parrish Lakes Community Development District Capital Improvement RB Series 2023 (NR/NR) | Parrish Lakes Community Development District Capital Improvement RB Series 2023 (NR/NR) | Parrish Lakes Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| 955000 | 5.125 | 05/01/2043 | 939161 |
| 1055000 | 5.400 | 05/01/2053 | 1042357 |
| Parrish Lakes Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Three (NR/NR) | Parrish Lakes Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Three (NR/NR) | Parrish Lakes Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Three (NR/NR) | Parrish Lakes Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Three (NR/NR) |
| 865000 | 5.500 | 05/01/2044 | 849095 |
| 2035000 | 5.800 | 05/01/2054 | 1991127 |
| Parrish Lakes II Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Parrish Lakes II Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Parrish Lakes II Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Parrish Lakes II Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) |
| 2750000 | 5.125 | 05/01/2044 | 2642026 |
| 5145000 | 5.450 | 05/01/2054 | 4923404 |
| Parrish Plantation Community Development District Manatee County Florida Special Assessment RB Series 2024 Assessment Area Four Project (NR/NR) | Parrish Plantation Community Development District Manatee County Florida Special Assessment RB Series 2024 Assessment Area Four Project (NR/NR) | Parrish Plantation Community Development District Manatee County Florida Special Assessment RB Series 2024 Assessment Area Four Project (NR/NR) | Parrish Plantation Community Development District Manatee County Florida Special Assessment RB Series 2024 Assessment Area Four Project (NR/NR) |
| 375000 | 5.875 | 05/01/2054 | 381271 |
| Parrish Plantation Community Development District Manatee County Florida Special Assessment RB Series 2024 Assessment Area Three Project (NR/NR) | Parrish Plantation Community Development District Manatee County Florida Special Assessment RB Series 2024 Assessment Area Three Project (NR/NR) | Parrish Plantation Community Development District Manatee County Florida Special Assessment RB Series 2024 Assessment Area Three Project (NR/NR) | Parrish Plantation Community Development District Manatee County Florida Special Assessment RB Series 2024 Assessment Area Three Project (NR/NR) |
| 1445000 | 6.050 | 05/01/2054 | 1477671 |
| 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 | 655366 |
| Pasadena Ridge Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Pasadena Ridge Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Pasadena Ridge Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) | Pasadena Ridge Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) |
| 900000 | 5.050 | 05/01/2044 | 875432 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 128 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Pasadena Ridge Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) – (continued) | Pasadena Ridge Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) – (continued) | Pasadena Ridge Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) – (continued) | Pasadena Ridge Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/NR) – (continued) |
| $1275000 | 5.375% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236113 |
| 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-) |
| 3165000 | 4.375 | 05/01/2036 | 3048525 |
| Peace Creek Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) | Peace Creek Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) | Peace Creek Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) | Peace Creek Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) |
| 1190000 | 5.625 | 05/01/2055 | 1159612 |
| Peace Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Peace Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Peace Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Peace Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 1375000 | 5.125 | 06/15/2043 | 1383997 |
| 1900000 | 5.375 | 06/15/2053 | 1914830 |
| Peace Creek Village Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Peace Creek Village Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Peace Creek Village Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Peace Creek Village Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 1325000 | 5.500 | 05/01/2044 | 1330729 |
| 905000 | 5.750 | 05/01/2054 | 904130 |
| Peace Creek Village Community Development District (City Of Winter Haven, Florida) Special Assessment Bonds, Series 2025 (Fl) (NR/NR) | Peace Creek Village Community Development District (City Of Winter Haven, Florida) Special Assessment Bonds, Series 2025 (Fl) (NR/NR) | Peace Creek Village Community Development District (City Of Winter Haven, Florida) Special Assessment Bonds, Series 2025 (Fl) (NR/NR) | Peace Creek Village Community Development District (City Of Winter Haven, Florida) Special Assessment Bonds, Series 2025 (Fl) (NR/NR) |
| 405000 | 4.625 | 05/01/2031 | 405912 |
| Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) | Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) | Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) | Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 1000000 | 5.850 <sup>(d)</sup> | 05/01/2055 | 985309 |
| Peace Crossing Community Development District Special Assessment RB for Assessment Area One Series 2024 (NR/NR) | Peace Crossing Community Development District Special Assessment RB for Assessment Area One Series 2024 (NR/NR) | Peace Crossing Community Development District Special Assessment RB for Assessment Area One Series 2024 (NR/NR) | Peace Crossing Community Development District Special Assessment RB for Assessment Area One Series 2024 (NR/NR) |
| 2600000 | 5.700 | 05/01/2044 | 2512398 |
| 3675000 | 6.000 | 05/01/2054 | 3544477 |
| Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 1000000 | 3.250 <sup>(d)</sup> | 12/15/2041 | 843462 |
| 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) |
| 690000 | 3.750 | 05/01/2037 | 646967 |
| 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) |
| 1100000 | 5.000 | 07/01/2039 | 1096204 |
| Pioneer Ranch Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Pioneer Ranch Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Pioneer Ranch Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Pioneer Ranch Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 900000 | 5.000 | 05/01/2044 | 857580 |
| 1150000 | 5.300 | 05/01/2055 | 1084886 |
| 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 | 471765 |
| 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 | 1673995 |
| 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) |
| 2790000 | 4.750 | 05/01/2033 | 2790484 |
| Preserve at Savannah Lakes Community Development District Special Assessment Bonds Phase 1 Series 2024 (NR/NR) | Preserve at Savannah Lakes Community Development District Special Assessment Bonds Phase 1 Series 2024 (NR/NR) | Preserve at Savannah Lakes Community Development District Special Assessment Bonds Phase 1 Series 2024 (NR/NR) | Preserve at Savannah Lakes Community Development District Special Assessment Bonds Phase 1 Series 2024 (NR/NR) |
| 1000000 | 5.750 | 05/01/2054 | 1003701 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057788 |
| 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 | 231318 |
| 1205000 | 4.000 | 11/01/2050 | 1024570 |
| 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 | 665177 |
| Prosperity Lakes Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One) (NR/NR) | Prosperity Lakes Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One) (NR/NR) | Prosperity Lakes Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One) (NR/NR) | Prosperity Lakes Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One) (NR/NR) |
| 1055000 | 6.125 | 12/15/2053 | 1119360 |
| Ranches At Lake Mcleod Community Development District Polk County Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) | Ranches At Lake Mcleod Community Development District Polk County Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) | Ranches At Lake Mcleod Community Development District Polk County Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) | Ranches At Lake Mcleod Community Development District Polk County Florida Special Assessment Bonds Series 2025 Assessment Area Two (NR/NR) |
| 1000000 | 5.650 | 06/15/2055 | 986338 |
| Ranches at Lake McLeod Community Development District Special Assessment Bonds for Assessment Area One Series 2023 (NR/NR) | Ranches at Lake McLeod Community Development District Special Assessment Bonds for Assessment Area One Series 2023 (NR/NR) | Ranches at Lake McLeod Community Development District Special Assessment Bonds for Assessment Area One Series 2023 (NR/NR) | Ranches at Lake McLeod Community Development District Special Assessment Bonds for Assessment Area One Series 2023 (NR/NR) |
| 730000 | 5.500 | 06/15/2053 | 738321 |
| Regal-Village Community Development District Capital Improvement Revenue Bonds Series 2024 (NR/NR) | Regal-Village Community Development District Capital Improvement Revenue Bonds Series 2024 (NR/NR) | Regal-Village Community Development District Capital Improvement Revenue Bonds Series 2024 (NR/NR) | Regal-Village Community Development District Capital Improvement Revenue Bonds Series 2024 (NR/NR) |
| 700000 | 5.200 | 05/01/2044 | 695086 |
| 575000 | 5.500 | 05/01/2054 | 570316 |
| Reserve At Van Oaks Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Reserve At Van Oaks Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Reserve At Van Oaks Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Reserve At Van Oaks Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 965000 | 5.375 | 05/01/2053 | 975744 |
| Reunion East Community Development District (NR/NR) | Reunion East Community Development District (NR/NR) | Reunion East Community Development District (NR/NR) | Reunion East Community Development District (NR/NR) |
| 2170000 | 7.200 \* | 05/01/2022 | 22 |
| 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 | 451524 |
| 1520000 | 4.625 | 05/01/2050 | 1387641 |
| 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 | 797933 |
| 825000 | 4.750 | 05/01/2050 | 770711 |
| Ridge at Apopka Community Development District Special Assessment Bonds for Parcel Two Project Series 2023 (NR/NR) | Ridge at Apopka Community Development District Special Assessment Bonds for Parcel Two Project Series 2023 (NR/NR) | Ridge at Apopka Community Development District Special Assessment Bonds for Parcel Two Project Series 2023 (NR/NR) | Ridge at Apopka Community Development District Special Assessment Bonds for Parcel Two Project Series 2023 (NR/NR) |
| 590000 | 5.500 | 05/01/2043 | 603174 |
| 700000 | 5.750 | 05/01/2053 | 713830 |
| 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) |
| 2150000 | 5.500 | 05/01/2052 | 2186337 |
| Ridge at Health Brook Community Development District Capital Improvement RB Series 2023 (NR/NR) | Ridge at Health Brook Community Development District Capital Improvement RB Series 2023 (NR/NR) | Ridge at Health Brook Community Development District Capital Improvement RB Series 2023 (NR/NR) | Ridge at Health Brook Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| 300000 | 5.250 | 05/01/2043 | 302780 |
| 540000 | 5.500 | 05/01/2053 | 544394 |
| 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 | 820381 |
| 2390000 | 4.000 | 05/01/2051 | 1943944 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **129** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Hall Community Development District (Lee County, Florida) Capital Improvement RB Series 2024 (Assessment Area 5) (NR/NR) | River Hall Community Development District (Lee County, Florida) Capital Improvement RB Series 2024 (Assessment Area 5) (NR/NR) | River Hall Community Development District (Lee County, Florida) Capital Improvement RB Series 2024 (Assessment Area 5) (NR/NR) | River Hall Community Development District (Lee County, Florida) Capital Improvement RB Series 2024 (Assessment Area 5) (NR/NR) |
| $735000 | 5.350 %<sup>(d)</sup> | 05/01/2044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721326 |
| 850000 | 5.625 <sup>(d)</sup> | 05/01/2055 | 831843 |
| River Hall Community Development District (Lee County, Florida) Capital Improvement RB, Series 2023A (Assessment Area 4) (NR/NR) | River Hall Community Development District (Lee County, Florida) Capital Improvement RB, Series 2023A (Assessment Area 4) (NR/NR) | River Hall Community Development District (Lee County, Florida) Capital Improvement RB, Series 2023A (Assessment Area 4) (NR/NR) | River Hall Community Development District (Lee County, Florida) Capital Improvement RB, Series 2023A (Assessment Area 4) (NR/NR) |
| 1555000 | 6.500 | 05/01/2054 | 1639178 |
| 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 | 868739 |
| River Landing Community Development District Pasco County Florida Capital Improvement RB Series 2025 (NR/NR) | River Landing Community Development District Pasco County Florida Capital Improvement RB Series 2025 (NR/NR) | River Landing Community Development District Pasco County Florida Capital Improvement RB Series 2025 (NR/NR) | River Landing Community Development District Pasco County Florida Capital Improvement RB Series 2025 (NR/NR) |
| 1705000 | 5.450 <sup>(d)</sup> | 05/01/2055 | 1668963 |
| 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 | 952772 |
| 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) |
| 935000 | 3.500 | 05/01/2041 | 767182 |
| Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR) | Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR) | Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR) | Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR) |
| 815000 | 3.500 <sup>(d)</sup> | 05/01/2041 | 664829 |
| 905000 | 4.000 <sup>(d)</sup> | 05/01/2051 | 735001 |
| Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2024 (NR/NR) | Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2024 (NR/NR) | Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2024 (NR/NR) | Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 1350000 | 5.800 | 05/01/2054 | 1358780 |
| Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 1350000 | 6.500 <sup>(d)</sup> | 05/01/2053 | 1408992 |
| Rookery Community Development District City of Green Cove Springs Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Rookery Community Development District City of Green Cove Springs Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Rookery Community Development District City of Green Cove Springs Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Rookery Community Development District City of Green Cove Springs Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) |
| 1375000 | 5.350 | 05/01/2055 | 1312691 |
| 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 | 1976716 |
| Rye Crossing Community Development District Capital Improvement RB Series 2023 (NR/NR) | Rye Crossing Community Development District Capital Improvement RB Series 2023 (NR/NR) | Rye Crossing Community Development District Capital Improvement RB Series 2023 (NR/NR) | Rye Crossing Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| 1075000 | 5.250 | 05/01/2053 | 1066555 |
| Rye Crossing Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Rye Crossing Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Rye Crossing Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Rye Crossing Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) |
| 1000000 | 5.250 | 05/01/2054 | 954616 |
| Rye Ranch Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Pod A 2023 Project Area) (NR/NR) | Rye Ranch Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Pod A 2023 Project Area) (NR/NR) | Rye Ranch Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Pod A 2023 Project Area) (NR/NR) | Rye Ranch Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Pod A 2023 Project Area) (NR/NR) |
| 1745000 | 6.625 | 05/01/2054 | 1854744 |
| Rye Ranch Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | Rye Ranch Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | Rye Ranch Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | Rye Ranch Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) |
| 710000 | 6.000 <sup>(d)</sup> | 11/01/2053 | 727150 |
| 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 | 294845 |
| 780000 | 4.000 | 06/15/2050 | 645754 |
| 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 | 1068229 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Saltleaf Community Development District Lee County Florida Capital Improvement RB Series 2024 (NR/NR) | Saltleaf Community Development District Lee County Florida Capital Improvement RB Series 2024 (NR/NR) | Saltleaf Community Development District Lee County Florida Capital Improvement RB Series 2024 (NR/NR) | Saltleaf Community Development District Lee County Florida Capital Improvement RB Series 2024 (NR/NR) |
| $1500000 | 5.625% | 05/01/2044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488944 |
| 2700000 | 6.000 | 05/01/2056 | 2715763 |
| 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) |
| 1020000 | 5.500 | 05/01/2053 | 1030298 |
| San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR) | San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR) | San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR) | San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 1410000 | 4.125 <sup>(d)</sup> | 06/15/2039 | 1279775 |
| 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 | 679426 |
| Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) |
| 980000 | 3.625 <sup>(d)</sup> | 05/01/2040 | 901170 |
| 950000 | 3.750 <sup>(d)</sup> | 05/01/2050 | 797646 |
| Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) |
| 4350000 | 4.000 | 07/01/2048 | 3868636 |
| Savanna Lakes Community Development District Lee County Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Savanna Lakes Community Development District Lee County Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Savanna Lakes Community Development District Lee County Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Savanna Lakes Community Development District Lee County Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) |
| 700000 | 5.500 | 06/15/2054 | 690162 |
| Savanna Lakes Community Development District Special Assessment Area One Bonds, Series 2023 (NR/NR) | Savanna Lakes Community Development District Special Assessment Area One Bonds, Series 2023 (NR/NR) | Savanna Lakes Community Development District Special Assessment Area One Bonds, Series 2023 (NR/NR) | Savanna Lakes Community Development District Special Assessment Area One Bonds, Series 2023 (NR/NR) |
| 1065000 | 5.375 <sup>(d)</sup> | 06/15/2053 | 1074019 |
| Sawgrass Village Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area Two) (NR/NR) | Sawgrass Village Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area Two) (NR/NR) | Sawgrass Village Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area Two) (NR/NR) | Sawgrass Village Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area Two) (NR/NR) |
| 1365000 | 6.375 | 11/01/2053 | 1422991 |
| Sawgrass Village Community Development District Manatee County Florida Special Assessment Bonds Series 2024 Assessment Area Three (NR/NR) | Sawgrass Village Community Development District Manatee County Florida Special Assessment Bonds Series 2024 Assessment Area Three (NR/NR) | Sawgrass Village Community Development District Manatee County Florida Special Assessment Bonds Series 2024 Assessment Area Three (NR/NR) | Sawgrass Village Community Development District Manatee County Florida Special Assessment Bonds Series 2024 Assessment Area Three (NR/NR) |
| 1380000 | 5.875 <sup>(d)</sup> | 05/01/2054 | 1380741 |
| Sawgrass Village Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Sawgrass Village Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Sawgrass Village Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Sawgrass Village Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 2300000 | 5.750 | 05/01/2053 | 2320010 |
| 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 | 550797 |
| 1835000 | 4.000 | 05/01/2051 | 1494751 |
| Scenic Terrace North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Scenic Terrace North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Scenic Terrace North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Scenic Terrace North Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 1385000 | 5.875 | 05/01/2043 | 1411400 |
| 1555000 | 6.125 | 05/01/2054 | 1595575 |
| Scenic Terrace South Community Development District (Town of Lake Hamilton, Florida) Special Assessment Bonds, Series 2023 (Series 2023 Project) (NR/NR) | Scenic Terrace South Community Development District (Town of Lake Hamilton, Florida) Special Assessment Bonds, Series 2023 (Series 2023 Project) (NR/NR) | Scenic Terrace South Community Development District (Town of Lake Hamilton, Florida) Special Assessment Bonds, Series 2023 (Series 2023 Project) (NR/NR) | Scenic Terrace South Community Development District (Town of Lake Hamilton, Florida) Special Assessment Bonds, Series 2023 (Series 2023 Project) (NR/NR) |
| 900000 | 6.750 | 11/01/2053 | 953976 |
| 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) |
| 1245000 | 4.500 | 05/01/2042 | 1149045 |
| 2810000 | 4.625 | 05/01/2053 | 2517869 |
| Seagrove Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) | Seagrove Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) | Seagrove Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) | Seagrove Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 1250000 | 5.200 | 06/15/2054 | 1204898 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 130 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Seaton Creek Reserve Community Development District Special Assessment Bonds for Assessment Area One Bonds Series 2023 (NR/NR) | Seaton Creek Reserve Community Development District Special Assessment Bonds for Assessment Area One Bonds Series 2023 (NR/NR) | Seaton Creek Reserve Community Development District Special Assessment Bonds for Assessment Area One Bonds Series 2023 (NR/NR) | Seaton Creek Reserve Community Development District Special Assessment Bonds for Assessment Area One Bonds Series 2023 (NR/NR) |
| $980000 | 5.500 %<sup>(d)</sup> | 06/15/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993120 |
| Sebastian Isles Community Development District City of Florida City Florida Capital Improvement RB Series 2024 (NR/NR) | Sebastian Isles Community Development District City of Florida City Florida Capital Improvement RB Series 2024 (NR/NR) | Sebastian Isles Community Development District City of Florida City Florida Capital Improvement RB Series 2024 (NR/NR) | Sebastian Isles Community Development District City of Florida City Florida Capital Improvement RB Series 2024 (NR/NR) |
| 900000 | 5.300 | 05/01/2054 | 870632 |
| Sedona Point Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Sedona Point Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Sedona Point Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Sedona Point Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 1185000 | 5.000 | 06/15/2053 | 1162874 |
| Seminole County Industrial Development Authority RB for The Galileo School Foundation, Inc. Series 2021 A (Ba1/NR) | Seminole County Industrial Development Authority RB for The Galileo School Foundation, Inc. Series 2021 A (Ba1/NR) | Seminole County Industrial Development Authority RB for The Galileo School Foundation, Inc. Series 2021 A (Ba1/NR) | Seminole County Industrial Development Authority RB for The Galileo School Foundation, Inc. Series 2021 A (Ba1/NR) |
| 315000 | 4.000 <sup>(d)</sup> | 06/15/2036 | 294305 |
| 425000 | 4.000 <sup>(d)</sup> | 06/15/2041 | 372271 |
| 2270000 | 4.000 <sup>(d)</sup> | 06/15/2051 | 1844724 |
| 1105000 | 4.000 <sup>(d)</sup> | 06/15/2056 | 874846 |
| 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 | 915908 |
| Seminole Palms Community Development District City of Palm Coast Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Seminole Palms Community Development District City of Palm Coast Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Seminole Palms Community Development District City of Palm Coast Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Seminole Palms Community Development District City of Palm Coast Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) |
| 1750000 | 5.500 <sup>(d)</sup> | 05/01/2055 | 1683985 |
| Seminole Palms Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Seminole Palms Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Seminole Palms Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Seminole Palms Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 875000 | 5.700 | 05/01/2053 | 888315 |
| Shadowlawn Community Development District Special Assessment Revenue Bonds Series 2024 (NR/NR) | Shadowlawn Community Development District Special Assessment Revenue Bonds Series 2024 (NR/NR) | Shadowlawn Community Development District Special Assessment Revenue Bonds Series 2024 (NR/NR) | Shadowlawn Community Development District Special Assessment Revenue Bonds Series 2024 (NR/NR) |
| 2600000 | 5.500 | 05/01/2044 | 2576131 |
| 3300000 | 5.850 | 05/01/2054 | 3265026 |
| Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 2200000 | 5.250 <sup>(d)</sup> | 11/01/2039 | 2227206 |
| 2815000 | 5.375 <sup>(d)</sup> | 11/01/2049 | 2833442 |
| Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| 3800000 | 5.250 <sup>(d)</sup> | 11/01/2049 | 3808944 |
| Sherwood Manor Community Development District Special Assessment RB Series 2023 (NR/NR) | Sherwood Manor Community Development District Special Assessment RB Series 2023 (NR/NR) | Sherwood Manor Community Development District Special Assessment RB Series 2023 (NR/NR) | Sherwood Manor Community Development District Special Assessment RB Series 2023 (NR/NR) |
| 825000 | 5.500 | 05/01/2043 | 842328 |
| 1435000 | 5.625 | 05/01/2053 | 1459253 |
| 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 | 3901477 |
| Silver Oaks Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Silver Oaks Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Silver Oaks Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Silver Oaks Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 1600000 | 5.850 | 05/01/2054 | 1607014 |
| Silverlake Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Silverlake Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Silverlake Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Silverlake Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 885000 | 5.500 | 05/01/2053 | 900325 |
| 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) |
| 790000 | 4.000 | 05/01/2052 | 643114 |
| Six Mile Creek Community Development District Capital Improvement RB Series 2023 (NR/NR) | Six Mile Creek Community Development District Capital Improvement RB Series 2023 (NR/NR) | Six Mile Creek Community Development District Capital Improvement RB Series 2023 (NR/NR) | Six Mile Creek Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| 1375000 | 5.700 | 05/01/2054 | 1400178 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085914 |
| 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) |
| 300000 | 4.125 | 11/01/2040 | 283072 |
| 940000 | 4.250 | 11/01/2050 | 836507 |
| Six Mile Creek Community Development District St. Johns County Florida Capital Improvement RB Series 2024 (NR/NR) | Six Mile Creek Community Development District St. Johns County Florida Capital Improvement RB Series 2024 (NR/NR) | Six Mile Creek Community Development District St. Johns County Florida Capital Improvement RB Series 2024 (NR/NR) | Six Mile Creek Community Development District St. Johns County Florida Capital Improvement RB Series 2024 (NR/NR) |
| 1090000 | 5.375 | 05/01/2055 | 1039987 |
| Solaeris Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) | Solaeris Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) | Solaeris Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) | Solaeris Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 1650000 | 6.000 | 05/01/2044 | 1670375 |
| 2525000 | 6.250 | 05/01/2055 | 2547182 |
| Somerset Bay Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Somerset Bay Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Somerset Bay Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Somerset Bay Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) |
| 1305000 | 5.900 <sup>(d)</sup> | 05/01/2054 | 1293017 |
| Sorrento Pines Community Development District Special Assessment Bonds for Assessment Area One Series 2023 (NR/NR) | Sorrento Pines Community Development District Special Assessment Bonds for Assessment Area One Series 2023 (NR/NR) | Sorrento Pines Community Development District Special Assessment Bonds for Assessment Area One Series 2023 (NR/NR) | Sorrento Pines Community Development District Special Assessment Bonds for Assessment Area One Series 2023 (NR/NR) |
| 525000 | 5.500 | 05/01/2053 | 534091 |
| South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR) | South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR) | South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR) | South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR) |
| 2100000 | 5.125 <sup>(d)</sup> | 11/01/2039 | 2116178 |
| 3480000 | 5.250 <sup>(d)</sup> | 11/01/2049 | 3485269 |
| 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 | 1317279 |
| 2505000 | 5.375 | 05/01/2049 | 2515818 |
| 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 | 298806 |
| 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 | 728425 |
| 480000 | 3.625 | 05/01/2035 | 440029 |
| 1690000 | 3.750 | 05/01/2038 | 1547132 |
| 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) |
| 465000 | 4.875 | 05/01/2035 | 466054 |
| 95000 | 5.000 | 05/01/2038 | 95192 |
| 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 | 2011188 |
| 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 | 335550 |
| 600000 | 4.000 | 05/01/2043 | 520829 |
| 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) |
| 410000 | 4.300 | 05/01/2040 | 394209 |
| 170000 | 4.500 | 05/01/2046 | 159242 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **131** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR) | Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR) | Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR) | Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR) |
| $2875000 | 5.800% | 05/01/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664305 |
| Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR) | Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR) | Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR) | Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR) |
| 2505000 | 5.800 \* | 05/01/2035 | 1603325 |
| Southshore Bay Community Development District Hillsborough County Florida Capital Improvement Revenue Bonds Series 2024 Assessment Area Two (NR/NR) | Southshore Bay Community Development District Hillsborough County Florida Capital Improvement Revenue Bonds Series 2024 Assessment Area Two (NR/NR) | Southshore Bay Community Development District Hillsborough County Florida Capital Improvement Revenue Bonds Series 2024 Assessment Area Two (NR/NR) | Southshore Bay Community Development District Hillsborough County Florida Capital Improvement Revenue Bonds Series 2024 Assessment Area Two (NR/NR) |
| 830000 | 5.625 | 05/01/2054 | 813492 |
| 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 | 427352 |
| 1000000 | 5.000 | 05/01/2039 | 1005857 |
| 1750000 | 5.250 | 05/01/2049 | 1753111 |
| Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR) | Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR) | Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR) | Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR) |
| 1245000 | 5.125 <sup>(d)</sup> | 11/01/2037 | 1254281 |
| 1785000 | 5.250 <sup>(d)</sup> | 11/01/2047 | 1787874 |
| 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) |
| 910000 | 4.800 | 05/01/2035 | 906786 |
| Springs at Lake Alfred Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Springs at Lake Alfred Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Springs at Lake Alfred Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Springs at Lake Alfred Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 450000 | 5.250 | 05/01/2044 | 445257 |
| 900000 | 5.600 | 05/01/2054 | 891476 |
| 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 | 590326 |
| 475000 | 4.000 | 12/15/2046 | 376856 |
| 2350000 | 4.000 | 12/15/2050 | 1778427 |
| 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 | 6191129 |
| Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR) | Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR) | Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR) | Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR) |
| 418112 | 5.500 \* | 11/01/2010 | 192332 |
| 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) |
| 2130000 | 5.000 | 05/01/2034 | 2130969 |
| Stonegate Preserve Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Stonegate Preserve Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Stonegate Preserve Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Stonegate Preserve Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 1000000 | 5.875 | 12/15/2043 | 1054144 |
| 1200000 | 6.125 | 12/15/2053 | 1273206 |
| 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-) |
| 1250000 | 4.300 | 05/01/2052 | 1155683 |
| 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) |
| 670000 | 6.375 | 11/01/2052 | 719203 |
| 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 | 1099612 |
| 1100000 | 4.625 | 06/15/2049 | 1064483 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| $555000 | 5.500% | 06/15/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575132 |
| 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 | 1835929 |
| 3495000 | 5.500 | 11/01/2044 | 3606574 |
| Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR) | Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR) | Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR) | Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR) |
| 2875000 | 3.750 <sup>(d)</sup> | 12/15/2050 | 2404699 |
| 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 | 382019 |
| 860000 | 4.125 | 12/15/2049 | 733865 |
| 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 | 577592 |
| 925000 | 5.375 | 06/15/2052 | 932205 |
| Storey Creek Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 990000 | 5.500 | 06/15/2054 | 1009420 |
| 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 | 801225 |
| Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR) | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR) | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR) | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR) |
| 325000 | 3.300 <sup>(d)</sup> | 06/15/2041 | 281588 |
| 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 | 993780 |
| Stuart Crossing Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Stuart Crossing Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Stuart Crossing Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Stuart Crossing Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 900000 | 5.500 <sup>(d)</sup> | 05/01/2054 | 879975 |
| 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) |
| 1600000 | 4.000 | 05/01/2052 | 1296599 |
| 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) |
| 870000 | 3.750 | 05/01/2040 | 745938 |
| 1150000 | 4.000 | 05/01/2050 | 943367 |
| 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) |
| 405000 | 3.400 | 05/01/2041 | 338120 |
| 275000 | 4.000 | 05/01/2051 | 225686 |
| 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 | 641894 |
| 875000 | 4.000 | 05/01/2051 | 760552 |
| 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 | 1004351 |
| 1800000 | 5.350 | 05/01/2052 | 1807198 |
| 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 | 1572531 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 132 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| $1615000 | 4.000% | 05/01/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473938 |
| 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) |
| 405000 | 3.750 | 05/01/2026 | 403630 |
| 1550000 | 4.000 | 05/01/2033 | 1504307 |
| 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 | 579018 |
| 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 | 1110405 |
| 1715000 | 5.000 | 05/01/2046 | 1688946 |
| 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) |
| 4400000 | 4.000 | 06/15/2042 | 3871334 |
| Terreno Community Development District Collier County, Florida Special Assessment Bonds Series 2025 (NR/NR) | Terreno Community Development District Collier County, Florida Special Assessment Bonds Series 2025 (NR/NR) | Terreno Community Development District Collier County, Florida Special Assessment Bonds Series 2025 (NR/NR) | Terreno Community Development District Collier County, Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 840000 | 5.400 | 05/01/2045 | 841038 |
| 900000 | 5.650 | 05/01/2055 | 900285 |
| Terreno Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Terreno Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Terreno Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Terreno Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 900000 | 5.250 | 05/01/2053 | 894231 |
| 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 | 1649722 |
| 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 | 894296 |
| 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+) |
| 685000 | 3.375 | 05/01/2032 | 645022 |
| 1345000 | 3.600 | 05/01/2037 | 1245325 |
| 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 | 1677622 |
| Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR) | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR) | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR) | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR) |
| 375000 | 5.625 <sup>(d)</sup> | 05/01/2040 | 382697 |
| 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 | 302759 |
| 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) |
| 1155000 | 4.250 | 05/01/2037 | 1122871 |
| Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR) | Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR) | Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR) | Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR) |
| 8310000 | 4.400 <sup>(d)</sup> | 05/01/2040 | 7957555 |
| 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) |
| 145000 | 5.750 | 11/01/2027 | 148790 |
| 1955000 | 6.250 | 11/01/2044 | 2024593 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2717920 |
| 5390000 | 5.500 | 11/01/2049 | 5486202 |
| Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| 1560000 | 4.625 <sup>(d)</sup> | 06/15/2038 | 1518088 |
| 2440000 | 4.750 <sup>(d)</sup> | 06/15/2048 | 2288883 |
| 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 | 481901 |
| 1145000 | 4.125 | 12/15/2049 | 961613 |
| 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 | 990520 |
| Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR) | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR) | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR) | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR) |
| 525000 | 3.625 <sup>(d)</sup> | 05/01/2040 | 459929 |
| 1000000 | 4.000 <sup>(d)</sup> | 05/01/2051 | 856052 |
| Towns at Woodsdale Community Development District (Pasco County, Florida) Capital Improvement RB, Series 2023 (NR/NR) | Towns at Woodsdale Community Development District (Pasco County, Florida) Capital Improvement RB, Series 2023 (NR/NR) | Towns at Woodsdale Community Development District (Pasco County, Florida) Capital Improvement RB, Series 2023 (NR/NR) | Towns at Woodsdale Community Development District (Pasco County, Florida) Capital Improvement RB, Series 2023 (NR/NR) |
| 1220000 | 6.375 <sup>(d)</sup> | 11/01/2053 | 1278566 |
| Tradition Community Development District No. 9 Port St. Lucie, Florida Special Assessment Bonds Series 2025 (NR/NR) | Tradition Community Development District No. 9 Port St. Lucie, Florida Special Assessment Bonds Series 2025 (NR/NR) | Tradition Community Development District No. 9 Port St. Lucie, Florida Special Assessment Bonds Series 2025 (NR/NR) | Tradition Community Development District No. 9 Port St. Lucie, Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 1000000 | 5.650 <sup>(g)</sup> | 05/01/2056 | 984822 |
| 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 | 1302720 |
| 1300000 | 4.000 | 05/01/2052 | 1047131 |
| Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR) | Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR) | Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR) | Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR) |
| 975000 | 5.375 <sup>(d)</sup> | 11/01/2049 | 989672 |
| Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR) | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR) | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR) | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR) |
| 875000 | 3.750 <sup>(d)</sup> | 05/01/2040 | 784300 |
| 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 | 574855 |
| 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) |
| 590000 | 5.250 | 11/01/2027 | 599071 |
| 2735000 | 6.125 | 11/01/2046 | 2833948 |
| Triple Creek Community Development District Special Assessment Series 2018 A (NR/NR) | Triple Creek Community Development District Special Assessment Series 2018 A (NR/NR) | Triple Creek Community Development District Special Assessment Series 2018 A (NR/NR) | Triple Creek Community Development District Special Assessment Series 2018 A (NR/NR) |
| 785000 | 4.700 <sup>(d)</sup> | 11/01/2029 | 795242 |
| 1525000 | 5.125 <sup>(d)</sup> | 11/01/2038 | 1546208 |
| 2165000 | 5.375 <sup>(d)</sup> | 11/01/2048 | 2184607 |
| 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 | 971324 |
| 1990000 | 4.750 | 05/01/2050 | 1843332 |
| TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR) | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR) | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR) | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR) |
| 4625000 | 4.750 <sup>(d)</sup> | 11/01/2048 | 4320100 |
| 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 | 1206091 |
| 1850000 | 5.125 | 11/01/2049 | 1827936 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **133** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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) |
| $710000 | 4.000% | 11/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708900 |
| 3160000 | 4.625 | 11/01/2037 | 3089740 |
| 2790000 | 4.750 | 11/01/2047 | 2616903 |
| 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 | 2459722 |
| 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 | 1139696 |
| 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 | 3961206 |
| 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 | 2211717 |
| Twisted Oaks Pointe Community Development District City of Wildwood Florida Special Assessment Bonds Series 2024 Assessment Area Three Project (NR/NR) | Twisted Oaks Pointe Community Development District City of Wildwood Florida Special Assessment Bonds Series 2024 Assessment Area Three Project (NR/NR) | Twisted Oaks Pointe Community Development District City of Wildwood Florida Special Assessment Bonds Series 2024 Assessment Area Three Project (NR/NR) | Twisted Oaks Pointe Community Development District City of Wildwood Florida Special Assessment Bonds Series 2024 Assessment Area Three Project (NR/NR) |
| 1250000 | 6.000 | 05/01/2055 | 1256426 |
| Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area One Project (NR/NR) | Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area One Project (NR/NR) | Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area One Project (NR/NR) | Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area One Project (NR/NR) |
| 575000 | 5.375 | 05/01/2043 | 577854 |
| Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area Two Project (NR/NR) | Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area Two Project (NR/NR) | Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area Two Project (NR/NR) | Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area Two Project (NR/NR) |
| 675000 | 5.875 | 05/01/2043 | 691393 |
| 650000 | 6.125 | 05/01/2054 | 667807 |
| Twisted Oaks Pointe Community Development District Special Assessment Bonds for Assessment Area One Series 2023 (NR/NR) | Twisted Oaks Pointe Community Development District Special Assessment Bonds for Assessment Area One Series 2023 (NR/NR) | Twisted Oaks Pointe Community Development District Special Assessment Bonds for Assessment Area One Series 2023 (NR/NR) | Twisted Oaks Pointe Community Development District Special Assessment Bonds for Assessment Area One Series 2023 (NR/NR) |
| 750000 | 5.625 | 05/01/2053 | 755829 |
| 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) |
| 1695000 | 3.500 | 05/01/2032 | 1626036 |
| 2535000 | 3.625 | 05/01/2037 | 2344032 |
| 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 | 611542 |
| Two Lakes Community Development District Special Assessment Bonds Series 2024 (Tax-Exempt) (NR/BBB) | Two Lakes Community Development District Special Assessment Bonds Series 2024 (Tax-Exempt) (NR/BBB) | Two Lakes Community Development District Special Assessment Bonds Series 2024 (Tax-Exempt) (NR/BBB) | Two Lakes Community Development District Special Assessment Bonds Series 2024 (Tax-Exempt) (NR/BBB) |
| 1000000 | 5.000 | 05/01/2044 | 1014693 |
| 1545000 | 5.000 | 05/01/2055 | 1545077 |
| 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 | 2005705 |
| Two Lakes Community Development District Special Assessment Series 2017 (NR/NR) | Two Lakes Community Development District Special Assessment Series 2017 (NR/NR) | Two Lakes Community Development District Special Assessment Series 2017 (NR/NR) | Two Lakes Community Development District Special Assessment Series 2017 (NR/NR) |
| 1000000 | 5.000 <sup>(d)</sup> | 12/15/2032 | 1027735 |
| 1705000 | 5.000 <sup>(d)</sup> | 12/15/2037 | 1728204 |
| 5330000 | 5.000 <sup>(d)</sup> | 12/15/2047 | 5242201 |
| Two Rivers East Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Two Rivers East Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Two Rivers East Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Two Rivers East Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 3190000 | 5.875 | 05/01/2053 | 3235103 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844405 |
| Two Rivers Two Rivers West Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Two Rivers Two Rivers West Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Two Rivers Two Rivers West Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Two Rivers Two Rivers West Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 2000000 | 6.125 | 11/01/2053 | 2066506 |
| Two Rivers West Community Development District Pasco County Florida Special Assessment Bonds Series 2024 Series 2024 Project (NR/NR) | Two Rivers West Community Development District Pasco County Florida Special Assessment Bonds Series 2024 Series 2024 Project (NR/NR) | Two Rivers West Community Development District Pasco County Florida Special Assessment Bonds Series 2024 Series 2024 Project (NR/NR) | Two Rivers West Community Development District Pasco County Florida Special Assessment Bonds Series 2024 Series 2024 Project (NR/NR) |
| 1375000 | 5.875 | 05/01/2054 | 1396040 |
| 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 | 1660221 |
| 2545000 | 6.250 | 05/01/2053 | 2647236 |
| Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017 A-1 (NR/NR) | Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017 A-1 (NR/NR) | Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017 A-1 (NR/NR) | Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017 A-1 (NR/NR) |
| 2410000 | 5.500 <sup>(d)</sup> | 11/01/2047 | 2438684 |
| 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 | 2387291 |
| Varrea South Community Development District Capital Improvement RB Series 2023 (NR/NR) | Varrea South Community Development District Capital Improvement RB Series 2023 (NR/NR) | Varrea South Community Development District Capital Improvement RB Series 2023 (NR/NR) | Varrea South Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| 1375000 | 5.400 | 05/01/2053 | 1393459 |
| V-Dana Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) | V-Dana Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) | V-Dana Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) | V-Dana Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 900000 | 5.375 | 05/01/2045 | 890335 |
| 1250000 | 5.550 | 05/01/2055 | 1232816 |
| V-Dana Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area Two – 2023 Project Area (NR/NR) | V-Dana Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area Two – 2023 Project Area (NR/NR) | V-Dana Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area Two – 2023 Project Area (NR/NR) | V-Dana Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area Two – 2023 Project Area (NR/NR) |
| 1000000 | 5.250 | 05/01/2043 | 1006632 |
| V-Dana Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) | V-Dana Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) | V-Dana Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) | V-Dana Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) |
| 2115000 | 5.500 | 05/01/2054 | 2127712 |
| V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) |
| 1400000 | 4.000 <sup>(d)</sup> | 05/01/2051 | 1148949 |
| 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) |
| 200000 | 6.000 | 11/01/2027 | 206140 |
| 2050000 | 6.500 | 11/01/2043 | 2173175 |
| Ventana Community Development District Special Assessment RB Series 2018 (NR/NR) | Ventana Community Development District Special Assessment RB Series 2018 (NR/NR) | Ventana Community Development District Special Assessment RB Series 2018 (NR/NR) | Ventana Community Development District Special Assessment RB Series 2018 (NR/NR) |
| 4655000 | 5.125 <sup>(d)</sup> | 05/01/2049 | 4594664 |
| 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) |
| 645000 | 5.000 | 11/01/2039 | 648537 |
| 1100000 | 5.125 | 11/01/2049 | 1086881 |
| 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) |
| 955000 | 5.000 | 11/01/2039 | 960237 |
| 1555000 | 5.125 | 11/01/2049 | 1536454 |
| Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR) | Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR) | Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR) | Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR) |
| 245000 | 3.600 <sup>(d)</sup> | 05/01/2041 | 203919 |
| Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) |
| 505000 | 3.600 <sup>(d)</sup> | 05/01/2041 | 420323 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 134 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) – (continued) | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) – (continued) | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) – (continued) | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) – (continued) |
| $815000 | 4.000 %<sup>(d)</sup> | 05/01/2051 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662893 |
| Veranda Community Development District Special Assessment Area Five Phase 2 Veranda Estates Project RB Refunding Series 2024 (NR/NR) | Veranda Community Development District Special Assessment Area Five Phase 2 Veranda Estates Project RB Refunding Series 2024 (NR/NR) | Veranda Community Development District Special Assessment Area Five Phase 2 Veranda Estates Project RB Refunding Series 2024 (NR/NR) | Veranda Community Development District Special Assessment Area Five Phase 2 Veranda Estates Project RB Refunding Series 2024 (NR/NR) |
| 1025000 | 5.375 | 05/01/2044 | 1032763 |
| 475000 | 5.625 | 05/01/2054 | 476266 |
| Veranda Community Development District Special Assessment Area Five Phase 3 Preserve East Project RB Refunding Series 2024 (NR/NR) | Veranda Community Development District Special Assessment Area Five Phase 3 Preserve East Project RB Refunding Series 2024 (NR/NR) | Veranda Community Development District Special Assessment Area Five Phase 3 Preserve East Project RB Refunding Series 2024 (NR/NR) | Veranda Community Development District Special Assessment Area Five Phase 3 Preserve East Project RB Refunding Series 2024 (NR/NR) |
| 1600000 | 5.125 | 05/01/2044 | 1607621 |
| 3250000 | 5.375 | 05/01/2054 | 3249154 |
| Veranda Landing Community Development District Special Assessment Bonds, Series 2023 (NR/NR) | Veranda Landing Community Development District Special Assessment Bonds, Series 2023 (NR/NR) | Veranda Landing Community Development District Special Assessment Bonds, Series 2023 (NR/NR) | Veranda Landing Community Development District Special Assessment Bonds, Series 2023 (NR/NR) |
| 900000 | 5.500 | 06/15/2053 | 912647 |
| 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 | 4220358 |
| 1700000 | 4.125 | 05/01/2034 | 1614909 |
| 1000000 | 4.250 | 05/01/2037 | 923012 |
| Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB+) | Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB+) | Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB+) | Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB+) |
| 1980000 | 4.000 <sup>(d)</sup> | 05/01/2031 | 1957488 |
| 2940000 | 4.000 <sup>(d)</sup> | 05/01/2037 | 2783831 |
| 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 | 748109 |
| 990000 | 5.250 | 11/01/2046 | 994136 |
| Verano #2 Community Development District City of Port St. Lucie Florida Special Assessment Bonds Series 2024 (NR/NR) | Verano #2 Community Development District City of Port St. Lucie Florida Special Assessment Bonds Series 2024 (NR/NR) | Verano #2 Community Development District City of Port St. Lucie Florida Special Assessment Bonds Series 2024 (NR/NR) | Verano #2 Community Development District City of Port St. Lucie Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 875000 | 5.500 | 05/01/2044 | 875677 |
| 1910000 | 5.800 | 05/01/2054 | 1911700 |
| Verano #2 Community Development District Special Assessment Bonds for Assessment Area – Pod D7 Project Area Series 2024 (NR/NR) | Verano #2 Community Development District Special Assessment Bonds for Assessment Area – Pod D7 Project Area Series 2024 (NR/NR) | Verano #2 Community Development District Special Assessment Bonds for Assessment Area – Pod D7 Project Area Series 2024 (NR/NR) | Verano #2 Community Development District Special Assessment Bonds for Assessment Area – Pod D7 Project Area Series 2024 (NR/NR) |
| 575000 | 5.350 | 05/01/2044 | 564303 |
| 735000 | 5.625 | 05/01/2055 | 719299 |
| 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 | 1057051 |
| Verano Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Verano Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Verano Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Verano Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 500000 | 5.375 | 05/01/2043 | 509060 |
| 800000 | 5.625 | 05/01/2053 | 817203 |
| 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 | 236429 |
| 1700000 | 4.000 | 05/01/2050 | 1402745 |
| 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 | 330109 |
| 2015000 | 4.000 | 05/01/2050 | 1660227 |
| 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 | 236429 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR) – (continued) | Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR) – (continued) | Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR) – (continued) | Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR) – (continued) |
| $1740000 | 4.000% | 05/01/2050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433645 |
| Vida's Way Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/NR) | Vida's Way Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/NR) | Vida's Way Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/NR) | Vida's Way Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/NR) |
| 1080000 | 4.875 | 05/01/2044 | 1021751 |
| 1750000 | 5.200 | 05/01/2054 | 1643688 |
| Viera Stewardship District Special Assessment RB Series 2023 (NR/NR) | Viera Stewardship District Special Assessment RB Series 2023 (NR/NR) | Viera Stewardship District Special Assessment RB Series 2023 (NR/NR) | Viera Stewardship District Special Assessment RB Series 2023 (NR/NR) |
| 1000000 | 5.300 | 05/01/2043 | 1012542 |
| 2750000 | 5.500 | 05/01/2054 | 2779083 |
| 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) |
| 870000 | 3.750 | 05/01/2037 | 779438 |
| 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) |
| 9470000 | 3.700 | 05/01/2050 | 7740414 |
| Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) |
| 4085000 | 3.250 <sup>(d)</sup> | 05/01/2040 | 3454762 |
| 9070000 | 3.500 <sup>(d)</sup> | 05/01/2051 | 7084889 |
| Village Community Development District No. 15 Special Assessment Rb Series 2023 (NR/NR) | Village Community Development District No. 15 Special Assessment Rb Series 2023 (NR/NR) | Village Community Development District No. 15 Special Assessment Rb Series 2023 (NR/NR) | Village Community Development District No. 15 Special Assessment Rb Series 2023 (NR/NR) |
| 4600000 | 5.250 <sup>(d)</sup> | 05/01/2054 | 4694170 |
| Village Community Development District No. 15 Special Assessment RB Series 2023 (NR/NR) | Village Community Development District No. 15 Special Assessment RB Series 2023 (NR/NR) | Village Community Development District No. 15 Special Assessment RB Series 2023 (NR/NR) | Village Community Development District No. 15 Special Assessment RB Series 2023 (NR/NR) |
| 2050000 | 5.000 <sup>(d)</sup> | 05/01/2043 | 2083437 |
| 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) |
| 4340000 | 3.250 | 05/01/2052 | 3188138 |
| 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 | 1144294 |
| 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) |
| 1100000 | 4.000 | 05/01/2052 | 895476 |
| 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 | 853516 |
| 1355000 | 4.875 | 05/01/2050 | 1280320 |
| 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 | 501938 |
| 1000000 | 4.000 | 05/01/2051 | 820678 |
| Villamar Community Development District Special Assessment Bonds, Series 2024 (NR/NR) | Villamar Community Development District Special Assessment Bonds, Series 2024 (NR/NR) | Villamar Community Development District Special Assessment Bonds, Series 2024 (NR/NR) | Villamar Community Development District Special Assessment Bonds, Series 2024 (NR/NR) |
| 570000 | 5.500 | 05/01/2044 | 577765 |
| 1000000 | 5.750 | 05/01/2054 | 1009346 |
| 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 | 944092 |
| 1000000 | 4.000 | 11/01/2036 | 942100 |
| 1300000 | 4.125 | 11/01/2046 | 1127720 |
| Waterford Community Development District Capital Improvement RB Series 2023 (NR/NR) | Waterford Community Development District Capital Improvement RB Series 2023 (NR/NR) | Waterford Community Development District Capital Improvement RB Series 2023 (NR/NR) | Waterford Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| 430000 | 5.375 | 05/01/2043 | 437222 |
| 535000 | 5.600 | 05/01/2053 | 547400 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **135** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Waterford Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Waterford Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Waterford Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Waterford Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) |
| $825000 | 5.450% | 05/01/2054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795099 |
| 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 | 4044378 |
| Waters Edge Community Development District Pasco County Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/A) | Waters Edge Community Development District Pasco County Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/A) | Waters Edge Community Development District Pasco County Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/A) | Waters Edge Community Development District Pasco County Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/A) |
| 3230000 | 4.200 | 05/01/2036 | 3065672 |
| Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| 1640000 | 5.125 <sup>(d)</sup> | 11/01/2038 | 1654348 |
| 2800000 | 5.250 <sup>(d)</sup> | 11/01/2049 | 2803372 |
| 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) |
| 1200000 | 5.125 | 11/01/2035 | 1200428 |
| 1930000 | 5.500 | 11/01/2045 | 1930427 |
| Wellness Ridge Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) | Wellness Ridge Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) | Wellness Ridge Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) | Wellness Ridge Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) |
| 775000 | 5.000 <sup>(d)</sup> | 06/15/2044 | 751192 |
| 1000000 | 5.200 <sup>(d)</sup> | 06/15/2055 | 951006 |
| Wellness Ridge Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Wellness Ridge Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Wellness Ridge Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Wellness Ridge Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 1320000 | 5.125 | 06/15/2043 | 1333058 |
| 1215000 | 5.375 | 06/15/2053 | 1230137 |
| 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 | 1046566 |
| West Hillcrest Community Development District Special Assessment Bonds Series 2023 (NR/NR) | West Hillcrest Community Development District Special Assessment Bonds Series 2023 (NR/NR) | West Hillcrest Community Development District Special Assessment Bonds Series 2023 (NR/NR) | West Hillcrest Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 1150000 | 5.500 | 06/15/2053 | 1168456 |
| West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR) | West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR) | West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR) | West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR) |
| 570000 | 3.625 <sup>(d)</sup> | 05/01/2041 | 472123 |
| 1545000 | 4.000 <sup>(d)</sup> | 05/01/2051 | 1254781 |
| 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 | 539780 |
| 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 | 1163134 |
| West Villages Improvement District Capital Improvement RB for Unit of Development No. 10 Series 2024 (Assessment Area One) (NR/NR) | West Villages Improvement District Capital Improvement RB for Unit of Development No. 10 Series 2024 (Assessment Area One) (NR/NR) | West Villages Improvement District Capital Improvement RB for Unit of Development No. 10 Series 2024 (Assessment Area One) (NR/NR) | West Villages Improvement District Capital Improvement RB for Unit of Development No. 10 Series 2024 (Assessment Area One) (NR/NR) |
| 1145000 | 5.625 | 05/01/2054 | 1131777 |
| 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 | 486222 |
| 1350000 | 5.500 | 05/01/2053 | 1373376 |
| West Villages Improvement District Special Assessment RB Series 2023 (NR/NR) | West Villages Improvement District Special Assessment RB Series 2023 (NR/NR) | West Villages Improvement District Special Assessment RB Series 2023 (NR/NR) | West Villages Improvement District Special Assessment RB Series 2023 (NR/NR) |
| 850000 | 5.375 | 05/01/2043 | 867095 |
| 2265000 | 5.625 | 05/01/2053 | 2315200 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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. 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253988 |
| 3790000 | 5.000 | 05/01/2050 | 3656821 |
| West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2023 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2023 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2023 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2023 (NR/NR) |
| 570000 | 6.250 | 05/01/2054 | 598281 |
| Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR) | Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR) | Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR) | Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR) |
| 440000 | 5.000 <sup>(d)</sup> | 05/01/2038 | 443699 |
| 600000 | 5.200 <sup>(d)</sup> | 05/01/2048 | 601831 |
| 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 | 954780 |
| 1590000 | 4.850 | 05/01/2049 | 1501523 |
| Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR) | Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR) | Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR) | Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR) |
| 800000 | 4.100 <sup>(d)</sup> | 05/01/2037 | 746185 |
| 795000 | 4.125 <sup>(d)</sup> | 05/01/2038 | 734344 |
| 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 | 1207029 |
| 2000000 | 5.200 | 05/01/2050 | 1990645 |
| Westside Haines City Community Development District Polk County Florida Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) | Westside Haines City Community Development District Polk County Florida Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) | Westside Haines City Community Development District Polk County Florida Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) | Westside Haines City Community Development District Polk County Florida Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) |
| 1630000 | 5.750 | 05/01/2044 | 1645017 |
| 2025000 | 6.000 | 05/01/2054 | 2052246 |
| 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 | 1193935 |
| Westview South Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | Westview South Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | Westview South Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | Westview South Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) |
| 900000 | 5.375 | 05/01/2043 | 905644 |
| 2835000 | 5.600 | 05/01/2053 | 2857975 |
| 1410000 | 5.625 | 05/01/2053 | 1428297 |
| Westview South Community Development District Special Assessment Bonds for Assessment Area Two, Series 2023 (NR/NR) | Westview South Community Development District Special Assessment Bonds for Assessment Area Two, Series 2023 (NR/NR) | Westview South Community Development District Special Assessment Bonds for Assessment Area Two, Series 2023 (NR/NR) | Westview South Community Development District Special Assessment Bonds for Assessment Area Two, Series 2023 (NR/NR) |
| 600000 | 5.375 | 05/01/2043 | 603762 |
| Westwood of Pasco Community Development District Capital Improvement RB, Series 2023 (NR/NR) | Westwood of Pasco Community Development District Capital Improvement RB, Series 2023 (NR/NR) | Westwood of Pasco Community Development District Capital Improvement RB, Series 2023 (NR/NR) | Westwood of Pasco Community Development District Capital Improvement RB, Series 2023 (NR/NR) |
| 675000 | 5.625 | 05/01/2053 | 683759 |
| Whispering Pines Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Whispering Pines Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Whispering Pines Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Whispering Pines Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 830000 | 5.500 | 05/01/2053 | 844372 |
| Whispering Pines Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Whispering Pines Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Whispering Pines Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Whispering Pines Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 420000 | 5.200 | 05/01/2044 | 420031 |
| 490000 | 5.500 | 05/01/2054 | 489519 |
| Willowbrook Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2024 Assessment Area One Project (NR/NR) | Willowbrook Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2024 Assessment Area One Project (NR/NR) | Willowbrook Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2024 Assessment Area One Project (NR/NR) | Willowbrook Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2024 Assessment Area One Project (NR/NR) |
| 1000000 | 5.900 | 05/01/2055 | 990885 |
| 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 | 1132080 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 136 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921200 |
| Wind Meadows South Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) | Wind Meadows South Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) | Wind Meadows South Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) | Wind Meadows South Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) |
| 1105000 | 5.625 | 05/01/2053 | 1119339 |
| 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) |
| 960000 | 5.000 | 11/01/2049 | 932026 |
| 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 | 1752797 |
| Winding Oaks Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/NR) | Winding Oaks Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/NR) | Winding Oaks Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/NR) | Winding Oaks Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/NR) |
| 710000 | 5.400 | 05/01/2044 | 698483 |
| 1130000 | 5.700 | 05/01/2055 | 1108406 |
| Windsor Cay Community Development District Lake County Florida Special Assessment Bonds Series 2024 (NR/NR) | Windsor Cay Community Development District Lake County Florida Special Assessment Bonds Series 2024 (NR/NR) | Windsor Cay Community Development District Lake County Florida Special Assessment Bonds Series 2024 (NR/NR) | Windsor Cay Community Development District Lake County Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 1000000 | 5.450 | 05/01/2044 | 1025999 |
| 1000000 | 5.750 | 05/01/2054 | 1036696 |
| 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) |
| 1040000 | 4.250 | 05/01/2052 | 864248 |
| 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) |
| 200000 | 4.400 | 11/01/2035 | 193947 |
| 625000 | 4.250 | 05/01/2040 | 568440 |
| 1000000 | 4.500 | 05/01/2051 | 884644 |
| 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 | 380224 |
| 3010000 | 5.625 | 05/01/2045 | 3011004 |
| 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) |
| 770000 | 4.875 | 05/01/2036 | 771045 |
| 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 | 1353715 |
| 3450000 | 3.875 | 05/01/2050 | 2742271 |
| Woodcreek Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) | Woodcreek Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) | Woodcreek Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) | Woodcreek Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area Two (NR/NR) |
| 795000 | 5.500 | 05/01/2055 | 760642 |
| Woodland Preserve Community Development District Manatee County Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) | Woodland Preserve Community Development District Manatee County Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) | Woodland Preserve Community Development District Manatee County Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) | Woodland Preserve Community Development District Manatee County Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) |
| 530000 | 5.300 <sup>(d)</sup> | 05/01/2045 | 522037 |
| 750000 | 5.500 <sup>(d)</sup> | 05/01/2055 | 733231 |
| Woodland Ranch Estates Community Development District Town of Dundee Florida Special Assessment Bonds Series 2025 (NR/NR) | Woodland Ranch Estates Community Development District Town of Dundee Florida Special Assessment Bonds Series 2025 (NR/NR) | Woodland Ranch Estates Community Development District Town of Dundee Florida Special Assessment Bonds Series 2025 (NR/NR) | Woodland Ranch Estates Community Development District Town of Dundee Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 500000 | 5.550 | 05/01/2045 | 496784 |
| 620000 | 5.750 | 05/01/2055 | 614259 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |  |
| Florida – (continued) | Florida – (continued) |  |  |
| 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) |
| 555000 | 3.375% | 05/01/2041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446288 |
| 875000 | 4.000 | 05/01/2051 | 714884 |
|  |  |  | 1775726708 |
| Georgia - 1.7% | Georgia - 1.7% |  |  |
| Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 A-1 (Aa3/A+) | Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 A-1 (Aa3/A+) | Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 A-1 (Aa3/A+) | Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 A-1 (Aa3/A+) |
| 1500000 | 5.250 | 07/01/2040 | 1502489 |
| Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 B (A1/A) | Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 B (A1/A) | Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 B (A1/A) | Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 B (A1/A) |
| 1000000 | 4.000 | 07/01/2040 | 950561 |
| Cherokee County Water and Sewerage Authority Georgia Water and Sewerage RB, Series 2023 (Aa1/AA) | Cherokee County Water and Sewerage Authority Georgia Water and Sewerage RB, Series 2023 (Aa1/AA) | Cherokee County Water and Sewerage Authority Georgia Water and Sewerage RB, Series 2023 (Aa1/AA) | Cherokee County Water and Sewerage Authority Georgia Water and Sewerage RB, Series 2023 (Aa1/AA) |
| 1200000 | 4.000 | 08/01/2053 | 1105414 |
| Columbia County Hospital Authority Revenue Anticipation Certificates, (Wellstar Health System, Inc. Project) Series 2023A (A2/A+) | Columbia County Hospital Authority Revenue Anticipation Certificates, (Wellstar Health System, Inc. Project) Series 2023A (A2/A+) | Columbia County Hospital Authority Revenue Anticipation Certificates, (Wellstar Health System, Inc. Project) Series 2023A (A2/A+) | Columbia County Hospital Authority Revenue Anticipation Certificates, (Wellstar Health System, Inc. Project) Series 2023A (A2/A+) |
| 1495000 | 5.125 | 04/01/2053 | 1530605 |
| Coweta County Water and Sewerage Authority RB Series 2024 (NR/AA+) | Coweta County Water and Sewerage Authority RB Series 2024 (NR/AA+) | Coweta County Water and Sewerage Authority RB Series 2024 (NR/AA+) | Coweta County Water and Sewerage Authority RB Series 2024 (NR/AA+) |
| 1865000 | 5.000 | 06/01/2054 | 1941792 |
| Development Authority of Dekalb County RB for The Globe Academy, Inc., Project Series 2024A (Baa2/NR) | Development Authority of Dekalb County RB for The Globe Academy, Inc., Project Series 2024A (Baa2/NR) | Development Authority of Dekalb County RB for The Globe Academy, Inc., Project Series 2024A (Baa2/NR) | Development Authority of Dekalb County RB for The Globe Academy, Inc., Project Series 2024A (Baa2/NR) |
| 300000 | 5.000 | 06/01/2050 | 288148 |
| 480000 | 5.000 | 06/01/2055 | 452247 |
| 2635000 | 5.000 | 06/01/2063 | 2421731 |
| Development Authority of Lagrange Revenue Refunding and Improvement Bonds, Series 2021A (Lagrange College Project) (NR/NR) | Development Authority of Lagrange Revenue Refunding and Improvement Bonds, Series 2021A (Lagrange College Project) (NR/NR) | Development Authority of Lagrange Revenue Refunding and Improvement Bonds, Series 2021A (Lagrange College Project) (NR/NR) | Development Authority of Lagrange Revenue Refunding and Improvement Bonds, Series 2021A (Lagrange College Project) (NR/NR) |
| 400000 | 5.000 | 10/15/2052 | 343525 |
| 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 | 540000 |
| George L Smith II Congress Center Authority RB for Convention Center Hotel Second Tier Series 2021B (NR/NR) | George L Smith II Congress Center Authority RB for Convention Center Hotel Second Tier Series 2021B (NR/NR) | George L Smith II Congress Center Authority RB for Convention Center Hotel Second Tier Series 2021B (NR/NR) | George L Smith II Congress Center Authority RB for Convention Center Hotel Second Tier Series 2021B (NR/NR) |
| 18210000 | 5.000 <sup>(d)</sup> | 01/01/2054 | 16994304 |
| George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/NR) | George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/NR) | George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/NR) | George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/NR) |
| 3690000 | 3.625 <sup>(d)</sup> | 01/01/2031 | 3478367 |
| 1340000 | 5.000 <sup>(d)</sup> | 01/01/2036 | 1337549 |
| 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-) |
| 12180000 | 4.000 | 01/01/2054 | 10477509 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2022C (NR/BBB-) | Main Street Natural Gas Inc. Gas Supply RB Series 2022C (NR/BBB-) | Main Street Natural Gas Inc. Gas Supply RB Series 2022C (NR/BBB-) | Main Street Natural Gas Inc. Gas Supply RB Series 2022C (NR/BBB-) |
| 3115000 | 4.000 <sup>(d)</sup> | 11/01/2026 | 3114744 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2023B (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2023B (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2023B (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2023B (Aa1/NR) |
| 7000000 | 5.000 <sup>(a)(b)</sup> | 07/01/2053 | 7349992 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa3/NR) |
| 8775000 | 5.000 <sup>(a)(b)</sup> | 06/01/2055 | 9363253 |
| Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) | Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) | Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) | Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) |
| 7235000 | 5.000 <sup>(a)(b)</sup> | 12/01/2053 | 7655333 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **137** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Inc., Gas Supply RB, Series 2023C (Aa1/NR) | Main Street Natural Gas Inc., Gas Supply RB, Series 2023C (Aa1/NR) | Main Street Natural Gas Inc., Gas Supply RB, Series 2023C (Aa1/NR) | Main Street Natural Gas Inc., Gas Supply RB, Series 2023C (Aa1/NR) |
| 500000 | 5.000 %<sup>(a)(b)</sup> | 09/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526771 |
| Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A1/NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A1/NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A1/NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A1/NR) |
| 3300000 | 5.000 | 05/15/2043 | 3347308 |
| 17350000 | 5.000 | 05/15/2049 | 18010237 |
| Main Street Natural Gas, Inc. Gas Supply RB, Series 2022B (A3/NR) | Main Street Natural Gas, Inc. Gas Supply RB, Series 2022B (A3/NR) | Main Street Natural Gas, Inc. Gas Supply RB, Series 2022B (A3/NR) | Main Street Natural Gas, Inc. Gas Supply RB, Series 2022B (A3/NR) |
| 25000000 | 5.000 <sup>(a)(b)</sup> | 12/01/2052 | 25966220 |
| Main Street Natural Gas, Inc., Gas Supply RB Series 2024A (Aa1/NR) | Main Street Natural Gas, Inc., Gas Supply RB Series 2024A (Aa1/NR) | Main Street Natural Gas, Inc., Gas Supply RB Series 2024A (Aa1/NR) | Main Street Natural Gas, Inc., Gas Supply RB Series 2024A (Aa1/NR) |
| 13750000 | 5.000 <sup>(a)(b)</sup> | 05/01/2054 | 14591244 |
| Main Street Natural Gas, Inc., Gas Supply RB Series 2024B (Aa1/NR) | Main Street Natural Gas, Inc., Gas Supply RB Series 2024B (Aa1/NR) | Main Street Natural Gas, Inc., Gas Supply RB Series 2024B (Aa1/NR) | Main Street Natural Gas, Inc., Gas Supply RB Series 2024B (Aa1/NR) |
| 7500000 | 5.000 <sup>(a)(b)</sup> | 12/01/2054 | 7991012 |
| Municipal Electric Authority of Georgia Plant Vogtle Project J Bonds Series 2019A (A3/A) | Municipal Electric Authority of Georgia Plant Vogtle Project J Bonds Series 2019A (A3/A) | Municipal Electric Authority of Georgia Plant Vogtle Project J Bonds Series 2019A (A3/A) | Municipal Electric Authority of Georgia Plant Vogtle Project J Bonds Series 2019A (A3/A) |
| 5000000 | 5.000 | 01/01/2059 | 5051097 |
| Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A3/A) | Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A3/A) | Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A3/A) | Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A3/A) |
| 2500000 | 5.000 | 01/01/2039 | 2569099 |
| 7000000 | 5.000 | 01/01/2049 | 7083589 |
| Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (NR/NR) | Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (NR/NR) | Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (NR/NR) | Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (NR/NR) |
| 1500000 | 4.000 <sup>(d)</sup> | 01/01/2038 | 1424265 |
| The Atlanta Development Authority Convertible Capital Appreciation Economic Development Certificates for Gulch Enterprise Zone Project Series 2024-1 (NR/NR) | The Atlanta Development Authority Convertible Capital Appreciation Economic Development Certificates for Gulch Enterprise Zone Project Series 2024-1 (NR/NR) | The Atlanta Development Authority Convertible Capital Appreciation Economic Development Certificates for Gulch Enterprise Zone Project Series 2024-1 (NR/NR) | The Atlanta Development Authority Convertible Capital Appreciation Economic Development Certificates for Gulch Enterprise Zone Project Series 2024-1 (NR/NR) |
| 36250000 | 0.000 <sup>(d)(f)</sup> | 12/15/2048 | 31110087 |
| The Atlanta Development Authority Senior RB Westside Gulch Area Project Series 2024A-2 (NR/NR) | The Atlanta Development Authority Senior RB Westside Gulch Area Project Series 2024A-2 (NR/NR) | The Atlanta Development Authority Senior RB Westside Gulch Area Project Series 2024A-2 (NR/NR) | The Atlanta Development Authority Senior RB Westside Gulch Area Project Series 2024A-2 (NR/NR) |
| 12875000 | 5.500 <sup>(d)</sup> | 04/01/2039 | 13098774 |
|  |  |  | 201617266 |
| Guam - 0.2% | Guam - 0.2% | Guam - 0.2% | Guam - 0.2% |
| A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR) |
| 610000 | 5.125 | 10/01/2034 | 636500 |
| 220000 | 5.250 | 10/01/2035 | 230939 |
| 510000 | 5.250 | 10/01/2036 | 534514 |
| 300000 | 5.375 | 10/01/2040 | 314098 |
| A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR) |
| 975000 | 5.375 | 10/01/2043 | 1008713 |
| Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba1/B+) | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba1/B+) | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba1/B+) | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba1/B+) |
| 7680000 | 5.000 | 02/01/2040 | 7513889 |
| 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 | 508929 |
| Guam Government Limited Obligation Section 30 Bond Series 2016A (NR/BB) | Guam Government Limited Obligation Section 30 Bond Series 2016A (NR/BB) | Guam Government Limited Obligation Section 30 Bond Series 2016A (NR/BB) | Guam Government Limited Obligation Section 30 Bond Series 2016A (NR/BB) |
| 3000000 | 5.000 | 12/01/2046 | 3018460 |
| 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 | 1565814 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Guam Waterworks Authority Water & Wastewater RB Series 2016 (Baa2/A-) | Guam Waterworks Authority Water & Wastewater RB Series 2016 (Baa2/A-) | Guam Waterworks Authority Water & Wastewater RB Series 2016 (Baa2/A-) | Guam Waterworks Authority Water & Wastewater RB Series 2016 (Baa2/A-) |
| 5000000 | 5.000% | 01/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5022225 |
|  |  |  | 20354081 |
| Hawaii - 0.6% | Hawaii - 0.6% | Hawaii - 0.6% | Hawaii - 0.6% |
| Department of Budget and Finance of The State of Hawaii Special Purpose Refunding RB Hawai'I Pacific University Project Series 2024 (NR/BB) | Department of Budget and Finance of The State of Hawaii Special Purpose Refunding RB Hawai'I Pacific University Project Series 2024 (NR/BB) | Department of Budget and Finance of The State of Hawaii Special Purpose Refunding RB Hawai'I Pacific University Project Series 2024 (NR/BB) | Department of Budget and Finance of The State of Hawaii Special Purpose Refunding RB Hawai'I Pacific University Project Series 2024 (NR/BB) |
| 2750000 | 5.000 <sup>(d)</sup> | 07/01/2039 | 2664386 |
| 2750000 | 5.125 <sup>(d)</sup> | 07/01/2043 | 2600868 |
| Hawaii State Department of Budget & Finance for Hawaii Pacific Health Obligated Group Special Purpose RB Series 2023C (A1/NR) | Hawaii State Department of Budget & Finance for Hawaii Pacific Health Obligated Group Special Purpose RB Series 2023C (A1/NR) | Hawaii State Department of Budget & Finance for Hawaii Pacific Health Obligated Group Special Purpose RB Series 2023C (A1/NR) | Hawaii State Department of Budget & Finance for Hawaii Pacific Health Obligated Group Special Purpose RB Series 2023C (A1/NR) |
| 16715000 | 4.000 | 07/01/2047 | 16204245 |
| Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (Ba3/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (Ba3/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (Ba3/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (Ba3/NR) |
| 1200000 | 4.000 | 03/01/2037 | 1109923 |
| Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Ba3/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Ba3/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Ba3/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Ba3/NR) |
| 15755000 | 3.200 | 07/01/2039 | 13089894 |
| Hawaii State Department of Budget and Finance for Hawaiian Electric Company Inc. Special Purpose RB Series 2017A (Ba3/NR) | Hawaii State Department of Budget and Finance for Hawaiian Electric Company Inc. Special Purpose RB Series 2017A (Ba3/NR) | Hawaii State Department of Budget and Finance for Hawaiian Electric Company Inc. Special Purpose RB Series 2017A (Ba3/NR) | Hawaii State Department of Budget and Finance for Hawaiian Electric Company Inc. Special Purpose RB Series 2017A (Ba3/NR) |
| 945000 | 3.500 | 10/01/2049 | 732603 |
| 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) |
| 2450000 | 5.000 | 05/15/2044 | 2351489 |
| State of Hawaii Airports System RB Series 2022A (Aa3/AA-) | State of Hawaii Airports System RB Series 2022A (Aa3/AA-) | State of Hawaii Airports System RB Series 2022A (Aa3/AA-) | State of Hawaii Airports System RB Series 2022A (Aa3/AA-) |
| 2750000 | 5.000 | 07/01/2047 | 2781543 |
| State of Hawaii Department of Budget and Finance Pacific University Special Purpose Revenue Refunding Bonds Series 2018 (NR/NR) | State of Hawaii Department of Budget and Finance Pacific University Special Purpose Revenue Refunding Bonds Series 2018 (NR/NR) | State of Hawaii Department of Budget and Finance Pacific University Special Purpose Revenue Refunding Bonds Series 2018 (NR/NR) | State of Hawaii Department of Budget and Finance Pacific University Special Purpose Revenue Refunding Bonds Series 2018 (NR/NR) |
| 12700000 | 6.000 <sup>(d)</sup> | 07/01/2028 | 12929075 |
| State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) | State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) | State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) | State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) |
| 18675000 | 3.100 | 05/01/2026 | 18277493 |
|  |  |  | 72741519 |
| Idaho - 0.0% | Idaho - 0.0% | Idaho - 0.0% | Idaho - 0.0% |
| Avimor Community Infrastructure District No. 1 in The City of Eagle Idaho in The Counties of Ada Boise and Gem Idaho Special Assessment Bonds Series 2024 (NR/NR) | Avimor Community Infrastructure District No. 1 in The City of Eagle Idaho in The Counties of Ada Boise and Gem Idaho Special Assessment Bonds Series 2024 (NR/NR) | Avimor Community Infrastructure District No. 1 in The City of Eagle Idaho in The Counties of Ada Boise and Gem Idaho Special Assessment Bonds Series 2024 (NR/NR) | Avimor Community Infrastructure District No. 1 in The City of Eagle Idaho in The Counties of Ada Boise and Gem Idaho Special Assessment Bonds Series 2024 (NR/NR) |
| 2251000 | 5.875 <sup>(d)</sup> | 09/01/2053 | 2300900 |
| Illinois - 6.7% | Illinois - 6.7% | Illinois - 6.7% | Illinois - 6.7% |
| Belleville Tax Increment & Sales Tax Refunding RB for Carlyle Green Mount Redevelopment Project Series 2021B (NR/NR) | Belleville Tax Increment & Sales Tax Refunding RB for Carlyle Green Mount Redevelopment Project Series 2021B (NR/NR) | Belleville Tax Increment & Sales Tax Refunding RB for Carlyle Green Mount Redevelopment Project Series 2021B (NR/NR) | Belleville Tax Increment & Sales Tax Refunding RB for Carlyle Green Mount Redevelopment Project Series 2021B (NR/NR) |
| 910000 | 3.750 | 07/01/2041 | 845051 |
| Board of Education of The City of Chicago Dedicated Capital Improvement Series 2017 (NR/NR) | Board of Education of The City of Chicago Dedicated Capital Improvement Series 2017 (NR/NR) | Board of Education of The City of Chicago Dedicated Capital Improvement Series 2017 (NR/NR) | Board of Education of The City of Chicago Dedicated Capital Improvement Series 2017 (NR/NR) |
| 1725000 | 5.000 | 04/01/2046 | 1726609 |
| Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2012A (Ba1/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2012A (Ba1/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2012A (Ba1/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2012A (Ba1/BB+) |
| 6030000 | 5.000 | 12/01/2042 | 5759173 |
| Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2022A (NR/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2022A (NR/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2022A (NR/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2022A (NR/BB+) |
| 6665000 | 5.000 | 12/01/2047 | 6345761 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 138 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2023A (NR/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2023A (NR/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2023A (NR/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2023A (NR/BB+) |
| $2925000 | 6.000% | 12/01/2049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3111913 |
| Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2017G (NR/BB+) | Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2017G (NR/BB+) | Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2017G (NR/BB+) | Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2017G (NR/BB+) |
| 7500000 | 5.000 | 12/01/2044 | 7186117 |
| 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 | 16358827 |
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) |
| 9310000 | 0.000 <sup>(e)</sup> | 12/01/2029 | 7669590 |
| 6345000 | 0.000 <sup>(e)</sup> | 12/01/2030 | 4995168 |
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) |
| 185000 | 0.000 <sup>(e)</sup> | 12/01/2029 | 152403 |
| Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (Baa3/BBB) | Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (Baa3/BBB) | Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (Baa3/BBB) | Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (Baa3/BBB) |
| 160000 | 0.000 <sup>(e)</sup> | 01/01/2031 | 126471 |
| Chicago Illinois Board of Education GO Bonds Series 2017 A (NR/BB+) | Chicago Illinois Board of Education GO Bonds Series 2017 A (NR/BB+) | Chicago Illinois Board of Education GO Bonds Series 2017 A (NR/BB+) | Chicago Illinois Board of Education GO Bonds Series 2017 A (NR/BB+) |
| 5500000 | 7.000 <sup>(d)</sup> | 12/01/2046 | 5769082 |
| Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) |
| 23595000 | 0.000 <sup>(e)</sup> | 12/01/2031 | 17695644 |
| Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba1/BB+) | Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba1/BB+) | Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba1/BB+) | Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba1/BB+) |
| 6330000 | 5.500 | 12/01/2027 | 6482556 |
| 3000000 | 5.500 | 12/01/2028 | 3090819 |
| 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 | 20135022 |
| 10410000 | 5.250 | 12/01/2039 | 10110135 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (Ba1/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (Ba1/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (Ba1/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (Ba1/BB+) |
| 2300000 | 5.500 | 12/01/2030 | 2387940 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba1/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba1/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba1/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba1/BB+) |
| 13525000 | 6.038 | 12/01/2029 | 13410811 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2012 B (Ba1/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2012 B (Ba1/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2012 B (Ba1/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2012 B (Ba1/BB+) |
| 11675000 | 4.000 | 12/01/2035 | 10920145 |
| 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 | 55054236 |
| 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 | 62375194 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2017H (NR/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2017H (NR/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2017H (NR/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2017H (NR/BB+) |
| 16390000 | 5.000 | 12/01/2046 | 15471083 |
| Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Baa3/BBB) | Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Baa3/BBB) | Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Baa3/BBB) | Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Baa3/BBB) |
| 11415000 | 0.000 <sup>(e)</sup> | 01/01/2032 | 8606426 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14420030 |
| Chicago Illinois O'Hare International Airport RB General Airport Senior Lien Series 2017D (AMT) (NR/A+) | Chicago Illinois O'Hare International Airport RB General Airport Senior Lien Series 2017D (AMT) (NR/A+) | Chicago Illinois O'Hare International Airport RB General Airport Senior Lien Series 2017D (AMT) (NR/A+) | Chicago Illinois O'Hare International Airport RB General Airport Senior Lien Series 2017D (AMT) (NR/A+) |
| 255000 | 5.000 | 01/01/2047 | 255025 |
| 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 | 4819755 |
| 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 | 2380415 |
| City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2023 (NR/NR) | City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2023 (NR/NR) | City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2023 (NR/NR) | City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2023 (NR/NR) |
| 6850000 | 5.750 | 04/01/2048 | 7262432 |
| City of Chicago Board of Education UT GO Bonds for Dedicated Revenues Series 2018D (NR/BB+) | City of Chicago Board of Education UT GO Bonds for Dedicated Revenues Series 2018D (NR/BB+) | City of Chicago Board of Education UT GO Bonds for Dedicated Revenues Series 2018D (NR/BB+) | City of Chicago Board of Education UT GO Bonds for Dedicated Revenues Series 2018D (NR/BB+) |
| 21870000 | 5.000 | 12/01/2046 | 20643843 |
| City of Chicago Board of Education UT GO Bonds Series 2018D (NR/BB+) | City of Chicago Board of Education UT GO Bonds Series 2018D (NR/BB+) | City of Chicago Board of Education UT GO Bonds Series 2018D (NR/BB+) | City of Chicago Board of Education UT GO Bonds Series 2018D (NR/BB+) |
| 22920000 | 5.000 | 12/01/2046 | 21634974 |
| 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+) |
| 4700000 | 4.000 | 12/01/2047 | 3823289 |
| City of Chicago GO Bonds Series 2019A (NR/BBB) | City of Chicago GO Bonds Series 2019A (NR/BBB) | City of Chicago GO Bonds Series 2019A (NR/BBB) | City of Chicago GO Bonds Series 2019A (NR/BBB) |
| 5000000 | 5.500 | 01/01/2049 | 5075898 |
| City of Chicago GO Bonds Series 2021B (NR/BBB) | City of Chicago GO Bonds Series 2021B (NR/BBB) | City of Chicago GO Bonds Series 2021B (NR/BBB) | City of Chicago GO Bonds Series 2021B (NR/BBB) |
| 2383000 | 4.000 | 01/01/2049 | 1951720 |
| City of Chicago IL GO Bonds Series 2019 (NR/BBB) | City of Chicago IL GO Bonds Series 2019 (NR/BBB) | City of Chicago IL GO Bonds Series 2019 (NR/BBB) | City of Chicago IL GO Bonds Series 2019 (NR/BBB) |
| 5000000 | 5.000 | 01/01/2044 | 5012575 |
| 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+) |
| 1165000 | 5.250 | 01/01/2053 | 1189065 |
| 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) |
| 20000000 | 5.500 | 01/01/2053 | 20661480 |
| 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+) |
| 7450000 | 5.000 | 01/01/2052 | 7454410 |
| City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (NR/A+) |
| 2400000 | 4.500 | 01/01/2048 | 2285333 |
| 1000000 | 5.500 | 01/01/2055 | 1037240 |
| City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024A (AMT) (NR/A+) |
| 23000000 | 5.500 | 01/01/2053 | 24149800 |
| City of Chicago O'Hare International Airport General Airport Senior Lien Revenue and RR Bonds Series 2018A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue and RR Bonds Series 2018A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue and RR Bonds Series 2018A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue and RR Bonds Series 2018A (AMT) (NR/A+) |
| 7670000 | 5.000 | 01/01/2048 | 7687981 |
| 3500000 | 5.000 | 01/01/2053 | 3501784 |
| City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2018A (BAM) (NR/AA) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2018A (BAM) (NR/AA) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2018A (BAM) (NR/AA) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2018A (BAM) (NR/AA) |
| 2500000 | 4.000 | 01/01/2043 | 2329837 |
| City of Marion Williamson County Illinois Sales Tax RB Star Bond District Project Area No. 1 Series 2025 (NR/NR) | City of Marion Williamson County Illinois Sales Tax RB Star Bond District Project Area No. 1 Series 2025 (NR/NR) | City of Marion Williamson County Illinois Sales Tax RB Star Bond District Project Area No. 1 Series 2025 (NR/NR) | City of Marion Williamson County Illinois Sales Tax RB Star Bond District Project Area No. 1 Series 2025 (NR/NR) |
| 4200000 | 6.375 | 06/01/2045 | 4246750 |
| 13725000 | 6.625 | 06/01/2055 | 13898314 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **139** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| $1675000 | 5.800% | 03/01/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393022 |
| 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 | 2245071 |
| 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) |
| 863000 | 5.625 | 03/01/2036 | 856114 |
| Eastern Illinois Economic Development Authority Business District RB for Remington Road & I-57 Business District Series 2023 (NR/NR) | Eastern Illinois Economic Development Authority Business District RB for Remington Road & I-57 Business District Series 2023 (NR/NR) | Eastern Illinois Economic Development Authority Business District RB for Remington Road & I-57 Business District Series 2023 (NR/NR) | Eastern Illinois Economic Development Authority Business District RB for Remington Road & I-57 Business District Series 2023 (NR/NR) |
| 4875000 | 6.000 | 05/01/2046 | 4934907 |
| Illinois Finance Authority RB for Clark-Lindsey Series 2022A (NR/NR) | Illinois Finance Authority RB for Clark-Lindsey Series 2022A (NR/NR) | Illinois Finance Authority RB for Clark-Lindsey Series 2022A (NR/NR) | Illinois Finance Authority RB for Clark-Lindsey Series 2022A (NR/NR) |
| 950000 | 5.375 | 06/01/2042 | 839745 |
| Illinois Finance Authority RB for Depaul College Prep Foundation Series 2023A (NR/BB+) | Illinois Finance Authority RB for Depaul College Prep Foundation Series 2023A (NR/BB+) | Illinois Finance Authority RB for Depaul College Prep Foundation Series 2023A (NR/BB+) | Illinois Finance Authority RB for Depaul College Prep Foundation Series 2023A (NR/BB+) |
| 4000000 | 5.625 <sup>(d)</sup> | 08/01/2053 | 4165442 |
| 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 | 1099232 |
| 1050000 | 5.000 | 03/01/2052 | 934368 |
| Illinois Finance Authority RB for Lake Forest College Series 2022A (NR/BBB) | Illinois Finance Authority RB for Lake Forest College Series 2022A (NR/BBB) | Illinois Finance Authority RB for Lake Forest College Series 2022A (NR/BBB) | Illinois Finance Authority RB for Lake Forest College Series 2022A (NR/BBB) |
| 2250000 | 5.500 | 10/01/2047 | 2281178 |
| 1925000 | 5.250 | 10/01/2052 | 1880097 |
| 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 | 1851319 |
| 3700000 | 6.750 | 05/15/2058 | 3915825 |
| Illinois Finance Authority RB for Roosevelt University Series 2007 (B2/NR) | Illinois Finance Authority RB for Roosevelt University Series 2007 (B2/NR) | Illinois Finance Authority RB for Roosevelt University Series 2007 (B2/NR) | Illinois Finance Authority RB for Roosevelt University Series 2007 (B2/NR) |
| 2950000 | 5.500 | 04/01/2032 | 2902544 |
| 14320000 | 5.500 | 04/01/2037 | 13515948 |
| Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR) | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR) | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR) | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR) |
| 18000000 | 6.125 <sup>(d)</sup> | 04/01/2049 | 17895852 |
| Illinois Finance Authority RB for Roosevelt University Series 2019A (NR/NR) | Illinois Finance Authority RB for Roosevelt University Series 2019A (NR/NR) | Illinois Finance Authority RB for Roosevelt University Series 2019A (NR/NR) | Illinois Finance Authority RB for Roosevelt University Series 2019A (NR/NR) |
| 16220000 | 6.125 <sup>(d)</sup> | 04/01/2058 | 15852452 |
| 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+) |
| 1000000 | 4.000 | 10/01/2040 | 910729 |
| 950000 | 4.000 | 10/01/2050 | 813499 |
| 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) |
| 1015000 | 4.000 | 05/15/2027 | 1007505 |
| 2825000 | 5.000 | 05/15/2037 | 2839366 |
| 1055000 | 5.000 | 05/15/2047 | 1023629 |
| Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) |
| 1500000 | 4.000 | 09/01/2035 | 1341039 |
| 2000000 | 4.000 | 09/01/2037 | 1748645 |
| 2000000 | 4.000 | 09/01/2039 | 1703639 |
| 1500000 | 4.000 | 09/01/2041 | 1244395 |
| Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa3/A-) | Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa3/A-) | Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa3/A-) | Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa3/A-) |
| 500000 | 5.000 | 09/01/2036 | 507213 |
| 3470000 | 5.000 | 09/01/2046 | 3492690 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837945 |
| 765000 | 5.000 | 05/15/2056 | 660466 |
| Illinois Finance Authority RB Series 2018B (NR/NR) | Illinois Finance Authority RB Series 2018B (NR/NR) | Illinois Finance Authority RB Series 2018B (NR/NR) | Illinois Finance Authority RB Series 2018B (NR/NR) |
| 2775000 | 6.125 <sup>(d)</sup> | 04/01/2058 | 2712118 |
| Illinois Finance Authority RB Series 2021 (NR/BB+) | Illinois Finance Authority RB Series 2021 (NR/BB+) | Illinois Finance Authority RB Series 2021 (NR/BB+) | Illinois Finance Authority RB Series 2021 (NR/BB+) |
| 2125000 | 4.000 <sup>(d)</sup> | 10/01/2042 | 1840628 |
| 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) |
| 13050000 | 5.500 | 06/01/2057 | 10755368 |
| Illinois Finance Authority RB Series 2025 Rosalind Franklin University Woodlands Apartment Project (NR/NR) | Illinois Finance Authority RB Series 2025 Rosalind Franklin University Woodlands Apartment Project (NR/NR) | Illinois Finance Authority RB Series 2025 Rosalind Franklin University Woodlands Apartment Project (NR/NR) | Illinois Finance Authority RB Series 2025 Rosalind Franklin University Woodlands Apartment Project (NR/NR) |
| 16000000 | 5.250 <sup>(d)</sup> | 08/01/2035 | 15733690 |
| Illinois Finance Authority RB, Columbia College Chicago, Series 2019 (NR/BBB-) | Illinois Finance Authority RB, Columbia College Chicago, Series 2019 (NR/BBB-) | Illinois Finance Authority RB, Columbia College Chicago, Series 2019 (NR/BBB-) | Illinois Finance Authority RB, Columbia College Chicago, Series 2019 (NR/BBB-) |
| 4325000 | 5.000 | 12/01/2049 | 3770377 |
| Illinois Finance Authority Revenue Refunding Bonds for The Admiral at The Lake Project Series 2017 (NR/NR) | Illinois Finance Authority Revenue Refunding Bonds for The Admiral at The Lake Project Series 2017 (NR/NR) | Illinois Finance Authority Revenue Refunding Bonds for The Admiral at The Lake Project Series 2017 (NR/NR) | Illinois Finance Authority Revenue Refunding Bonds for The Admiral at The Lake Project Series 2017 (NR/NR) |
| 10995000 | 5.000 | 05/15/2033 | 10143428 |
| Illinois Housing Development Authority RB 2025 Series A (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Illinois Housing Development Authority RB 2025 Series A (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Illinois Housing Development Authority RB 2025 Series A (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Illinois Housing Development Authority RB 2025 Series A (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) |
| 9175000 | 4.875 <sup>(g)</sup> | 04/01/2050 | 9195418 |
| Illinois State GO Bonds Series 2017 A (A3/A-) | Illinois State GO Bonds Series 2017 A (A3/A-) | Illinois State GO Bonds Series 2017 A (A3/A-) | Illinois State GO Bonds Series 2017 A (A3/A-) |
| 9500000 | 5.000 | 12/01/2035 | 9731423 |
| 1805000 | 4.500 | 12/01/2041 | 1759511 |
| 4730000 | 5.000 | 12/01/2042 | 4777473 |
| Illinois State GO Bonds Series 2017 D (A3/A-) | Illinois State GO Bonds Series 2017 D (A3/A-) | Illinois State GO Bonds Series 2017 D (A3/A-) | Illinois State GO Bonds Series 2017 D (A3/A-) |
| 2740000 | 5.000 | 11/01/2028 | 2846910 |
| Illinois State GO Bonds Series 2018 A (A3/A-) | Illinois State GO Bonds Series 2018 A (A3/A-) | Illinois State GO Bonds Series 2018 A (A3/A-) | Illinois State GO Bonds Series 2018 A (A3/A-) |
| 5280000 | 5.000 | 05/01/2042 | 5348030 |
| 5280000 | 5.000 | 05/01/2043 | 5334562 |
| Illinois State GO Bonds Series 2019 C (A3/A-) | Illinois State GO Bonds Series 2019 C (A3/A-) | Illinois State GO Bonds Series 2019 C (A3/A-) | Illinois State GO Bonds Series 2019 C (A3/A-) |
| 1500000 | 4.000 | 11/01/2042 | 1367438 |
| Illinois State GO Bonds Series 2020 (A3/A-) | Illinois State GO Bonds Series 2020 (A3/A-) | Illinois State GO Bonds Series 2020 (A3/A-) | Illinois State GO Bonds Series 2020 (A3/A-) |
| 1575000 | 5.500 | 05/01/2039 | 1663715 |
| 4250000 | 5.750 | 05/01/2045 | 4498145 |
| Illinois State GO Bonds Series 2020 C (A3/A-) | Illinois State GO Bonds Series 2020 C (A3/A-) | Illinois State GO Bonds Series 2020 C (A3/A-) | Illinois State GO Bonds Series 2020 C (A3/A-) |
| 1975000 | 4.250 | 10/01/2045 | 1790109 |
| 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) |
| 1356000 | 6.250 | 03/01/2034 | 1356906 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bonds McCormick Place Expansion 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bonds McCormick Place Expansion 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bonds McCormick Place Expansion 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bonds McCormick Place Expansion 2002 A (NATL) (Baa2/A) |
| 3665000 | 0.000 <sup>(e)</sup> | 12/15/2029 | 3075794 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bonds McCormick Place Expansion Proj \* (NATL) (Baa2/A) | Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bonds McCormick Place Expansion Proj \* (NATL) (Baa2/A) | Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bonds McCormick Place Expansion Proj \* (NATL) (Baa2/A) | Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bonds McCormick Place Expansion Proj \* (NATL) (Baa2/A) |
| 1220000 | 0.000 <sup>(e)</sup> | 06/15/2028 | 1086501 |
| Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (NATL) (Baa2/A) |
| 11900000 | 0.000 <sup>(e)</sup> | 06/15/2038 | 6535756 |
| Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/A) |
| 13500000 | 0.000 <sup>(e)</sup> | 12/15/2032 | 9966715 |
| Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/A) |
| 1320000 | 0.000 <sup>(e)</sup> | 12/15/2031 | 1019124 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 140 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL) (NR/NR) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL) (NR/NR) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL) (NR/NR) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL) (NR/NR) |
| $530000 | 0.000 %<sup>(e)</sup> | 06/15/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443306 |
| Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A1/AA) |
| 3200000 | 0.000 <sup>(e)</sup> | 06/15/2044 | 1278755 |
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (NR/A) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (NR/A) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (NR/A) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (NR/A) |
| 67600000 | 0.000 <sup>(e)</sup> | 12/15/2056 | 12971798 |
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/A) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/A) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/A) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/A) |
| 97495000 | 0.000 <sup>(e)</sup> | 12/15/2054 | 20879110 |
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A1/AA) |
| 23645000 | 0.000 <sup>(e)</sup> | 12/15/2056 | 4826555 |
| Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (Baa2/A) | Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (Baa2/A) | Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (Baa2/A) | Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (Baa2/A) |
| 2200000 | 0.000 <sup>(e)</sup> | 12/15/2034 | 1466720 |
| Metropolitan Pier and Exposition Authority McCormick Place Expansion Project RB, Series 2010B1 (AGM) (A1/AA) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project RB, Series 2010B1 (AGM) (A1/AA) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project RB, Series 2010B1 (AGM) (A1/AA) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project RB, Series 2010B1 (AGM) (A1/AA) |
| 3455000 | 0.000 <sup>(e)</sup> | 06/15/2045 | 1301846 |
| Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (NR/A) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (NR/A) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (NR/A) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (NR/A) |
| 2125000 | 4.000 | 06/15/2052 | 1805148 |
| Metropolitan Pier and Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (AGM-CR) (A1/AA) | Metropolitan Pier and Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (AGM-CR) (A1/AA) | Metropolitan Pier and Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (AGM-CR) (A1/AA) | Metropolitan Pier and Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (AGM-CR) (A1/AA) |
| 9150000 | 0.000 <sup>(e)</sup> | 12/15/2056 | 1867751 |
| Metropolitan Pier and Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2024 B (NR/A) | Metropolitan Pier and Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2024 B (NR/A) | Metropolitan Pier and Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2024 B (NR/A) | Metropolitan Pier and Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2024 B (NR/A) |
| 4500000 | 5.000 | 06/15/2053 | 4554054 |
| North Lincoln Redevelopment Project Area Certificates of Participation Evidencing Proportionate Interests in Payments to be Made With Respect to A Tax Increment Allocation Revenue Note District 1860 Development Project Tax-Exempt Series B (NR/NR) | North Lincoln Redevelopment Project Area Certificates of Participation Evidencing Proportionate Interests in Payments to be Made With Respect to A Tax Increment Allocation Revenue Note District 1860 Development Project Tax-Exempt Series B (NR/NR) | North Lincoln Redevelopment Project Area Certificates of Participation Evidencing Proportionate Interests in Payments to be Made With Respect to A Tax Increment Allocation Revenue Note District 1860 Development Project Tax-Exempt Series B (NR/NR) | North Lincoln Redevelopment Project Area Certificates of Participation Evidencing Proportionate Interests in Payments to be Made With Respect to A Tax Increment Allocation Revenue Note District 1860 Development Project Tax-Exempt Series B (NR/NR) |
| 1000000 | 5.750 <sup>(d)</sup> | 12/01/2043 | 1007422 |
| 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) |
| 1291000 | 6.000 | 03/01/2036 | 1207937 |
| Regional Transportation Authority Illinois GO Bonds Series 2016 A (Aa3/AA) | Regional Transportation Authority Illinois GO Bonds Series 2016 A (Aa3/AA) | Regional Transportation Authority Illinois GO Bonds Series 2016 A (Aa3/AA) | Regional Transportation Authority Illinois GO Bonds Series 2016 A (Aa3/AA) |
| 5000000 | 4.000 | 06/01/2046 | 4616152 |
| Southwestern Illinois Development Authority Environmental Improvement RB Series 2012 (United States Steel Corporation Project) (B1/BB-) | Southwestern Illinois Development Authority Environmental Improvement RB Series 2012 (United States Steel Corporation Project) (B1/BB-) | Southwestern Illinois Development Authority Environmental Improvement RB Series 2012 (United States Steel Corporation Project) (B1/BB-) | Southwestern Illinois Development Authority Environmental Improvement RB Series 2012 (United States Steel Corporation Project) (B1/BB-) |
| 3300000 | 5.750 | 08/01/2042 | 3302808 |
| State of Illinois GO Bonds Series 2017 A (A3/A-) | State of Illinois GO Bonds Series 2017 A (A3/A-) | State of Illinois GO Bonds Series 2017 A (A3/A-) | State of Illinois GO Bonds Series 2017 A (A3/A-) |
| 9500000 | 4.250 | 12/01/2040 | 9066127 |
| State of Illinois GO Bonds Series 2017C (A3/A-) | State of Illinois GO Bonds Series 2017C (A3/A-) | State of Illinois GO Bonds Series 2017C (A3/A-) | State of Illinois GO Bonds Series 2017C (A3/A-) |
| 10000000 | 5.000 | 11/01/2029 | 10367168 |
| State of Illinois GO Bonds Series 2020C (A3/A-) | State of Illinois GO Bonds Series 2020C (A3/A-) | State of Illinois GO Bonds Series 2020C (A3/A-) | State of Illinois GO Bonds Series 2020C (A3/A-) |
| 1000000 | 4.000 | 10/01/2041 | 925176 |
| State of Illinois GO Bonds Series 2021A (A3/A-) | State of Illinois GO Bonds Series 2021A (A3/A-) | State of Illinois GO Bonds Series 2021A (A3/A-) | State of Illinois GO Bonds Series 2021A (A3/A-) |
| 5910000 | 4.000 | 03/01/2041 | 5509000 |
| 9000000 | 5.000 | 03/01/2046 | 9121183 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Bonds Series 2022A (A3/A-) | State of Illinois GO Bonds Series 2022A (A3/A-) | State of Illinois GO Bonds Series 2022A (A3/A-) | State of Illinois GO Bonds Series 2022A (A3/A-) |
| 3000000 | 5.500% | 03/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3114034 |
| State of Illinois GO Bonds Series of May 2024B (A3/A-) | State of Illinois GO Bonds Series of May 2024B (A3/A-) | State of Illinois GO Bonds Series of May 2024B (A3/A-) | State of Illinois GO Bonds Series of May 2024B (A3/A-) |
| 3500000 | 5.250 | 05/01/2048 | 3607156 |
| 4000000 | 5.250 | 05/01/2049 | 4115245 |
| State of Illinois GO Refunding Bonds Series 2018A (A3/A-) | State of Illinois GO Refunding Bonds Series 2018A (A3/A-) | State of Illinois GO Refunding Bonds Series 2018A (A3/A-) | State of Illinois GO Refunding Bonds Series 2018A (A3/A-) |
| 2000000 | 5.000 | 10/01/2028 | 2104820 |
| State of Illinois GO Unlimited Bonds Series 2017 A (A3/A-) | State of Illinois GO Unlimited Bonds Series 2017 A (A3/A-) | State of Illinois GO Unlimited Bonds Series 2017 A (A3/A-) | State of Illinois GO Unlimited Bonds Series 2017 A (A3/A-) |
| 2750000 | 4.000 | 12/01/2033 | 2723306 |
| 7950000 | 4.250 | 12/01/2037 | 7728464 |
| The County of Cook Illinois Multifamily Housing RB for Deerfield Supportive Living Project Series 2024 (NR/NR) | The County of Cook Illinois Multifamily Housing RB for Deerfield Supportive Living Project Series 2024 (NR/NR) | The County of Cook Illinois Multifamily Housing RB for Deerfield Supportive Living Project Series 2024 (NR/NR) | The County of Cook Illinois Multifamily Housing RB for Deerfield Supportive Living Project Series 2024 (NR/NR) |
| 3000000 | 6.500 | 01/01/2045 | 3048835 |
| Upper Illinois River Valley Development Authority Educational Facility RB for Elgin Math & Science Academy Charter School Project Series 2023A (Ba3/NR) | Upper Illinois River Valley Development Authority Educational Facility RB for Elgin Math & Science Academy Charter School Project Series 2023A (Ba3/NR) | Upper Illinois River Valley Development Authority Educational Facility RB for Elgin Math & Science Academy Charter School Project Series 2023A (Ba3/NR) | Upper Illinois River Valley Development Authority Educational Facility RB for Elgin Math & Science Academy Charter School Project Series 2023A (Ba3/NR) |
| 3170000 | 5.750 <sup>(d)</sup> | 03/01/2053 | 3187099 |
| Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR) | Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR) | Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR) | Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR) |
| 730000 | 5.000 <sup>(d)</sup> | 01/01/2045 | 695122 |
| 1800000 | 5.000 <sup>(d)</sup> | 01/01/2055 | 1678045 |
| Village of Bellwood Cook County Illinois Tax Increment RB Series 2024 (NR/BBB) | Village of Bellwood Cook County Illinois Tax Increment RB Series 2024 (NR/BBB) | Village of Bellwood Cook County Illinois Tax Increment RB Series 2024 (NR/BBB) | Village of Bellwood Cook County Illinois Tax Increment RB Series 2024 (NR/BBB) |
| 2525000 | 5.000 | 12/01/2050 | 2493116 |
| 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 | 1884663 |
| 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 | 459506 |
| 2330000 | 4.125 | 10/01/2046 | 1921301 |
|  |  |  | 807789869 |
| Indiana - 0.3% | Indiana - 0.3% | Indiana - 0.3% | Indiana - 0.3% |
| City of Valparaiso Indiana Exempt Facilities Refunding RB Pratt Paper LIC Project Series 2024 (NR/NR) | City of Valparaiso Indiana Exempt Facilities Refunding RB Pratt Paper LIC Project Series 2024 (NR/NR) | City of Valparaiso Indiana Exempt Facilities Refunding RB Pratt Paper LIC Project Series 2024 (NR/NR) | City of Valparaiso Indiana Exempt Facilities Refunding RB Pratt Paper LIC Project Series 2024 (NR/NR) |
| 4755000 | 5.000 <sup>(d)</sup> | 01/01/2054 | 4715054 |
| 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 | 318371 |
| Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (B1/BB-) | Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (B1/BB-) | Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (B1/BB-) | Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (B1/BB-) |
| 4415000 | 4.125 | 12/01/2026 | 4419590 |
| Indiana Finance Authority Midwestern Disaster Relief RB Series 2012A (Baa3/NR) | Indiana Finance Authority Midwestern Disaster Relief RB Series 2012A (Baa3/NR) | Indiana Finance Authority Midwestern Disaster Relief RB Series 2012A (Baa3/NR) | Indiana Finance Authority Midwestern Disaster Relief RB Series 2012A (Baa3/NR) |
| 1000000 | 4.250 | 11/01/2030 | 1020832 |
| 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) |
| 1780000 | 5.000 | 07/01/2055 | 1685678 |
| Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Baa3/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Baa3/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Baa3/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Baa3/NR) |
| 1000000 | 3.000 | 11/01/2030 | 952724 |
| Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Baa3/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Baa3/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Baa3/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Baa3/NR) |
| 1000000 | 3.000 | 11/01/2030 | 952724 |
| Indiana Finance Authority Student Housing RB Prg Uindy Properties Llc Series 2025 (NR/BB) | Indiana Finance Authority Student Housing RB Prg Uindy Properties Llc Series 2025 (NR/BB) | Indiana Finance Authority Student Housing RB Prg Uindy Properties Llc Series 2025 (NR/BB) | Indiana Finance Authority Student Housing RB Prg Uindy Properties Llc Series 2025 (NR/BB) |
| 900000 | 5.250 | 07/01/2045 | 880495 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **141** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Student Housing RB Prg Uindy Properties LLC Series 2025 (NR/BB) | Indiana Finance Authority Student Housing RB Prg Uindy Properties LLC Series 2025 (NR/BB) | Indiana Finance Authority Student Housing RB Prg Uindy Properties LLC Series 2025 (NR/BB) | Indiana Finance Authority Student Housing RB Prg Uindy Properties LLC Series 2025 (NR/BB) |
| 2050000 | 5.625% | 07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073772 |
| 2200000 | 5.250 | 07/01/2055 | 2121964 |
| Indiana Finance Authority Student Housing RB Series 2023A (NR/BBB-) | Indiana Finance Authority Student Housing RB Series 2023A (NR/BBB-) | Indiana Finance Authority Student Housing RB Series 2023A (NR/BBB-) | Indiana Finance Authority Student Housing RB Series 2023A (NR/BBB-) |
| 2100000 | 5.000 | 06/01/2053 | 2077111 |
| 5500000 | 5.375 | 06/01/2064 | 5561097 |
| Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (NR/NR) | Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (NR/NR) | Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (NR/NR) | Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (NR/NR) |
| 7520823 | 6.500 \* | 11/15/2031 | 75 |
| The Indianapolis Local Public Improvement Bond Bank, Indiana Convention Center Hotel Senior RB, Series 2023E (NR/BBB-) | The Indianapolis Local Public Improvement Bond Bank, Indiana Convention Center Hotel Senior RB, Series 2023E (NR/BBB-) | The Indianapolis Local Public Improvement Bond Bank, Indiana Convention Center Hotel Senior RB, Series 2023E (NR/BBB-) | The Indianapolis Local Public Improvement Bond Bank, Indiana Convention Center Hotel Senior RB, Series 2023E (NR/BBB-) |
| 2750000 | 6.000 | 03/01/2053 | 2899971 |
| 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 | 1842321 |
| Town of Whiteland Indiana Economic Development RB for Patch Whiteland Project Phase II (NR/NR) | Town of Whiteland Indiana Economic Development RB for Patch Whiteland Project Phase II (NR/NR) | Town of Whiteland Indiana Economic Development RB for Patch Whiteland Project Phase II (NR/NR) | Town of Whiteland Indiana Economic Development RB for Patch Whiteland Project Phase II (NR/NR) |
| 1375000 | 6.125 <sup>(d)</sup> | 03/01/2049 | 1373489 |
|  |  |  | 32895268 |
| Iowa - 0.5% | Iowa - 0.5% | Iowa - 0.5% | Iowa - 0.5% |
| Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds for Iowa Fertilizer Company Project Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds for Iowa Fertilizer Company Project Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds for Iowa Fertilizer Company Project Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds for Iowa Fertilizer Company Project Series 2022 (#Aaa/AA+) |
| 2300000 | 5.000 <sup>(a)(b)(c)</sup> | 12/01/2032 | 2593127 |
| Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (#Aaa/AA+) |
| 15800000 | 5.000 <sup>(c)</sup> | 12/01/2032 | 17813653 |
| 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 | 1682679 |
| 3600000 | 5.000 | 05/15/2055 | 3416851 |
| Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2016A (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2016A (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2016A (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2016A (NR/NR) |
| 6855000 | 5.000 | 05/15/2047 | 6730499 |
| Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2018A (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2018A (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2018A (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2018A (NR/NR) |
| 11900000 | 5.000 | 05/15/2043 | 11848224 |
| 5735000 | 5.000 | 05/15/2048 | 5613888 |
| Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (Baa1/BBB+) | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (Baa1/BBB+) | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (Baa1/BBB+) | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (Baa1/BBB+) |
| 975000 | 5.375 | 10/01/2052 | 995020 |
| Iowa Higher Education Loan Authority Private College Facility RB University of Dubuque Project Series 2025 (NR/BBB-) | Iowa Higher Education Loan Authority Private College Facility RB University of Dubuque Project Series 2025 (NR/BBB-) | Iowa Higher Education Loan Authority Private College Facility RB University of Dubuque Project Series 2025 (NR/BBB-) | Iowa Higher Education Loan Authority Private College Facility RB University of Dubuque Project Series 2025 (NR/BBB-) |
| 2750000 | 6.000 | 10/01/2055 | 2863136 |
| 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 | 2635318 |
|  |  |  | 56192395 |
| 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 | 1630247 |
| 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 | 901158 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Kansas – (continued) | Kansas – (continued) | Kansas – (continued) | Kansas – (continued) |
| 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) |
| 275000 | 2.875% | 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268530 |
| 940000 | 3.125 | 04/01/2036 | 865736 |
| 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 | 1807521 |
| 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 | 1155581 |
| 1215000 | 5.000 | 05/15/2029 | 1214202 |
| 2850000 | 5.000 | 05/15/2034 | 2822679 |
| 1190000 | 5.000 | 05/15/2050 | 1029512 |
| Kansas City Unified Government Sales Tax Special Obligation Capital Appreciation RB for Vacation Village Project Area Four - Multi-Sport Athletic Complex Project, Series 2015 (NR/NR) | Kansas City Unified Government Sales Tax Special Obligation Capital Appreciation RB for Vacation Village Project Area Four - Multi-Sport Athletic Complex Project, Series 2015 (NR/NR) | Kansas City Unified Government Sales Tax Special Obligation Capital Appreciation RB for Vacation Village Project Area Four - Multi-Sport Athletic Complex Project, Series 2015 (NR/NR) | Kansas City Unified Government Sales Tax Special Obligation Capital Appreciation RB for Vacation Village Project Area Four - Multi-Sport Athletic Complex Project, Series 2015 (NR/NR) |
| 2440000 | 0.000 <sup>(d)(e)</sup> | 09/01/2034 | 1275645 |
|  |  |  | 12970811 |
| Kentucky - 0.2% | Kentucky - 0.2% | Kentucky - 0.2% | Kentucky - 0.2% |
| City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR) | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR) | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR) | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR) |
| 3150000 | 4.450 <sup>(d)</sup> | 01/01/2042 | 3037780 |
| 3375000 | 4.700 <sup>(d)</sup> | 01/01/2052 | 3189258 |
| City of Henderson, Kentucky Exempt Facilities RB Pratt Paper KY, LLC Project Series 2022A (NR/NR) | City of Henderson, Kentucky Exempt Facilities RB Pratt Paper KY, LLC Project Series 2022A (NR/NR) | City of Henderson, Kentucky Exempt Facilities RB Pratt Paper KY, LLC Project Series 2022A (NR/NR) | City of Henderson, Kentucky Exempt Facilities RB Pratt Paper KY, LLC Project Series 2022A (NR/NR) |
| 1540000 | 4.700 <sup>(d)</sup> | 01/01/2052 | 1455247 |
| County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (A1/A) |
| 2000000 | 2.125 | 10/01/2034 | 1565839 |
| County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (A1/A) |
| 3000000 | 2.000 | 02/01/2032 | 2503790 |
| Kentucky Bond Development Corp. RB for Centre College of Kentucky Series 2021 (Baa1/A) | Kentucky Bond Development Corp. RB for Centre College of Kentucky Series 2021 (Baa1/A) | Kentucky Bond Development Corp. RB for Centre College of Kentucky Series 2021 (Baa1/A) | Kentucky Bond Development Corp. RB for Centre College of Kentucky Series 2021 (Baa1/A) |
| 750000 | 4.000 | 06/01/2046 | 663600 |
| 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 | 179397 |
| Kentucky Economic Development Finance Authority Hospital RB Refunding for Louisville Arena Authority, Inc. Series 2017 A (AGM) (A1/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Louisville Arena Authority, Inc. Series 2017 A (AGM) (A1/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Louisville Arena Authority, Inc. Series 2017 A (AGM) (A1/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Louisville Arena Authority, Inc. Series 2017 A (AGM) (A1/AA) |
| 900000 | 4.000 | 12/01/2041 | 839337 |
| Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A1/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A1/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A1/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A1/AA) |
| 2925000 | 4.000 | 06/01/2045 | 2671138 |
| Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) |
| 3600000 | 5.000 | 08/01/2049 | 3616033 |
| 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) |
| 1500000 | 3.000 | 10/01/2043 | 1136157 |
|  |  |  | 20857576 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 142 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Louisiana - 1.0% | Louisiana - 1.0% | Louisiana - 1.0% | Louisiana - 1.0% |
| Airport Commission Of The City And County Of San Francisco San Francisco International Airport Second Series Revenue Bonds Series 2025A (Amt) (Ca) (Ba1/BB+) (PUTABLE) | Airport Commission Of The City And County Of San Francisco San Francisco International Airport Second Series Revenue Bonds Series 2025A (Amt) (Ca) (Ba1/BB+) (PUTABLE) | Airport Commission Of The City And County Of San Francisco San Francisco International Airport Second Series Revenue Bonds Series 2025A (Amt) (Ca) (Ba1/BB+) (PUTABLE) | Airport Commission Of The City And County Of San Francisco San Francisco International Airport Second Series Revenue Bonds Series 2025A (Amt) (Ca) (Ba1/BB+) (PUTABLE) |
| $1400000 | 6.100 %<sup>(a)(b)(d)</sup> | 06/01/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524017 |
| 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) |
| 1600000 | 5.000 | 12/01/2034 | 1594454 |
| 4765000 | 5.000 | 12/01/2039 | 4543118 |
| City of New Orleans Public Improvement Bonds Series 2021A (A2/A+) | City of New Orleans Public Improvement Bonds Series 2021A (A2/A+) | City of New Orleans Public Improvement Bonds Series 2021A (A2/A+) | City of New Orleans Public Improvement Bonds Series 2021A (A2/A+) |
| 5000000 | 5.000 | 12/01/2050 | 5112354 |
| 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 | 1414116 |
| Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) |
| 1900000 | 4.125 <sup>(d)</sup> | 06/01/2039 | 1704709 |
| 2300000 | 4.375 <sup>(d)</sup> | 06/01/2048 | 1947564 |
| 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 | 1429247 |
| Louisiana Local Government Environmental Facilities & Community Development Authority RB for Downsville Community Charter School Project Series 2023 (NR/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority RB for Downsville Community Charter School Project Series 2023 (NR/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority RB for Downsville Community Charter School Project Series 2023 (NR/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority RB for Downsville Community Charter School Project Series 2023 (NR/NR) |
| 5395000 | 6.625 <sup>(d)</sup> | 06/15/2062 | 5443762 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Westlake Chemical Corp. Project Series 2017 (Baa2/BBB+) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Westlake Chemical Corp. Project Series 2017 (Baa2/BBB+) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Westlake Chemical Corp. Project Series 2017 (Baa2/BBB+) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Westlake Chemical Corp. Project Series 2017 (Baa2/BBB+) |
| 8865000 | 3.500 | 11/01/2032 | 8464831 |
| Louisiana Public Facilities Authority RB for Geo Academies Mid- City Project Series 2022 (NR/NR) | Louisiana Public Facilities Authority RB for Geo Academies Mid- City Project Series 2022 (NR/NR) | Louisiana Public Facilities Authority RB for Geo Academies Mid- City Project Series 2022 (NR/NR) | Louisiana Public Facilities Authority RB for Geo Academies Mid- City Project Series 2022 (NR/NR) |
| 930000 | 6.125 <sup>(d)</sup> | 06/01/2052 | 949648 |
| 1325000 | 6.250 <sup>(d)</sup> | 06/01/2062 | 1354373 |
| Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR) | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR) | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR) | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR) |
| 900000 | 6.250 <sup>(d)</sup> | 06/01/2052 | 892714 |
| 1850000 | 6.375 <sup>(d)</sup> | 06/01/2062 | 1839329 |
| 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 | 1450269 |
| 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) |
| 7725000 | 4.000 | 05/15/2042 | 7421754 |
| 3100000 | 5.000 | 05/15/2046 | 3117139 |
| Louisiana Public Facilities Authority RB Series 2021A (NR/NR) | Louisiana Public Facilities Authority RB Series 2021A (NR/NR) | Louisiana Public Facilities Authority RB Series 2021A (NR/NR) | Louisiana Public Facilities Authority RB Series 2021A (NR/NR) |
| 2470000 | 4.000 <sup>(d)</sup> | 06/01/2051 | 1854957 |
| 2070000 | 4.000 <sup>(d)</sup> | 06/01/2056 | 1506295 |
| Louisiana Public Facilities Authority RB Series 2021C (NR/NR) | Louisiana Public Facilities Authority RB Series 2021C (NR/NR) | Louisiana Public Facilities Authority RB Series 2021C (NR/NR) | Louisiana Public Facilities Authority RB Series 2021C (NR/NR) |
| 1640000 | 4.000 <sup>(d)</sup> | 06/01/2051 | 1231632 |
| 1065000 | 4.000 <sup>(d)</sup> | 06/01/2056 | 774978 |
| Louisiana Public Facilities Authority Revenue Bonds Series 2024A (NR/NR) | Louisiana Public Facilities Authority Revenue Bonds Series 2024A (NR/NR) | Louisiana Public Facilities Authority Revenue Bonds Series 2024A (NR/NR) | Louisiana Public Facilities Authority Revenue Bonds Series 2024A (NR/NR) |
| 4730000 | 7.375 <sup>(d)</sup> | 06/01/2054 | 5029322 |
| 4600000 | 7.500 <sup>(d)</sup> | 06/01/2059 | 4909809 |
| 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) |
| 10000000 | 5.000 | 05/15/2042 | 10089206 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** |  | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Louisiana – (continued) | Louisiana – (continued) | Louisiana – (continued) | Louisiana – (continued) | Louisiana – (continued) |
| Louisiana Public Facilities Authority Senior Lien RB I-10 Calcasieu River Bridge Public-Private Partnership Project Series 2024 (AMT) (Baa3/NR) | Louisiana Public Facilities Authority Senior Lien RB I-10 Calcasieu River Bridge Public-Private Partnership Project Series 2024 (AMT) (Baa3/NR) | Louisiana Public Facilities Authority Senior Lien RB I-10 Calcasieu River Bridge Public-Private Partnership Project Series 2024 (AMT) (Baa3/NR) | Louisiana Public Facilities Authority Senior Lien RB I-10 Calcasieu River Bridge Public-Private Partnership Project Series 2024 (AMT) (Baa3/NR) | Louisiana Public Facilities Authority Senior Lien RB I-10 Calcasieu River Bridge Public-Private Partnership Project Series 2024 (AMT) (Baa3/NR) |
| 23900000 | 5.750 | % | 09/01/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25149308 |
| 18385000 | 5.000 |  | 09/01/2066 | 17990542 |
| Parish of St. James RB for NuStar Logistics LP Series 2010 (Ba1/BB+) | Parish of St. James RB for NuStar Logistics LP Series 2010 (Ba1/BB+) | Parish of St. James RB for NuStar Logistics LP Series 2010 (Ba1/BB+) | Parish of St. James RB for NuStar Logistics LP Series 2010 (Ba1/BB+) | Parish of St. James RB for NuStar Logistics LP Series 2010 (Ba1/BB+) |
| 2375000 | 6.350 | <sup>(d)</sup> | 07/01/2040 | 2578854 |
| Plaquemines Port Harbor and Terminal District Dock and Wharf Facilities RB Nola Terminal LLC Project Series 2024A (NR/NR) | Plaquemines Port Harbor and Terminal District Dock and Wharf Facilities RB Nola Terminal LLC Project Series 2024A (NR/NR) | Plaquemines Port Harbor and Terminal District Dock and Wharf Facilities RB Nola Terminal LLC Project Series 2024A (NR/NR) | Plaquemines Port Harbor and Terminal District Dock and Wharf Facilities RB Nola Terminal LLC Project Series 2024A (NR/NR) | Plaquemines Port Harbor and Terminal District Dock and Wharf Facilities RB Nola Terminal LLC Project Series 2024A (NR/NR) |
| 6450000 | 9.000 | <sup>(d)</sup> | 12/01/2044 | 6306311 |
|  |  |  |  | 127624612 |
| Maine - 0.1% | Maine - 0.1% | Maine - 0.1% | Maine - 0.1% | Maine - 0.1% |
| Finance Authority of Maine RB Series 2021 (NR/NR) | Finance Authority of Maine RB Series 2021 (NR/NR) | Finance Authority of Maine RB Series 2021 (NR/NR) | Finance Authority of Maine RB Series 2021 (NR/NR) | Finance Authority of Maine RB Series 2021 (NR/NR) |
| 10175000 | 8.000 | <sup>(d)</sup>\* | 12/01/2051 | 203500 |
| Finance Authority of Maine Solid Waste Disposal RB for Casella Waste Systems, Inc. Project Series 2024 (B1/B+) | Finance Authority of Maine Solid Waste Disposal RB for Casella Waste Systems, Inc. Project Series 2024 (B1/B+) | Finance Authority of Maine Solid Waste Disposal RB for Casella Waste Systems, Inc. Project Series 2024 (B1/B+) | Finance Authority of Maine Solid Waste Disposal RB for Casella Waste Systems, Inc. Project Series 2024 (B1/B+) | Finance Authority of Maine Solid Waste Disposal RB for Casella Waste Systems, Inc. Project Series 2024 (B1/B+) |
| 2975000 | 4.625 | <sup>(a)(b)(d)</sup> | 12/01/2047 | 3000337 |
| 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+) | Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2018 A (A1/A+) |
| 4000000 | 5.000 |  | 07/01/2048 | 4037688 |
| Maine Health and Higher Educational Facilities Authority RB Eastern Maine Healthcare Systems Obligated Group Issue Series 2016A (Ba3/BB-) | Maine Health and Higher Educational Facilities Authority RB Eastern Maine Healthcare Systems Obligated Group Issue Series 2016A (Ba3/BB-) | Maine Health and Higher Educational Facilities Authority RB Eastern Maine Healthcare Systems Obligated Group Issue Series 2016A (Ba3/BB-) | Maine Health and Higher Educational Facilities Authority RB Eastern Maine Healthcare Systems Obligated Group Issue Series 2016A (Ba3/BB-) | Maine Health and Higher Educational Facilities Authority RB Eastern Maine Healthcare Systems Obligated Group Issue Series 2016A (Ba3/BB-) |
| 125000 | 4.000 |  | 07/01/2046 | 98087 |
| 4610000 | 5.000 |  | 07/01/2046 | 4237213 |
|  |  |  |  | 11576825 |
| Maryland - 0.8% | Maryland - 0.8% | Maryland - 0.8% | Maryland - 0.8% | Maryland - 0.8% |
| 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) | Baltimore County RB for Riderwood Village Facility Series 2020 (NR/NR) |
| 3000000 | 4.000 |  | 01/01/2039 | 2856851 |
| 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) | Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR) |
| 2950000 | 4.500 |  | 09/01/2033 | 2930692 |
| 3000000 | 5.000 |  | 09/01/2038 | 3010148 |
| City Council of Baltimore Convention Center Hotel Revenue Refunding Bonds Series 2017 (NR/B+) | City Council of Baltimore Convention Center Hotel Revenue Refunding Bonds Series 2017 (NR/B+) | City Council of Baltimore Convention Center Hotel Revenue Refunding Bonds Series 2017 (NR/B+) | City Council of Baltimore Convention Center Hotel Revenue Refunding Bonds Series 2017 (NR/B+) | City Council of Baltimore Convention Center Hotel Revenue Refunding Bonds Series 2017 (NR/B+) |
| 7775000 | 5.000 |  | 09/01/2042 | 7566509 |
| City of Baltimore RB Refunding for Baltimore Hotel Corp. Series 2017 (NR/B+) | City of Baltimore RB Refunding for Baltimore Hotel Corp. Series 2017 (NR/B+) | City of Baltimore RB Refunding for Baltimore Hotel Corp. Series 2017 (NR/B+) | City of Baltimore RB Refunding for Baltimore Hotel Corp. Series 2017 (NR/B+) | City of Baltimore RB Refunding for Baltimore Hotel Corp. Series 2017 (NR/B+) |
| 1400000 | 5.000 |  | 09/01/2028 | 1418891 |
| 2235000 | 5.000 |  | 09/01/2039 | 2204295 |
| 14715000 | 5.000 |  | 09/01/2046 | 14300471 |
| City of Baltimore Tax Allocation for Harbor Point Special Taxing District Project Series 2019 B (NR/NR) | City of Baltimore Tax Allocation for Harbor Point Special Taxing District Project Series 2019 B (NR/NR) | City of Baltimore Tax Allocation for Harbor Point Special Taxing District Project Series 2019 B (NR/NR) | City of Baltimore Tax Allocation for Harbor Point Special Taxing District Project Series 2019 B (NR/NR) | City of Baltimore Tax Allocation for Harbor Point Special Taxing District Project Series 2019 B (NR/NR) |
| 325000 | 3.550 | <sup>(d)</sup> | 06/01/2034 | 298850 |
| 200000 | 3.700 | <sup>(d)</sup> | 06/01/2039 | 175946 |
| 300000 | 3.875 | <sup>(d)</sup> | 06/01/2046 | 254536 |
| City of Baltimore Tax Allocation Refunding Senior Lien for Harbor Point Special Taxing District Project Series 2019 A (NR/NR) | City of Baltimore Tax Allocation Refunding Senior Lien for Harbor Point Special Taxing District Project Series 2019 A (NR/NR) | City of Baltimore Tax Allocation Refunding Senior Lien for Harbor Point Special Taxing District Project Series 2019 A (NR/NR) | City of Baltimore Tax Allocation Refunding Senior Lien for Harbor Point Special Taxing District Project Series 2019 A (NR/NR) | City of Baltimore Tax Allocation Refunding Senior Lien for Harbor Point Special Taxing District Project Series 2019 A (NR/NR) |
| 290000 | 3.400 | <sup>(d)</sup> | 06/01/2034 | 268577 |
| 310000 | 3.450 | <sup>(d)</sup> | 06/01/2035 | 285571 |
| 550000 | 3.500 | <sup>(d)</sup> | 06/01/2039 | 485622 |
| 1650000 | 3.625 | <sup>(d)</sup> | 06/01/2046 | 1382730 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **143** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461922 |
| 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 | 2021462 |
| 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) |
| 1850000 | 4.000 | 01/01/2045 | 1654679 |
| 9765000 | 4.000 | 01/01/2050 | 8403153 |
| County of Prince George's Special Obligation Bonds for Westphalia Town Center Project Series 2018 (NR/NR) | County of Prince George's Special Obligation Bonds for Westphalia Town Center Project Series 2018 (NR/NR) | County of Prince George's Special Obligation Bonds for Westphalia Town Center Project Series 2018 (NR/NR) | County of Prince George's Special Obligation Bonds for Westphalia Town Center Project Series 2018 (NR/NR) |
| 4535000 | 5.250 <sup>(d)</sup> | 07/01/2048 | 4566849 |
| Frederick County Urbana Community Development Authority Special Tax Series 2020 C (NR/NR) | Frederick County Urbana Community Development Authority Special Tax Series 2020 C (NR/NR) | Frederick County Urbana Community Development Authority Special Tax Series 2020 C (NR/NR) | Frederick County Urbana Community Development Authority Special Tax Series 2020 C (NR/NR) |
| 3695000 | 4.000 <sup>(d)</sup> | 07/01/2050 | 3203724 |
| Maryland Economic Development Corp. RB for Baltimore City Project Series 2018 A (NR/BBB) | Maryland Economic Development Corp. RB for Baltimore City Project Series 2018 A (NR/BBB) | Maryland Economic Development Corp. RB for Baltimore City Project Series 2018 A (NR/BBB) | Maryland Economic Development Corp. RB for Baltimore City Project Series 2018 A (NR/BBB) |
| 2375000 | 5.000 | 06/01/2058 | 2389426 |
| 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 | 848532 |
| 1400000 | 4.250 | 07/01/2050 | 1230057 |
| 1025000 | 5.000 | 07/01/2050 | 1029112 |
| 2415000 | 5.000 | 07/01/2056 | 2401528 |
| Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (Baa2/NR) | Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (Baa2/NR) | Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (Baa2/NR) | Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (Baa2/NR) |
| 1000000 | 5.000 | 06/01/2044 | 1008777 |
| Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa2/NR) | Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa2/NR) | Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa2/NR) | Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa2/NR) |
| 2250000 | 5.000 | 06/01/2049 | 2257575 |
| Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Ba2/NR) | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Ba2/NR) | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Ba2/NR) | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Ba2/NR) |
| 6035000 | 3.997 | 04/01/2034 | 4276119 |
| 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 | 1063001 |
| 2000000 | 6.000 | 07/01/2058 | 2152274 |
| 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 | 858242 |
| Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/A-) | Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/A-) | Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/A-) | Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/A-) |
| 840000 | 3.000 | 10/01/2034 | 752507 |
| 500000 | 4.000 | 10/01/2040 | 461544 |
| Maryland Health and Higher Educational Facilities Authority RB for Monocacy Montessori Communities Issue Series 2023 (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB for Monocacy Montessori Communities Issue Series 2023 (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB for Monocacy Montessori Communities Issue Series 2023 (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB for Monocacy Montessori Communities Issue Series 2023 (NR/NR) |
| 900000 | 6.125 <sup>(d)</sup> | 07/01/2053 | 915992 |
| 900000 | 6.250 <sup>(d)</sup> | 07/01/2063 | 916983 |
| Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR) |
| 1355000 | 5.500 <sup>(d)</sup> | 05/01/2052 | 1303176 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 (ST INTERCEPT) (Aa3/AA-) | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-) | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-) | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-) |
| 13800000 | 0.000 %<sup>(e)</sup> | 05/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3333993 |
| 10125000 | 0.000 <sup>(e)</sup> | 05/01/2054 | 2323529 |
| 8750000 | 0.000 <sup>(e)</sup> | 05/01/2055 | 1909172 |
| Mayor and City Council of Baltimore City of Baltimore, Maryland Convention Center Hotel Revenue Refunding Bonds, Series 2017 (NR/B+) | Mayor and City Council of Baltimore City of Baltimore, Maryland Convention Center Hotel Revenue Refunding Bonds, Series 2017 (NR/B+) | Mayor and City Council of Baltimore City of Baltimore, Maryland Convention Center Hotel Revenue Refunding Bonds, Series 2017 (NR/B+) | Mayor and City Council of Baltimore City of Baltimore, Maryland Convention Center Hotel Revenue Refunding Bonds, Series 2017 (NR/B+) |
| 1400000 | 5.000 | 09/01/2035 | 1404576 |
| 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 | 1422633 |
|  |  |  | 93010226 |
| Massachusetts - 1.2% | Massachusetts - 1.2% | Massachusetts - 1.2% | Massachusetts - 1.2% |
| Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series A (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series A (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series A (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series A (Aa1/AA+) |
| 30000000 | 5.000 | 01/01/2049 | 31363065 |
| 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 | 1692555 |
| Massachusetts Development Finance Agency RB CHF Merrimack, Inc. Issue Merrimack College Student Housing Project Series 2024A (NR/BB) | Massachusetts Development Finance Agency RB CHF Merrimack, Inc. Issue Merrimack College Student Housing Project Series 2024A (NR/BB) | Massachusetts Development Finance Agency RB CHF Merrimack, Inc. Issue Merrimack College Student Housing Project Series 2024A (NR/BB) | Massachusetts Development Finance Agency RB CHF Merrimack, Inc. Issue Merrimack College Student Housing Project Series 2024A (NR/BB) |
| 1100000 | 5.000 <sup>(d)</sup> | 07/01/2054 | 1102140 |
| Massachusetts Development Finance Agency RB for Boston Medical Center Series G (Baa2/BBB) | Massachusetts Development Finance Agency RB for Boston Medical Center Series G (Baa2/BBB) | Massachusetts Development Finance Agency RB for Boston Medical Center Series G (Baa2/BBB) | Massachusetts Development Finance Agency RB for Boston Medical Center Series G (Baa2/BBB) |
| 1740000 | 5.250 | 07/01/2052 | 1782355 |
| Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR) | Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR) | Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR) | Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR) |
| 1000000 | 5.000 <sup>(d)</sup> | 11/15/2033 | 1033565 |
| 900000 | 5.000 <sup>(d)</sup> | 11/15/2038 | 922447 |
| 2350000 | 5.125 <sup>(d)</sup> | 11/15/2046 | 2384240 |
| 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 | 1996011 |
| Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (Baa3/BB+) | Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (Baa3/BB+) | Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (Baa3/BB+) | Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (Baa3/BB+) |
| 1950000 | 5.000 | 10/01/2036 | 1916149 |
| Massachusetts Development Finance Agency RB for Simmons University issue, Series 2023 N (Baa3/BB+) | Massachusetts Development Finance Agency RB for Simmons University issue, Series 2023 N (Baa3/BB+) | Massachusetts Development Finance Agency RB for Simmons University issue, Series 2023 N (Baa3/BB+) | Massachusetts Development Finance Agency RB for Simmons University issue, Series 2023 N (Baa3/BB+) |
| 580000 | 5.250 | 10/01/2039 | 570192 |
| 1450000 | 5.000 | 10/01/2043 | 1339889 |
| Massachusetts Development Finance Agency RB for Tufts Medicine Issue Series 2024 E (NR/BBB-) | Massachusetts Development Finance Agency RB for Tufts Medicine Issue Series 2024 E (NR/BBB-) | Massachusetts Development Finance Agency RB for Tufts Medicine Issue Series 2024 E (NR/BBB-) | Massachusetts Development Finance Agency RB for Tufts Medicine Issue Series 2024 E (NR/BBB-) |
| 17725000 | 8.500 | 10/01/2026 | 17894565 |
| Massachusetts Development Finance Agency RB Umass Memorial Health Care Obligated Group Issue Series N-1 2025 (NR/BBB+) | Massachusetts Development Finance Agency RB Umass Memorial Health Care Obligated Group Issue Series N-1 2025 (NR/BBB+) | Massachusetts Development Finance Agency RB Umass Memorial Health Care Obligated Group Issue Series N-1 2025 (NR/BBB+) | Massachusetts Development Finance Agency RB Umass Memorial Health Care Obligated Group Issue Series N-1 2025 (NR/BBB+) |
| 13700000 | 4.500 | 07/01/2054 | 12694932 |
| 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-) |
| 24315000 | 5.000 | 07/01/2044 | 22778504 |
| Massachusetts Housing Finance Agency Single Family Housing RB Series 242 (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Massachusetts Housing Finance Agency Single Family Housing RB Series 242 (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Massachusetts Housing Finance Agency Single Family Housing RB Series 242 (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Massachusetts Housing Finance Agency Single Family Housing RB Series 242 (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) |
| 2000000 | 4.800 | 12/01/2055 | 1985537 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 144 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series A (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series A (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series A (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series A (Aa1/AA+) |
| 6500000 | 5.000% | 01/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6753259 |
| The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series I (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series I (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series I (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series I (Aa1/AA+) |
| 15000000 | 5.000 | 12/01/2051 | 15663018 |
| The Commonwealth of Massachusetts Transportation Fund RB for Rail Enhancement Bonds Series 2024 B (Sustainability Bonds) (Aa1/AAA) | The Commonwealth of Massachusetts Transportation Fund RB for Rail Enhancement Bonds Series 2024 B (Sustainability Bonds) (Aa1/AAA) | The Commonwealth of Massachusetts Transportation Fund RB for Rail Enhancement Bonds Series 2024 B (Sustainability Bonds) (Aa1/AAA) | The Commonwealth of Massachusetts Transportation Fund RB for Rail Enhancement Bonds Series 2024 B (Sustainability Bonds) (Aa1/AAA) |
| 20000000 | 5.000 | 06/01/2054 | 20869436 |
|  |  |  | 144741859 |
| Michigan - 1.8% | Michigan - 1.8% | Michigan - 1.8% | Michigan - 1.8% |
| City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR) | City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR) | City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR) | City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR) |
| 106985536 | 4.000 <sup>(a)</sup> | 04/01/2044 | 85504499 |
| City of Detroit GO Bonds Series 2020 (Baa2/BBB) | City of Detroit GO Bonds Series 2020 (Baa2/BBB) | City of Detroit GO Bonds Series 2020 (Baa2/BBB) | City of Detroit GO Bonds Series 2020 (Baa2/BBB) |
| 665000 | 5.500 | 04/01/2031 | 721365 |
| 470000 | 5.500 | 04/01/2033 | 505401 |
| 280000 | 5.500 | 04/01/2034 | 300118 |
| 300000 | 5.500 | 04/01/2035 | 320812 |
| 245000 | 5.500 | 04/01/2036 | 261255 |
| 465000 | 5.500 | 04/01/2037 | 494331 |
| 495000 | 5.500 | 04/01/2038 | 524573 |
| 355000 | 5.500 | 04/01/2039 | 374497 |
| 690000 | 5.500 | 04/01/2040 | 724469 |
| 1360000 | 5.500 | 04/01/2045 | 1405079 |
| City of Detroit GO Bonds Series 2021 A (Baa2/BBB) | City of Detroit GO Bonds Series 2021 A (Baa2/BBB) | City of Detroit GO Bonds Series 2021 A (Baa2/BBB) | City of Detroit GO Bonds Series 2021 A (Baa2/BBB) |
| 900000 | 5.000 | 04/01/2050 | 907011 |
| City of Detroit GO Bonds Series 2021 B (Baa2/BBB) | City of Detroit GO Bonds Series 2021 B (Baa2/BBB) | City of Detroit GO Bonds Series 2021 B (Baa2/BBB) | City of Detroit GO Bonds Series 2021 B (Baa2/BBB) |
| 950000 | 3.110 | 04/01/2028 | 911968 |
| 450000 | 3.244 | 04/01/2029 | 427188 |
| 125000 | 3.344 | 04/01/2030 | 117042 |
| 475000 | 3.644 | 04/01/2034 | 426826 |
| City of Detroit MI GO Bonds Series 2020 (Baa2/BBB) | City of Detroit MI GO Bonds Series 2020 (Baa2/BBB) | City of Detroit MI GO Bonds Series 2020 (Baa2/BBB) | City of Detroit MI GO Bonds Series 2020 (Baa2/BBB) |
| 295000 | 5.500 | 04/01/2032 | 318256 |
| City of Detroit Unlimited Tax GO Bonds Series 2021A Tax-Exempt Social Bonds (Baa2/BBB) | City of Detroit Unlimited Tax GO Bonds Series 2021A Tax-Exempt Social Bonds (Baa2/BBB) | City of Detroit Unlimited Tax GO Bonds Series 2021A Tax-Exempt Social Bonds (Baa2/BBB) | City of Detroit Unlimited Tax GO Bonds Series 2021A Tax-Exempt Social Bonds (Baa2/BBB) |
| 675000 | 4.000 | 04/01/2042 | 604152 |
| City of Detroit UT GO Bonds Series 2021A (Baa2/BBB) | City of Detroit UT GO Bonds Series 2021A (Baa2/BBB) | City of Detroit UT GO Bonds Series 2021A (Baa2/BBB) | City of Detroit UT GO Bonds Series 2021A (Baa2/BBB) |
| 2750000 | 5.000 | 04/01/2046 | 2785037 |
| City of Detroit, County of Wayne, Unlimited Tax GO Bonds Series 2023C (Tax Exempt) (Baa2/BBB) | City of Detroit, County of Wayne, Unlimited Tax GO Bonds Series 2023C (Tax Exempt) (Baa2/BBB) | City of Detroit, County of Wayne, Unlimited Tax GO Bonds Series 2023C (Tax Exempt) (Baa2/BBB) | City of Detroit, County of Wayne, Unlimited Tax GO Bonds Series 2023C (Tax Exempt) (Baa2/BBB) |
| 1200000 | 6.000 | 05/01/2043 | 1317730 |
| City of Detroit, County of Wayne, Unlimited Tax GO Bonds Series 2021A (Baa2/BBB) | City of Detroit, County of Wayne, Unlimited Tax GO Bonds Series 2021A (Baa2/BBB) | City of Detroit, County of Wayne, Unlimited Tax GO Bonds Series 2021A (Baa2/BBB) | City of Detroit, County of Wayne, Unlimited Tax GO Bonds Series 2021A (Baa2/BBB) |
| 725000 | 4.000 | 04/01/2041 | 660470 |
| City of Detroit, County of Wayne, Unlimited Tax GO Social Bonds Series 2023A (Tax Exempt) (Baa2/BBB) | City of Detroit, County of Wayne, Unlimited Tax GO Social Bonds Series 2023A (Tax Exempt) (Baa2/BBB) | City of Detroit, County of Wayne, Unlimited Tax GO Social Bonds Series 2023A (Tax Exempt) (Baa2/BBB) | City of Detroit, County of Wayne, Unlimited Tax GO Social Bonds Series 2023A (Tax Exempt) (Baa2/BBB) |
| 3675000 | 6.000 | 05/01/2039 | 4114205 |
| City of Kalamazoo Economic Development Corporation Limited Obligation RB for Heritage Community of Kalamazoo Revel Creek Project Series 2020A (NR/NR) | City of Kalamazoo Economic Development Corporation Limited Obligation RB for Heritage Community of Kalamazoo Revel Creek Project Series 2020A (NR/NR) | City of Kalamazoo Economic Development Corporation Limited Obligation RB for Heritage Community of Kalamazoo Revel Creek Project Series 2020A (NR/NR) | City of Kalamazoo Economic Development Corporation Limited Obligation RB for Heritage Community of Kalamazoo Revel Creek Project Series 2020A (NR/NR) |
| 3880000 | 5.000 | 05/15/2055 | 3485221 |
| Detroit Financial Recovery Bonds LT Series B-2 (NR/NR) | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR) | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR) | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR) |
| 3401333 | 4.000 <sup>(a)</sup> | 04/01/2044 | 2718398 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.60%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.60%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.60%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.60%) |
| $4675000 | 3.663 %<sup>(h)</sup> | 07/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4608173 |
| 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) |
| 7875000 | 5.000 | 05/15/2037 | 7788163 |
| 4125000 | 5.000 | 05/15/2044 | 3926385 |
| Ivywood Classical Academy Public School Academy Bonds, Series 2023 (NR/NR) | Ivywood Classical Academy Public School Academy Bonds, Series 2023 (NR/NR) | Ivywood Classical Academy Public School Academy Bonds, Series 2023 (NR/NR) | Ivywood Classical Academy Public School Academy Bonds, Series 2023 (NR/NR) |
| 900000 | 6.000 | 01/01/2054 | 897158 |
| 900000 | 6.250 | 01/01/2059 | 903977 |
| 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 | 397336 |
| 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 | 1465750 |
| Michigan Finance Authority Act 38 Facilities Senior RB for the Henry Ford Health Detroit South Campus Central Utility Plant Project Series 2024 (Green Bonds) (A3/NR) | Michigan Finance Authority Act 38 Facilities Senior RB for the Henry Ford Health Detroit South Campus Central Utility Plant Project Series 2024 (Green Bonds) (A3/NR) | Michigan Finance Authority Act 38 Facilities Senior RB for the Henry Ford Health Detroit South Campus Central Utility Plant Project Series 2024 (Green Bonds) (A3/NR) | Michigan Finance Authority Act 38 Facilities Senior RB for the Henry Ford Health Detroit South Campus Central Utility Plant Project Series 2024 (Green Bonds) (A3/NR) |
| 2790000 | 4.375 | 02/28/2054 | 2640848 |
| Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2017 (NR/BBB-) | Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2017 (NR/BBB-) | Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2017 (NR/BBB-) | Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2017 (NR/BBB-) |
| 4570000 | 5.000 | 02/01/2047 | 4340331 |
| 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 | 878188 |
| 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 | 1350636 |
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A1/A+) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A1/A+) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A1/A+) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A1/A+) |
| 1600000 | 5.000 | 07/01/2033 | 1605554 |
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (Aa3/AA-) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (Aa3/AA-) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (Aa3/AA-) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (Aa3/AA-) |
| 750000 | 5.000 | 07/01/2035 | 752565 |
| Michigan Finance Authority Public School Academy Limited Obligation Revenue & Revenue Refunding Bonds Series 2021 (NR/BB+) | Michigan Finance Authority Public School Academy Limited Obligation Revenue & Revenue Refunding Bonds Series 2021 (NR/BB+) | Michigan Finance Authority Public School Academy Limited Obligation Revenue & Revenue Refunding Bonds Series 2021 (NR/BB+) | Michigan Finance Authority Public School Academy Limited Obligation Revenue & Revenue Refunding Bonds Series 2021 (NR/BB+) |
| 800000 | 4.000 | 12/01/2041 | 680310 |
| 1230000 | 4.000 | 12/01/2051 | 974338 |
| 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) |
| 1500000 | 4.250 | 12/01/2039 | 1258908 |
| 1190000 | 5.000 | 12/01/2046 | 1035200 |
| 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 | 978942 |
| Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/NR) | Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/NR) | Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/NR) | Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/NR) |
| 475000 | 4.000 | 09/01/2045 | 388112 |
| 500000 | 4.000 | 09/01/2050 | 388993 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **145** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6762301 |
| Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR) |
| 252800000 | 0.000 <sup>(e)</sup> | 06/01/2065 | 25934979 |
| 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+) |
| 705000 | 4.000 | 01/01/2031 | 677414 |
| 1115000 | 4.000 | 01/01/2041 | 962209 |
| 1695000 | 4.000 | 01/01/2051 | 1362111 |
| Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A1/AA) | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A1/AA) | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A1/AA) | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A1/AA) |
| 2545000 | 4.125 | 06/30/2035 | 2470265 |
| 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 | 1854325 |
| 1400000 | 5.000 | 05/15/2044 | 1332591 |
| Michigan Strategic Fund Variable Rate Limited Obligation RB for Graphic Packaging International Coated Recycled Board Machine Project Green Bonds Series 2021 (Ba2/BB) (PUTABLE) | Michigan Strategic Fund Variable Rate Limited Obligation RB for Graphic Packaging International Coated Recycled Board Machine Project Green Bonds Series 2021 (Ba2/BB) (PUTABLE) | Michigan Strategic Fund Variable Rate Limited Obligation RB for Graphic Packaging International Coated Recycled Board Machine Project Green Bonds Series 2021 (Ba2/BB) (PUTABLE) | Michigan Strategic Fund Variable Rate Limited Obligation RB for Graphic Packaging International Coated Recycled Board Machine Project Green Bonds Series 2021 (Ba2/BB) (PUTABLE) |
| 6700000 | 4.000 <sup>(a)(b)</sup> | 10/01/2061 | 6687657 |
| Michigan tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (NR/CCC-) | Michigan tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (NR/CCC-) | Michigan tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (NR/CCC-) | Michigan tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (NR/CCC-) |
| 42935000 | 0.000 <sup>(e)</sup> | 06/01/2052 | 5413026 |
| Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR) | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR) | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR) | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR) |
| 365435000 | 0.000 <sup>(e)</sup> | 06/01/2058 | 11352275 |
| 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) |
| 4080000 | 5.000 | 03/01/2033 | 4163637 |
| 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) |
| 4955000 | 4.000 | 06/01/2051 | 3726551 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219889111 |
| Minnesota - 0.3% | Minnesota - 0.3% | Minnesota - 0.3% | Minnesota - 0.3% |
| City of Eagan Minnesota Charter School Lease RB Great Oaks Academy Series 2025A (NR/NR) | City of Eagan Minnesota Charter School Lease RB Great Oaks Academy Series 2025A (NR/NR) | City of Eagan Minnesota Charter School Lease RB Great Oaks Academy Series 2025A (NR/NR) | City of Eagan Minnesota Charter School Lease RB Great Oaks Academy Series 2025A (NR/NR) |
| 400000 | 6.250 <sup>(d)</sup> | 02/01/2045 | 393701 |
| 600000 | 6.375 <sup>(d)</sup> | 02/01/2055 | 590605 |
| 1150000 | 6.500 <sup>(d)</sup> | 02/01/2065 | 1139329 |
| City of St. Cloud Minnesota Health Care RB Series 2024 (A2/NR) | City of St. Cloud Minnesota Health Care RB Series 2024 (A2/NR) | City of St. Cloud Minnesota Health Care RB Series 2024 (A2/NR) | City of St. Cloud Minnesota Health Care RB Series 2024 (A2/NR) |
| 4980000 | 5.000 | 05/01/2054 | 5071802 |
| City of St. Paul Housing & Redevelopment Authority Charter School Lease RB for Higher Ground Academy Project Series 2023 (NR/BB+) | City of St. Paul Housing & Redevelopment Authority Charter School Lease RB for Higher Ground Academy Project Series 2023 (NR/BB+) | City of St. Paul Housing & Redevelopment Authority Charter School Lease RB for Higher Ground Academy Project Series 2023 (NR/BB+) | City of St. Paul Housing & Redevelopment Authority Charter School Lease RB for Higher Ground Academy Project Series 2023 (NR/BB+) |
| 1630000 | 5.500 | 12/01/2057 | 1655739 |
| City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BB) | City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BB) | City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BB) | City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BB) |
| 540000 | 4.000 | 12/01/2040 | 458962 |
| 425000 | 4.000 | 12/01/2050 | 333395 |
| 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 | 18827557 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** |  | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Minnesota – (continued) | Minnesota – (continued) | Minnesota – (continued) | Minnesota – (continued) | Minnesota – (continued) |
| 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-) | 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226450 |
| 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) | Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR) |
| 1400000 | 4.000 |  | 07/01/2036 | 1234660 |
| Duluth Independent School District No.709 COPS Refunding Series 2019 A (Baa1/NR) | Duluth Independent School District No.709 COPS Refunding Series 2019 A (Baa1/NR) | Duluth Independent School District No.709 COPS Refunding Series 2019 A (Baa1/NR) | Duluth Independent School District No.709 COPS Refunding Series 2019 A (Baa1/NR) | Duluth Independent School District No.709 COPS Refunding Series 2019 A (Baa1/NR) |
| 2015000 | 4.000 | <sup>(c)</sup> | 03/01/2027 | 2052079 |
| 685000 | 4.200 | <sup>(c)</sup> | 03/01/2027 | 700137 |
| 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+) | Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (NR/BB+) |
| 1525000 | 5.000 |  | 05/01/2032 | 1517774 |
| 2400000 | 5.000 |  | 05/01/2047 | 2161192 |
| Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa3/NR) | Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa3/NR) | Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa3/NR) | Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa3/NR) | Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa3/NR) |
| 425000 | 4.000 |  | 12/01/2034 | 387092 |
| 650000 | 4.000 |  | 12/01/2040 | 546969 |
|  |  |  |  | 38297443 |
| Mississippi - 0.1% | Mississippi - 0.1% | Mississippi - 0.1% | Mississippi - 0.1% | Mississippi - 0.1% |
| Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa2/BBB+) | Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa2/BBB+) | Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa2/BBB+) | Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa2/BBB+) | Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa2/BBB+) |
| 4000000 | 2.375 |  | 06/01/2044 | 2480304 |
| Mississippi Development Bank Special Obligation Bonds Series 2021 (NR/BB) | Mississippi Development Bank Special Obligation Bonds Series 2021 (NR/BB) | Mississippi Development Bank Special Obligation Bonds Series 2021 (NR/BB) | Mississippi Development Bank Special Obligation Bonds Series 2021 (NR/BB) | Mississippi Development Bank Special Obligation Bonds Series 2021 (NR/BB) |
| 1225000 | 5.000 | <sup>(d)</sup> | 10/01/2030 | 1241316 |
| 1530000 | 5.000 | <sup>(d)</sup> | 10/01/2033 | 1531418 |
| 850000 | 4.000 | <sup>(d)</sup> | 10/01/2034 | 759482 |
| 700000 | 4.000 | <sup>(d)</sup> | 10/01/2035 | 614016 |
| 750000 | 4.000 | <sup>(d)</sup> | 10/01/2036 | 646764 |
| 3000000 | 4.000 | <sup>(d)</sup> | 10/01/2041 | 2379528 |
|  |  |  |  | 9652828 |
| Missouri - 0.5% | Missouri - 0.5% | Missouri - 0.5% | Missouri - 0.5% | Missouri - 0.5% |
| Branson Regional Airport Transport Development District Series 2018A, B, & C (NR/NR) | Branson Regional Airport Transport Development District Series 2018A, B, & C (NR/NR) | Branson Regional Airport Transport Development District Series 2018A, B, & C (NR/NR) | Branson Regional Airport Transport Development District Series 2018A, B, & C (NR/NR) | Branson Regional Airport Transport Development District Series 2018A, B, & C (NR/NR) |
| 545266 | 5.000 | <sup>(a)(d)</sup>\* | 04/01/2043 | 16358 |
| Branson Regional Airport Transport Development District Series 2018B & C (NR/NR) | Branson Regional Airport Transport Development District Series 2018B & C (NR/NR) | Branson Regional Airport Transport Development District Series 2018B & C (NR/NR) | Branson Regional Airport Transport Development District Series 2018B & C (NR/NR) | Branson Regional Airport Transport Development District Series 2018B & C (NR/NR) |
| 2752991 | 5.000 | <sup>(a)(d)</sup>\* | 04/01/2043 | 82590 |
| Cape Girardeau County IDA Health Facilities RB for Southeast HEALTH Obligated Group Series 2021 (A1/A+) | Cape Girardeau County IDA Health Facilities RB for Southeast HEALTH Obligated Group Series 2021 (A1/A+) | Cape Girardeau County IDA Health Facilities RB for Southeast HEALTH Obligated Group Series 2021 (A1/A+) | Cape Girardeau County IDA Health Facilities RB for Southeast HEALTH Obligated Group Series 2021 (A1/A+) | Cape Girardeau County IDA Health Facilities RB for Southeast HEALTH Obligated Group Series 2021 (A1/A+) |
| 950000 | 4.000 |  | 03/01/2041 | 921404 |
| 2825000 | 3.000 |  | 03/01/2046 | 2123174 |
| Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (A1/A+) | Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (A1/A+) | Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (A1/A+) | Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (A1/A+) | Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (A1/A+) |
| 1925000 | 5.000 |  | 03/01/2036 | 1962002 |
| City of Branson Industrial Development Authority Tax Increment Refunding RB for Branson Shoppes Redevelopment Project Series 2017A (NR/NR) | City of Branson Industrial Development Authority Tax Increment Refunding RB for Branson Shoppes Redevelopment Project Series 2017A (NR/NR) | City of Branson Industrial Development Authority Tax Increment Refunding RB for Branson Shoppes Redevelopment Project Series 2017A (NR/NR) | City of Branson Industrial Development Authority Tax Increment Refunding RB for Branson Shoppes Redevelopment Project Series 2017A (NR/NR) | City of Branson Industrial Development Authority Tax Increment Refunding RB for Branson Shoppes Redevelopment Project Series 2017A (NR/NR) |
| 2050000 | 4.000 |  | 11/01/2027 | 2019636 |
| City of St. Louis IDA Tax Increment Financing RB for St. Louis Innovation District Project Series 2022 (NR/NR) | City of St. Louis IDA Tax Increment Financing RB for St. Louis Innovation District Project Series 2022 (NR/NR) | City of St. Louis IDA Tax Increment Financing RB for St. Louis Innovation District Project Series 2022 (NR/NR) | City of St. Louis IDA Tax Increment Financing RB for St. Louis Innovation District Project Series 2022 (NR/NR) | City of St. Louis IDA Tax Increment Financing RB for St. Louis Innovation District Project Series 2022 (NR/NR) |
| 2550000 | 5.000 |  | 05/15/2041 | 2545437 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 146 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Wright Memorial Hospital Series 2019 (NR/NR) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Wright Memorial Hospital Series 2019 (NR/NR) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Wright Memorial Hospital Series 2019 (NR/NR) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Wright Memorial Hospital Series 2019 (NR/NR) |
| $1065000 | 5.000% | 09/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081882 |
| Health and Educational Facilities Authority of The State of Missouri Senior Living Facilities RB Lutheran Senior Services Projects Series 2024A (NR/NR) | Health and Educational Facilities Authority of The State of Missouri Senior Living Facilities RB Lutheran Senior Services Projects Series 2024A (NR/NR) | Health and Educational Facilities Authority of The State of Missouri Senior Living Facilities RB Lutheran Senior Services Projects Series 2024A (NR/NR) | Health and Educational Facilities Authority of The State of Missouri Senior Living Facilities RB Lutheran Senior Services Projects Series 2024A (NR/NR) |
| 1850000 | 5.250 | 02/01/2048 | 1902341 |
| 1130000 | 5.250 | 02/01/2054 | 1147514 |
| I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR) | I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR) | I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR) | I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR) |
| 4750000 | 5.250 <sup>(d)</sup> | 12/01/2048 | 4706142 |
| 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) |
| 785000 | 3.500 | 11/01/2040 | 716352 |
| 2450000 | 4.250 | 11/01/2050 | 2001429 |
| 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) | 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) | 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) | 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) |
| 1000000 | 5.000 <sup>(d)</sup> | 04/01/2036 | 967083 |
| 1150000 | 5.000 <sup>(d)</sup> | 04/01/2046 | 1037517 |
| 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 | 849402 |
| 2600000 | 5.000 | 09/01/2048 | 2613464 |
| 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) |
| 1330000 | 5.000 | 09/01/2033 | 1310512 |
| 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 | 315612 |
| 500000 | 3.125 | 10/01/2049 | 376017 |
| 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) |
| 1375000 | 3.125 | 05/01/2035 | 1185269 |
| 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) |
| 3250000 | 4.750 | 11/15/2047 | 2793571 |
| Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR) | Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR) | Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR) | Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR) |
| 1250000 | 5.750 \* | 04/01/2027 | 350000 |
| Taney County IDA Sales Tax Revenue Improvement Bonds for Big Cedar Infrastructure Project Series 2023 (NR/NR) | Taney County IDA Sales Tax Revenue Improvement Bonds for Big Cedar Infrastructure Project Series 2023 (NR/NR) | Taney County IDA Sales Tax Revenue Improvement Bonds for Big Cedar Infrastructure Project Series 2023 (NR/NR) | Taney County IDA Sales Tax Revenue Improvement Bonds for Big Cedar Infrastructure Project Series 2023 (NR/NR) |
| 4170000 | 6.000 <sup>(d)</sup> | 10/01/2049 | 4103599 |
| The IDA of The City of Lee'S Summit Missouri Senior Living Facilities RB John Knox Village Series 2024A (NR/NR) | The IDA of The City of Lee'S Summit Missouri Senior Living Facilities RB John Knox Village Series 2024A (NR/NR) | The IDA of The City of Lee'S Summit Missouri Senior Living Facilities RB John Knox Village Series 2024A (NR/NR) | The IDA of The City of Lee'S Summit Missouri Senior Living Facilities RB John Knox Village Series 2024A (NR/NR) |
| 4725000 | 5.000 | 08/15/2039 | 4886438 |
| The IDA of The City of St. Louis Missouri Tax Increment and Special District RB Union Station Phase 2 Redevelopment Project Series 2024A (NR/NR) | The IDA of The City of St. Louis Missouri Tax Increment and Special District RB Union Station Phase 2 Redevelopment Project Series 2024A (NR/NR) | The IDA of The City of St. Louis Missouri Tax Increment and Special District RB Union Station Phase 2 Redevelopment Project Series 2024A (NR/NR) | The IDA of The City of St. Louis Missouri Tax Increment and Special District RB Union Station Phase 2 Redevelopment Project Series 2024A (NR/NR) |
| 2300000 | 5.750 | 06/15/2054 | 2309913 |
| The Industrial Development Authority of The County of Cape Girardeau Missouri Tax Increment and Special District RB Westpark Mall Redevelopment Project Series 2024 (NR/NR) | The Industrial Development Authority of The County of Cape Girardeau Missouri Tax Increment and Special District RB Westpark Mall Redevelopment Project Series 2024 (NR/NR) | The Industrial Development Authority of The County of Cape Girardeau Missouri Tax Increment and Special District RB Westpark Mall Redevelopment Project Series 2024 (NR/NR) | The Industrial Development Authority of The County of Cape Girardeau Missouri Tax Increment and Special District RB Westpark Mall Redevelopment Project Series 2024 (NR/NR) |
| 5600000 | 5.750 <sup>(d)</sup> | 05/01/2054 | 5188845 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| University City IDA Tax Increment Special District RB for Markets at Olive Project Series 2023A (NR/NR) | University City IDA Tax Increment Special District RB for Markets at Olive Project Series 2023A (NR/NR) | University City IDA Tax Increment Special District RB for Markets at Olive Project Series 2023A (NR/NR) | University City IDA Tax Increment Special District RB for Markets at Olive Project Series 2023A (NR/NR) |
| 1965000 | 4.875% | 06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963739 |
| 5500000 | 5.500 | 06/15/2042 | 5457196 |
|  |  |  | 56934438 |
| Nebraska - 0.0% | Nebraska - 0.0% | Nebraska - 0.0% | Nebraska - 0.0% |
| Omaha Public Power District Electric System RB 2023 Series A (Aa2/AA) | Omaha Public Power District Electric System RB 2023 Series A (Aa2/AA) | Omaha Public Power District Electric System RB 2023 Series A (Aa2/AA) | Omaha Public Power District Electric System RB 2023 Series A (Aa2/AA) |
| 2245000 | 5.250 | 02/01/2053 | 2379968 |
| Nevada - 0.4% | Nevada - 0.4% | Nevada - 0.4% | Nevada - 0.4% |
| 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) |
| 680000 | 3.500 | 09/01/2045 | 536657 |
| 460000 | 4.000 | 09/01/2051 | 377979 |
| City of Las Vegas Nevada Special Improvement District No. 613 Sunstone Phases III and IV Local Improvement Bonds Series 2024 (NR/NR) | City of Las Vegas Nevada Special Improvement District No. 613 Sunstone Phases III and IV Local Improvement Bonds Series 2024 (NR/NR) | City of Las Vegas Nevada Special Improvement District No. 613 Sunstone Phases III and IV Local Improvement Bonds Series 2024 (NR/NR) | City of Las Vegas Nevada Special Improvement District No. 613 Sunstone Phases III and IV Local Improvement Bonds Series 2024 (NR/NR) |
| 550000 | 5.500 | 12/01/2053 | 553712 |
| 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) |
| 275000 | 4.250 | 06/01/2037 | 264650 |
| 395000 | 4.375 | 06/01/2042 | 373397 |
| 455000 | 4.500 | 06/01/2047 | 428201 |
| 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) |
| 470000 | 4.000 | 06/01/2039 | 433662 |
| 1285000 | 4.000 | 06/01/2044 | 1109088 |
| 1275000 | 4.000 | 06/01/2049 | 1059843 |
| 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) |
| 905000 | 5.000 | 12/01/2049 | 889799 |
| 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 | 454645 |
| 1270000 | 3.125 | 06/01/2051 | 870135 |
| City of Las Vegas Special Improvement District No. 818 Summerlin Village 27 Local Improvement Bonds Series 2024 (NR/NR) | City of Las Vegas Special Improvement District No. 818 Summerlin Village 27 Local Improvement Bonds Series 2024 (NR/NR) | City of Las Vegas Special Improvement District No. 818 Summerlin Village 27 Local Improvement Bonds Series 2024 (NR/NR) | City of Las Vegas Special Improvement District No. 818 Summerlin Village 27 Local Improvement Bonds Series 2024 (NR/NR) |
| 1200000 | 5.000 | 12/01/2054 | 1160483 |
| 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) |
| 320000 | 4.250 | 06/01/2034 | 308275 |
| 320000 | 4.625 | 06/01/2043 | 299591 |
| 555000 | 4.625 | 06/01/2049 | 507157 |
| City of Reno Nevada 2024 Special Assessment District No. 1 Quilici Ranch Local Improvement Bonds Series 2025 (NR/NR) | City of Reno Nevada 2024 Special Assessment District No. 1 Quilici Ranch Local Improvement Bonds Series 2025 (NR/NR) | City of Reno Nevada 2024 Special Assessment District No. 1 Quilici Ranch Local Improvement Bonds Series 2025 (NR/NR) | City of Reno Nevada 2024 Special Assessment District No. 1 Quilici Ranch Local Improvement Bonds Series 2025 (NR/NR) |
| 1500000 | 5.250 <sup>(d)</sup> | 06/01/2054 | 1449038 |
| Director of The State of Nevada Department of Business and Industry Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) | Director of The State of Nevada Department of Business and Industry Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) | Director of The State of Nevada Department of Business and Industry Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) | Director of The State of Nevada Department of Business and Industry Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) |
| 15075000 | 9.500 <sup>(a)(b)(d)</sup> | 01/01/2065 | 15017937 |
| Henderson Local Improvement District No. T-18 Limited Obligation RB Series 2016 (NR/NR) | Henderson Local Improvement District No. T-18 Limited Obligation RB Series 2016 (NR/NR) | Henderson Local Improvement District No. T-18 Limited Obligation RB Series 2016 (NR/NR) | Henderson Local Improvement District No. T-18 Limited Obligation RB Series 2016 (NR/NR) |
| 2065000 | 4.000 | 09/01/2035 | 1867304 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **147** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Convention Center Expansion RB Series 2018B (Aa3/AA-) | Las Vegas Convention & Visitors Authority Convention Center Expansion RB Series 2018B (Aa3/AA-) | Las Vegas Convention & Visitors Authority Convention Center Expansion RB Series 2018B (Aa3/AA-) | Las Vegas Convention & Visitors Authority Convention Center Expansion RB Series 2018B (Aa3/AA-) |
| 3700000 | 4.000% | 07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3246234 |
| Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/AA-) | Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/AA-) | Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/AA-) | Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/AA-) |
| 700000 | 5.000 | 07/01/2030 | 728533 |
| 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 | 2634470 |
| 2825000 | 5.000 | 07/01/2051 | 2769767 |
| Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016B (Non-AMT) (A3/A) (PUTABLE) | Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016B (Non-AMT) (A3/A) (PUTABLE) | Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016B (Non-AMT) (A3/A) (PUTABLE) | Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016B (Non-AMT) (A3/A) (PUTABLE) |
| 5000000 | 4.125 <sup>(a)(b)</sup> | 03/01/2036 | 5032061 |
| Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016C (AMT) (A3/A) (PUTABLE) | Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016C (AMT) (A3/A) (PUTABLE) | Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016C (AMT) (A3/A) (PUTABLE) | Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016C (AMT) (A3/A) (PUTABLE) |
| 3000000 | 4.125 <sup>(a)(b)</sup> | 03/01/2036 | 3019237 |
|  |  |  | 45391855 |
| New Hampshire - 1.0% | New Hampshire - 1.0% | New Hampshire - 1.0% | New Hampshire - 1.0% |
| National Finance Authority RB for Presbyterian Senior Living Project Series 2023A (NR/NR) | National Finance Authority RB for Presbyterian Senior Living Project Series 2023A (NR/NR) | National Finance Authority RB for Presbyterian Senior Living Project Series 2023A (NR/NR) | National Finance Authority RB for Presbyterian Senior Living Project Series 2023A (NR/NR) |
| 2300000 | 5.250 | 07/01/2048 | 2356989 |
| National Finance Authority Special RB Caldwell Ranch Project Brazoria and Fort Bend Counties Texas Series 2024 (NR/NR) | National Finance Authority Special RB Caldwell Ranch Project Brazoria and Fort Bend Counties Texas Series 2024 (NR/NR) | National Finance Authority Special RB Caldwell Ranch Project Brazoria and Fort Bend Counties Texas Series 2024 (NR/NR) | National Finance Authority Special RB Caldwell Ranch Project Brazoria and Fort Bend Counties Texas Series 2024 (NR/NR) |
| 2427000 | 4.875 <sup>(d)</sup> | 12/01/2033 | 2397939 |
| National Finance Authority Special RB Easton Park Project Travis County Texas - Districts 2 and 5 Series 2024 (NR/NR) | National Finance Authority Special RB Easton Park Project Travis County Texas - Districts 2 and 5 Series 2024 (NR/NR) | National Finance Authority Special RB Easton Park Project Travis County Texas - Districts 2 and 5 Series 2024 (NR/NR) | National Finance Authority Special RB Easton Park Project Travis County Texas - Districts 2 and 5 Series 2024 (NR/NR) |
| 5500000 | 5.625 <sup>(d)</sup> | 02/01/2030 | 5467623 |
| National Finance Authority Special RB Emberly and Canterra Creek Projects Fort Bend and Brazoria Counties Texas Series 2024 (NR/NR) | National Finance Authority Special RB Emberly and Canterra Creek Projects Fort Bend and Brazoria Counties Texas Series 2024 (NR/NR) | National Finance Authority Special RB Emberly and Canterra Creek Projects Fort Bend and Brazoria Counties Texas Series 2024 (NR/NR) | National Finance Authority Special RB Emberly and Canterra Creek Projects Fort Bend and Brazoria Counties Texas Series 2024 (NR/NR) |
| 4500000 | 5.375 <sup>(d)</sup> | 12/01/2031 | 4443532 |
| National Finance Authority Special RB Grand Prairie Project Harris County Texas Series 2024 (NR/NR) | National Finance Authority Special RB Grand Prairie Project Harris County Texas Series 2024 (NR/NR) | National Finance Authority Special RB Grand Prairie Project Harris County Texas Series 2024 (NR/NR) | National Finance Authority Special RB Grand Prairie Project Harris County Texas Series 2024 (NR/NR) |
| 4550000 | 5.875 <sup>(d)</sup> | 12/15/2032 | 4413237 |
| National Finance Authority Special RB Series 2024 (NR/NR) | National Finance Authority Special RB Series 2024 (NR/NR) | National Finance Authority Special RB Series 2024 (NR/NR) | National Finance Authority Special RB Series 2024 (NR/NR) |
| 17482000 | 5.375 <sup>(d)</sup> | 12/15/2035 | 17495652 |
| National Finance Authority Special RB Valencia Project Brazoria County Texas Municipal Utility District Series 2024 (NR/NR) | National Finance Authority Special RB Valencia Project Brazoria County Texas Municipal Utility District Series 2024 (NR/NR) | National Finance Authority Special RB Valencia Project Brazoria County Texas Municipal Utility District Series 2024 (NR/NR) | National Finance Authority Special RB Valencia Project Brazoria County Texas Municipal Utility District Series 2024 (NR/NR) |
| 7250000 | 5.300 <sup>(d)</sup> | 12/01/2032 | 7247337 |
| National Finance Authority Specialty Pharmacy Limited Obligation RB University Hospitals Home Care Services Inc. Series 2024A (NR/NR) | National Finance Authority Specialty Pharmacy Limited Obligation RB University Hospitals Home Care Services Inc. Series 2024A (NR/NR) | National Finance Authority Specialty Pharmacy Limited Obligation RB University Hospitals Home Care Services Inc. Series 2024A (NR/NR) | National Finance Authority Specialty Pharmacy Limited Obligation RB University Hospitals Home Care Services Inc. Series 2024A (NR/NR) |
| 15005000 | 5.625 <sup>(d)</sup> | 12/15/2033 | 15190799 |
| 6270000 | 6.250 <sup>(d)</sup> | 12/15/2038 | 6381685 |
| National Finance Authority Thomas Ranch Project Travis and Burnet Counties Texas Improvement Districts Special Revenue Capital Appreciation Bonds Series 2024 (NR/NR) | National Finance Authority Thomas Ranch Project Travis and Burnet Counties Texas Improvement Districts Special Revenue Capital Appreciation Bonds Series 2024 (NR/NR) | National Finance Authority Thomas Ranch Project Travis and Burnet Counties Texas Improvement Districts Special Revenue Capital Appreciation Bonds Series 2024 (NR/NR) | National Finance Authority Thomas Ranch Project Travis and Burnet Counties Texas Improvement Districts Special Revenue Capital Appreciation Bonds Series 2024 (NR/NR) |
| 9100000 | 0.000 <sup>(d)(e)</sup> | 12/01/2034 | 4813471 |
| New Hampshire Business Finance Authority RB for Casella Waste Systems, Inc. Series 2013 (B1/B+) | New Hampshire Business Finance Authority RB for Casella Waste Systems, Inc. Series 2013 (B1/B+) | New Hampshire Business Finance Authority RB for Casella Waste Systems, Inc. Series 2013 (B1/B+) | New Hampshire Business Finance Authority RB for Casella Waste Systems, Inc. Series 2013 (B1/B+) |
| 4800000 | 2.950 <sup>(a)(d)</sup> | 04/01/2029 | 4577693 |
| New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 A (B3/B) | New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 A (B3/B) | New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 A (B3/B) | New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 A (B3/B) |
| 6800000 | 3.625 <sup>(a)(b)(d)</sup> | 07/01/2043 | 5654900 |
| New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 B (AMT) (B3/B) | New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 B (AMT) (B3/B) | New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 B (AMT) (B3/B) | New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 B (AMT) (B3/B) |
| 10545000 | 3.750 <sup>(a)(b)(d)</sup> | 07/01/2045 | 8914298 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New Hampshire – (continued) | New Hampshire – (continued) | New Hampshire – (continued) | New Hampshire – (continued) |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9736148 |
| New Hampshire Health and Education Facilities Authority RB for Dartmouth Hitchcock Health Obligated Group 2020 A (AGM-CR) (NR/AA) | New Hampshire Health and Education Facilities Authority RB for Dartmouth Hitchcock Health Obligated Group 2020 A (AGM-CR) (NR/AA) | New Hampshire Health and Education Facilities Authority RB for Dartmouth Hitchcock Health Obligated Group 2020 A (AGM-CR) (NR/AA) | New Hampshire Health and Education Facilities Authority RB for Dartmouth Hitchcock Health Obligated Group 2020 A (AGM-CR) (NR/AA) |
| 5000000 | 5.000 | 08/01/2059 | 5242367 |
| 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) |
| 2150000 | 5.000 | 08/01/2033 | 2214727 |
| 3170000 | 5.000 | 08/01/2035 | 3256273 |
| 2000000 | 5.000 | 08/01/2036 | 2051701 |
| 5350000 | 5.000 | 08/01/2037 | 5479015 |
| 2935000 | 5.000 | 08/01/2038 | 2998422 |
| 4235000 | 5.000 | 08/01/2039 | 4317093 |
| 1710000 | 5.000 | 08/01/2040 | 1735874 |
|  |  |  | 126386775 |
| New Jersey - 3.7% | New Jersey - 3.7% | New Jersey - 3.7% | New Jersey - 3.7% |
| 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 | 999977 |
| 1000000 | 5.000 | 06/15/2037 | 990424 |
| 1000000 | 5.125 | 06/15/2043 | 973203 |
| New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/BB-) | New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/BB-) | New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/BB-) | New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/BB-) |
| 500000 | 5.000 | 07/01/2037 | 494748 |
| 1150000 | 5.000 | 07/01/2047 | 1100750 |
| 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) |
| 6000000 | 3.000 | 08/01/2041 | 4671633 |
| New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (Ba3/BB) | New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (Ba3/BB) | New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (Ba3/BB) | New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (Ba3/BB) |
| 5000000 | 5.625 | 11/15/2030 | 5006272 |
| New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 1999 (Ba3/BB) | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 1999 (Ba3/BB) | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 1999 (Ba3/BB) | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 1999 (Ba3/BB) |
| 19960000 | 5.250 | 09/15/2029 | 19980603 |
| New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 2000 (Ba3/BB) | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 2000 (Ba3/BB) | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 2000 (Ba3/BB) | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 2000 (Ba3/BB) |
| 5000000 | 5.625 | 11/15/2030 | 5006272 |
| 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) |
| 1440000 | 5.000 | 10/01/2047 | 1418458 |
| New Jersey Economic Development Authority State Lease RB for Health Department Project Series 2018 A (A2/A-) | New Jersey Economic Development Authority State Lease RB for Health Department Project Series 2018 A (A2/A-) | New Jersey Economic Development Authority State Lease RB for Health Department Project Series 2018 A (A2/A-) | New Jersey Economic Development Authority State Lease RB for Health Department Project Series 2018 A (A2/A-) |
| 2470000 | 5.000 | 06/15/2047 | 2479158 |
| New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (A2/A-) | New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (A2/A-) | New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (A2/A-) | New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (A2/A-) |
| 5000000 | 5.000 | 06/15/2042 | 5052942 |
| New Jersey Economic Development Authority Tax Exempt Private Activity Bonds for Goethals Bridge Replacement Project Series 2013 (NR/A-) | New Jersey Economic Development Authority Tax Exempt Private Activity Bonds for Goethals Bridge Replacement Project Series 2013 (NR/A-) | New Jersey Economic Development Authority Tax Exempt Private Activity Bonds for Goethals Bridge Replacement Project Series 2013 (NR/A-) | New Jersey Economic Development Authority Tax Exempt Private Activity Bonds for Goethals Bridge Replacement Project Series 2013 (NR/A-) |
| 1000000 | 5.375 | 01/01/2043 | 1001082 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 148 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Caa1/BB) | New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Caa1/BB) | New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Caa1/BB) | New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Caa1/BB) |
| $3450000 | 4.000% | 07/01/2042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444168 |
| New Jersey Educational Facilities Authority RB for Seton Hall University Series 2020 C (AGM) (A1/AA) | New Jersey Educational Facilities Authority RB for Seton Hall University Series 2020 C (AGM) (A1/AA) | New Jersey Educational Facilities Authority RB for Seton Hall University Series 2020 C (AGM) (A1/AA) | New Jersey Educational Facilities Authority RB for Seton Hall University Series 2020 C (AGM) (A1/AA) |
| 1110000 | 3.250 | 07/01/2049 | 876444 |
| 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+) |
| 1710000 | 5.000 | 07/01/2045 | 1742695 |
| 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 | 2419833 |
| New Jersey Health Care Facilities Financing Authority RB Refunding for University Hospital Series 2015 A (AGM) (A1/AA) | New Jersey Health Care Facilities Financing Authority RB Refunding for University Hospital Series 2015 A (AGM) (A1/AA) | New Jersey Health Care Facilities Financing Authority RB Refunding for University Hospital Series 2015 A (AGM) (A1/AA) | New Jersey Health Care Facilities Financing Authority RB Refunding for University Hospital Series 2015 A (AGM) (A1/AA) |
| 9700000 | 4.125 | 07/01/2038 | 9383061 |
| New Jersey Health Care Facilities Financing Authority Revenue and Refunding Bonds Inspira Health Obligated Group Issue Series 2024A (A2/NR) | New Jersey Health Care Facilities Financing Authority Revenue and Refunding Bonds Inspira Health Obligated Group Issue Series 2024A (A2/NR) | New Jersey Health Care Facilities Financing Authority Revenue and Refunding Bonds Inspira Health Obligated Group Issue Series 2024A (A2/NR) | New Jersey Health Care Facilities Financing Authority Revenue and Refunding Bonds Inspira Health Obligated Group Issue Series 2024A (A2/NR) |
| 4960000 | 4.125 | 07/01/2054 | 4394660 |
| 7440000 | 5.250 | 07/01/2054 | 7928129 |
| New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AMBAC) (A2/A-) | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AMBAC) (A2/A-) | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AMBAC) (A2/A-) | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AMBAC) (A2/A-) |
| 93770000 | 0.000 <sup>(e)</sup> | 12/15/2036 | 58009657 |
| New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AGM) (A1/AA) | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AGM) (A1/AA) | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AGM) (A1/AA) | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AGM) (A1/AA) |
| 25400000 | 0.000 <sup>(e)</sup> | 12/15/2034 | 17590823 |
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (A2/A-) |
| 115550000 | 0.000 <sup>(e)</sup> | 12/15/2035 | 75389211 |
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (A2/A-) |
| 47575000 | 0.000 <sup>(e)</sup> | 12/15/2035 | 31039738 |
| 35245000 | 0.000 <sup>(e)</sup> | 12/15/2038 | 19628222 |
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-) |
| 4000000 | 0.000 <sup>(e)</sup> | 12/15/2026 | 3790122 |
| 1900000 | 0.000 <sup>(e)</sup> | 12/15/2034 | 1303380 |
| New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (A2/A-) |
| 1000000 | 5.250 | 06/15/2041 | 1000917 |
| 2500000 | 5.000 | 06/15/2045 | 2446539 |
| 1770000 | 5.000 | 06/15/2046 | 1725413 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A-) |
| 10000000 | 0.000 <sup>(e)</sup> | 12/15/2030 | 8186141 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (A1/AA) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (A1/AA) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (A1/AA) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (A1/AA) |
| 11150000 | 0.000 <sup>(e)</sup> | 12/15/2033 | 8095738 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (A2/A-) |
| 52985000 | 0.000 <sup>(e)</sup> | 12/15/2036 | 32778519 |
| 5470000 | 0.000 <sup>(e)</sup> | 12/15/2037 | 3210921 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 for Transportation System Series 2009 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A-) |
| $3280000 | 0.000 %<sup>(e)</sup> | 12/15/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2361264 |
| 1565000 | 0.000 <sup>(e)</sup> | 12/15/2036 | 968168 |
| 5000000 | 0.000 <sup>(e)</sup> | 12/15/2038 | 2784540 |
| 16175000 | 0.000 <sup>(e)</sup> | 12/15/2039 | 8513548 |
| New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A3/A+) | New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A3/A+) | New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A3/A+) | New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A3/A+) |
| 1130000 | 5.000 | 06/15/2030 | 1149314 |
| New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (A2/A-) |
| 5275000 | 4.250 | 12/15/2038 | 5117890 |
| New Jersey Transportation Trust Fund Authority RB Series 2018 (A2/A-) | New Jersey Transportation Trust Fund Authority RB Series 2018 (A2/A-) | New Jersey Transportation Trust Fund Authority RB Series 2018 (A2/A-) | New Jersey Transportation Trust Fund Authority RB Series 2018 (A2/A-) |
| 3500000 | 5.000 | 12/15/2033 | 3661162 |
| New Jersey Transportation Trust Fund Authority RB Series 2020 AA (A2/A-) | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (A2/A-) | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (A2/A-) | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (A2/A-) |
| 935000 | 3.000 | 06/15/2050 | 674024 |
| New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2020 Series AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2020 Series AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2020 Series AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2020 Series AA (A2/A-) |
| 5000000 | 4.000 | 06/15/2050 | 4492799 |
| New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2023 Series AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2023 Series AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2023 Series AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2023 Series AA (A2/A-) |
| 5325000 | 4.250 | 06/15/2044 | 5060699 |
| New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (A2/A-) |
| 7000000 | 5.250 | 06/15/2043 | 7188668 |
| New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (A2/A-) |
| 230000 | 0.000 <sup>(e)</sup> | 12/15/2032 | 173305 |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2023 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2023 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2023 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2023 Series A (A2/A-) |
| 5200000 | 4.250 | 06/15/2040 | 5073501 |
| New Jersey Turnpike Authority RB Series 2024 B (A1/AA-) | New Jersey Turnpike Authority RB Series 2024 B (A1/AA-) | New Jersey Turnpike Authority RB Series 2024 B (A1/AA-) | New Jersey Turnpike Authority RB Series 2024 B (A1/AA-) |
| 10000000 | 4.125 | 01/01/2054 | 9557220 |
| 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 | 1506599 |
| 3000000 | 5.250 | 01/01/2052 | 3168195 |
| Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) | Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) | Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) | Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) |
| 900000 | 5.500 | 07/01/2058 | 918042 |
| Passaic County Improvement Authority Charter School RB Paterson Charter School For Science and Technology Inc. Project Series 2025 (Baa3/NR) | Passaic County Improvement Authority Charter School RB Paterson Charter School For Science and Technology Inc. Project Series 2025 (Baa3/NR) | Passaic County Improvement Authority Charter School RB Paterson Charter School For Science and Technology Inc. Project Series 2025 (Baa3/NR) | Passaic County Improvement Authority Charter School RB Paterson Charter School For Science and Technology Inc. Project Series 2025 (Baa3/NR) |
| 920000 | 4.500 | 07/01/2040 | 895721 |
| 645000 | 5.000 | 07/01/2044 | 644261 |
| South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (A3/NR) | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (A3/NR) | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (A3/NR) | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (A3/NR) |
| 20000000 | 5.000 | 01/01/2048 | 19713110 |
| 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 | 1467142 |
| 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+) |
| 14965000 | 5.000 | 06/01/2046 | 14621957 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **149** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (NR/NR) | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (NR/NR) | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (NR/NR) | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (NR/NR) |
| 11570000 | 6.750 %<sup>(d)</sup> | 12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7444448 |
| Union County Improvement Authority Solid Waste Disposal RB Series 2019 (AMT) (NR/NR) | Union County Improvement Authority Solid Waste Disposal RB Series 2019 (AMT) (NR/NR) | Union County Improvement Authority Solid Waste Disposal RB Series 2019 (AMT) (NR/NR) | Union County Improvement Authority Solid Waste Disposal RB Series 2019 (AMT) (NR/NR) |
| 1280000 | 6.000 <sup>(d)</sup> | 12/01/2025 | 1234354 |
|  |  |  | 450949784 |
| New Mexico - 0.2% | New Mexico - 0.2% | New Mexico - 0.2% | New Mexico - 0.2% |
| 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 | 490523 |
| 1000000 | 5.000 | 05/15/2049 | 954551 |
| New Mexico Finance Authority Environmental Improvement RB for Enchantment Water, LLC Project Series 2024 Blue Circular Economy Bonds (NR/NR) | New Mexico Finance Authority Environmental Improvement RB for Enchantment Water, LLC Project Series 2024 Blue Circular Economy Bonds (NR/NR) | New Mexico Finance Authority Environmental Improvement RB for Enchantment Water, LLC Project Series 2024 Blue Circular Economy Bonds (NR/NR) | New Mexico Finance Authority Environmental Improvement RB for Enchantment Water, LLC Project Series 2024 Blue Circular Economy Bonds (NR/NR) |
| 11725000 | 8.250 <sup>(d)</sup> | 12/01/2045 | 11722515 |
| 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-) |
| 500000 | 4.000 | 09/01/2033 | 503867 |
| 375000 | 4.000 | 09/01/2034 | 375844 |
| 300000 | 4.000 | 09/01/2035 | 298260 |
| 1200000 | 4.000 | 09/01/2040 | 1135985 |
| Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Receipts Tax Increment Bonds Series 2022 (NR/NR) | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Receipts Tax Increment Bonds Series 2022 (NR/NR) | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Receipts Tax Increment Bonds Series 2022 (NR/NR) | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Receipts Tax Increment Bonds Series 2022 (NR/NR) |
| 4825000 | 4.250 <sup>(d)</sup> | 05/01/2040 | 4414034 |
|  |  |  | 19895579 |
| New York - 7.5% | New York - 7.5% | New York - 7.5% | New York - 7.5% |
| Brooklyn Arena Local Development Corp. Pilot RB for Barclays Center Project Series 2009 (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot RB for Barclays Center Project Series 2009 (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot RB for Barclays Center Project Series 2009 (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot RB for Barclays Center Project Series 2009 (Ba1/NR) |
| 9610000 | 0.000 <sup>(e)</sup> | 07/15/2045 | 3554414 |
| Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A1/AA) | Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A1/AA) | Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A1/AA) | Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A1/AA) |
| 1435000 | 3.000 | 07/15/2043 | 1075854 |
| Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) |
| 19300000 | 5.000 | 07/15/2042 | 19458602 |
| Brooklyn Arena Local Development Corp. RB for Brooklyn Events Center LLC Series 2009 (Ba1/NR) | Brooklyn Arena Local Development Corp. RB for Brooklyn Events Center LLC Series 2009 (Ba1/NR) | Brooklyn Arena Local Development Corp. RB for Brooklyn Events Center LLC Series 2009 (Ba1/NR) | Brooklyn Arena Local Development Corp. RB for Brooklyn Events Center LLC Series 2009 (Ba1/NR) |
| 5740000 | 0.000 <sup>(e)</sup> | 07/15/2046 | 2024608 |
| Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) | Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) | Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) | Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) |
| 1155000 | 5.000 <sup>(d)</sup> | 09/01/2049 | 1107637 |
| Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/B+) | Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/B+) | Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/B+) | Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/B+) |
| 1175000 | 5.000 | 06/15/2052 | 1075133 |
| 950000 | 5.000 | 06/15/2057 | 856836 |
| 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 | 645434 |
| 505000 | 5.000 | 07/01/2056 | 482725 |
| Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR) |
| 4920000 | 5.000 <sup>(d)</sup> | 12/01/2051 | 4362242 |
| 1100000 | 5.000 <sup>(d)</sup> | 12/01/2055 | 959606 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788814 |
| 2000000 | 5.250 | 07/01/2057 | 2026351 |
| 5000000 | 5.250 | 07/01/2062 | 5050749 |
| 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 <sup>(d)</sup> | 06/15/2051 | 477327 |
| 450000 | 4.000 <sup>(d)</sup> | 06/15/2056 | 353441 |
| Build NYC Resource Corp. RB for Shefa School Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for Shefa School Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for Shefa School Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for Shefa School Series 2021 A (NR/NR) |
| 850000 | 2.500 <sup>(d)</sup> | 06/15/2031 | 757808 |
| Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR) | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR) | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR) | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR) |
| 6125000 | 6.500 <sup>(d)</sup> | 07/01/2042 | 6242518 |
| 1900000 | 6.500 <sup>(d)</sup> | 07/01/2052 | 1917987 |
| 1850000 | 6.500 <sup>(d)</sup> | 07/01/2057 | 1861945 |
| Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR) | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR) | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR) | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR) |
| 1900000 | 9.750 <sup>(d)</sup> | 07/01/2032 | 1876899 |
| Build NYC Resource Corporation RB for Classical Charter Schools Project Series 2023A (NR/BBB-) | Build NYC Resource Corporation RB for Classical Charter Schools Project Series 2023A (NR/BBB-) | Build NYC Resource Corporation RB for Classical Charter Schools Project Series 2023A (NR/BBB-) | Build NYC Resource Corporation RB for Classical Charter Schools Project Series 2023A (NR/BBB-) |
| 800000 | 4.750 | 06/15/2058 | 737438 |
| Build NYC Resource Corporation RB for Unity Preparatory Charter School of Brooklyn Project, Series 2023A (NR/BB) | Build NYC Resource Corporation RB for Unity Preparatory Charter School of Brooklyn Project, Series 2023A (NR/BB) | Build NYC Resource Corporation RB for Unity Preparatory Charter School of Brooklyn Project, Series 2023A (NR/BB) | Build NYC Resource Corporation RB for Unity Preparatory Charter School of Brooklyn Project, Series 2023A (NR/BB) |
| 725000 | 5.500 <sup>(d)</sup> | 06/15/2053 | 737118 |
| 1275000 | 5.500 <sup>(d)</sup> | 06/15/2063 | 1287868 |
| City of Albany Capital Resource Corp. Tax-Exempt RB Kipp Capital Region Public Charter Schools Project Series 2024 (NR/BBB-) | City of Albany Capital Resource Corp. Tax-Exempt RB Kipp Capital Region Public Charter Schools Project Series 2024 (NR/BBB-) | City of Albany Capital Resource Corp. Tax-Exempt RB Kipp Capital Region Public Charter Schools Project Series 2024 (NR/BBB-) | City of Albany Capital Resource Corp. Tax-Exempt RB Kipp Capital Region Public Charter Schools Project Series 2024 (NR/BBB-) |
| 1100000 | 4.750 | 06/01/2054 | 1041810 |
| 2400000 | 5.000 | 06/01/2064 | 2323964 |
| City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (Aa2/AA) | City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (Aa2/AA) | City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (Aa2/AA) | City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (Aa2/AA) |
| 4100000 | 4.500 | 05/01/2049 | 4082732 |
| City of New York GO Bonds Fiscal 2024 Series C (Aa2/AA) | City of New York GO Bonds Fiscal 2024 Series C (Aa2/AA) | City of New York GO Bonds Fiscal 2024 Series C (Aa2/AA) | City of New York GO Bonds Fiscal 2024 Series C (Aa2/AA) |
| 10000000 | 4.125 | 03/01/2054 | 9279835 |
| City of New York GO Tax Exempt Bonds 2020 Series D (Aa2/AA) | City of New York GO Tax Exempt Bonds 2020 Series D (Aa2/AA) | City of New York GO Tax Exempt Bonds 2020 Series D (Aa2/AA) | City of New York GO Tax Exempt Bonds 2020 Series D (Aa2/AA) |
| 5250000 | 4.000 | 03/01/2050 | 4774851 |
| County of Westchester Industrial Development Agency Special Facility RB Million Air Two LLC General Aviation Facilities Project Series 2017A (Tax-Exempt-AMT) (NR/NR) | County of Westchester Industrial Development Agency Special Facility RB Million Air Two LLC General Aviation Facilities Project Series 2017A (Tax-Exempt-AMT) (NR/NR) | County of Westchester Industrial Development Agency Special Facility RB Million Air Two LLC General Aviation Facilities Project Series 2017A (Tax-Exempt-AMT) (NR/NR) | County of Westchester Industrial Development Agency Special Facility RB Million Air Two LLC General Aviation Facilities Project Series 2017A (Tax-Exempt-AMT) (NR/NR) |
| 3050000 | 7.000 <sup>(d)</sup> | 06/01/2046 | 3178241 |
| Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2024A (Tax-Exempt) (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2024A (Tax-Exempt) (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2024A (Tax-Exempt) (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2024A (Tax-Exempt) (Aa1/NR) |
| 16565000 | 4.000 | 03/15/2054 | 15217679 |
| Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2025A (Tax-Exempt) (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2025A (Tax-Exempt) (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2025A (Tax-Exempt) (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2025A (Tax-Exempt) (Aa1/NR) |
| 57115000 | 5.000 | 03/15/2053 | 59559076 |
| 25000000 | 5.000 | 03/15/2054 | 26043330 |
| 12000000 | 5.000 | 03/15/2055 | 12491500 |
| Dutchess County Local Development Corp. RB for Health QuestSystems, Inc. Project Series 2016B (Baa3/BBB) | Dutchess County Local Development Corp. RB for Health QuestSystems, Inc. Project Series 2016B (Baa3/BBB) | Dutchess County Local Development Corp. RB for Health QuestSystems, Inc. Project Series 2016B (Baa3/BBB) | Dutchess County Local Development Corp. RB for Health QuestSystems, Inc. Project Series 2016B (Baa3/BBB) |
| 22400000 | 5.000 | 07/01/2046 | 22434689 |
| Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BBB-) | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BBB-) | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BBB-) | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BBB-) |
| 1030000 | 5.000 | 07/01/2040 | 1051624 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 150 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BBB-) – (continued) | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BBB-) – (continued) | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BBB-) – (continued) | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BBB-) – (continued) |
| $2565000 | 5.000% | 07/01/2045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586645 |
| 5775000 | 5.000 | 07/01/2051 | 5775698 |
| Empire State Development New York State Urban Development Corp. State Personal Income Tax RB Series 2020E (NR/AA+) | Empire State Development New York State Urban Development Corp. State Personal Income Tax RB Series 2020E (NR/AA+) | Empire State Development New York State Urban Development Corp. State Personal Income Tax RB Series 2020E (NR/AA+) | Empire State Development New York State Urban Development Corp. State Personal Income Tax RB Series 2020E (NR/AA+) |
| 1710000 | 3.000 | 03/15/2050 | 1220332 |
| Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR) | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR) | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR) | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR) |
| 66000000 | 0.000 <sup>(d)(e)</sup> | 06/01/2060 | 3267139 |
| 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) |
| 900000 | 5.000 | 07/01/2033 | 913237 |
| 850000 | 5.000 | 07/01/2035 | 858567 |
| 670000 | 5.000 | 07/01/2036 | 675905 |
| 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 | 4306539 |
| Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/A-) | Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/A-) | Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/A-) | Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/A-) |
| 625000 | 5.000 | 11/15/2027 | 637268 |
| Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/A-) | Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/A-) | Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/A-) | Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/A-) |
| 7950000 | 4.750 | 11/15/2045 | 7974753 |
| 2000000 | 5.000 | 11/15/2050 | 2013286 |
| 2000000 | 5.250 | 11/15/2055 | 2041683 |
| Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (A3/A-) | Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (A3/A-) | Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (A3/A-) | Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (A3/A-) |
| 5285000 | 4.000 | 11/15/2050 | 4634043 |
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/A-) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/A-) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/A-) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/A-) |
| 950000 | 4.000 | 11/15/2035 | 943151 |
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-2 (A3/A-) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-2 (A3/A-) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-2 (A3/A-) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-2 (A3/A-) |
| 650000 | 0.000 <sup>(e)</sup> | 11/15/2040 | 311304 |
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (A3/A-) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (A3/A-) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (A3/A-) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (A3/A-) |
| 6165000 | 5.250 | 11/15/2049 | 6368635 |
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (BAM) (A3/AA) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (BAM) (A3/AA) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (BAM) (A3/AA) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (BAM) (A3/AA) |
| 27600000 | 4.000 | 11/15/2048 | 25011948 |
| Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/A-) | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/A-) | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/A-) | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/A-) |
| 735000 | 5.000 | 11/15/2029 | 753315 |
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AGM) (A1/AA) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AGM) (A1/AA) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AGM) (A1/AA) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AGM) (A1/AA) |
| 1785000 | 4.000 | 11/15/2048 | 1590282 |
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020A-1 (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020A-1 (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020A-1 (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020A-1 (A3/A-) |
| 4435000 | 4.000 | 11/15/2040 | 4211869 |
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/A-) |
| 5000000 | 5.000 | 11/15/2045 | 5078077 |
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Subseries 2020A-1 (AGM) (A1/AA) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Subseries 2020A-1 (AGM) (A1/AA) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Subseries 2020A-1 (AGM) (A1/AA) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Subseries 2020A-1 (AGM) (A1/AA) |
| 10000000 | 4.000 | 11/15/2050 | 8870237 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/A-) |
| 550000 | 5.250 | 11/15/2028 | 556347 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Transportation Revenue Refunding Bonds Series 2020E (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/A-) |
| $4415000 | 4.000% | 11/15/2045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3968005 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2024A (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2024A (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2024A (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2024A (A3/A-) |
| 10165000 | 5.500 | 11/15/2047 | 10754727 |
| Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) |
| 202665000 | 0.000 <sup>(e)</sup> | 06/01/2060 | 12392924 |
| New York City Housing Development Corp. Multi-Family Mortgage RB 8 Spruce Street Class F Series 2024 Tax-Exempt Bonds (NR/NR) | New York City Housing Development Corp. Multi-Family Mortgage RB 8 Spruce Street Class F Series 2024 Tax-Exempt Bonds (NR/NR) | New York City Housing Development Corp. Multi-Family Mortgage RB 8 Spruce Street Class F Series 2024 Tax-Exempt Bonds (NR/NR) | New York City Housing Development Corp. Multi-Family Mortgage RB 8 Spruce Street Class F Series 2024 Tax-Exempt Bonds (NR/NR) |
| 2500000 | 5.250 | 12/15/2043 | 2545221 |
| New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) |
| 13815000 | 3.000 | 01/01/2046 | 10433259 |
| New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A1/AA) |
| 16470000 | 3.000 | 03/01/2049 | 11983822 |
| 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 | 1443932 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2024 Series A, Subseries A-1 Tax Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2024 Series A, Subseries A-1 Tax Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2024 Series A, Subseries A-1 Tax Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2024 Series A, Subseries A-1 Tax Exempt Bonds (Aa1/AAA) |
| 5000000 | 4.000 | 05/01/2053 | 4543460 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series C Subseries C-1 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series C Subseries C-1 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series C Subseries C-1 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series C Subseries C-1 (Aa1/AAA) |
| 4575000 | 5.250 | 05/01/2049 | 4877021 |
| New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2024 Series C (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2024 Series C (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2024 Series C (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2024 Series C (Aa1/AAA) |
| 9200000 | 5.250 | 05/01/2048 | 9787360 |
| New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR) | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR) | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR) | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR) |
| 178305000 | 0.000 <sup>(e)</sup> | 06/01/2060 | 10562414 |
| New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) |
| 6250000 | 5.150 <sup>(d)</sup> | 11/15/2034 | 6267268 |
| 21095000 | 5.375 <sup>(d)</sup> | 11/15/2040 | 21149723 |
| New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR) |
| 29525000 | 7.250 <sup>(d)</sup> | 11/15/2044 | 29608216 |
| New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) |
| 42270000 | 5.000 <sup>(d)</sup> | 11/15/2044 | 42362567 |
| New York Liberty Development Corp. Revenue Refunding Bonds for World Trade Center Project Series 2021A (BAM-TCRS) (NR/AA) | New York Liberty Development Corp. Revenue Refunding Bonds for World Trade Center Project Series 2021A (BAM-TCRS) (NR/AA) | New York Liberty Development Corp. Revenue Refunding Bonds for World Trade Center Project Series 2021A (BAM-TCRS) (NR/AA) | New York Liberty Development Corp. Revenue Refunding Bonds for World Trade Center Project Series 2021A (BAM-TCRS) (NR/AA) |
| 10585000 | 3.000 | 11/15/2051 | 7503228 |
| New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A1/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A1/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A1/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A1/NR) |
| 1350000 | 2.625 | 09/15/2069 | 1247519 |
| New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa1/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa1/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa1/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa1/NR) |
| 1430000 | 2.800 | 09/15/2069 | 1309725 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **151** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147698 |
| 150000 | 3.670 | 07/01/2027 | 146254 |
| 60000 | 3.760 | 07/01/2028 | 57900 |
| 300000 | 3.820 | 07/01/2029 | 286100 |
| 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 | 670672 |
| 870000 | 4.000 | 07/01/2032 | 804088 |
| 925000 | 4.000 | 07/01/2033 | 842287 |
| 845000 | 4.000 | 07/01/2035 | 744779 |
| New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B3/B-) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B3/B-) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B3/B-) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B3/B-) |
| 3425000 | 4.000 | 07/01/2045 | 2894077 |
| New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (AGM) (A1/AA) | New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (AGM) (A1/AA) | New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (AGM) (A1/AA) | New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (AGM) (A1/AA) |
| 10580000 | 3.000 | 09/01/2050 | 7610278 |
| 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-) |
| 3160000 | 4.000 | 09/01/2045 | 2802183 |
| 2325000 | 4.000 | 09/01/2050 | 1991397 |
| New York State Dormitory Authority Revenues Non State Supported Debt Series 2022 1- A (NR/AA-) | New York State Dormitory Authority Revenues Non State Supported Debt Series 2022 1- A (NR/AA-) | New York State Dormitory Authority Revenues Non State Supported Debt Series 2022 1- A (NR/AA-) | New York State Dormitory Authority Revenues Non State Supported Debt Series 2022 1- A (NR/AA-) |
| 8000000 | 4.000 | 07/01/2051 | 7324572 |
| New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2020 A (Aa1/NR) | New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2020 A (Aa1/NR) | New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2020 A (Aa1/NR) | New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2020 A (Aa1/NR) |
| 1695000 | 4.000 | 03/15/2043 | 1602850 |
| New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) (PUTABLE) | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) (PUTABLE) | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) (PUTABLE) | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) (PUTABLE) |
| 1685000 | 2.875 <sup>(a)(b)(d)</sup> | 12/01/2044 | 1594237 |
| New York State Environmental Facilities Corporation Solid Waste Disposal RB for Casella Waste Systems, Inc. Project Series 2020R-2 (B1/B+) | New York State Environmental Facilities Corporation Solid Waste Disposal RB for Casella Waste Systems, Inc. Project Series 2020R-2 (B1/B+) | New York State Environmental Facilities Corporation Solid Waste Disposal RB for Casella Waste Systems, Inc. Project Series 2020R-2 (B1/B+) | New York State Environmental Facilities Corporation Solid Waste Disposal RB for Casella Waste Systems, Inc. Project Series 2020R-2 (B1/B+) |
| 2475000 | 5.125 <sup>(a)(b)(d)</sup> | 09/01/2050 | 2583063 |
| New York State Thruway Authority General RB Series P (Aa3/A+) | New York State Thruway Authority General RB Series P (Aa3/A+) | New York State Thruway Authority General RB Series P (Aa3/A+) | New York State Thruway Authority General RB Series P (Aa3/A+) |
| 2070000 | 5.000 | 01/01/2049 | 2169132 |
| 2135000 | 5.250 | 01/01/2054 | 2258726 |
| New York State Thruway Authority New York State Personal Income Tax Revenue Green Bonds, Series 2022C (Climate Bond Certified) (NR/AA+) | New York State Thruway Authority New York State Personal Income Tax Revenue Green Bonds, Series 2022C (Climate Bond Certified) (NR/AA+) | New York State Thruway Authority New York State Personal Income Tax Revenue Green Bonds, Series 2022C (Climate Bond Certified) (NR/AA+) | New York State Thruway Authority New York State Personal Income Tax Revenue Green Bonds, Series 2022C (Climate Bond Certified) (NR/AA+) |
| 5000000 | 5.000 | 03/15/2054 | 5164588 |
| New York State Urban Development Corp. Sales Tax RB Series 2023A (Aa1/NR) | New York State Urban Development Corp. Sales Tax RB Series 2023A (Aa1/NR) | New York State Urban Development Corp. Sales Tax RB Series 2023A (Aa1/NR) | New York State Urban Development Corp. Sales Tax RB Series 2023A (Aa1/NR) |
| 9200000 | 5.000 | 03/15/2052 | 9580202 |
| New York State Urban Development Corporation State Personal Income Tax RB (General Purpose) Series 2023A (Tax-Exempt) (Aa1/NR) | New York State Urban Development Corporation State Personal Income Tax RB (General Purpose) Series 2023A (Tax-Exempt) (Aa1/NR) | New York State Urban Development Corporation State Personal Income Tax RB (General Purpose) Series 2023A (Tax-Exempt) (Aa1/NR) | New York State Urban Development Corporation State Personal Income Tax RB (General Purpose) Series 2023A (Tax-Exempt) (Aa1/NR) |
| 18900000 | 5.000 | 03/15/2058 | 19470806 |
| 30000000 | 5.000 | 03/15/2063 | 30842445 |
| New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (A1/AA) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (A1/AA) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (A1/AA) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (A1/AA) |
| 975000 | 4.000 | 12/01/2040 | 942023 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) |
| 1315000 | 5.000 | 01/01/2031 | 1348835 |
| 4665000 | 5.000 | 01/01/2033 | 4768358 |
| 2075000 | 5.000 | 01/01/2034 | 2117549 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 for Delta Air Lines, Inc. Series 2018 (Baa2/NR) – (continued) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) – (continued) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) – (continued) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) – (continued) |
| $10465000 | 4.000% | 01/01/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9952606 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa2/NR) |
| 7150000 | 5.000 | 01/01/2036 | 7271328 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) |
| 9000000 | 4.000 | 10/01/2030 | 8924959 |
| 7580000 | 5.000 | 10/01/2035 | 7802869 |
| 12975000 | 5.000 | 10/01/2040 | 13193170 |
| 5405000 | 4.375 | 10/01/2045 | 5041973 |
| 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) |
| 10000000 | 4.000 | 04/30/2053 | 8158309 |
| New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) |
| 7590000 | 5.000 | 07/01/2041 | 7590964 |
| 8500000 | 5.000 | 07/01/2046 | 8438492 |
| New York Transportation Development Corp. Special Facilities Bonds Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (Baa2/NR) |
| 22935000 | 5.250 | 01/01/2050 | 22934085 |
| New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (Baa2/NR) |
| 10000000 | 4.000 | 07/01/2046 | 8575993 |
| New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/NR) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/NR) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/NR) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/NR) |
| 10925000 | 6.000 | 06/30/2054 | 11615007 |
| New York Transportation Development Corp. Special Facilities RB Series 2024 John F. Kennedy International Airport New Terminal One Project (AMT) (Baa3/NR) | New York Transportation Development Corp. Special Facilities RB Series 2024 John F. Kennedy International Airport New Terminal One Project (AMT) (Baa3/NR) | New York Transportation Development Corp. Special Facilities RB Series 2024 John F. Kennedy International Airport New Terminal One Project (AMT) (Baa3/NR) | New York Transportation Development Corp. Special Facilities RB Series 2024 John F. Kennedy International Airport New Terminal One Project (AMT) (Baa3/NR) |
| 6115000 | 5.500 | 06/30/2054 | 6320885 |
| New York Transportation Development Corp. Special Facilities RB Series 2024 John F. Kennedy International Airport New Terminal One Project Green Bonds (Baa3/NR) | New York Transportation Development Corp. Special Facilities RB Series 2024 John F. Kennedy International Airport New Terminal One Project Green Bonds (Baa3/NR) | New York Transportation Development Corp. Special Facilities RB Series 2024 John F. Kennedy International Airport New Terminal One Project Green Bonds (Baa3/NR) | New York Transportation Development Corp. Special Facilities RB Series 2024 John F. Kennedy International Airport New Terminal One Project Green Bonds (Baa3/NR) |
| 17250000 | 5.000 | 06/30/2060 | 16981269 |
| New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (Baa2/NR) | New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (Baa2/NR) | New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (Baa2/NR) | New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (Baa2/NR) |
| 2500000 | 4.000 | 07/01/2033 | 2424916 |
| 2500000 | 4.000 | 07/01/2041 | 2217023 |
| New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (NR/B+) |
| 6485000 | 5.250 | 08/01/2031 | 6714766 |
| 9565000 | 5.375 | 08/01/2036 | 9868792 |
| New York Transportation Development Corporation Special Facilities RB, Series 2023 (Delta Air Lines, Inc. - Laguardia Airport Terminals C&D Redevelopment Project) (Baa2/BBB-) | New York Transportation Development Corporation Special Facilities RB, Series 2023 (Delta Air Lines, Inc. - Laguardia Airport Terminals C&D Redevelopment Project) (Baa2/BBB-) | New York Transportation Development Corporation Special Facilities RB, Series 2023 (Delta Air Lines, Inc. - Laguardia Airport Terminals C&D Redevelopment Project) (Baa2/BBB-) | New York Transportation Development Corporation Special Facilities RB, Series 2023 (Delta Air Lines, Inc. - Laguardia Airport Terminals C&D Redevelopment Project) (Baa2/BBB-) |
| 6875000 | 5.625 | 04/01/2040 | 7219250 |
| New York Transportation Development Corporation Special Facilities RB, Series 2023 (JFK International Airport New Terminal One Project) (Green Bonds) (Baa3/NR) | New York Transportation Development Corporation Special Facilities RB, Series 2023 (JFK International Airport New Terminal One Project) (Green Bonds) (Baa3/NR) | New York Transportation Development Corporation Special Facilities RB, Series 2023 (JFK International Airport New Terminal One Project) (Green Bonds) (Baa3/NR) | New York Transportation Development Corporation Special Facilities RB, Series 2023 (JFK International Airport New Terminal One Project) (Green Bonds) (Baa3/NR) |
| 17110000 | 5.375 | 06/30/2060 | 17398649 |
| Niagara Area Development Corporation Tax-Exempt RB for Catholic Health System, Inc. Project Series 2022 (B3/B-) | Niagara Area Development Corporation Tax-Exempt RB for Catholic Health System, Inc. Project Series 2022 (B3/B-) | Niagara Area Development Corporation Tax-Exempt RB for Catholic Health System, Inc. Project Series 2022 (B3/B-) | Niagara Area Development Corporation Tax-Exempt RB for Catholic Health System, Inc. Project Series 2022 (B3/B-) |
| 2650000 | 5.000 | 07/01/2052 | 2487948 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 152 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Oneida County Local Development Corp. RB Mohawk Valley Health System Project Series 2019 (Tax-Exempt) (AGM) (NR/AA) | Oneida County Local Development Corp. RB Mohawk Valley Health System Project Series 2019 (Tax-Exempt) (AGM) (NR/AA) | Oneida County Local Development Corp. RB Mohawk Valley Health System Project Series 2019 (Tax-Exempt) (AGM) (NR/AA) | Oneida County Local Development Corp. RB Mohawk Valley Health System Project Series 2019 (Tax-Exempt) (AGM) (NR/AA) |
| $420000 | 4.000% | 12/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422611 |
| 710000 | 4.000 | 12/01/2033 | 712182 |
| 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) |
| 910000 | 4.000 | 12/01/2038 | 882864 |
| 1470000 | 3.000 | 12/01/2039 | 1184875 |
| 980000 | 3.000 | 12/01/2040 | 772946 |
| 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) |
| 780000 | 4.000 | 07/01/2039 | 627564 |
| 4835000 | 3.000 | 07/01/2044 | 3034423 |
| Oneida Indian Nation Tax RB Series 2024B (Federally Tax- Exempt) (NR/NR) | Oneida Indian Nation Tax RB Series 2024B (Federally Tax- Exempt) (NR/NR) | Oneida Indian Nation Tax RB Series 2024B (Federally Tax- Exempt) (NR/NR) | Oneida Indian Nation Tax RB Series 2024B (Federally Tax- Exempt) (NR/NR) |
| 2300000 | 6.000 <sup>(d)</sup> | 09/01/2043 | 2480957 |
| Onondaga Civic Development Corp. New York Tax-Exempt RR Bonds Crouse Health Hospital Inc. Project Series 2024A (NR/NR) | Onondaga Civic Development Corp. New York Tax-Exempt RR Bonds Crouse Health Hospital Inc. Project Series 2024A (NR/NR) | Onondaga Civic Development Corp. New York Tax-Exempt RR Bonds Crouse Health Hospital Inc. Project Series 2024A (NR/NR) | Onondaga Civic Development Corp. New York Tax-Exempt RR Bonds Crouse Health Hospital Inc. Project Series 2024A (NR/NR) |
| 350000 | 5.000 | 08/01/2031 | 340022 |
| 325000 | 5.000 | 08/01/2032 | 314584 |
| 385000 | 5.000 | 08/01/2033 | 371231 |
| 900000 | 5.125 | 08/01/2044 | 808901 |
| 900000 | 5.375 | 08/01/2054 | 800308 |
| 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-) |
| 1850000 | 5.250 | 08/01/2047 | 1917499 |
| 2300000 | 5.500 | 08/01/2052 | 2412770 |
| State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A3/A-) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A3/A-) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A3/A-) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A3/A-) |
| 6510000 | 4.250 | 05/01/2052 | 6147849 |
| Suffolk Regional Off-Track Betting Corporation Tax Exempt GO RB Series 2024 (NR/NR) | Suffolk Regional Off-Track Betting Corporation Tax Exempt GO RB Series 2024 (NR/NR) | Suffolk Regional Off-Track Betting Corporation Tax Exempt GO RB Series 2024 (NR/NR) | Suffolk Regional Off-Track Betting Corporation Tax Exempt GO RB Series 2024 (NR/NR) |
| 13800000 | 5.750 | 12/01/2044 | 14105379 |
| 13800000 | 6.000 | 12/01/2053 | 14175786 |
| The Orange County Funding Corporation Tax-Exempt RB Mount Saint Mary College Project Series 2012A (NR/NR) | The Orange County Funding Corporation Tax-Exempt RB Mount Saint Mary College Project Series 2012A (NR/NR) | The Orange County Funding Corporation Tax-Exempt RB Mount Saint Mary College Project Series 2012A (NR/NR) | The Orange County Funding Corporation Tax-Exempt RB Mount Saint Mary College Project Series 2012A (NR/NR) |
| 670000 | 5.000 | 07/01/2042 | 551199 |
| 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 | 5244929 |
| Triborough Bridge & Tunnel Authority Sales Tax RB for TBTA Capital Lockbox City Sales Tax Series 2023A (NR/AA+) | Triborough Bridge & Tunnel Authority Sales Tax RB for TBTA Capital Lockbox City Sales Tax Series 2023A (NR/AA+) | Triborough Bridge & Tunnel Authority Sales Tax RB for TBTA Capital Lockbox City Sales Tax Series 2023A (NR/AA+) | Triborough Bridge & Tunnel Authority Sales Tax RB for TBTA Capital Lockbox City Sales Tax Series 2023A (NR/AA+) |
| 10000000 | 4.250 | 05/15/2058 | 9382960 |
| Triborough Bridge & Tunnel Authority Sales Tax RB Subseries 2024A-1 (NR/AA+) | Triborough Bridge & Tunnel Authority Sales Tax RB Subseries 2024A-1 (NR/AA+) | Triborough Bridge & Tunnel Authority Sales Tax RB Subseries 2024A-1 (NR/AA+) | Triborough Bridge & Tunnel Authority Sales Tax RB Subseries 2024A-1 (NR/AA+) |
| 15000000 | 4.125 | 05/15/2064 | 13498995 |
| Tsasc, Inc. Tobacco Settlement Bonds Tobacco Settlement Bonds Fiscal 2017 Series B (NR/NR) | Tsasc, Inc. Tobacco Settlement Bonds Tobacco Settlement Bonds Fiscal 2017 Series B (NR/NR) | Tsasc, Inc. Tobacco Settlement Bonds Tobacco Settlement Bonds Fiscal 2017 Series B (NR/NR) | Tsasc, Inc. Tobacco Settlement Bonds Tobacco Settlement Bonds Fiscal 2017 Series B (NR/NR) |
| 3750000 | 5.000 | 06/01/2048 | 3436958 |
| Westchester County Local Development Corp. RB Series 2016 (B1/BB+) | Westchester County Local Development Corp. RB Series 2016 (B1/BB+) | Westchester County Local Development Corp. RB Series 2016 (B1/BB+) | Westchester County Local Development Corp. RB Series 2016 (B1/BB+) |
| 900000 | 5.000 | 11/01/2033 | 888911 |
| 1415000 | 5.000 | 11/01/2034 | 1396104 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (B1/BB+) | Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (B1/BB+) | Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (B1/BB+) | Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (B1/BB+) |
| 725000 | 5.000% | 11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719817 |
| 5845000 | 5.000 | 11/01/2046 | 5402989 |
| Westchester County Local Development Corporation RB, Series 2023 (Westchester Medical Center Obligated Group Project) (NR/BB+) | Westchester County Local Development Corporation RB, Series 2023 (Westchester Medical Center Obligated Group Project) (NR/BB+) | Westchester County Local Development Corporation RB, Series 2023 (Westchester Medical Center Obligated Group Project) (NR/BB+) | Westchester County Local Development Corporation RB, Series 2023 (Westchester Medical Center Obligated Group Project) (NR/BB+) |
| 900000 | 6.250 | 11/01/2052 | 984472 |
| Western Regional off-Track Betting Corp. RB Refunding Series 2021 (NR/NR) | Western Regional off-Track Betting Corp. RB Refunding Series 2021 (NR/NR) | Western Regional off-Track Betting Corp. RB Refunding Series 2021 (NR/NR) | Western Regional off-Track Betting Corp. RB Refunding Series 2021 (NR/NR) |
| 1785000 | 4.125 <sup>(d)</sup> | 12/01/2041 | 1597812 |
| 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 | 478086 |
| 1180000 | 5.000 | 10/15/2049 | 1145828 |
| 1225000 | 5.000 | 10/15/2054 | 1170282 |
| 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) |
| 2820000 | 5.000 | 10/15/2040 | 2845446 |
| 1325000 | 5.000 | 10/15/2050 | 1299250 |
|  |  |  | 909994477 |
| North Carolina - 0.3% | North Carolina - 0.3% | North Carolina - 0.3% | North Carolina - 0.3% |
| Greater Asheville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) |
| 4565000 | 5.500 | 07/01/2047 | 4775553 |
| Greater Asheville Regional Airport Authority Airport System RB Series 2023 (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB Series 2023 (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB Series 2023 (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB Series 2023 (AGM) (A1/AA) |
| 7715000 | 5.250 | 07/01/2053 | 7931339 |
| North Carolina Department of Transportation Tax Exempt Private Activity Bonds Series 2015 (NR/NR) | North Carolina Department of Transportation Tax Exempt Private Activity Bonds Series 2015 (NR/NR) | North Carolina Department of Transportation Tax Exempt Private Activity Bonds Series 2015 (NR/NR) | North Carolina Department of Transportation Tax Exempt Private Activity Bonds Series 2015 (NR/NR) |
| 3345000 | 5.000 | 12/31/2037 | 3349607 |
| North Carolina Department of Transportation Tax Exempt Private Activity RB Series 2015 (NR/NR) | North Carolina Department of Transportation Tax Exempt Private Activity RB Series 2015 (NR/NR) | North Carolina Department of Transportation Tax Exempt Private Activity RB Series 2015 (NR/NR) | North Carolina Department of Transportation Tax Exempt Private Activity RB Series 2015 (NR/NR) |
| 5000000 | 5.000 | 06/30/2054 | 4964927 |
| 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 | 310252 |
| 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 | 905916 |
| 6025000 | 4.000 | 03/01/2051 | 4939041 |
| 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) |
| 1400000 | 5.000 | 10/01/2045 | 1363493 |
| 3260000 | 5.000 | 10/01/2050 | 3083987 |
| 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-) |
| 2000000 | 3.000 | 07/01/2045 | 1598279 |
| 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 | 1369262 |
| 1650000 | 5.000 | 07/01/2039 | 1659036 |
| 1035000 | 4.000 | 07/01/2044 | 892525 |
| 1160000 | 5.000 | 07/01/2044 | 1141093 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **153** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Retirement Facilities First Mortgage RB Series 2024A (NR/NR) | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Series 2024A (NR/NR) | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Series 2024A (NR/NR) | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Series 2024A (NR/NR) |
| 1460000 | 5.000% | 10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469225 |
| 2745000 | 5.125 | 10/01/2054 | 2771970 |
|  |  |  | 42525505 |
| 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 (AGM) (A1/AA) | City of Grand Forks Health Care System RB for Altru Health System Series 2021 (AGM) (A1/AA) | City of Grand Forks Health Care System RB for Altru Health System Series 2021 (AGM) (A1/AA) | City of Grand Forks Health Care System RB for Altru Health System Series 2021 (AGM) (A1/AA) |
| 1925000 | 3.000 | 12/01/2051 | 1344879 |
| City of Horace North Dakota Refunding Improvement Bonds Series 2024C (Baa3/NR) | City of Horace North Dakota Refunding Improvement Bonds Series 2024C (Baa3/NR) | City of Horace North Dakota Refunding Improvement Bonds Series 2024C (Baa3/NR) | City of Horace North Dakota Refunding Improvement Bonds Series 2024C (Baa3/NR) |
| 1350000 | 5.000 | 05/01/2050 | 1330698 |
| City of Horace North Dakota Temporary Refunding Improvement Bonds Series 2024B (Baa3/NR) | City of Horace North Dakota Temporary Refunding Improvement Bonds Series 2024B (Baa3/NR) | City of Horace North Dakota Temporary Refunding Improvement Bonds Series 2024B (Baa3/NR) | City of Horace North Dakota Temporary Refunding Improvement Bonds Series 2024B (Baa3/NR) |
| 2250000 | 4.850 | 08/01/2026 | 2251271 |
|  |  |  | 4926848 |
| Ohio - 4.0% | Ohio - 4.0% | Ohio - 4.0% | Ohio - 4.0% |
| 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+) |
| 8200000 | 3.000 | 06/01/2048 | 5892420 |
| 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) |
| 149285000 | 5.000 | 06/01/2055 | 131582621 |
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR) |
| 336480000 | 0.000 <sup>(e)</sup> | 06/01/2057 | 33417410 |
| Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Asset Backed Refunding Bonds Series 2020 (NR/BBB+) | Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Asset Backed Refunding Bonds Series 2020 (NR/BBB+) | Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Asset Backed Refunding Bonds Series 2020 (NR/BBB+) | Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Asset Backed Refunding Bonds Series 2020 (NR/BBB+) |
| 3330000 | 4.000 | 06/01/2048 | 2884184 |
| 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 | 2391177 |
| 1000000 | 5.250 | 11/01/2047 | 941177 |
| 2320000 | 5.250 | 11/01/2050 | 2140792 |
| Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB) | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB) | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB) | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB) |
| 22500000 | 5.375 | 09/15/2027 | 22524194 |
| Cleveland-Cuyahoga County Port Authority Tax Allocation for Flats East Bank TIF District Series 2021 B (NR/NR) | Cleveland-Cuyahoga County Port Authority Tax Allocation for Flats East Bank TIF District Series 2021 B (NR/NR) | Cleveland-Cuyahoga County Port Authority Tax Allocation for Flats East Bank TIF District Series 2021 B (NR/NR) | Cleveland-Cuyahoga County Port Authority Tax Allocation for Flats East Bank TIF District Series 2021 B (NR/NR) |
| 2490000 | 4.500 <sup>(d)</sup> | 12/01/2055 | 2061604 |
| Cleveland-Cuyahoga County Port Authority Tax Allocation Refunding for Flats East Bank TIF District Series 2021 A (NR/BB) | Cleveland-Cuyahoga County Port Authority Tax Allocation Refunding for Flats East Bank TIF District Series 2021 A (NR/BB) | Cleveland-Cuyahoga County Port Authority Tax Allocation Refunding for Flats East Bank TIF District Series 2021 A (NR/BB) | Cleveland-Cuyahoga County Port Authority Tax Allocation Refunding for Flats East Bank TIF District Series 2021 A (NR/BB) |
| 1340000 | 4.000 <sup>(d)</sup> | 12/01/2055 | 1053256 |
| Cleveland-Cuyahoga County Port Authority Tax-Exempt Refunding and Improvement Lease RB for Constellation Schools Project Series 2024A (NR/NR) | Cleveland-Cuyahoga County Port Authority Tax-Exempt Refunding and Improvement Lease RB for Constellation Schools Project Series 2024A (NR/NR) | Cleveland-Cuyahoga County Port Authority Tax-Exempt Refunding and Improvement Lease RB for Constellation Schools Project Series 2024A (NR/NR) | Cleveland-Cuyahoga County Port Authority Tax-Exempt Refunding and Improvement Lease RB for Constellation Schools Project Series 2024A (NR/NR) |
| 1600000 | 5.875 <sup>(d)</sup> | 01/01/2049 | 1564173 |
| Columbus-Franklin County Finance Authority Lease RB for The Cornerstone Academy Community School Series 2023 (NR/NR) | Columbus-Franklin County Finance Authority Lease RB for The Cornerstone Academy Community School Series 2023 (NR/NR) | Columbus-Franklin County Finance Authority Lease RB for The Cornerstone Academy Community School Series 2023 (NR/NR) | Columbus-Franklin County Finance Authority Lease RB for The Cornerstone Academy Community School Series 2023 (NR/NR) |
| 6425000 | 7.000 <sup>(d)</sup> | 07/01/2053 | 6513915 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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) |
| $1505000 | 5.000% | 05/15/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493008 |
| 2775000 | 5.375 | 05/15/2037 | 2776835 |
| 3910000 | 5.500 | 05/15/2042 | 3835931 |
| 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) |
| 2400000 | 4.000 | 09/01/2040 | 2059365 |
| 825000 | 4.000 | 09/01/2045 | 667989 |
| 1075000 | 5.000 | 09/01/2049 | 1003113 |
| County of Franklin Health Care Facilities RB for Ohio Living Communities Series 2023 (NR/NR) | County of Franklin Health Care Facilities RB for Ohio Living Communities Series 2023 (NR/NR) | County of Franklin Health Care Facilities RB for Ohio Living Communities Series 2023 (NR/NR) | County of Franklin Health Care Facilities RB for Ohio Living Communities Series 2023 (NR/NR) |
| 4600000 | 5.250 | 07/01/2041 | 4708916 |
| 12065000 | 5.500 | 07/01/2041 | 12594948 |
| 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) |
| 12845000 | 5.250 | 11/15/2055 | 11904688 |
| County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2015B (Ba2/BB) | County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2015B (Ba2/BB) | County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2015B (Ba2/BB) | County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2015B (Ba2/BB) |
| 1470000 | 4.000 | 11/15/2045 | 1221899 |
| 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) |
| 50060000 | 5.250 | 11/15/2048 | 50340106 |
| County of Summit Green Local School District Improvement Bonds Series 2022A (SD CRED PROG) (NR/AA+) | County of Summit Green Local School District Improvement Bonds Series 2022A (SD CRED PROG) (NR/AA+) | County of Summit Green Local School District Improvement Bonds Series 2022A (SD CRED PROG) (NR/AA+) | County of Summit Green Local School District Improvement Bonds Series 2022A (SD CRED PROG) (NR/AA+) |
| 4205000 | 5.500 | 11/01/2059 | 4404543 |
| Cuyahoga County Ohio Hospital RB for Metrohealth System Series 2017 (Baa2/BBB) | Cuyahoga County Ohio Hospital RB for Metrohealth System Series 2017 (Baa2/BBB) | Cuyahoga County Ohio Hospital RB for Metrohealth System Series 2017 (Baa2/BBB) | Cuyahoga County Ohio Hospital RB for Metrohealth System Series 2017 (Baa2/BBB) |
| 9110000 | 5.250 | 02/15/2047 | 8955545 |
| 3450000 | 5.000 | 02/15/2057 | 3267079 |
| Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa2/BBB) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa2/BBB) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa2/BBB) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa2/BBB) |
| 29500000 | 8.223 | 02/15/2040 | 32629593 |
| Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa2/BBB) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa2/BBB) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa2/BBB) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa2/BBB) |
| 7520000 | 5.000 | 02/15/2042 | 7349163 |
| 7500000 | 4.750 | 02/15/2047 | 7003837 |
| 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-) |
| 13400000 | 5.000 | 12/01/2051 | 12373251 |
| 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 | 1999202 |
| 1610000 | 5.000 | 01/01/2046 | 1573291 |
| 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+) |
| 10050000 | 5.000 | 02/15/2048 | 9806851 |
| Northeast Ohio Medical University RB Refunding Series 2021 A (Baa1/NR) | Northeast Ohio Medical University RB Refunding Series 2021 A (Baa1/NR) | Northeast Ohio Medical University RB Refunding Series 2021 A (Baa1/NR) | Northeast Ohio Medical University RB Refunding Series 2021 A (Baa1/NR) |
| 450000 | 3.000 | 12/01/2040 | 352411 |
| 200000 | 4.000 | 12/01/2045 | 172673 |
| Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (NR/NR) | Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (NR/NR) | Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (NR/NR) | Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (NR/NR) |
| 10610000 | 4.500 <sup>(d)</sup> | 01/15/2048 | 9841675 |
| Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR) | Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR) | Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR) | Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR) |
| 1635000 | 3.750 <sup>(d)</sup> | 01/15/2028 | 1634549 |
| 6055000 | 4.250 <sup>(d)</sup> | 01/15/2038 | 5891972 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 154 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4445502 |
| Ohio Housing Finance Agency Multifamily Housing RB Haven'S Edge Apartments Project Series 2025A (NR/NR) | Ohio Housing Finance Agency Multifamily Housing RB Haven'S Edge Apartments Project Series 2025A (NR/NR) | Ohio Housing Finance Agency Multifamily Housing RB Haven'S Edge Apartments Project Series 2025A (NR/NR) | Ohio Housing Finance Agency Multifamily Housing RB Haven'S Edge Apartments Project Series 2025A (NR/NR) |
| 1425000 | 5.700 <sup>(d)</sup> | 08/01/2043 | 1474408 |
| Ohio State Higher Education Facilities RB Series 2020 (A3/NR) | Ohio State Higher Education Facilities RB Series 2020 (A3/NR) | Ohio State Higher Education Facilities RB Series 2020 (A3/NR) | Ohio State Higher Education Facilities RB Series 2020 (A3/NR) |
| 10060000 | 5.000 | 01/15/2050 | 10226353 |
| Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR) | Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR) | Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR) | Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR) |
| 1075000 | 5.000 <sup>(d)</sup> | 12/01/2033 | 1064125 |
| 2085000 | 5.000 <sup>(d)</sup> | 12/01/2038 | 1989414 |
| 5000000 | 5.000 <sup>(d)</sup> | 12/01/2048 | 4499256 |
| 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 | 1528034 |
| Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR) | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR) | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR) | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR) |
| 2750000 | 4.375 <sup>(a)(b)</sup> | 06/15/2056 | 2712770 |
| Port of Greater Cincinnati Development Authority Ohio Tax Increment Financing RB Series 2024 (NR/NR) | Port of Greater Cincinnati Development Authority Ohio Tax Increment Financing RB Series 2024 (NR/NR) | Port of Greater Cincinnati Development Authority Ohio Tax Increment Financing RB Series 2024 (NR/NR) | Port of Greater Cincinnati Development Authority Ohio Tax Increment Financing RB Series 2024 (NR/NR) |
| 2000000 | 5.125 | 12/01/2055 | 1925950 |
| Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR) | Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR) | Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR) | Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR) |
| 1995000 | 4.250 <sup>(d)</sup> | 12/01/2050 | 1903420 |
| Port of Greater Cincinnati Development Authority Special Obligation Development TIF RB, Series 2016B (NR/NR) | Port of Greater Cincinnati Development Authority Special Obligation Development TIF RB, Series 2016B (NR/NR) | Port of Greater Cincinnati Development Authority Special Obligation Development TIF RB, Series 2016B (NR/NR) | Port of Greater Cincinnati Development Authority Special Obligation Development TIF RB, Series 2016B (NR/NR) |
| 4225000 | 5.000 | 12/01/2046 | 3961569 |
| 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 | 1829455 |
| 3225000 | 6.000 | 09/01/2052 | 3256804 |
| State of Ohio Hospital RB for University Hospital Health System Series 2021A (A2/A) | State of Ohio Hospital RB for University Hospital Health System Series 2021A (A2/A) | State of Ohio Hospital RB for University Hospital Health System Series 2021A (A2/A) | State of Ohio Hospital RB for University Hospital Health System Series 2021A (A2/A) |
| 22915000 | 4.000 | 01/15/2046 | 21611522 |
| 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) |
| 3000000 | 4.000 | 01/15/2050 | 2654559 |
| Toledo-Lucas County Port Authority Parking System RB Series 2021 (Baa3/NR) | Toledo-Lucas County Port Authority Parking System RB Series 2021 (Baa3/NR) | Toledo-Lucas County Port Authority Parking System RB Series 2021 (Baa3/NR) | Toledo-Lucas County Port Authority Parking System RB Series 2021 (Baa3/NR) |
| 1475000 | 4.000 | 01/01/2043 | 1302433 |
| 950000 | 4.000 | 01/01/2046 | 808680 |
| 950000 | 4.000 | 01/01/2051 | 788301 |
| 2520000 | 4.000 | 01/01/2057 | 2039339 |
|  |  |  | 482851250 |
| Oklahoma - 0.8% | Oklahoma - 0.8% | Oklahoma - 0.8% | Oklahoma - 0.8% |
| Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (B1/B) | Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (B1/B) | Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (B1/B) | Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (B1/B) |
| 1075000 | 4.000 | 09/01/2045 | 785955 |
| Oklahoma County Finance Authority Charter School Lease RB Astec Project Series 2024 (NR/NR) | Oklahoma County Finance Authority Charter School Lease RB Astec Project Series 2024 (NR/NR) | Oklahoma County Finance Authority Charter School Lease RB Astec Project Series 2024 (NR/NR) | Oklahoma County Finance Authority Charter School Lease RB Astec Project Series 2024 (NR/NR) |
| 900000 | 6.000 <sup>(d)</sup> | 06/15/2044 | 914739 |
| 1550000 | 6.250 <sup>(d)</sup> | 06/15/2054 | 1583947 |
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba2/BB) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba2/BB) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba2/BB) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba2/BB) |
| 31535000 | 5.500 | 08/15/2057 | 31925384 |
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A1/AA) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A1/AA) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A1/AA) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A1/AA) |
| 2400000 | 4.000 | 08/15/2052 | 2092052 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A1/AA) – (continued) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A1/AA) – (continued) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A1/AA) – (continued) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A1/AA) – (continued) |
| 2000000 | 4.125% | 08/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762555 |
| 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) |
| 2050000 | 5.250 | 08/15/2048 | 2068313 |
| 8005000 | 5.500 | 08/15/2052 | 8115346 |
| Oklahoma Water Resources Board Revolving Fund RB for Drinking Water Program Series 2023A (OK CERF) (NR/AAA) | Oklahoma Water Resources Board Revolving Fund RB for Drinking Water Program Series 2023A (OK CERF) (NR/AAA) | Oklahoma Water Resources Board Revolving Fund RB for Drinking Water Program Series 2023A (OK CERF) (NR/AAA) | Oklahoma Water Resources Board Revolving Fund RB for Drinking Water Program Series 2023A (OK CERF) (NR/AAA) |
| 1000000 | 4.000 | 04/01/2048 | 931728 |
| 4000000 | 4.125 | 04/01/2053 | 3683252 |
| Tulsa Authority for Economic Opportunity Increment District No. 8 Tax Allocation for Santa Fe Square Project Series 2021 (NR/NR) | Tulsa Authority for Economic Opportunity Increment District No. 8 Tax Allocation for Santa Fe Square Project Series 2021 (NR/NR) | Tulsa Authority for Economic Opportunity Increment District No. 8 Tax Allocation for Santa Fe Square Project Series 2021 (NR/NR) | Tulsa Authority for Economic Opportunity Increment District No. 8 Tax Allocation for Santa Fe Square Project Series 2021 (NR/NR) |
| 7130000 | 4.375 <sup>(d)</sup> | 12/01/2041 | 6371948 |
| 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 | 4687924 |
| 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) |
| 25675000 | 5.500 | 12/01/2035 | 25718470 |
| Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (NR/B+) | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (NR/B+) | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (NR/B+) | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (NR/B+) |
| 5670000 | 5.000 <sup>(a)(b)</sup> | 06/01/2035 | 5675849 |
|  |  |  | 96317462 |
| 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 | 125972 |
| 225000 | 5.375 | 11/15/2055 | 218858 |
| Oregon Facilities Authority Tax Exempt RB Refunding Bonds for Samaritan Health Services Project 2020 Series A (NR/BBB+) | Oregon Facilities Authority Tax Exempt RB Refunding Bonds for Samaritan Health Services Project 2020 Series A (NR/BBB+) | Oregon Facilities Authority Tax Exempt RB Refunding Bonds for Samaritan Health Services Project 2020 Series A (NR/BBB+) | Oregon Facilities Authority Tax Exempt RB Refunding Bonds for Samaritan Health Services Project 2020 Series A (NR/BBB+) |
| 270000 | 5.000 | 10/01/2028 | 280702 |
| Port of Portland International Airport RB Series 28 (NR/AA-) | Port of Portland International Airport RB Series 28 (NR/AA-) | Port of Portland International Airport RB Series 28 (NR/AA-) | Port of Portland International Airport RB Series 28 (NR/AA-) |
| 2400000 | 4.000 | 07/01/2047 | 2121216 |
| The Hospital Facilities Authority of The City of Astoria Oregon RB Columbia Memorial Hospital Project Series 2024 (NR/BBB) | The Hospital Facilities Authority of The City of Astoria Oregon RB Columbia Memorial Hospital Project Series 2024 (NR/BBB) | The Hospital Facilities Authority of The City of Astoria Oregon RB Columbia Memorial Hospital Project Series 2024 (NR/BBB) | The Hospital Facilities Authority of The City of Astoria Oregon RB Columbia Memorial Hospital Project Series 2024 (NR/BBB) |
| 5175000 | 5.250 | 08/01/2054 | 5291111 |
| 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 | 1558244 |
|  |  |  | 9596103 |
| Pennsylvania - 3.0% | Pennsylvania - 3.0% | Pennsylvania - 3.0% | Pennsylvania - 3.0% |
| Allegheny County Airport Authority Airport RB Series 2021A (AMT) (A2/NR) | Allegheny County Airport Authority Airport RB Series 2021A (AMT) (A2/NR) | Allegheny County Airport Authority Airport RB Series 2021A (AMT) (A2/NR) | Allegheny County Airport Authority Airport RB Series 2021A (AMT) (A2/NR) |
| 3000000 | 5.000 | 01/01/2056 | 3000492 |
| Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A USD (NR/A) | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A USD (NR/A) | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A USD (NR/A) | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A USD (NR/A) |
| 32000000 | 4.000 | 04/01/2044 | 29834998 |
| Allegheny County IDA Penn Hills Charter School of Entrepeneurship Series A (NR/BB) | Allegheny County IDA Penn Hills Charter School of Entrepeneurship Series A (NR/BB) | Allegheny County IDA Penn Hills Charter School of Entrepeneurship Series A (NR/BB) | Allegheny County IDA Penn Hills Charter School of Entrepeneurship Series A (NR/BB) |
| 1225000 | 4.000 | 06/15/2041 | 1057185 |
| 975000 | 4.000 | 06/15/2051 | 773737 |
| 1070000 | 4.000 | 06/15/2056 | 825875 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **155** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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-) |
| $3150000 | 5.125% | 05/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3282666 |
| Allentown Neighborhood Improvement Zone Development Authority Senior Tax RB Series 2024A (NR/NR) | Allentown Neighborhood Improvement Zone Development Authority Senior Tax RB Series 2024A (NR/NR) | Allentown Neighborhood Improvement Zone Development Authority Senior Tax RB Series 2024A (NR/NR) | Allentown Neighborhood Improvement Zone Development Authority Senior Tax RB Series 2024A (NR/NR) |
| 1175000 | 5.250 <sup>(d)</sup> | 05/01/2042 | 1168108 |
| Allentown Neighborhood Improvement Zone Development Authority Subordinate Tax RB for City Center Project Series 2022 (NR/NR) | Allentown Neighborhood Improvement Zone Development Authority Subordinate Tax RB for City Center Project Series 2022 (NR/NR) | Allentown Neighborhood Improvement Zone Development Authority Subordinate Tax RB for City Center Project Series 2022 (NR/NR) | Allentown Neighborhood Improvement Zone Development Authority Subordinate Tax RB for City Center Project Series 2022 (NR/NR) |
| 6075000 | 5.250 <sup>(d)</sup> | 05/01/2042 | 5972400 |
| Allentown Neighborhood Improvement Zone Development Authority Subordinate Tax RB Series 2024B (NR/NR) | Allentown Neighborhood Improvement Zone Development Authority Subordinate Tax RB Series 2024B (NR/NR) | Allentown Neighborhood Improvement Zone Development Authority Subordinate Tax RB Series 2024B (NR/NR) | Allentown Neighborhood Improvement Zone Development Authority Subordinate Tax RB Series 2024B (NR/NR) |
| 2900000 | 6.000 <sup>(d)</sup> | 05/01/2042 | 2976938 |
| Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Project Series 2024 (Ba3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Project Series 2024 (Ba3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Project Series 2024 (Ba3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Project Series 2024 (Ba3/NR) |
| 7750000 | 5.000 <sup>(d)</sup> | 05/01/2042 | 7774102 |
| Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR) |
| 150000 | 5.000 <sup>(d)</sup> | 05/01/2027 | 153074 |
| 1400000 | 5.000 <sup>(d)</sup> | 05/01/2032 | 1412284 |
| 15735000 | 5.000 <sup>(d)</sup> | 05/01/2042 | 15324957 |
| Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR) |
| 1000000 | 5.000 <sup>(d)</sup> | 05/01/2033 | 1015181 |
| 3000000 | 5.000 <sup>(d)</sup> | 05/01/2042 | 2955106 |
| Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (NR/B+) | Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (NR/B+) | Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (NR/B+) | Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (NR/B+) |
| 11200000 | 4.000 | 07/01/2051 | 9238879 |
| Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/B+) | Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/B+) | Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/B+) | Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/B+) |
| 4005000 | 5.000 | 07/01/2054 | 3845203 |
| 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) |
| 1250000 | 5.000 | 10/01/2037 | 1267240 |
| Cheltenham Township IDA Arcadia University RB Series of 2024 (NR/BBB-) | Cheltenham Township IDA Arcadia University RB Series of 2024 (NR/BBB-) | Cheltenham Township IDA Arcadia University RB Series of 2024 (NR/BBB-) | Cheltenham Township IDA Arcadia University RB Series of 2024 (NR/BBB-) |
| 5100000 | 5.000 | 04/01/2044 | 4785323 |
| 1800000 | 5.750 | 04/01/2054 | 1733719 |
| Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB) | Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB) | Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB) | Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB) |
| 2850000 | 6.000 <sup>(d)</sup> | 10/15/2052 | 2916308 |
| 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 | 494673 |
| 1000000 | 5.000 | 08/01/2045 | 936760 |
| Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (Aa3/AA) | Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (Aa3/AA) | Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (Aa3/AA) | Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (Aa3/AA) |
| 2325000 | 4.000 | 06/01/2039 | 2179730 |
| Cumberland County Municipal Authority RB Diakon Lutheran Social Ministries Series 2015 (NR/NR) | Cumberland County Municipal Authority RB Diakon Lutheran Social Ministries Series 2015 (NR/NR) | Cumberland County Municipal Authority RB Diakon Lutheran Social Ministries Series 2015 (NR/NR) | Cumberland County Municipal Authority RB Diakon Lutheran Social Ministries Series 2015 (NR/NR) |
| 505000 | 5.000 | 01/01/2038 | 505069 |
| Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/B-) | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/B-) | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/B-) | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/B-) |
| 5100000 | 5.875 <sup>(d)</sup> | 10/15/2040 | 4076161 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/B-) – (continued) | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/B-) – (continued) | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/B-) – (continued) | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/B-) – (continued) |
| 17325000 | 6.250 %<sup>(d)</sup> | 10/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13052371 |
| Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/B-) | Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/B-) | Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/B-) | Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/B-) |
| 950000 | 5.000 <sup>(d)</sup> | 10/15/2034 | 781127 |
| Doylestown Hospital Authority Commonwealth of Pennsylvania Doylestown Hospital RB Series 2024 (NR/NR) | Doylestown Hospital Authority Commonwealth of Pennsylvania Doylestown Hospital RB Series 2024 (NR/NR) | Doylestown Hospital Authority Commonwealth of Pennsylvania Doylestown Hospital RB Series 2024 (NR/NR) | Doylestown Hospital Authority Commonwealth of Pennsylvania Doylestown Hospital RB Series 2024 (NR/NR) |
| 2375000 | 5.375 <sup>(d)</sup> | 07/01/2039 | 2543051 |
| Doylestown Hospital Authority Commonwealth of Pennsylvania Hospital RB 2013 Series A (NR/BBB-) | Doylestown Hospital Authority Commonwealth of Pennsylvania Hospital RB 2013 Series A (NR/BBB-) | Doylestown Hospital Authority Commonwealth of Pennsylvania Hospital RB 2013 Series A (NR/BBB-) | Doylestown Hospital Authority Commonwealth of Pennsylvania Hospital RB 2013 Series A (NR/BBB-) |
| 2000000 | 5.000 | 07/01/2025 | 2001368 |
| 2095000 | 5.000 | 07/01/2026 | 2096713 |
| 555000 | 5.000 | 07/01/2027 | 555460 |
| 1000000 | 5.000 | 07/01/2028 | 1000773 |
| Doylestown Hospital Authority RB Series 2016A (B2/B+) | Doylestown Hospital Authority RB Series 2016A (B2/B+) | Doylestown Hospital Authority RB Series 2016A (B2/B+) | Doylestown Hospital Authority RB Series 2016A (B2/B+) |
| 445000 | 5.000 | 07/01/2041 | 446774 |
| 1620000 | 4.000 | 07/01/2045 | 1429805 |
| 1340000 | 5.000 | 07/01/2046 | 1341311 |
| Doylestown Hospital Authority RB Series 2016A (B2/NR) | Doylestown Hospital Authority RB Series 2016A (B2/NR) | Doylestown Hospital Authority RB Series 2016A (B2/NR) | Doylestown Hospital Authority RB Series 2016A (B2/NR) |
| 180000 | 4.000 <sup>(c)</sup> | 07/01/2029 | 185077 |
| Doylestown Hospital Authority RB Series 2019A (NR/NR) | Doylestown Hospital Authority RB Series 2019A (NR/NR) | Doylestown Hospital Authority RB Series 2019A (NR/NR) | Doylestown Hospital Authority RB Series 2019A (NR/NR) |
| 415000 | 5.000 <sup>(c)</sup> | 07/01/2026 | 424369 |
| 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 | 1022960 |
| 900000 | 5.000 | 12/01/2048 | 813498 |
| 1750000 | 5.000 | 12/01/2053 | 1538271 |
| Geisinger Authority Health System RB for Geisinger Health System Series 2007 (NR/AA-) | Geisinger Authority Health System RB for Geisinger Health System Series 2007 (NR/AA-) | Geisinger Authority Health System RB for Geisinger Health System Series 2007 (NR/AA-) | Geisinger Authority Health System RB for Geisinger Health System Series 2007 (NR/AA-) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.77%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.77%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.77%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.77%) |
| 52950000 | 0.907 <sup>(f)(h)</sup> | 05/01/2037 | 49477682 |
| 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 | 639369 |
| Lancaster Municipal Authority Healthcare Facilities RB Series A of 2025 Luthercare Project Tax-Exempt (NR/NR) | Lancaster Municipal Authority Healthcare Facilities RB Series A of 2025 Luthercare Project Tax-Exempt (NR/NR) | Lancaster Municipal Authority Healthcare Facilities RB Series A of 2025 Luthercare Project Tax-Exempt (NR/NR) | Lancaster Municipal Authority Healthcare Facilities RB Series A of 2025 Luthercare Project Tax-Exempt (NR/NR) |
| 1150000 | 5.000 | 12/01/2055 | 1140802 |
| Latrobe Industrial Development Authority RB for Seton Hill University Series of 2021 (NR/BBB-) | Latrobe Industrial Development Authority RB for Seton Hill University Series of 2021 (NR/BBB-) | Latrobe Industrial Development Authority RB for Seton Hill University Series of 2021 (NR/BBB-) | Latrobe Industrial Development Authority RB for Seton Hill University Series of 2021 (NR/BBB-) |
| 285000 | 5.000 | 03/01/2032 | 290751 |
| 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-) |
| 450000 | 4.000 | 03/01/2035 | 413983 |
| 465000 | 4.000 | 03/01/2036 | 422166 |
| 275000 | 4.000 | 03/01/2037 | 246402 |
| 335000 | 4.000 | 03/01/2039 | 290741 |
| 250000 | 4.000 | 03/01/2040 | 212970 |
| 250000 | 4.000 | 03/01/2041 | 209330 |
| 625000 | 4.000 | 03/01/2046 | 498073 |
| 675000 | 4.000 | 03/01/2051 | 520898 |
| Lincoln University of The Commonwealth System of Higher Education RB Refunding Tax Exempt Social Bonds 2023 Series A (Baa3/NR) | Lincoln University of The Commonwealth System of Higher Education RB Refunding Tax Exempt Social Bonds 2023 Series A (Baa3/NR) | Lincoln University of The Commonwealth System of Higher Education RB Refunding Tax Exempt Social Bonds 2023 Series A (Baa3/NR) | Lincoln University of The Commonwealth System of Higher Education RB Refunding Tax Exempt Social Bonds 2023 Series A (Baa3/NR) |
| 3420000 | 5.250 | 07/01/2044 | 3192470 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 156 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Mercer County Industrial Development Authority College RB for Thiel College Project Series 2020 (NR/NR) | Mercer County Industrial Development Authority College RB for Thiel College Project Series 2020 (NR/NR) | Mercer County Industrial Development Authority College RB for Thiel College Project Series 2020 (NR/NR) | Mercer County Industrial Development Authority College RB for Thiel College Project Series 2020 (NR/NR) |
| 4080000 | 6.125 %<sup>(d)</sup> | 10/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3013418 |
| Montgomery County Industrial Development Authority Retirement Communities RB Acts Retirement-Life Communities Inc Obligated Group Series 2025A (NR/NR) | Montgomery County Industrial Development Authority Retirement Communities RB Acts Retirement-Life Communities Inc Obligated Group Series 2025A (NR/NR) | Montgomery County Industrial Development Authority Retirement Communities RB Acts Retirement-Life Communities Inc Obligated Group Series 2025A (NR/NR) | Montgomery County Industrial Development Authority Retirement Communities RB Acts Retirement-Life Communities Inc Obligated Group Series 2025A (NR/NR) |
| 1500000 | 5.000 | 11/15/2055 | 1492661 |
| 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 | 1752144 |
| 2100000 | 5.000 | 11/01/2049 | 1876919 |
| 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 | 895030 |
| 1245000 | 5.000 | 05/01/2049 | 1146473 |
| Pennsylvania Economic Development Financing Authority Exempt Facilities RR Bonds Series 2009B (B2/B) | Pennsylvania Economic Development Financing Authority Exempt Facilities RR Bonds Series 2009B (B2/B) | Pennsylvania Economic Development Financing Authority Exempt Facilities RR Bonds Series 2009B (B2/B) | Pennsylvania Economic Development Financing Authority Exempt Facilities RR Bonds Series 2009B (B2/B) |
| 3675000 | 5.250 <sup>(a)(b)</sup> | 12/01/2038 | 3702728 |
| Pennsylvania Economic Development Financing Authority Exempt Facilities RR Bonds Series 2009C (B2/B) | Pennsylvania Economic Development Financing Authority Exempt Facilities RR Bonds Series 2009C (B2/B) | Pennsylvania Economic Development Financing Authority Exempt Facilities RR Bonds Series 2009C (B2/B) | Pennsylvania Economic Development Financing Authority Exempt Facilities RR Bonds Series 2009C (B2/B) |
| 6450000 | 5.250 <sup>(a)(b)</sup> | 12/01/2037 | 6501583 |
| Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project, Series 2023B-1 (NR/NR) | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project, Series 2023B-1 (NR/NR) | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project, Series 2023B-1 (NR/NR) | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project, Series 2023B-1 (NR/NR) |
| 1850000 | 5.250 | 07/01/2049 | 1892406 |
| Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project, Series 2023B-2 (NR/NR) | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project, Series 2023B-2 (NR/NR) | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project, Series 2023B-2 (NR/NR) | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project, Series 2023B-2 (NR/NR) |
| 2750000 | 5.000 | 07/01/2042 | 2821799 |
| 2300000 | 5.250 | 07/01/2046 | 2366826 |
| 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 | 1978914 |
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (AGM) (A1/AA) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (AGM) (A1/AA) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (AGM) (A1/AA) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (AGM) (A1/AA) |
| 5000000 | 5.000 | 12/31/2057 | 5068522 |
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) |
| 1375000 | 5.250 | 06/30/2053 | 1398284 |
| 6825000 | 6.000 | 06/30/2061 | 7301355 |
| Pennsylvania Higher Educational Facilities Authority La Salle University RB Series 2012 (NR/BB-) | Pennsylvania Higher Educational Facilities Authority La Salle University RB Series 2012 (NR/BB-) | Pennsylvania Higher Educational Facilities Authority La Salle University RB Series 2012 (NR/BB-) | Pennsylvania Higher Educational Facilities Authority La Salle University RB Series 2012 (NR/BB-) |
| 2750000 | 4.000 | 05/01/2032 | 2254843 |
| 2695000 | 5.000 | 05/01/2037 | 2151270 |
| Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC) (NR/AA) | Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC) (NR/AA) | Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC) (NR/AA) | Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC) (NR/AA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.60%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.60%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.60%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.60%) |
| 4505000 | 3.663 <sup>(h)</sup> | 07/01/2027 | 4478250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.65%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.65%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.65%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.65%) |
| 10850000 | 3.713 <sup>(h)</sup> | 07/01/2039 | 9944946 |
| 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 | 4201163 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359276 |
| 400000 | 5.000 | 07/01/2035 | 376827 |
| 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 | 1689643 |
| Philadelphia Authority for Industrial Development Charter School RB for Tacony Academy Charter School Project Series 2023 (NR/BB) | Philadelphia Authority for Industrial Development Charter School RB for Tacony Academy Charter School Project Series 2023 (NR/BB) | Philadelphia Authority for Industrial Development Charter School RB for Tacony Academy Charter School Project Series 2023 (NR/BB) | Philadelphia Authority for Industrial Development Charter School RB for Tacony Academy Charter School Project Series 2023 (NR/BB) |
| 1150000 | 5.375 <sup>(d)</sup> | 06/15/2038 | 1159231 |
| 1600000 | 5.500 <sup>(d)</sup> | 06/15/2043 | 1605560 |
| Philadelphia Authority For Industrial Development La Salle University RB Series 2017 (NR/BB-) | Philadelphia Authority For Industrial Development La Salle University RB Series 2017 (NR/BB-) | Philadelphia Authority For Industrial Development La Salle University RB Series 2017 (NR/BB-) | Philadelphia Authority For Industrial Development La Salle University RB Series 2017 (NR/BB-) |
| 3480000 | 4.000 | 05/01/2042 | 2282489 |
| Philadelphia Authority For Industrial Development La Salle University RB Series 2024 (NR/BB-) | Philadelphia Authority For Industrial Development La Salle University RB Series 2024 (NR/BB-) | Philadelphia Authority For Industrial Development La Salle University RB Series 2024 (NR/BB-) | Philadelphia Authority For Industrial Development La Salle University RB Series 2024 (NR/BB-) |
| 20560000 | 6.250 <sup>(d)</sup> | 05/01/2042 | 18360296 |
| 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 | 2002163 |
| 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 | 310777 |
| 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) |
| 1075000 | 5.000 | 08/01/2050 | 1055960 |
| Philadelphia Hospitals and Higher Education Facilities Authority RB for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) | Philadelphia Hospitals and Higher Education Facilities Authority RB for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) | Philadelphia Hospitals and Higher Education Facilities Authority RB for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) | Philadelphia Hospitals and Higher Education Facilities Authority RB for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) |
| 3000000 | 5.000 | 07/01/2034 | 3028849 |
| 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) |
| 4490000 | 5.000 | 07/01/2032 | 4554326 |
| Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BBB+) | Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BBB+) | Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BBB+) | Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BBB+) |
| 1435000 | 5.000 | 11/15/2028 | 1435571 |
| Susquehanna Area Regional Airport Authority Airport System RB Series 2017 (Baa3/NR) | Susquehanna Area Regional Airport Authority Airport System RB Series 2017 (Baa3/NR) | Susquehanna Area Regional Airport Authority Airport System RB Series 2017 (Baa3/NR) | Susquehanna Area Regional Airport Authority Airport System RB Series 2017 (Baa3/NR) |
| 2325000 | 5.000 | 01/01/2038 | 2328886 |
| Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (Baa3/NR) | Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (Baa3/NR) | Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (Baa3/NR) | Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (Baa3/NR) |
| 1100000 | 5.000 | 01/01/2035 | 1107628 |
| 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+) |
| 555000 | 5.000 | 10/01/2039 | 515928 |
| 1125000 | 5.000 | 10/01/2049 | 968297 |
| The Berks County Municipal Authority RB for Tower Health Project Series 2024 A-4 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024 A-4 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024 A-4 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024 A-4 (NR/NR) |
| 8998000 | 7.000 | 06/30/2039 | 8323180 |
| The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-1 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-1 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-1 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-1 (NR/NR) |
| 12176000 | 0.000 <sup>(f)</sup> | 06/30/2044 | 8967229 |
| The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-2 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-2 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-2 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-2 (NR/NR) |
| 4730000 | 0.000 <sup>(f)</sup> | 06/30/2044 | 2698360 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **157** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| The Berks County Municipal Authority RB for Tower Health Project Series 2024A-1 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-1 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-1 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-1 (NR/NR) |
| 4387000 | 8.000% | 06/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4487219 |
| The Berks County Municipal Authority RB for Tower Health Project Series 2024A-2 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-2 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-2 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-2 (NR/NR) |
| 2188000 | 6.000 | 06/30/2034 | 2358169 |
| The Berks County Municipal Authority RB for Tower Health Project Series 2024A-3 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-3 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-3 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-3 (NR/NR) |
| 24113000 | 5.000 | 06/30/2039 | 23339595 |
| Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022A (NR/NR) | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022A (NR/NR) | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022A (NR/NR) | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022A (NR/NR) |
| 4485000 | 6.250 <sup>(d)</sup> | 07/01/2057 | 4519475 |
| 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) |
| 765000 | 5.000 | 07/01/2028 | 767064 |
| 1000000 | 5.000 | 07/01/2035 | 984393 |
| Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa3/NR) | Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa3/NR) | Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa3/NR) | Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa3/NR) |
| 1435000 | 4.000 | 07/01/2037 | 1325587 |
| Westmoreland County Industrial Development Authority Tax Exempt RB for Excela Health Project Series 2020A (Baa2/NR) (Baa3/NR) | Westmoreland County Industrial Development Authority Tax Exempt RB for Excela Health Project Series 2020A (Baa2/NR) (Baa3/NR) | Westmoreland County Industrial Development Authority Tax Exempt RB for Excela Health Project Series 2020A (Baa2/NR) (Baa3/NR) | Westmoreland County Industrial Development Authority Tax Exempt RB for Excela Health Project Series 2020A (Baa2/NR) (Baa3/NR) |
| 620000 | 5.000 | 07/01/2028 | 640209 |
|  |  |  | 364086454 |
| Puerto Rico - 9.2% | Puerto Rico - 9.2% | Puerto Rico - 9.2% | Puerto Rico - 9.2% |
| GDB Debt Recovery Authority Bonds (NR/NR) | GDB Debt Recovery Authority Bonds (NR/NR) | GDB Debt Recovery Authority Bonds (NR/NR) | GDB Debt Recovery Authority Bonds (NR/NR) |
| 19210497 | 7.500 | 08/20/2040 | 18783161 |
| 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) |
| 3919542 | 5.250 | 07/01/2038 | 3920462 |
| Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR) | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR) | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR) | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR) |
| 4325000 | 5.000 <sup>(d)</sup> | 07/01/2030 | 4480695 |
| 7950000 | 5.000 <sup>(d)</sup> | 07/01/2035 | 8163811 |
| Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR) | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR) | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR) | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR) |
| 9270000 | 5.000 <sup>(d)</sup> | 07/01/2037 | 9548373 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) |
| 42415000 | 5.000 <sup>(d)</sup> | 07/01/2047 | 42387350 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2021 C (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2021 C (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2021 C (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2021 C (NR/NR) |
| 9400000 | 3.500 <sup>(d)</sup> | 07/01/2026 | 9013811 |
| 9400000 | 3.750 <sup>(d)</sup> | 07/01/2027 | 8775102 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR) |
| 3000000 | 4.000 <sup>(d)</sup> | 07/01/2042 | 2715287 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 A (NR/NR) |
| 4250000 | 4.000 <sup>(d)</sup> | 07/01/2042 | 3888695 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 B (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 B (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 B (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 B (NR/NR) |
| 495000 | 5.000 <sup>(d)</sup> | 07/01/2025 | 496748 |
| Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds 2021 B (NR/NR) | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds 2021 B (NR/NR) | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds 2021 B (NR/NR) | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds 2021 B (NR/NR) |
| 1035000 | 5.000 <sup>(d)</sup> | 07/01/2037 | 1062358 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR) | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR) | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR) |
| $35800000 | 4.000 %<sup>(d)</sup> | 07/01/2042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32130360 |
| Puerto Rico Commonwealth GO Bonds (NR/NR) | Puerto Rico Commonwealth GO Bonds (NR/NR) | Puerto Rico Commonwealth GO Bonds (NR/NR) | Puerto Rico Commonwealth GO Bonds (NR/NR) |
| 51958937 | 0.010 <sup>(a)(f)(i)</sup> | 11/01/2043 | 32539284 |
| Puerto Rico Commonwealth GO Clawback Bonds (NR/NR) | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR) | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR) | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR) |
| 29091055 | 0.010 <sup>(a)(f)(i)</sup> | 11/01/2051 | 15621896 |
| Puerto Rico Commonwealth GO Clawback CVIs (NR/NR) | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR) | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR) | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR) |
| 35656897 | 0.010 <sup>(a)(f)(i)</sup> | 11/01/2051 | 22151848 |
| Puerto Rico Commonwealth GO CVIs (NR/NR) | Puerto Rico Commonwealth GO CVIs (NR/NR) | Puerto Rico Commonwealth GO CVIs (NR/NR) | Puerto Rico Commonwealth GO CVIs (NR/NR) |
| 2012047 | 0.010 <sup>(a)(f)(i)</sup> | 11/01/2051 | 671521 |
| 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) |
| 811379 | 5.625 | 07/01/2029 | 869157 |
| 16610960 | 5.750 | 07/01/2031 | 18250216 |
| 61106206 | 0.000 <sup>(e)</sup> | 07/01/2033 | 41868310 |
| 3435196 | 4.000 | 07/01/2033 | 3363381 |
| 7201113 | 4.000 | 07/01/2035 | 6879054 |
| 10253482 | 4.000 | 07/01/2037 | 9691000 |
| 19508950 | 4.000 | 07/01/2041 | 17840080 |
| 48492776 | 4.000 | 07/01/2046 | 42273471 |
| Puerto Rico Electric Power Authority Power RB (NR/NR) | Puerto Rico Electric Power Authority Power RB (NR/NR) | Puerto Rico Electric Power Authority Power RB (NR/NR) | Puerto Rico Electric Power Authority Power RB (NR/NR) |
| 450000 | 5.000 \* | 07/01/2021 | 249750 |
| 455000 | 5.000 \* | 07/01/2027 | 252525 |
| Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR) |
| 1905000 | 4.800 \* | 07/01/2029 | 1057275 |
| 37760000 | 5.000 \* | 07/01/2042 | 20956800 |
| Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR) |
| 715000 | 7.250 \* | 07/01/2030 | 396825 |
| 6760000 | 7.000 \* | 07/01/2033 | 3751800 |
| 14065000 | 6.750 \* | 07/01/2036 | 7806075 |
| 6190000 | 7.000 \* | 07/01/2040 | 3435450 |
| Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR) |
| 1678950 | 10.000 \* | 07/01/2022 | 931817 |
| Puerto Rico Electric Power Authority Power RB Series A-4 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series A-4 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series A-4 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series A-4 (NR/NR) |
| 2415332 | 10.000 \* | 07/01/2019 | 1340509 |
| Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR) | Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR) | Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR) | Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR) |
| 1160000 | 5.250 \* | 07/01/2021 | 643800 |
| 130000 | 5.250 \* | 07/01/2023 | 72150 |
| 550000 | 5.250 \* | 07/01/2030 | 305250 |
| 3970000 | 5.250 \* | 07/01/2031 | 2203350 |
| Puerto Rico Electric Power Authority Power RB Series B-4 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series B-4 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series B-4 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series B-4 (NR/NR) |
| 2415332 | 10.000 \* | 07/01/2019 | 1340509 |
| Puerto Rico Electric Power Authority Power RB Series BBB (NR/NR) | Puerto Rico Electric Power Authority Power RB Series BBB (NR/NR) | Puerto Rico Electric Power Authority Power RB Series BBB (NR/NR) | Puerto Rico Electric Power Authority Power RB Series BBB (NR/NR) |
| 90000 | 5.400 \* | 07/01/2028 | 49950 |
| Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR) | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR) | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR) | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR) |
| 1315000 | 5.000 \* | 07/01/2022 | 729825 |
| 90000 | 4.250 \* | 07/01/2023 | 49950 |
| 60000 | 4.500 \* | 07/01/2023 | 33300 |
| 50000 | 4.600 \* | 07/01/2024 | 27750 |
| 210000 | 4.625 \* | 07/01/2025 | 116550 |
| 900000 | 5.000 \* | 07/01/2025 | 499500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 158 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** |  | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | 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 – (continued) |
| Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR) – (continued) | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR) – (continued) | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR) – (continued) | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR) – (continued) | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR) – (continued) |
| $25000 | 5.000 | %\* | 07/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13875 |
| 10000000 | 5.250 | \* | 07/01/2026 | 5550000 |
| 65000 | 4.800 | \* | 07/01/2027 | 36075 |
| 2425000 | 5.250 | \* | 07/01/2027 | 1345875 |
| 4980000 | 5.000 | \* | 07/01/2028 | 2763900 |
| Puerto Rico Electric Power Authority Power RB Series DDD (NR/NR) | Puerto Rico Electric Power Authority Power RB Series DDD (NR/NR) | Puerto Rico Electric Power Authority Power RB Series DDD (NR/NR) | Puerto Rico Electric Power Authority Power RB Series DDD (NR/NR) | Puerto Rico Electric Power Authority Power RB Series DDD (NR/NR) |
| 575000 | 5.000 | \* | 07/01/2020 | 319125 |
| Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR) |
| 5036850 | 10.000 | \* | 01/01/2021 | 2795452 |
| Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR) |
| 5036850 | 10.000 | \* | 07/01/2021 | 2795452 |
| Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR) | Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR) |
| 1678950 | 10.000 | \* | 01/01/2022 | 931817 |
| Puerto Rico Electric Power Authority Power RB Series EEE (NR/NR) | Puerto Rico Electric Power Authority Power RB Series EEE (NR/NR) | Puerto Rico Electric Power Authority Power RB Series EEE (NR/NR) | Puerto Rico Electric Power Authority Power RB Series EEE (NR/NR) | Puerto Rico Electric Power Authority Power RB Series EEE (NR/NR) |
| 1175000 | 5.950 | \* | 07/01/2030 | 652125 |
| 6720000 | 6.050 | \* | 07/01/2032 | 3729600 |
| 115000 | 6.250 | \* | 07/01/2040 | 63825 |
| Puerto Rico Electric Power Authority Power RB Series SS (NR/NR) | Puerto Rico Electric Power Authority Power RB Series SS (NR/NR) | Puerto Rico Electric Power Authority Power RB Series SS (NR/NR) | Puerto Rico Electric Power Authority Power RB Series SS (NR/NR) | Puerto Rico Electric Power Authority Power RB Series SS (NR/NR) |
| 130000 | 4.625 | \* | 07/01/2030 | 72150 |
| Puerto Rico Electric Power Authority Power RB Series TT (NR/NR) | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR) | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR) | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR) | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR) |
| 300000 | 4.200 | \* | 07/01/2019 | 166500 |
| 700000 | 5.000 | \* | 07/01/2025 | 388500 |
| 9895000 | 5.000 | \* | 07/01/2032 | 5491725 |
| Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) | Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) | Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) | Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) | Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) |
| 1250000 | 5.250 |  | 07/01/2032 | 1231421 |
| Puerto Rico Electric Power Authority Power RB Series WW (NR/NR) | Puerto Rico Electric Power Authority Power RB Series WW (NR/NR) | Puerto Rico Electric Power Authority Power RB Series WW (NR/NR) | Puerto Rico Electric Power Authority Power RB Series WW (NR/NR) | Puerto Rico Electric Power Authority Power RB Series WW (NR/NR) |
| 2000000 | 5.500 | \* | 07/01/2020 | 1110000 |
| 480000 | 5.375 | \* | 07/01/2022 | 266400 |
| 1100000 | 5.250 | \* | 07/01/2025 | 610500 |
| 3765000 | 5.250 | \* | 07/01/2033 | 2089575 |
| 18715000 | 5.500 | \* | 07/01/2038 | 10386825 |
| Puerto Rico Electric Power Authority Power RB Series XX (NR/NR) | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR) | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR) | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR) | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR) |
| 20000 | 4.875 | \* | 07/01/2027 | 11100 |
| 44005000 | 5.250 | \* | 07/01/2040 | 24422775 |
| Puerto Rico Electric Power Authority Power RB Series YY (NR/NR) | Puerto Rico Electric Power Authority Power RB Series YY (NR/NR) | Puerto Rico Electric Power Authority Power RB Series YY (NR/NR) | Puerto Rico Electric Power Authority Power RB Series YY (NR/NR) | Puerto Rico Electric Power Authority Power RB Series YY (NR/NR) |
| 2460000 | 6.125 | \* | 07/01/2040 | 1365300 |
| Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR) | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR) | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR) | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR) | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR) |
| 65000 | 3.700 | \* | 07/01/2017 | 36075 |
| 1230000 | 5.000 | \* | 07/01/2017 | 682650 |
| 145000 | 4.250 | \* | 07/01/2018 | 80475 |
| 3130000 | 5.000 | \* | 07/01/2019 | 1737150 |
| 260000 | 4.250 | \* | 07/01/2020 | 144300 |
| 25000 | 5.250 | \* | 07/01/2020 | 13875 |
| 80000 | 4.375 | \* | 07/01/2021 | 44400 |
| 100000 | 4.375 | \* | 07/01/2022 | 55500 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** |  | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | 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 – (continued) |
| Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR) – (continued) | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR) – (continued) | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR) – (continued) | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR) – (continued) | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR) – (continued) |
| 65000 | 5.000 | %\* | 07/01/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36075 |
| 190000 | 4.500 | \* | 07/01/2023 | 105450 |
| 1275000 | 5.250 | \* | 07/01/2024 | 707625 |
| 135000 | 4.625 | \* | 07/01/2025 | 74925 |
| 2475000 | 5.250 | \* | 07/01/2026 | 1373625 |
| Puerto Rico Electric Power Authority Power Revenue Refunding Bonds Series DDD (NR/NR) | Puerto Rico Electric Power Authority Power Revenue Refunding Bonds Series DDD (NR/NR) | Puerto Rico Electric Power Authority Power Revenue Refunding Bonds Series DDD (NR/NR) | Puerto Rico Electric Power Authority Power Revenue Refunding Bonds Series DDD (NR/NR) | Puerto Rico Electric Power Authority Power Revenue Refunding Bonds Series DDD (NR/NR) |
| 215000 | 3.300 | \* | 07/01/2019 | 119325 |
| 80000 | 3.500 | \* | 07/01/2020 | 44400 |
| 155000 | 3.625 | \* | 07/01/2021 | 86025 |
| 60000 | 3.750 | \* | 07/01/2022 | 33300 |
| 730000 | 3.875 | \* | 07/01/2023 | 405150 |
| Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.52%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.52%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.52%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.52%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.52%) |
| 52372000 | 3.583 | <sup>(h)</sup> | 07/01/2029 | 51004237 |
| Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (NR/NR) | Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (NR/NR) | Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (NR/NR) | Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (NR/NR) | Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (NR/NR) |
| 126000 | 5.000 | \* | 07/01/2024 | 69930 |
| Puerto Rico Electric Power Authority RB Series 2010 AAA (NR/NR) | Puerto Rico Electric Power Authority RB Series 2010 AAA (NR/NR) | Puerto Rico Electric Power Authority RB Series 2010 AAA (NR/NR) | Puerto Rico Electric Power Authority RB Series 2010 AAA (NR/NR) | Puerto Rico Electric Power Authority RB Series 2010 AAA (NR/NR) |
| 1489000 | 5.250 | \* | 07/01/2027 | 826395 |
| 3634000 | 5.250 | \* | 07/01/2028 | 2016870 |
| Puerto Rico Electric Power Authority RB Series TT (NR/NR) | Puerto Rico Electric Power Authority RB Series TT (NR/NR) | Puerto Rico Electric Power Authority RB Series TT (NR/NR) | Puerto Rico Electric Power Authority RB Series TT (NR/NR) | Puerto Rico Electric Power Authority RB Series TT (NR/NR) |
| 5135000 | 5.000 | \* | 07/01/2037 | 2849925 |
| Puerto Rico Electric Power Authority RB Series WW (NR/NR) | Puerto Rico Electric Power Authority RB Series WW (NR/NR) | Puerto Rico Electric Power Authority RB Series WW (NR/NR) | Puerto Rico Electric Power Authority RB Series WW (NR/NR) | Puerto Rico Electric Power Authority RB Series WW (NR/NR) |
| 5550000 | 5.000 | \* | 07/01/2028 | 3080250 |
| Puerto Rico Industrial Tourist Educational, Medical and Environmental Control Facilities Financing Authority Dock and Wharf RB (Forward Delivery) Series 2023A-1, Series A-2 and A-3 And Series 2023B (NR/BBB-) | Puerto Rico Industrial Tourist Educational, Medical and Environmental Control Facilities Financing Authority Dock and Wharf RB (Forward Delivery) Series 2023A-1, Series A-2 and A-3 And Series 2023B (NR/BBB-) | Puerto Rico Industrial Tourist Educational, Medical and Environmental Control Facilities Financing Authority Dock and Wharf RB (Forward Delivery) Series 2023A-1, Series A-2 and A-3 And Series 2023B (NR/BBB-) | Puerto Rico Industrial Tourist Educational, Medical and Environmental Control Facilities Financing Authority Dock and Wharf RB (Forward Delivery) Series 2023A-1, Series A-2 and A-3 And Series 2023B (NR/BBB-) | Puerto Rico Industrial Tourist Educational, Medical and Environmental Control Facilities Financing Authority Dock and Wharf RB (Forward Delivery) Series 2023A-1, Series A-2 and A-3 And Series 2023B (NR/BBB-) |
| 1355000 | 6.500 |  | 01/01/2042 | 1564986 |
| 6375000 | 6.750 |  | 01/01/2045 | 7409833 |
| Puerto Rico Industrial Tourist, Educational Medical and Environmental Control Facilities Financing Authority Afica Dock and Wharf RB forward Delivery Collectively The "Series 2023 Bonds" (NR/BBB-) | Puerto Rico Industrial Tourist, Educational Medical and Environmental Control Facilities Financing Authority Afica Dock and Wharf RB forward Delivery Collectively The "Series 2023 Bonds" (NR/BBB-) | Puerto Rico Industrial Tourist, Educational Medical and Environmental Control Facilities Financing Authority Afica Dock and Wharf RB forward Delivery Collectively The "Series 2023 Bonds" (NR/BBB-) | Puerto Rico Industrial Tourist, Educational Medical and Environmental Control Facilities Financing Authority Afica Dock and Wharf RB forward Delivery Collectively The "Series 2023 Bonds" (NR/BBB-) | Puerto Rico Industrial Tourist, Educational Medical and Environmental Control Facilities Financing Authority Afica Dock and Wharf RB forward Delivery Collectively The "Series 2023 Bonds" (NR/BBB-) |
| 2750000 | 6.500 |  | 01/01/2041 | 3179370 |
| 820000 | 6.500 |  | 01/01/2042 | 944387 |
| 2300000 | 6.750 |  | 01/01/2046 | 2671764 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) |
| 11000 | 0.000 | <sup>(e)</sup> | 07/01/2029 | 9308 |
| 4301000 | 0.000 | <sup>(e)</sup> | 07/01/2031 | 3366529 |
| 5295000 | 0.000 | <sup>(e)</sup> | 07/01/2033 | 3794568 |
| 378471000 | 0.000 | <sup>(e)</sup> | 07/01/2046 | 123509961 |
| 206225000 | 0.000 | <sup>(e)</sup> | 07/01/2051 | 49806472 |
| 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) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) |
| 108671000 | 4.329 |  | 07/01/2040 | 105887469 |
| 562000 | 4.536 |  | 07/01/2053 | 526285 |
| 15175000 | 4.784 |  | 07/01/2058 | 14444471 |
| 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) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) |
| 3939000 | 4.500 |  | 07/01/2034 | 3913629 |
| 60611000 | 4.750 |  | 07/01/2053 | 58274373 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **159** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) – (continued) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) – (continued) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) – (continued) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) – (continued) |
| 195082000 | 5.000% | 07/01/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192108248 |
|  |  |  | 1109285618 |
| Rhode Island - 0.5% | Rhode Island - 0.5% | Rhode Island - 0.5% | Rhode Island - 0.5% |
| Rhode Island Health and Educational Building Corporation Hospital Financing RB Lifespan Obligated Group Issue Series 2024 (NR/BBB+) | Rhode Island Health and Educational Building Corporation Hospital Financing RB Lifespan Obligated Group Issue Series 2024 (NR/BBB+) | Rhode Island Health and Educational Building Corporation Hospital Financing RB Lifespan Obligated Group Issue Series 2024 (NR/BBB+) | Rhode Island Health and Educational Building Corporation Hospital Financing RB Lifespan Obligated Group Issue Series 2024 (NR/BBB+) |
| 21500000 | 5.250 | 05/15/2054 | 22106588 |
| Rhode Island Health and Educational Building Corporation Public Schools Financing RB for Town of Cumberland Issue Series 2023 A (NR/AA+) | Rhode Island Health and Educational Building Corporation Public Schools Financing RB for Town of Cumberland Issue Series 2023 A (NR/AA+) | Rhode Island Health and Educational Building Corporation Public Schools Financing RB for Town of Cumberland Issue Series 2023 A (NR/AA+) | Rhode Island Health and Educational Building Corporation Public Schools Financing RB for Town of Cumberland Issue Series 2023 A (NR/AA+) |
| 10000000 | 4.125 | 05/15/2053 | 9259513 |
| Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 82-A (Non-AMT) (GNMA COLL) (Aa1/AA+) | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 82-A (Non-AMT) (GNMA COLL) (Aa1/AA+) | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 82-A (Non-AMT) (GNMA COLL) (Aa1/AA+) | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 82-A (Non-AMT) (GNMA COLL) (Aa1/AA+) |
| 7290000 | 4.600 | 10/01/2049 | 7154096 |
| Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (NR/CCC-) | Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (NR/CCC-) | Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (NR/CCC-) | Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (NR/CCC-) |
| 124220000 | 0.000 <sup>(e)</sup> | 06/01/2052 | 19774967 |
| Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds Series 2015B (NR/NR) | Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds Series 2015B (NR/NR) | Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds Series 2015B (NR/NR) | Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds Series 2015B (NR/NR) |
| 2750000 | 5.000 | 06/01/2050 | 2749806 |
|  |  |  | 61044970 |
| 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) |
| 2377000 | 6.875 | 11/01/2035 | 2378759 |
| South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR) | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR) | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR) | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR) |
| 900000 | 5.125 <sup>(d)</sup> | 06/15/2042 | 855668 |
| 6160000 | 5.250 <sup>(d)</sup> | 06/15/2052 | 5720512 |
| 5615000 | 5.250 <sup>(d)</sup> | 06/15/2057 | 5154951 |
| South Carolina Jobs-Economic Development Authority Educational Facilities RB Polaris Tech Charter School Project Series 2022A (Tax Exempt) (NR/NR) | South Carolina Jobs-Economic Development Authority Educational Facilities RB Polaris Tech Charter School Project Series 2022A (Tax Exempt) (NR/NR) | South Carolina Jobs-Economic Development Authority Educational Facilities RB Polaris Tech Charter School Project Series 2022A (Tax Exempt) (NR/NR) | South Carolina Jobs-Economic Development Authority Educational Facilities RB Polaris Tech Charter School Project Series 2022A (Tax Exempt) (NR/NR) |
| 1825000 | 4.625 <sup>(d)</sup> | 06/15/2032 | 1773920 |
| South Carolina Jobs-Economic Development Authority Health Care Facilities RB Novant Health Obligated Group Series 2024A (A1/A+) | South Carolina Jobs-Economic Development Authority Health Care Facilities RB Novant Health Obligated Group Series 2024A (A1/A+) | South Carolina Jobs-Economic Development Authority Health Care Facilities RB Novant Health Obligated Group Series 2024A (A1/A+) | South Carolina Jobs-Economic Development Authority Health Care Facilities RB Novant Health Obligated Group Series 2024A (A1/A+) |
| 6925000 | 4.500 | 11/01/2054 | 6681035 |
| 4550000 | 5.500 | 11/01/2054 | 4853843 |
| South Carolina Jobs-Economic Development Authority Healthcare RB for Beaufort Memorial Hospital & South of Broad Healthcare Project Series 2024 (NR/BB) | South Carolina Jobs-Economic Development Authority Healthcare RB for Beaufort Memorial Hospital & South of Broad Healthcare Project Series 2024 (NR/BB) | South Carolina Jobs-Economic Development Authority Healthcare RB for Beaufort Memorial Hospital & South of Broad Healthcare Project Series 2024 (NR/BB) | South Carolina Jobs-Economic Development Authority Healthcare RB for Beaufort Memorial Hospital & South of Broad Healthcare Project Series 2024 (NR/BB) |
| 2525000 | 5.750 | 11/15/2054 | 2628428 |
| 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) |
| 2150000 | 5.000 | 11/15/2047 | 2161367 |
| South Carolina Public Service Authority Revenue Obligations 2015 Tax Exempt Series E (NR/A-) | South Carolina Public Service Authority Revenue Obligations 2015 Tax Exempt Series E (NR/A-) | South Carolina Public Service Authority Revenue Obligations 2015 Tax Exempt Series E (NR/A-) | South Carolina Public Service Authority Revenue Obligations 2015 Tax Exempt Series E (NR/A-) |
| 5000000 | 5.250 | 12/01/2055 | 5022234 |
| South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (AGM) (A1/AA) | South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (AGM) (A1/AA) | South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (AGM) (A1/AA) | South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (AGM) (A1/AA) |
| 9000000 | 5.000 | 12/01/2052 | 9206663 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) |
| 2000000 | 3.000% | 04/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472229 |
| State of South Carolina Public Service Authority Revenue Refunding Obligations Series 2022 A (BAM-TCRS) (A3/AA) | State of South Carolina Public Service Authority Revenue Refunding Obligations Series 2022 A (BAM-TCRS) (A3/AA) | State of South Carolina Public Service Authority Revenue Refunding Obligations Series 2022 A (BAM-TCRS) (A3/AA) | State of South Carolina Public Service Authority Revenue Refunding Obligations Series 2022 A (BAM-TCRS) (A3/AA) |
| 5000000 | 4.000 | 12/01/2052 | 4482348 |
|  |  |  | 52391957 |
| 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 | 813363 |
| 1450000 | 4.000 | 08/01/2061 | 1096819 |
|  |  |  | 1910182 |
| Tennessee - 0.3% | Tennessee - 0.3% | Tennessee - 0.3% | Tennessee - 0.3% |
| City of Chattanooga Health, Educational & Housing Board RB for Commonspirit Health Series 2019A-2 (A3/A-) | City of Chattanooga Health, Educational & Housing Board RB for Commonspirit Health Series 2019A-2 (A3/A-) | City of Chattanooga Health, Educational & Housing Board RB for Commonspirit Health Series 2019A-2 (A3/A-) | City of Chattanooga Health, Educational & Housing Board RB for Commonspirit Health Series 2019A-2 (A3/A-) |
| 4750000 | 5.000 | 08/01/2049 | 4771155 |
| 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 | 1151568 |
| Health, Educational and Housing Facility Board of The County of Knox Student Housing RB Series 2024A-1 (Tax-Exempt) (BAM) (NR/AA) | Health, Educational and Housing Facility Board of The County of Knox Student Housing RB Series 2024A-1 (Tax-Exempt) (BAM) (NR/AA) | Health, Educational and Housing Facility Board of The County of Knox Student Housing RB Series 2024A-1 (Tax-Exempt) (BAM) (NR/AA) | Health, Educational and Housing Facility Board of The County of Knox Student Housing RB Series 2024A-1 (Tax-Exempt) (BAM) (NR/AA) |
| 2000000 | 5.500 | 07/01/2059 | 2100528 |
| 4000000 | 5.000 | 07/01/2064 | 4017109 |
| Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment RB Series 2021A (NR/NR) | Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment RB Series 2021A (NR/NR) | Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment RB Series 2021A (NR/NR) | Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment RB Series 2021A (NR/NR) |
| 1150000 | 4.000 <sup>(d)</sup> | 06/01/2051 | 969568 |
| Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment Revenue Capital Appreciation Bonds Series 2021B (NR/NR) | Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment Revenue Capital Appreciation Bonds Series 2021B (NR/NR) | Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment Revenue Capital Appreciation Bonds Series 2021B (NR/NR) | Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment Revenue Capital Appreciation Bonds Series 2021B (NR/NR) |
| 2825000 | 0.000 <sup>(d)(e)</sup> | 06/01/2043 | 1132991 |
| 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 | 90260 |
| 4100000 | 5.625 | 01/01/2046 | 2725681 |
| 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) |
| 335000 | 5.000 | 10/01/2029 | 342572 |
| 410000 | 5.000 | 10/01/2039 | 413781 |
| 500000 | 5.000 | 10/01/2048 | 488319 |
| Metropolitan Nashville Airport Authority Airport Subordinate RB Series 2022B (AMT) (A2/NR) | Metropolitan Nashville Airport Authority Airport Subordinate RB Series 2022B (AMT) (A2/NR) | Metropolitan Nashville Airport Authority Airport Subordinate RB Series 2022B (AMT) (A2/NR) | Metropolitan Nashville Airport Authority Airport Subordinate RB Series 2022B (AMT) (A2/NR) |
| 6950000 | 5.000 | 07/01/2054 | 6963573 |
| Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR) | Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR) | Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR) | Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR) |
| 850000 | 5.125 <sup>(d)</sup> | 06/01/2036 | 858031 |
| The Health, Educational and Housing Facility Board of The County of Shelby Tennessee Student Housing RB Madrone Memphis Student Housing I LLC - University of Memphis Project Series 2024A-1 (NR/BB+) | The Health, Educational and Housing Facility Board of The County of Shelby Tennessee Student Housing RB Madrone Memphis Student Housing I LLC - University of Memphis Project Series 2024A-1 (NR/BB+) | The Health, Educational and Housing Facility Board of The County of Shelby Tennessee Student Housing RB Madrone Memphis Student Housing I LLC - University of Memphis Project Series 2024A-1 (NR/BB+) | The Health, Educational and Housing Facility Board of The County of Shelby Tennessee Student Housing RB Madrone Memphis Student Housing I LLC - University of Memphis Project Series 2024A-1 (NR/BB+) |
| 900000 | 5.000 <sup>(d)</sup> | 06/01/2044 | 892382 |
| 2025000 | 5.250 <sup>(d)</sup> | 06/01/2056 | 2018335 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 160 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| The Industrial Development Board of The City of Kingsport Tennessee Exempt Facility Bonds for Domtar Project Series 2024 (B1/B+) (PUTABLE) | The Industrial Development Board of The City of Kingsport Tennessee Exempt Facility Bonds for Domtar Project Series 2024 (B1/B+) (PUTABLE) | The Industrial Development Board of The City of Kingsport Tennessee Exempt Facility Bonds for Domtar Project Series 2024 (B1/B+) (PUTABLE) | The Industrial Development Board of The City of Kingsport Tennessee Exempt Facility Bonds for Domtar Project Series 2024 (B1/B+) (PUTABLE) |
| 3875000 | 5.250 %<sup>(a)(b)(d)</sup> | 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3899131 |
|  |  |  | 32834984 |
| Texas - 8.7% | Texas - 8.7% | Texas - 8.7% | Texas - 8.7% |
| Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR) | Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR) | Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR) | Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR) |
| 400000 | 4.625 <sup>(d)</sup> | 09/01/2028 | 402412 |
| 2340000 | 5.125 <sup>(d)</sup> | 09/01/2038 | 2336940 |
| 2580000 | 5.250 <sup>(d)</sup> | 09/01/2047 | 2548249 |
| Arlington Higher Education Finance Corp. Education RB for Basis Texas Charter Schools Inc. Series 2024 (Ba2/NR) | Arlington Higher Education Finance Corp. Education RB for Basis Texas Charter Schools Inc. Series 2024 (Ba2/NR) | Arlington Higher Education Finance Corp. Education RB for Basis Texas Charter Schools Inc. Series 2024 (Ba2/NR) | Arlington Higher Education Finance Corp. Education RB for Basis Texas Charter Schools Inc. Series 2024 (Ba2/NR) |
| 970000 | 4.875 <sup>(d)</sup> | 06/15/2054 | 905260 |
| 900000 | 4.875 <sup>(d)</sup> | 06/15/2059 | 825900 |
| 1100000 | 5.000 <sup>(d)</sup> | 06/15/2064 | 1017598 |
| Arlington Higher Education Finance Corp. Education RB for Great Hearts America - Texas Series 2024A (Baa3/NR) | Arlington Higher Education Finance Corp. Education RB for Great Hearts America - Texas Series 2024A (Baa3/NR) | Arlington Higher Education Finance Corp. Education RB for Great Hearts America - Texas Series 2024A (Baa3/NR) | Arlington Higher Education Finance Corp. Education RB for Great Hearts America - Texas Series 2024A (Baa3/NR) |
| 1100000 | 5.000 | 08/15/2054 | 1030874 |
| Arlington Higher Education Finance Corp. Education RB for Harmony Public Schools Series 2024 (PSF-GTD) (NR/AAA) | Arlington Higher Education Finance Corp. Education RB for Harmony Public Schools Series 2024 (PSF-GTD) (NR/AAA) | Arlington Higher Education Finance Corp. Education RB for Harmony Public Schools Series 2024 (PSF-GTD) (NR/AAA) | Arlington Higher Education Finance Corp. Education RB for Harmony Public Schools Series 2024 (PSF-GTD) (NR/AAA) |
| 10500000 | 4.000 | 02/15/2054 | 9458416 |
| Arlington Higher Education Finance Corp. Education RB for Legacy Traditional Schools Project Series 2022A (NR/NR) | Arlington Higher Education Finance Corp. Education RB for Legacy Traditional Schools Project Series 2022A (NR/NR) | Arlington Higher Education Finance Corp. Education RB for Legacy Traditional Schools Project Series 2022A (NR/NR) | Arlington Higher Education Finance Corp. Education RB for Legacy Traditional Schools Project Series 2022A (NR/NR) |
| 5500000 | 6.750 <sup>(d)</sup> | 02/15/2062 | 5605347 |
| 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 | 1143675 |
| 1780000 | 5.750 | 08/15/2057 | 1361700 |
| 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 | 278047 |
| 560000 | 4.000 | 08/15/2041 | 480287 |
| 810000 | 4.000 | 08/15/2046 | 671861 |
| Arlington Higher Education Finance Corporation Education RB for Basis Texas Charter Schools Series 2023 (Ba2/NR) | Arlington Higher Education Finance Corporation Education RB for Basis Texas Charter Schools Series 2023 (Ba2/NR) | Arlington Higher Education Finance Corporation Education RB for Basis Texas Charter Schools Series 2023 (Ba2/NR) | Arlington Higher Education Finance Corporation Education RB for Basis Texas Charter Schools Series 2023 (Ba2/NR) |
| 2285000 | 4.875 <sup>(a)(b)(d)</sup> | 06/15/2056 | 2288545 |
| Aubrey Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (Aaa/AAA) | Aubrey Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (Aaa/AAA) | Aubrey Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (Aaa/AAA) | Aubrey Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (Aaa/AAA) |
| 5000000 | 4.000 | 02/15/2052 | 4530809 |
| 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 | 1483323 |
| Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RR Bonds, Series 2017A (NR/BB+) | Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RR Bonds, Series 2017A (NR/BB+) | Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RR Bonds, Series 2017A (NR/BB+) | Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RR Bonds, Series 2017A (NR/BB+) |
| 450000 | 5.000 | 01/01/2032 | 449007 |
| 450000 | 5.000 | 01/01/2033 | 446839 |
| Bastrop County Special Assessment for Double Eagle Ranch Public Improvement District Area One Project RB Series 2023 (NR/NR) | Bastrop County Special Assessment for Double Eagle Ranch Public Improvement District Area One Project RB Series 2023 (NR/NR) | Bastrop County Special Assessment for Double Eagle Ranch Public Improvement District Area One Project RB Series 2023 (NR/NR) | Bastrop County Special Assessment for Double Eagle Ranch Public Improvement District Area One Project RB Series 2023 (NR/NR) |
| 900000 | 5.375 <sup>(d)</sup> | 09/01/2053 | 881964 |
| Bastrop County, Special Assessment RB, Series 2024 Double Eagle Ranch Public Improvement District Improvement Area #2 Project (NR/NR) | Bastrop County, Special Assessment RB, Series 2024 Double Eagle Ranch Public Improvement District Improvement Area #2 Project (NR/NR) | Bastrop County, Special Assessment RB, Series 2024 Double Eagle Ranch Public Improvement District Improvement Area #2 Project (NR/NR) | Bastrop County, Special Assessment RB, Series 2024 Double Eagle Ranch Public Improvement District Improvement Area #2 Project (NR/NR) |
| 505000 | 5.250 | 09/01/2044 | 489794 |
| 675000 | 5.500 | 09/01/2054 | 648695 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| $3575000 | 5.250% | 12/01/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3578823 |
| 2435000 | 5.000 | 12/01/2040 | 2341565 |
| Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities RB for Aleon Renewable Metals Project (NR/NR) | Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities RB for Aleon Renewable Metals Project (NR/NR) | Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities RB for Aleon Renewable Metals Project (NR/NR) | Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities RB for Aleon Renewable Metals Project (NR/NR) |
| 6600000 | 10.000 <sup>(a)(b)(d)</sup> | 06/01/2042 | 5610000 |
| Caddo Mills Independent School District Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (Aaa/NR) | Caddo Mills Independent School District Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (Aaa/NR) | Caddo Mills Independent School District Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (Aaa/NR) | Caddo Mills Independent School District Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (Aaa/NR) |
| 5035000 | 4.250 | 02/15/2053 | 4771636 |
| 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 | 7832661 |
| Celina Independent School District Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (Aaa/NR) | Celina Independent School District Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (Aaa/NR) | Celina Independent School District Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (Aaa/NR) | Celina Independent School District Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (Aaa/NR) |
| 10000000 | 4.000 | 02/15/2053 | 9159376 |
| Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2021D (A3/A+) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2021D (A3/A+) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2021D (A3/A+) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2021D (A3/A+) |
| 3670000 | 3.000 | 01/01/2046 | 2842353 |
| City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR) | City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR) | City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR) | City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR) |
| 2190000 | 6.500 <sup>(d)</sup> | 09/01/2048 | 2244256 |
| City of Anna Special Assessment RB for Anacapri Public Improvement District Improvement Area 1 Project, Series 2023 (NR/NR) | City of Anna Special Assessment RB for Anacapri Public Improvement District Improvement Area 1 Project, Series 2023 (NR/NR) | City of Anna Special Assessment RB for Anacapri Public Improvement District Improvement Area 1 Project, Series 2023 (NR/NR) | City of Anna Special Assessment RB for Anacapri Public Improvement District Improvement Area 1 Project, Series 2023 (NR/NR) |
| 2300000 | 7.375 <sup>(d)</sup> | 09/15/2052 | 2503649 |
| City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR) | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR) | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR) | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR) |
| 1931000 | 6.000 <sup>(d)</sup> | 09/01/2052 | 1940956 |
| City of Anna Special Assessment RB for Meadow Vista Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Anna Special Assessment RB for Meadow Vista Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Anna Special Assessment RB for Meadow Vista Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Anna Special Assessment RB for Meadow Vista Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) |
| 450000 | 5.500 <sup>(d)</sup> | 09/15/2044 | 447527 |
| City of Anna Special Assessment RB for The Woods at Lindsey Place Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Anna Special Assessment RB for The Woods at Lindsey Place Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Anna Special Assessment RB for The Woods at Lindsey Place Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Anna Special Assessment RB for The Woods at Lindsey Place Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) |
| 1375000 | 5.875 <sup>(d)</sup> | 09/15/2053 | 1405980 |
| City of Anna Texas A Municipal Corporation of The State of Texas Located in Collin County Special Assessment RB Series 2024 (NR/NR) | City of Anna Texas A Municipal Corporation of The State of Texas Located in Collin County Special Assessment RB Series 2024 (NR/NR) | City of Anna Texas A Municipal Corporation of The State of Texas Located in Collin County Special Assessment RB Series 2024 (NR/NR) | City of Anna Texas A Municipal Corporation of The State of Texas Located in Collin County Special Assessment RB Series 2024 (NR/NR) |
| 1100000 | 5.750 <sup>(d)</sup> | 09/15/2054 | 1067037 |
| City of Aubrey Special Assessment for Aubrey Public Improvement District No. 1 RB Series 2023 (NR/NR) | City of Aubrey Special Assessment for Aubrey Public Improvement District No. 1 RB Series 2023 (NR/NR) | City of Aubrey Special Assessment for Aubrey Public Improvement District No. 1 RB Series 2023 (NR/NR) | City of Aubrey Special Assessment for Aubrey Public Improvement District No. 1 RB Series 2023 (NR/NR) |
| 1425000 | 5.875 <sup>(d)</sup> | 09/01/2043 | 1433969 |
| 1475000 | 6.000 <sup>(d)</sup> | 09/01/2053 | 1483079 |
| City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR) | City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR) | City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR) | City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR) |
| 1620000 | 6.000 <sup>(d)</sup> | 09/01/2045 | 1690162 |
| City of Aubrey Texas A Municipal Corp. of The State of Texas Located In Denton County Special Assessment RB Series 2025 (NR/NR) | City of Aubrey Texas A Municipal Corp. of The State of Texas Located In Denton County Special Assessment RB Series 2025 (NR/NR) | City of Aubrey Texas A Municipal Corp. of The State of Texas Located In Denton County Special Assessment RB Series 2025 (NR/NR) | City of Aubrey Texas A Municipal Corp. of The State of Texas Located In Denton County Special Assessment RB Series 2025 (NR/NR) |
| 2000000 | 5.625 <sup>(d)</sup> | 12/31/2055 | 1924329 |
| City of Aubrey Texas A Municipal Corp. of The State of Texas Located in Denton County Special Assessment RB Series 2025 (Duck Point Public Improvement District) (NR/NR) | City of Aubrey Texas A Municipal Corp. of The State of Texas Located in Denton County Special Assessment RB Series 2025 (Duck Point Public Improvement District) (NR/NR) | City of Aubrey Texas A Municipal Corp. of The State of Texas Located in Denton County Special Assessment RB Series 2025 (Duck Point Public Improvement District) (NR/NR) | City of Aubrey Texas A Municipal Corp. of The State of Texas Located in Denton County Special Assessment RB Series 2025 (Duck Point Public Improvement District) (NR/NR) |
| 1000000 | 5.375 <sup>(d)</sup> | 12/31/2045 | 964070 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **161** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR) | City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR) | City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR) | City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR) |
| $4150000 | 5.125 %<sup>(d)</sup> | 11/01/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4072757 |
| City of Austin Special Assessment RB for Whisper Valley Public Improvement District Improvement Area #3 Series 2024 (NR/NR) | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Improvement Area #3 Series 2024 (NR/NR) | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Improvement Area #3 Series 2024 (NR/NR) | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Improvement Area #3 Series 2024 (NR/NR) |
| 650000 | 5.250 <sup>(d)</sup> | 11/01/2053 | 625127 |
| City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR) | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR) | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR) | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR) |
| 1170000 | 5.500 <sup>(d)</sup> | 11/01/2051 | 1178659 |
| City of Bastrop Texas A Municipal Corp. of The State of Texas Located In Bastrop County Special Assessment RB Series 2025 (NR/NR) | City of Bastrop Texas A Municipal Corp. of The State of Texas Located In Bastrop County Special Assessment RB Series 2025 (NR/NR) | City of Bastrop Texas A Municipal Corp. of The State of Texas Located In Bastrop County Special Assessment RB Series 2025 (NR/NR) | City of Bastrop Texas A Municipal Corp. of The State of Texas Located In Bastrop County Special Assessment RB Series 2025 (NR/NR) |
| 1003000 | 5.625 <sup>(d)(g)</sup> | 09/01/2055 | 1003779 |
| City of Bee Cave Special Assessment RB Series 2021 (NR/NR) | City of Bee Cave Special Assessment RB Series 2021 (NR/NR) | City of Bee Cave Special Assessment RB Series 2021 (NR/NR) | City of Bee Cave Special Assessment RB Series 2021 (NR/NR) |
| 563000 | 4.750 <sup>(d)</sup> | 09/01/2031 | 542140 |
| 1540000 | 5.000 <sup>(d)</sup> | 09/01/2041 | 1433278 |
| 1907000 | 5.250 <sup>(d)</sup> | 09/01/2051 | 1793932 |
| City of Buda Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2025 (NR/NR) | City of Buda Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2025 (NR/NR) | City of Buda Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2025 (NR/NR) | City of Buda Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2025 (NR/NR) |
| 5000000 | 6.625 <sup>(d)</sup> | 09/01/2045 | 4922397 |
| 2750000 | 6.000 <sup>(d)</sup> | 09/01/2055 | 2670529 |
| 5000000 | 6.750 <sup>(d)</sup> | 09/01/2055 | 4866262 |
| City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR) | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR) | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR) | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR) |
| 430000 | 3.750 <sup>(d)</sup> | 09/01/2040 | 361306 |
| 1451000 | 4.000 <sup>(d)</sup> | 09/01/2050 | 1139780 |
| City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) | City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) | City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) | City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) |
| 450000 | 4.250 <sup>(d)</sup> | 09/01/2041 | 394423 |
| City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR) | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR) | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR) | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR) |
| 1021000 | 5.000 <sup>(d)</sup> | 09/01/2051 | 921919 |
| City of Celina Special Assessment RB for Chalk Hill Public Improvement District No. 2 Phases #2-3 Direct Improvement Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Chalk Hill Public Improvement District No. 2 Phases #2-3 Direct Improvement Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Chalk Hill Public Improvement District No. 2 Phases #2-3 Direct Improvement Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Chalk Hill Public Improvement District No. 2 Phases #2-3 Direct Improvement Project Series 2023 (NR/NR) |
| 1624000 | 6.000 <sup>(d)</sup> | 09/01/2053 | 1622753 |
| City of Celina Special Assessment RB for Cross Creek Meadows Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Cross Creek Meadows Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Cross Creek Meadows Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Cross Creek Meadows Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) |
| 2105000 | 5.500 <sup>(d)</sup> | 09/01/2053 | 2033042 |
| 1424000 | 6.125 <sup>(d)</sup> | 09/01/2053 | 1428539 |
| City of Celina Special Assessment RB for Harper Estates Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Harper Estates Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Harper Estates Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Harper Estates Public Improvement District Project Series 2023 (NR/NR) |
| 6576000 | 6.750 <sup>(d)</sup> | 09/01/2052 | 6557483 |
| City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR) | City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR) | City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR) | City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR) |
| 812000 | 3.375 <sup>(d)</sup> | 09/01/2042 | 611656 |
| 3549000 | 4.000 <sup>(d)</sup> | 09/01/2052 | 2740628 |
| City of Celina Special Assessment RB for Mosaic Public Improvement District Phase #1 Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Mosaic Public Improvement District Phase #1 Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Mosaic Public Improvement District Phase #1 Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Mosaic Public Improvement District Phase #1 Project Series 2023 (NR/NR) |
| 1225000 | 5.125 <sup>(d)</sup> | 09/01/2043 | 1185217 |
| 1676000 | 5.500 <sup>(d)</sup> | 09/01/2053 | 1618707 |
| City of Celina Special Assessment RB for Parks at Wilson Creek Series 2021 (NR/NR) | City of Celina Special Assessment RB for Parks at Wilson Creek Series 2021 (NR/NR) | City of Celina Special Assessment RB for Parks at Wilson Creek Series 2021 (NR/NR) | City of Celina Special Assessment RB for Parks at Wilson Creek Series 2021 (NR/NR) |
| 67000 | 2.750 <sup>(d)</sup> | 09/01/2026 | 65411 |
| 152000 | 3.500 <sup>(d)</sup> | 09/01/2026 | 150107 |
| 240000 | 3.250 <sup>(d)</sup> | 09/01/2031 | 220019 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Parks at Wilson Creek Series 2021 (NR/NR) – (continued) | City of Celina Special Assessment RB for Parks at Wilson Creek Series 2021 (NR/NR) – (continued) | City of Celina Special Assessment RB for Parks at Wilson Creek Series 2021 (NR/NR) – (continued) | City of Celina Special Assessment RB for Parks at Wilson Creek Series 2021 (NR/NR) – (continued) |
| $446000 | 4.000 %<sup>(d)</sup> | 09/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425981 |
| 1134000 | 3.500 <sup>(d)</sup> | 09/01/2041 | 909544 |
| 959000 | 4.250 <sup>(d)</sup> | 09/01/2041 | 840559 |
| 1916000 | 4.000 <sup>(d)</sup> | 09/01/2051 | 1490052 |
| 1410000 | 4.500 <sup>(d)</sup> | 09/01/2051 | 1199774 |
| City of Celina Special Assessment RB for Parvin Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Parvin Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Parvin Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Parvin Public Improvement District Project Series 2023 (NR/NR) |
| 1604000 | 6.500 <sup>(d)</sup> | 09/01/2043 | 1601288 |
| 2100000 | 6.750 <sup>(d)</sup> | 09/01/2053 | 2101824 |
| City of Celina Special Assessment RB for Ten Mile Creek Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Ten Mile Creek Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Ten Mile Creek Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for Ten Mile Creek Public Improvement District Project Series 2023 (NR/NR) |
| 701000 | 6.250 <sup>(d)</sup> | 09/01/2042 | 702171 |
| 1365000 | 5.750 <sup>(d)</sup> | 09/01/2052 | 1366536 |
| 1175000 | 6.500 <sup>(d)</sup> | 09/01/2052 | 1180040 |
| City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) | City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) | City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) | City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) |
| 1215000 | 5.625 <sup>(d)</sup> | 09/01/2052 | 1197052 |
| City of Celina Special Assessment RB Series 2022 (NR/NR) | City of Celina Special Assessment RB Series 2022 (NR/NR) | City of Celina Special Assessment RB Series 2022 (NR/NR) | City of Celina Special Assessment RB Series 2022 (NR/NR) |
| 910000 | 4.000 <sup>(d)</sup> | 09/01/2043 | 750829 |
| 933000 | 4.125 <sup>(d)</sup> | 09/01/2051 | 741525 |
| City of Celina Texas a Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (NR/NR) | City of Celina Texas a Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (NR/NR) | City of Celina Texas a Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (NR/NR) | City of Celina Texas a Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (NR/NR) |
| 1200000 | 5.750 <sup>(d)</sup> | 09/01/2054 | 1198814 |
| City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR) |
| 400000 | 5.500 <sup>(d)</sup> | 09/01/2046 | 401996 |
| 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 | 1142613 |
| 1686000 | 5.750 | 09/01/2047 | 1691884 |
| City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) |
| 1600000 | 5.125 <sup>(d)</sup> | 09/01/2044 | 1533673 |
| 2300000 | 5.500 <sup>(d)</sup> | 09/01/2054 | 2216660 |
| City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Phase #1B Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Phase #1B Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Phase #1B Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Phase #1B Project Series 2024 (NR/NR) |
| 400000 | 5.375 <sup>(d)</sup> | 09/01/2053 | 379364 |
| City of Celina Texas Municipal Corp. Special Assessment RB for North Sky Public Improvement District Improvement Area #1B Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for North Sky Public Improvement District Improvement Area #1B Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for North Sky Public Improvement District Improvement Area #1B Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for North Sky Public Improvement District Improvement Area #1B Project Series 2024 (NR/NR) |
| 609000 | 5.000 | 09/01/2044 | 574722 |
| 436000 | 5.250 | 09/01/2052 | 407095 |
| City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#2-3 Project Series 2019 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#2-3 Project Series 2019 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#2-3 Project Series 2019 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#2-3 Project Series 2019 (NR/NR) |
| 2330000 | 4.250 <sup>(d)</sup> | 09/01/2049 | 1987223 |
| City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#4 Project Series 2020 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#4 Project Series 2020 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#4 Project Series 2020 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#4 Project Series 2020 (NR/NR) |
| 1800000 | 4.125 <sup>(d)</sup> | 09/01/2050 | 1444259 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 162 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Special Assessment RB Series 2025 (NR/NR) | City of Celina Texas Special Assessment RB Series 2025 (NR/NR) | City of Celina Texas Special Assessment RB Series 2025 (NR/NR) | City of Celina Texas Special Assessment RB Series 2025 (NR/NR) |
| $509000 | 5.375 %<sup>(d)(g)</sup> | 09/01/2045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499658 |
| 400000 | 5.500 <sup>(d)</sup> | 09/01/2045 | 398733 |
| 1525000 | 5.625 <sup>(d)(g)</sup> | 09/01/2055 | 1492930 |
| City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) | City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) | City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) | City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) |
| 175000 | 4.750 <sup>(d)</sup> | 09/01/2031 | 170826 |
| 370000 | 5.250 <sup>(d)</sup> | 09/01/2041 | 370722 |
| 500000 | 5.500 <sup>(d)</sup> | 09/01/2050 | 487909 |
| City of Corpus Christi Special Assessment RB for Whitecap Public Improvement District No. 1 Improvement Area #1 Project Series 2024 (NR/NR) | City of Corpus Christi Special Assessment RB for Whitecap Public Improvement District No. 1 Improvement Area #1 Project Series 2024 (NR/NR) | City of Corpus Christi Special Assessment RB for Whitecap Public Improvement District No. 1 Improvement Area #1 Project Series 2024 (NR/NR) | City of Corpus Christi Special Assessment RB for Whitecap Public Improvement District No. 1 Improvement Area #1 Project Series 2024 (NR/NR) |
| 1050000 | 6.125 | 09/15/2044 | 1033415 |
| 1825000 | 6.500 | 09/15/2054 | 1802054 |
| City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR) |
| 137000 | 4.125 <sup>(d)</sup> | 09/15/2026 | 136381 |
| 261000 | 4.750 <sup>(d)</sup> | 09/15/2031 | 259503 |
| 900000 | 4.250 <sup>(d)</sup> | 09/15/2041 | 811116 |
| 500000 | 5.000 <sup>(d)</sup> | 09/15/2041 | 474868 |
| 1400000 | 4.500 <sup>(d)</sup> | 09/15/2051 | 1215341 |
| 650000 | 5.250 <sup>(d)</sup> | 09/15/2051 | 621650 |
| City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR) | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR) | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR) | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR) |
| 4500000 | 6.125 <sup>(d)</sup> | 09/15/2052 | 4633227 |
| City of Crandall Special Assessment RB for River Ridge Public Improvement District Single Family Residential Major Improvement Project Series 2022 (NR/NR) | City of Crandall Special Assessment RB for River Ridge Public Improvement District Single Family Residential Major Improvement Project Series 2022 (NR/NR) | City of Crandall Special Assessment RB for River Ridge Public Improvement District Single Family Residential Major Improvement Project Series 2022 (NR/NR) | City of Crandall Special Assessment RB for River Ridge Public Improvement District Single Family Residential Major Improvement Project Series 2022 (NR/NR) |
| 1580000 | 6.750 <sup>(d)</sup> | 09/15/2052 | 1648154 |
| City of Crandall Texas A Municipal Corp. of The State of Texas Located In Kaufman County Special Assessment RB Series 2025 (NR/NR) | City of Crandall Texas A Municipal Corp. of The State of Texas Located In Kaufman County Special Assessment RB Series 2025 (NR/NR) | City of Crandall Texas A Municipal Corp. of The State of Texas Located In Kaufman County Special Assessment RB Series 2025 (NR/NR) | City of Crandall Texas A Municipal Corp. of The State of Texas Located In Kaufman County Special Assessment RB Series 2025 (NR/NR) |
| 625000 | 5.250 <sup>(d)</sup> | 09/15/2045 | 609114 |
| 1275000 | 5.500 <sup>(d)</sup> | 09/15/2055 | 1248743 |
| City of Dayton Junior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022B (NR/NR) | City of Dayton Junior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022B (NR/NR) | City of Dayton Junior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022B (NR/NR) | City of Dayton Junior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022B (NR/NR) |
| 1325000 | 5.750 <sup>(d)</sup> | 09/01/2052 | 1241474 |
| City of Dayton Junior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #2 Project Series 2024B (NR/NR) | City of Dayton Junior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #2 Project Series 2024B (NR/NR) | City of Dayton Junior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #2 Project Series 2024B (NR/NR) | City of Dayton Junior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #2 Project Series 2024B (NR/NR) |
| 2250000 | 6.250 <sup>(d)</sup> | 09/01/2054 | 2186069 |
| City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR) | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR) | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR) | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR) |
| 1413000 | 5.250 <sup>(d)</sup> | 09/01/2052 | 1347445 |
| City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #2 Project Series 2024A (NR/NR) | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #2 Project Series 2024A (NR/NR) | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #2 Project Series 2024A (NR/NR) | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #2 Project Series 2024A (NR/NR) |
| 1595000 | 5.750 <sup>(d)</sup> | 09/01/2054 | 1542985 |
| City of Decatur, Texas, (A Municipal Corp. of The State of Texas Located in Wise County) Special Assessment RB Series 2025 (Paloma Trails Public Improvement District Improvement Area #1 Project) (NR/NR) | City of Decatur, Texas, (A Municipal Corp. of The State of Texas Located in Wise County) Special Assessment RB Series 2025 (Paloma Trails Public Improvement District Improvement Area #1 Project) (NR/NR) | City of Decatur, Texas, (A Municipal Corp. of The State of Texas Located in Wise County) Special Assessment RB Series 2025 (Paloma Trails Public Improvement District Improvement Area #1 Project) (NR/NR) | City of Decatur, Texas, (A Municipal Corp. of The State of Texas Located in Wise County) Special Assessment RB Series 2025 (Paloma Trails Public Improvement District Improvement Area #1 Project) (NR/NR) |
| 600000 | 5.500 <sup>(d)</sup> | 09/15/2045 | 586478 |
| 1300000 | 5.750 <sup>(d)</sup> | 09/15/2055 | 1272148 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Decatur, Texas, (A Municipal Corp. of The State of Texas Located in Wise County) Special Assessment RB Series 2025 (Paloma Trails Public Improvement District Major Improvement Area Project) (NR/NR) | City of Decatur, Texas, (A Municipal Corp. of The State of Texas Located in Wise County) Special Assessment RB Series 2025 (Paloma Trails Public Improvement District Major Improvement Area Project) (NR/NR) | City of Decatur, Texas, (A Municipal Corp. of The State of Texas Located in Wise County) Special Assessment RB Series 2025 (Paloma Trails Public Improvement District Major Improvement Area Project) (NR/NR) | City of Decatur, Texas, (A Municipal Corp. of The State of Texas Located in Wise County) Special Assessment RB Series 2025 (Paloma Trails Public Improvement District Major Improvement Area Project) (NR/NR) |
| $2000000 | 5.375 %<sup>(d)</sup> | 12/31/2045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956769 |
| 765000 | 6.375 <sup>(d)</sup> | 09/15/2055 | 747191 |
| City of Decatur, Texas, (A Municipal Corporation of The State of Texas Located In Wise County) Special Assessment RB, Series 2023 (Vista Park Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) | City of Decatur, Texas, (A Municipal Corporation of The State of Texas Located In Wise County) Special Assessment RB, Series 2023 (Vista Park Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) | City of Decatur, Texas, (A Municipal Corporation of The State of Texas Located In Wise County) Special Assessment RB, Series 2023 (Vista Park Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) | City of Decatur, Texas, (A Municipal Corporation of The State of Texas Located In Wise County) Special Assessment RB, Series 2023 (Vista Park Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) |
| 1963000 | 6.875 <sup>(d)</sup> | 09/15/2054 | 1987716 |
| City of Dorchester Texas Special Assessment RB Series 2024 (NR/NR) | City of Dorchester Texas Special Assessment RB Series 2024 (NR/NR) | City of Dorchester Texas Special Assessment RB Series 2024 (NR/NR) | City of Dorchester Texas Special Assessment RB Series 2024 (NR/NR) |
| 950000 | 6.000 <sup>(d)</sup> | 09/15/2044 | 909416 |
| 1200000 | 7.000 <sup>(d)</sup> | 09/15/2044 | 1153682 |
| 1350000 | 6.250 <sup>(d)</sup> | 09/15/2054 | 1276083 |
| 1313000 | 7.250 <sup>(d)</sup> | 09/15/2054 | 1249301 |
| City of Dripping Springs Special Assessment RB for Heritage Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Dripping Springs Special Assessment RB for Heritage Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Dripping Springs Special Assessment RB for Heritage Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Dripping Springs Special Assessment RB for Heritage Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) |
| 1219000 | 5.500 <sup>(d)</sup> | 09/01/2053 | 1216311 |
| City of Dripping Springs Texas Special Assessment RB Series 2024 (NR/NR) | City of Dripping Springs Texas Special Assessment RB Series 2024 (NR/NR) | City of Dripping Springs Texas Special Assessment RB Series 2024 (NR/NR) | City of Dripping Springs Texas Special Assessment RB Series 2024 (NR/NR) |
| 770000 | 5.250 <sup>(d)</sup> | 09/01/2054 | 729555 |
| City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR) | City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR) | City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR) | City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR) |
| 3571000 | 4.000 <sup>(d)</sup> | 09/01/2051 | 2773047 |
| City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR) | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR) | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR) | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR) |
| 692000 | 3.875 <sup>(d)</sup> | 08/15/2040 | 581881 |
| 994000 | 4.125 <sup>(d)</sup> | 08/15/2050 | 814138 |
| City of Fate Special Assessment RB for Monterra Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Fate Special Assessment RB for Monterra Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Fate Special Assessment RB for Monterra Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Fate Special Assessment RB for Monterra Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) |
| 900000 | 5.375 <sup>(d)</sup> | 08/15/2044 | 881225 |
| 1350000 | 5.750 <sup>(d)</sup> | 08/15/2054 | 1318810 |
| City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR) | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR) | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR) | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR) |
| 925000 | 3.750 <sup>(d)</sup> | 08/15/2041 | 767628 |
| 1656000 | 4.000 <sup>(d)</sup> | 08/15/2051 | 1321014 |
| City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR) | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR) | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR) | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR) |
| 2275000 | 6.000 <sup>(d)</sup> | 08/15/2052 | 2300228 |
| City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR) | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR) | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR) | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR) |
| 1360000 | 4.250 <sup>(d)</sup> | 08/15/2049 | 1165213 |
| City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Series 2018 (NR/NR) | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Series 2018 (NR/NR) | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Series 2018 (NR/NR) | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Series 2018 (NR/NR) |
| 910000 | 4.350 <sup>(d)</sup> | 08/15/2039 | 838525 |
| 1920000 | 4.500 <sup>(d)</sup> | 08/15/2048 | 1707689 |
| City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR) | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR) | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR) | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR) |
| 1000000 | 4.375 <sup>(d)</sup> | 08/15/2052 | 841530 |
| City of Fate, Texas Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase 3B Series 2023 (NR/NR) | City of Fate, Texas Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase 3B Series 2023 (NR/NR) | City of Fate, Texas Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase 3B Series 2023 (NR/NR) | City of Fate, Texas Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase 3B Series 2023 (NR/NR) |
| 1286000 | 5.375 <sup>(d)</sup> | 08/15/2053 | 1253126 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **163** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Forney Special Assessment RB for Bellagio Public Improvement District No. 1 RB Series 2023 (NR/NR) | City of Forney Special Assessment RB for Bellagio Public Improvement District No. 1 RB Series 2023 (NR/NR) | City of Forney Special Assessment RB for Bellagio Public Improvement District No. 1 RB Series 2023 (NR/NR) | City of Forney Special Assessment RB for Bellagio Public Improvement District No. 1 RB Series 2023 (NR/NR) |
| $7112000 | 6.500 %<sup>(d)</sup> | 09/15/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6857144 |
| City of Friendswood Special Assessment RB for Friendswood City Center Public Improvement District Initial Major Improvements Project Series 2024 (NR/NR) | City of Friendswood Special Assessment RB for Friendswood City Center Public Improvement District Initial Major Improvements Project Series 2024 (NR/NR) | City of Friendswood Special Assessment RB for Friendswood City Center Public Improvement District Initial Major Improvements Project Series 2024 (NR/NR) | City of Friendswood Special Assessment RB for Friendswood City Center Public Improvement District Initial Major Improvements Project Series 2024 (NR/NR) |
| 6650000 | 7.000 | 09/15/2054 | 6482394 |
| City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR) | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR) | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR) | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR) |
| 961000 | 4.125 <sup>(d)</sup> | 09/15/2042 | 840811 |
| 617000 | 4.250 <sup>(d)</sup> | 09/15/2047 | 523501 |
| City of Gunter Texas A Municipal Corp. of The State of Texas Located in Grayson County Special Assessment RB Series 2025 (Bridges Phase 2A Public Improvement District Project) (NR/NR) | City of Gunter Texas A Municipal Corp. of The State of Texas Located in Grayson County Special Assessment RB Series 2025 (Bridges Phase 2A Public Improvement District Project) (NR/NR) | City of Gunter Texas A Municipal Corp. of The State of Texas Located in Grayson County Special Assessment RB Series 2025 (Bridges Phase 2A Public Improvement District Project) (NR/NR) | City of Gunter Texas A Municipal Corp. of The State of Texas Located in Grayson County Special Assessment RB Series 2025 (Bridges Phase 2A Public Improvement District Project) (NR/NR) |
| 1677000 | 5.750 <sup>(d)(g)</sup> | 09/15/2055 | 1636428 |
| 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 | 4178035 |
| 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 | 1323280 |
| 2435000 | 5.000 | 09/01/2044 | 2365966 |
| 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 | 2192984 |
| 4715000 | 4.500 | 09/01/2038 | 4363328 |
| City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR) | City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR) | City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR) | City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR) |
| 1852000 | 4.000 <sup>(d)</sup> | 09/01/2051 | 1450924 |
| City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR) | City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR) | City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR) | City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR) |
| 2450000 | 4.375 <sup>(d)</sup> | 09/01/2049 | 2131100 |
| City of Houston Airport System Special Facilities RB for United Airlines Inc. Airport Improvement Projects Series 2018C (AMT) (NR/BB) | City of Houston Airport System Special Facilities RB for United Airlines Inc. Airport Improvement Projects Series 2018C (AMT) (NR/BB) | City of Houston Airport System Special Facilities RB for United Airlines Inc. Airport Improvement Projects Series 2018C (AMT) (NR/BB) | City of Houston Airport System Special Facilities RB for United Airlines Inc. Airport Improvement Projects Series 2018C (AMT) (NR/BB) |
| 9895000 | 5.000 | 07/15/2028 | 10137504 |
| City of Houston Airport System Special Facilities RB for United Airlines Inc. Terminal Improvement Projects Series 2024B (AMT) (Ba3/NR) | City of Houston Airport System Special Facilities RB for United Airlines Inc. Terminal Improvement Projects Series 2024B (AMT) (Ba3/NR) | City of Houston Airport System Special Facilities RB for United Airlines Inc. Terminal Improvement Projects Series 2024B (AMT) (Ba3/NR) | City of Houston Airport System Special Facilities RB for United Airlines Inc. Terminal Improvement Projects Series 2024B (AMT) (Ba3/NR) |
| 2250000 | 5.500 | 07/15/2038 | 2356280 |
| City of Houston Airport System Special Facilities RB for United Airlines Technical Operations Center Project Series 2018 (NR/BB) | City of Houston Airport System Special Facilities RB for United Airlines Technical Operations Center Project Series 2018 (NR/BB) | City of Houston Airport System Special Facilities RB for United Airlines Technical Operations Center Project Series 2018 (NR/BB) | City of Houston Airport System Special Facilities RB for United Airlines Technical Operations Center Project Series 2018 (NR/BB) |
| 4430000 | 5.000 | 07/15/2028 | 4538569 |
| City of Houston Airport System Special Facilities RB for United Airlines, Inc. Terminal Improvement Projects Series 2024B (AMT) (Ba3/NR) | City of Houston Airport System Special Facilities RB for United Airlines, Inc. Terminal Improvement Projects Series 2024B (AMT) (Ba3/NR) | City of Houston Airport System Special Facilities RB for United Airlines, Inc. Terminal Improvement Projects Series 2024B (AMT) (Ba3/NR) | City of Houston Airport System Special Facilities RB for United Airlines, Inc. Terminal Improvement Projects Series 2024B (AMT) (Ba3/NR) |
| 8250000 | 5.500 | 07/15/2039 | 8623124 |
| City of Houston Airport System Special Facilities Refunding RB for United Airlines, Inc. Terminal Improvement Projects Series 2015B-1 (AMT) (NR/BB) | City of Houston Airport System Special Facilities Refunding RB for United Airlines, Inc. Terminal Improvement Projects Series 2015B-1 (AMT) (NR/BB) | City of Houston Airport System Special Facilities Refunding RB for United Airlines, Inc. Terminal Improvement Projects Series 2015B-1 (AMT) (NR/BB) | City of Houston Airport System Special Facilities Refunding RB for United Airlines, Inc. Terminal Improvement Projects Series 2015B-1 (AMT) (NR/BB) |
| 900000 | 5.000 | 07/15/2030 | 900580 |
| City of Huntsville Special Assessment RB for The Reserves of Huntsville Public Improvement District Series 2024 (NR/NR) | City of Huntsville Special Assessment RB for The Reserves of Huntsville Public Improvement District Series 2024 (NR/NR) | City of Huntsville Special Assessment RB for The Reserves of Huntsville Public Improvement District Series 2024 (NR/NR) | City of Huntsville Special Assessment RB for The Reserves of Huntsville Public Improvement District Series 2024 (NR/NR) |
| 670000 | 5.375 <sup>(d)</sup> | 09/15/2044 | 664295 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Huntsville Special Assessment RB for The Reserves of Huntsville Public Improvement District Series 2024 (NR/NR) – (continued) | City of Huntsville Special Assessment RB for The Reserves of Huntsville Public Improvement District Series 2024 (NR/NR) – (continued) | City of Huntsville Special Assessment RB for The Reserves of Huntsville Public Improvement District Series 2024 (NR/NR) – (continued) | City of Huntsville Special Assessment RB for The Reserves of Huntsville Public Improvement District Series 2024 (NR/NR) – (continued) |
| $642000 | 5.625 %<sup>(d)</sup> | 09/15/2054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630025 |
| City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR) |
| 1000000 | 4.000 <sup>(d)</sup> | 09/01/2056 | 769223 |
| City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) |
| 2491000 | 4.000 <sup>(d)</sup> | 09/01/2051 | 1960203 |
| City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR) | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR) | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR) | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR) |
| 2329000 | 4.000 <sup>(d)</sup> | 09/01/2056 | 1825981 |
| City of Hutto Special Assessment RB for Emory Crossing Public Improvement District Improvement Area #2 Project , Series 2023 (NR/NR) | City of Hutto Special Assessment RB for Emory Crossing Public Improvement District Improvement Area #2 Project , Series 2023 (NR/NR) | City of Hutto Special Assessment RB for Emory Crossing Public Improvement District Improvement Area #2 Project , Series 2023 (NR/NR) | City of Hutto Special Assessment RB for Emory Crossing Public Improvement District Improvement Area #2 Project , Series 2023 (NR/NR) |
| 1950000 | 5.625 <sup>(d)</sup> | 09/01/2058 | 1963752 |
| City of Hutto Texas A Municipal Corp. of The State of Texas Located in Williamson County Special Assessment RB Series 2025 (Cottonwood Creek Public Improvement District Improvement Area #2) (NR/NR) | City of Hutto Texas A Municipal Corp. of The State of Texas Located in Williamson County Special Assessment RB Series 2025 (Cottonwood Creek Public Improvement District Improvement Area #2) (NR/NR) | City of Hutto Texas A Municipal Corp. of The State of Texas Located in Williamson County Special Assessment RB Series 2025 (Cottonwood Creek Public Improvement District Improvement Area #2) (NR/NR) | City of Hutto Texas A Municipal Corp. of The State of Texas Located in Williamson County Special Assessment RB Series 2025 (Cottonwood Creek Public Improvement District Improvement Area #2) (NR/NR) |
| 824000 | 5.375 <sup>(d)</sup> | 09/01/2055 | 796774 |
| City of Hutto Texas A Municipal Corp. of The State of Texas Located in Williamson County Special Assessment RB Series 2025 (Prairie Winds Public Improvement District Improvement Area #1) (NR/NR) | City of Hutto Texas A Municipal Corp. of The State of Texas Located in Williamson County Special Assessment RB Series 2025 (Prairie Winds Public Improvement District Improvement Area #1) (NR/NR) | City of Hutto Texas A Municipal Corp. of The State of Texas Located in Williamson County Special Assessment RB Series 2025 (Prairie Winds Public Improvement District Improvement Area #1) (NR/NR) | City of Hutto Texas A Municipal Corp. of The State of Texas Located in Williamson County Special Assessment RB Series 2025 (Prairie Winds Public Improvement District Improvement Area #1) (NR/NR) |
| 1166000 | 5.375 <sup>(d)</sup> | 09/01/2060 | 1123612 |
| City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR) | City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR) | City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR) | City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR) |
| 1978000 | 4.000 <sup>(d)</sup> | 09/01/2051 | 1593948 |
| City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR) | City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR) | City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR) | City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR) |
| 575000 | 3.625 <sup>(d)</sup> | 09/15/2041 | 471939 |
| City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR) | City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR) | City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR) | City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR) |
| 620000 | 6.000 <sup>(d)</sup> | 09/15/2052 | 629546 |
| City of Kaufman Special Assessment RB Kaufman Public Improvement District No. 3 Project Series 2024 (NR/NR) | City of Kaufman Special Assessment RB Kaufman Public Improvement District No. 3 Project Series 2024 (NR/NR) | City of Kaufman Special Assessment RB Kaufman Public Improvement District No. 3 Project Series 2024 (NR/NR) | City of Kaufman Special Assessment RB Kaufman Public Improvement District No. 3 Project Series 2024 (NR/NR) |
| 1325000 | 5.250 <sup>(d)</sup> | 09/15/2044 | 1278598 |
| 1323000 | 5.500 <sup>(d)</sup> | 09/15/2054 | 1260602 |
| City of Kyle Special Assessment RB for 6 Creeks Public Improvement District Project Series 2023 (NR/NR) | City of Kyle Special Assessment RB for 6 Creeks Public Improvement District Project Series 2023 (NR/NR) | City of Kyle Special Assessment RB for 6 Creeks Public Improvement District Project Series 2023 (NR/NR) | City of Kyle Special Assessment RB for 6 Creeks Public Improvement District Project Series 2023 (NR/NR) |
| 2050000 | 5.250 <sup>(d)</sup> | 09/01/2043 | 2054712 |
| 1297000 | 5.500 <sup>(d)</sup> | 09/01/2047 | 1310465 |
| City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR) | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR) | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR) | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR) |
| 700000 | 3.750 <sup>(d)</sup> | 09/01/2041 | 598334 |
| City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR) | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR) | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR) | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR) |
| 1405000 | 4.625 <sup>(d)</sup> | 09/01/2039 | 1355008 |
| 900000 | 4.750 <sup>(d)</sup> | 09/01/2044 | 843091 |
| City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR) | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR) | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR) | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR) |
| 1310000 | 3.625 <sup>(d)</sup> | 09/01/2040 | 1100806 |
| 1400000 | 4.000 <sup>(d)</sup> | 09/01/2046 | 1156554 |
| City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Project Series 2022 (NR/NR) | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Project Series 2022 (NR/NR) | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Project Series 2022 (NR/NR) | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Project Series 2022 (NR/NR) |
| 211000 | 4.125 <sup>(d)</sup> | 09/01/2027 | 210553 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 164 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR) | City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR) | City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR) | City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR) |
| $1225000 | 4.875 %<sup>(d)</sup> | 09/01/2044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183332 |
| City of Kyle Special Assessment RB Porter Country Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Kyle Special Assessment RB Porter Country Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Kyle Special Assessment RB Porter Country Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Kyle Special Assessment RB Porter Country Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) |
| 3507000 | 6.000 <sup>(d)</sup> | 09/01/2053 | 3471345 |
| 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 | 1849247 |
| City of Kyle Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2024 (NR/NR) | City of Kyle Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2024 (NR/NR) | City of Kyle Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2024 (NR/NR) | City of Kyle Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2024 (NR/NR) |
| 1000000 | 5.750 <sup>(d)</sup> | 09/01/2053 | 988204 |
| City of Kyle Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (6 Creeks Public Improvement District Improvement Area #5 Project) (NR/NR) | City of Kyle Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (6 Creeks Public Improvement District Improvement Area #5 Project) (NR/NR) | City of Kyle Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (6 Creeks Public Improvement District Improvement Area #5 Project) (NR/NR) | City of Kyle Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (6 Creeks Public Improvement District Improvement Area #5 Project) (NR/NR) |
| 541000 | 5.375 <sup>(d)</sup> | 09/01/2050 | 522405 |
| City of Kyle, Texas Special Assessment RB Limestone Creek Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Kyle, Texas Special Assessment RB Limestone Creek Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Kyle, Texas Special Assessment RB Limestone Creek Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Kyle, Texas Special Assessment RB Limestone Creek Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) |
| 1680000 | 5.750 <sup>(d)</sup> | 09/01/2053 | 1669410 |
| City of Kyle, Texas Special Assessment RB Plum Creek North Public Improvement District Improvement Area #2 Project for Series 2024 (NR/NR) | City of Kyle, Texas Special Assessment RB Plum Creek North Public Improvement District Improvement Area #2 Project for Series 2024 (NR/NR) | City of Kyle, Texas Special Assessment RB Plum Creek North Public Improvement District Improvement Area #2 Project for Series 2024 (NR/NR) | City of Kyle, Texas Special Assessment RB Plum Creek North Public Improvement District Improvement Area #2 Project for Series 2024 (NR/NR) |
| 523000 | 5.000 <sup>(d)</sup> | 09/01/2044 | 515063 |
| 705000 | 5.375 <sup>(d)</sup> | 09/01/2054 | 689515 |
| City of Lago Vista Special Assessment RB for Tessera On Lake Travis Public Improvement District Improvement Area #3 Project Series 2024 (NR/NR) | City of Lago Vista Special Assessment RB for Tessera On Lake Travis Public Improvement District Improvement Area #3 Project Series 2024 (NR/NR) | City of Lago Vista Special Assessment RB for Tessera On Lake Travis Public Improvement District Improvement Area #3 Project Series 2024 (NR/NR) | City of Lago Vista Special Assessment RB for Tessera On Lake Travis Public Improvement District Improvement Area #3 Project Series 2024 (NR/NR) |
| 2000000 | 6.000 <sup>(d)</sup> | 09/01/2054 | 2000360 |
| 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 | 819511 |
| City of Lavon Special Assessment RB for Elevon Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Lavon Special Assessment RB for Elevon Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Lavon Special Assessment RB for Elevon Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Lavon Special Assessment RB for Elevon Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) |
| 500000 | 5.000 <sup>(d)</sup> | 09/15/2044 | 495918 |
| 400000 | 5.375 <sup>(d)</sup> | 09/15/2052 | 393356 |
| City of Lavon Special Assessment RB for Elevon Public Improvement District Improvement Area #2A-2B Project Series 2024 (NR/NR) | City of Lavon Special Assessment RB for Elevon Public Improvement District Improvement Area #2A-2B Project Series 2024 (NR/NR) | City of Lavon Special Assessment RB for Elevon Public Improvement District Improvement Area #2A-2B Project Series 2024 (NR/NR) | City of Lavon Special Assessment RB for Elevon Public Improvement District Improvement Area #2A-2B Project Series 2024 (NR/NR) |
| 616000 | 5.125 <sup>(d)</sup> | 09/15/2044 | 618207 |
| 700000 | 5.500 <sup>(d)</sup> | 09/15/2054 | 696237 |
| City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR) | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR) | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR) | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR) |
| 565000 | 4.250 <sup>(d)</sup> | 09/15/2039 | 521310 |
| 2415000 | 4.500 <sup>(d)</sup> | 09/15/2049 | 2147173 |
| City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR) | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR) | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR) | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR) |
| 850000 | 5.000 <sup>(d)</sup> | 09/15/2049 | 802425 |
| City of Lavon Special Assessment RB Series 2022 (NR/NR) | City of Lavon Special Assessment RB Series 2022 (NR/NR) | City of Lavon Special Assessment RB Series 2022 (NR/NR) | City of Lavon Special Assessment RB Series 2022 (NR/NR) |
| 2123000 | 4.000 <sup>(d)</sup> | 09/15/2042 | 1836127 |
| 900000 | 4.375 <sup>(d)</sup> | 09/15/2042 | 816838 |
| 4978000 | 4.125 <sup>(d)</sup> | 09/15/2052 | 4006372 |
| 1396000 | 4.500 <sup>(d)</sup> | 09/15/2052 | 1214903 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Lewisville, Texas, Special Assessment RB, Series 2023 (Lakeside Crossing Public Improvement District) (NR/NR) | City of Lewisville, Texas, Special Assessment RB, Series 2023 (Lakeside Crossing Public Improvement District) (NR/NR) | City of Lewisville, Texas, Special Assessment RB, Series 2023 (Lakeside Crossing Public Improvement District) (NR/NR) | City of Lewisville, Texas, Special Assessment RB, Series 2023 (Lakeside Crossing Public Improvement District) (NR/NR) |
| $1500000 | 8.000 %<sup>(d)</sup> | 09/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553113 |
| City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR) | City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR) | City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR) | City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR) |
| 1890000 | 4.000 <sup>(d)</sup> | 09/01/2054 | 1477439 |
| City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR) | City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR) | City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR) | City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR) |
| 145000 | 3.500 <sup>(d)</sup> | 09/01/2027 | 140882 |
| 275000 | 3.875 <sup>(d)</sup> | 09/01/2032 | 253602 |
| 550000 | 4.125 <sup>(d)</sup> | 09/01/2042 | 470166 |
| 900000 | 4.375 <sup>(d)</sup> | 09/01/2052 | 747261 |
| City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR) |
| 700000 | 3.500 <sup>(d)</sup> | 09/15/2041 | 543473 |
| 1630000 | 4.125 <sup>(d)</sup> | 09/15/2041 | 1402553 |
| 900000 | 4.000 <sup>(d)</sup> | 09/15/2051 | 702824 |
| 1125000 | 4.375 <sup>(d)</sup> | 09/15/2051 | 909895 |
| City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR) | City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR) | City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR) | City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR) |
| 295000 | 4.500 <sup>(d)</sup> | 09/15/2040 | 272920 |
| 525000 | 4.625 <sup>(d)</sup> | 09/15/2049 | 468450 |
| City of Manor Special Assessment RB for Manor Heights Public Improvement District Improvement Area #3 Project Series 2023 (NR/NR) | City of Manor Special Assessment RB for Manor Heights Public Improvement District Improvement Area #3 Project Series 2023 (NR/NR) | City of Manor Special Assessment RB for Manor Heights Public Improvement District Improvement Area #3 Project Series 2023 (NR/NR) | City of Manor Special Assessment RB for Manor Heights Public Improvement District Improvement Area #3 Project Series 2023 (NR/NR) |
| 597000 | 5.500 <sup>(d)</sup> | 09/15/2053 | 591418 |
| City of Manor Texas a Municipal Corp. of The State of Texas Located In Travis County Special Assessment RB Series 2024 (NR/NR) | City of Manor Texas a Municipal Corp. of The State of Texas Located In Travis County Special Assessment RB Series 2024 (NR/NR) | City of Manor Texas a Municipal Corp. of The State of Texas Located In Travis County Special Assessment RB Series 2024 (NR/NR) | City of Manor Texas a Municipal Corp. of The State of Texas Located In Travis County Special Assessment RB Series 2024 (NR/NR) |
| 600000 | 5.625 <sup>(d)</sup> | 09/15/2054 | 600994 |
| City of Marble Falls Texas Special Assessment RB Series 2024 (NR/NR) | City of Marble Falls Texas Special Assessment RB Series 2024 (NR/NR) | City of Marble Falls Texas Special Assessment RB Series 2024 (NR/NR) | City of Marble Falls Texas Special Assessment RB Series 2024 (NR/NR) |
| 904000 | 6.375 <sup>(d)</sup> | 09/01/2044 | 868122 |
| 502000 | 7.375 <sup>(d)</sup> | 09/01/2044 | 486437 |
| 1100000 | 6.625 <sup>(d)</sup> | 09/01/2054 | 1050532 |
| 1024000 | 7.625 <sup>(d)</sup> | 09/01/2054 | 988890 |
| City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR) |
| 110000 | 4.125 <sup>(d)</sup> | 09/01/2026 | 109117 |
| 150000 | 4.625 <sup>(d)</sup> | 09/01/2031 | 142348 |
| 900000 | 4.125 <sup>(d)</sup> | 09/01/2041 | 777580 |
| 450000 | 4.875 <sup>(d)</sup> | 09/01/2041 | 419691 |
| 1370000 | 4.375 <sup>(d)</sup> | 09/01/2051 | 1134023 |
| 520000 | 5.125 <sup>(d)</sup> | 09/01/2051 | 480337 |
| City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR) | City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR) | City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR) | City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR) |
| 780000 | 4.250 <sup>(d)</sup> | 09/15/2039 | 718173 |
| 2950000 | 4.375 <sup>(d)</sup> | 09/15/2049 | 2565422 |
| City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR) | City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR) | City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR) | City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR) |
| 585000 | 3.625 <sup>(d)</sup> | 09/15/2041 | 479020 |
| 820000 | 4.000 <sup>(d)</sup> | 09/15/2051 | 645095 |
| City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR) | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR) | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR) | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR) |
| 2430000 | 5.750 <sup>(d)</sup> | 09/15/2052 | 2363721 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **165** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR) | City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR) | City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR) | City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR) |
| $1155000 | 5.750 %<sup>(d)</sup> | 09/15/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162258 |
| 2055000 | 6.000 <sup>(d)</sup> | 09/15/2049 | 2083286 |
| City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR) | City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR) | City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR) | City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR) |
| 2405000 | 5.875 <sup>(d)</sup> | 09/15/2039 | 2431826 |
| 5200000 | 5.125 <sup>(d)</sup> | 09/15/2048 | 4941700 |
| 3830000 | 6.125 <sup>(d)</sup> | 09/15/2048 | 3884953 |
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 (NR/NR) |
| 1475000 | 5.500 <sup>(d)</sup> | 09/01/2043 | 1499232 |
| 4570000 | 5.750 <sup>(d)</sup> | 09/01/2053 | 4644340 |
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-1 Projects, Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-1 Projects, Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-1 Projects, Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-1 Projects, Series 2023 (NR/NR) |
| 452000 | 5.375 <sup>(d)</sup> | 09/01/2043 | 455012 |
| 1110000 | 5.625 <sup>(d)</sup> | 09/01/2053 | 1117325 |
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-2 Project, Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-2 Project, Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-2 Project, Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-2 Project, Series 2023 (NR/NR) |
| 916000 | 5.625 <sup>(d)</sup> | 09/01/2053 | 923271 |
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-3 Projects Series 2024 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-3 Projects Series 2024 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-3 Projects Series 2024 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-3 Projects Series 2024 (NR/NR) |
| 506000 | 5.000 <sup>(d)</sup> | 09/01/2044 | 488069 |
| 460000 | 5.250 <sup>(d)</sup> | 09/01/2053 | 442578 |
| City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR) | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR) | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR) | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR) |
| 55000 | 4.125 <sup>(d)</sup> | 09/15/2031 | 53243 |
| 420000 | 4.500 <sup>(d)</sup> | 09/15/2041 | 386137 |
| 1540000 | 4.125 <sup>(d)</sup> | 09/15/2051 | 1238062 |
| 510000 | 4.750 <sup>(d)</sup> | 09/15/2051 | 455254 |
| City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR) | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR) | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR) | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR) |
| 2310000 | 5.375 <sup>(d)</sup> | 09/15/2052 | 2239806 |
| City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR) | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR) | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR) | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR) |
| 1300000 | 6.125 <sup>(d)</sup> | 09/15/2052 | 1303985 |
| City of Mustang Ridge, Texas, Special Assessment RB, Series 2023 (DuranGO Public Improvement District Improvement Area #1 Project) (NR/NR) | City of Mustang Ridge, Texas, Special Assessment RB, Series 2023 (DuranGO Public Improvement District Improvement Area #1 Project) (NR/NR) | City of Mustang Ridge, Texas, Special Assessment RB, Series 2023 (DuranGO Public Improvement District Improvement Area #1 Project) (NR/NR) | City of Mustang Ridge, Texas, Special Assessment RB, Series 2023 (DuranGO Public Improvement District Improvement Area #1 Project) (NR/NR) |
| 769000 | 6.375 <sup>(d)</sup> | 09/01/2053 | 779833 |
| City of New Braunfels Special Assessment RB for Solms Landing Public Improvement Project Series 2021 (NR/NR) | City of New Braunfels Special Assessment RB for Solms Landing Public Improvement Project Series 2021 (NR/NR) | City of New Braunfels Special Assessment RB for Solms Landing Public Improvement Project Series 2021 (NR/NR) | City of New Braunfels Special Assessment RB for Solms Landing Public Improvement Project Series 2021 (NR/NR) |
| 141000 | 3.625 <sup>(d)</sup> | 09/01/2026 | 138933 |
| 320000 | 4.250 <sup>(d)</sup> | 09/01/2031 | 299411 |
| 782000 | 4.500 <sup>(d)</sup> | 09/01/2041 | 681788 |
| 1355000 | 4.750 <sup>(d)</sup> | 09/01/2051 | 1182608 |
| City of New Braunfels Utility System RB Refunding Series 2024 (Aa1/NR) | City of New Braunfels Utility System RB Refunding Series 2024 (Aa1/NR) | City of New Braunfels Utility System RB Refunding Series 2024 (Aa1/NR) | City of New Braunfels Utility System RB Refunding Series 2024 (Aa1/NR) |
| 17500000 | 4.000 | 07/01/2055 | 15772713 |
| City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR) | City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR) | City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR) | City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR) |
| 361000 | 5.250 <sup>(d)</sup> | 09/01/2040 | 359216 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR) – (continued) | City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR) – (continued) | City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR) – (continued) | City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR) – (continued) |
| $355000 | 5.625 %<sup>(d)</sup> | 09/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352747 |
| 540000 | 4.125 <sup>(d)</sup> | 09/01/2049 | 452052 |
| 932000 | 5.375 <sup>(d)</sup> | 09/01/2050 | 916037 |
| City of Oak Point A Municipal Corporation of The State of Texas Located in Denton County Special Assessment RB Series 2024 (NR/NR) | City of Oak Point A Municipal Corporation of The State of Texas Located in Denton County Special Assessment RB Series 2024 (NR/NR) | City of Oak Point A Municipal Corporation of The State of Texas Located in Denton County Special Assessment RB Series 2024 (NR/NR) | City of Oak Point A Municipal Corporation of The State of Texas Located in Denton County Special Assessment RB Series 2024 (NR/NR) |
| 1000000 | 5.625 <sup>(d)</sup> | 09/15/2054 | 956794 |
| City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR) | City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR) | City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR) | City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR) |
| 1175000 | 3.750 <sup>(d)</sup> | 09/01/2040 | 993931 |
| City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR) | City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR) | City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR) | City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR) |
| 1320000 | 4.125 <sup>(d)</sup> | 09/01/2048 | 1131701 |
| 1440000 | 4.500 <sup>(d)</sup> | 09/01/2048 | 1310962 |
| City of Oak Point Texas Special Assessment RB Series 2024 (NR/NR) | City of Oak Point Texas Special Assessment RB Series 2024 (NR/NR) | City of Oak Point Texas Special Assessment RB Series 2024 (NR/NR) | City of Oak Point Texas Special Assessment RB Series 2024 (NR/NR) |
| 900000 | 5.250 <sup>(d)</sup> | 09/15/2054 | 851435 |
| City of Pflugerville, Texas Special Assessment RB Series 2025 (NR/NR) | City of Pflugerville, Texas Special Assessment RB Series 2025 (NR/NR) | City of Pflugerville, Texas Special Assessment RB Series 2025 (NR/NR) | City of Pflugerville, Texas Special Assessment RB Series 2025 (NR/NR) |
| 600000 | 5.125 <sup>(d)</sup> | 09/01/2045 | 584368 |
| 725000 | 5.375 <sup>(d)</sup> | 09/01/2055 | 706207 |
| City of Pflugerville, Texas Travis and Williamson Counties, Texas Combination Tax and Limited Revenue Certificates of Obligation, Series 2023 (Aa3/NR) | City of Pflugerville, Texas Travis and Williamson Counties, Texas Combination Tax and Limited Revenue Certificates of Obligation, Series 2023 (Aa3/NR) | City of Pflugerville, Texas Travis and Williamson Counties, Texas Combination Tax and Limited Revenue Certificates of Obligation, Series 2023 (Aa3/NR) | City of Pflugerville, Texas Travis and Williamson Counties, Texas Combination Tax and Limited Revenue Certificates of Obligation, Series 2023 (Aa3/NR) |
| 3725000 | 4.000 | 08/01/2049 | 3387001 |
| City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR) |
| 600000 | 5.500 <sup>(d)</sup> | 09/15/2042 | 596934 |
| 1350000 | 5.625 <sup>(d)</sup> | 09/15/2052 | 1335502 |
| 1928000 | 6.125 <sup>(d)</sup> | 09/15/2052 | 1953488 |
| City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR) |
| 550000 | 5.500 <sup>(d)</sup> | 09/15/2042 | 547189 |
| 1200000 | 5.625 <sup>(d)</sup> | 09/15/2052 | 1187113 |
| City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Improvement Area #1B Project Series 2023 (NR/NR) | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Improvement Area #1B Project Series 2023 (NR/NR) | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Improvement Area #1B Project Series 2023 (NR/NR) | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Improvement Area #1B Project Series 2023 (NR/NR) |
| 926000 | 5.625 <sup>(d)</sup> | 09/15/2048 | 931172 |
| City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR) |
| 3701000 | 6.000 <sup>(d)</sup> | 09/15/2052 | 3744574 |
| 1480000 | 6.500 <sup>(d)</sup> | 09/15/2052 | 1507662 |
| City of Plano Special Assessment RB, Series 2023 (Haggard Farm Public Improvement District Improvement Area #1 Project) (NR/NR) | City of Plano Special Assessment RB, Series 2023 (Haggard Farm Public Improvement District Improvement Area #1 Project) (NR/NR) | City of Plano Special Assessment RB, Series 2023 (Haggard Farm Public Improvement District Improvement Area #1 Project) (NR/NR) | City of Plano Special Assessment RB, Series 2023 (Haggard Farm Public Improvement District Improvement Area #1 Project) (NR/NR) |
| 1285000 | 7.500 <sup>(d)</sup> | 09/15/2053 | 1343269 |
| City of Plano Special Assessment RB, Series 2023 (Haggard Farm Public Improvement District Major Improvement Area Project) (NR/NR) | City of Plano Special Assessment RB, Series 2023 (Haggard Farm Public Improvement District Major Improvement Area Project) (NR/NR) | City of Plano Special Assessment RB, Series 2023 (Haggard Farm Public Improvement District Major Improvement Area Project) (NR/NR) | City of Plano Special Assessment RB, Series 2023 (Haggard Farm Public Improvement District Major Improvement Area Project) (NR/NR) |
| 1610000 | 8.250 <sup>(d)</sup> | 09/15/2043 | 1677594 |
| 2575000 | 8.500 <sup>(d)</sup> | 09/15/2053 | 2687241 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 166 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR) |
| $1040000 | 4.375 %<sup>(d)</sup> | 09/01/2052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877608 |
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2018 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2018 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2018 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2018 (NR/NR) |
| 2435000 | 4.875 <sup>(d)</sup> | 09/01/2048 | 2286552 |
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR) |
| 126000 | 3.875 <sup>(d)</sup> | 09/01/2040 | 107877 |
| 175000 | 4.125 <sup>(d)</sup> | 09/01/2050 | 143909 |
| 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 | 389945 |
| 830000 | 5.000 | 09/01/2049 | 778329 |
| City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) |
| 398000 | 4.000 <sup>(d)</sup> | 09/01/2051 | 315051 |
| City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area No. 2 Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area No. 2 Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area No. 2 Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area No. 2 Project, Series 2023 (NR/NR) |
| 1041000 | 5.250 <sup>(d)</sup> | 09/01/2043 | 1019873 |
| 1409000 | 5.500 <sup>(d)</sup> | 09/01/2053 | 1366588 |
| City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR) |
| 700000 | 5.125 <sup>(d)</sup> | 09/01/2042 | 679705 |
| 1300000 | 5.250 <sup>(d)</sup> | 09/01/2052 | 1239688 |
| City of Princeton Special Assessment RB for Sicily Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Sicily Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Sicily Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Sicily Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) |
| 1225000 | 7.000 <sup>(d)</sup> | 09/01/2043 | 1236101 |
| 2750000 | 7.000 <sup>(d)</sup> | 09/01/2053 | 2752347 |
| City of Princeton Special Assessment RB for Sicily Public Improvement District Major Improvement Area Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Sicily Public Improvement District Major Improvement Area Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Sicily Public Improvement District Major Improvement Area Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Sicily Public Improvement District Major Improvement Area Project, Series 2023 (NR/NR) |
| 1850000 | 7.875 <sup>(d)</sup> | 09/01/2053 | 1869014 |
| City of Princeton Special Assessment RB for Southridge Public Improvement District Improvement Area No. 2 Project Series 2024 (NR/NR) | City of Princeton Special Assessment RB for Southridge Public Improvement District Improvement Area No. 2 Project Series 2024 (NR/NR) | City of Princeton Special Assessment RB for Southridge Public Improvement District Improvement Area No. 2 Project Series 2024 (NR/NR) | City of Princeton Special Assessment RB for Southridge Public Improvement District Improvement Area No. 2 Project Series 2024 (NR/NR) |
| 782000 | 5.250 <sup>(d)</sup> | 09/01/2044 | 762093 |
| 1132000 | 5.500 <sup>(d)</sup> | 09/01/2054 | 1095654 |
| City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR) | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR) | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR) | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR) |
| 2205000 | 4.500 <sup>(d)</sup> | 09/01/2039 | 2059611 |
| 1185000 | 5.500 <sup>(d)</sup> | 09/01/2039 | 1196796 |
| 1490000 | 4.750 <sup>(d)</sup> | 09/01/2049 | 1375652 |
| 2140000 | 5.750 <sup>(d)</sup> | 09/01/2049 | 2145292 |
| City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District Project Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District Project Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District Project Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District Project Series 2023 (NR/NR) |
| 2041000 | 5.375 <sup>(d)</sup> | 09/01/2053 | 1943927 |
| City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR) |
| 2050000 | 5.250 <sup>(d)</sup> | 09/01/2052 | 1924849 |
| City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR) |
| 750000 | 3.750 <sup>(d)</sup> | 09/01/2040 | 633715 |
| 1250000 | 4.000 <sup>(d)</sup> | 09/01/2050 | 984743 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Winchester Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR) |
| 1449000 | 4.000 %<sup>(d)</sup> | 09/01/2051 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116992 |
| City of Princeton Special Assessment RB for Windmore Public Improvement District Improvement Area No. 1 Project Series 2024 (NR/NR) | City of Princeton Special Assessment RB for Windmore Public Improvement District Improvement Area No. 1 Project Series 2024 (NR/NR) | City of Princeton Special Assessment RB for Windmore Public Improvement District Improvement Area No. 1 Project Series 2024 (NR/NR) | City of Princeton Special Assessment RB for Windmore Public Improvement District Improvement Area No. 1 Project Series 2024 (NR/NR) |
| 361000 | 5.125 <sup>(d)</sup> | 09/01/2044 | 344789 |
| 521000 | 5.500 <sup>(d)</sup> | 09/01/2054 | 497863 |
| City of Princeton Special Assessment RB Series 2024 (NR/NR) | City of Princeton Special Assessment RB Series 2024 (NR/NR) | City of Princeton Special Assessment RB Series 2024 (NR/NR) | City of Princeton Special Assessment RB Series 2024 (NR/NR) |
| 713000 | 5.000 <sup>(d)</sup> | 09/01/2044 | 675315 |
| 872000 | 5.125 <sup>(d)</sup> | 09/01/2044 | 830844 |
| 906000 | 5.250 <sup>(d)</sup> | 09/01/2054 | 857167 |
| 1100000 | 5.375 <sup>(d)</sup> | 09/01/2054 | 1051248 |
| City of Princeton Special Assessment RB, Series 2023 (Southridge Public Improvement District Improvement Area No. 1 Project) (NR/NR) | City of Princeton Special Assessment RB, Series 2023 (Southridge Public Improvement District Improvement Area No. 1 Project) (NR/NR) | City of Princeton Special Assessment RB, Series 2023 (Southridge Public Improvement District Improvement Area No. 1 Project) (NR/NR) | City of Princeton Special Assessment RB, Series 2023 (Southridge Public Improvement District Improvement Area No. 1 Project) (NR/NR) |
| 1284000 | 6.375 <sup>(d)</sup> | 09/01/2053 | 1362831 |
| City of Princeton Texas A Municipal Corp. of The State of Texas Located in Collin County Special Assessment RB Series 2025 (Westridge Public Improvement District Improvement Area No. 1 Project) (NR/NR) | City of Princeton Texas A Municipal Corp. of The State of Texas Located in Collin County Special Assessment RB Series 2025 (Westridge Public Improvement District Improvement Area No. 1 Project) (NR/NR) | City of Princeton Texas A Municipal Corp. of The State of Texas Located in Collin County Special Assessment RB Series 2025 (Westridge Public Improvement District Improvement Area No. 1 Project) (NR/NR) | City of Princeton Texas A Municipal Corp. of The State of Texas Located in Collin County Special Assessment RB Series 2025 (Westridge Public Improvement District Improvement Area No. 1 Project) (NR/NR) |
| 1000000 | 5.625 <sup>(d)(g)</sup> | 09/01/2055 | 991702 |
| City of Princeton, Texas Special Assessment RB, Series 2025 Eastridge Public Improvement District Improvement Area No. 4 Project (NR/NR) | City of Princeton, Texas Special Assessment RB, Series 2025 Eastridge Public Improvement District Improvement Area No. 4 Project (NR/NR) | City of Princeton, Texas Special Assessment RB, Series 2025 Eastridge Public Improvement District Improvement Area No. 4 Project (NR/NR) | City of Princeton, Texas Special Assessment RB, Series 2025 Eastridge Public Improvement District Improvement Area No. 4 Project (NR/NR) |
| 1000000 | 5.625 <sup>(d)(g)</sup> | 09/01/2055 | 991702 |
| City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR) | City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR) | City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR) | City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR) |
| 809000 | 3.375 <sup>(d)</sup> | 09/15/2041 | 629841 |
| 565000 | 4.000 <sup>(d)</sup> | 09/15/2051 | 447790 |
| City of Rockdale, Texas, Special Assessment RB, Series 2023 (Cornerstone Public Improvement District Improvement Area #1) (NR/NR) | City of Rockdale, Texas, Special Assessment RB, Series 2023 (Cornerstone Public Improvement District Improvement Area #1) (NR/NR) | City of Rockdale, Texas, Special Assessment RB, Series 2023 (Cornerstone Public Improvement District Improvement Area #1) (NR/NR) | City of Rockdale, Texas, Special Assessment RB, Series 2023 (Cornerstone Public Improvement District Improvement Area #1) (NR/NR) |
| 4600000 | 7.500 <sup>(d)</sup> | 09/15/2054 | 4733768 |
| City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR) | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR) | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR) | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR) |
| 1195000 | 3.875 <sup>(d)</sup> | 09/15/2040 | 1018983 |
| 1750000 | 4.125 <sup>(d)</sup> | 09/15/2050 | 1428220 |
| City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR) | City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR) | City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR) | City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR) |
| 110000 | 4.375 <sup>(d)</sup> | 09/15/2030 | 106208 |
| 500000 | 4.125 <sup>(d)</sup> | 09/15/2040 | 440413 |
| 1520000 | 4.375 <sup>(d)</sup> | 09/15/2050 | 1294235 |
| 600000 | 5.125 <sup>(d)</sup> | 09/15/2050 | 560656 |
| City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR) | City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR) | City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR) | City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR) |
| 1760000 | 4.750 <sup>(d)</sup> | 09/15/2049 | 1608913 |
| City of Royse City Texas A Municipal Corp. of The State of Texas Located in Rockwall Collin and Hunt Counties Special Assessment RB Series 2024 (NR/NR) | City of Royse City Texas A Municipal Corp. of The State of Texas Located in Rockwall Collin and Hunt Counties Special Assessment RB Series 2024 (NR/NR) | City of Royse City Texas A Municipal Corp. of The State of Texas Located in Rockwall Collin and Hunt Counties Special Assessment RB Series 2024 (NR/NR) | City of Royse City Texas A Municipal Corp. of The State of Texas Located in Rockwall Collin and Hunt Counties Special Assessment RB Series 2024 (NR/NR) |
| 920000 | 5.500 <sup>(d)</sup> | 09/15/2054 | 869215 |
| 350000 | 5.625 <sup>(d)</sup> | 09/15/2054 | 335346 |
| City of Royse City Texas A Municipal Corp. of The State of Texas Located In Rockwall Collin and Hunt Counties Special Assessment RB Series 2024 (NR/NR) | City of Royse City Texas A Municipal Corp. of The State of Texas Located In Rockwall Collin and Hunt Counties Special Assessment RB Series 2024 (NR/NR) | City of Royse City Texas A Municipal Corp. of The State of Texas Located In Rockwall Collin and Hunt Counties Special Assessment RB Series 2024 (NR/NR) | City of Royse City Texas A Municipal Corp. of The State of Texas Located In Rockwall Collin and Hunt Counties Special Assessment RB Series 2024 (NR/NR) |
| 900000 | 5.875 <sup>(d)</sup> | 09/15/2054 | 901474 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **167** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR) | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR) | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR) | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR) |
| $1070000 | 3.750 %<sup>(d)</sup> | 09/15/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894377 |
| 1490000 | 4.000 <sup>(d)</sup> | 09/15/2050 | 1199340 |
| City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR) | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR) | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR) | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR) |
| 613000 | 6.875 <sup>(d)</sup> | 09/15/2042 | 665687 |
| 1350000 | 7.000 <sup>(d)</sup> | 09/15/2052 | 1469635 |
| 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 | 667698 |
| 1500000 | 5.625 | 09/01/2050 | 1498803 |
| City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR) | City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR) | City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR) | City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR) |
| 1522000 | 4.500 <sup>(d)</sup> | 09/01/2051 | 1296938 |
| City of San Marcos, Texas, Special Assessment RB, Series 2024 (Trace Public Improvement District) (NR/NR) | City of San Marcos, Texas, Special Assessment RB, Series 2024 (Trace Public Improvement District) (NR/NR) | City of San Marcos, Texas, Special Assessment RB, Series 2024 (Trace Public Improvement District) (NR/NR) | City of San Marcos, Texas, Special Assessment RB, Series 2024 (Trace Public Improvement District) (NR/NR) |
| 1386000 | 6.000 <sup>(d)</sup> | 09/01/2048 | 1364746 |
| City of Seagoville Special Assessment RB for Santorini Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Seagoville Special Assessment RB for Santorini Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Seagoville Special Assessment RB for Santorini Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Seagoville Special Assessment RB for Santorini Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) |
| 1877000 | 6.000 <sup>(d)</sup> | 09/15/2044 | 1850204 |
| 2300000 | 6.250 <sup>(d)</sup> | 09/15/2054 | 2246393 |
| City of Seagoville Special Assessment RB for Santorini Public Improvement District Major Improvement Area Project Series 2024 (NR/NR) | City of Seagoville Special Assessment RB for Santorini Public Improvement District Major Improvement Area Project Series 2024 (NR/NR) | City of Seagoville Special Assessment RB for Santorini Public Improvement District Major Improvement Area Project Series 2024 (NR/NR) | City of Seagoville Special Assessment RB for Santorini Public Improvement District Major Improvement Area Project Series 2024 (NR/NR) |
| 3675000 | 7.000 <sup>(d)</sup> | 09/15/2054 | 3560609 |
| City of Seguin Texas A Political Subdivision of The State of Texas Located In Guadalupe County Combination Tax and Limited Pledge Revenue Certificates of Obligation Series 2024 (NR/AA) | City of Seguin Texas A Political Subdivision of The State of Texas Located In Guadalupe County Combination Tax and Limited Pledge Revenue Certificates of Obligation Series 2024 (NR/AA) | City of Seguin Texas A Political Subdivision of The State of Texas Located In Guadalupe County Combination Tax and Limited Pledge Revenue Certificates of Obligation Series 2024 (NR/AA) | City of Seguin Texas A Political Subdivision of The State of Texas Located In Guadalupe County Combination Tax and Limited Pledge Revenue Certificates of Obligation Series 2024 (NR/AA) |
| 1715000 | 4.250 | 09/01/2054 | 1589463 |
| 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) |
| 685000 | 5.000 | 09/01/2028 | 691143 |
| 2035000 | 5.600 | 09/01/2038 | 2057664 |
| 2470000 | 5.700 | 09/01/2047 | 2486251 |
| City of Sinton Special Assessment RB Series 2022 (NR/NR) | City of Sinton Special Assessment RB Series 2022 (NR/NR) | City of Sinton Special Assessment RB Series 2022 (NR/NR) | City of Sinton Special Assessment RB Series 2022 (NR/NR) |
| 1800000 | 5.125 <sup>(d)</sup> | 09/01/2042 | 1728165 |
| 1150000 | 5.250 <sup>(d)</sup> | 09/01/2051 | 1110764 |
| City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area Three, Series 2023 (NR/NR) | City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area Three, Series 2023 (NR/NR) | City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area Three, Series 2023 (NR/NR) | City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area Three, Series 2023 (NR/NR) |
| 1237000 | 6.000 <sup>(d)</sup> | 09/15/2053 | 1256145 |
| City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area Two, Series 2023 (NR/NR) | City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area Two, Series 2023 (NR/NR) | City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area Two, Series 2023 (NR/NR) | City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area Two, Series 2023 (NR/NR) |
| 1000000 | 5.750 <sup>(d)</sup> | 09/15/2052 | 1003030 |
| City of TomballTexas A Municipal Corp. of The State of Texas Located in Harris County Special Assessment RB Series 2025 (Raburn Reserve Public Improvement District Improvement Area #3) (NR/NR) | City of TomballTexas A Municipal Corp. of The State of Texas Located in Harris County Special Assessment RB Series 2025 (Raburn Reserve Public Improvement District Improvement Area #3) (NR/NR) | City of TomballTexas A Municipal Corp. of The State of Texas Located in Harris County Special Assessment RB Series 2025 (Raburn Reserve Public Improvement District Improvement Area #3) (NR/NR) | City of TomballTexas A Municipal Corp. of The State of Texas Located in Harris County Special Assessment RB Series 2025 (Raburn Reserve Public Improvement District Improvement Area #3) (NR/NR) |
| 984000 | 5.250 <sup>(d)</sup> | 09/15/2044 | 958675 |
| City of Uhland Special Assessment RB for Anderson Park Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Uhland Special Assessment RB for Anderson Park Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Uhland Special Assessment RB for Anderson Park Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Uhland Special Assessment RB for Anderson Park Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) |
| 605000 | 5.125 <sup>(d)</sup> | 09/01/2044 | 584832 |
| 850000 | 5.500 <sup>(d)</sup> | 09/01/2055 | 822891 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR) | City of Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR) | City of Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR) | City of Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR) |
| 2000000 | 6.625 %<sup>(d)</sup> | 09/01/2052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067524 |
| City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR) | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR) | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR) | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR) |
| 1171000 | 5.500 <sup>(d)</sup> | 08/15/2052 | 1155982 |
| Clifton Higher Education Finance Corporation (International Leadership of Texas, Inc.) Education Revenue And Refunding Bonds Series 2024A (PSF-GTD) (Aaa/NR) | Clifton Higher Education Finance Corporation (International Leadership of Texas, Inc.) Education Revenue And Refunding Bonds Series 2024A (PSF-GTD) (Aaa/NR) | Clifton Higher Education Finance Corporation (International Leadership of Texas, Inc.) Education Revenue And Refunding Bonds Series 2024A (PSF-GTD) (Aaa/NR) | Clifton Higher Education Finance Corporation (International Leadership of Texas, Inc.) Education Revenue And Refunding Bonds Series 2024A (PSF-GTD) (Aaa/NR) |
| 5000000 | 4.250 | 08/15/2053 | 4645126 |
| Clifton Higher Education Finance Corporation Education RB Valor Education Series 2024A (NR/NR) | Clifton Higher Education Finance Corporation Education RB Valor Education Series 2024A (NR/NR) | Clifton Higher Education Finance Corporation Education RB Valor Education Series 2024A (NR/NR) | Clifton Higher Education Finance Corporation Education RB Valor Education Series 2024A (NR/NR) |
| 300000 | 5.000 <sup>(d)</sup> | 06/15/2034 | 292836 |
| 525000 | 5.750 <sup>(d)</sup> | 06/15/2044 | 515655 |
| 700000 | 6.000 <sup>(d)</sup> | 06/15/2054 | 682276 |
| Club Municipal Management District No. 1 Special Assessment RB for Improvement Area #3 Project Series 2024 (NR/NR) | Club Municipal Management District No. 1 Special Assessment RB for Improvement Area #3 Project Series 2024 (NR/NR) | Club Municipal Management District No. 1 Special Assessment RB for Improvement Area #3 Project Series 2024 (NR/NR) | Club Municipal Management District No. 1 Special Assessment RB for Improvement Area #3 Project Series 2024 (NR/NR) |
| 951000 | 5.100 <sup>(d)</sup> | 09/01/2044 | 914251 |
| 1375000 | 5.375 <sup>(d)</sup> | 09/01/2055 | 1331517 |
| Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/B) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/B) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/B) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/B) |
| 1175000 | 4.000 | 10/01/2050 | 906057 |
| Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (Aa3/NR) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (Aa3/NR) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (Aa3/NR) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (Aa3/NR) |
| 625000 | 4.000 | 10/01/2050 | 545074 |
| County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR) | County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR) | County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR) | County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR) |
| 800000 | 3.750 <sup>(d)</sup> | 09/15/2040 | 673194 |
| 1185000 | 4.000 <sup>(d)</sup> | 09/15/2050 | 953837 |
| County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR) | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR) | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR) | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR) |
| 985000 | 4.500 <sup>(d)</sup> | 09/01/2041 | 898976 |
| Cypress-Fairbanks Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | Cypress-Fairbanks Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | Cypress-Fairbanks Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | Cypress-Fairbanks Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) |
| 6000000 | 4.000 | 02/15/2048 | 5632851 |
| Dallas Independent School District A Political Subdivision of the State of Texas Located In Dallas County, Texas Unlimited Tax School Building and Refunding Bonds, Series 2025B (PSF-GTD) (Aaa/NR) | Dallas Independent School District A Political Subdivision of the State of Texas Located In Dallas County, Texas Unlimited Tax School Building and Refunding Bonds, Series 2025B (PSF-GTD) (Aaa/NR) | Dallas Independent School District A Political Subdivision of the State of Texas Located In Dallas County, Texas Unlimited Tax School Building and Refunding Bonds, Series 2025B (PSF-GTD) (Aaa/NR) | Dallas Independent School District A Political Subdivision of the State of Texas Located In Dallas County, Texas Unlimited Tax School Building and Refunding Bonds, Series 2025B (PSF-GTD) (Aaa/NR) |
| 32000000 | 4.000 | 02/15/2055 | 29405302 |
| Denton County Junior Lien Special Assessment RB for Tabor Ranch Public Improvement District Area #1 Project Series 2024B (NR/NR) | Denton County Junior Lien Special Assessment RB for Tabor Ranch Public Improvement District Area #1 Project Series 2024B (NR/NR) | Denton County Junior Lien Special Assessment RB for Tabor Ranch Public Improvement District Area #1 Project Series 2024B (NR/NR) | Denton County Junior Lien Special Assessment RB for Tabor Ranch Public Improvement District Area #1 Project Series 2024B (NR/NR) |
| 1170000 | 5.750 <sup>(d)</sup> | 12/31/2044 | 1143892 |
| 1825000 | 6.125 <sup>(d)</sup> | 12/31/2054 | 1794189 |
| Denton County Senior Lien Special Assessment RB for Tabor Ranch Public Improvement District Area #1 Project Series 2024A (NR/NR) | Denton County Senior Lien Special Assessment RB for Tabor Ranch Public Improvement District Area #1 Project Series 2024A (NR/NR) | Denton County Senior Lien Special Assessment RB for Tabor Ranch Public Improvement District Area #1 Project Series 2024A (NR/NR) | Denton County Senior Lien Special Assessment RB for Tabor Ranch Public Improvement District Area #1 Project Series 2024A (NR/NR) |
| 1825000 | 5.250 <sup>(d)</sup> | 12/31/2044 | 1765480 |
| 2907000 | 5.625 <sup>(d)</sup> | 12/31/2054 | 2827072 |
| Denton County Special Assessment RB for Tabor Ranch Public Improvement District Major Improvement Area Project Series 2024 (NR/NR) | Denton County Special Assessment RB for Tabor Ranch Public Improvement District Major Improvement Area Project Series 2024 (NR/NR) | Denton County Special Assessment RB for Tabor Ranch Public Improvement District Major Improvement Area Project Series 2024 (NR/NR) | Denton County Special Assessment RB for Tabor Ranch Public Improvement District Major Improvement Area Project Series 2024 (NR/NR) |
| 1950000 | 6.000 <sup>(d)</sup> | 12/31/2044 | 1931421 |
| 3050000 | 6.250 <sup>(d)</sup> | 12/31/2054 | 2926696 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 168 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Improvement Area #1 Project (NR/NR) | Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Improvement Area #1 Project (NR/NR) | Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Improvement Area #1 Project (NR/NR) | Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Improvement Area #1 Project (NR/NR) |
| $3200000 | 5.625 %<sup>(d)</sup> | 12/31/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150400 |
| Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Major Improvement Area Project (NR/NR) | Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Major Improvement Area Project (NR/NR) | Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Major Improvement Area Project (NR/NR) | Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Major Improvement Area Project (NR/NR) |
| 2750000 | 5.875 <sup>(d)</sup> | 12/31/2045 | 2692938 |
| 5000000 | 6.125 <sup>(d)</sup> | 12/31/2055 | 4879731 |
| Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR) | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR) | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR) | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR) |
| 350000 | 4.000 <sup>(d)</sup> | 08/15/2029 | 336199 |
| 1150000 | 4.500 <sup>(d)</sup> | 08/15/2035 | 1061840 |
| 875000 | 5.000 <sup>(d)</sup> | 08/15/2044 | 793975 |
| 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 | 1534032 |
| 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) |
| 7055000 | 4.750 | 11/01/2042 | 6924696 |
| Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR) | Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR) | Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR) | Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR) |
| 795000 | 5.000 <sup>(d)</sup> | 09/01/2027 | 794665 |
| 895000 | 5.000 <sup>(d)</sup> | 09/01/2032 | 882983 |
| 1315000 | 5.125 <sup>(d)</sup> | 09/01/2037 | 1272841 |
| Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+) | Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+) | Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+) | Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+) |
| 11000000 | 5.800 | 10/01/2046 | 11578599 |
| 2000000 | 5.850 | 10/01/2047 | 2108324 |
| Greater Texoma Authority Contract RB for City of Sherman Project Series 2023 (AGM) (NR/AA) | Greater Texoma Authority Contract RB for City of Sherman Project Series 2023 (AGM) (NR/AA) | Greater Texoma Authority Contract RB for City of Sherman Project Series 2023 (AGM) (NR/AA) | Greater Texoma Authority Contract RB for City of Sherman Project Series 2023 (AGM) (NR/AA) |
| 2000000 | 4.250 | 10/01/2053 | 1857726 |
| Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) |
| 1789000 | 5.500 <sup>(d)</sup> | 09/15/2042 | 1779858 |
| 3204000 | 5.750 <sup>(d)</sup> | 09/15/2052 | 3180870 |
| Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR) | Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR) | Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR) | Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR) |
| 1340000 | 4.500 <sup>(d)</sup> | 09/01/2039 | 1243906 |
| 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 | 558253 |
| 510000 | 3.875 | 09/01/2037 | 457625 |
| 930000 | 4.000 | 09/01/2047 | 772135 |
| Hidalgo County Regional Mobility Authority Junior Lien toll and Vehicle Registration Fee Revenue and Refunding Bonds Series 2022B (Baa3/BBB-) | Hidalgo County Regional Mobility Authority Junior Lien toll and Vehicle Registration Fee Revenue and Refunding Bonds Series 2022B (Baa3/BBB-) | Hidalgo County Regional Mobility Authority Junior Lien toll and Vehicle Registration Fee Revenue and Refunding Bonds Series 2022B (Baa3/BBB-) | Hidalgo County Regional Mobility Authority Junior Lien toll and Vehicle Registration Fee Revenue and Refunding Bonds Series 2022B (Baa3/BBB-) |
| 6105000 | 0.000 <sup>(e)</sup> | 12/01/2049 | 1575341 |
| 6365000 | 0.000 <sup>(e)</sup> | 12/01/2050 | 1545811 |
| 6760000 | 0.000 <sup>(e)</sup> | 12/01/2051 | 1545413 |
| 6925000 | 0.000 <sup>(e)</sup> | 12/01/2052 | 1486509 |
| 7155000 | 0.000 <sup>(e)</sup> | 12/01/2053 | 1451573 |
| 7300000 | 0.000 <sup>(e)</sup> | 12/01/2054 | 1399632 |
| Highland Park Independent School District UT School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | Highland Park Independent School District UT School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | Highland Park Independent School District UT School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | Highland Park Independent School District UT School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) |
| 7500000 | 4.000 | 02/15/2048 | 6969603 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 A (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (NR/NR) |
| $875000 | 5.000% | 07/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890720 |
| Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (NR/NR) |
| 950000 | 5.000 | 07/15/2027 | 967355 |
| Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (NR/NR) |
| 8580000 | 5.000 | 07/15/2027 | 8736522 |
| Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (Ba3/BB) | Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (Ba3/BB) | Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (Ba3/BB) | Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (Ba3/BB) |
| 10000000 | 6.625 | 07/15/2038 | 10099218 |
| Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (Ba3/BB) | Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (Ba3/BB) | Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (Ba3/BB) | Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (Ba3/BB) |
| 9250000 | 5.000 | 07/01/2029 | 9253861 |
| Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (NR/BB) | Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (NR/BB) | Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (NR/BB) | Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (NR/BB) |
| 15100000 | 5.000 | 07/15/2035 | 15101110 |
| 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-) |
| 1585000 | 4.000 | 10/01/2051 | 1306018 |
| 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 | 1852933 |
| Joshua Farms Municipal Management District No. 1 Special Assessment RB for Improvement Areas #1-2 Project Series 2023 (NR/NR) | Joshua Farms Municipal Management District No. 1 Special Assessment RB for Improvement Areas #1-2 Project Series 2023 (NR/NR) | Joshua Farms Municipal Management District No. 1 Special Assessment RB for Improvement Areas #1-2 Project Series 2023 (NR/NR) | Joshua Farms Municipal Management District No. 1 Special Assessment RB for Improvement Areas #1-2 Project Series 2023 (NR/NR) |
| 3084000 | 5.500 <sup>(d)</sup> | 09/01/2053 | 3033726 |
| Judson Independent School District UT School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Judson Independent School District UT School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Judson Independent School District UT School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Judson Independent School District UT School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) |
| 5240000 | 4.000 | 02/01/2053 | 4815426 |
| Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR) | Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR) | Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR) | Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR) |
| 625000 | 5.000 <sup>(d)</sup> | 09/01/2028 | 632480 |
| 1170000 | 5.375 <sup>(d)</sup> | 09/01/2038 | 1186938 |
| 1930000 | 5.125 <sup>(d)</sup> | 09/01/2047 | 1934737 |
| 1500000 | 5.500 <sup>(d)</sup> | 09/01/2047 | 1504803 |
| Karis Municipal Management District of Tarrant County Assessment RB for Improvement Area #1 Series 2024 (NR/NR) | Karis Municipal Management District of Tarrant County Assessment RB for Improvement Area #1 Series 2024 (NR/NR) | Karis Municipal Management District of Tarrant County Assessment RB for Improvement Area #1 Series 2024 (NR/NR) | Karis Municipal Management District of Tarrant County Assessment RB for Improvement Area #1 Series 2024 (NR/NR) |
| 686000 | 5.000 | 12/01/2044 | 656564 |
| 763000 | 5.250 | 12/01/2053 | 726769 |
| 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 | 139008 |
| 165000 | 2.375 | 09/01/2032 | 135369 |
| 175000 | 2.375 | 09/01/2033 | 139735 |
| 175000 | 2.500 | 09/01/2034 | 137865 |
| 365000 | 2.500 | 09/01/2036 | 273485 |
| 385000 | 2.625 | 09/01/2038 | 278380 |
| 370000 | 3.000 | 09/01/2041 | 263662 |
| 520000 | 3.000 | 09/01/2046 | 342631 |
| 1265000 | 3.000 | 09/01/2051 | 778773 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **169** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Kaufman County Fresh Water Supply District No. 1-D Unlimited Tax Road Bonds Series 2024 (AGC) (Baa3/AA) | Kaufman County Fresh Water Supply District No. 1-D Unlimited Tax Road Bonds Series 2024 (AGC) (Baa3/AA) | Kaufman County Fresh Water Supply District No. 1-D Unlimited Tax Road Bonds Series 2024 (AGC) (Baa3/AA) | Kaufman County Fresh Water Supply District No. 1-D Unlimited Tax Road Bonds Series 2024 (AGC) (Baa3/AA) |
| $2040000 | 4.500% | 09/01/2054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971257 |
| 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 | 330458 |
| 590000 | 3.000 | 09/01/2044 | 421063 |
| 650000 | 3.000 | 09/01/2047 | 444467 |
| Lamar Consolidated Independent School District (Fort Bend County, Texas) Unlimited Tax Schoolhouse Bonds, Series 2023 (AGM) (Aa3/AA) | Lamar Consolidated Independent School District (Fort Bend County, Texas) Unlimited Tax Schoolhouse Bonds, Series 2023 (AGM) (Aa3/AA) | Lamar Consolidated Independent School District (Fort Bend County, Texas) Unlimited Tax Schoolhouse Bonds, Series 2023 (AGM) (Aa3/AA) | Lamar Consolidated Independent School District (Fort Bend County, Texas) Unlimited Tax Schoolhouse Bonds, Series 2023 (AGM) (Aa3/AA) |
| 2500000 | 5.500 | 02/15/2058 | 2672979 |
| Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) |
| 3065000 | 4.250 | 05/01/2030 | 3139329 |
| Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (NR/BB-) | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (NR/BB-) | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (NR/BB-) | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (NR/BB-) |
| 23375000 | 4.625 <sup>(d)</sup> | 10/01/2031 | 23285172 |
| 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 | 669042 |
| 1325000 | 5.250 | 02/15/2045 | 1204618 |
| 780000 | 4.000 | 02/15/2051 | 566108 |
| Montgomery County Texas A Political Subdivision of the State of Texas Special Assessment RB Series 2025 (NR/NR) | Montgomery County Texas A Political Subdivision of the State of Texas Special Assessment RB Series 2025 (NR/NR) | Montgomery County Texas A Political Subdivision of the State of Texas Special Assessment RB Series 2025 (NR/NR) | Montgomery County Texas A Political Subdivision of the State of Texas Special Assessment RB Series 2025 (NR/NR) |
| 1025000 | 5.250 | 09/15/2045 | 1006376 |
| 1625000 | 5.500 | 09/15/2054 | 1577243 |
| Montgomery County, Texas Special Assessment Revenue Bonds, Series 2025 (Meadow Park Public Improvement District Improvement Area #1 Project) (Tx) (NR/BBB+) | Montgomery County, Texas Special Assessment Revenue Bonds, Series 2025 (Meadow Park Public Improvement District Improvement Area #1 Project) (Tx) (NR/BBB+) | Montgomery County, Texas Special Assessment Revenue Bonds, Series 2025 (Meadow Park Public Improvement District Improvement Area #1 Project) (Tx) (NR/BBB+) | Montgomery County, Texas Special Assessment Revenue Bonds, Series 2025 (Meadow Park Public Improvement District Improvement Area #1 Project) (Tx) (NR/BBB+) |
| 2000000 | 5.000 | 09/15/2043 | 2002201 |
| 2200000 | 5.000 | 09/15/2048 | 2202265 |
| Montgomery CountyTexas Special Assessment RB Series 2025 (NR/NR) | Montgomery CountyTexas Special Assessment RB Series 2025 (NR/NR) | Montgomery CountyTexas Special Assessment RB Series 2025 (NR/NR) | Montgomery CountyTexas Special Assessment RB Series 2025 (NR/NR) |
| 710000 | 5.375 | 09/15/2054 | 691352 |
| New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (Ba2/BB+) | New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (Ba2/BB+) | New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (Ba2/BB+) | New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (Ba2/BB+) |
| 2850000 | 4.000 <sup>(d)</sup> | 08/15/2046 | 2396044 |
| 11105000 | 4.000 <sup>(d)</sup> | 08/15/2056 | 8689659 |
| 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 | 2338496 |
| 3055000 | 6.000 | 07/15/2057 | 3105623 |
| 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) |
| 66400000 | 5.500 | 01/01/2057 | 63879781 |
| 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) |
| 6850000 | 7.000 | 01/01/2057 | 4161375 |
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-) |
| 1130000 | 5.000 <sup>(d)</sup> | 08/15/2039 | 1108538 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (NR/NR) |
| $375000 | 4.000% | 04/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379093 |
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB Series 2020A (B3/NR) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB Series 2020A (B3/NR) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB Series 2020A (B3/NR) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB Series 2020A (B3/NR) |
| 3825000 | 5.000 | 07/01/2040 | 2990684 |
| New Hope Cultural Education Facilities Finance Corp. Texas Senior Living RB Series 2021A-1 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Texas Senior Living RB Series 2021A-1 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Texas Senior Living RB Series 2021A-1 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Texas Senior Living RB Series 2021A-1 (NR/NR) |
| 2765000 | 5.250 | 01/01/2042 | 2745640 |
| New Hope Cultural Education Facilities Finance Corporation Retirement Facility RB Bella Vida Forefront Living Project Series 2025B-3 (NR/NR) | New Hope Cultural Education Facilities Finance Corporation Retirement Facility RB Bella Vida Forefront Living Project Series 2025B-3 (NR/NR) | New Hope Cultural Education Facilities Finance Corporation Retirement Facility RB Bella Vida Forefront Living Project Series 2025B-3 (NR/NR) | New Hope Cultural Education Facilities Finance Corporation Retirement Facility RB Bella Vida Forefront Living Project Series 2025B-3 (NR/NR) |
| 1100000 | 4.250 | 10/01/2030 | 1097366 |
| North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR) | North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR) | North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR) | North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR) |
| 1395000 | 4.000 <sup>(d)</sup> | 09/15/2041 | 1200681 |
| North Texas tollway Authority RB for Second Tier Series 2021 B (A1/A+) | North Texas tollway Authority RB for Second Tier Series 2021 B (A1/A+) | North Texas tollway Authority RB for Second Tier Series 2021 B (A1/A+) | North Texas tollway Authority RB for Second Tier Series 2021 B (A1/A+) |
| 11955000 | 3.000 | 01/01/2046 | 8941518 |
| Northside Independent School District UT School Building and Refunding Bonds Series 2023A (PSF-GTD) (Aaa/NR) | Northside Independent School District UT School Building and Refunding Bonds Series 2023A (PSF-GTD) (Aaa/NR) | Northside Independent School District UT School Building and Refunding Bonds Series 2023A (PSF-GTD) (Aaa/NR) | Northside Independent School District UT School Building and Refunding Bonds Series 2023A (PSF-GTD) (Aaa/NR) |
| 2320000 | 4.000 | 08/15/2048 | 2176387 |
| 5310000 | 4.125 | 08/15/2053 | 5025649 |
| Northside Independent School District, Bexar County UT School Building and Refunding Bonds, Series 2023A (PSF-GTD) (Aaa/NR) | Northside Independent School District, Bexar County UT School Building and Refunding Bonds, Series 2023A (PSF-GTD) (Aaa/NR) | Northside Independent School District, Bexar County UT School Building and Refunding Bonds, Series 2023A (PSF-GTD) (Aaa/NR) | Northside Independent School District, Bexar County UT School Building and Refunding Bonds, Series 2023A (PSF-GTD) (Aaa/NR) |
| 2070000 | 4.000 | 08/15/2045 | 1960537 |
| Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR) | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR) | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR) | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR) |
| 1650000 | 2.750 <sup>(d)</sup> | 01/01/2036 | 1362577 |
| 3675000 | 2.875 <sup>(d)</sup> | 01/01/2041 | 2834857 |
| 11125000 | 3.000 <sup>(d)</sup> | 01/01/2050 | 7609144 |
| Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR) | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR) | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR) | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR) |
| 29500000 | 4.100 <sup>(d)</sup> | 01/01/2028 | 26765521 |
| Port of Beaumont Navigation District of Jefferson County Texas Dock and Wharf Facility RB Series 2024A (NR/NR) | Port of Beaumont Navigation District of Jefferson County Texas Dock and Wharf Facility RB Series 2024A (NR/NR) | Port of Beaumont Navigation District of Jefferson County Texas Dock and Wharf Facility RB Series 2024A (NR/NR) | Port of Beaumont Navigation District of Jefferson County Texas Dock and Wharf Facility RB Series 2024A (NR/NR) |
| 2400000 | 5.000 <sup>(d)</sup> | 01/01/2039 | 2417621 |
| 1700000 | 5.125 <sup>(d)</sup> | 01/01/2044 | 1709636 |
| 2650000 | 5.250 <sup>(d)</sup> | 01/01/2054 | 2670855 |
| Port of Beaumont Navigation District of Jefferson County Texas Facility RB Series 2024B (NR/NR) | Port of Beaumont Navigation District of Jefferson County Texas Facility RB Series 2024B (NR/NR) | Port of Beaumont Navigation District of Jefferson County Texas Facility RB Series 2024B (NR/NR) | Port of Beaumont Navigation District of Jefferson County Texas Facility RB Series 2024B (NR/NR) |
| 10475000 | 10.000 <sup>(d)</sup> | 07/01/2026 | 10760088 |
| 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) |
| 316000 | 5.750 | 09/15/2036 | 317776 |
| 928000 | 6.000 | 09/15/2046 | 928323 |
| Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR) | Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR) | Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR) | Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR) |
| 1166000 | 6.000 <sup>(d)</sup> | 09/15/2052 | 1179728 |
| Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR) | Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR) | Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR) | Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR) |
| 825000 | 4.125 <sup>(d)</sup> | 09/15/2039 | 748310 |
| 3275000 | 4.375 <sup>(d)</sup> | 09/15/2049 | 2848053 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 170 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| South Manvel Development Authority (A Public Not-For-Profit Local Government Corporation Acting On The Behalf of The City of Manvel, Texas) Tax Increment Contract RB, Series 2023 (NR/NR) | South Manvel Development Authority (A Public Not-For-Profit Local Government Corporation Acting On The Behalf of The City of Manvel, Texas) Tax Increment Contract RB, Series 2023 (NR/NR) | South Manvel Development Authority (A Public Not-For-Profit Local Government Corporation Acting On The Behalf of The City of Manvel, Texas) Tax Increment Contract RB, Series 2023 (NR/NR) | South Manvel Development Authority (A Public Not-For-Profit Local Government Corporation Acting On The Behalf of The City of Manvel, Texas) Tax Increment Contract RB, Series 2023 (NR/NR) |
| $1375000 | 5.000% | 04/01/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309158 |
| 2300000 | 5.250 | 04/01/2050 | 2213979 |
| Spring Independent School District UT School Building Bonds Series 2023 (Aa2/AA-) | Spring Independent School District UT School Building Bonds Series 2023 (Aa2/AA-) | Spring Independent School District UT School Building Bonds Series 2023 (Aa2/AA-) | Spring Independent School District UT School Building Bonds Series 2023 (Aa2/AA-) |
| 5275000 | 4.000 | 08/15/2052 | 4828352 |
| 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) |
| 9850000 | 5.000 | 05/15/2045 | 9207661 |
| Tarrant County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds Trinity Terrace Project Series 2024 (NR/NR) | Tarrant County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds Trinity Terrace Project Series 2024 (NR/NR) | Tarrant County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds Trinity Terrace Project Series 2024 (NR/NR) | Tarrant County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds Trinity Terrace Project Series 2024 (NR/NR) |
| 1650000 | 5.000 | 10/01/2049 | 1699649 |
| Tarrant County Hospital District LT Bonds Series 2023 (Aa1/NR) | Tarrant County Hospital District LT Bonds Series 2023 (Aa1/NR) | Tarrant County Hospital District LT Bonds Series 2023 (Aa1/NR) | Tarrant County Hospital District LT Bonds Series 2023 (Aa1/NR) |
| 2445000 | 4.250 | 08/15/2053 | 2246044 |
| Texas Municipal Gas Acquisition and Supply Corporation Iii Gas Supply RR Bonds, Series 2021 (A1/BBB+) | Texas Municipal Gas Acquisition and Supply Corporation Iii Gas Supply RR Bonds, Series 2021 (A1/BBB+) | Texas Municipal Gas Acquisition and Supply Corporation Iii Gas Supply RR Bonds, Series 2021 (A1/BBB+) | Texas Municipal Gas Acquisition and Supply Corporation Iii Gas Supply RR Bonds, Series 2021 (A1/BBB+) |
| 8295000 | 5.000 | 12/15/2031 | 8690777 |
| Texas Private Activity Bond Surface Transportation Corporation Senior Lien RB for NTE Mobility Partners LLC North Tarrant Express Project, Series 2023 (Baa1/NR) | Texas Private Activity Bond Surface Transportation Corporation Senior Lien RB for NTE Mobility Partners LLC North Tarrant Express Project, Series 2023 (Baa1/NR) | Texas Private Activity Bond Surface Transportation Corporation Senior Lien RB for NTE Mobility Partners LLC North Tarrant Express Project, Series 2023 (Baa1/NR) | Texas Private Activity Bond Surface Transportation Corporation Senior Lien RB for NTE Mobility Partners LLC North Tarrant Express Project, Series 2023 (Baa1/NR) |
| 25800000 | 5.500 | 12/31/2058 | 27085137 |
| Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (Baa1/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (Baa1/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (Baa1/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (Baa1/NR) |
| 48255000 | 5.000 | 06/30/2058 | 47825120 |
| Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR) | Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR) | Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR) | Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR) |
| 1475000 | 4.000 <sup>(d)</sup> | 09/01/2043 | 1253504 |
| Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR) | Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR) | Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR) | Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR) |
| 2225000 | 5.375 <sup>(d)</sup> | 09/15/2052 | 2163469 |
| Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR) | Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR) | Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR) | Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR) |
| 429000 | 3.750 <sup>(d)</sup> | 09/01/2042 | 344580 |
| 410000 | 4.000 <sup>(d)</sup> | 09/01/2051 | 323112 |
| Town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR) | Town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR) | Town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR) | Town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR) |
| 2000000 | 6.875 <sup>(d)</sup> | 09/01/2052 | 2075295 |
| Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases #2-3 Project Series 2018 (NR/NR) | Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases #2-3 Project Series 2018 (NR/NR) | Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases #2-3 Project Series 2018 (NR/NR) | Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases #2-3 Project Series 2018 (NR/NR) |
| 1343000 | 5.875 <sup>(d)</sup> | 09/01/2047 | 1367006 |
| Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR) | Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR) | Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR) | Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR) |
| 1400000 | 5.000 <sup>(d)</sup> | 09/01/2047 | 1355123 |
| Town of Providence Village Texas A Municipal Corporation of The State of Texas Located In Denton County Special Assessment RB Series 2024 (NR/NR) | Town of Providence Village Texas A Municipal Corporation of The State of Texas Located In Denton County Special Assessment RB Series 2024 (NR/NR) | Town of Providence Village Texas A Municipal Corporation of The State of Texas Located In Denton County Special Assessment RB Series 2024 (NR/NR) | Town of Providence Village Texas A Municipal Corporation of The State of Texas Located In Denton County Special Assessment RB Series 2024 (NR/NR) |
| 500000 | 5.250 <sup>(d)</sup> | 09/01/2054 | 479984 |
| Town of Providence Village Texas Special Assessment RB Series 2025 (NR/NR) | Town of Providence Village Texas Special Assessment RB Series 2025 (NR/NR) | Town of Providence Village Texas Special Assessment RB Series 2025 (NR/NR) | Town of Providence Village Texas Special Assessment RB Series 2025 (NR/NR) |
| 700000 | 5.350 <sup>(d)</sup> | 09/01/2045 | 688389 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Providence Village Texas Special Assessment RB Series 2025 (NR/NR) – (continued) | Town of Providence Village Texas Special Assessment RB Series 2025 (NR/NR) – (continued) | Town of Providence Village Texas Special Assessment RB Series 2025 (NR/NR) – (continued) | Town of Providence Village Texas Special Assessment RB Series 2025 (NR/NR) – (continued) |
| 1250000 | 5.500 %<sup>(d)</sup> | 09/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218923 |
| Travis County Development Authority Contract Assessment RB for Longview 71 Public Improvement District Improvement Area # 1 Project Series 2024 (NR/NR) | Travis County Development Authority Contract Assessment RB for Longview 71 Public Improvement District Improvement Area # 1 Project Series 2024 (NR/NR) | Travis County Development Authority Contract Assessment RB for Longview 71 Public Improvement District Improvement Area # 1 Project Series 2024 (NR/NR) | Travis County Development Authority Contract Assessment RB for Longview 71 Public Improvement District Improvement Area # 1 Project Series 2024 (NR/NR) |
| 743000 | 5.125 <sup>(d)</sup> | 09/01/2054 | 699832 |
| Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR) | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR) | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR) | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR) |
| 1145000 | 5.500 <sup>(d)</sup> | 09/01/2052 | 1146176 |
| 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 | 1355668 |
| 860000 | 3.000 | 09/01/2037 | 698268 |
| 625000 | 3.000 | 09/01/2039 | 480102 |
| 600000 | 3.000 | 09/01/2040 | 451875 |
| Village of Salado Texas A Municipal Corp. of The State of Texas Located In Bell County Special Assessment RB Series 2024 (NR/NR) | Village of Salado Texas A Municipal Corp. of The State of Texas Located In Bell County Special Assessment RB Series 2024 (NR/NR) | Village of Salado Texas A Municipal Corp. of The State of Texas Located In Bell County Special Assessment RB Series 2024 (NR/NR) | Village of Salado Texas A Municipal Corp. of The State of Texas Located In Bell County Special Assessment RB Series 2024 (NR/NR) |
| 720000 | 6.250 <sup>(d)</sup> | 09/01/2044 | 716434 |
| 610000 | 6.500 <sup>(d)</sup> | 09/01/2054 | 603909 |
| 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 | 322299 |
| 457000 | 3.375 | 12/01/2040 | 363234 |
| 786000 | 3.500 | 12/01/2047 | 582933 |
| 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) |
| 265000 | 4.000 | 12/01/2027 | 263784 |
| 1545000 | 4.750 | 12/01/2035 | 1544954 |
| Westpointe Special Improvement District Limited Ad Valorem Tax Bonds Series 2023A (BAM) (Baa2/AA) | Westpointe Special Improvement District Limited Ad Valorem Tax Bonds Series 2023A (BAM) (Baa2/AA) | Westpointe Special Improvement District Limited Ad Valorem Tax Bonds Series 2023A (BAM) (Baa2/AA) | Westpointe Special Improvement District Limited Ad Valorem Tax Bonds Series 2023A (BAM) (Baa2/AA) |
| 2700000 | 4.750 | 08/15/2049 | 2714514 |
| Westpointe Special Improvement District Limited Ad Valorem Tax Bonds, Series 2023A (BAM) (Baa2/AA) | Westpointe Special Improvement District Limited Ad Valorem Tax Bonds, Series 2023A (BAM) (Baa2/AA) | Westpointe Special Improvement District Limited Ad Valorem Tax Bonds, Series 2023A (BAM) (Baa2/AA) | Westpointe Special Improvement District Limited Ad Valorem Tax Bonds, Series 2023A (BAM) (Baa2/AA) |
| 1175000 | 4.500 | 08/15/2041 | 1176710 |
| 1345000 | 4.625 | 08/15/2044 | 1347398 |
|  |  |  | 1053987363 |
| Utah - 1.0% | Utah - 1.0% | Utah - 1.0% | Utah - 1.0% |
| Arrowhead Springs Public Infrastructure District Special Assessment Bonds Series 2025 (NR/NR) | Arrowhead Springs Public Infrastructure District Special Assessment Bonds Series 2025 (NR/NR) | Arrowhead Springs Public Infrastructure District Special Assessment Bonds Series 2025 (NR/NR) | Arrowhead Springs Public Infrastructure District Special Assessment Bonds Series 2025 (NR/NR) |
| 2925000 | 5.625 <sup>(d)</sup> | 12/01/2054 | 2925955 |
| Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR) | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR) | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR) | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR) |
| 2010000 | 3.750 <sup>(d)</sup> | 03/01/2041 | 1721276 |
| Black Desert Public Infrastructure District GO Bonds Series 2021 B (NR/NR) | Black Desert Public Infrastructure District GO Bonds Series 2021 B (NR/NR) | Black Desert Public Infrastructure District GO Bonds Series 2021 B (NR/NR) | Black Desert Public Infrastructure District GO Bonds Series 2021 B (NR/NR) |
| 5000000 | 7.375 <sup>(d)</sup> | 09/15/2051 | 4324509 |
| Black Desert Public Infrastructure District In Ivins City Washington County Utah Special Assessment Bonds Series 2024 (NR/NR) | Black Desert Public Infrastructure District In Ivins City Washington County Utah Special Assessment Bonds Series 2024 (NR/NR) | Black Desert Public Infrastructure District In Ivins City Washington County Utah Special Assessment Bonds Series 2024 (NR/NR) | Black Desert Public Infrastructure District In Ivins City Washington County Utah Special Assessment Bonds Series 2024 (NR/NR) |
| 7000000 | 5.625 <sup>(d)</sup> | 12/01/2053 | 7014382 |
| Coral Junction Public Infrastructure District Special Assessment Bonds Series 2022A-2 (NR/NR) | Coral Junction Public Infrastructure District Special Assessment Bonds Series 2022A-2 (NR/NR) | Coral Junction Public Infrastructure District Special Assessment Bonds Series 2022A-2 (NR/NR) | Coral Junction Public Infrastructure District Special Assessment Bonds Series 2022A-2 (NR/NR) |
| 2274000 | 5.500 <sup>(d)</sup> | 06/01/2041 | 2175337 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **171** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Firefly Public Infrastructure Disrict No. 1 Limited Tax GO Bonds Series 2024A-1 (NR/NR) | Firefly Public Infrastructure Disrict No. 1 Limited Tax GO Bonds Series 2024A-1 (NR/NR) | Firefly Public Infrastructure Disrict No. 1 Limited Tax GO Bonds Series 2024A-1 (NR/NR) | Firefly Public Infrastructure Disrict No. 1 Limited Tax GO Bonds Series 2024A-1 (NR/NR) |
| $1870000 | 6.625 %<sup>(d)</sup> | 03/01/2054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899252 |
| Firefly Public Infrastructure Disrict No. 1 Special Assessment Bonds Series 2024A-2 (NR/NR) | Firefly Public Infrastructure Disrict No. 1 Special Assessment Bonds Series 2024A-2 (NR/NR) | Firefly Public Infrastructure Disrict No. 1 Special Assessment Bonds Series 2024A-2 (NR/NR) | Firefly Public Infrastructure Disrict No. 1 Special Assessment Bonds Series 2024A-2 (NR/NR) |
| 6360000 | 5.625 <sup>(d)</sup> | 12/01/2043 | 6379736 |
| Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR) | Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR) | Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR) | Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR) |
| 10250000 | 5.500 <sup>(d)</sup> | 02/01/2050 | 8345816 |
| Medical School Campus Public Infrastructure District GO Bonds Series 2020 B (NR/NR) | Medical School Campus Public Infrastructure District GO Bonds Series 2020 B (NR/NR) | Medical School Campus Public Infrastructure District GO Bonds Series 2020 B (NR/NR) | Medical School Campus Public Infrastructure District GO Bonds Series 2020 B (NR/NR) |
| 1954000 | 7.875 <sup>(d)</sup> | 08/15/2050 | 1587864 |
| Mida Mountain Veterans Program Public Infrastructure District Tax Allocation RB Series 2024 (NR/NR) | Mida Mountain Veterans Program Public Infrastructure District Tax Allocation RB Series 2024 (NR/NR) | Mida Mountain Veterans Program Public Infrastructure District Tax Allocation RB Series 2024 (NR/NR) | Mida Mountain Veterans Program Public Infrastructure District Tax Allocation RB Series 2024 (NR/NR) |
| 1000000 | 5.000 <sup>(d)</sup> | 06/01/2044 | 975848 |
| 2000000 | 5.200 <sup>(d)</sup> | 06/01/2054 | 1963260 |
| Mida Mountain Village Public Infrastructure District Subordinate Tax Allocation RB Series 2024-1 (NR/NR) | Mida Mountain Village Public Infrastructure District Subordinate Tax Allocation RB Series 2024-1 (NR/NR) | Mida Mountain Village Public Infrastructure District Subordinate Tax Allocation RB Series 2024-1 (NR/NR) | Mida Mountain Village Public Infrastructure District Subordinate Tax Allocation RB Series 2024-1 (NR/NR) |
| 3500000 | 5.125 <sup>(d)</sup> | 06/15/2054 | 3322344 |
| Mida Mountain Village Public Infrastructure District Subordinate Tax Allocation RB Series 2024-2 (NR/NR) | Mida Mountain Village Public Infrastructure District Subordinate Tax Allocation RB Series 2024-2 (NR/NR) | Mida Mountain Village Public Infrastructure District Subordinate Tax Allocation RB Series 2024-2 (NR/NR) | Mida Mountain Village Public Infrastructure District Subordinate Tax Allocation RB Series 2024-2 (NR/NR) |
| 5250000 | 6.000 <sup>(d)</sup> | 06/15/2054 | 5417031 |
| 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 | 1403604 |
| 4050000 | 4.000 | 06/01/2041 | 3641907 |
| 18925000 | 4.000 | 06/01/2052 | 16106339 |
| Olympia Public Infrastructure District No. 1 Limited Tax GO Bonds Series 2024A-1 (NR/NR) | Olympia Public Infrastructure District No. 1 Limited Tax GO Bonds Series 2024A-1 (NR/NR) | Olympia Public Infrastructure District No. 1 Limited Tax GO Bonds Series 2024A-1 (NR/NR) | Olympia Public Infrastructure District No. 1 Limited Tax GO Bonds Series 2024A-1 (NR/NR) |
| 985000 | 6.375 <sup>(d)</sup> | 03/01/2055 | 996641 |
| Olympia Public Infrastructure District No. 1 Special RB Series 2024A-2 (NR/NR) | Olympia Public Infrastructure District No. 1 Special RB Series 2024A-2 (NR/NR) | Olympia Public Infrastructure District No. 1 Special RB Series 2024A-2 (NR/NR) | Olympia Public Infrastructure District No. 1 Special RB Series 2024A-2 (NR/NR) |
| 3056000 | 5.125 <sup>(d)</sup> | 12/01/2029 | 3083784 |
| Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR) | Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR) | Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR) | Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR) |
| 1180000 | 3.625 <sup>(d)</sup> | 02/01/2035 | 953248 |
| 500000 | 4.125 <sup>(d)</sup> | 02/01/2041 | 396358 |
| 500000 | 4.375 <sup>(d)</sup> | 02/01/2051 | 361764 |
| Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 B (NR/NR) | Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 B (NR/NR) | Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 B (NR/NR) | Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 B (NR/NR) |
| 600000 | 7.375 <sup>(d)</sup> | 08/15/2051 | 491448 |
| ROAM Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR) | ROAM Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR) | ROAM Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR) | ROAM Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR) |
| 1625000 | 4.250 <sup>(d)</sup> | 03/01/2051 | 1169817 |
| Salt Lake City Airport RB (AMT) for Salt Lake City International Airport Series 2017A (A2/A+) | Salt Lake City Airport RB (AMT) for Salt Lake City International Airport Series 2017A (A2/A+) | Salt Lake City Airport RB (AMT) for Salt Lake City International Airport Series 2017A (A2/A+) | Salt Lake City Airport RB (AMT) for Salt Lake City International Airport Series 2017A (A2/A+) |
| 290000 | 5.000 | 07/01/2047 | 290286 |
| Salt Lake City Airport RB (AMT) for Salt Lake City International Airport Series 2021A (A2/A+) | Salt Lake City Airport RB (AMT) for Salt Lake City International Airport Series 2021A (A2/A+) | Salt Lake City Airport RB (AMT) for Salt Lake City International Airport Series 2021A (A2/A+) | Salt Lake City Airport RB (AMT) for Salt Lake City International Airport Series 2021A (A2/A+) |
| 3925000 | 5.000 | 07/01/2051 | 3936967 |
| Salt Lake City Apartment RB Series 2021 A (AGM-CR) (A1/AA) | Salt Lake City Apartment RB Series 2021 A (AGM-CR) (A1/AA) | Salt Lake City Apartment RB Series 2021 A (AGM-CR) (A1/AA) | Salt Lake City Apartment RB Series 2021 A (AGM-CR) (A1/AA) |
| 10000000 | 4.000 | 07/01/2051 | 8824468 |
| 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+) |
| 1915000 | 5.000 | 07/01/2046 | 1938903 |
| Salt Lake City International Airport RB Series 2023A (A2/A+) | Salt Lake City International Airport RB Series 2023A (A2/A+) | Salt Lake City International Airport RB Series 2023A (A2/A+) | Salt Lake City International Airport RB Series 2023A (A2/A+) |
| 2800000 | 5.250 | 07/01/2048 | 2892782 |
| Soleil Hills Public Infrastructure District No. 1 Limited Tax GO and Special RB Series 2025A (NR/NR) | Soleil Hills Public Infrastructure District No. 1 Limited Tax GO and Special RB Series 2025A (NR/NR) | Soleil Hills Public Infrastructure District No. 1 Limited Tax GO and Special RB Series 2025A (NR/NR) | Soleil Hills Public Infrastructure District No. 1 Limited Tax GO and Special RB Series 2025A (NR/NR) |
| 3000000 | 5.875 <sup>(d)</sup> | 03/01/2055 | 2955650 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Soleil Hills Public Infrastructure District No. 1 Subordinate Limited Tax GO and Special RB Series 2025B (NR/NR) | Soleil Hills Public Infrastructure District No. 1 Subordinate Limited Tax GO and Special RB Series 2025B (NR/NR) | Soleil Hills Public Infrastructure District No. 1 Subordinate Limited Tax GO and Special RB Series 2025B (NR/NR) | Soleil Hills Public Infrastructure District No. 1 Subordinate Limited Tax GO and Special RB Series 2025B (NR/NR) |
| 1935000 | 8.000 %<sup>(d)</sup> | 03/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895841 |
| Utah Charter School Finance Authority Charter School RB for Beehive Science & Technology Academy Project Series 2021A (NR/NR) | Utah Charter School Finance Authority Charter School RB for Beehive Science & Technology Academy Project Series 2021A (NR/NR) | Utah Charter School Finance Authority Charter School RB for Beehive Science & Technology Academy Project Series 2021A (NR/NR) | Utah Charter School Finance Authority Charter School RB for Beehive Science & Technology Academy Project Series 2021A (NR/NR) |
| 1800000 | 4.000 <sup>(d)</sup> | 10/15/2051 | 1281904 |
| 4240000 | 4.000 <sup>(d)</sup> | 10/15/2056 | 2908597 |
| Utah Charter School Finance Authority Charter School RB Series 2022A (NR/BB+) | Utah Charter School Finance Authority Charter School RB Series 2022A (NR/BB+) | Utah Charter School Finance Authority Charter School RB Series 2022A (NR/BB+) | Utah Charter School Finance Authority Charter School RB Series 2022A (NR/BB+) |
| 6365000 | 5.750 <sup>(d)</sup> | 06/15/2052 | 6375025 |
| Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB) | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB) | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB) | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB) |
| 3630000 | 4.250 <sup>(d)</sup> | 07/15/2050 | 2908707 |
| Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR) | Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR) | Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR) | Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR) |
| 1220000 | 4.250 <sup>(d)</sup> | 06/15/2051 | 953721 |
| Utah Charter School Finance Authority RB for Technology Academy Project Series 2021A (NR/NR) | Utah Charter School Finance Authority RB for Technology Academy Project Series 2021A (NR/NR) | Utah Charter School Finance Authority RB for Technology Academy Project Series 2021A (NR/NR) | Utah Charter School Finance Authority RB for Technology Academy Project Series 2021A (NR/NR) |
| 6600000 | 4.000 <sup>(d)</sup> | 10/15/2061 | 4402668 |
|  |  |  | 118223039 |
| Vermont - 0.1% | Vermont - 0.1% | Vermont - 0.1% | Vermont - 0.1% |
| 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 | 976806 |
| Vermont Economic Development Authority Solid Waste Disposal RB Casella Waste Systems, Inc. Project Series 2022A-2 (B1/B+) | Vermont Economic Development Authority Solid Waste Disposal RB Casella Waste Systems, Inc. Project Series 2022A-2 (B1/B+) | Vermont Economic Development Authority Solid Waste Disposal RB Casella Waste Systems, Inc. Project Series 2022A-2 (B1/B+) | Vermont Economic Development Authority Solid Waste Disposal RB Casella Waste Systems, Inc. Project Series 2022A-2 (B1/B+) |
| 2050000 | 4.375 <sup>(a)(b)(d)</sup> | 06/01/2052 | 2054832 |
| Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B1/B+) | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B1/B+) | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B1/B+) | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B1/B+) |
| 2250000 | 5.000 <sup>(a)(b)(d)</sup> | 06/01/2052 | 2288881 |
| Vermont Educational and Health Buildings Financing Agency RB for Saint Michael's College Project Series 2023 (NR/BBB-) | Vermont Educational and Health Buildings Financing Agency RB for Saint Michael's College Project Series 2023 (NR/BBB-) | Vermont Educational and Health Buildings Financing Agency RB for Saint Michael's College Project Series 2023 (NR/BBB-) | Vermont Educational and Health Buildings Financing Agency RB for Saint Michael's College Project Series 2023 (NR/BBB-) |
| 9575000 | 5.250 <sup>(d)</sup> | 10/01/2052 | 7836989 |
| Vermont Educational and Health Buildings Financing Agency RB Saint Michael's College Project, Series 2023 (NR/BBB-) | Vermont Educational and Health Buildings Financing Agency RB Saint Michael's College Project, Series 2023 (NR/BBB-) | Vermont Educational and Health Buildings Financing Agency RB Saint Michael's College Project, Series 2023 (NR/BBB-) | Vermont Educational and Health Buildings Financing Agency RB Saint Michael's College Project, Series 2023 (NR/BBB-) |
| 3075000 | 5.500 <sup>(d)</sup> | 10/01/2043 | 2756567 |
|  |  |  | 15914075 |
| Virgin Islands - 0.2% | Virgin Islands - 0.2% | Virgin Islands - 0.2% | Virgin Islands - 0.2% |
| Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) |
| 8045000 | 5.000 | 10/01/2039 | 8183924 |
| Virgin Islands Public Finance Authority Hotel Occupancy Tax RB for Frenchman's Reef Hotel Development Project Series 2024A (NR/NR) | Virgin Islands Public Finance Authority Hotel Occupancy Tax RB for Frenchman's Reef Hotel Development Project Series 2024A (NR/NR) | Virgin Islands Public Finance Authority Hotel Occupancy Tax RB for Frenchman's Reef Hotel Development Project Series 2024A (NR/NR) | Virgin Islands Public Finance Authority Hotel Occupancy Tax RB for Frenchman's Reef Hotel Development Project Series 2024A (NR/NR) |
| 3150000 | 6.000 <sup>(d)</sup> | 04/01/2053 | 3230815 |
| Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR) | Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR) | Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR) | Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR) |
| 9850000 | 5.000 <sup>(d)</sup> | 10/01/2039 | 9358606 |
|  |  |  | 20773345 |
| 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 | 3509803 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 172 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| City of Roanoke Economic Development Authority Hospital RB for Carilion Clinic Obligated Group Series 2020A (Aa3/AA-) | City of Roanoke Economic Development Authority Hospital RB for Carilion Clinic Obligated Group Series 2020A (Aa3/AA-) | City of Roanoke Economic Development Authority Hospital RB for Carilion Clinic Obligated Group Series 2020A (Aa3/AA-) | City of Roanoke Economic Development Authority Hospital RB for Carilion Clinic Obligated Group Series 2020A (Aa3/AA-) |
| $2030000 | 3.000% | 07/01/2045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645664 |
| City of Virginia Beach Development Authority Residential Care Facility RB (Westminster-Canterbury On Chesapeake Bay) Series 2023A Tax Exempt Fixed Rate Bonds (NR/NR) | City of Virginia Beach Development Authority Residential Care Facility RB (Westminster-Canterbury On Chesapeake Bay) Series 2023A Tax Exempt Fixed Rate Bonds (NR/NR) | City of Virginia Beach Development Authority Residential Care Facility RB (Westminster-Canterbury On Chesapeake Bay) Series 2023A Tax Exempt Fixed Rate Bonds (NR/NR) | City of Virginia Beach Development Authority Residential Care Facility RB (Westminster-Canterbury On Chesapeake Bay) Series 2023A Tax Exempt Fixed Rate Bonds (NR/NR) |
| 2900000 | 7.000 | 09/01/2053 | 3251350 |
| 8735000 | 7.000 | 09/01/2059 | 9736889 |
| 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-) |
| 7360000 | 5.000 | 01/01/2050 | 6789599 |
| 5000000 | 5.000 | 01/01/2059 | 4487856 |
| 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 | 498841 |
| 940000 | 4.000 | 06/01/2047 | 748422 |
| 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 | 603695 |
| 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-) |
| 10510000 | 6.706 | 06/01/2046 | 8660047 |
| Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-) |
| 237090000 | 0.000 <sup>(e)</sup> | 06/01/2047 | 64081254 |
| Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-) |
| 34250000 | 0.000 <sup>(e)</sup> | 06/01/2047 | 9060115 |
| 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 | 1173440 |
| 1050000 | 4.000 | 06/01/2046 | 888211 |
| Virginia Housing Development Authority Rental Housing Bonds 2025 Series A (NON-AMT) (Aa1/AA+) | Virginia Housing Development Authority Rental Housing Bonds 2025 Series A (NON-AMT) (Aa1/AA+) | Virginia Housing Development Authority Rental Housing Bonds 2025 Series A (NON-AMT) (Aa1/AA+) | Virginia Housing Development Authority Rental Housing Bonds 2025 Series A (NON-AMT) (Aa1/AA+) |
| 3400000 | 4.600 | 09/01/2050 | 3367098 |
| 6825000 | 4.650 | 09/01/2055 | 6709988 |
| Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (Baa3/NR) | Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (Baa3/NR) | Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (Baa3/NR) | Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (Baa3/NR) |
| 19870000 | 5.000 | 12/31/2056 | 19572568 |
| Virginia Small Business Financing Authority Senior Lien RB Refunding for I-495 Hot Lanes Project, Series 2022 (Tax Exempt/AMT) (Baa1/NR) | Virginia Small Business Financing Authority Senior Lien RB Refunding for I-495 Hot Lanes Project, Series 2022 (Tax Exempt/AMT) (Baa1/NR) | Virginia Small Business Financing Authority Senior Lien RB Refunding for I-495 Hot Lanes Project, Series 2022 (Tax Exempt/AMT) (Baa1/NR) | Virginia Small Business Financing Authority Senior Lien RB Refunding for I-495 Hot Lanes Project, Series 2022 (Tax Exempt/AMT) (Baa1/NR) |
| 1000000 | 5.000 | 12/31/2057 | 1014999 |
| Virginia Small Business Financing Authority Senior Lien RB Refunding I-495 Hot Lanes Project, Series 2022 (Tax-Exempt/AMT) (Baa1/NR) | Virginia Small Business Financing Authority Senior Lien RB Refunding I-495 Hot Lanes Project, Series 2022 (Tax-Exempt/AMT) (Baa1/NR) | Virginia Small Business Financing Authority Senior Lien RB Refunding I-495 Hot Lanes Project, Series 2022 (Tax-Exempt/AMT) (Baa1/NR) | Virginia Small Business Financing Authority Senior Lien RB Refunding I-495 Hot Lanes Project, Series 2022 (Tax-Exempt/AMT) (Baa1/NR) |
| 5605000 | 5.000 | 12/31/2047 | 5720245 |
| 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) |
| 7500000 | 4.000 | 01/01/2048 | 6534743 |
| Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (NR/B) | Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (NR/B) | Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (NR/B) | Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (NR/B) |
| 1000000 | 5.000 <sup>(a)(b)(d)</sup> | 01/01/2048 | 996413 |
| Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) | Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) | Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) | Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) |
| 5415000 | 5.000 | 12/31/2049 | 5422802 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) – (continued) | Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) – (continued) | Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) – (continued) | Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) – (continued) |
| 4765000 | 5.000% | 12/31/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750695 |
|  |  |  | 169224737 |
| Washington - 1.2% | Washington - 1.2% | Washington - 1.2% | Washington - 1.2% |
| City of Tacoma Electric System RB Green Bonds Series 2024A (NR/AA) | City of Tacoma Electric System RB Green Bonds Series 2024A (NR/AA) | City of Tacoma Electric System RB Green Bonds Series 2024A (NR/AA) | City of Tacoma Electric System RB Green Bonds Series 2024A (NR/AA) |
| 1000000 | 5.000 | 01/01/2054 | 1037416 |
| Grant County Public Hospital District UT GO Bonds Series 2023 (Baa1/NR) | Grant County Public Hospital District UT GO Bonds Series 2023 (Baa1/NR) | Grant County Public Hospital District UT GO Bonds Series 2023 (Baa1/NR) | Grant County Public Hospital District UT GO Bonds Series 2023 (Baa1/NR) |
| 14405000 | 5.000 | 12/01/2044 | 13933153 |
| Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (NR/BBB-) | Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (NR/BBB-) | Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (NR/BBB-) | Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (NR/BBB-) |
| 3880000 | 5.000 | 04/01/2030 | 3879997 |
| Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2022B (A1/AA-) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2022B (A1/AA-) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2022B (A1/AA-) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2022B (A1/AA-) |
| 3000000 | 5.500 | 08/01/2047 | 3155271 |
| 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 | 2434029 |
| Public Hospital District Hospital RB Series 2024 (Baa3/NR) | Public Hospital District Hospital RB Series 2024 (Baa3/NR) | Public Hospital District Hospital RB Series 2024 (Baa3/NR) | Public Hospital District Hospital RB Series 2024 (Baa3/NR) |
| 2500000 | 5.500 | 12/01/2054 | 2582820 |
| Washington Higher Education Facilities Authority RB for Seattle University Project, Series 2020 (NR/A) | Washington Higher Education Facilities Authority RB for Seattle University Project, Series 2020 (NR/A) | Washington Higher Education Facilities Authority RB for Seattle University Project, Series 2020 (NR/A) | Washington Higher Education Facilities Authority RB for Seattle University Project, Series 2020 (NR/A) |
| 925000 | 4.000 | 05/01/2045 | 850079 |
| Washington State Convention Center Public Facilities District Lodging Tax Bonds Series 2018 (AGM-CR) (A1/AA) | Washington State Convention Center Public Facilities District Lodging Tax Bonds Series 2018 (AGM-CR) (A1/AA) | Washington State Convention Center Public Facilities District Lodging Tax Bonds Series 2018 (AGM-CR) (A1/AA) | Washington State Convention Center Public Facilities District Lodging Tax Bonds Series 2018 (AGM-CR) (A1/AA) |
| 19805000 | 4.000 | 07/01/2058 | 17377782 |
| Washington State Convention Center Public Facilities District Lodging Tax Refunding Bonds Series 2021B (A3/BBB) | Washington State Convention Center Public Facilities District Lodging Tax Refunding Bonds Series 2021B (A3/BBB) | Washington State Convention Center Public Facilities District Lodging Tax Refunding Bonds Series 2021B (A3/BBB) | Washington State Convention Center Public Facilities District Lodging Tax Refunding Bonds Series 2021B (A3/BBB) |
| 3715000 | 3.000 | 07/01/2058 | 2496176 |
| Washington State Convention Center Public Facilities District RB Series 2018 (A3/BBB) | Washington State Convention Center Public Facilities District RB Series 2018 (A3/BBB) | Washington State Convention Center Public Facilities District RB Series 2018 (A3/BBB) | Washington State Convention Center Public Facilities District RB Series 2018 (A3/BBB) |
| 40975000 | 5.000 | 07/01/2048 | 41469789 |
| 35000000 | 4.000 | 07/01/2058 | 29981644 |
| Washington State Convention Center Public Facilities District Subordinate Lodging Tax Refunding Bonds Series 2021B (Baa1/BBB-) | Washington State Convention Center Public Facilities District Subordinate Lodging Tax Refunding Bonds Series 2021B (Baa1/BBB-) | Washington State Convention Center Public Facilities District Subordinate Lodging Tax Refunding Bonds Series 2021B (Baa1/BBB-) | Washington State Convention Center Public Facilities District Subordinate Lodging Tax Refunding Bonds Series 2021B (Baa1/BBB-) |
| 3320000 | 4.000 | 07/01/2043 | 3034060 |
| 11620000 | 4.000 | 07/01/2058 | 9622722 |
| Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR) | Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR) | Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR) | Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR) |
| 1350000 | 5.000 <sup>(d)</sup> | 01/01/2049 | 1237727 |
| 3800000 | 5.000 <sup>(d)</sup> | 01/01/2055 | 3391452 |
| Washington State Housing Finance Commission Non-Profit Housing Tax Exempt RB Refunding for Emerald Heights Project, Series 2023A (NR/NR) | Washington State Housing Finance Commission Non-Profit Housing Tax Exempt RB Refunding for Emerald Heights Project, Series 2023A (NR/NR) | Washington State Housing Finance Commission Non-Profit Housing Tax Exempt RB Refunding for Emerald Heights Project, Series 2023A (NR/NR) | Washington State Housing Finance Commission Non-Profit Housing Tax Exempt RB Refunding for Emerald Heights Project, Series 2023A (NR/NR) |
| 2050000 | 5.000 | 07/01/2043 | 2104491 |
| 1935000 | 5.000 | 07/01/2048 | 1967869 |
|  |  |  | 140556477 |
| West Virginia - 0.4% | West Virginia - 0.4% | West Virginia - 0.4% | West Virginia - 0.4% |
| City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 A (NR/NR) | City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 A (NR/NR) | City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 A (NR/NR) | City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 A (NR/NR) |
| 1345000 | 4.250 <sup>(d)</sup> | 06/01/2042 | 1080256 |
| 2350000 | 4.500 <sup>(d)</sup> | 06/01/2050 | 1850854 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **173** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| West Virginia – (continued) | West Virginia – (continued) | West Virginia – (continued) | West Virginia – (continued) |
| City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 B (NR/NR) | City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 B (NR/NR) | City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 B (NR/NR) | City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 B (NR/NR) |
| 2450000 | 5.500 %<sup>(d)</sup> | 06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200322 |
| 2725000 | 6.000 <sup>(d)</sup> | 06/01/2037 | 2317651 |
| 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-) |
| 815000 | 3.000 | 03/01/2035 | 704605 |
| Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR) | Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR) | Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR) | Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR) |
| 2550000 | 4.125 <sup>(d)</sup> | 06/01/2043 | 2192381 |
| Monongalia County Commission Excise Tax District RB Series 2021 B (NR/NR) | Monongalia County Commission Excise Tax District RB Series 2021 B (NR/NR) | Monongalia County Commission Excise Tax District RB Series 2021 B (NR/NR) | Monongalia County Commission Excise Tax District RB Series 2021 B (NR/NR) |
| 1605000 | 4.875 <sup>(d)</sup> | 06/01/2043 | 1504578 |
| Monongalia County Commission Senior Tax Increment Revenue, Refunding and Improvement Bonds for Development District No. 4 – University Town Centre Series 2023 A (NR/NR) | Monongalia County Commission Senior Tax Increment Revenue, Refunding and Improvement Bonds for Development District No. 4 – University Town Centre Series 2023 A (NR/NR) | Monongalia County Commission Senior Tax Increment Revenue, Refunding and Improvement Bonds for Development District No. 4 – University Town Centre Series 2023 A (NR/NR) | Monongalia County Commission Senior Tax Increment Revenue, Refunding and Improvement Bonds for Development District No. 4 – University Town Centre Series 2023 A (NR/NR) |
| 790000 | 5.750 <sup>(d)</sup> | 06/01/2043 | 829807 |
| 1185000 | 6.000 <sup>(d)</sup> | 06/01/2053 | 1246376 |
| The City of Huntington Tax Increment Revenue and Refunding Bonds for Downtown Project No. 3 Series 2024 A (NR/NR) | The City of Huntington Tax Increment Revenue and Refunding Bonds for Downtown Project No. 3 Series 2024 A (NR/NR) | The City of Huntington Tax Increment Revenue and Refunding Bonds for Downtown Project No. 3 Series 2024 A (NR/NR) | The City of Huntington Tax Increment Revenue and Refunding Bonds for Downtown Project No. 3 Series 2024 A (NR/NR) |
| 400000 | 5.000 | 06/01/2039 | 389838 |
| 375000 | 5.500 | 06/01/2049 | 369120 |
| The City of Huntington Tax Increment Revenue and Refunding Bonds for Kinetic Park Project No. 3 Series 2024 (NR/NR) | The City of Huntington Tax Increment Revenue and Refunding Bonds for Kinetic Park Project No. 3 Series 2024 (NR/NR) | The City of Huntington Tax Increment Revenue and Refunding Bonds for Kinetic Park Project No. 3 Series 2024 (NR/NR) | The City of Huntington Tax Increment Revenue and Refunding Bonds for Kinetic Park Project No. 3 Series 2024 (NR/NR) |
| 475000 | 5.125 | 06/01/2039 | 468345 |
| 400000 | 5.625 | 05/01/2050 | 392320 |
| The County Commission of Monongalia County Subordinate Special District Excise Tax Convertible Capital Appreciation Revenue, Refunding and Improvement Bonds, Series 2023 B (University Town Centre Economic Opportunity Development District) (NR/NR) | The County Commission of Monongalia County Subordinate Special District Excise Tax Convertible Capital Appreciation Revenue, Refunding and Improvement Bonds, Series 2023 B (University Town Centre Economic Opportunity Development District) (NR/NR) | The County Commission of Monongalia County Subordinate Special District Excise Tax Convertible Capital Appreciation Revenue, Refunding and Improvement Bonds, Series 2023 B (University Town Centre Economic Opportunity Development District) (NR/NR) | The County Commission of Monongalia County Subordinate Special District Excise Tax Convertible Capital Appreciation Revenue, Refunding and Improvement Bonds, Series 2023 B (University Town Centre Economic Opportunity Development District) (NR/NR) |
| 14600000 | 0.000 <sup>(d)(f)</sup> | 06/01/2053 | 3133435 |
| West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds Kentucky Power Company - Mitchell Project, Series 2014A (Baa3/BBB) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds Kentucky Power Company - Mitchell Project, Series 2014A (Baa3/BBB) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds Kentucky Power Company - Mitchell Project, Series 2014A (Baa3/BBB) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds Kentucky Power Company - Mitchell Project, Series 2014A (Baa3/BBB) (PUTABLE) |
| 4085000 | 4.700 <sup>(a)(b)</sup> | 04/01/2036 | 4128951 |
| West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB Vandalia Health Group Series 2023B (AGM) (A1/AA) | West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB Vandalia Health Group Series 2023B (AGM) (A1/AA) | West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB Vandalia Health Group Series 2023B (AGM) (A1/AA) | West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB Vandalia Health Group Series 2023B (AGM) (A1/AA) |
| 3340000 | 5.500 | 09/01/2048 | 3575200 |
| West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa3/BBB) | West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa3/BBB) | West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa3/BBB) | West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa3/BBB) |
| 7720000 | 5.000 | 01/01/2043 | 7695729 |
| 13000000 | 4.125 | 01/01/2047 | 11022525 |
| 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) |
| 1750000 | 5.000 | 09/01/2038 | 1772496 |
| 1600000 | 5.000 | 09/01/2039 | 1614786 |
|  |  |  | 48489575 |
| Wisconsin - 3.4% | Wisconsin - 3.4% | Wisconsin - 3.4% | Wisconsin - 3.4% |
| Public Finance Authority (Lindenwood Education System) Educational Facilities Revenue Bonds, Series 2025A Taxable (Wi) (NR/BB+) | Public Finance Authority (Lindenwood Education System) Educational Facilities Revenue Bonds, Series 2025A Taxable (Wi) (NR/BB+) | Public Finance Authority (Lindenwood Education System) Educational Facilities Revenue Bonds, Series 2025A Taxable (Wi) (NR/BB+) | Public Finance Authority (Lindenwood Education System) Educational Facilities Revenue Bonds, Series 2025A Taxable (Wi) (NR/BB+) |
| 1020000 | 5.000 <sup>(d)</sup> | 10/01/2034 | 1026853 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Beyond Boone LLC-Appalachian State University Project RB Bonds Series 2019 A (AGM) (A1/AA) | Public Finance Authority Beyond Boone LLC-Appalachian State University Project RB Bonds Series 2019 A (AGM) (A1/AA) | Public Finance Authority Beyond Boone LLC-Appalachian State University Project RB Bonds Series 2019 A (AGM) (A1/AA) | Public Finance Authority Beyond Boone LLC-Appalachian State University Project RB Bonds Series 2019 A (AGM) (A1/AA) |
| $2350000 | 4.125% | 07/01/2049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133415 |
| 1600000 | 5.000 | 07/01/2058 | 1593413 |
| Public Finance Authority Charter School RB (Alamance Community School Project) Series 2023A (Ba2/NR) | Public Finance Authority Charter School RB (Alamance Community School Project) Series 2023A (Ba2/NR) | Public Finance Authority Charter School RB (Alamance Community School Project) Series 2023A (Ba2/NR) | Public Finance Authority Charter School RB (Alamance Community School Project) Series 2023A (Ba2/NR) |
| 1025000 | 6.500 <sup>(d)</sup> | 06/15/2043 | 1100560 |
| 1310000 | 7.000 <sup>(d)</sup> | 06/15/2053 | 1426010 |
| 1395000 | 7.000 <sup>(d)</sup> | 06/15/2058 | 1506204 |
| Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR) | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR) | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR) | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR) |
| 1400000 | 6.000 <sup>(d)</sup> | 06/01/2062 | 1415003 |
| Public Finance Authority Charter School RB Series 2021A (Ba2/NR) | Public Finance Authority Charter School RB Series 2021A (Ba2/NR) | Public Finance Authority Charter School RB Series 2021A (Ba2/NR) | Public Finance Authority Charter School RB Series 2021A (Ba2/NR) |
| 1250000 | 5.000 <sup>(d)</sup> | 06/15/2051 | 1058907 |
| Public Finance Authority Charter School Revenue and Refunding Bonds North East Carolina Preparatory School Project Series 2024A (Baa3/NR) | Public Finance Authority Charter School Revenue and Refunding Bonds North East Carolina Preparatory School Project Series 2024A (Baa3/NR) | Public Finance Authority Charter School Revenue and Refunding Bonds North East Carolina Preparatory School Project Series 2024A (Baa3/NR) | Public Finance Authority Charter School Revenue and Refunding Bonds North East Carolina Preparatory School Project Series 2024A (Baa3/NR) |
| 900000 | 5.250 | 06/15/2054 | 890635 |
| Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR) | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR) | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR) | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR) |
| 1630000 | 5.500 <sup>(d)</sup> | 06/15/2052 | 1567124 |
| 2700000 | 5.750 <sup>(d)</sup> | 06/15/2062 | 2644899 |
| Public Finance Authority Education RB for North Carolina Leadership Charter Academy, Inc. Series 2019 A (NR/NR) | Public Finance Authority Education RB for North Carolina Leadership Charter Academy, Inc. Series 2019 A (NR/NR) | Public Finance Authority Education RB for North Carolina Leadership Charter Academy, Inc. Series 2019 A (NR/NR) | Public Finance Authority Education RB for North Carolina Leadership Charter Academy, Inc. Series 2019 A (NR/NR) |
| 180000 | 4.000 <sup>(d)</sup> | 06/15/2029 | 176132 |
| 385000 | 5.000 <sup>(d)</sup> | 06/15/2039 | 378753 |
| 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 | 610955 |
| 1450000 | 5.250 | 06/15/2052 | 1455264 |
| 1400000 | 5.375 | 06/15/2057 | 1411192 |
| Public Finance Authority Education RB for Uwharrie Charter Academy Project Series 2022A (Ba2/NR) | Public Finance Authority Education RB for Uwharrie Charter Academy Project Series 2022A (Ba2/NR) | Public Finance Authority Education RB for Uwharrie Charter Academy Project Series 2022A (Ba2/NR) | Public Finance Authority Education RB for Uwharrie Charter Academy Project Series 2022A (Ba2/NR) |
| 1400000 | 5.000 <sup>(d)</sup> | 06/15/2052 | 1320064 |
| 1850000 | 5.000 <sup>(d)</sup> | 06/15/2057 | 1722776 |
| 1850000 | 5.000 <sup>(d)</sup> | 06/15/2062 | 1702607 |
| Public Finance Authority Education RB Series 2022 (NR/NR) | Public Finance Authority Education RB Series 2022 (NR/NR) | Public Finance Authority Education RB Series 2022 (NR/NR) | Public Finance Authority Education RB Series 2022 (NR/NR) |
| 3925000 | 5.000 <sup>(d)</sup> | 01/01/2057 | 3343607 |
| Public Finance Authority Education Revenue Refunding Bonds for Pinecrest Academy of Nevada—Sloan Canyon Campus Project Series 2024A (NR/BB+) | Public Finance Authority Education Revenue Refunding Bonds for Pinecrest Academy of Nevada—Sloan Canyon Campus Project Series 2024A (NR/BB+) | Public Finance Authority Education Revenue Refunding Bonds for Pinecrest Academy of Nevada—Sloan Canyon Campus Project Series 2024A (NR/BB+) | Public Finance Authority Education Revenue Refunding Bonds for Pinecrest Academy of Nevada—Sloan Canyon Campus Project Series 2024A (NR/BB+) |
| 700000 | 4.500 <sup>(d)</sup> | 07/15/2053 | 634842 |
| Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (Ba1/BB+) | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (Ba1/BB+) | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (Ba1/BB+) | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (Ba1/BB+) |
| 5900000 | 4.300 | 11/01/2030 | 5857735 |
| Public Finance Authority Federal Lease RB Nasa DC HQ Federally Taxable Series 2022 (B2/NR) | Public Finance Authority Federal Lease RB Nasa DC HQ Federally Taxable Series 2022 (B2/NR) | Public Finance Authority Federal Lease RB Nasa DC HQ Federally Taxable Series 2022 (B2/NR) | Public Finance Authority Federal Lease RB Nasa DC HQ Federally Taxable Series 2022 (B2/NR) |
| 6030000 | 6.145 | 08/01/2028 | 3771328 |
| Public Finance Authority Founders Academy Charter School RB Series 2023A (NR/BB-) | Public Finance Authority Founders Academy Charter School RB Series 2023A (NR/BB-) | Public Finance Authority Founders Academy Charter School RB Series 2023A (NR/BB-) | Public Finance Authority Founders Academy Charter School RB Series 2023A (NR/BB-) |
| 550000 | 6.625 <sup>(d)</sup> | 07/01/2053 | 567171 |
| 500000 | 6.750 <sup>(d)</sup> | 07/01/2058 | 517532 |
| Public Finance Authority Hotel RB for Grand Hyatt San Antonio Hotel Acquisition Project Subordinate Lien Series 2022B (NR/NR) | Public Finance Authority Hotel RB for Grand Hyatt San Antonio Hotel Acquisition Project Subordinate Lien Series 2022B (NR/NR) | Public Finance Authority Hotel RB for Grand Hyatt San Antonio Hotel Acquisition Project Subordinate Lien Series 2022B (NR/NR) | Public Finance Authority Hotel RB for Grand Hyatt San Antonio Hotel Acquisition Project Subordinate Lien Series 2022B (NR/NR) |
| 900000 | 5.625 <sup>(d)</sup> | 02/01/2046 | 925974 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 174 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Limited Obligation Grant RB (American Dream @ Meadowlands Project) Series 2017A (Tax-Exempt) Series 2017B (NR/NR) | Public Finance Authority Limited Obligation Grant RB (American Dream @ Meadowlands Project) Series 2017A (Tax-Exempt) Series 2017B (NR/NR) | Public Finance Authority Limited Obligation Grant RB (American Dream @ Meadowlands Project) Series 2017A (Tax-Exempt) Series 2017B (NR/NR) | Public Finance Authority Limited Obligation Grant RB (American Dream @ Meadowlands Project) Series 2017A (Tax-Exempt) Series 2017B (NR/NR) |
| $43075000 | 6.750 %<sup>(d)</sup> | 08/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38659812 |
| Public Finance Authority Limited Obligation Pilot RB American Dream Meadowlands Project Series 2017 (NR/NR) | Public Finance Authority Limited Obligation Pilot RB American Dream Meadowlands Project Series 2017 (NR/NR) | Public Finance Authority Limited Obligation Pilot RB American Dream Meadowlands Project Series 2017 (NR/NR) | Public Finance Authority Limited Obligation Pilot RB American Dream Meadowlands Project Series 2017 (NR/NR) |
| 2300000 | 6.500 <sup>(d)</sup> | 12/01/2037 | 2323204 |
| 5875000 | 7.000 <sup>(d)</sup> | 12/01/2050 | 5953464 |
| Public Finance Authority Limited Obligation RB for Town of Scarborough - The Downs Project Series 2024 (NR/NR) | Public Finance Authority Limited Obligation RB for Town of Scarborough - The Downs Project Series 2024 (NR/NR) | Public Finance Authority Limited Obligation RB for Town of Scarborough - The Downs Project Series 2024 (NR/NR) | Public Finance Authority Limited Obligation RB for Town of Scarborough - The Downs Project Series 2024 (NR/NR) |
| 1475000 | 5.000 | 08/01/2039 | 1447660 |
| Public Finance Authority Lindenwood Education System Educational Facilities RB Series 2025A (NR/BBB-) | Public Finance Authority Lindenwood Education System Educational Facilities RB Series 2025A (NR/BBB-) | Public Finance Authority Lindenwood Education System Educational Facilities RB Series 2025A (NR/BBB-) | Public Finance Authority Lindenwood Education System Educational Facilities RB Series 2025A (NR/BBB-) |
| 18300000 | 4.750 <sup>(d)(g)</sup> | 06/01/2040 | 17438043 |
| Public Finance Authority Pooled Charter School Certificates Series 2023-1 Class B Certificates (NR/NR) | Public Finance Authority Pooled Charter School Certificates Series 2023-1 Class B Certificates (NR/NR) | Public Finance Authority Pooled Charter School Certificates Series 2023-1 Class B Certificates (NR/NR) | Public Finance Authority Pooled Charter School Certificates Series 2023-1 Class B Certificates (NR/NR) |
| 9126888 | 0.010 <sup>(a)(d)(f)</sup> | 07/01/2062 | 6685445 |
| Public Finance Authority Quality Education Academy Project Charter School RB Series 2023A (Ba2/NR) | Public Finance Authority Quality Education Academy Project Charter School RB Series 2023A (Ba2/NR) | Public Finance Authority Quality Education Academy Project Charter School RB Series 2023A (Ba2/NR) | Public Finance Authority Quality Education Academy Project Charter School RB Series 2023A (Ba2/NR) |
| 475000 | 6.250 <sup>(d)</sup> | 07/15/2053 | 499494 |
| 1175000 | 6.500 <sup>(d)</sup> | 07/15/2063 | 1247026 |
| Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A1/AA) | Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A1/AA) | Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A1/AA) | Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A1/AA) |
| 950000 | 4.000 | 07/01/2050 | 840407 |
| 1185000 | 4.000 | 07/01/2055 | 1027292 |
| 1520000 | 4.000 | 07/01/2059 | 1309983 |
| Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba2/NR) | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba2/NR) | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba2/NR) | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba2/NR) |
| 1150000 | 5.000 <sup>(d)</sup> | 12/01/2035 | 1151993 |
| 12380000 | 5.000 <sup>(d)</sup> | 12/01/2055 | 11271041 |
| 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 | 3224351 |
| Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR) | Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR) | Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR) | Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR) |
| 1300000 | 5.000 <sup>(d)</sup> | 06/15/2054 | 1226162 |
| Public Finance Authority RB for Founders Academy of Las Vegas Series 2020 A (NR/BB-) | Public Finance Authority RB for Founders Academy of Las Vegas Series 2020 A (NR/BB-) | Public Finance Authority RB for Founders Academy of Las Vegas Series 2020 A (NR/BB-) | Public Finance Authority RB for Founders Academy of Las Vegas Series 2020 A (NR/BB-) |
| 445000 | 4.000 <sup>(d)</sup> | 07/01/2030 | 424734 |
| 700000 | 5.000 <sup>(d)</sup> | 07/01/2040 | 651577 |
| 1875000 | 5.000 <sup>(d)</sup> | 07/01/2055 | 1606465 |
| Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR) | Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR) | Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR) | Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR) |
| 300000 | 5.000 <sup>(d)</sup> | 06/01/2036 | 273338 |
| 900000 | 5.000 <sup>(d)</sup> | 06/01/2051 | 711863 |
| 1075000 | 5.000 <sup>(d)</sup> | 06/01/2061 | 820862 |
| Public Finance Authority RB for Inperium Project Series 2024 (NR/NR) | Public Finance Authority RB for Inperium Project Series 2024 (NR/NR) | Public Finance Authority RB for Inperium Project Series 2024 (NR/NR) | Public Finance Authority RB for Inperium Project Series 2024 (NR/NR) |
| 3650000 | 5.500 <sup>(d)</sup> | 12/01/2044 | 3653248 |
| 5500000 | 5.750 <sup>(d)</sup> | 12/01/2054 | 5520547 |
| Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR) | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR) | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR) | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR) |
| 6775000 | 5.250 <sup>(d)</sup> | 03/01/2045 | 6375354 |
| 7110000 | 5.250 <sup>(d)</sup> | 03/01/2055 | 6399350 |
| Public Finance Authority RB for McLemore Resort Manager LLC Series 2021 A (NR/NR) | Public Finance Authority RB for McLemore Resort Manager LLC Series 2021 A (NR/NR) | Public Finance Authority RB for McLemore Resort Manager LLC Series 2021 A (NR/NR) | Public Finance Authority RB for McLemore Resort Manager LLC Series 2021 A (NR/NR) |
| 16375000 | 4.500 <sup>(d)</sup> | 06/01/2056 | 12220925 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR) | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR) | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR) |
| $12925000 | 5.625 %<sup>(d)</sup> | 06/01/2050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12343401 |
| Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR) | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR) | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR) | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR) |
| 15485000 | 6.500 <sup>(d)</sup> | 06/01/2045 | 13526225 |
| 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 | 2650837 |
| 1525000 | 5.350 | 12/01/2045 | 1541538 |
| Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB) | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB) | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB) | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB) |
| 4470000 | 6.000 <sup>(d)</sup> | 07/01/2031 | 4038376 |
| 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 | 1321851 |
| 1900000 | 3.000 | 01/01/2050 | 1374935 |
| Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR) | Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR) | Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR) | Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR) |
| 1950000 | 5.000 <sup>(d)</sup> | 06/01/2050 | 1767155 |
| Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR) | Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR) | Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR) | Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR) |
| 1450000 | 5.000 <sup>(d)</sup> | 09/01/2049 | 1348846 |
| 1360000 | 5.000 <sup>(d)</sup> | 09/01/2054 | 1227457 |
| Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB) | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB) | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB) | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB) |
| 9950000 | 4.500 <sup>(d)</sup> | 07/01/2048 | 7668073 |
| Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB+) | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB+) | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB+) | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB+) |
| 3205000 | 6.125 <sup>(d)</sup> | 10/01/2049 | 2815270 |
| Public Finance Authority RB Refunding for UMA Education, Inc. Series 2019 A (NR/BB+) | Public Finance Authority RB Refunding for UMA Education, Inc. Series 2019 A (NR/BB+) | Public Finance Authority RB Refunding for UMA Education, Inc. Series 2019 A (NR/BB+) | Public Finance Authority RB Refunding for UMA Education, Inc. Series 2019 A (NR/BB+) |
| 350000 | 5.000 <sup>(d)</sup> | 10/01/2039 | 344299 |
| 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) |
| 765000 | 5.000 | 11/15/2049 | 766889 |
| Public Finance Authority Revenue Refunding Bonds for Roseman University of Health Sciences Series 2022 (NR/BB+) | Public Finance Authority Revenue Refunding Bonds for Roseman University of Health Sciences Series 2022 (NR/BB+) | Public Finance Authority Revenue Refunding Bonds for Roseman University of Health Sciences Series 2022 (NR/BB+) | Public Finance Authority Revenue Refunding Bonds for Roseman University of Health Sciences Series 2022 (NR/BB+) |
| 800000 | 4.000 <sup>(d)</sup> | 04/01/2042 | 698731 |
| 1400000 | 4.000 <sup>(d)</sup> | 04/01/2052 | 1141405 |
| Public Finance Authority Revenue Refunding Bonds for Roseman University of Health Sciences Series 2022 (NR/NR) | Public Finance Authority Revenue Refunding Bonds for Roseman University of Health Sciences Series 2022 (NR/NR) | Public Finance Authority Revenue Refunding Bonds for Roseman University of Health Sciences Series 2022 (NR/NR) | Public Finance Authority Revenue Refunding Bonds for Roseman University of Health Sciences Series 2022 (NR/NR) |
| 100000 | 4.000 <sup>(c)(d)</sup> | 04/01/2032 | 103912 |
| 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 | 9713282 |
| Public Finance Authority Senior RB for Fargo-Moorhead Metropolitan Area Flood Risk Management Project Series 2021 (AMT) (Baa3/NR) | Public Finance Authority Senior RB for Fargo-Moorhead Metropolitan Area Flood Risk Management Project Series 2021 (AMT) (Baa3/NR) | Public Finance Authority Senior RB for Fargo-Moorhead Metropolitan Area Flood Risk Management Project Series 2021 (AMT) (Baa3/NR) | Public Finance Authority Senior RB for Fargo-Moorhead Metropolitan Area Flood Risk Management Project Series 2021 (AMT) (Baa3/NR) |
| 3800000 | 4.000 | 03/31/2056 | 3049578 |
| Public Finance Authority Special Facility RB for Million Air Three LLC General Aviation Facilities Project Series 2024A (Tax- Exempt-AMT) (NR/NR) | Public Finance Authority Special Facility RB for Million Air Three LLC General Aviation Facilities Project Series 2024A (Tax- Exempt-AMT) (NR/NR) | Public Finance Authority Special Facility RB for Million Air Three LLC General Aviation Facilities Project Series 2024A (Tax- Exempt-AMT) (NR/NR) | Public Finance Authority Special Facility RB for Million Air Three LLC General Aviation Facilities Project Series 2024A (Tax- Exempt-AMT) (NR/NR) |
| 900000 | 6.250 <sup>(d)</sup> | 09/01/2046 | 922683 |
| Public Finance Authority Special Facility RB for Million Air Two LLC General Aviation Facilities Project Series 2017B (NR/NR) | Public Finance Authority Special Facility RB for Million Air Two LLC General Aviation Facilities Project Series 2017B (NR/NR) | Public Finance Authority Special Facility RB for Million Air Two LLC General Aviation Facilities Project Series 2017B (NR/NR) | Public Finance Authority Special Facility RB for Million Air Two LLC General Aviation Facilities Project Series 2017B (NR/NR) |
| 19655000 | 7.125 <sup>(d)</sup> | 06/01/2041 | 20599354 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **175** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Special RB Series 2024 (NR/NR) | Public Finance Authority Special RB Series 2024 (NR/NR) | Public Finance Authority Special RB Series 2024 (NR/NR) | Public Finance Authority Special RB Series 2024 (NR/NR) |
| $4700000 | 5.500% | 12/15/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4718876 |
| 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 | 3154473 |
| Public Finance Authority Student Housing RB KSU Bixby Real Estate Foundation Llc Project Subordinate Series 2025B (Baa2/NR) | Public Finance Authority Student Housing RB KSU Bixby Real Estate Foundation Llc Project Subordinate Series 2025B (Baa2/NR) | Public Finance Authority Student Housing RB KSU Bixby Real Estate Foundation Llc Project Subordinate Series 2025B (Baa2/NR) | Public Finance Authority Student Housing RB KSU Bixby Real Estate Foundation Llc Project Subordinate Series 2025B (Baa2/NR) |
| 175000 | 5.000 | 06/15/2030 | 183132 |
| 300000 | 5.250 | 06/15/2035 | 318622 |
| 500000 | 5.250 | 06/15/2045 | 507088 |
| 675000 | 5.500 | 06/15/2055 | 686803 |
| Public Finance Authority Student Housing RB KSU Bixby Real Estate Foundation, Llc Project Junior Subordinate Series 2025C (Ba1/NR) | Public Finance Authority Student Housing RB KSU Bixby Real Estate Foundation, Llc Project Junior Subordinate Series 2025C (Ba1/NR) | Public Finance Authority Student Housing RB KSU Bixby Real Estate Foundation, Llc Project Junior Subordinate Series 2025C (Ba1/NR) | Public Finance Authority Student Housing RB KSU Bixby Real Estate Foundation, Llc Project Junior Subordinate Series 2025C (Ba1/NR) |
| 450000 | 5.000 | 06/15/2035 | 459924 |
| 650000 | 5.500 | 06/15/2045 | 656258 |
| 900000 | 5.750 | 06/15/2055 | 911619 |
| Public Finance Authority Student Housing RB Series 2021A-1 (Ba1/NR) | Public Finance Authority Student Housing RB Series 2021A-1 (Ba1/NR) | Public Finance Authority Student Housing RB Series 2021A-1 (Ba1/NR) | Public Finance Authority Student Housing RB Series 2021A-1 (Ba1/NR) |
| 8815000 | 4.000 <sup>(d)</sup> | 07/01/2061 | 6790459 |
| Public Finance Authority Student Housing RB Subordinate Series 2021B (NR/NR) | Public Finance Authority Student Housing RB Subordinate Series 2021B (NR/NR) | Public Finance Authority Student Housing RB Subordinate Series 2021B (NR/NR) | Public Finance Authority Student Housing RB Subordinate Series 2021B (NR/NR) |
| 1875000 | 5.250 <sup>(d)</sup> | 07/01/2061 | 1604414 |
| Public Finance Authority Tax Increment Revenue Senior Bonds for Miami Worldcenter Project Series 2024A (NR/NR) | Public Finance Authority Tax Increment Revenue Senior Bonds for Miami Worldcenter Project Series 2024A (NR/NR) | Public Finance Authority Tax Increment Revenue Senior Bonds for Miami Worldcenter Project Series 2024A (NR/NR) | Public Finance Authority Tax Increment Revenue Senior Bonds for Miami Worldcenter Project Series 2024A (NR/NR) |
| 13850000 | 5.000 <sup>(d)</sup> | 06/01/2041 | 14081330 |
| Public Finance Authority Tax Increment Revenue Subordinate Bonds for Miami Worldcenter Project Series 2024B (NR/NR) | Public Finance Authority Tax Increment Revenue Subordinate Bonds for Miami Worldcenter Project Series 2024B (NR/NR) | Public Finance Authority Tax Increment Revenue Subordinate Bonds for Miami Worldcenter Project Series 2024B (NR/NR) | Public Finance Authority Tax Increment Revenue Subordinate Bonds for Miami Worldcenter Project Series 2024B (NR/NR) |
| 7375000 | 8.000 <sup>(d)</sup> | 06/15/2042 | 7419943 |
| Public Finance Authority Wisconsin Hotel RB Grand Hyatt San Antonio Hotel Acquisition Project Subordinate Lien Series 2022B (NR/NR) | Public Finance Authority Wisconsin Hotel RB Grand Hyatt San Antonio Hotel Acquisition Project Subordinate Lien Series 2022B (NR/NR) | Public Finance Authority Wisconsin Hotel RB Grand Hyatt San Antonio Hotel Acquisition Project Subordinate Lien Series 2022B (NR/NR) | Public Finance Authority Wisconsin Hotel RB Grand Hyatt San Antonio Hotel Acquisition Project Subordinate Lien Series 2022B (NR/NR) |
| 6200000 | 5.750 <sup>(d)</sup> | 02/01/2052 | 6373199 |
| Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Bonds Elevon Project Series 2024 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Bonds Elevon Project Series 2024 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Bonds Elevon Project Series 2024 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Bonds Elevon Project Series 2024 (NR/NR) |
| 3175000 | 5.000 <sup>(d)</sup> | 07/15/2030 | 3168983 |
| Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Bonds Nolina & Sorella Projects Series 2024 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Bonds Nolina & Sorella Projects Series 2024 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Bonds Nolina & Sorella Projects Series 2024 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Bonds Nolina & Sorella Projects Series 2024 (NR/NR) |
| 5929366 | 5.500 <sup>(d)</sup> | 12/15/2032 | 5803582 |
| Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Capital Appreciation Bonds Anthem/Freedom Project Series 2025 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Capital Appreciation Bonds Anthem/Freedom Project Series 2025 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Capital Appreciation Bonds Anthem/Freedom Project Series 2025 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Capital Appreciation Bonds Anthem/Freedom Project Series 2025 (NR/NR) |
| 8225000 | 0.000 <sup>(d)(e)</sup> | 12/15/2037 | 4017864 |
| Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Capital Appreciation Bonds for Oakwood Estates and Stonebrooke Projects Series 2024 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Capital Appreciation Bonds for Oakwood Estates and Stonebrooke Projects Series 2024 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Capital Appreciation Bonds for Oakwood Estates and Stonebrooke Projects Series 2024 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Capital Appreciation Bonds for Oakwood Estates and Stonebrooke Projects Series 2024 (NR/NR) |
| 5175000 | 0.000 <sup>(d)(e)</sup> | 12/15/2030 | 3695817 |
| Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Capital Appreciation Bonds for Two Step Project Series 2024 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Capital Appreciation Bonds for Two Step Project Series 2024 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Capital Appreciation Bonds for Two Step Project Series 2024 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Capital Appreciation Bonds for Two Step Project Series 2024 (NR/NR) |
| 11000000 | 0.000 <sup>(d)(e)</sup> | 12/15/2034 | 6148585 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Capital Appreciation Bonds Midtown Project Series 2025 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Capital Appreciation Bonds Midtown Project Series 2025 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Capital Appreciation Bonds Midtown Project Series 2025 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Capital Appreciation Bonds Midtown Project Series 2025 (NR/NR) |
| 2968000 | 0.000 %<sup>(d)(e)</sup> | 12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651623 |
| Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Improvement and Refunding Bonds Astro Texas Land Projects Series 2025 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Improvement and Refunding Bonds Astro Texas Land Projects Series 2025 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Improvement and Refunding Bonds Astro Texas Land Projects Series 2025 (NR/NR) | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Improvement and Refunding Bonds Astro Texas Land Projects Series 2025 (NR/NR) |
| 9150000 | 5.000 <sup>(d)</sup> | 12/15/2036 | 9168541 |
| Public Finance Authority, Wisconsin Special Revenue Bonds Signorelli Projects Municipal Utility Districts Montgomery and Waller Counties, Texas Series 2024 (NR/NR) | Public Finance Authority, Wisconsin Special Revenue Bonds Signorelli Projects Municipal Utility Districts Montgomery and Waller Counties, Texas Series 2024 (NR/NR) | Public Finance Authority, Wisconsin Special Revenue Bonds Signorelli Projects Municipal Utility Districts Montgomery and Waller Counties, Texas Series 2024 (NR/NR) | Public Finance Authority, Wisconsin Special Revenue Bonds Signorelli Projects Municipal Utility Districts Montgomery and Waller Counties, Texas Series 2024 (NR/NR) |
| 6133000 | 5.375 <sup>(d)</sup> | 12/15/2032 | 6132154 |
| 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 | 992436 |
| 435000 | 4.000 | 02/01/2045 | 374510 |
| 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 | 673515 |
| 950000 | 4.000 | 12/01/2056 | 650909 |
| Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) | Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) | Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) | Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) |
| 8740000 | 5.000 <sup>(d)</sup> | 08/01/2027 | 8882372 |
| Wisconsin Health and Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024A (NR/NR) | Wisconsin Health and Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024A (NR/NR) | Wisconsin Health and Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024A (NR/NR) | Wisconsin Health and Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024A (NR/NR) |
| 2875000 | 5.750 | 08/15/2054 | 3020273 |
| 4600000 | 5.750 | 08/15/2059 | 4816382 |
| Wisconsin Health and Educational Facilities Authority RB Series 2024A (NR/BBB) | Wisconsin Health and Educational Facilities Authority RB Series 2024A (NR/BBB) | Wisconsin Health and Educational Facilities Authority RB Series 2024A (NR/BBB) | Wisconsin Health and Educational Facilities Authority RB Series 2024A (NR/BBB) |
| 9200000 | 5.500 | 02/15/2054 | 9754037 |
| Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022B (NR/NR) | Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022B (NR/NR) | Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022B (NR/NR) | Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022B (NR/NR) |
| 32525000 | 6.000 <sup>(d)</sup> | 02/01/2062 | 33652934 |
|  |  |  | 413157349 |
| Wyoming - 0.1% | Wyoming - 0.1% | Wyoming - 0.1% | Wyoming - 0.1% |
| 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) |
| 13040000 | 3.625 | 07/15/2039 | 11451023 |
| TOTAL MUNICIPAL BONDS<br>(Cost $12,031,379,972) | TOTAL MUNICIPAL BONDS<br>(Cost $12,031,379,972) | TOTAL MUNICIPAL BONDS<br>(Cost $12,031,379,972) | 11778248134 |
| Corporate Bonds - 0.6% | Corporate Bonds - 0.6% | Corporate Bonds - 0.6% |  |
| Healthcare-Services - 0.2% | Healthcare-Services - 0.2% | Healthcare-Services - 0.2% | Healthcare-Services - 0.2% |
| Prime Healthcare Foundation, Inc. Series | Prime Healthcare Foundation, Inc. Series | Prime Healthcare Foundation, Inc. Series | Prime Healthcare Foundation, Inc. Series |
| 16525000 | 7.000% | 12/01/27 | 17181272 |
| Toledo Hospital RB Series 2022 B | Toledo Hospital RB Series 2022 B | Toledo Hospital RB Series 2022 B | Toledo Hospital RB Series 2022 B |
| 4988000 | 5.325 | 11/15/28 | 4933294 |
|  |  |  | 22114566 |
| Real Estate - 0.4% | Real Estate - 0.4% | Real Estate - 0.4% | Real Estate - 0.4% |
| Benloch Ranch Improvement Association No. 1 Series 2020 | Benloch Ranch Improvement Association No. 1 Series 2020 | Benloch Ranch Improvement Association No. 1 Series 2020 | Benloch Ranch Improvement Association No. 1 Series 2020 |
| 5807290 | 9.750 <sup>(d)(j)</sup> | 12/01/39 | 5302405 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 176 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Bonds – (continued) | Corporate Bonds – (continued) | Corporate Bonds – (continued) |  |
| Benloch Ranch Improvement Association No. 1 Series 2021 | Benloch Ranch Improvement Association No. 1 Series 2021 | Benloch Ranch Improvement Association No. 1 Series 2021 | Benloch Ranch Improvement Association No. 1 Series 2021 |
| 3581069 | 9.750 %<sup>(d)(j)</sup> | 12/01/39 | $3269730 |
| Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 |
| 29700000 | 10.000 <sup>(d)(j)</sup> | 12/01/51 | 23519430 |
| Brixton Park Improvement Association No. 1 Series | Brixton Park Improvement Association No. 1 Series | Brixton Park Improvement Association No. 1 Series | Brixton Park Improvement Association No. 1 Series |
| 24360541 | 6.875 <sup>(d)(j)</sup> | 12/01/51 | 21117423 |
|  |  |  | 53208988 |
| TOTAL CORPORATE BONDS<br>(Cost $83,022,219) | TOTAL CORPORATE BONDS<br>(Cost $83,022,219) | TOTAL CORPORATE BONDS<br>(Cost $83,022,219) | 75323554 |
| Bank Loans<sup>(k)</sup> - 0.0% | Bank Loans<sup>(k)</sup> - 0.0% | Bank Loans<sup>(k)</sup> - 0.0% | Bank Loans<sup>(k)</sup> - 0.0% |
| Engineering & Construction - 0.0% | Engineering & Construction - 0.0% | Engineering & Construction - 0.0% | Engineering & Construction - 0.0% |
| Rialto Bioenergy Facility, LLC (SOFR + 0.1%) | Rialto Bioenergy Facility, LLC (SOFR + 0.1%) | Rialto Bioenergy Facility, LLC (SOFR + 0.1%) | Rialto Bioenergy Facility, LLC (SOFR + 0.1%) |
| 24799999 | 15.334 <sup>(j)</sup> | 04/30/24 | 0 |
| 952567 | 15.329 <sup>(j)</sup> | 06/10/24 | 38646 |
|  |  |  | 38646 |
| TOTAL BANK LOANS<br>(Cost $25,016,082) | TOTAL BANK LOANS<br>(Cost $25,016,082) | TOTAL BANK LOANS<br>(Cost $25,016,082) | 38646 |
| TOTAL INVESTMENTS - 98.0%<br>(Cost $12,139,418,273) | TOTAL INVESTMENTS - 98.0%<br>(Cost $12,139,418,273) | TOTAL INVESTMENTS - 98.0%<br>(Cost $12,139,418,273) | $11853610334 |
| **OTHER ASSETS IN EXCESS**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OF LIABILITIES - 2.0%** | **OTHER ASSETS IN EXCESS**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OF LIABILITIES - 2.0%** | **OTHER ASSETS IN EXCESS**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OF LIABILITIES - 2.0%** | 236124792 |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12089735126 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable Rate Demand Instruments – rate shown is that which is in effect on March 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Pre-refunded security. Maturity date disclosed is pre-refunding date.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Issued with a zero coupon. Income is recognized through the accretion of discount.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Zero coupon bond until next reset date.

&nbsp;&nbsp;&nbsp;&nbsp;(g) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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 March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(k) Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 2025. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.

Security ratings disclosed, if any, are issued by either Standard & Poor's, Moody's Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ABS | - Asset-Backed Security |
| AGC | - Insured by Assured Guaranty Corp. |
| AGM | - Insured by Assured Guaranty Municipal Corp. |
| AGM-CR | - Insured by Assured Guaranty Municipal Corp. Insured Custodial receipts |
| AMBAC | - Insured by American Municipal Bond Assurance Corp. |
| AMT | - Alternative Minimum Tax (subject to) |
| BAM | - Build America Mutual Assurance Co. |
| CFD | - Community Facilities District |
| COPS | - Certificates of Participation |
| ETM | - Escrowed to Maturity |
| FHLMC | - Insured by Federal Home Loan Mortgage Corp. |
| FNMA | - Insured by Federal National Mortgage Association |
| GNMA | - Insured by Government National Mortgage Association |
| GO | - General Obligation |
| IDA | - Industrial Development Agency |
| LP | - Limited Partnership |
| LT | - Limited Tax |
| MUN GOVT GTD | - Municipal Government Guaranteed NATL |
| NATL | - National Public Finance Guarantee Corp. |
| NR | - Not Rated |
| PSF-GTD | - Guaranteed by Permanent School Fund |
| RB | - Revenue Bond |
| RMKT | - Remarketed |
| RR | - Revenue Refunding |
| SD CRED PROG | - School District Credit Program |
| SOFR | - Secured Overnight Financing Rate |
| TCRS | - Transferable Custody Receipts |
| USD | - United States Dollar |
| UT | - Unlimited Tax |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **177** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS— At March 31, 2025, 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 Ultra Bond | (852) | 06/18/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104689500) | $(358052) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 178 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds - 98.9% | Municipal Bonds - 98.9% | Municipal Bonds - 98.9% | Municipal Bonds - 98.9% |
| Alabama - 1.5% | Alabama - 1.5% | Alabama - 1.5% | Alabama - 1.5% |
| Ascension Health RB for Ascension Senior Credit Group Series 2016C (Aa2/AA) | Ascension Health RB for Ascension Senior Credit Group Series 2016C (Aa2/AA) | Ascension Health RB for Ascension Senior Credit Group Series 2016C (Aa2/AA) | Ascension Health RB for Ascension Senior Credit Group Series 2016C (Aa2/AA) |
| $500000 | 5.000% | 11/15/2046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501120 |
| Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/NR) | Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/NR) | Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/NR) | Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/NR) |
| 1000000 | 4.000 <sup>(a)(b)</sup> | 12/01/2049 | 1003111 |
| Energy Southeast a Cooperative District Energy Supply RB 2024 Series B (A1/NR) | Energy Southeast a Cooperative District Energy Supply RB 2024 Series B (A1/NR) | Energy Southeast a Cooperative District Energy Supply RB 2024 Series B (A1/NR) | Energy Southeast a Cooperative District Energy Supply RB 2024 Series B (A1/NR) |
| 350000 | 5.250 <sup>(a)(b)</sup> | 07/01/2054 | 372224 |
| Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (B1/BB-) | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (B1/BB-) | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (B1/BB-) | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (B1/BB-) |
| 100000 | 5.750 | 10/01/2049 | 104123 |
| Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) |
| 1005000 | 5.250 | 10/01/2049 | 1036308 |
| 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 | 97011 |
| 100000 | 4.250 | 11/01/2032 | 93545 |
| The Industrial Development Authority of Mobile County Solid Waste Disposal RB AM NS Calvert LLC Project Series 2024A (Baa3/BBB-) | The Industrial Development Authority of Mobile County Solid Waste Disposal RB AM NS Calvert LLC Project Series 2024A (Baa3/BBB-) | The Industrial Development Authority of Mobile County Solid Waste Disposal RB AM NS Calvert LLC Project Series 2024A (Baa3/BBB-) | The Industrial Development Authority of Mobile County Solid Waste Disposal RB AM NS Calvert LLC Project Series 2024A (Baa3/BBB-) |
| 400000 | 5.000 | 06/01/2054 | 395129 |
|  |  |  | 3602571 |
| Alaska - 0.1% | Alaska - 0.1% | Alaska - 0.1% | Alaska - 0.1% |
| Civicventures Refunding RB for Anchorage Convention Center Series 2015 (NR/A+) | Civicventures Refunding RB for Anchorage Convention Center Series 2015 (NR/A+) | Civicventures Refunding RB for Anchorage Convention Center Series 2015 (NR/A+) | Civicventures Refunding RB for Anchorage Convention Center Series 2015 (NR/A+) |
| 200000 | 4.000 | 09/01/2038 | 184813 |
| Arizona - 1.4% | Arizona - 1.4% | Arizona - 1.4% | Arizona - 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<br>(S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<br>(S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<br>(S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<br>(S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) |
| 535000 | 4.480 <sup>(a)(c)</sup> | 01/01/2037 | 516520 |
| Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/BB+) | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/BB+) | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/BB+) | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/BB+) |
| 485000 | 6.500 <sup>(d)</sup> | 11/01/2053 | 488889 |
| Arizona Industrial Development Authority Hospital RB Phoenix Children's Hospital Series 2020A (A1/A+) | Arizona Industrial Development Authority Hospital RB Phoenix Children's Hospital Series 2020A (A1/A+) | Arizona Industrial Development Authority Hospital RB Phoenix Children's Hospital Series 2020A (A1/A+) | Arizona Industrial Development Authority Hospital RB Phoenix Children's Hospital Series 2020A (A1/A+) |
| 300000 | 4.000 | 02/01/2050 | 272699 |
| 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 | 20534 |
| Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB) | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB) | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB) | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB) |
| 25000 | 4.000 <sup>(d)</sup> | 12/15/2051 | 20036 |
| Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A (Ba1/NR) | Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A (Ba1/NR) | Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A (Ba1/NR) | Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A (Ba1/NR) |
| 265000 | 4.000 <sup>(d)</sup> | 07/15/2041 | 234223 |
| Arizona Industrial Development Authority Senior Living RB First Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB First Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB First Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB First Tier Series 2025 A2 (NR/NR) |
| 180000 | 5.125 | 01/01/2059 | 164350 |
| City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (Aa3/A+) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (Aa3/A+) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (Aa3/A+) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (Aa3/A+) |
| 170000 | 3.250 | 07/01/2049 | 128369 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Maricopa IDA Education RB Series 2021A (NR/BBB-) | County of Maricopa IDA Education RB Series 2021A (NR/BBB-) | County of Maricopa IDA Education RB Series 2021A (NR/BBB-) | County of Maricopa IDA Education RB Series 2021A (NR/BBB-) |
| 75000 | 4.000 %<sup>(d)</sup> | 07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66166 |
| County of Maricopa IDA Education RB Taxable Convertible Series 2021B (NR/BBB-) | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (NR/BBB-) | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (NR/BBB-) | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (NR/BBB-) |
| 25000 | 2.100 <sup>(b)(d)</sup> | 07/01/2026 | 24242 |
| 150000 | 2.625 <sup>(b)(d)</sup> | 07/01/2031 | 133968 |
| 150000 | 3.500 <sup>(b)(d)</sup> | 07/01/2044 | 116674 |
| 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 | 87229 |
| 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 | 41081 |
| Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB) | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB) | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB) | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB) |
| 100000 | 4.000 <sup>(d)</sup> | 07/01/2051 | 80398 |
| Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR) | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR) | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR) | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR) |
| 25000 | 5.125 <sup>(d)</sup> | 10/01/2030 | 24160 |
| Maricopa County Pollution Control Refunding RB for El Paso Electric Company Palo Verde Project Series 2009 A (NON-AMT) (Baa2/NR) | Maricopa County Pollution Control Refunding RB for El Paso Electric Company Palo Verde Project Series 2009 A (NON-AMT) (Baa2/NR) | Maricopa County Pollution Control Refunding RB for El Paso Electric Company Palo Verde Project Series 2009 A (NON-AMT) (Baa2/NR) | Maricopa County Pollution Control Refunding RB for El Paso Electric Company Palo Verde Project Series 2009 A (NON-AMT) (Baa2/NR) |
| 325000 | 3.600 | 02/01/2040 | 287700 |
| 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+) |
| 105000 | 5.000 | 12/01/2037 | 110504 |
| The Industrial Development Authority of The City of Chandler Arizona Industrial Development RB Series 2019 (AMT) (Baa1/BBB) | The Industrial Development Authority of The City of Chandler Arizona Industrial Development RB Series 2019 (AMT) (Baa1/BBB) | The Industrial Development Authority of The City of Chandler Arizona Industrial Development RB Series 2019 (AMT) (Baa1/BBB) | The Industrial Development Authority of The City of Chandler Arizona Industrial Development RB Series 2019 (AMT) (Baa1/BBB) |
| 150000 | 4.000 <sup>(a)(b)</sup> | 06/01/2049 | 149405 |
| The Industrial Development Authority of The City of Sierra Vista Education Facility RB American Leadership Academy Project Series 2024 (NR/NR) | The Industrial Development Authority of The City of Sierra Vista Education Facility RB American Leadership Academy Project Series 2024 (NR/NR) | The Industrial Development Authority of The City of Sierra Vista Education Facility RB American Leadership Academy Project Series 2024 (NR/NR) | The Industrial Development Authority of The City of Sierra Vista Education Facility RB American Leadership Academy Project Series 2024 (NR/NR) |
| 150000 | 5.000 <sup>(d)</sup> | 06/15/2054 | 142537 |
| The Industrial Development Authority of The County of Maricopa Education Refunding RB for Legacy Traditional Schools Projects Series 2024 (NR/BBB-) | The Industrial Development Authority of The County of Maricopa Education Refunding RB for Legacy Traditional Schools Projects Series 2024 (NR/BBB-) | The Industrial Development Authority of The County of Maricopa Education Refunding RB for Legacy Traditional Schools Projects Series 2024 (NR/BBB-) | The Industrial Development Authority of The County of Maricopa Education Refunding RB for Legacy Traditional Schools Projects Series 2024 (NR/BBB-) |
| 300000 | 4.000 | 07/01/2034 | 287211 |
|  |  |  | 3396895 |
| 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 | 41954 |
| 25000 | 3.500 | 07/01/2046 | 16514 |
| 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 | 76146 |
|  |  |  | 134614 |
| California - 9.2% | California - 9.2% | California - 9.2% | California - 9.2% |
| Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Bonds Series 2025A (AMT) (A1/AA-) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Bonds Series 2025A (AMT) (A1/AA-) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Bonds Series 2025A (AMT) (A1/AA-) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Bonds Series 2025A (AMT) (A1/AA-) |
| 395000 | 5.250 | 05/01/2055 | 413399 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **179** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (A1/NR) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (A1/NR) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (A1/NR) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (A1/NR) |
| 425000 | 5.250% | 05/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438996 |
| Airport Commission of The City and County of San Francisco Second Series RR Bonds, Series 2023C (AMT) (A1/NR) | Airport Commission of The City and County of San Francisco Second Series RR Bonds, Series 2023C (AMT) (A1/NR) | Airport Commission of The City and County of San Francisco Second Series RR Bonds, Series 2023C (AMT) (A1/NR) | Airport Commission of The City and County of San Francisco Second Series RR Bonds, Series 2023C (AMT) (A1/NR) |
| 500000 | 5.750 | 05/01/2048 | 543051 |
| Bay Area Toll Authority Bridge RB 2021 Series D (Aa3/AA) | Bay Area Toll Authority Bridge RB 2021 Series D (Aa3/AA) | Bay Area Toll Authority Bridge RB 2021 Series D (Aa3/AA) | Bay Area Toll Authority Bridge RB 2021 Series D (Aa3/AA) |
| &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; (SIFMA Municipal Swap Index Yield + 0.30%) | &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; (SIFMA Municipal Swap Index Yield + 0.30%) |
| 500000 | 3.170 <sup>(a)(c)</sup> | 04/01/2056 | 493914 |
| Bay Area Toll Authority Bridge RB 2021 Series E (Aa3/AA) | Bay Area Toll Authority Bridge RB 2021 Series E (Aa3/AA) | Bay Area Toll Authority Bridge RB 2021 Series E (Aa3/AA) | Bay Area Toll Authority Bridge RB 2021 Series E (Aa3/AA) |
| &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; (SIFMA Municipal Swap Index Yield + 0.41%) | &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; (SIFMA Municipal Swap Index Yield + 0.41%) |
| 350000 | 3.280 <sup>(a)(c)</sup> | 04/01/2056 | 344871 |
| Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (AGM) (A1/AA) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (AGM) (A1/AA) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (AGM) (A1/AA) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (AGM) (A1/AA) |
| 250000 | 4.375 | 07/01/2049 | 236988 |
| California Community Choice Financing Authority Clean Energy Project RB Fixed Rate Green Bonds Series 2023E-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Fixed Rate Green Bonds Series 2023E-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Fixed Rate Green Bonds Series 2023E-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Fixed Rate Green Bonds Series 2023E-1 (A1/NR) |
| 575000 | 5.000 <sup>(a)(b)</sup> | 02/01/2054 | 607706 |
| California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) | California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) | California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) | California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) |
| 750000 | 5.000 <sup>(a)(b)</sup> | 02/01/2055 | 798864 |
| California Community Housing Agency Essential Housing RB Series 2021A (NR/NR) | California Community Housing Agency Essential Housing RB Series 2021A (NR/NR) | California Community Housing Agency Essential Housing RB Series 2021A (NR/NR) | California Community Housing Agency Essential Housing RB Series 2021A (NR/NR) |
| 635000 | 4.000 <sup>(d)</sup> | 02/01/2056 | 494588 |
| California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR) | California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR) | California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR) | California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR) |
| 150000 | 4.000 <sup>(d)</sup> | 02/01/2056 | 126824 |
| 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 | 44708 |
| 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+) |
| 10000 | 5.000 | 06/01/2049 | 10009 |
| California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) |
| 250000 | 0.000 <sup>(e)</sup> | 06/01/2055 | 52824 |
| California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) |
| 400000 | 0.000 <sup>(e)</sup> | 06/01/2055 | 48329 |
| California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) |
| 600000 | 5.250 | 12/01/2044 | 620221 |
| California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A2/A) | California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A2/A) | California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A2/A) | California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A2/A) |
| 410000 | 5.000 | 10/01/2044 | 410759 |
| California Health Facilities Financing Authority Refunding RB Lucile Salter Packard Children's Hospital at Stanford 2022 Series A Forward Delivery (A1/A+) | California Health Facilities Financing Authority Refunding RB Lucile Salter Packard Children's Hospital at Stanford 2022 Series A Forward Delivery (A1/A+) | California Health Facilities Financing Authority Refunding RB Lucile Salter Packard Children's Hospital at Stanford 2022 Series A Forward Delivery (A1/A+) | California Health Facilities Financing Authority Refunding RB Lucile Salter Packard Children's Hospital at Stanford 2022 Series A Forward Delivery (A1/A+) |
| 135000 | 4.000 | 05/15/2051 | 123436 |
| California Infrastructure and Economic Development Bank Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) | California Infrastructure and Economic Development Bank Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) | California Infrastructure and Economic Development Bank Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) | California Infrastructure and Economic Development Bank Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) |
| 850000 | 9.500 <sup>(a)(b)(d)</sup> | 01/01/2065 | 849493 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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-) |
| $100000 | 4.000% | 07/01/2041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89863 |
| 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 | 07/01/2047 | 150722 |
| 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 | 1002204 |
| California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB) |
| 150000 | 4.000 | 07/15/2029 | 148461 |
| California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-/A-2) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-/A-2) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-/A-2) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-/A-2) |
| 250000 | 4.300 | 07/01/2040 | 250159 |
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2012 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2012 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2012 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2012 (Baa3/NR) |
| 300000 | 5.000 <sup>(d)</sup> | 07/01/2037 | 300183 |
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) |
| 275000 | 5.000 <sup>(d)</sup> | 07/01/2034 | 293741 |
| 250000 | 5.000 <sup>(d)</sup> | 07/01/2035 | 265712 |
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) |
| 250000 | 5.000 <sup>(d)</sup> | 11/21/2045 | 248971 |
| California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (NR/BB-) | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (NR/BB-) | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (NR/BB-) | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (NR/BB-) |
| 250000 | 6.250 <sup>(d)</sup> | 04/01/2052 | 252884 |
| California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR) | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR) | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR) | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR) |
| 250000 | 6.375 <sup>(d)</sup> | 06/01/2052 | 260553 |
| California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+) | California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+) | California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+) | California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+) |
| 365000 | 3.000 <sup>(d)</sup> | 07/01/2030 | 343298 |
| California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR) | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR) | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR) | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR) |
| 260000 | 4.000 <sup>(d)</sup> | 06/01/2031 | 244584 |
| California Statewide Communities Development Authority CFD No. 2022-03 Sheldon Farms Special Tax Bonds, Series 2023 (NR/NR) | California Statewide Communities Development Authority CFD No. 2022-03 Sheldon Farms Special Tax Bonds, Series 2023 (NR/NR) | California Statewide Communities Development Authority CFD No. 2022-03 Sheldon Farms Special Tax Bonds, Series 2023 (NR/NR) | California Statewide Communities Development Authority CFD No. 2022-03 Sheldon Farms Special Tax Bonds, Series 2023 (NR/NR) |
| 250000 | 5.000 | 09/01/2053 | 251994 |
| California Statewide Communities Development Authority Community Facilities District No. 2020-02 Atwell Improvement Area No. 3 Special Tax Bonds Series 2024 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2020-02 Atwell Improvement Area No. 3 Special Tax Bonds Series 2024 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2020-02 Atwell Improvement Area No. 3 Special Tax Bonds Series 2024 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2020-02 Atwell Improvement Area No. 3 Special Tax Bonds Series 2024 (NR/NR) |
| 125000 | 5.000 | 09/01/2054 | 126574 |
| California Statewide Communities Development Authority Pollution Control RB Refunding for Southern California Edison Company Series 2006 D (NON-AMT) (A2/A-) | California Statewide Communities Development Authority Pollution Control RB Refunding for Southern California Edison Company Series 2006 D (NON-AMT) (A2/A-) | California Statewide Communities Development Authority Pollution Control RB Refunding for Southern California Edison Company Series 2006 D (NON-AMT) (A2/A-) | California Statewide Communities Development Authority Pollution Control RB Refunding for Southern California Edison Company Series 2006 D (NON-AMT) (A2/A-) |
| 150000 | 4.500 | 11/01/2033 | 152012 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 180 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Loma Linda University Medical Center Series 2016A (NR/BB) | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB) | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB) | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB) |
| $250000 | 5.250 %<sup>(d)</sup> | 12/01/2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250249 |
| 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) |
| 500000 | 5.500 | 12/01/2054 | 500141 |
| 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 | 51695 |
| 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 | 100745 |
| California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (A2/A-) | California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (A2/A-) | California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (A2/A-) | California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (A2/A-) |
| 190000 | 1.750 | 09/01/2029 | 168638 |
| City of Alameda Community Facilities District 2023 Special Tax Bonds (NR/NR) | City of Alameda Community Facilities District 2023 Special Tax Bonds (NR/NR) | City of Alameda Community Facilities District 2023 Special Tax Bonds (NR/NR) | City of Alameda Community Facilities District 2023 Special Tax Bonds (NR/NR) |
| 50000 | 5.000 | 09/01/2048 | 50683 |
| 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 | 223865 |
| 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 | 19799 |
| 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 | 93419 |
| 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 | 23407 |
| City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/AA-) | City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/AA-) | City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/AA-) | City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/AA-) |
| 400000 | 5.000 | 05/01/2048 | 409982 |
| City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/AA-) | City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/AA-) | City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/AA-) | City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/AA-) |
| 490000 | 5.000 | 05/01/2049 | 493433 |
| CMFA Special Finance Agency VIII Essential Housing RB 2021A- 1 (NR/NR) | CMFA Special Finance Agency VIII Essential Housing RB 2021A- 1 (NR/NR) | CMFA Special Finance Agency VIII Essential Housing RB 2021A- 1 (NR/NR) | CMFA Special Finance Agency VIII Essential Housing RB 2021A- 1 (NR/NR) |
| 150000 | 3.000 <sup>(d)</sup> | 08/01/2056 | 101222 |
| County of Los Angeles CA Community Facilities District NO 2021-01 (NR/NR) | County of Los Angeles CA Community Facilities District NO 2021-01 (NR/NR) | County of Los Angeles CA Community Facilities District NO 2021-01 (NR/NR) | County of Los Angeles CA Community Facilities District NO 2021-01 (NR/NR) |
| 100000 | 5.000 | 09/01/2047 | 101922 |
| CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) |
| 150000 | 3.600 <sup>(d)</sup> | 05/01/2047 | 123472 |
| Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate Revenue and Refunding RB 2021 Series A (Aa3/AA-) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate Revenue and Refunding RB 2021 Series A (Aa3/AA-) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate Revenue and Refunding RB 2021 Series A (Aa3/AA-) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate Revenue and Refunding RB 2021 Series A (Aa3/AA-) |
| 150000 | 5.000 | 05/15/2037 | 155804 |
| Department of Airports of The City of Los Angeles LAX Subordinate RB 2018 Series A (AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles LAX Subordinate RB 2018 Series A (AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles LAX Subordinate RB 2018 Series A (AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles LAX Subordinate RB 2018 Series A (AMT) (Aa3/AA-) |
| 500000 | 5.250 | 05/15/2048 | 507169 |
| Department of Airports of The City of Los Angeles LAX Subordinate RB 2021 Series D (Private Activity/AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles LAX Subordinate RB 2021 Series D (Private Activity/AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles LAX Subordinate RB 2021 Series D (Private Activity/AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles LAX Subordinate RB 2021 Series D (Private Activity/AMT) (Aa3/AA-) |
| 500000 | 4.000 | 05/15/2051 | 437325 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) |
| 125000 | 5.000% | 07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126227 |
| Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2021 Subseries A-2 (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2021 Subseries A-2 (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2021 Subseries A-2 (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2021 Subseries A-2 (Aa2/NR) |
| 100000 | 3.850 <sup>(a)(b)</sup> | 07/01/2051 | 100000 |
| Department of Water and Power of The City of Los Angeles Water System RB 2018 Series A (Aa2/AA-) | Department of Water and Power of The City of Los Angeles Water System RB 2018 Series A (Aa2/AA-) | Department of Water and Power of The City of Los Angeles Water System RB 2018 Series A (Aa2/AA-) | Department of Water and Power of The City of Los Angeles Water System RB 2018 Series A (Aa2/AA-) |
| 125000 | 5.000 | 07/01/2043 | 127035 |
| Department of Water and Power of The City of Los Angeles Water System Variable Rate Demand RB 2001 Series B Subseries B-4 (Aa2/NR) | Department of Water and Power of The City of Los Angeles Water System Variable Rate Demand RB 2001 Series B Subseries B-4 (Aa2/NR) | Department of Water and Power of The City of Los Angeles Water System Variable Rate Demand RB 2001 Series B Subseries B-4 (Aa2/NR) | Department of Water and Power of The City of Los Angeles Water System Variable Rate Demand RB 2001 Series B Subseries B-4 (Aa2/NR) |
| 100000 | 3.850 <sup>(a)(b)</sup> | 07/01/2035 | 100000 |
| Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (Baa1/A) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (Baa1/A) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (Baa1/A) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (Baa1/A) |
| 750000 | 4.000 | 01/15/2046 | 713755 |
| Folsom Ranch Financing Authority City of Folsom Community Facilities District No. 23 Improvement Area No. 2 California Special Tax RB Series 2024 (NR/NR) | Folsom Ranch Financing Authority City of Folsom Community Facilities District No. 23 Improvement Area No. 2 California Special Tax RB Series 2024 (NR/NR) | Folsom Ranch Financing Authority City of Folsom Community Facilities District No. 23 Improvement Area No. 2 California Special Tax RB Series 2024 (NR/NR) | Folsom Ranch Financing Authority City of Folsom Community Facilities District No. 23 Improvement Area No. 2 California Special Tax RB Series 2024 (NR/NR) |
| 100000 | 5.000 | 09/01/2053 | 100935 |
| Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (NR/BBB-) | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (NR/BBB-) | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (NR/BBB-) | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (NR/BBB-) |
| 510000 | 3.850 | 06/01/2050 | 469332 |
| Golden State tobacco Securitization Settlement Corp ABS Bond Series 2021B-2 (NR/NR) | Golden State tobacco Securitization Settlement Corp ABS Bond Series 2021B-2 (NR/NR) | Golden State tobacco Securitization Settlement Corp ABS Bond Series 2021B-2 (NR/NR) | Golden State tobacco Securitization Settlement Corp ABS Bond Series 2021B-2 (NR/NR) |
| 5000000 | 0.000 <sup>(e)</sup> | 06/01/2066 | 536308 |
| Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC) | Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC) | Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC) | Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC) |
| 250000 | 0.000 <sup>(e)</sup> | 06/01/2036 | 116452 |
| Los Angeles County Public Works Financing Authority Lease RB 2020 Series A (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2020 Series A (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2020 Series A (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2020 Series A (NR/AA+) |
| 125000 | 3.000 | 12/01/2050 | 91227 |
| Modesto Financing Authority Domestic Project RB 2007F (NATL) (Baa3/AA) | Modesto Financing Authority Domestic Project RB 2007F (NATL) (Baa3/AA) | Modesto Financing Authority Domestic Project RB 2007F (NATL) (Baa3/AA) | Modesto Financing Authority Domestic Project RB 2007F (NATL) (Baa3/AA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.63%) |
| 525000 | 3.698 <sup>(c)</sup> | 09/01/2037 | 498847 |
| 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 | 112614 |
| 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 | 19424 |
| 275000 | 4.000 | 09/01/2050 | 238852 |
| Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-) | Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-) | Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-) | Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.55%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.55%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.55%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.55%) |
| 785000 | 3.619 <sup>(c)</sup> | 06/01/2034 | 761101 |
| San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) |
| 150000 | 4.000 | 07/01/2039 | 145198 |
| 900000 | 4.000 | 07/01/2046 | 807425 |
| San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (B1/NR) | San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (B1/NR) | San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (B1/NR) | San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (B1/NR) |
| 100000 | 4.000 | 08/01/2032 | 89564 |
| State of California Various Purpose GO Bonds (Aa2/AA-) | State of California Various Purpose GO Bonds (Aa2/AA-) | State of California Various Purpose GO Bonds (Aa2/AA-) | State of California Various Purpose GO Bonds (Aa2/AA-) |
| 1100000 | 7.500 | 04/01/2034 | 1272616 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **181** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| State of California Various Purpose GO Bonds Federally Taxable Build America Bonds Series 2009 (Aa2/AA-) | State of California Various Purpose GO Bonds Federally Taxable Build America Bonds Series 2009 (Aa2/AA-) | State of California Various Purpose GO Bonds Federally Taxable Build America Bonds Series 2009 (Aa2/AA-) | State of California Various Purpose GO Bonds Federally Taxable Build America Bonds Series 2009 (Aa2/AA-) |
| 800000 | 7.350% | 11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933294 |
| 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) |
| 45000 | 2.500 | 09/02/2046 | 28522 |
| Washington Township Health Care District RB 2023 Series A (Baa3/NR) | Washington Township Health Care District RB 2023 Series A (Baa3/NR) | Washington Township Health Care District RB 2023 Series A (Baa3/NR) | Washington Township Health Care District RB 2023 Series A (Baa3/NR) |
| 50000 | 5.750 | 07/01/2053 | 52644 |
|  |  |  | 22295237 |
| Colorado - 3.8% | Colorado - 3.8% | Colorado - 3.8% | Colorado - 3.8% |
| Baseline Metropolitan District In The City and County of Broomfield, Colorado Special RR and Improvement Bonds Series 2024A (AGC) (NR/AA) | Baseline Metropolitan District In The City and County of Broomfield, Colorado Special RR and Improvement Bonds Series 2024A (AGC) (NR/AA) | Baseline Metropolitan District In The City and County of Broomfield, Colorado Special RR and Improvement Bonds Series 2024A (AGC) (NR/AA) | Baseline Metropolitan District In The City and County of Broomfield, Colorado Special RR and Improvement Bonds Series 2024A (AGC) (NR/AA) |
| 125000 | 4.000 | 12/01/2046 | 116254 |
| 100000 | 5.000 | 12/01/2049 | 103524 |
| 125000 | 4.250 | 12/01/2054 | 117005 |
| 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 | 117556 |
| 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 | 97676 |
| City and County of Denver, Colorado, For and On Behalf of Its Department of Aviation Airport System RB Series 2022A (AMT) (Aa3/AA-) | City and County of Denver, Colorado, For and On Behalf of Its Department of Aviation Airport System RB Series 2022A (AMT) (Aa3/AA-) | City and County of Denver, Colorado, For and On Behalf of Its Department of Aviation Airport System RB Series 2022A (AMT) (Aa3/AA-) | City and County of Denver, Colorado, For and On Behalf of Its Department of Aviation Airport System RB Series 2022A (AMT) (Aa3/AA-) |
| 1000000 | 5.000 | 11/15/2047 | 1016449 |
| 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+) |
| 575000 | 5.250 | 12/01/2043 | 585632 |
| Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (Baa3/NR) | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (Baa3/NR) | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (Baa3/NR) | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (Baa3/NR) |
| 100000 | 4.000 | 10/01/2056 | 77670 |
| Colorado Educational and Educational Facilities Authority Charter School RB Ascent Classical Academy Charter Schools, Inc. Series 2024A (NR/BB) | Colorado Educational and Educational Facilities Authority Charter School RB Ascent Classical Academy Charter Schools, Inc. Series 2024A (NR/BB) | Colorado Educational and Educational Facilities Authority Charter School RB Ascent Classical Academy Charter Schools, Inc. Series 2024A (NR/BB) | Colorado Educational and Educational Facilities Authority Charter School RB Ascent Classical Academy Charter Schools, Inc. Series 2024A (NR/BB) |
| 100000 | 5.500 <sup>(d)</sup> | 04/01/2044 | 102116 |
| 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 | 679441 |
| 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 | 439967 |
| Colorado Health Facilities Authority Hospital RB Boulder Community Health Project Series 2020 (A3/A-) | Colorado Health Facilities Authority Hospital RB Boulder Community Health Project Series 2020 (A3/A-) | Colorado Health Facilities Authority Hospital RB Boulder Community Health Project Series 2020 (A3/A-) | Colorado Health Facilities Authority Hospital RB Boulder Community Health Project Series 2020 (A3/A-) |
| 275000 | 4.000 | 10/01/2038 | 266245 |
| 300000 | 4.000 | 10/01/2039 | 288614 |
| 300000 | 4.000 | 10/01/2040 | 285970 |
| Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Aa2/NR) | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Aa2/NR) | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Aa2/NR) | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Aa2/NR) |
| 350000 | 4.000 <sup>(f)</sup> | 09/01/2030 | 367155 |
| Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR) | Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR) | Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR) | Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR) |
| 101026 | 5.000 <sup>(b)</sup> | 07/01/2057 | 77297 |
| 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 | 91769 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) |
| 450000 | 5.000% | 08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466246 |
| Colorado Health Facilities Authority RB Series 2019A-2 (A3/A-) | Colorado Health Facilities Authority RB Series 2019A-2 (A3/A-) | Colorado Health Facilities Authority RB Series 2019A-2 (A3/A-) | Colorado Health Facilities Authority RB Series 2019A-2 (A3/A-) |
| 885000 | 4.000 | 08/01/2049 | 781295 |
| Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (NR/BB) | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (NR/BB) | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (NR/BB) | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (NR/BB) |
| 650000 | 5.000 | 10/01/2032 | 650147 |
| Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB) | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB) | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB) | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB) |
| 175000 | 4.000 <sup>(d)</sup> | 12/01/2035 | 167604 |
| 185000 | 4.000 <sup>(d)</sup> | 12/01/2036 | 175403 |
| Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR) | Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR) | Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR) | Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR) |
| 150000 | 5.000 <sup>(d)</sup> | 12/01/2032 | 153418 |
| 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 | 451444 |
| 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 | 813411 |
| 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) |
| 60000 | 3.375 | 12/01/2030 | 57270 |
| The Lakes at Centerra Metropolitan District No.2 in The City of Loveland Colorado Limited Tax GO Refunding Bonds Series 2024A (AGM) (NR/AA) | The Lakes at Centerra Metropolitan District No.2 in The City of Loveland Colorado Limited Tax GO Refunding Bonds Series 2024A (AGM) (NR/AA) | The Lakes at Centerra Metropolitan District No.2 in The City of Loveland Colorado Limited Tax GO Refunding Bonds Series 2024A (AGM) (NR/AA) | The Lakes at Centerra Metropolitan District No.2 in The City of Loveland Colorado Limited Tax GO Refunding Bonds Series 2024A (AGM) (NR/AA) |
| 300000 | 4.500 | 12/01/2054 | 286783 |
| Trails at Crowfoot Metropolitan District No. 3 in The Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) | Trails at Crowfoot Metropolitan District No. 3 in The Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) | Trails at Crowfoot Metropolitan District No. 3 in The Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) | Trails at Crowfoot Metropolitan District No. 3 in The Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) |
| 100000 | 4.000 | 12/01/2044 | 93665 |
| 250000 | 4.250 | 12/01/2054 | 230619 |
| Wildwing Metropolitan District No. 5 In the Town of Timnath Larimer County Colorado LT Go Refunding and Improvement Bonds Series 2024 (AGM) (NR/AA) | Wildwing Metropolitan District No. 5 In the Town of Timnath Larimer County Colorado LT Go Refunding and Improvement Bonds Series 2024 (AGM) (NR/AA) | Wildwing Metropolitan District No. 5 In the Town of Timnath Larimer County Colorado LT Go Refunding and Improvement Bonds Series 2024 (AGM) (NR/AA) | Wildwing Metropolitan District No. 5 In the Town of Timnath Larimer County Colorado LT Go Refunding and Improvement Bonds Series 2024 (AGM) (NR/AA) |
| 50000 | 4.500 | 12/01/2053 | 47988 |
|  |  |  | 9205633 |
| Connecticut - 1.1% | Connecticut - 1.1% | Connecticut - 1.1% | Connecticut - 1.1% |
| City of Ansonia Connecticut Certificates of Participation Series 2024 (NR/A+) | City of Ansonia Connecticut Certificates of Participation Series 2024 (NR/A+) | City of Ansonia Connecticut Certificates of Participation Series 2024 (NR/A+) | City of Ansonia Connecticut Certificates of Participation Series 2024 (NR/A+) |
| 130000 | 4.750 | 12/01/2045 | 126516 |
| City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR) | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR) | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR) | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR) |
| 100000 | 11.000 <sup>(d)</sup> | 12/01/2027 | 128499 |
| State of Connecticut GO Social Bonds Series 2024G (Aa3/AA-) | State of Connecticut GO Social Bonds Series 2024G (Aa3/AA-) | State of Connecticut GO Social Bonds Series 2024G (Aa3/AA-) | State of Connecticut GO Social Bonds Series 2024G (Aa3/AA-) |
| 1900000 | 3.000 | 11/15/2043 | 1531006 |
| State of Connecticut Health & Educational Facilities Authority RB Series E (NR/NR) | State of Connecticut Health & Educational Facilities Authority RB Series E (NR/NR) | State of Connecticut Health & Educational Facilities Authority RB Series E (NR/NR) | State of Connecticut Health & Educational Facilities Authority RB Series E (NR/NR) |
| 230000 | 4.000 | 07/01/2041 | 204921 |
| State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BB+) | State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BB+) | State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BB+) | State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BB+) |
| 55000 | 5.375 | 07/01/2052 | 50710 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 182 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Revenue Bonds Goodwin University Obligated Group Issue Series A-1 (NR/BBB-) | State of Connecticut Health and Educational Facilities Authority Revenue Bonds Goodwin University Obligated Group Issue Series A-1 (NR/BBB-) | State of Connecticut Health and Educational Facilities Authority Revenue Bonds Goodwin University Obligated Group Issue Series A-1 (NR/BBB-) | State of Connecticut Health and Educational Facilities Authority Revenue Bonds Goodwin University Obligated Group Issue Series A-1 (NR/BBB-) |
| 125000 | 5.000% | 07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120664 |
| Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR) | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR) | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR) | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR) |
| 100000 | 4.000 <sup>(d)</sup> | 04/01/2041 | 91405 |
| The Housing Authority of The City of Stamford RB Mozaic Concierge Living Project Entrance Fee Principal Redemption Bondssm Series 2025D (NR/NR) | The Housing Authority of The City of Stamford RB Mozaic Concierge Living Project Entrance Fee Principal Redemption Bondssm Series 2025D (NR/NR) | The Housing Authority of The City of Stamford RB Mozaic Concierge Living Project Entrance Fee Principal Redemption Bondssm Series 2025D (NR/NR) | The Housing Authority of The City of Stamford RB Mozaic Concierge Living Project Entrance Fee Principal Redemption Bondssm Series 2025D (NR/NR) |
| 500000 | 4.250 <sup>(g)</sup> | 10/01/2030 | 500846 |
|  |  |  | 2754567 |
| 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 | 45049 |
| 50000 | 4.000 | 06/01/2042 | 43236 |
| Delaware State Housing Authority Senior Single Family Mortgage RB 2024 Series D (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/NR) | Delaware State Housing Authority Senior Single Family Mortgage RB 2024 Series D (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/NR) | Delaware State Housing Authority Senior Single Family Mortgage RB 2024 Series D (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/NR) | Delaware State Housing Authority Senior Single Family Mortgage RB 2024 Series D (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/NR) |
| 250000 | 4.450 | 07/01/2049 | 244141 |
|  |  |  | 332426 |
| District of Columbia - 1.6% | District of Columbia - 1.6% | District of Columbia - 1.6% | District of Columbia - 1.6% |
| District of Columbia Private Activity RB Series 2022A (A3/NR) | District of Columbia Private Activity RB Series 2022A (A3/NR) | District of Columbia Private Activity RB Series 2022A (A3/NR) | District of Columbia Private Activity RB Series 2022A (A3/NR) |
| 100000 | 5.500 | 02/28/2037 | 111243 |
| District of Columbia Union Market Project Tax Increment RB Convertible Capital Appreciation Bonds. Series 2024B (NR/NR) | District of Columbia Union Market Project Tax Increment RB Convertible Capital Appreciation Bonds. Series 2024B (NR/NR) | District of Columbia Union Market Project Tax Increment RB Convertible Capital Appreciation Bonds. Series 2024B (NR/NR) | District of Columbia Union Market Project Tax Increment RB Convertible Capital Appreciation Bonds. Series 2024B (NR/NR) |
| 100000 | 0.000 <sup>(d)(h)</sup> | 06/01/2041 | 60060 |
| Metropolitan Washington Airport Authority Revenue & Refunding Bonds Series 2018A (Aa3/AA-) | Metropolitan Washington Airport Authority Revenue & Refunding Bonds Series 2018A (Aa3/AA-) | Metropolitan Washington Airport Authority Revenue & Refunding Bonds Series 2018A (Aa3/AA-) | Metropolitan Washington Airport Authority Revenue & Refunding Bonds Series 2018A (Aa3/AA-) |
| 1950000 | 5.000 | 10/01/2043 | 1959738 |
| Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 B (AGM-CR) (A1/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 B (AGM-CR) (A1/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 B (AGM-CR) (A1/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 B (AGM-CR) (A1/AA) |
| 665000 | 4.000 | 10/01/2044 | 620593 |
| Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A1/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A1/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A1/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A1/AA) |
| 125000 | 3.000 | 10/01/2050 | 89927 |
| 100000 | 4.000 | 10/01/2053 | 87615 |
| Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail & Capital Improvement Projects Series 2019B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail & Capital Improvement Projects Series 2019B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail & Capital Improvement Projects Series 2019B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail & Capital Improvement Projects Series 2019B (Baa2/A-) |
| 650000 | 4.000 | 10/01/2049 | 585271 |
| Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail and Capital Improvement Projects Series 2019B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail and Capital Improvement Projects Series 2019B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail and Capital Improvement Projects Series 2019B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail and Capital Improvement Projects Series 2019B (Baa2/A-) |
| 300000 | 4.000 | 10/01/2035 | 298377 |
|  |  |  | 3812824 |
| Florida - 18.1% | Florida - 18.1% | Florida - 18.1% | Florida - 18.1% |
| 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 | 203777 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408505 |
| Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/NR) | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/NR) | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/NR) | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/NR) |
| 250000 | 4.000 | 10/01/2046 | 211483 |
| Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2023 Assessment Area Three Project (NR/NR) | Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2023 Assessment Area Three Project (NR/NR) | Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2023 Assessment Area Three Project (NR/NR) | Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2023 Assessment Area Three Project (NR/NR) |
| 65000 | 5.125 | 06/15/2043 | 65382 |
| Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR) | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR) | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR) | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR) |
| 55000 | 3.200 <sup>(d)</sup> | 05/01/2041 | 44437 |
| Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR) | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR) | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR) | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR) |
| 10000 | 2.500 <sup>(d)</sup> | 05/01/2026 | 9838 |
| 50000 | 3.200 <sup>(d)</sup> | 05/01/2041 | 40397 |
| 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) |
| 65000 | 2.375 | 05/01/2026 | 63904 |
| 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 | 20088 |
| Avenir Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Avenir Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Avenir Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Avenir Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 40000 | 4.500 | 05/01/2030 | 40333 |
| Aventura Isles Community Development District Miami-Dade County Special Assessment Refunding Bonds, Series 2024 (NR/NR) | Aventura Isles Community Development District Miami-Dade County Special Assessment Refunding Bonds, Series 2024 (NR/NR) | Aventura Isles Community Development District Miami-Dade County Special Assessment Refunding Bonds, Series 2024 (NR/NR) | Aventura Isles Community Development District Miami-Dade County Special Assessment Refunding Bonds, Series 2024 (NR/NR) |
| 100000 | 5.000 | 05/01/2043 | 98964 |
| Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR) | Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR) | Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR) | Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR) |
| 200000 | 3.000 <sup>(d)</sup> | 05/01/2031 | 186232 |
| 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) |
| 25000 | 6.000 | 11/01/2027 | 25885 |
| 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 | 90223 |
| 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 | 465332 |
| Berry Bay Community Development District Special Assessment RB for Assessment Area Three Series 2024 (NR/NR) | Berry Bay Community Development District Special Assessment RB for Assessment Area Three Series 2024 (NR/NR) | Berry Bay Community Development District Special Assessment RB for Assessment Area Three Series 2024 (NR/NR) | Berry Bay Community Development District Special Assessment RB for Assessment Area Three Series 2024 (NR/NR) |
| 50000 | 4.250 | 05/01/2031 | 49398 |
| 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) |
| 160000 | 4.800 | 06/15/2027 | 162009 |
| Bridgewalk Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2023 (NR/NR) | Bridgewalk Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2023 (NR/NR) | Bridgewalk Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2023 (NR/NR) | Bridgewalk Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2023 (NR/NR) |
| 60000 | 6.250 | 12/15/2043 | 62922 |
| 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 | 77680 |
| Broward County Port Facilities RB Series 2019B (A1/A) | Broward County Port Facilities RB Series 2019B (A1/A) | Broward County Port Facilities RB Series 2019B (A1/A) | Broward County Port Facilities RB Series 2019B (A1/A) |
| 300000 | 4.000 | 09/01/2049 | 271874 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **183** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| $35000 | 4.750% | 05/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35107 |
| Buena Lago Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | Buena Lago Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | Buena Lago Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | Buena Lago Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) |
| 50000 | 5.250 | 05/01/2044 | 49004 |
| 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) |
| 125000 | 4.000 | 05/01/2027 | 124817 |
| Capital Projects Finance Authority Educational Facilities RB Kissimmee Charter Academy Project Series 2024 (NR/NR) | Capital Projects Finance Authority Educational Facilities RB Kissimmee Charter Academy Project Series 2024 (NR/NR) | Capital Projects Finance Authority Educational Facilities RB Kissimmee Charter Academy Project Series 2024 (NR/NR) | Capital Projects Finance Authority Educational Facilities RB Kissimmee Charter Academy Project Series 2024 (NR/NR) |
| 100000 | 6.125 <sup>(d)</sup> | 06/15/2044 | 104199 |
| Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR) | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR) | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR) | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR) |
| 625000 | 5.250 <sup>(d)</sup> | 12/01/2058 | 618503 |
| Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR) | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR) | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR) | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR) |
| 100000 | 4.000 <sup>(d)</sup> | 07/01/2051 | 79333 |
| Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR) | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR) | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR) | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR) |
| 100000 | 4.000 <sup>(d)</sup> | 12/01/2028 | 99573 |
| 300000 | 5.250 <sup>(d)</sup> | 12/01/2043 | 301954 |
| Capital Trust Authority Educational Facilities Lease RB for Seaside Community Charter School Project Series A (Baa3/NR) | Capital Trust Authority Educational Facilities Lease RB for Seaside Community Charter School Project Series A (Baa3/NR) | Capital Trust Authority Educational Facilities Lease RB for Seaside Community Charter School Project Series A (Baa3/NR) | Capital Trust Authority Educational Facilities Lease RB for Seaside Community Charter School Project Series A (Baa3/NR) |
| 100000 | 5.000 | 06/15/2034 | 102269 |
| Capital Trust Authority RB Anticipation Notes Convivial-St Petersburg Project Series 2024A (NR/NR) | Capital Trust Authority RB Anticipation Notes Convivial-St Petersburg Project Series 2024A (NR/NR) | Capital Trust Authority RB Anticipation Notes Convivial-St Petersburg Project Series 2024A (NR/NR) | Capital Trust Authority RB Anticipation Notes Convivial-St Petersburg Project Series 2024A (NR/NR) |
| 150000 | 12.000 <sup>(d)</sup> | 10/03/2029 | 149966 |
| Central Parc Community Development District City Of North Port Florida Special Assessment RB Series 2024 (NR/NR) | Central Parc Community Development District City Of North Port Florida Special Assessment RB Series 2024 (NR/NR) | Central Parc Community Development District City Of North Port Florida Special Assessment RB Series 2024 (NR/NR) | Central Parc Community Development District City Of North Port Florida Special Assessment RB Series 2024 (NR/NR) |
| 100000 | 4.900 | 05/01/2031 | 99645 |
| Century Gardens at Tamiami Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2016 (NR/BBB) | Century Gardens at Tamiami Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2016 (NR/BBB) | Century Gardens at Tamiami Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2016 (NR/BBB) | Century Gardens at Tamiami Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2016 (NR/BBB) |
| 100000 | 4.000 | 05/01/2031 | 97397 |
| 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 | 80142 |
| Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR) | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR) | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR) | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR) |
| 65000 | 3.375 <sup>(d)</sup> | 05/01/2041 | 52638 |
| Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR) | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR) | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR) | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR) |
| 95000 | 3.700 <sup>(d)</sup> | 05/01/2040 | 80868 |
| 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) |
| 105000 | 2.400 | 05/01/2026 | 103191 |
| 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 | 135363 |
| City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/BBB-) | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/BBB-) | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/BBB-) | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/BBB-) |
| 100000 | 5.125 | 06/01/2042 | 100443 |
| Coddington Community Development District (NR/NR) | Coddington Community Development District (NR/NR) | Coddington Community Development District (NR/NR) | Coddington Community Development District (NR/NR) |
| 260000 | 5.000 | 05/01/2032 | 268864 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Connerton East Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Connerton East Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Connerton East Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Connerton East Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| $100000 | 5.250% | 06/15/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101890 |
| Cope's Landing Community Development District Capital Improvement RB 2023 Project Area Series 2023 (NR/NR) | Cope's Landing Community Development District Capital Improvement RB 2023 Project Area Series 2023 (NR/NR) | Cope's Landing Community Development District Capital Improvement RB 2023 Project Area Series 2023 (NR/NR) | Cope's Landing Community Development District Capital Improvement RB 2023 Project Area Series 2023 (NR/NR) |
| 100000 | 5.750 | 05/01/2043 | 104615 |
| Copper Oaks Community Development District Special Assessment Refunding and Improvement Bonds Series 2021 (NR/NR) | Copper Oaks Community Development District Special Assessment Refunding and Improvement Bonds Series 2021 (NR/NR) | Copper Oaks Community Development District Special Assessment Refunding and Improvement Bonds Series 2021 (NR/NR) | Copper Oaks Community Development District Special Assessment Refunding and Improvement Bonds Series 2021 (NR/NR) |
| 175000 | 3.000 | 05/01/2035 | 148484 |
| Corkscrew Crossing Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Corkscrew Crossing Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Corkscrew Crossing Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Corkscrew Crossing Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 200000 | 4.300 | 05/01/2033 | 200231 |
| 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) |
| 25000 | 3.875 | 05/01/2027 | 24901 |
| 35000 | 4.250 | 05/01/2032 | 34613 |
| 200000 | 4.625 | 05/01/2042 | 188478 |
| 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 | 313307 |
| Cross Creek North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Cross Creek North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Cross Creek North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Cross Creek North Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 100000 | 5.125 | 05/01/2043 | 100436 |
| Crossings Community Development District Osceola County Special Assessment Bonds Series 2024 (NR/NR) | Crossings Community Development District Osceola County Special Assessment Bonds Series 2024 (NR/NR) | Crossings Community Development District Osceola County Special Assessment Bonds Series 2024 (NR/NR) | Crossings Community Development District Osceola County Special Assessment Bonds Series 2024 (NR/NR) |
| 100000 | 5.350 | 05/01/2044 | 97909 |
| 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) |
| 125000 | 4.250 | 05/01/2027 | 125127 |
| 255000 | 4.750 | 05/01/2032 | 257277 |
| Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR) | Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR) | Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR) | Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR) |
| 310000 | 3.125 <sup>(d)</sup> | 05/01/2030 | 300544 |
| Cypress Mill Community Development District Special Assessment Bonds for Bank Qualified 2023 Project Series 2023 (NR/BBB) | Cypress Mill Community Development District Special Assessment Bonds for Bank Qualified 2023 Project Series 2023 (NR/BBB) | Cypress Mill Community Development District Special Assessment Bonds for Bank Qualified 2023 Project Series 2023 (NR/BBB) | Cypress Mill Community Development District Special Assessment Bonds for Bank Qualified 2023 Project Series 2023 (NR/BBB) |
| 50000 | 5.000 | 05/01/2053 | 48347 |
| Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR) | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR) | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR) | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR) |
| 25000 | 2.625 <sup>(d)</sup> | 05/01/2025 | 24965 |
| Deerbrook Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) | Deerbrook Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) | Deerbrook Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) | Deerbrook Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) |
| 100000 | 5.250 | 05/01/2043 | 100598 |
| Del Webb Sunchase Community Development District Manatee County, Florida Special Assessment Bonds Series 2025 (NR/NR) | Del Webb Sunchase Community Development District Manatee County, Florida Special Assessment Bonds Series 2025 (NR/NR) | Del Webb Sunchase Community Development District Manatee County, Florida Special Assessment Bonds Series 2025 (NR/NR) | Del Webb Sunchase Community Development District Manatee County, Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 250000 | 5.625 <sup>(d)(g)</sup> | 05/01/2055 | 251322 |
| Dewey Robbins Community Development District City of Leesburg Florida Capital Improvement RB Series 2025 (NR/NR) | Dewey Robbins Community Development District City of Leesburg Florida Capital Improvement RB Series 2025 (NR/NR) | Dewey Robbins Community Development District City of Leesburg Florida Capital Improvement RB Series 2025 (NR/NR) | Dewey Robbins Community Development District City of Leesburg Florida Capital Improvement RB Series 2025 (NR/NR) |
| 330000 | 5.800 | 05/01/2055 | 325126 |
| 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) |
| 270000 | 3.750 | 05/01/2040 | 236158 |
| DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR) | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR) | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR) | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR) |
| 50000 | 3.375 <sup>(d)</sup> | 05/01/2041 | 42911 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 184 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| DW Bayview Community Development District Special Assessment Bonds for Manatee County Series 2022 (NR/NR) | DW Bayview Community Development District Special Assessment Bonds for Manatee County Series 2022 (NR/NR) | DW Bayview Community Development District Special Assessment Bonds for Manatee County Series 2022 (NR/NR) | DW Bayview Community Development District Special Assessment Bonds for Manatee County Series 2022 (NR/NR) |
| $105000 | 4.300% | 05/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105322 |
| 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) |
| 190000 | 4.875 | 05/01/2032 | 193480 |
| 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) |
| 25000 | 3.300 | 05/01/2041 | 19971 |
| East Nassau Stewardship District Bond Anticipation Note for PDP #4 Series 2024 Project Series 2024 (NR/NR) | East Nassau Stewardship District Bond Anticipation Note for PDP #4 Series 2024 Project Series 2024 (NR/NR) | East Nassau Stewardship District Bond Anticipation Note for PDP #4 Series 2024 Project Series 2024 (NR/NR) | East Nassau Stewardship District Bond Anticipation Note for PDP #4 Series 2024 Project Series 2024 (NR/NR) |
| 100000 | 5.250 | 05/01/2029 | 99511 |
| East Palm Drive Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One) (NR/NR) | East Palm Drive Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One) (NR/NR) | East Palm Drive Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One) (NR/NR) | East Palm Drive Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One) (NR/NR) |
| 100000 | 5.100 | 06/15/2044 | 98010 |
| 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 | 72231 |
| 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 | 93543 |
| 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 | 110109 |
| 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 | 117612 |
| Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (Baa2/BBB) | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (Baa2/BBB) | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (Baa2/BBB) | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (Baa2/BBB) |
| 885000 | 4.000 | 08/15/2045 | 785955 |
| 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 | 560088 |
| Everlands Community Development District Special Assessment Bonds for Assessment Area Two – 2024 Project Area Series 2024 (NR/NR) | Everlands Community Development District Special Assessment Bonds for Assessment Area Two – 2024 Project Area Series 2024 (NR/NR) | Everlands Community Development District Special Assessment Bonds for Assessment Area Two – 2024 Project Area Series 2024 (NR/NR) | Everlands Community Development District Special Assessment Bonds for Assessment Area Two – 2024 Project Area Series 2024 (NR/NR) |
| 525000 | 5.250 | 06/15/2044 | 525895 |
| Everlands II Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Everlands II Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Everlands II Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Everlands II Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 80000 | 4.600 | 06/15/2031 | 79412 |
| 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) |
| 190000 | 5.000 | 05/01/2035 | 193117 |
| Florida Development Finance Corp. Educational Facilities RB for Saint Andrew's School of Boca Raton, Inc. Project Series 2024A (NR/BBB+) | Florida Development Finance Corp. Educational Facilities RB for Saint Andrew's School of Boca Raton, Inc. Project Series 2024A (NR/BBB+) | Florida Development Finance Corp. Educational Facilities RB for Saint Andrew's School of Boca Raton, Inc. Project Series 2024A (NR/BBB+) | Florida Development Finance Corp. Educational Facilities RB for Saint Andrew's School of Boca Raton, Inc. Project Series 2024A (NR/BBB+) |
| 150000 | 5.250 | 06/01/2044 | 152403 |
| 125000 | 5.250 | 06/01/2049 | 125693 |
| Florida Development Finance Corp. Educational Facilities RB Series 2022A (Ba3/NR) | Florida Development Finance Corp. Educational Facilities RB Series 2022A (Ba3/NR) | Florida Development Finance Corp. Educational Facilities RB Series 2022A (Ba3/NR) | Florida Development Finance Corp. Educational Facilities RB Series 2022A (Ba3/NR) |
| 100000 | 5.000 <sup>(d)</sup> | 07/01/2032 | 96536 |
| 135000 | 5.375 <sup>(d)</sup> | 07/01/2042 | 124555 |
| Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+) | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+) | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+) | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+) |
| 100000 | 5.000 <sup>(d)</sup> | 10/01/2042 | 98268 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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. Healthcare Facilities RB for Tampa General Hospital Project Series 2024A (Fixed Mode) (NR/A-) | Florida Development Finance Corp. Healthcare Facilities RB for Tampa General Hospital Project Series 2024A (Fixed Mode) (NR/A-) | Florida Development Finance Corp. Healthcare Facilities RB for Tampa General Hospital Project Series 2024A (Fixed Mode) (NR/A-) | Florida Development Finance Corp. Healthcare Facilities RB for Tampa General Hospital Project Series 2024A (Fixed Mode) (NR/A-) |
| $600000 | 5.250% | 08/01/2049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616129 |
| Florida Development Finance Corp. RB Brightline Florida Passenger Rail Expansion Project Series 2025A (NR/NR) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Expansion Project Series 2025A (NR/NR) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Expansion Project Series 2025A (NR/NR) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Expansion Project Series 2025A (NR/NR) |
| 600000 | 8.250 <sup>(a)(b)(d)</sup> | 07/01/2057 | 623073 |
| Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (AGM) (NR/AA) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (AGM) (NR/AA) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (AGM) (NR/AA) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (AGM) (NR/AA) |
| 1600000 | 5.000 | 07/01/2044 | 1605328 |
| 550000 | 5.250 | 07/01/2047 | 561265 |
| 1000000 | 5.250 | 07/01/2053 | 1018457 |
| Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/NR) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/NR) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/NR) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/NR) |
| 2475000 | 12.000 <sup>(a)(b)(d)</sup> | 07/15/2032 | 2625128 |
| Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/BBB-) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/BBB-) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/BBB-) | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/BBB-) |
| 300000 | 5.250 | 07/01/2047 | 301240 |
| 250000 | 5.500 | 07/01/2053 | 252466 |
| Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Project AAF Operations Holdings LLC Issue Series 2024A (Tax-Exempt) (NR/NR) | Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Project AAF Operations Holdings LLC Issue Series 2024A (Tax-Exempt) (NR/NR) | Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Project AAF Operations Holdings LLC Issue Series 2024A (Tax-Exempt) (NR/NR) | Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Project AAF Operations Holdings LLC Issue Series 2024A (Tax-Exempt) (NR/NR) |
| 400000 | 10.000 <sup>(a)(b)(d)</sup> | 07/15/2059 | 411919 |
| Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR) |
| 100000 | 4.000 <sup>(d)</sup> | 06/01/2030 | 88403 |
| Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) |
| 100000 | 5.125 <sup>(d)</sup> | 06/01/2040 | 98993 |
| 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) |
| 45000 | 4.000 | 06/01/2030 | 42996 |
| Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (B1/NR) | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (B1/NR) | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (B1/NR) | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (B1/NR) |
| 100000 | 4.000 <sup>(d)</sup> | 06/30/2041 | 77835 |
| Florida Development Finance Corp. Solid Waste Disposal RB for GFL Solid Waste Southeast LLC Project Series 2024A (Ba3/BB-) | Florida Development Finance Corp. Solid Waste Disposal RB for GFL Solid Waste Southeast LLC Project Series 2024A (Ba3/BB-) | Florida Development Finance Corp. Solid Waste Disposal RB for GFL Solid Waste Southeast LLC Project Series 2024A (Ba3/BB-) | Florida Development Finance Corp. Solid Waste Disposal RB for GFL Solid Waste Southeast LLC Project Series 2024A (Ba3/BB-) |
| 250000 | 4.375 <sup>(a)(b)(d)</sup> | 10/01/2054 | 250145 |
| Florida Development Finance Corp. Student Housing RB Senior Series 2024A-1 (NR/NR) | Florida Development Finance Corp. Student Housing RB Senior Series 2024A-1 (NR/NR) | Florida Development Finance Corp. Student Housing RB Senior Series 2024A-1 (NR/NR) | Florida Development Finance Corp. Student Housing RB Senior Series 2024A-1 (NR/NR) |
| 100000 | 5.000 <sup>(d)</sup> | 06/01/2044 | 98912 |
| 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 | 147757 |
| Forest Lake Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Forest Lake Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Forest Lake Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Forest Lake Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 30000 | 4.750 <sup>(d)</sup> | 05/01/2027 | 30161 |
| 90000 | 5.000 <sup>(d)</sup> | 05/01/2032 | 91709 |
| 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 | 149401 |
| 75000 | 3.350 | 05/01/2041 | 59474 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **185** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98372 |
| 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) |
| 50000 | 4.750 | 11/01/2039 | 48745 |
| 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 | 48574 |
| 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 | 597665 |
| Grande Pines Community Development District Special Assessment RB for Assessment Area Two Series 2024 (NR/NR) | Grande Pines Community Development District Special Assessment RB for Assessment Area Two Series 2024 (NR/NR) | Grande Pines Community Development District Special Assessment RB for Assessment Area Two Series 2024 (NR/NR) | Grande Pines Community Development District Special Assessment RB for Assessment Area Two Series 2024 (NR/NR) |
| 100000 | 5.450 | 05/01/2044 | 100078 |
| Hacienda North Community Development District Special Assessment RB Series 2023 (NR/NR) | Hacienda North Community Development District Special Assessment RB Series 2023 (NR/NR) | Hacienda North Community Development District Special Assessment RB Series 2023 (NR/NR) | Hacienda North Community Development District Special Assessment RB Series 2023 (NR/NR) |
| 100000 | 6.300 | 05/01/2043 | 106042 |
| Hamilton Bluff Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One Project) (NR/NR) | Hamilton Bluff Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One Project) (NR/NR) | Hamilton Bluff Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One Project) (NR/NR) | Hamilton Bluff Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One Project) (NR/NR) |
| 100000 | 5.800 | 05/01/2054 | 99348 |
| Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2024 Assessment Area Two (NR/NR) |
| 100000 | 5.850 | 05/01/2044 | 100425 |
| Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 Assessment Area Three (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 Assessment Area Three (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 Assessment Area Three (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 Assessment Area Three (NR/NR) |
| 190000 | 5.550 <sup>(d)(g)</sup> | 05/01/2045 | 190379 |
| 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) |
| 20000 | 4.200 | 05/01/2027 | 20005 |
| Harmony On Lake Eloise Community Development District City of Winter Haven, Florida Capital Improvement RB, Series 2023 Assessment Area One (NR/NR) | Harmony On Lake Eloise Community Development District City of Winter Haven, Florida Capital Improvement RB, Series 2023 Assessment Area One (NR/NR) | Harmony On Lake Eloise Community Development District City of Winter Haven, Florida Capital Improvement RB, Series 2023 Assessment Area One (NR/NR) | Harmony On Lake Eloise Community Development District City of Winter Haven, Florida Capital Improvement RB, Series 2023 Assessment Area One (NR/NR) |
| 80000 | 5.125 | 05/01/2043 | 80507 |
| Harmony West Community Development District Osceola County Florida Special Assessment RB Series 2025 Assessment Area Three (NR/NR) | Harmony West Community Development District Osceola County Florida Special Assessment RB Series 2025 Assessment Area Three (NR/NR) | Harmony West Community Development District Osceola County Florida Special Assessment RB Series 2025 Assessment Area Three (NR/NR) | Harmony West Community Development District Osceola County Florida Special Assessment RB Series 2025 Assessment Area Three (NR/NR) |
| 100000 | 5.450 | 05/01/2045 | 99232 |
| Harmony West Community Development District Special Assessment RB Series 2023 (NR/NR) | Harmony West Community Development District Special Assessment RB Series 2023 (NR/NR) | Harmony West Community Development District Special Assessment RB Series 2023 (NR/NR) | Harmony West Community Development District Special Assessment RB Series 2023 (NR/NR) |
| 300000 | 5.300 | 05/01/2053 | 300890 |
| 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 | 103452 |
| Hawkstone Community Development District Special Assessment RB Series 2023 (NR/NR) | Hawkstone Community Development District Special Assessment RB Series 2023 (NR/NR) | Hawkstone Community Development District Special Assessment RB Series 2023 (NR/NR) | Hawkstone Community Development District Special Assessment RB Series 2023 (NR/NR) |
| 420000 | 4.375 | 05/01/2030 | 421201 |
| 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) |
| 20000 | 2.875 | 05/01/2025 | 19974 |
| Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR) | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR) | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR) | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR) |
| 25000 | 3.500 <sup>(d)</sup> | 05/01/2031 | 23787 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| $90000 | 2.375% | 05/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88388 |
| Hobe-St. Lucie Conservancy District Improvement Bonds Unit of Development No. 1A Series 2024 (NR/NR) | Hobe-St. Lucie Conservancy District Improvement Bonds Unit of Development No. 1A Series 2024 (NR/NR) | Hobe-St. Lucie Conservancy District Improvement Bonds Unit of Development No. 1A Series 2024 (NR/NR) | Hobe-St. Lucie Conservancy District Improvement Bonds Unit of Development No. 1A Series 2024 (NR/NR) |
| 100000 | 5.600 | 05/01/2044 | 101787 |
| 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 | 102512 |
| Island Lake Estates Community Development District 2023 Project Special Assessment Bonds Series 2023 (NR/NR) | Island Lake Estates Community Development District 2023 Project Special Assessment Bonds Series 2023 (NR/NR) | Island Lake Estates Community Development District 2023 Project Special Assessment Bonds Series 2023 (NR/NR) | Island Lake Estates Community Development District 2023 Project Special Assessment Bonds Series 2023 (NR/NR) |
| 100000 | 5.750 | 12/15/2043 | 103690 |
| Juniper Cove Community Development District Miami-Dade County Florida Capital Improvement RB Series 2025 (NR/NR) | Juniper Cove Community Development District Miami-Dade County Florida Capital Improvement RB Series 2025 (NR/NR) | Juniper Cove Community Development District Miami-Dade County Florida Capital Improvement RB Series 2025 (NR/NR) | Juniper Cove Community Development District Miami-Dade County Florida Capital Improvement RB Series 2025 (NR/NR) |
| 180000 | 4.625 | 05/01/2032 | 180206 |
| 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 | 77523 |
| Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2025 (Assessment Area Two Project) (NR/NR) | Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2025 (Assessment Area Two Project) (NR/NR) | Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2025 (Assessment Area Two Project) (NR/NR) | Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2025 (Assessment Area Two Project) (NR/NR) |
| 150000 | 4.375 | 05/01/2032 | 149108 |
| Keys Edge Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Keys Edge Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Keys Edge Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Keys Edge Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) |
| 100000 | 5.375 | 05/01/2055 | 96386 |
| 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 | 88648 |
| 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 | 44611 |
| 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) |
| 90000 | 5.500 | 05/01/2042 | 90112 |
| Lakes of Sarasota Community Development District 2 Sarasota County Florida Capital Improvement RB Series 2025A (NR/NR) | Lakes of Sarasota Community Development District 2 Sarasota County Florida Capital Improvement RB Series 2025A (NR/NR) | Lakes of Sarasota Community Development District 2 Sarasota County Florida Capital Improvement RB Series 2025A (NR/NR) | Lakes of Sarasota Community Development District 2 Sarasota County Florida Capital Improvement RB Series 2025A (NR/NR) |
| 100000 | 5.500 | 05/01/2045 | 98996 |
| 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 | 81839 |
| 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 | 95640 |
| 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 | 121023 |
| Lakewood Ranch Stewardship District Special Assessment RB for Palm Grove Project Series 2024 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Palm Grove Project Series 2024 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Palm Grove Project Series 2024 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Palm Grove Project Series 2024 (NR/NR) |
| 100000 | 5.250 | 05/01/2044 | 98710 |
| 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) |
| 100000 | 2.625 | 05/01/2037 | 80817 |
| 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) |
| 95000 | 2.300 | 05/01/2026 | 93254 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 186 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| $100000 | 4.750 %<sup>(d)</sup> | 11/01/2048 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93923 |
| 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 | 68381 |
| 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) |
| 80000 | 4.750 | 05/01/2032 | 80603 |
| 45000 | 5.000 | 05/01/2042 | 44767 |
| Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024A (NR/BBB+) | Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024A (NR/BBB+) | Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024A (NR/BBB+) | Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024A (NR/BBB+) |
| 150000 | 5.250 | 11/15/2044 | 155328 |
| Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024B-1 (NR/BBB+) | Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024B-1 (NR/BBB+) | Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024B-1 (NR/BBB+) | Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024B-1 (NR/BBB+) |
| 150000 | 4.750 | 11/15/2029 | 150178 |
| Liberty Cove Community Development District Special Assessment RB for Assessment Area One Project Series 2024 (NR/NR) | Liberty Cove Community Development District Special Assessment RB for Assessment Area One Project Series 2024 (NR/NR) | Liberty Cove Community Development District Special Assessment RB for Assessment Area One Project Series 2024 (NR/NR) | Liberty Cove Community Development District Special Assessment RB for Assessment Area One Project Series 2024 (NR/NR) |
| 85000 | 5.375 | 05/01/2044 | 82593 |
| Longleaf Community Development District Capital Improvement RB for Neighborhood 4 – Assessment Area Two Series 2024A (NR/NR) | Longleaf Community Development District Capital Improvement RB for Neighborhood 4 – Assessment Area Two Series 2024A (NR/NR) | Longleaf Community Development District Capital Improvement RB for Neighborhood 4 – Assessment Area Two Series 2024A (NR/NR) | Longleaf Community Development District Capital Improvement RB for Neighborhood 4 – Assessment Area Two Series 2024A (NR/NR) |
| 50000 | 5.200 | 05/01/2044 | 48020 |
| Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (NR/NR) | Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (NR/NR) | Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (NR/NR) | Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (NR/NR) |
| 325000 | 4.400 | 06/15/2031 | 325418 |
| LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment RB Series 2024 (NR/NR) | LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment RB Series 2024 (NR/NR) | LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment RB Series 2024 (NR/NR) | LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment RB Series 2024 (NR/NR) |
| 100000 | 5.750 | 05/01/2044 | 100287 |
| 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) |
| 25000 | 3.250 | 05/01/2031 | 23267 |
| 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 | 40612 |
| Magnolia Island Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) | Magnolia Island Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) | Magnolia Island Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) | Magnolia Island Community Development District Pasco County Florida Capital Improvement RB Series 2025 Assessment Area One (NR/NR) |
| 50000 | 4.650 | 05/01/2032 | 49899 |
| 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 | 67744 |
| 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 | 126048 |
| Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A+) |
| 175000 | 5.000 | 10/01/2040 | 177173 |
| Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (Ba2/NR) | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (Ba2/NR) | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (Ba2/NR) | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (Ba2/NR) |
| 100000 | 5.000 <sup>(d)</sup> | 07/01/2037 | 99022 |
| 100000 | 5.250 <sup>(d)</sup> | 07/01/2042 | 99144 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Midtown Miami Community Development District Special Assessment Revenue Refunding Bonds for Parking Garage Project Series 2014A (NR/NR) | Midtown Miami Community Development District Special Assessment Revenue Refunding Bonds for Parking Garage Project Series 2014A (NR/NR) | Midtown Miami Community Development District Special Assessment Revenue Refunding Bonds for Parking Garage Project Series 2014A (NR/NR) | Midtown Miami Community Development District Special Assessment Revenue Refunding Bonds for Parking Garage Project Series 2014A (NR/NR) |
| $240000 | 5.000% | 05/01/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239991 |
| 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 | 82823 |
| 100000 | 4.000 | 05/01/2051 | 82560 |
| Normandy Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Normandy Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Normandy Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Normandy Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) |
| 75000 | 4.625 <sup>(d)</sup> | 05/01/2031 | 73894 |
| North Ar-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) | North Ar-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) | North Ar-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) | North Ar-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) |
| 100000 | 5.750 | 05/01/2044 | 100287 |
| North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Four Series 2024 (NR/NR) | North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Four Series 2024 (NR/NR) | North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Four Series 2024 (NR/NR) | North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Four Series 2024 (NR/NR) |
| 85000 | 5.450 | 05/01/2044 | 84713 |
| 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 | 162641 |
| North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 120000 | 4.750 <sup>(d)</sup> | 05/01/2027 | 120598 |
| 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 | 86244 |
| 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) |
| 80000 | 2.375 | 11/01/2026 | 77707 |
| Orange Blossom Groves Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Orange Blossom Groves Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Orange Blossom Groves Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Orange Blossom Groves Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 50000 | 5.250 | 06/15/2043 | 50945 |
| Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2025A (NR/A+) | Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2025A (NR/A+) | Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2025A (NR/A+) | Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2025A (NR/A+) |
| 425000 | 4.500 | 10/01/2056 | 407333 |
| Pacific Ace Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) | Pacific Ace Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) | Pacific Ace Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) | Pacific Ace Community Development District Special Assessment Bonds for Assessment Area Two Series 2024 (NR/NR) |
| 100000 | 5.200 | 05/01/2044 | 99060 |
| Palm Beach County Educational Facilities Authority RB Palm Beach Atlantic University, Inc. Series 2024 (NR/NR) | Palm Beach County Educational Facilities Authority RB Palm Beach Atlantic University, Inc. Series 2024 (NR/NR) | Palm Beach County Educational Facilities Authority RB Palm Beach Atlantic University, Inc. Series 2024 (NR/NR) | Palm Beach County Educational Facilities Authority RB Palm Beach Atlantic University, Inc. Series 2024 (NR/NR) |
| 150000 | 5.000 | 10/01/2043 | 148431 |
| 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) |
| 100000 | 4.000 | 05/15/2053 | 82876 |
| Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Series 2023 C (NR/NR) | Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Series 2023 C (NR/NR) | Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Series 2023 C (NR/NR) | Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Series 2023 C (NR/NR) |
| 50000 | 7.500 | 05/15/2053 | 55709 |
| 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 | 163770 |
| 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) |
| 40000 | 3.150 | 11/01/2041 | 30806 |
| 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 | 132604 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **187** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Parrish Lakes Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Three (NR/NR) | Parrish Lakes Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Three (NR/NR) | Parrish Lakes Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Three (NR/NR) | Parrish Lakes Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Three (NR/NR) |
| $100000 | 5.000% | 05/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99542 |
| Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) | Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) | Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) | Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 210000 | 5.600 <sup>(d)</sup> | 05/01/2045 | 206674 |
| Peace Crossing Community Development District Special Assessment RB for Assessment Area One Series 2024 (NR/NR) | Peace Crossing Community Development District Special Assessment RB for Assessment Area One Series 2024 (NR/NR) | Peace Crossing Community Development District Special Assessment RB for Assessment Area One Series 2024 (NR/NR) | Peace Crossing Community Development District Special Assessment RB for Assessment Area One Series 2024 (NR/NR) |
| 80000 | 5.000 | 05/01/2031 | 79017 |
| 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 | 174412 |
| 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 | 109269 |
| Preserve At Savannah Lakes Community Development District Special Assessment Bonds Phase 1 Series 2024 (NR/NR) | Preserve At Savannah Lakes Community Development District Special Assessment Bonds Phase 1 Series 2024 (NR/NR) | Preserve At Savannah Lakes Community Development District Special Assessment Bonds Phase 1 Series 2024 (NR/NR) | Preserve At Savannah Lakes Community Development District Special Assessment Bonds Phase 1 Series 2024 (NR/NR) |
| 510000 | 5.450 | 05/01/2044 | 512574 |
| 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 | 97713 |
| 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 | 633661 |
| 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) |
| 15000 | 2.200 | 12/15/2026 | 14582 |
| 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 | 87009 |
| 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 | 73053 |
| Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2024 (NR/NR) | Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2024 (NR/NR) | Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2024 (NR/NR) | Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 95000 | 5.500 | 05/01/2044 | 95681 |
| Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2025 (NR/NR) | Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2025 (NR/NR) | Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2025 (NR/NR) | Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 125000 | 5.200 <sup>(d)</sup> | 05/01/2045 | 122653 |
| 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) |
| 195000 | 3.125 | 05/01/2027 | 191188 |
| 365000 | 3.400 | 05/01/2032 | 338907 |
| 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) |
| 80000 | 2.450 | 11/01/2026 | 77965 |
| Rye Crossing Community Development District Capital Improvement RB Series 2023 (NR/NR) | Rye Crossing Community Development District Capital Improvement RB Series 2023 (NR/NR) | Rye Crossing Community Development District Capital Improvement RB Series 2023 (NR/NR) | Rye Crossing Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| 75000 | 5.000 | 05/01/2043 | 74662 |
| Rye Ranch Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | Rye Ranch Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | Rye Ranch Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | Rye Ranch Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) |
| 50000 | 5.750 <sup>(d)</sup> | 11/01/2043 | 50883 |
| Sabal Palm Community Development District Broward County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Sabal Palm Community Development District Broward County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Sabal Palm Community Development District Broward County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Sabal Palm Community Development District Broward County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) |
| 100000 | 5.000 | 05/01/2044 | 99408 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74015 |
| 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 | 72175 |
| Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) |
| 1000000 | 4.000 | 07/01/2048 | 889342 |
| Sawgrass Village Community Development District Special Assessment Bonds Series 2023 (Assessment Area Two) (NR/NR) | Sawgrass Village Community Development District Special Assessment Bonds Series 2023 (Assessment Area Two) (NR/NR) | Sawgrass Village Community Development District Special Assessment Bonds Series 2023 (Assessment Area Two) (NR/NR) | Sawgrass Village Community Development District Special Assessment Bonds Series 2023 (Assessment Area Two) (NR/NR) |
| 100000 | 6.125 | 11/01/2043 | 104167 |
| 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 | 44419 |
| 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) |
| 45000 | 4.125 | 05/01/2032 | 43976 |
| 65000 | 4.500 | 05/01/2042 | 59990 |
| Seaton Creek Reserve Community Development District City of Jacksonville, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | Seaton Creek Reserve Community Development District City of Jacksonville, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | Seaton Creek Reserve Community Development District City of Jacksonville, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | Seaton Creek Reserve Community Development District City of Jacksonville, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) |
| 100000 | 5.250 <sup>(d)</sup> | 06/15/2043 | 101352 |
| Sedona Point Community Development District Miami-Dade County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) | Sedona Point Community Development District Miami-Dade County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) | Sedona Point Community Development District Miami-Dade County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) | Sedona Point Community Development District Miami-Dade County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) |
| 225000 | 5.000 | 06/15/2043 | 226254 |
| 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 | 101415 |
| Seminole Palms Community Development District City of Palm Coast, Florida Special Assessment Bonds, Series 2023 2023 Project Area (NR/NR) | Seminole Palms Community Development District City of Palm Coast, Florida Special Assessment Bonds, Series 2023 2023 Project Area (NR/NR) | Seminole Palms Community Development District City of Palm Coast, Florida Special Assessment Bonds, Series 2023 2023 Project Area (NR/NR) | Seminole Palms Community Development District City of Palm Coast, Florida Special Assessment Bonds, Series 2023 2023 Project Area (NR/NR) |
| 90000 | 5.500 | 05/01/2043 | 91474 |
| Shadowlawn Community Development District Special Assessment Revenue Bonds Series 2024 (NR/NR) | Shadowlawn Community Development District Special Assessment Revenue Bonds Series 2024 (NR/NR) | Shadowlawn Community Development District Special Assessment Revenue Bonds Series 2024 (NR/NR) | Shadowlawn Community Development District Special Assessment Revenue Bonds Series 2024 (NR/NR) |
| 200000 | 4.700 | 05/01/2034 | 198516 |
| Sherwood Manor Community Development District Special Assessment RB Series 2023 (NR/NR) | Sherwood Manor Community Development District Special Assessment RB Series 2023 (NR/NR) | Sherwood Manor Community Development District Special Assessment RB Series 2023 (NR/NR) | Sherwood Manor Community Development District Special Assessment RB Series 2023 (NR/NR) |
| 40000 | 4.625 | 05/01/2030 | 40338 |
| 70000 | 5.500 | 05/01/2043 | 71470 |
| 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 | 43523 |
| 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 | 91408 |
| 140000 | 3.250 | 06/15/2042 | 116764 |
| 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 | 163911 |
| Six Mile Creek Community Development District St. Johns County Florida Capital Improvement RB Series 2024 (NR/NR) | Six Mile Creek Community Development District St. Johns County Florida Capital Improvement RB Series 2024 (NR/NR) | Six Mile Creek Community Development District St. Johns County Florida Capital Improvement RB Series 2024 (NR/NR) | Six Mile Creek Community Development District St. Johns County Florida Capital Improvement RB Series 2024 (NR/NR) |
| 75000 | 5.100 | 05/01/2044 | 71920 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 188 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 St. Johns County, Florida Capital Improvement RB, Series 2023 2023 Project Area (NR/NR) | Six Mile Creek Community Development District St. Johns County, Florida Capital Improvement RB, Series 2023 2023 Project Area (NR/NR) | Six Mile Creek Community Development District St. Johns County, Florida Capital Improvement RB, Series 2023 2023 Project Area (NR/NR) | Six Mile Creek Community Development District St. Johns County, Florida Capital Improvement RB, Series 2023 2023 Project Area (NR/NR) |
| $100000 | 5.500% | 05/01/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101902 |
| Somerset Bay Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Somerset Bay Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Somerset Bay Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | Somerset Bay Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) |
| 50000 | 5.625 <sup>(d)</sup> | 05/01/2044 | 49574 |
| Sorrento Pines Community Development District Lake County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | Sorrento Pines Community Development District Lake County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | Sorrento Pines Community Development District Lake County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | Sorrento Pines Community Development District Lake County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) |
| 70000 | 5.250 | 05/01/2043 | 70972 |
| 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 | 20236 |
| Southshore Bay Community Development District Hillsborough County Florida Capital Improvement Revenue Bonds Series 2024 Assessment Area Two (NR/NR) | Southshore Bay Community Development District Hillsborough County Florida Capital Improvement Revenue Bonds Series 2024 Assessment Area Two (NR/NR) | Southshore Bay Community Development District Hillsborough County Florida Capital Improvement Revenue Bonds Series 2024 Assessment Area Two (NR/NR) | Southshore Bay Community Development District Hillsborough County Florida Capital Improvement Revenue Bonds Series 2024 Assessment Area Two (NR/NR) |
| 100000 | 5.375 | 05/01/2044 | 98317 |
| 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 | 527253 |
| 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 | 89729 |
| 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 | 124237 |
| 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) |
| 430000 | 3.000 | 05/01/2031 | 394323 |
| Stonegate Preserve Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Stonegate Preserve Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Stonegate Preserve Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Stonegate Preserve Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 290000 | 5.125 | 12/15/2030 | 297279 |
| Stonewater Community Development District Special Assessment RB Series 2021 (NR/NR) | Stonewater Community Development District Special Assessment RB Series 2021 (NR/NR) | Stonewater Community Development District Special Assessment RB Series 2021 (NR/NR) | Stonewater Community Development District Special Assessment RB Series 2021 (NR/NR) |
| 50000 | 3.300 <sup>(d)</sup> | 11/01/2041 | 39904 |
| 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 | 49982 |
| Storey Creek Community Development District (NR/NR) | Storey Creek Community Development District (NR/NR) | Storey Creek Community Development District (NR/NR) | Storey Creek Community Development District (NR/NR) |
| 240000 | 5.000 | 06/15/2032 | 247391 |
| Storey Creek Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 100000 | 5.250 | 06/15/2044 | 101191 |
| 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 | 90140 |
| Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR) | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR) | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR) | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR) |
| 25000 | 2.875 <sup>(d)</sup> | 06/15/2031 | 23643 |
| Stuart Crossing Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Stuart Crossing Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Stuart Crossing Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Stuart Crossing Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 100000 | 5.250 <sup>(d)</sup> | 05/01/2044 | 98946 |
| 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 | 61204 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| $80000 | 3.750% | 05/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68592 |
| 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) |
| 45000 | 4.000 | 05/01/2033 | 43673 |
| 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 | 40491 |
| 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 | 40237 |
| Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR) | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR) | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR) | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR) |
| 75000 | 3.625 <sup>(d)</sup> | 05/01/2040 | 65704 |
| Towns at Woodsdale Community Development District Capital Improvement RB for Pasco County Series 2023 (NR/NR) | Towns at Woodsdale Community Development District Capital Improvement RB for Pasco County Series 2023 (NR/NR) | Towns at Woodsdale Community Development District Capital Improvement RB for Pasco County Series 2023 (NR/NR) | Towns at Woodsdale Community Development District Capital Improvement RB for Pasco County Series 2023 (NR/NR) |
| 180000 | 5.375 <sup>(d)</sup> | 11/01/2030 | 183926 |
| Tradition Community Development District No. 9 Port St. Lucie, Florida Special Assessment Bonds Series 2025 (NR/NR) | Tradition Community Development District No. 9 Port St. Lucie, Florida Special Assessment Bonds Series 2025 (NR/NR) | Tradition Community Development District No. 9 Port St. Lucie, Florida Special Assessment Bonds Series 2025 (NR/NR) | Tradition Community Development District No. 9 Port St. Lucie, Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 615000 | 5.400 <sup>(g)</sup> | 05/01/2045 | 605112 |
| Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR) | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR) | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR) | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR) |
| 100000 | 3.250 <sup>(d)</sup> | 05/01/2030 | 96758 |
| Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 155000 | 2.375 <sup>(d)</sup> | 11/01/2026 | 150627 |
| 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) |
| 15000 | 2.500 | 11/01/2026 | 14610 |
| 50000 | 3.000 | 11/01/2031 | 45672 |
| 40000 | 3.500 | 11/01/2041 | 32849 |
| 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 | 94355 |
| 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 | 65936 |
| Two Rivers East Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 Series 2023 Project (NR/NR) | Two Rivers East Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 Series 2023 Project (NR/NR) | Two Rivers East Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 Series 2023 Project (NR/NR) | Two Rivers East Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 Series 2023 Project (NR/NR) |
| 200000 | 5.750 | 05/01/2043 | 203897 |
| 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 | 99543 |
| Two Rivers West Community Development District Pasco County Florida Special Assessment Bonds Series 2024 (NR/NR) | Two Rivers West Community Development District Pasco County Florida Special Assessment Bonds Series 2024 (NR/NR) | Two Rivers West Community Development District Pasco County Florida Special Assessment Bonds Series 2024 (NR/NR) | Two Rivers West Community Development District Pasco County Florida Special Assessment Bonds Series 2024 (NR/NR) |
| 50000 | 5.625 | 05/01/2044 | 50410 |
| 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 | 72471 |
| Varrea South Community Development District City of Plant City, Florida Capital Improvement RB, Series 2023 2023 Assessment Area (NR/NR) | Varrea South Community Development District City of Plant City, Florida Capital Improvement RB, Series 2023 2023 Assessment Area (NR/NR) | Varrea South Community Development District City of Plant City, Florida Capital Improvement RB, Series 2023 2023 Assessment Area (NR/NR) | Varrea South Community Development District City of Plant City, Florida Capital Improvement RB, Series 2023 2023 Assessment Area (NR/NR) |
| 75000 | 5.125 | 05/01/2043 | 75674 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **189** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area Two – 2023 Project Area (NR/NR) | V-Dana Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area Two – 2023 Project Area (NR/NR) | V-Dana Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area Two – 2023 Project Area (NR/NR) | V-Dana Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area Two – 2023 Project Area (NR/NR) |
| $70000 | 5.250% | 05/01/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70464 |
| 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 | 212433 |
| Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) |
| 15000 | 3.600 <sup>(d)</sup> | 05/01/2041 | 12485 |
| Veranda Landing Community Development District Special Assessment Bonds, Series 2023 (NR/NR) | Veranda Landing Community Development District Special Assessment Bonds, Series 2023 (NR/NR) | Veranda Landing Community Development District Special Assessment Bonds, Series 2023 (NR/NR) | Veranda Landing Community Development District Special Assessment Bonds, Series 2023 (NR/NR) |
| 90000 | 5.250 | 06/15/2043 | 91156 |
| 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) |
| 115000 | 4.125 | 05/01/2034 | 109244 |
| 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) |
| 235000 | 5.875 | 11/01/2029 | 240323 |
| 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) |
| 85000 | 3.750 | 05/01/2037 | 76152 |
| Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) |
| 50000 | 2.625 <sup>(d)</sup> | 05/01/2030 | 46668 |
| 50000 | 3.000 <sup>(d)</sup> | 05/01/2035 | 44332 |
| 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 | 45642 |
| 100000 | 2.850 | 05/01/2036 | 85004 |
| 100000 | 3.000 | 05/01/2041 | 79742 |
| 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 | 99880 |
| 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) |
| 40000 | 3.450 | 05/01/2042 | 31961 |
| Villamar Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2022 (NR/NR) | Villamar Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2022 (NR/NR) | Villamar Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2022 (NR/NR) | Villamar Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2022 (NR/NR) |
| 200000 | 4.125 | 05/01/2052 | 166637 |
| 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 | 584153 |
| 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 | 90439 |
| Villamar Community Development District Special Assessment Bonds, Series 2024 (NR/NR) | Villamar Community Development District Special Assessment Bonds, Series 2024 (NR/NR) | Villamar Community Development District Special Assessment Bonds, Series 2024 (NR/NR) | Villamar Community Development District Special Assessment Bonds, Series 2024 (NR/NR) |
| 100000 | 5.500 | 05/01/2044 | 101362 |
| Waterford Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Waterford Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Waterford Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | Waterford Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) |
| 50000 | 5.200 | 05/01/2044 | 48420 |
| 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 | 58858 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Port Community Development District Special Assessment Bonds Series 2020 (NR/NR) | West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR) | West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR) | West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| $125000 | 4.000 %<sup>(d)</sup> | 05/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111523 |
| 100000 | 4.000 <sup>(d)</sup> | 05/01/2051 | 81945 |
| 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) |
| 50000 | 2.400 | 05/01/2026 | 49066 |
| 25000 | 3.000 | 05/01/2031 | 22963 |
| West Villages Improvement District Special Assessment RB Series 2023 (NR/NR) | West Villages Improvement District Special Assessment RB Series 2023 (NR/NR) | West Villages Improvement District Special Assessment RB Series 2023 (NR/NR) | West Villages Improvement District Special Assessment RB Series 2023 (NR/NR) |
| 85000 | 4.625 | 05/01/2030 | 85742 |
| 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 | 48162 |
| 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 | 49059 |
| 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 | 81765 |
| Westside Haines City Community Development District Polk County Florida Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) | Westside Haines City Community Development District Polk County Florida Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) | Westside Haines City Community Development District Polk County Florida Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) | Westside Haines City Community Development District Polk County Florida Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) |
| 75000 | 4.875 | 05/01/2031 | 75395 |
| 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 | 82025 |
| Westwood of Pasco Community Development District Capital Improvement RB, Series 2023 (NR/NR) | Westwood of Pasco Community Development District Capital Improvement RB, Series 2023 (NR/NR) | Westwood of Pasco Community Development District Capital Improvement RB, Series 2023 (NR/NR) | Westwood of Pasco Community Development District Capital Improvement RB, Series 2023 (NR/NR) |
| 170000 | 4.625 | 05/01/2030 | 171225 |
| Whispering Pines Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Whispering Pines Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Whispering Pines Community Development District Special Assessment Bonds Series 2023 (NR/NR) | Whispering Pines Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| 130000 | 4.500 | 05/01/2030 | 131248 |
| Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 150000 | 4.250 <sup>(d)</sup> | 06/15/2039 | 137603 |
| 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 | 138879 |
| Wind Meadows South Community Development District City of Bartow, Florida Special Assessment Bonds, Series 2023 Assessment Area Two Project (NR/NR) | Wind Meadows South Community Development District City of Bartow, Florida Special Assessment Bonds, Series 2023 Assessment Area Two Project (NR/NR) | Wind Meadows South Community Development District City of Bartow, Florida Special Assessment Bonds, Series 2023 Assessment Area Two Project (NR/NR) | Wind Meadows South Community Development District City of Bartow, Florida Special Assessment Bonds, Series 2023 Assessment Area Two Project (NR/NR) |
| 235000 | 4.500 | 05/01/2030 | 236302 |
| 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) |
| 25000 | 2.400 | 05/01/2026 | 24497 |
| 150000 | 2.950 | 05/01/2031 | 136116 |
| 75000 | 3.350 | 05/01/2041 | 59265 |
| 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 | 85408 |
| 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 | 20103 |
|  |  |  | 43884693 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 190 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Georgia - 1.8% | Georgia - 1.8% | Georgia - 1.8% | Georgia - 1.8% |
| Columbia County Hospital Authority Revenue Anticipation Certificates for Wellstar Health System, Inc. Project Series 2023A (A2/A+) | Columbia County Hospital Authority Revenue Anticipation Certificates for Wellstar Health System, Inc. Project Series 2023A (A2/A+) | Columbia County Hospital Authority Revenue Anticipation Certificates for Wellstar Health System, Inc. Project Series 2023A (A2/A+) | Columbia County Hospital Authority Revenue Anticipation Certificates for Wellstar Health System, Inc. Project Series 2023A (A2/A+) |
| $120000 | 5.750% | 04/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130543 |
| Development Authority of Fulton County RB Wellstar Health System, Inc. Project, Series 2020A (A2/A+) | Development Authority of Fulton County RB Wellstar Health System, Inc. Project, Series 2020A (A2/A+) | Development Authority of Fulton County RB Wellstar Health System, Inc. Project, Series 2020A (A2/A+) | Development Authority of Fulton County RB Wellstar Health System, Inc. Project, Series 2020A (A2/A+) |
| 750000 | 4.000 | 04/01/2050 | 681318 |
| George L Smith II Congress Center Authority RB for Convention Center Hotel Second Tier Series 2021B (NR/NR) | George L Smith II Congress Center Authority RB for Convention Center Hotel Second Tier Series 2021B (NR/NR) | George L Smith II Congress Center Authority RB for Convention Center Hotel Second Tier Series 2021B (NR/NR) | George L Smith II Congress Center Authority RB for Convention Center Hotel Second Tier Series 2021B (NR/NR) |
| 130000 | 5.000 <sup>(d)</sup> | 01/01/2054 | 121321 |
| 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 | 31890 |
| Georgia Housing and Finance Authority Single Family Mortgage Bonds 2025 Series A (NON-AMT) (NR/AAA) | Georgia Housing and Finance Authority Single Family Mortgage Bonds 2025 Series A (NON-AMT) (NR/AAA) | Georgia Housing and Finance Authority Single Family Mortgage Bonds 2025 Series A (NON-AMT) (NR/AAA) | Georgia Housing and Finance Authority Single Family Mortgage Bonds 2025 Series A (NON-AMT) (NR/AAA) |
| 500000 | 4.500 | 12/01/2045 | 489206 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2021A (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021A (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021A (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021A (Aa1/NR) |
| 975000 | 4.000 <sup>(a)(b)</sup> | 07/01/2052 | 983034 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2021C (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021C (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021C (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021C (A3/NR) |
| 500000 | 4.000 <sup>(a)(b)</sup> | 05/01/2052 | 501847 |
| Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) | Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) | Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) | Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) |
| 365000 | 5.000 <sup>(a)(b)</sup> | 12/01/2053 | 386205 |
| Main Street Natural Gas, Inc. Gas Supply RB Series 2022C (NR/BBB-) | Main Street Natural Gas, Inc. Gas Supply RB Series 2022C (NR/BBB-) | Main Street Natural Gas, Inc. Gas Supply RB Series 2022C (NR/BBB-) | Main Street Natural Gas, Inc. Gas Supply RB Series 2022C (NR/BBB-) |
| 100000 | 4.000 <sup>(d)</sup> | 11/01/2027 | 99901 |
| Municipal Electric Authority of Georgia Plant Vogtle Units 3 & 4 Project J Bonds (A3/A) | Municipal Electric Authority of Georgia Plant Vogtle Units 3 & 4 Project J Bonds (A3/A) | Municipal Electric Authority of Georgia Plant Vogtle Units 3 & 4 Project J Bonds (A3/A) | Municipal Electric Authority of Georgia Plant Vogtle Units 3 & 4 Project J Bonds (A3/A) |
| 100000 | 5.000 | 07/01/2052 | 102376 |
| The Atlanta Development Authority Convertible Capital Appreciation Economic Development Certificates for Gulch Enterprise Zone Project Series 2024-1 (NR/NR) | The Atlanta Development Authority Convertible Capital Appreciation Economic Development Certificates for Gulch Enterprise Zone Project Series 2024-1 (NR/NR) | The Atlanta Development Authority Convertible Capital Appreciation Economic Development Certificates for Gulch Enterprise Zone Project Series 2024-1 (NR/NR) | The Atlanta Development Authority Convertible Capital Appreciation Economic Development Certificates for Gulch Enterprise Zone Project Series 2024-1 (NR/NR) |
| 550000 | 0.000 <sup>(d)(h)</sup> | 12/15/2048 | 472015 |
| The Atlanta Development Authority Senior RB for Westside Gulch Area Project Series 2024A-1 (NR/NR) | The Atlanta Development Authority Senior RB for Westside Gulch Area Project Series 2024A-1 (NR/NR) | The Atlanta Development Authority Senior RB for Westside Gulch Area Project Series 2024A-1 (NR/NR) | The Atlanta Development Authority Senior RB for Westside Gulch Area Project Series 2024A-1 (NR/NR) |
| 125000 | 5.000 <sup>(d)</sup> | 04/01/2034 | 124707 |
| Upper Oconee Basin Water Authority RB Series 2024 (Aa1/NR) | Upper Oconee Basin Water Authority RB Series 2024 (Aa1/NR) | Upper Oconee Basin Water Authority RB Series 2024 (Aa1/NR) | Upper Oconee Basin Water Authority RB Series 2024 (Aa1/NR) |
| 200000 | 5.000 | 07/01/2055 | 208148 |
|  |  |  | 4332511 |
| 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 (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (Baa2/NR) |
| 100000 | 5.250 | 10/01/2029 | 104823 |
| 100000 | 5.250 | 10/01/2030 | 105311 |
| A.B. Won Pat International Airport Authority Guam General RB 2024 Series A (AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series A (AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series A (AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series A (AMT) (Baa2/NR) |
| 200000 | 5.250 | 10/01/2042 | 206318 |
| Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba1/B+) | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba1/B+) | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba1/B+) | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba1/B+) |
| 60000 | 4.250 | 02/01/2030 | 58938 |
| Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) |
| 450000 | 4.000 | 01/01/2042 | 416352 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Guam Waterworks Authority Water & Wastewater RB Series 2016 (Baa2/A-) | Guam Waterworks Authority Water & Wastewater RB Series 2016 (Baa2/A-) | Guam Waterworks Authority Water & Wastewater RB Series 2016 (Baa2/A-) | Guam Waterworks Authority Water & Wastewater RB Series 2016 (Baa2/A-) |
| 745000 | 5.000% | 01/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748312 |
|  |  |  | 1640054 |
| Hawaii - 0.2% | Hawaii - 0.2% | Hawaii - 0.2% | Hawaii - 0.2% |
| Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Ba3/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Ba3/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Ba3/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Ba3/NR) |
| 100000 | 3.200 | 07/01/2039 | 83084 |
| Hawaii State Department of Budget and Finance for Hawaiian Electric Company Inc. Special Purpose RB Series 2017A (Ba3/NR) | Hawaii State Department of Budget and Finance for Hawaiian Electric Company Inc. Special Purpose RB Series 2017A (Ba3/NR) | Hawaii State Department of Budget and Finance for Hawaiian Electric Company Inc. Special Purpose RB Series 2017A (Ba3/NR) | Hawaii State Department of Budget and Finance for Hawaiian Electric Company Inc. Special Purpose RB Series 2017A (Ba3/NR) |
| 100000 | 3.500 | 10/01/2049 | 77524 |
| State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) | State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) | State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) | State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) |
| 250000 | 3.100 | 05/01/2026 | 244679 |
|  |  |  | 405287 |
| Idaho - 0.2% | Idaho - 0.2% | Idaho - 0.2% | Idaho - 0.2% |
| City of Boise City, Idaho Airport Revenue and Revenue Refunding Bonds, Series 2021A (A1/NR) | City of Boise City, Idaho Airport Revenue and Revenue Refunding Bonds, Series 2021A (A1/NR) | City of Boise City, Idaho Airport Revenue and Revenue Refunding Bonds, Series 2021A (A1/NR) | City of Boise City, Idaho Airport Revenue and Revenue Refunding Bonds, Series 2021A (A1/NR) |
| 275000 | 5.000 | 09/01/2051 | 283023 |
| Idaho Health Facilities Authority St. Luke's Health System Project RB Series 2025A (NR/A) | Idaho Health Facilities Authority St. Luke's Health System Project RB Series 2025A (NR/A) | Idaho Health Facilities Authority St. Luke's Health System Project RB Series 2025A (NR/A) | Idaho Health Facilities Authority St. Luke's Health System Project RB Series 2025A (NR/A) |
| 250000 | 4.375 | 03/01/2053 | 241488 |
|  |  |  | 524511 |
| Illinois - 6.4% | Illinois - 6.4% | Illinois - 6.4% | Illinois - 6.4% |
| Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2012A (Ba1/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2012A (Ba1/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2012A (Ba1/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2012A (Ba1/BB+) |
| 1010000 | 5.000 | 12/01/2042 | 964638 |
| Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2021A (NR/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2021A (NR/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2021A (NR/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2021A (NR/BB+) |
| 100000 | 5.000 | 12/01/2039 | 99494 |
| Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2022A (NR/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2022A (NR/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2022A (NR/BB+) | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2022A (NR/BB+) |
| 175000 | 5.000 | 12/01/2047 | 166618 |
| Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2017G (NR/BB+) | Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2017G (NR/BB+) | Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2017G (NR/BB+) | Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2017G (NR/BB+) |
| 100000 | 5.000 | 12/01/2034 | 99193 |
| 750000 | 5.000 | 12/01/2044 | 718612 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba1/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba1/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba1/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba1/BB+) |
| 500000 | 6.038 | 12/01/2029 | 495779 |
| 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 | 101249 |
| 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 | 102196 |
| 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+) |
| 975000 | 5.000 | 12/01/2025 | 979740 |
| City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2023 (NR/NR) | City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2023 (NR/NR) | City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2023 (NR/NR) | City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2023 (NR/NR) |
| 150000 | 5.000 | 04/01/2045 | 153027 |
| City of Chicago Board of Education UT GO Bonds Series 2021A (NR/BB+) | City of Chicago Board of Education UT GO Bonds Series 2021A (NR/BB+) | City of Chicago Board of Education UT GO Bonds Series 2021A (NR/BB+) | City of Chicago Board of Education UT GO Bonds Series 2021A (NR/BB+) |
| 210000 | 5.000 | 12/01/2036 | 212201 |
| 250000 | 5.000 | 12/01/2038 | 250508 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **191** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 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+) |
| $500000 | 4.000% | 12/01/2047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406733 |
| City of Chicago Board of Education UT GO Series 2015E Project Bonds (NR/BB+) | City of Chicago Board of Education UT GO Series 2015E Project Bonds (NR/BB+) | City of Chicago Board of Education UT GO Series 2015E Project Bonds (NR/BB+) | City of Chicago Board of Education UT GO Series 2015E Project Bonds (NR/BB+) |
| 100000 | 5.125 | 12/01/2032 | 100056 |
| City of Chicago GO Bonds Series 2021B (NR/BBB) | City of Chicago GO Bonds Series 2021B (NR/BBB) | City of Chicago GO Bonds Series 2021B (NR/BBB) | City of Chicago GO Bonds Series 2021B (NR/BBB) |
| 500000 | 4.000 | 01/01/2038 | 454193 |
| City of Chicago GO Bonds Series 2023A (Baa3/BBB) | City of Chicago GO Bonds Series 2023A (Baa3/BBB) | City of Chicago GO Bonds Series 2023A (Baa3/BBB) | City of Chicago GO Bonds Series 2023A (Baa3/BBB) |
| 200000 | 5.500 | 01/01/2043 | 205593 |
| City of Chicago GO Bonds Series 2024A (NR/BBB) | City of Chicago GO Bonds Series 2024A (NR/BBB) | City of Chicago GO Bonds Series 2024A (NR/BBB) | City of Chicago GO Bonds Series 2024A (NR/BBB) |
| 650000 | 5.250 | 01/01/2045 | 665713 |
| City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (NR/A+) |
| 150000 | 4.500 | 01/01/2048 | 142833 |
| City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024A (AMT) (NR/A+) |
| 355000 | 5.500 | 01/01/2053 | 372747 |
| City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Amt Series 2016G (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Amt Series 2016G (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Amt Series 2016G (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Amt Series 2016G (AMT) (NR/A+) |
| 125000 | 5.000 | 01/01/2042 | 125613 |
| City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (NR/A+) |
| 100000 | 4.000 | 01/01/2042 | 95974 |
| Eastern Illinois Economic Development Authority, Illinois Business District RB Remington Road & I-57 Business District Series 2023 (NR/NR) | Eastern Illinois Economic Development Authority, Illinois Business District RB Remington Road & I-57 Business District Series 2023 (NR/NR) | Eastern Illinois Economic Development Authority, Illinois Business District RB Remington Road & I-57 Business District Series 2023 (NR/NR) | Eastern Illinois Economic Development Authority, Illinois Business District RB Remington Road & I-57 Business District Series 2023 (NR/NR) |
| 100000 | 5.000 | 11/01/2033 | 100011 |
| Illinois Finance Authority RB for Depaul College Prep Foundation Series 2023A (NR/BB+) | Illinois Finance Authority RB for Depaul College Prep Foundation Series 2023A (NR/BB+) | Illinois Finance Authority RB for Depaul College Prep Foundation Series 2023A (NR/BB+) | Illinois Finance Authority RB for Depaul College Prep Foundation Series 2023A (NR/BB+) |
| 125000 | 5.500 <sup>(d)</sup> | 08/01/2043 | 131666 |
| 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 | 155795 |
| 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+) |
| 250000 | 4.000 | 07/15/2047 | 221357 |
| Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR) | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR) | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR) | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR) |
| 475000 | 6.125 <sup>(d)</sup> | 04/01/2049 | 472252 |
| 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 | 23610 |
| 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 | 1060560 |
| Illinois Finance Authority RB Series 2021 (NR/BB+) | Illinois Finance Authority RB Series 2021 (NR/BB+) | Illinois Finance Authority RB Series 2021 (NR/BB+) | Illinois Finance Authority RB Series 2021 (NR/BB+) |
| 250000 | 4.000 <sup>(d)</sup> | 10/01/2042 | 216545 |
| Illinois Finance Authority Revenue Refunding Bonds Noble Network of Charter Schools Series 2025A (NR/BBB) | Illinois Finance Authority Revenue Refunding Bonds Noble Network of Charter Schools Series 2025A (NR/BBB) | Illinois Finance Authority Revenue Refunding Bonds Noble Network of Charter Schools Series 2025A (NR/BBB) | Illinois Finance Authority Revenue Refunding Bonds Noble Network of Charter Schools Series 2025A (NR/BBB) |
| 215000 | 5.000 | 09/01/2036 | 223049 |
| Illinois Housing Development Authority RB 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Illinois Housing Development Authority RB 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Illinois Housing Development Authority RB 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Illinois Housing Development Authority RB 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) |
| 200000 | 4.250 | 10/01/2039 | 198209 |
| 150000 | 4.700 | 10/01/2044 | 149307 |
| Illinois Housing Development Authority RB 2025 Series A (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Illinois Housing Development Authority RB 2025 Series A (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Illinois Housing Development Authority RB 2025 Series A (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Illinois Housing Development Authority RB 2025 Series A (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) |
| 500000 | 4.750 <sup>(g)</sup> | 10/01/2045 | 497242 |
| Illinois State GO Bonds Series 2017 D (A3/A-) | Illinois State GO Bonds Series 2017 D (A3/A-) | Illinois State GO Bonds Series 2017 D (A3/A-) | Illinois State GO Bonds Series 2017 D (A3/A-) |
| 600000 | 5.000 | 11/01/2028 | 623411 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 2019 C (A3/A-) | Illinois State GO Bonds Series 2019 C (A3/A-) | Illinois State GO Bonds Series 2019 C (A3/A-) | Illinois State GO Bonds Series 2019 C (A3/A-) |
| 1000000 | 4.000% | 11/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911626 |
| Illinois State GO Bonds Series 2020 (A3/A-) | Illinois State GO Bonds Series 2020 (A3/A-) | Illinois State GO Bonds Series 2020 (A3/A-) | Illinois State GO Bonds Series 2020 (A3/A-) |
| 50000 | 5.500 | 05/01/2039 | 52816 |
| 150000 | 5.750 | 05/01/2045 | 158758 |
| Illinois State GO Refunding Bonds Series 2018 B (A3/A-) | Illinois State GO Refunding Bonds Series 2018 B (A3/A-) | Illinois State GO Refunding Bonds Series 2018 B (A3/A-) | Illinois State GO Refunding Bonds Series 2018 B (A3/A-) |
| 375000 | 5.000 | 10/01/2031 | 391434 |
| Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/A) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/A) |
| 200000 | 0.000 <sup>(e)</sup> | 06/15/2033 | 143764 |
| Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A1/AA) |
| 230000 | 0.000 <sup>(e)</sup> | 06/15/2044 | 91910 |
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A1/AA) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A1/AA) |
| 375000 | 0.000 <sup>(e)</sup> | 12/15/2056 | 76547 |
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/A) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/A) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/A) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/A) |
| 185000 | 0.000 <sup>(e)</sup> | 12/15/2054 | 39619 |
| Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (Baa2/A) | Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (Baa2/A) | Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (Baa2/A) | Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (Baa2/A) |
| 800000 | 0.000 <sup>(e)</sup> | 12/15/2034 | 533353 |
| Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (NR/A) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (NR/A) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (NR/A) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (NR/A) |
| 30000 | 4.000 | 06/15/2052 | 25484 |
| State of Illinois GO Bonds Series 2016 (A3/A-) | State of Illinois GO Bonds Series 2016 (A3/A-) | State of Illinois GO Bonds Series 2016 (A3/A-) | State of Illinois GO Bonds Series 2016 (A3/A-) |
| 1000000 | 4.000 | 06/01/2033 | 981199 |
| State of Illinois GO Bonds Series 2017 D (A3/A-) | State of Illinois GO Bonds Series 2017 D (A3/A-) | State of Illinois GO Bonds Series 2017 D (A3/A-) | State of Illinois GO Bonds Series 2017 D (A3/A-) |
| 30000 | 3.250 | 11/01/2026 | 29970 |
| State of Illinois GO Bonds Series of May 2024B (A3/A-) | State of Illinois GO Bonds Series of May 2024B (A3/A-) | State of Illinois GO Bonds Series of May 2024B (A3/A-) | State of Illinois GO Bonds Series of May 2024B (A3/A-) |
| 375000 | 5.000 | 05/01/2040 | 394121 |
| 335000 | 5.000 | 05/01/2041 | 350735 |
| State of Illinois GO Unlimited Bonds Series 2017 A (A3/A-) | State of Illinois GO Unlimited Bonds Series 2017 A (A3/A-) | State of Illinois GO Unlimited Bonds Series 2017 A (A3/A-) | State of Illinois GO Unlimited Bonds Series 2017 A (A3/A-) |
| 300000 | 4.250 | 12/01/2037 | 291640 |
| Upper Illinois River Valley Development Authority Educational Facility RB for Elgin Math & Science Academy Charter School Project Series 2023A (Ba3/NR) | Upper Illinois River Valley Development Authority Educational Facility RB for Elgin Math & Science Academy Charter School Project Series 2023A (Ba3/NR) | Upper Illinois River Valley Development Authority Educational Facility RB for Elgin Math & Science Academy Charter School Project Series 2023A (Ba3/NR) | Upper Illinois River Valley Development Authority Educational Facility RB for Elgin Math & Science Academy Charter School Project Series 2023A (Ba3/NR) |
| 150000 | 5.625 <sup>(d)</sup> | 03/01/2043 | 151126 |
|  |  |  | 15609826 |
| Indiana - 0.7% | Indiana - 0.7% | Indiana - 0.7% | Indiana - 0.7% |
| City of Valparaiso Indiana Exempt Facilities Refunding RB Pratt Paper LIC Project Series 2024 (NR/NR) | City of Valparaiso Indiana Exempt Facilities Refunding RB Pratt Paper LIC Project Series 2024 (NR/NR) | City of Valparaiso Indiana Exempt Facilities Refunding RB Pratt Paper LIC Project Series 2024 (NR/NR) | City of Valparaiso Indiana Exempt Facilities Refunding RB Pratt Paper LIC Project Series 2024 (NR/NR) |
| 200000 | 4.875 <sup>(d)</sup> | 01/01/2044 | 199813 |
| Indiana Finance Authority CHF - Tippecanoe, LLC - Student Housing Project Student Housing RB Series 2023A (NR/BBB-) | Indiana Finance Authority CHF - Tippecanoe, LLC - Student Housing Project Student Housing RB Series 2023A (NR/BBB-) | Indiana Finance Authority CHF - Tippecanoe, LLC - Student Housing Project Student Housing RB Series 2023A (NR/BBB-) | Indiana Finance Authority CHF - Tippecanoe, LLC - Student Housing Project Student Housing RB Series 2023A (NR/BBB-) |
| 100000 | 5.125 | 06/01/2058 | 100124 |
| Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (B1/BB-) | Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (B1/BB-) | Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (B1/BB-) | Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (B1/BB-) |
| 650000 | 4.125 | 12/01/2026 | 650676 |
| Indiana Finance Authority Health Facility RB Series 2024 (A3/A-) | Indiana Finance Authority Health Facility RB Series 2024 (A3/A-) | Indiana Finance Authority Health Facility RB Series 2024 (A3/A-) | Indiana Finance Authority Health Facility RB Series 2024 (A3/A-) |
| 75000 | 5.000 | 03/01/2040 | 78273 |
| 250000 | 4.250 | 03/01/2049 | 232309 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 192 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Goshen Health Obligated Group Series 2019 B (NR/BBB+) | Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/BBB+) | Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/BBB+) | Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/BBB+) |
| 35000 | 2.100 %<sup>(a)(b)</sup> | 11/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33998 |
| 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 | 47989 |
| 50000 | 2.920 | 11/15/2027 | 47269 |
| 50000 | 3.210 | 11/15/2028 | 46652 |
| 50000 | 3.260 | 11/15/2029 | 45697 |
| 50000 | 3.300 | 11/15/2030 | 44635 |
| 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 | 85110 |
|  |  |  | 1612545 |
| Iowa - 0.8% | Iowa - 0.8% | Iowa - 0.8% | Iowa - 0.8% |
| City of Coralville GO Annual Appropriation Refunding Bonds Series 2022C (NR/NR) | City of Coralville GO Annual Appropriation Refunding Bonds Series 2022C (NR/NR) | City of Coralville GO Annual Appropriation Refunding Bonds Series 2022C (NR/NR) | City of Coralville GO Annual Appropriation Refunding Bonds Series 2022C (NR/NR) |
| 575000 | 5.000 | 05/01/2042 | 554292 |
| Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (#Aaa/AA+) |
| 300000 | 4.000 <sup>(a)(b)(f)</sup> | 12/01/2032 | 317919 |
| Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2016A (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2016A (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2016A (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2016A (NR/NR) |
| 105000 | 5.000 | 05/15/2047 | 103093 |
| Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2018A (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2018A (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2018A (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2018A (NR/NR) |
| 175000 | 5.000 | 05/15/2043 | 174238 |
| 300000 | 5.000 | 05/15/2048 | 293665 |
| Iowa Finance Authority Single Family Mortgage Bonds 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/AAA) | Iowa Finance Authority Single Family Mortgage Bonds 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/AAA) | Iowa Finance Authority Single Family Mortgage Bonds 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/AAA) | Iowa Finance Authority Single Family Mortgage Bonds 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/AAA) |
| 250000 | 4.500 | 07/01/2044 | 245401 |
| Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (Baa1/BBB+) | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (Baa1/BBB+) | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (Baa1/BBB+) | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (Baa1/BBB+) |
| 310000 | 5.000 | 10/01/2034 | 324698 |
|  |  |  | 2013306 |
| 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) |
| 50000 | 4.000 | 06/01/2036 | 45934 |
| Salina Airport Authority GO Bonds 2023B (AGM-CR) (Aa3/AA) | Salina Airport Authority GO Bonds 2023B (AGM-CR) (Aa3/AA) | Salina Airport Authority GO Bonds 2023B (AGM-CR) (Aa3/AA) | Salina Airport Authority GO Bonds 2023B (AGM-CR) (Aa3/AA) |
| 200000 | 4.000 | 09/01/2036 | 195864 |
|  |  |  | 241798 |
| Kentucky - 0.5% | Kentucky - 0.5% | Kentucky - 0.5% | Kentucky - 0.5% |
| City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR) | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR) | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR) | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR) |
| 200000 | 4.450 <sup>(d)</sup> | 01/01/2042 | 192875 |
| County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (A1/A) |
| 150000 | 2.125 | 10/01/2034 | 117438 |
| County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (A1/A) |
| 150000 | 2.000 | 02/01/2032 | 125189 |
| Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A1/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A1/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A1/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A1/AA) |
| 75000 | 4.000 | 06/01/2045 | 68491 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407041 |
| Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2023A (NR/A) | Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2023A (NR/A) | Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2023A (NR/A) | Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2023A (NR/A) |
| 215000 | 5.000 | 10/01/2041 | 225073 |
| 150000 | 5.000 | 10/01/2042 | 155971 |
|  |  |  | 1292078 |
| Louisiana - 1.5% | Louisiana - 1.5% | Louisiana - 1.5% | Louisiana - 1.5% |
| Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2021 Subseries A-2 (A2/A) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2021 Subseries A-2 (A2/A) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2021 Subseries A-2 (A2/A) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2021 Subseries A-2 (A2/A) |
| 300000 | 4.000 | 10/01/2041 | 278196 |
| 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) |
| 170000 | 4.450 | 06/01/2027 | 170320 |
| 250000 | 5.000 | 06/01/2032 | 251143 |
| Louisiana Local Government Environmental Facilities & Community Development Authority RB for Downsville Community Charter School Project Series 2023 (NR/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority RB for Downsville Community Charter School Project Series 2023 (NR/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority RB for Downsville Community Charter School Project Series 2023 (NR/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority RB for Downsville Community Charter School Project Series 2023 (NR/NR) |
| 100000 | 6.500 <sup>(d)</sup> | 06/15/2038 | 102770 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue and Refunding RB for Christwood Project Series 2024 (NR/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue and Refunding RB for Christwood Project Series 2024 (NR/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue and Refunding RB for Christwood Project Series 2024 (NR/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue and Refunding RB for Christwood Project Series 2024 (NR/NR) |
| 175000 | 5.000 <sup>(d)</sup> | 11/15/2037 | 176666 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Westlake Chemical Corp. Project Series 2017 (Baa2/BBB+) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Westlake Chemical Corp. Project Series 2017 (Baa2/BBB+) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Westlake Chemical Corp. Project Series 2017 (Baa2/BBB+) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Westlake Chemical Corp. Project Series 2017 (Baa2/BBB+) |
| 250000 | 3.500 | 11/01/2032 | 238715 |
| Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR) | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR) | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR) | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR) |
| 100000 | 6.000 <sup>(d)</sup> | 06/01/2037 | 100353 |
| Louisiana Public Facilities Authority RB Series 2021A (NR/NR) | Louisiana Public Facilities Authority RB Series 2021A (NR/NR) | Louisiana Public Facilities Authority RB Series 2021A (NR/NR) | Louisiana Public Facilities Authority RB Series 2021A (NR/NR) |
| 100000 | 4.000 <sup>(d)</sup> | 06/01/2041 | 82815 |
| Louisiana Public Facilities Authority RB Series 2021C (NR/NR) | Louisiana Public Facilities Authority RB Series 2021C (NR/NR) | Louisiana Public Facilities Authority RB Series 2021C (NR/NR) | Louisiana Public Facilities Authority RB Series 2021C (NR/NR) |
| 100000 | 4.000 <sup>(d)</sup> | 06/01/2041 | 82815 |
| Louisiana Public Facilities Authority Senior Lien RB for I-10 Calcasieu River Bridge Public-Private Partnership Project Series 2024 (AMT) (Baa3/NR) | Louisiana Public Facilities Authority Senior Lien RB for I-10 Calcasieu River Bridge Public-Private Partnership Project Series 2024 (AMT) (Baa3/NR) | Louisiana Public Facilities Authority Senior Lien RB for I-10 Calcasieu River Bridge Public-Private Partnership Project Series 2024 (AMT) (Baa3/NR) | Louisiana Public Facilities Authority Senior Lien RB for I-10 Calcasieu River Bridge Public-Private Partnership Project Series 2024 (AMT) (Baa3/NR) |
| 2085000 | 5.500 | 09/01/2054 | 2164723 |
|  |  |  | 3648516 |
| Maine - 0.6% | Maine - 0.6% | Maine - 0.6% | Maine - 0.6% |
| 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+) |
| 340000 | 4.000 | 07/01/2050 | 297076 |
| Maine Health and Higher Education Facilities Authority RB Series 2021A (AGM State Intercept State Reserve Bond Guarantee) (Aa3/AA) | Maine Health and Higher Education Facilities Authority RB Series 2021A (AGM State Intercept State Reserve Bond Guarantee) (Aa3/AA) | Maine Health and Higher Education Facilities Authority RB Series 2021A (AGM State Intercept State Reserve Bond Guarantee) (Aa3/AA) | Maine Health and Higher Education Facilities Authority RB Series 2021A (AGM State Intercept State Reserve Bond Guarantee) (Aa3/AA) |
| 375000 | 4.000 | 07/01/2037 | 372046 |
| 325000 | 4.000 | 07/01/2041 | 312399 |
| Maine Health and Higher Educational Facilities Authority RB Series 2024A (AGC) (Aa3/AA) | Maine Health and Higher Educational Facilities Authority RB Series 2024A (AGC) (Aa3/AA) | Maine Health and Higher Educational Facilities Authority RB Series 2024A (AGC) (Aa3/AA) | Maine Health and Higher Educational Facilities Authority RB Series 2024A (AGC) (Aa3/AA) |
| 225000 | 4.250 | 07/01/2054 | 211058 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **193** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 State Housing Authority Mortgage Purchase Bonds 2024 Series B (Aa1/AA+) | Maine State Housing Authority Mortgage Purchase Bonds 2024 Series B (Aa1/AA+) | Maine State Housing Authority Mortgage Purchase Bonds 2024 Series B (Aa1/AA+) | Maine State Housing Authority Mortgage Purchase Bonds 2024 Series B (Aa1/AA+) |
| 200000 | 4.650% | 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196544 |
|  |  |  | 1389123 |
| Maryland - 0.8% | Maryland - 0.8% | Maryland - 0.8% | Maryland - 0.8% |
| 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) |
| 100000 | 4.000 | 01/01/2039 | 95228 |
| City of Gaithersburg Economic Development Project RB for Asbury Maryland Obligated Group Series 2022 (NR/NR) | City of Gaithersburg Economic Development Project RB for Asbury Maryland Obligated Group Series 2022 (NR/NR) | City of Gaithersburg Economic Development Project RB for Asbury Maryland Obligated Group Series 2022 (NR/NR) | City of Gaithersburg Economic Development Project RB for Asbury Maryland Obligated Group Series 2022 (NR/NR) |
| 175000 | 5.000 | 01/01/2037 | 177535 |
| 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) |
| 100000 | 5.125 | 01/01/2042 | 100966 |
| 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) |
| 75000 | 4.000 | 07/01/2040 | 69632 |
| Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Ba2/NR) | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Ba2/NR) | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Ba2/NR) | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Ba2/NR) |
| 195000 | 3.997 | 04/01/2034 | 138168 |
| 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 | 266376 |
| Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR) |
| 100000 | 5.500 <sup>(d)</sup> | 05/01/2042 | 97774 |
| Maryland Health and Higher Educational Facilities Authority RB Monocacy Montessori Communities Issue Series 2023 (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB Monocacy Montessori Communities Issue Series 2023 (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB Monocacy Montessori Communities Issue Series 2023 (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB Monocacy Montessori Communities Issue Series 2023 (NR/NR) |
| 100000 | 5.875 <sup>(d)</sup> | 07/01/2043 | 101689 |
| Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-) | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-) | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-) | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-) |
| 700000 | 0.000 <sup>(e)</sup> | 05/01/2051 | 187662 |
| 700000 | 0.000 <sup>(e)</sup> | 05/01/2052 | 178031 |
| Mayor and City Council of Baltimore City of Baltimore, Maryland Convention Center Hotel Revenue Refunding Bonds, Series 2017 (NR/B+) | Mayor and City Council of Baltimore City of Baltimore, Maryland Convention Center Hotel Revenue Refunding Bonds, Series 2017 (NR/B+) | Mayor and City Council of Baltimore City of Baltimore, Maryland Convention Center Hotel Revenue Refunding Bonds, Series 2017 (NR/B+) | Mayor and City Council of Baltimore City of Baltimore, Maryland Convention Center Hotel Revenue Refunding Bonds, Series 2017 (NR/B+) |
| 150000 | 5.000 | 09/01/2032 | 151176 |
| 100000 | 5.000 | 09/01/2035 | 100327 |
| 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 | 100086 |
| Prince George County Special Obligation Bonds Series 2018 (NR/NR) | Prince George County Special Obligation Bonds Series 2018 (NR/NR) | Prince George County Special Obligation Bonds Series 2018 (NR/NR) | Prince George County Special Obligation Bonds Series 2018 (NR/NR) |
| 175000 | 5.125 <sup>(d)</sup> | 07/01/2039 | 175453 |
|  |  |  | 1940103 |
| Massachusetts - 0.6% | Massachusetts - 0.6% | Massachusetts - 0.6% | Massachusetts - 0.6% |
| Massachusetts Development Finance Agency RB for CHF Merrimack, Inc. Issue, Merrimack College Student Housing Project Series 2024A (NR/BB) | Massachusetts Development Finance Agency RB for CHF Merrimack, Inc. Issue, Merrimack College Student Housing Project Series 2024A (NR/BB) | Massachusetts Development Finance Agency RB for CHF Merrimack, Inc. Issue, Merrimack College Student Housing Project Series 2024A (NR/BB) | Massachusetts Development Finance Agency RB for CHF Merrimack, Inc. Issue, Merrimack College Student Housing Project Series 2024A (NR/BB) |
| 100000 | 5.000 <sup>(d)</sup> | 07/01/2044 | 101394 |
| Massachusetts Development Finance Agency RB for Tufts Medicine Issue Series 2024 E (NR/BBB-) | Massachusetts Development Finance Agency RB for Tufts Medicine Issue Series 2024 E (NR/BBB-) | Massachusetts Development Finance Agency RB for Tufts Medicine Issue Series 2024 E (NR/BBB-) | Massachusetts Development Finance Agency RB for Tufts Medicine Issue Series 2024 E (NR/BBB-) |
| 800000 | 8.500 | 10/01/2026 | 807653 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Housing Finance Agency Single Family Housing RB Series 242 (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Massachusetts Housing Finance Agency Single Family Housing RB Series 242 (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Massachusetts Housing Finance Agency Single Family Housing RB Series 242 (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Massachusetts Housing Finance Agency Single Family Housing RB Series 242 (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) |
| 500000 | 4.800% | 12/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496385 |
|  |  |  | 1405432 |
| Michigan - 1.9% | Michigan - 1.9% | Michigan - 1.9% | Michigan - 1.9% |
| City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR) | City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR) | City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR) | City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR) |
| 1665000 | 4.000 <sup>(b)</sup> | 04/01/2044 | 1330694 |
| City of Detroit GO Bonds Series 2020 (Baa2/BBB) | City of Detroit GO Bonds Series 2020 (Baa2/BBB) | City of Detroit GO Bonds Series 2020 (Baa2/BBB) | City of Detroit GO Bonds Series 2020 (Baa2/BBB) |
| 205000 | 5.500 | 04/01/2045 | 211795 |
| City of Detroit GO Bonds Series 2021 A (Baa2/BBB) | City of Detroit GO Bonds Series 2021 A (Baa2/BBB) | City of Detroit GO Bonds Series 2021 A (Baa2/BBB) | City of Detroit GO Bonds Series 2021 A (Baa2/BBB) |
| 105000 | 5.000 | 04/01/2034 | 110757 |
| City of Detroit GO Bonds Series 2021 B (Baa2/BBB) | City of Detroit GO Bonds Series 2021 B (Baa2/BBB) | City of Detroit GO Bonds Series 2021 B (Baa2/BBB) | City of Detroit GO Bonds Series 2021 B (Baa2/BBB) |
| 50000 | 2.711 | 04/01/2026 | 49146 |
| City of Detroit, County of Wayne, UT GO Social Bonds Series 2021A (Tax Exempt) (Baa2/BBB) | City of Detroit, County of Wayne, UT GO Social Bonds Series 2021A (Tax Exempt) (Baa2/BBB) | City of Detroit, County of Wayne, UT GO Social Bonds Series 2021A (Tax Exempt) (Baa2/BBB) | City of Detroit, County of Wayne, UT GO Social Bonds Series 2021A (Tax Exempt) (Baa2/BBB) |
| 75000 | 5.000 | 04/01/2035 | 78855 |
| City of Kalamazoo Economic Development Corporation Limited obligation RB for Revel Creek Project, Series 2020A (Baa2/BBB) | City of Kalamazoo Economic Development Corporation Limited obligation RB for Revel Creek Project, Series 2020A (Baa2/BBB) | City of Kalamazoo Economic Development Corporation Limited obligation RB for Revel Creek Project, Series 2020A (Baa2/BBB) | City of Kalamazoo Economic Development Corporation Limited obligation RB for Revel Creek Project, Series 2020A (Baa2/BBB) |
| 300000 | 5.250 | 05/01/2027 | 311217 |
| Detroit Financial Recovery Bonds LT Series B-2 (NR/NR) | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR) | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR) | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR) |
| 400000 | 4.000 <sup>(b)</sup> | 04/01/2044 | 319686 |
| Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.60%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.60%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.60%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.60%) |
| 585000 | 3.663 <sup>(c)</sup> | 07/01/2032 | 576638 |
| 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 | 86187 |
| Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/NR) | Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/NR) | Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/NR) | Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/NR) |
| 125000 | 4.000 | 09/01/2050 | 97248 |
| Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (NR/BBB+) | Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (NR/BBB+) | Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (NR/BBB+) | Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (NR/BBB+) |
| 225000 | 5.000 | 06/01/2040 | 229982 |
| 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 | 304186 |
| Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR) |
| 3505000 | 0.000 <sup>(e)</sup> | 06/01/2065 | 359581 |
| Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A1/AA) | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A1/AA) | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A1/AA) | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A1/AA) |
| 500000 | 4.250 | 12/31/2038 | 477358 |
| Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR) | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR) | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR) | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR) |
| 1150000 | 0.000 <sup>(e)</sup> | 06/01/2058 | 35725 |
|  |  |  | 4579055 |
| Minnesota - 0.5% | Minnesota - 0.5% | Minnesota - 0.5% | Minnesota - 0.5% |
| 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 | 71871 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 194 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Health Care Facilities RB (St. Luke's Hospital Of Duluth Obligated Group) Series 2022A (NR/AA-) | Duluth Economic Development Authority Health Care Facilities RB (St. Luke's Hospital Of Duluth Obligated Group) Series 2022A (NR/AA-) | Duluth Economic Development Authority Health Care Facilities RB (St. Luke's Hospital Of Duluth Obligated Group) Series 2022A (NR/AA-) | Duluth Economic Development Authority Health Care Facilities RB (St. Luke's Hospital Of Duluth Obligated Group) Series 2022A (NR/AA-) |
| 400000 | 4.000% | 06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404068 |
| Duluth Economic Development Authority Health Care Facilities RB St. Luke's Hospital of Duluth Obligated Group Series 2022A (NR/AA-) | Duluth Economic Development Authority Health Care Facilities RB St. Luke's Hospital of Duluth Obligated Group Series 2022A (NR/AA-) | Duluth Economic Development Authority Health Care Facilities RB St. Luke's Hospital of Duluth Obligated Group Series 2022A (NR/AA-) | Duluth Economic Development Authority Health Care Facilities RB St. Luke's Hospital of Duluth Obligated Group Series 2022A (NR/AA-) |
| 425000 | 4.000 | 06/15/2035 | 431701 |
| Duluth Independent School District No.709 COPS Refunding Series 2019 A (Baa1/NR) | Duluth Independent School District No.709 COPS Refunding Series 2019 A (Baa1/NR) | Duluth Independent School District No.709 COPS Refunding Series 2019 A (Baa1/NR) | Duluth Independent School District No.709 COPS Refunding Series 2019 A (Baa1/NR) |
| 25000 | 4.000 <sup>(f)</sup> | 03/01/2027 | 25460 |
| Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (Aa1/NR) | Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (Aa1/NR) | Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (Aa1/NR) | Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (Aa1/NR) |
| 330000 | 4.000 | 12/01/2026 | 333355 |
|  |  |  | 1266455 |
| Mississippi - 0.4% | Mississippi - 0.4% | Mississippi - 0.4% | Mississippi - 0.4% |
| Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa2/BBB+) | Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa2/BBB+) | Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa2/BBB+) | Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa2/BBB+) |
| 200000 | 2.375 | 06/01/2044 | 124015 |
| Mississippi Development Bank Special Obligation Bonds Series 2021 (NR/BB) | Mississippi Development Bank Special Obligation Bonds Series 2021 (NR/BB) | Mississippi Development Bank Special Obligation Bonds Series 2021 (NR/BB) | Mississippi Development Bank Special Obligation Bonds Series 2021 (NR/BB) |
| 100000 | 5.000 <sup>(d)</sup> | 10/01/2033 | 100093 |
| 200000 | 4.000 <sup>(d)</sup> | 10/01/2041 | 158635 |
| Mississippi Home Corp. Single Family Mortgage RB Series 2025A (GNMA/FNMA/FHLMC) (Aaa/NR) | Mississippi Home Corp. Single Family Mortgage RB Series 2025A (GNMA/FNMA/FHLMC) (Aaa/NR) | Mississippi Home Corp. Single Family Mortgage RB Series 2025A (GNMA/FNMA/FHLMC) (Aaa/NR) | Mississippi Home Corp. Single Family Mortgage RB Series 2025A (GNMA/FNMA/FHLMC) (Aaa/NR) |
| 500000 | 4.800 <sup>(g)</sup> | 12/01/2045 | 501721 |
| Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE) | Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE) | Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE) | Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE) |
| 75000 | 1.600 <sup>(a)(b)</sup> | 08/01/2027 | 74606 |
|  |  |  | 959070 |
| Missouri - 0.5% | Missouri - 0.5% | Missouri - 0.5% | Missouri - 0.5% |
| City of St. Louis IDA Tax Increment Financing RB for St. Louis Innovation District Project Series 2022 (NR/NR) | City of St. Louis IDA Tax Increment Financing RB for St. Louis Innovation District Project Series 2022 (NR/NR) | City of St. Louis IDA Tax Increment Financing RB for St. Louis Innovation District Project Series 2022 (NR/NR) | City of St. Louis IDA Tax Increment Financing RB for St. Louis Innovation District Project Series 2022 (NR/NR) |
| 100000 | 5.000 | 05/15/2041 | 99821 |
| Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Bjc Health System Series 2025A (Aa2/AA) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Bjc Health System Series 2025A (Aa2/AA) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Bjc Health System Series 2025A (Aa2/AA) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Bjc Health System Series 2025A (Aa2/AA) |
| 500000 | 4.000 | 04/01/2045 | 460993 |
| 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) |
| 75000 | 3.500 | 11/01/2040 | 68441 |
| 100000 | 4.250 | 11/01/2050 | 81691 |
| 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 | 23136 |
| 25000 | 4.000 | 08/01/2041 | 21939 |
| State of Missouri Health & Educational Facilities Authority Health Facilities RB for Mosaic Health System Series 2019A (A1/NR) | State of Missouri Health & Educational Facilities Authority Health Facilities RB for Mosaic Health System Series 2019A (A1/NR) | State of Missouri Health & Educational Facilities Authority Health Facilities RB for Mosaic Health System Series 2019A (A1/NR) | State of Missouri Health & Educational Facilities Authority Health Facilities RB for Mosaic Health System Series 2019A (A1/NR) |
| 275000 | 4.000 | 02/15/2038 | 272698 |
| The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) | The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) | The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) | The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) |
| 100000 | 5.000 <sup>(d)</sup> | 06/01/2046 | 97342 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| The Industrial Development Authority of The County of Taney, Missouri Sales Tax Revenue Improvement Bonds Big Cedar Infrastructure Project Series 2023 (NR/NR) | The Industrial Development Authority of The County of Taney, Missouri Sales Tax Revenue Improvement Bonds Big Cedar Infrastructure Project Series 2023 (NR/NR) | The Industrial Development Authority of The County of Taney, Missouri Sales Tax Revenue Improvement Bonds Big Cedar Infrastructure Project Series 2023 (NR/NR) | The Industrial Development Authority of The County of Taney, Missouri Sales Tax Revenue Improvement Bonds Big Cedar Infrastructure Project Series 2023 (NR/NR) |
| 100000 | 5.000 %<sup>(d)</sup> | 10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98363 |
|  |  |  | 1224424 |
| Montana - 0.1% | Montana - 0.1% | Montana - 0.1% | Montana - 0.1% |
| Montana Board of Housing Single Family Mortgage Bonds 2024 Series B (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Montana Board of Housing Single Family Mortgage Bonds 2024 Series B (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Montana Board of Housing Single Family Mortgage Bonds 2024 Series B (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Montana Board of Housing Single Family Mortgage Bonds 2024 Series B (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) |
| 250000 | 4.400 | 12/01/2049 | 242066 |
| Nebraska - 0.2% | Nebraska - 0.2% | Nebraska - 0.2% | Nebraska - 0.2% |
| Nebraska Investment Finance Authority Single Family Housing RB 2025 Series A (GNMA/FNMA/FHLMC) (NR/AAA) | Nebraska Investment Finance Authority Single Family Housing RB 2025 Series A (GNMA/FNMA/FHLMC) (NR/AAA) | Nebraska Investment Finance Authority Single Family Housing RB 2025 Series A (GNMA/FNMA/FHLMC) (NR/AAA) | Nebraska Investment Finance Authority Single Family Housing RB 2025 Series A (GNMA/FNMA/FHLMC) (NR/AAA) |
| 500000 | 4.500 | 09/01/2045 | 489230 |
| Nevada - 0.4% | Nevada - 0.4% | Nevada - 0.4% | Nevada - 0.4% |
| 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 | 34257 |
| Director of The State of Nevada Department of Business and Industry Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) | Director of The State of Nevada Department of Business and Industry Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) | Director of The State of Nevada Department of Business and Industry Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) | Director of The State of Nevada Department of Business and Industry Senior Subordinated Secured RB Brightline West Passenger Rail Project Series 2025A (NR/NR) |
| 150000 | 9.500 <sup>(a)(b)(d)</sup> | 01/01/2065 | 149432 |
| Henderson Local Improvement District No. T-18 Limited Obligation RB Series 2016 (NR/NR) | Henderson Local Improvement District No. T-18 Limited Obligation RB Series 2016 (NR/NR) | Henderson Local Improvement District No. T-18 Limited Obligation RB Series 2016 (NR/NR) | Henderson Local Improvement District No. T-18 Limited Obligation RB Series 2016 (NR/NR) |
| 95000 | 4.000 | 09/01/2035 | 85905 |
| Las Vegas Convention & Visitors Authority Convention Center Expansion RB Series 2018B (Aa3/AA-) | Las Vegas Convention & Visitors Authority Convention Center Expansion RB Series 2018B (Aa3/AA-) | Las Vegas Convention & Visitors Authority Convention Center Expansion RB Series 2018B (Aa3/AA-) | Las Vegas Convention & Visitors Authority Convention Center Expansion RB Series 2018B (Aa3/AA-) |
| 750000 | 4.000 | 07/01/2049 | 658021 |
| 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 | 101684 |
|  |  |  | 1029299 |
| New Hampshire - 0.3% | New Hampshire - 0.3% | New Hampshire - 0.3% | New Hampshire - 0.3% |
| National Finance Authority Hospital RB Series 2021B (AGM) (A1/AA) | National Finance Authority Hospital RB Series 2021B (AGM) (A1/AA) | National Finance Authority Hospital RB Series 2021B (AGM) (A1/AA) | National Finance Authority Hospital RB Series 2021B (AGM) (A1/AA) |
| 500000 | 3.000 | 08/15/2046 | 397985 |
| 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 | 198440 |
|  |  |  | 596425 |
| New Jersey - 3.5% | New Jersey - 3.5% | New Jersey - 3.5% | New Jersey - 3.5% |
| Atlantic County Improvement GO Lease RB for Stockton University Atlantic City Campus Project Series 2021A (AGM) (A1/AA) | Atlantic County Improvement GO Lease RB for Stockton University Atlantic City Campus Project Series 2021A (AGM) (A1/AA) | Atlantic County Improvement GO Lease RB for Stockton University Atlantic City Campus Project Series 2021A (AGM) (A1/AA) | Atlantic County Improvement GO Lease RB for Stockton University Atlantic City Campus Project Series 2021A (AGM) (A1/AA) |
| 140000 | 4.000 | 07/01/2053 | 127116 |
| New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 1999 (Ba3/BB) | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 1999 (Ba3/BB) | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 1999 (Ba3/BB) | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 1999 (Ba3/BB) |
| 665000 | 5.250 | 09/15/2029 | 665686 |
| 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) |
| 500000 | 5.000 | 10/01/2047 | 492520 |
| New Jersey Health Care Facilities Financing Authority RB for St. Joseph's Healthcare System Obligated Group Issue Series 2016 (Baa3/BBB-) | New Jersey Health Care Facilities Financing Authority RB for St. Joseph's Healthcare System Obligated Group Issue Series 2016 (Baa3/BBB-) | New Jersey Health Care Facilities Financing Authority RB for St. Joseph's Healthcare System Obligated Group Issue Series 2016 (Baa3/BBB-) | New Jersey Health Care Facilities Financing Authority RB for St. Joseph's Healthcare System Obligated Group Issue Series 2016 (Baa3/BBB-) |
| 325000 | 5.000 | 07/01/2041 | 326122 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **195** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Revenue and Refunding Bonds Inspira Health Obligated Group Issue Series 2024A (A2/NR) | New Jersey Health Care Facilities Financing Authority Revenue and Refunding Bonds Inspira Health Obligated Group Issue Series 2024A (A2/NR) | New Jersey Health Care Facilities Financing Authority Revenue and Refunding Bonds Inspira Health Obligated Group Issue Series 2024A (A2/NR) | New Jersey Health Care Facilities Financing Authority Revenue and Refunding Bonds Inspira Health Obligated Group Issue Series 2024A (A2/NR) |
| 230000 | 4.125% | 07/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203785 |
| 350000 | 5.250 | 07/01/2054 | 372963 |
| New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AGM) (A1/AA) | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AGM) (A1/AA) | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AGM) (A1/AA) | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AGM) (A1/AA) |
| 975000 | 0.000 <sup>(e)</sup> | 12/15/2034 | 675238 |
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (A2/A-) |
| 500000 | 0.000 <sup>(e)</sup> | 12/15/2035 | 326219 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A-) |
| 2450000 | 0.000 <sup>(e)</sup> | 12/15/2038 | 1364425 |
| 1000000 | 0.000 <sup>(e)</sup> | 12/15/2039 | 526340 |
| New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (A2/A-) |
| 70000 | 5.000 | 12/15/2032 | 73428 |
| New Jersey Transportation Trust Fund Authority RB Series 2020 AA (A2/A-) | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (A2/A-) | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (A2/A-) | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (A2/A-) |
| 75000 | 3.000 | 06/15/2050 | 54066 |
| New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2024 Series CC (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2024 Series CC (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2024 Series CC (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2024 Series CC (A2/A-) |
| 110000 | 5.250 | 06/15/2050 | 115182 |
| 540000 | 5.250 | 06/15/2055 | 563531 |
| New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (A2/A-) |
| 400000 | 3.500 | 06/15/2046 | 327242 |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2022 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2022 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2022 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2022 Series A (A2/A-) |
| 685000 | 4.000 | 06/15/2041 | 640876 |
| New Jersey Turnpike Authority Turnpike RB Series 2017 G (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2017 G (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2017 G (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2017 G (A1/AA-) |
| 615000 | 4.000 | 01/01/2043 | 594977 |
| 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 | 100440 |
| Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) | Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) | Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) | Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) |
| 100000 | 5.375 | 07/01/2053 | 101570 |
| South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (A3/NR) | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (A3/NR) | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (A3/NR) | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (A3/NR) |
| 100000 | 5.000 | 01/01/2048 | 98566 |
| 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+) |
| 680000 | 5.000 | 06/01/2046 | 664412 |
| Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (NR/NR) | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (NR/NR) | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (NR/NR) | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (NR/NR) |
| 200000 | 6.750 <sup>(d)</sup> | 12/01/2041 | 128685 |
|  |  |  | 8543389 |
| New Mexico - 0.9% | New Mexico - 0.9% | New Mexico - 0.9% | New Mexico - 0.9% |
| City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series C (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series C (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series C (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series C (NON-AMT) (Baa2/BBB) (PUTABLE) |
| 660000 | 3.875 <sup>(a)(b)</sup> | 06/01/2040 | 660443 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| City of Farmington Pollution Control Refunding RB 2005 Series A (A2/A-) | City of Farmington Pollution Control Refunding RB 2005 Series A (A2/A-) | City of Farmington Pollution Control Refunding RB 2005 Series A (A2/A-) | City of Farmington Pollution Control Refunding RB 2005 Series A (A2/A-) |
| 200000 | 1.800% | 04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178623 |
| City of Farmington, New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series D (Baa2/BBB) (PUTABLE) | City of Farmington, New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series D (Baa2/BBB) (PUTABLE) | City of Farmington, New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series D (Baa2/BBB) (PUTABLE) | City of Farmington, New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series D (Baa2/BBB) (PUTABLE) |
| 380000 | 3.900 <sup>(a)(b)</sup> | 06/01/2040 | 380566 |
| New Mexico Finance Authority Environmental Improvement RB for Enchantment Water, LLC Project Series 2024 Blue Circular Economy Bonds (NR/NR) | New Mexico Finance Authority Environmental Improvement RB for Enchantment Water, LLC Project Series 2024 Blue Circular Economy Bonds (NR/NR) | New Mexico Finance Authority Environmental Improvement RB for Enchantment Water, LLC Project Series 2024 Blue Circular Economy Bonds (NR/NR) | New Mexico Finance Authority Environmental Improvement RB for Enchantment Water, LLC Project Series 2024 Blue Circular Economy Bonds (NR/NR) |
| 150000 | 8.250 <sup>(d)</sup> | 12/01/2045 | 149968 |
| New Mexico Mortgage Finance Authority Single Family Mortgage Program Class I Bonds 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | New Mexico Mortgage Finance Authority Single Family Mortgage Program Class I Bonds 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | New Mexico Mortgage Finance Authority Single Family Mortgage Program Class I Bonds 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | New Mexico Mortgage Finance Authority Single Family Mortgage Program Class I Bonds 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) |
| 250000 | 4.700 | 09/01/2049 | 245597 |
| Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Receipts Tax Increment Bonds Series 2022 (NR/NR) | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Receipts Tax Increment Bonds Series 2022 (NR/NR) | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Receipts Tax Increment Bonds Series 2022 (NR/NR) | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Receipts Tax Increment Bonds Series 2022 (NR/NR) |
| 500000 | 4.250 <sup>(d)</sup> | 05/01/2040 | 457413 |
|  |  |  | 2072610 |
| New York - 5.9% | New York - 5.9% | New York - 5.9% | New York - 5.9% |
| Allegany County Capital Resource Corp. RB Alfred University Project Series 2024 (NR/BBB+) | Allegany County Capital Resource Corp. RB Alfred University Project Series 2024 (NR/BBB+) | Allegany County Capital Resource Corp. RB Alfred University Project Series 2024 (NR/BBB+) | Allegany County Capital Resource Corp. RB Alfred University Project Series 2024 (NR/BBB+) |
| 70000 | 5.250 | 04/01/2049 | 70388 |
| 80000 | 5.250 | 04/01/2054 | 79763 |
| Brooklyn Arena Local Development Corp. Pilot RB Series 2009 (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot RB Series 2009 (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot RB Series 2009 (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot RB Series 2009 (Ba1/NR) |
| 200000 | 0.000 <sup>(e)</sup> | 07/15/2044 | 77880 |
| Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) |
| 100000 | 5.000 | 07/15/2042 | 100822 |
| Build NYC Resource Corp. RB for Academic Leadership Charter School Project Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Project Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Project Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Project Series 2021 (NR/BBB-) |
| 100000 | 4.000 | 06/15/2030 | 99481 |
| Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) | Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) | Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) | Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) |
| 100000 | 5.000 <sup>(d)</sup> | 09/01/2044 | 96722 |
| Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR) |
| 100000 | 5.000 <sup>(d)</sup> | 12/01/2041 | 93247 |
| 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 <sup>(d)</sup> | 06/15/2041 | 87393 |
| Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR) | Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR) | Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR) | Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR) |
| 100000 | 4.000 <sup>(d)</sup> | 06/15/2027 | 97624 |
| Build NYC Resource Corp. RB for Unity Preparatory Charter School of Brooklyn Project Series 2023A (NR/BB) | Build NYC Resource Corp. RB for Unity Preparatory Charter School of Brooklyn Project Series 2023A (NR/BB) | Build NYC Resource Corp. RB for Unity Preparatory Charter School of Brooklyn Project Series 2023A (NR/BB) | Build NYC Resource Corp. RB for Unity Preparatory Charter School of Brooklyn Project Series 2023A (NR/BB) |
| 100000 | 5.250 <sup>(d)</sup> | 06/15/2043 | 101352 |
| Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR) | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR) | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR) | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR) |
| 100000 | 6.500 <sup>(d)</sup> | 07/01/2032 | 105011 |
| 150000 | 6.500 <sup>(d)</sup> | 07/01/2042 | 152878 |
| 100000 | 6.500 <sup>(d)</sup> | 07/01/2052 | 100946 |
| Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR) | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR) | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR) | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR) |
| 100000 | 9.750 <sup>(d)</sup> | 07/01/2032 | 98784 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 196 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Corporation RB Classical Charter Schools Project Series 2023A (NR/BBB-) | Build NYC Resource Corporation RB Classical Charter Schools Project Series 2023A (NR/BBB-) | Build NYC Resource Corporation RB Classical Charter Schools Project Series 2023A (NR/BBB-) | Build NYC Resource Corporation RB Classical Charter Schools Project Series 2023A (NR/BBB-) |
| $100000 | 4.750% | 06/15/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93135 |
| Chautauqua County Capital Resource Corp. Exempt Facilities Revenue Refunding Bonds for NRG Energy Project Series 2020 (Baa3/BBB-) (PUTABLE) | Chautauqua County Capital Resource Corp. Exempt Facilities Revenue Refunding Bonds for NRG Energy Project Series 2020 (Baa3/BBB-) (PUTABLE) | Chautauqua County Capital Resource Corp. Exempt Facilities Revenue Refunding Bonds for NRG Energy Project Series 2020 (Baa3/BBB-) (PUTABLE) | Chautauqua County Capital Resource Corp. Exempt Facilities Revenue Refunding Bonds for NRG Energy Project Series 2020 (Baa3/BBB-) (PUTABLE) |
| 100000 | 4.250 <sup>(a)(b)</sup> | 04/01/2042 | 101195 |
| City of New York GO Tax Exempt Bonds 2020 Series D (Aa2/AA) | City of New York GO Tax Exempt Bonds 2020 Series D (Aa2/AA) | City of New York GO Tax Exempt Bonds 2020 Series D (Aa2/AA) | City of New York GO Tax Exempt Bonds 2020 Series D (Aa2/AA) |
| 290000 | 4.000 | 03/01/2050 | 263754 |
| Clinton County Capital Resource Corp. (A3/NR) | Clinton County Capital Resource Corp. (A3/NR) | Clinton County Capital Resource Corp. (A3/NR) | Clinton County Capital Resource Corp. (A3/NR) |
| 125000 | 5.000 <sup>(d)</sup> | 07/01/2037 | 132412 |
| Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) | Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) | Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) | Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) |
| 200000 | 5.250 | 07/01/2049 | 208126 |
| 250000 | 5.250 | 07/01/2054 | 258871 |
| Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) |
| 100000 | 5.250 | 05/01/2044 | 106237 |
| 100000 | 5.500 | 05/01/2049 | 106906 |
| 150000 | 5.500 | 05/01/2056 | 159472 |
| Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2025A (Tax-Exempt) (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2025A (Tax-Exempt) (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2025A (Tax-Exempt) (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2025A (Tax-Exempt) (Aa1/NR) |
| 1320000 | 5.000 | 03/15/2055 | 1374065 |
| Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR) | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR) | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR) | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR) |
| 800000 | 0.000 <sup>(d)(e)</sup> | 06/01/2060 | 39602 |
| Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (NR/BBB+) | Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (NR/BBB+) | Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (NR/BBB+) | Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (NR/BBB+) |
| 250000 | 5.000 | 12/01/2041 | 255826 |
| Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/A-) | Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/A-) | Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/A-) | Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/A-) |
| 225000 | 4.750 | 11/15/2045 | 225701 |
| 125000 | 5.000 | 11/15/2050 | 125830 |
| 75000 | 5.250 | 11/15/2055 | 76563 |
| Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/A-) | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/A-) | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/A-) | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/A-) |
| 175000 | 5.250 | 11/15/2031 | 179722 |
| Metropolitan Transportation Authority RB Refunding Series 2017 D (A3/A-) | Metropolitan Transportation Authority RB Refunding Series 2017 D (A3/A-) | Metropolitan Transportation Authority RB Refunding Series 2017 D (A3/A-) | Metropolitan Transportation Authority RB Refunding Series 2017 D (A3/A-) |
| 250000 | 5.000 | 11/15/2032 | 260596 |
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/A-) |
| 100000 | 5.000 | 11/15/2045 | 101562 |
| Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) |
| 2255000 | 0.000 <sup>(e)</sup> | 06/01/2060 | 137893 |
| New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) |
| 220000 | 3.000 | 01/01/2046 | 166147 |
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Fiscal 2014 Series AA (Aa1/AA+/A-1) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Fiscal 2014 Series AA (Aa1/AA+/A-1) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Fiscal 2014 Series AA (Aa1/AA+/A-1) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Fiscal 2014 Series AA (Aa1/AA+/A-1) |
| 110000 | 3.550 <sup>(a)(b)</sup> | 06/15/2049 | 110000 |
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Fiscal 2022 Series DD Adjustable Rate Remarketed Securities (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Fiscal 2022 Series DD Adjustable Rate Remarketed Securities (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Fiscal 2022 Series DD Adjustable Rate Remarketed Securities (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Fiscal 2022 Series DD Adjustable Rate Remarketed Securities (Aa1/AA+) |
| 190000 | 3.650 <sup>(a)(b)</sup> | 06/15/2033 | 190000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Counties Tobacco Trust IV RB Series 2005 F (NR/NR) | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR) | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR) | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR) |
| $3500000 | 0.000 %<sup>(e)</sup> | 06/01/2060 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207333 |
| New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) |
| 125000 | 5.150 <sup>(d)</sup> | 11/15/2034 | 125345 |
| 225000 | 5.375 <sup>(d)</sup> | 11/15/2040 | 225584 |
| New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR) |
| 275000 | 7.250 <sup>(d)</sup> | 11/15/2044 | 275775 |
| New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) |
| 740000 | 5.000 <sup>(d)</sup> | 11/15/2044 | 741620 |
| 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) |
| 225000 | 4.000 | 07/01/2040 | 184863 |
| New York State Dormitory Authority RB New York University 2001 (AMBAC) (Aa2/AA-) | New York State Dormitory Authority RB New York University 2001 (AMBAC) (Aa2/AA-) | New York State Dormitory Authority RB New York University 2001 (AMBAC) (Aa2/AA-) | New York State Dormitory Authority RB New York University 2001 (AMBAC) (Aa2/AA-) |
| 100000 | 5.500 | 07/01/2040 | 114731 |
| New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B3/B-) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B3/B-) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B3/B-) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B3/B-) |
| 200000 | 5.000 | 07/01/2035 | 199122 |
| 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 | 238963 |
| New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (B1/B+) | New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (B1/B+) | New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (B1/B+) | New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (B1/B+) |
| 250000 | 2.750 <sup>(a)(b)</sup> | 09/01/2050 | 248613 |
| New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (A1/AA) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (A1/AA) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (A1/AA) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (A1/AA) |
| 75000 | 4.000 | 12/01/2040 | 72463 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) |
| 400000 | 5.000 | 01/01/2027 | 408281 |
| 190000 | 5.000 | 01/01/2033 | 194209 |
| 100000 | 4.000 | 01/01/2036 | 95104 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) |
| 100000 | 5.000 | 10/01/2040 | 101681 |
| 795000 | 4.375 | 10/01/2045 | 741604 |
| New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) |
| 25000 | 2.500 | 10/31/2031 | 21154 |
| New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) |
| 100000 | 5.000 | 07/01/2034 | 100014 |
| 200000 | 5.000 | 07/01/2046 | 198553 |
| New York Transportation Development Corp. Special Facilities RB for John F. Kennedy international Airport New Terminal One Project Green Bonds Series (AMT) (AGM) (A1/AA) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy international Airport New Terminal One Project Green Bonds Series (AMT) (AGM) (A1/AA) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy international Airport New Terminal One Project Green Bonds Series (AMT) (AGM) (A1/AA) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy international Airport New Terminal One Project Green Bonds Series (AMT) (AGM) (A1/AA) |
| 625000 | 5.000 | 06/30/2049 | 629663 |
| New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (AGM) (A1/AA) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (AGM) (A1/AA) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (AGM) (A1/AA) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (AGM) (A1/AA) |
| 200000 | 5.000 | 06/30/2049 | 201180 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **197** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | 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 Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/NR) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/NR) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/NR) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/NR) | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/NR) |
| $| 225000 | 6.000% | 06/30/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239210 |
|  New York Transportation Development Corp. Special Facility RB for Delta Air Lines Inc. Laguardia Airport Terminals C&D Redevelopment Project Series 2023 (Baa2/BBB-) | New York Transportation Development Corp. Special Facility RB for Delta Air Lines Inc. Laguardia Airport Terminals C&D Redevelopment Project Series 2023 (Baa2/BBB-) | New York Transportation Development Corp. Special Facility RB for Delta Air Lines Inc. Laguardia Airport Terminals C&D Redevelopment Project Series 2023 (Baa2/BBB-) | New York Transportation Development Corp. Special Facility RB for Delta Air Lines Inc. Laguardia Airport Terminals C&D Redevelopment Project Series 2023 (Baa2/BBB-) | New York Transportation Development Corp. Special Facility RB for Delta Air Lines Inc. Laguardia Airport Terminals C&D Redevelopment Project Series 2023 (Baa2/BBB-) |
|  | 250000 | 6.000 | 04/01/2035 | 274620 |
|  New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (NR/B+) |
|  | 205000 | 5.250 | 08/01/2031 | 212263 |
|  | 15000 | 5.375 | 08/01/2036 | 15477 |
|  New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (NR/B+) |
|  | 215000 | 5.000 | 08/01/2026 | 215005 |
|  Niagara Area Development Corporation Tax-Exempt RB for Catholic Health System, Inc. Project Series 2022 (B3/B-) | Niagara Area Development Corporation Tax-Exempt RB for Catholic Health System, Inc. Project Series 2022 (B3/B-) | Niagara Area Development Corporation Tax-Exempt RB for Catholic Health System, Inc. Project Series 2022 (B3/B-) | Niagara Area Development Corporation Tax-Exempt RB for Catholic Health System, Inc. Project Series 2022 (B3/B-) | Niagara Area Development Corporation Tax-Exempt RB for Catholic Health System, Inc. Project Series 2022 (B3/B-) |
|  | 100000 | 5.000 | 07/01/2052 | 93885 |
|  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) | Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) |
|  | 100000 | 4.000 | 12/01/2049 | 89827 |
|  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) | Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR) |
|  | 135000 | 3.000 | 07/01/2044 | 84725 |
|  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) | 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 | 205208 |
|  State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A3/A-) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A3/A-) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A3/A-) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A3/A-) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A3/A-) |
|  | 325000 | 4.250 | 05/01/2052 | 306920 |
|  | 385000 | 5.000 | 05/01/2052 | 394636 |
|  The City of New York GO Bonds Fiscal 2018 Series B Subseries B-4 and B-5 (Aa2/AA/A-1) | The City of New York GO Bonds Fiscal 2018 Series B Subseries B-4 and B-5 (Aa2/AA/A-1) | The City of New York GO Bonds Fiscal 2018 Series B Subseries B-4 and B-5 (Aa2/AA/A-1) | The City of New York GO Bonds Fiscal 2018 Series B Subseries B-4 and B-5 (Aa2/AA/A-1) | The City of New York GO Bonds Fiscal 2018 Series B Subseries B-4 and B-5 (Aa2/AA/A-1) |
|  | 100000 | 3.600 <sup>(a)(b)</sup> | 10/01/2046 | 100000 |
|  The Port Authority of New York and New Jersey Consolidated Bonds , Two Hundred Twenty-Third Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds , Two Hundred Twenty-Third Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds , Two Hundred Twenty-Third Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds , Two Hundred Twenty-Third Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds , Two Hundred Twenty-Third Series (Aa3/AA-) |
|  | 430000 | 4.000 | 07/15/2046 | 388728 |
|  | 100000 | 5.000 | 07/15/2056 | 100878 |
|  Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (NR/AA+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (NR/AA+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (NR/AA+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (NR/AA+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (NR/AA+) |
|  | 100000 | 5.250 | 05/15/2059 | 105593 |
|  |  |  |  | 14188736 |
| North Carolina - 0.5% | 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 (Baa2/BBB) (PUTABLE) | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (Baa2/BBB) (PUTABLE) | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (Baa2/BBB) (PUTABLE) | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (Baa2/BBB) (PUTABLE) | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (Baa2/BBB) (PUTABLE) |
|  | 75000 | 1.375 <sup>(a)(b)</sup> | 05/01/2034 | 74554 |
|  Greater Asheville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) |
|  | 100000 | 5.500 | 07/01/2052 | 104114 |
|  Greater Asheville Regional Airport Authority Airport System RB Series 2023 (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB Series 2023 (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB Series 2023 (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB Series 2023 (AGM) (A1/AA) | Greater Asheville Regional Airport Authority Airport System RB Series 2023 (AGM) (A1/AA) |
|  | 200000 | 5.250 | 07/01/2053 | 205608 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | 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 – (continued) |
|  North Carolina Department of Transportation Tax Exempt Private Activity Bonds Series 2015 (NR/NR) | North Carolina Department of Transportation Tax Exempt Private Activity Bonds Series 2015 (NR/NR) | North Carolina Department of Transportation Tax Exempt Private Activity Bonds Series 2015 (NR/NR) | North Carolina Department of Transportation Tax Exempt Private Activity Bonds Series 2015 (NR/NR) | North Carolina Department of Transportation Tax Exempt Private Activity Bonds Series 2015 (NR/NR) |
| $| 200000 | 5.000% | 12/31/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200275 |
|  North Carolina Medical Care Commission Health Care Facilities First Mortgage Revenue Refunding Bonds Pennybyrn at Maryfield Series 2015 (NR/NR) | North Carolina Medical Care Commission Health Care Facilities First Mortgage Revenue Refunding Bonds Pennybyrn at Maryfield Series 2015 (NR/NR) | North Carolina Medical Care Commission Health Care Facilities First Mortgage Revenue Refunding Bonds Pennybyrn at Maryfield Series 2015 (NR/NR) | North Carolina Medical Care Commission Health Care Facilities First Mortgage Revenue Refunding Bonds Pennybyrn at Maryfield Series 2015 (NR/NR) | North Carolina Medical Care Commission Health Care Facilities First Mortgage Revenue Refunding Bonds Pennybyrn at Maryfield Series 2015 (NR/NR) |
|  | 370000 | 5.000 | 10/01/2035 | 364730 |
|  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) | North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR) |
|  | 50000 | 4.000 | 09/01/2041 | 44953 |
|  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) | 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 | 71588 |
|  | 100000 | 4.000 | 03/01/2051 | 81976 |
|  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) | North Carolina Medical Care Commission RB Refunding for EveryAge Obligated Group Series 2021 A (NR/NR) |
|  | 150000 | 4.000 | 09/01/2041 | 137078 |
|  |  |  |  | 1284876 |
| Ohio - 3.2% | Ohio - 3.2% | Ohio - 3.2% | Ohio - 3.2% | Ohio - 3.2% |
|  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) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR) |
|  | 1200000 | 5.000 | 06/01/2055 | 1057703 |
|  Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR) |
|  | 1000000 | 0.000 <sup>(e)</sup> | 06/01/2057 | 99315 |
|  Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB) | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB) | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB) | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB) | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB) |
|  | 280000 | 5.375 | 09/15/2027 | 280301 |
|  Columbus-Franklin County Finance Authority Lease RB for The Cornerstone Academy Community School Series 2023 (NR/NR) | Columbus-Franklin County Finance Authority Lease RB for The Cornerstone Academy Community School Series 2023 (NR/NR) | Columbus-Franklin County Finance Authority Lease RB for The Cornerstone Academy Community School Series 2023 (NR/NR) | Columbus-Franklin County Finance Authority Lease RB for The Cornerstone Academy Community School Series 2023 (NR/NR) | Columbus-Franklin County Finance Authority Lease RB for The Cornerstone Academy Community School Series 2023 (NR/NR) |
|  | 125000 | 7.000 <sup>(d)</sup> | 07/01/2053 | 126730 |
|  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) | County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network Series 2022A (NR/NR) |
|  | 95000 | 5.000 | 05/15/2032 | 94243 |
|  | 310000 | 5.375 | 05/15/2037 | 310205 |
|  County of Cuyahoga Ohio Hospital RB for The Metrohealth System Series 2017 (Baa2/BBB) | County of Cuyahoga Ohio Hospital RB for The Metrohealth System Series 2017 (Baa2/BBB) | County of Cuyahoga Ohio Hospital RB for The Metrohealth System Series 2017 (Baa2/BBB) | County of Cuyahoga Ohio Hospital RB for The Metrohealth System Series 2017 (Baa2/BBB) | County of Cuyahoga Ohio Hospital RB for The Metrohealth System Series 2017 (Baa2/BBB) |
|  | 175000 | 5.500 | 02/15/2052 | 175856 |
|  County of Franklin Healthcare Facilities RB for Ohio Living Communities Series 2023 (NR/NR) | County of Franklin Healthcare Facilities RB for Ohio Living Communities Series 2023 (NR/NR) | County of Franklin Healthcare Facilities RB for Ohio Living Communities Series 2023 (NR/NR) | County of Franklin Healthcare Facilities RB for Ohio Living Communities Series 2023 (NR/NR) | County of Franklin Healthcare Facilities RB for Ohio Living Communities Series 2023 (NR/NR) |
|  | 200000 | 5.000 | 07/01/2035 | 206312 |
|  | 225000 | 5.000 | 07/01/2036 | 230411 |
|  County of Franklin Ohio Health Care Facilities Refunding RB Series 2022 (NR/NR) | County of Franklin Ohio Health Care Facilities Refunding RB Series 2022 (NR/NR) | County of Franklin Ohio Health Care Facilities Refunding RB Series 2022 (NR/NR) | County of Franklin Ohio Health Care Facilities Refunding RB Series 2022 (NR/NR) | County of Franklin Ohio Health Care Facilities Refunding RB Series 2022 (NR/NR) |
|  | 200000 | 4.000 | 07/01/2040 | 175134 |
|  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) | County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR) |
|  | 150000 | 5.250 | 11/15/2040 | 149731 |
|  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) | County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB) |
|  | 600000 | 5.250 | 11/15/2048 | 603357 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 198 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 (SD CRED PROG) (NR/AA+) | County of Summit Green Local School District Improvement Bonds Series 2022A (SD CRED PROG) (NR/AA+) | County of Summit Green Local School District Improvement Bonds Series 2022A (SD CRED PROG) (NR/AA+) | County of Summit Green Local School District Improvement Bonds Series 2022A (SD CRED PROG) (NR/AA+) |
| 500000 | 5.000% | 11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511113 |
| Cuyahoga County Ohio Hospital RB for Metrohealth System Series 2017 (Baa2/BBB) | Cuyahoga County Ohio Hospital RB for Metrohealth System Series 2017 (Baa2/BBB) | Cuyahoga County Ohio Hospital RB for Metrohealth System Series 2017 (Baa2/BBB) | Cuyahoga County Ohio Hospital RB for Metrohealth System Series 2017 (Baa2/BBB) |
| 625000 | 5.250 | 02/15/2047 | 614403 |
| 425000 | 5.000 | 02/15/2052 | 406087 |
| 100000 | 5.000 | 02/15/2057 | 94698 |
| 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 | 140241 |
| Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (Baa2/BBB) (PUTABLE) | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (Baa2/BBB) (PUTABLE) | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (Baa2/BBB) (PUTABLE) | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (Baa2/BBB) (PUTABLE) |
| 250000 | 4.250 <sup>(a)(b)</sup> | 11/01/2039 | 252462 |
| Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB) (PUTABLE) | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB) (PUTABLE) | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB) (PUTABLE) | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB) (PUTABLE) |
| 750000 | 4.250 <sup>(a)(b)</sup> | 11/01/2040 | 756454 |
| Ohio Air Quality Development Authority Pollution Control RB Refunding Series 2009-D (NON-AMT) (NR/BBB-) | Ohio Air Quality Development Authority Pollution Control RB Refunding Series 2009-D (NON-AMT) (NR/BBB-) | Ohio Air Quality Development Authority Pollution Control RB Refunding Series 2009-D (NON-AMT) (NR/BBB-) | Ohio Air Quality Development Authority Pollution Control RB Refunding Series 2009-D (NON-AMT) (NR/BBB-) |
| 100000 | 3.375 <sup>(b)</sup> | 08/01/2029 | 97952 |
| 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 | 97161 |
| 100000 | 5.000 | 12/01/2045 | 95694 |
| Ohio Housing Finance Agency Residential Mortgage RB 2024 Series B Mortgage-Backed Securities Program (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Ohio Housing Finance Agency Residential Mortgage RB 2024 Series B Mortgage-Backed Securities Program (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Ohio Housing Finance Agency Residential Mortgage RB 2024 Series B Mortgage-Backed Securities Program (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | Ohio Housing Finance Agency Residential Mortgage RB 2024 Series B Mortgage-Backed Securities Program (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) |
| 285000 | 4.650 | 09/01/2049 | 280190 |
| Ohio State Higher Education Facilities RB Series 2020 (A3/NR) | Ohio State Higher Education Facilities RB Series 2020 (A3/NR) | Ohio State Higher Education Facilities RB Series 2020 (A3/NR) | Ohio State Higher Education Facilities RB Series 2020 (A3/NR) |
| 100000 | 5.000 | 01/15/2050 | 101654 |
| Ohio State Higher Education Facility Commission RB Series 2020 (A3/NR) | Ohio State Higher Education Facility Commission RB Series 2020 (A3/NR) | Ohio State Higher Education Facility Commission RB Series 2020 (A3/NR) | Ohio State Higher Education Facility Commission RB Series 2020 (A3/NR) |
| 100000 | 5.000 | 01/15/2040 | 102677 |
| Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR) | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR) | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR) | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR) |
| 100000 | 4.375 <sup>(a)(b)</sup> | 06/15/2056 | 98646 |
| Port of Greater Cincinnati Development Authority Ohio Tax Increment Financing RB Series 2024 (NR/NR) | Port of Greater Cincinnati Development Authority Ohio Tax Increment Financing RB Series 2024 (NR/NR) | Port of Greater Cincinnati Development Authority Ohio Tax Increment Financing RB Series 2024 (NR/NR) | Port of Greater Cincinnati Development Authority Ohio Tax Increment Financing RB Series 2024 (NR/NR) |
| 65000 | 5.000 | 12/01/2044 | 64132 |
| Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR) | Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR) | Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR) | Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR) |
| 100000 | 4.250 <sup>(d)</sup> | 12/01/2050 | 95409 |
| Port of Greater Cincinnati Development Authority Special Obligation Development TIF RB, Series 2016B (NR/NR) | Port of Greater Cincinnati Development Authority Special Obligation Development TIF RB, Series 2016B (NR/NR) | Port of Greater Cincinnati Development Authority Special Obligation Development TIF RB, Series 2016B (NR/NR) | Port of Greater Cincinnati Development Authority Special Obligation Development TIF RB, Series 2016B (NR/NR) |
| 200000 | 5.000 | 12/01/2046 | 187530 |
| State of Ohio Higher Educational Facility RB for Xavier University 2024 Project (Baa1/NR) | State of Ohio Higher Educational Facility RB for Xavier University 2024 Project (Baa1/NR) | State of Ohio Higher Educational Facility RB for Xavier University 2024 Project (Baa1/NR) | State of Ohio Higher Educational Facility RB for Xavier University 2024 Project (Baa1/NR) |
| 100000 | 5.000 | 05/01/2042 | 102676 |
| Toledo-Lucas County Port Authority Parking System RB Series 2021 (Baa3/NR) | Toledo-Lucas County Port Authority Parking System RB Series 2021 (Baa3/NR) | Toledo-Lucas County Port Authority Parking System RB Series 2021 (Baa3/NR) | Toledo-Lucas County Port Authority Parking System RB Series 2021 (Baa3/NR) |
| 175000 | 4.000 | 01/01/2038 | 165497 |
|  |  |  | 7773974 |
| 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 (Ba2/BB) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba2/BB) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba2/BB) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba2/BB) |
| 35000 | 5.000 | 08/15/2038 | 35463 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba2/BB) – (continued) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba2/BB) – (continued) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba2/BB) – (continued) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba2/BB) – (continued) |
| 50000 | 5.500% | 08/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50619 |
| 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 | 380169 |
| The Oklahoma Development Finance Authority Health System RB for Ou Medicine Project Series 2018B (Ba2/BB) | The Oklahoma Development Finance Authority Health System RB for Ou Medicine Project Series 2018B (Ba2/BB) | The Oklahoma Development Finance Authority Health System RB for Ou Medicine Project Series 2018B (Ba2/BB) | The Oklahoma Development Finance Authority Health System RB for Ou Medicine Project Series 2018B (Ba2/BB) |
| 250000 | 5.250 | 08/15/2043 | 253440 |
|  |  |  | 719691 |
| Oregon - 0.0% | Oregon - 0.0% | Oregon - 0.0% | Oregon - 0.0% |
| 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 | 106729 |
| Pennsylvania - 3.0% | Pennsylvania - 3.0% | Pennsylvania - 3.0% | Pennsylvania - 3.0% |
| Adams County General Authority RB for The Brethren Home Community Project Series 2024A (NR/NR) | Adams County General Authority RB for The Brethren Home Community Project Series 2024A (NR/NR) | Adams County General Authority RB for The Brethren Home Community Project Series 2024A (NR/NR) | Adams County General Authority RB for The Brethren Home Community Project Series 2024A (NR/NR) |
| 225000 | 5.000 | 06/01/2044 | 228141 |
| Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (NR/BBB-) | Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (NR/BBB-) | Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (NR/BBB-) | Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (NR/BBB-) |
| 90000 | 5.250 | 09/01/2035 | 87929 |
| 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-) |
| 75000 | 5.125 | 05/01/2030 | 78159 |
| Allentown Neighborhood Improvement Zone Development Authority Senior Tax RB for Waterfront - 30 E. Allen Street Project Series 2024A (NR/NR) | Allentown Neighborhood Improvement Zone Development Authority Senior Tax RB for Waterfront - 30 E. Allen Street Project Series 2024A (NR/NR) | Allentown Neighborhood Improvement Zone Development Authority Senior Tax RB for Waterfront - 30 E. Allen Street Project Series 2024A (NR/NR) | Allentown Neighborhood Improvement Zone Development Authority Senior Tax RB for Waterfront - 30 E. Allen Street Project Series 2024A (NR/NR) |
| 100000 | 5.250 <sup>(d)</sup> | 05/01/2032 | 102710 |
| Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Project Series 2024 (Ba3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Project Series 2024 (Ba3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Project Series 2024 (Ba3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Project Series 2024 (Ba3/NR) |
| 250000 | 5.000 <sup>(d)</sup> | 05/01/2042 | 250777 |
| Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (NR/B+) | Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (NR/B+) | Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (NR/B+) | Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (NR/B+) |
| 275000 | 4.000 | 07/01/2051 | 226847 |
| City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (NR/BBB-) | City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (NR/BBB-) | City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (NR/BBB-) | City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (NR/BBB-) |
| 100000 | 4.000 | 03/01/2042 | 81934 |
| Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/B-) | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/B-) | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/B-) | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/B-) |
| 100000 | 5.875 <sup>(d)</sup> | 10/15/2040 | 79925 |
| 200000 | 6.250 <sup>(d)</sup> | 10/15/2053 | 150676 |
| Doylestown Hospital Authority Commonwealth of Pennsylvania Doylestown Hospital RB Series 2024 (NR/NR) | Doylestown Hospital Authority Commonwealth of Pennsylvania Doylestown Hospital RB Series 2024 (NR/NR) | Doylestown Hospital Authority Commonwealth of Pennsylvania Doylestown Hospital RB Series 2024 (NR/NR) | Doylestown Hospital Authority Commonwealth of Pennsylvania Doylestown Hospital RB Series 2024 (NR/NR) |
| 100000 | 5.000 <sup>(d)</sup> | 07/01/2031 | 104587 |
| General Authority of Southcentral Pennsylvania General Authority of Southcentral Pennsylvania RB Series 2019C (Aa3/NR) | General Authority of Southcentral Pennsylvania General Authority of Southcentral Pennsylvania RB Series 2019C (Aa3/NR) | General Authority of Southcentral Pennsylvania General Authority of Southcentral Pennsylvania RB Series 2019C (Aa3/NR) | General Authority of Southcentral Pennsylvania General Authority of Southcentral Pennsylvania RB Series 2019C (Aa3/NR) |
| 2670000 | 3.650 <sup>(a)(b)</sup> | 06/01/2035 | 2670000 |
| 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 | 89360 |
| 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 | 205477 |
| Lancaster Municipal Authority Healthcare Facilities RB for Garden Spot Village Project Series B of 2024 (NR/NR) | Lancaster Municipal Authority Healthcare Facilities RB for Garden Spot Village Project Series B of 2024 (NR/NR) | Lancaster Municipal Authority Healthcare Facilities RB for Garden Spot Village Project Series B of 2024 (NR/NR) | Lancaster Municipal Authority Healthcare Facilities RB for Garden Spot Village Project Series B of 2024 (NR/NR) |
| 400000 | 5.000 | 05/01/2054 | 403692 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **199** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221102 |
| Lincoln University of The Commonwealth System of Higher Education RB Refunding Tax Exempt Social Bonds 2023 Series A (Baa3/NR) | Lincoln University of The Commonwealth System of Higher Education RB Refunding Tax Exempt Social Bonds 2023 Series A (Baa3/NR) | Lincoln University of The Commonwealth System of Higher Education RB Refunding Tax Exempt Social Bonds 2023 Series A (Baa3/NR) | Lincoln University of The Commonwealth System of Higher Education RB Refunding Tax Exempt Social Bonds 2023 Series A (Baa3/NR) |
| 150000 | 5.250 | 07/01/2044 | 140021 |
| Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communities Obligated Group Series 2020C (NR/NR) | Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communities Obligated Group Series 2020C (NR/NR) | Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communities Obligated Group Series 2020C (NR/NR) | Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communities Obligated Group Series 2020C (NR/NR) |
| 100000 | 5.000 | 11/15/2045 | 101293 |
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) |
| 350000 | 5.750 | 06/30/2048 | 369228 |
| 100000 | 5.250 | 06/30/2053 | 101693 |
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (AGM) (A1/AA) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (AGM) (A1/AA) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (AGM) (A1/AA) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (AGM) (A1/AA) |
| 250000 | 5.000 | 12/31/2057 | 253426 |
| Pennsylvania Economic Development Financing Authority UPMC RB, Series 2020A (A2/A) | Pennsylvania Economic Development Financing Authority UPMC RB, Series 2020A (A2/A) | Pennsylvania Economic Development Financing Authority UPMC RB, Series 2020A (A2/A) | Pennsylvania Economic Development Financing Authority UPMC RB, Series 2020A (A2/A) |
| 100000 | 4.000 | 04/15/2036 | 99579 |
| 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 | 99000 |
| Philadelphia Authority for Industrial Development Tacony Charter School Project Social Bond RB Series 2023 (NR/BB) | Philadelphia Authority for Industrial Development Tacony Charter School Project Social Bond RB Series 2023 (NR/BB) | Philadelphia Authority for Industrial Development Tacony Charter School Project Social Bond RB Series 2023 (NR/BB) | Philadelphia Authority for Industrial Development Tacony Charter School Project Social Bond RB Series 2023 (NR/BB) |
| 100000 | 5.000 <sup>(d)</sup> | 06/15/2033 | 99283 |
| Susquehanna Area Regional Airport Authority Airport System RB Series 2017 (Baa3/NR) | Susquehanna Area Regional Airport Authority Airport System RB Series 2017 (Baa3/NR) | Susquehanna Area Regional Airport Authority Airport System RB Series 2017 (Baa3/NR) | Susquehanna Area Regional Airport Authority Airport System RB Series 2017 (Baa3/NR) |
| 420000 | 5.000 | 01/01/2038 | 420702 |
| 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 | 86071 |
| The Berks County Municipal Authority RB for Tower Health Project Series 2024 A-4 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024 A-4 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024 A-4 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024 A-4 (NR/NR) |
| 35000 | 7.000 | 06/30/2039 | 32375 |
| The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-1 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-1 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-1 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-1 (NR/NR) |
| 136000 | 0.000 <sup>(h)</sup> | 06/30/2044 | 100160 |
| The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-2 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-2 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-2 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-2 (NR/NR) |
| 18000 | 0.000 <sup>(h)</sup> | 06/30/2044 | 10269 |
| The Berks County Municipal Authority RB for Tower Health Project Series 2024A-1 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-1 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-1 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-1 (NR/NR) |
| 63000 | 8.000 | 06/30/2034 | 64439 |
| The Berks County Municipal Authority RB for Tower Health Project Series 2024A-2 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-2 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-2 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-2 (NR/NR) |
| 50000 | 6.000 | 06/30/2034 | 53889 |
| The Berks County Municipal Authority RB for Tower Health Project Series 2024A-3 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-3 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-3 (NR/NR) | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-3 (NR/NR) |
| 273000 | 5.000 | 06/30/2039 | 264244 |
| Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR) | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR) | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR) | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR) |
| 30000 | 6.000 <sup>(d)</sup> | 07/01/2029 | 29715 |
|  |  |  | 7306703 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Puerto Rico - 9.0% | Puerto Rico - 9.0% | Puerto Rico - 9.0% | Puerto Rico - 9.0% |
| GDB Debt Recovery Authority Bonds (NR/NR) | GDB Debt Recovery Authority Bonds (NR/NR) | GDB Debt Recovery Authority Bonds (NR/NR) | GDB Debt Recovery Authority Bonds (NR/NR) |
| $322478 | 7.500% | 08/20/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315305 |
| 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) |
| 91406 | 5.250 | 07/01/2038 | 91427 |
| Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR) | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR) | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR) | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR) |
| 500000 | 5.000 <sup>(d)</sup> | 07/01/2035 | 513447 |
| Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR) | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR) | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR) | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR) |
| 250000 | 5.000 <sup>(d)</sup> | 07/01/2037 | 257507 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) |
| 500000 | 5.000 <sup>(d)</sup> | 07/01/2047 | 499674 |
| Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR) | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR) | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR) | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR) |
| 600000 | 4.000 <sup>(d)</sup> | 07/01/2042 | 538498 |
| Puerto Rico Commonwealth GO Bonds (NR/NR) | Puerto Rico Commonwealth GO Bonds (NR/NR) | Puerto Rico Commonwealth GO Bonds (NR/NR) | Puerto Rico Commonwealth GO Bonds (NR/NR) |
| 608694 | 0.010 <sup>(b)(h)(i)</sup> | 11/01/2043 | 381195 |
| Puerto Rico Commonwealth GO Clawback Bonds (NR/NR) | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR) | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR) | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR) |
| 569044 | 0.010 <sup>(b)(h)(i)</sup> | 11/01/2051 | 305577 |
| Puerto Rico Commonwealth GO Clawback CVIs (NR/NR) | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR) | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR) | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR) |
| 539676 | 0.010 <sup>(b)(h)(i)</sup> | 11/01/2051 | 335273 |
| 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) |
| 322380 | 5.625 | 07/01/2029 | 345336 |
| 755281 | 5.750 | 07/01/2031 | 829816 |
| 514493 | 0.000 <sup>(e)</sup> | 07/01/2033 | 352517 |
| 322248 | 4.000 | 07/01/2033 | 315511 |
| 132356 | 4.000 | 07/01/2035 | 126437 |
| 223596 | 4.000 | 07/01/2037 | 211330 |
| 729448 | 4.000 | 07/01/2041 | 667048 |
| 435624 | 4.000 | 07/01/2046 | 379754 |
| Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR) |
| 200000 | 5.000 \* | 07/01/2042 | 111000 |
| 250000 | 5.050 \* | 07/01/2042 | 138750 |
| Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR) | Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR) |
| 50000 | 7.000 \* | 07/01/2033 | 27750 |
| 150000 | 7.000 \* | 07/01/2040 | 83250 |
| Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR) | Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR) | Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR) | Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR) |
| 100000 | 5.250 \* | 07/01/2031 | 55500 |
| Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR) | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR) | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR) | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR) |
| 250000 | 5.250 \* | 07/01/2026 | 138750 |
| 340000 | 5.250 \* | 07/01/2027 | 188700 |
| 415000 | 5.000 \* | 07/01/2028 | 230325 |
| Puerto Rico Electric Power Authority Power RB Series TT (NR/NR) | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR) | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR) | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR) |
| 100000 | 5.000 \* | 07/01/2032 | 55500 |
| Puerto Rico Electric Power Authority Power RB Series XX (NR/NR) | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR) | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR) | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR) |
| 675000 | 5.250 \* | 07/01/2040 | 374625 |
| Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR) | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR) | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR) | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR) |
| 145000 | 4.250 \* | 07/01/2020 | 80475 |
| 50000 | 5.250 \* | 07/01/2026 | 27750 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 200 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** |  | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | 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 – (continued) |
| Puerto Rico Electric Power Authority RB Series TT (NR/NR) | Puerto Rico Electric Power Authority RB Series TT (NR/NR) | Puerto Rico Electric Power Authority RB Series TT (NR/NR) | Puerto Rico Electric Power Authority RB Series TT (NR/NR) | Puerto Rico Electric Power Authority RB Series TT (NR/NR) |
| 175000 | 5.000 | %\* | 07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97125 |
| Puerto Rico Industrial Tourist Educational Medical and Environmental Control Facilities Financing Authority Afica Dock and Wharf RB forward Delivery Collectively The "Series 2023 Bonds" (NR/BBB-) | Puerto Rico Industrial Tourist Educational Medical and Environmental Control Facilities Financing Authority Afica Dock and Wharf RB forward Delivery Collectively The "Series 2023 Bonds" (NR/BBB-) | Puerto Rico Industrial Tourist Educational Medical and Environmental Control Facilities Financing Authority Afica Dock and Wharf RB forward Delivery Collectively The "Series 2023 Bonds" (NR/BBB-) | Puerto Rico Industrial Tourist Educational Medical and Environmental Control Facilities Financing Authority Afica Dock and Wharf RB forward Delivery Collectively The "Series 2023 Bonds" (NR/BBB-) | Puerto Rico Industrial Tourist Educational Medical and Environmental Control Facilities Financing Authority Afica Dock and Wharf RB forward Delivery Collectively The "Series 2023 Bonds" (NR/BBB-) |
| 150000 | 6.250 |  | 01/01/2040 | 171474 |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) |
| 575000 | 4.550 |  | 07/01/2040 | 569140 |
| 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) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) |
| 1403000 | 4.329 |  | 07/01/2040 | 1367063 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) |
| 127000 | 0.000 | <sup>(e)</sup> | 07/01/2027 | 116439 |
| 451000 | 0.000 | <sup>(e)</sup> | 07/01/2031 | 353012 |
| 599000 | 0.000 | <sup>(e)</sup> | 07/01/2033 | 429263 |
| 2576000 | 0.000 | <sup>(e)</sup> | 07/01/2046 | 840650 |
| 909000 | 0.000 | <sup>(e)</sup> | 07/01/2051 | 219537 |
| 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) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) |
| 3212000 | 4.329 |  | 07/01/2040 | 3129727 |
| 19000 | 4.536 |  | 07/01/2053 | 17792 |
| 2929000 | 4.784 |  | 07/01/2058 | 2787997 |
| 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) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) |
| 1208000 | 4.500 |  | 07/01/2034 | 1200219 |
| 470000 | 4.750 |  | 07/01/2053 | 451881 |
| 2210000 | 5.000 |  | 07/01/2058 | 2176312 |
|  |  |  |  | 21905658 |
| Rhode Island - 0.5% | Rhode Island - 0.5% | Rhode Island - 0.5% | Rhode Island - 0.5% | Rhode Island - 0.5% |
| Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AGC) (A1/AA) | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AGC) (A1/AA) | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AGC) (A1/AA) | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AGC) (A1/AA) | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AGC) (A1/AA) |
| 150000 | 5.250 |  | 09/15/2042 | 160815 |
| Rhode Island Health and Educational Building Corporation Hospital Financing RB Lifespan Obligated Group Issue Series 2024 (NR/BBB+) | Rhode Island Health and Educational Building Corporation Hospital Financing RB Lifespan Obligated Group Issue Series 2024 (NR/BBB+) | Rhode Island Health and Educational Building Corporation Hospital Financing RB Lifespan Obligated Group Issue Series 2024 (NR/BBB+) | Rhode Island Health and Educational Building Corporation Hospital Financing RB Lifespan Obligated Group Issue Series 2024 (NR/BBB+) | Rhode Island Health and Educational Building Corporation Hospital Financing RB Lifespan Obligated Group Issue Series 2024 (NR/BBB+) |
| 150000 | 5.250 |  | 05/15/2049 | 155325 |
| 500000 | 5.250 |  | 05/15/2054 | 514107 |
| 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+) | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 78-A (Aa1/AA+) |
| 250000 | 5.000 |  | 10/01/2042 | 256583 |
| Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 82-A (NON-AMT) (GNMA COLL) (Aa1/AA+) | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 82-A (NON-AMT) (GNMA COLL) (Aa1/AA+) | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 82-A (NON-AMT) (GNMA COLL) (Aa1/AA+) | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 82-A (NON-AMT) (GNMA COLL) (Aa1/AA+) | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 82-A (NON-AMT) (GNMA COLL) (Aa1/AA+) |
| 200000 | 4.450 |  | 10/01/2044 | 195369 |
|  |  |  |  | 1282199 |
| South Carolina - 0.8% | South Carolina - 0.8% | South Carolina - 0.8% | South Carolina - 0.8% | South Carolina - 0.8% |
| Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR) | Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR) | Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR) | Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR) | Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR) |
| 100000 | 3.625 | <sup>(d)</sup> | 11/01/2031 | 87466 |
| 100000 | 3.750 | <sup>(d)</sup> | 11/01/2036 | 80324 |
| South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR) | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR) | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR) | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR) | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR) |
| 100000 | 5.125 | <sup>(d)</sup> | 06/15/2042 | 95074 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| South Carolina Jobs-Economic Development Authority Health Care Facilities RB Novant Health Obligated Group Series 2024A (A1/A+) | South Carolina Jobs-Economic Development Authority Health Care Facilities RB Novant Health Obligated Group Series 2024A (A1/A+) | South Carolina Jobs-Economic Development Authority Health Care Facilities RB Novant Health Obligated Group Series 2024A (A1/A+) | South Carolina Jobs-Economic Development Authority Health Care Facilities RB Novant Health Obligated Group Series 2024A (A1/A+) |
| 250000 | 4.000% | 11/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241815 |
| 250000 | 5.250 | 11/01/2043 | 268477 |
| 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 | 526346 |
| South Carolina State Housing Finance and Development Authority Mortgage RB Series 2024 B (NON-AMT) (Aaa/NR) | South Carolina State Housing Finance and Development Authority Mortgage RB Series 2024 B (NON-AMT) (Aaa/NR) | South Carolina State Housing Finance and Development Authority Mortgage RB Series 2024 B (NON-AMT) (Aaa/NR) | South Carolina State Housing Finance and Development Authority Mortgage RB Series 2024 B (NON-AMT) (Aaa/NR) |
| 5000 | 4.625 | 07/01/2054 | 4872 |
| Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) |
| 795000 | 3.000 | 04/15/2049 | 585211 |
|  |  |  | 1889585 |
| 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 | 39712 |
| Texas - 9.6% | Texas - 9.6% | Texas - 9.6% | Texas - 9.6% |
| Aldine independent School District Harris County Texas UT Refunding Bonds Series 2024A (PSF-GTD) (Aaa/AAA) | Aldine independent School District Harris County Texas UT Refunding Bonds Series 2024A (PSF-GTD) (Aaa/AAA) | Aldine independent School District Harris County Texas UT Refunding Bonds Series 2024A (PSF-GTD) (Aaa/AAA) | Aldine independent School District Harris County Texas UT Refunding Bonds Series 2024A (PSF-GTD) (Aaa/AAA) |
| 1000000 | 3.000 | 02/15/2042 | 842062 |
| Arlington Higher Education Finance Corp. Education RB Basis Texas Charter Schools, Inc. Series 2024 (Ba2/NR) | Arlington Higher Education Finance Corp. Education RB Basis Texas Charter Schools, Inc. Series 2024 (Ba2/NR) | Arlington Higher Education Finance Corp. Education RB Basis Texas Charter Schools, Inc. Series 2024 (Ba2/NR) | Arlington Higher Education Finance Corp. Education RB Basis Texas Charter Schools, Inc. Series 2024 (Ba2/NR) |
| 150000 | 4.250 <sup>(d)</sup> | 06/15/2039 | 141391 |
| 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 | 76500 |
| Boerne Independent School District A Political Subdivision of The State of Texas Located In Kendall Bexar and Comal Counties Texas Fixed and Variable Rate Unlimited Tax School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Boerne Independent School District A Political Subdivision of The State of Texas Located In Kendall Bexar and Comal Counties Texas Fixed and Variable Rate Unlimited Tax School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Boerne Independent School District A Political Subdivision of The State of Texas Located In Kendall Bexar and Comal Counties Texas Fixed and Variable Rate Unlimited Tax School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Boerne Independent School District A Political Subdivision of The State of Texas Located In Kendall Bexar and Comal Counties Texas Fixed and Variable Rate Unlimited Tax School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) |
| 175000 | 4.000 <sup>(a)(b)</sup> | 02/01/2054 | 178577 |
| City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR) | City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR) | City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR) | City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR) |
| 301000 | 3.750 <sup>(d)</sup> | 09/15/2031 | 276167 |
| 157000 | 4.500 <sup>(d)</sup> | 09/15/2031 | 148773 |
| City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR) | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR) | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR) | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR) |
| 100000 | 5.750 <sup>(d)</sup> | 09/01/2042 | 103262 |
| City of Anna Special Assessment RB for Meadow Vista Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Anna Special Assessment RB for Meadow Vista Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Anna Special Assessment RB for Meadow Vista Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | City of Anna Special Assessment RB for Meadow Vista Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) |
| 100000 | 4.875 <sup>(d)</sup> | 09/15/2031 | 99999 |
| City of Anna Special Assessment RB for Woods at Lindsey Place Public and District Improvement Area #1 Project Series 2023 (NR/NR) | City of Anna Special Assessment RB for Woods at Lindsey Place Public and District Improvement Area #1 Project Series 2023 (NR/NR) | City of Anna Special Assessment RB for Woods at Lindsey Place Public and District Improvement Area #1 Project Series 2023 (NR/NR) | City of Anna Special Assessment RB for Woods at Lindsey Place Public and District Improvement Area #1 Project Series 2023 (NR/NR) |
| 100000 | 5.625 <sup>(d)</sup> | 09/15/2043 | 101986 |
| City of Aubrey Special Assessment Revenue Refunding Bonds Series 2024 (Jackson Ridge Public Improvement District Phase #1 and Phase #2 Assessments) (BAM) (NR/AA) | City of Aubrey Special Assessment Revenue Refunding Bonds Series 2024 (Jackson Ridge Public Improvement District Phase #1 and Phase #2 Assessments) (BAM) (NR/AA) | City of Aubrey Special Assessment Revenue Refunding Bonds Series 2024 (Jackson Ridge Public Improvement District Phase #1 and Phase #2 Assessments) (BAM) (NR/AA) | City of Aubrey Special Assessment Revenue Refunding Bonds Series 2024 (Jackson Ridge Public Improvement District Phase #1 and Phase #2 Assessments) (BAM) (NR/AA) |
| 250000 | 5.000 | 09/01/2045 | 259974 |
| City of Aubrey Texas A Municipal Corp. of The State of Texas Located in Denton County Special Assessment RB Series 2025 (Duck Point Public Improvement District) (NR/NR) | City of Aubrey Texas A Municipal Corp. of The State of Texas Located in Denton County Special Assessment RB Series 2025 (Duck Point Public Improvement District) (NR/NR) | City of Aubrey Texas A Municipal Corp. of The State of Texas Located in Denton County Special Assessment RB Series 2025 (Duck Point Public Improvement District) (NR/NR) | City of Aubrey Texas A Municipal Corp. of The State of Texas Located in Denton County Special Assessment RB Series 2025 (Duck Point Public Improvement District) (NR/NR) |
| 250000 | 5.375 <sup>(d)</sup> | 12/31/2045 | 241018 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **201** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Buda Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (Persimmon Public Improvement District Improvement Area #1 Project) (NR/NR) | City of Buda Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (Persimmon Public Improvement District Improvement Area #1 Project) (NR/NR) | City of Buda Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (Persimmon Public Improvement District Improvement Area #1 Project) (NR/NR) | City of Buda Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (Persimmon Public Improvement District Improvement Area #1 Project) (NR/NR) |
| $215000 | 5.000 %<sup>(d)</sup> | 09/01/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212895 |
| City of Buda Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (Persimmon Public Improvement District Major Improvement Area Project) (NR/NR) | City of Buda Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (Persimmon Public Improvement District Major Improvement Area Project) (NR/NR) | City of Buda Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (Persimmon Public Improvement District Major Improvement Area Project) (NR/NR) | City of Buda Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (Persimmon Public Improvement District Major Improvement Area Project) (NR/NR) |
| 100000 | 5.750 <sup>(d)</sup> | 09/01/2033 | 99049 |
| City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR) | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR) | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR) | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR) |
| 50000 | 3.375 <sup>(d)</sup> | 09/01/2041 | 40087 |
| City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) | City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) | City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) | City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) |
| 50000 | 4.250 <sup>(d)</sup> | 09/01/2041 | 43825 |
| City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR) | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR) | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR) | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR) |
| 100000 | 4.875 <sup>(d)</sup> | 09/01/2042 | 95166 |
| City of Celina Special Assessment RB for North Sky Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for North Sky Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for North Sky Public Improvement District Project Series 2023 (NR/NR) | City of Celina Special Assessment RB for North Sky Public Improvement District Project Series 2023 (NR/NR) |
| 433000 | 4.375 | 09/01/2030 | 431391 |
| 167000 | 4.875 <sup>(d)</sup> | 09/01/2030 | 168974 |
| City of Celina Special Assessment RB Series 2022 (NR/NR) | City of Celina Special Assessment RB Series 2022 (NR/NR) | City of Celina Special Assessment RB Series 2022 (NR/NR) | City of Celina Special Assessment RB Series 2022 (NR/NR) |
| 100000 | 3.625 <sup>(d)</sup> | 09/01/2032 | 89097 |
| City of Celina Texas A Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment Revenue Refunding and Improvement Bonds, Series 2025 (The Lakes At Mustang Ranch Public Improvement District Major Improvement Area And P (AGC) (NR/AA) | City of Celina Texas A Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment Revenue Refunding and Improvement Bonds, Series 2025 (The Lakes At Mustang Ranch Public Improvement District Major Improvement Area And P (AGC) (NR/AA) | City of Celina Texas A Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment Revenue Refunding and Improvement Bonds, Series 2025 (The Lakes At Mustang Ranch Public Improvement District Major Improvement Area And P (AGC) (NR/AA) | City of Celina Texas A Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment Revenue Refunding and Improvement Bonds, Series 2025 (The Lakes At Mustang Ranch Public Improvement District Major Improvement Area And P (AGC) (NR/AA) |
| 374000 | 4.750 | 09/01/2054 | 365486 |
| City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Mosaic Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) |
| 100000 | 4.500 <sup>(d)</sup> | 09/01/2031 | 99058 |
| City of Celina Texas Special Assessment RB Series 2025 (NR/NR) | City of Celina Texas Special Assessment RB Series 2025 (NR/NR) | City of Celina Texas Special Assessment RB Series 2025 (NR/NR) | City of Celina Texas Special Assessment RB Series 2025 (NR/NR) |
| 100000 | 5.500 <sup>(d)</sup> | 09/01/2045 | 99683 |
| City of Celina, Collin and Denton Counties Special Assessment RB, Series 2023 Cross Creek Meadows Public Improvement District Improvement Area 1 Project (NR/NR) | City of Celina, Collin and Denton Counties Special Assessment RB, Series 2023 Cross Creek Meadows Public Improvement District Improvement Area 1 Project (NR/NR) | City of Celina, Collin and Denton Counties Special Assessment RB, Series 2023 Cross Creek Meadows Public Improvement District Improvement Area 1 Project (NR/NR) | City of Celina, Collin and Denton Counties Special Assessment RB, Series 2023 Cross Creek Meadows Public Improvement District Improvement Area 1 Project (NR/NR) |
| 100000 | 5.375 <sup>(d)</sup> | 09/01/2043 | 99645 |
| City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Sutton Fields II Public Improvement District Major Improvement Area 1 Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Sutton Fields II Public Improvement District Major Improvement Area 1 Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Sutton Fields II Public Improvement District Major Improvement Area 1 Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Sutton Fields II Public Improvement District Major Improvement Area 1 Project (BAM) (NR/AA) |
| 75000 | 5.000 | 09/01/2038 | 78212 |
| 85000 | 5.000 | 09/01/2045 | 85721 |
| City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Sutton Fields II Public Improvement District Major Improvement Area Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Sutton Fields II Public Improvement District Major Improvement Area Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Sutton Fields II Public Improvement District Major Improvement Area Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Sutton Fields II Public Improvement District Major Improvement Area Project (BAM) (NR/AA) |
| 100000 | 5.000 | 09/01/2034 | 106424 |
| 100000 | 5.000 | 09/01/2037 | 104768 |
| 100000 | 5.000 | 09/01/2040 | 102793 |
| City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Wells South Public Improvement District Major Improvement Area Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Wells South Public Improvement District Major Improvement Area Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Wells South Public Improvement District Major Improvement Area Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Wells South Public Improvement District Major Improvement Area Project (BAM) (NR/AA) |
| 100000 | 5.000 | 09/01/2038 | 104283 |
| 125000 | 5.000 | 09/01/2045 | 126060 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Wells South Public Improvement District Neighborhood Improvement Area #1 Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Wells South Public Improvement District Neighborhood Improvement Area #1 Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Wells South Public Improvement District Neighborhood Improvement Area #1 Project (BAM) (NR/AA) | City of Celina, Collin and Denton Counties Special Assessment Refunding RB, Series 2024 Wells South Public Improvement District Neighborhood Improvement Area #1 Project (BAM) (NR/AA) |
| $75000 | 5.000% | 09/01/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78212 |
| 125000 | 5.000 | 09/01/2045 | 126061 |
| City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR) | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR) | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR) | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR) |
| 530000 | 5.500 <sup>(d)</sup> | 09/15/2032 | 545734 |
| City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR) | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR) | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR) | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR) |
| 268000 | 4.625 <sup>(d)</sup> | 09/01/2027 | 269362 |
| City of Dripping Springs Special Assessment RB for Heritage Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Dripping Springs Special Assessment RB for Heritage Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Dripping Springs Special Assessment RB for Heritage Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | City of Dripping Springs Special Assessment RB for Heritage Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) |
| 50000 | 5.000 <sup>(d)</sup> | 09/01/2044 | 47530 |
| City of Dripping Springs, Hays County Special Assessment RB, Series 2023 Heritage Public Improvement District Improvement Area 1 Project (NR/NR) | City of Dripping Springs, Hays County Special Assessment RB, Series 2023 Heritage Public Improvement District Improvement Area 1 Project (NR/NR) | City of Dripping Springs, Hays County Special Assessment RB, Series 2023 Heritage Public Improvement District Improvement Area 1 Project (NR/NR) | City of Dripping Springs, Hays County Special Assessment RB, Series 2023 Heritage Public Improvement District Improvement Area 1 Project (NR/NR) |
| 300000 | 5.375 <sup>(d)</sup> | 09/01/2043 | 302897 |
| City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR) | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR) | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR) | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR) |
| 100000 | 3.375 <sup>(d)</sup> | 08/15/2030 | 91238 |
| City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR) | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR) | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR) | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR) |
| 100000 | 3.375 <sup>(d)</sup> | 08/15/2031 | 91182 |
| City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR) | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR) | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR) | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR) |
| 317000 | 5.875 <sup>(d)</sup> | 08/15/2042 | 315423 |
| City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR) | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR) | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR) | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR) |
| 75000 | 4.250 <sup>(d)</sup> | 08/15/2042 | 66592 |
| City of Fate, Rockwall County Special Assessment RB, Series 2023 Williamsburg Public Improvement District No. 1 Phase 3B (NR/NR) | City of Fate, Rockwall County Special Assessment RB, Series 2023 Williamsburg Public Improvement District No. 1 Phase 3B (NR/NR) | City of Fate, Rockwall County Special Assessment RB, Series 2023 Williamsburg Public Improvement District No. 1 Phase 3B (NR/NR) | City of Fate, Rockwall County Special Assessment RB, Series 2023 Williamsburg Public Improvement District No. 1 Phase 3B (NR/NR) |
| 100000 | 5.125 <sup>(d)</sup> | 08/15/2043 | 96109 |
| City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR) | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR) | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR) | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR) |
| 100000 | 3.625 <sup>(d)</sup> | 09/15/2027 | 98120 |
| City of Houston Airport System Special Facilities RB for United Airlines Technical Operations Center Project Series 2018 (NR/BB) | City of Houston Airport System Special Facilities RB for United Airlines Technical Operations Center Project Series 2018 (NR/BB) | City of Houston Airport System Special Facilities RB for United Airlines Technical Operations Center Project Series 2018 (NR/BB) | City of Houston Airport System Special Facilities RB for United Airlines Technical Operations Center Project Series 2018 (NR/BB) |
| 200000 | 5.000 | 07/15/2028 | 204902 |
| City of Houston Higher Education Finance Corp. University RB Houston Christian University Project Series 2025 (NR/BBB-) | City of Houston Higher Education Finance Corp. University RB Houston Christian University Project Series 2025 (NR/BBB-) | City of Houston Higher Education Finance Corp. University RB Houston Christian University Project Series 2025 (NR/BBB-) | City of Houston Higher Education Finance Corp. University RB Houston Christian University Project Series 2025 (NR/BBB-) |
| 100000 | 5.125 | 10/01/2051 | 97030 |
| City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR) |
| 519000 | 3.625 <sup>(d)</sup> | 09/01/2041 | 424307 |
| City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) |
| 100000 | 3.500 <sup>(d)</sup> | 09/01/2041 | 80967 |
| City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR) | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR) | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR) | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR) |
| 100000 | 3.875 <sup>(d)</sup> | 09/01/2041 | 84963 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 202 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Hutto Texas A Municipal Corp. of The State of Texas Located in Williamson County Special Assessment RB Series 2025 (Prairie Winds Public Improvement District Improvement Area #1) (NR/NR) | City of Hutto Texas A Municipal Corp. of The State of Texas Located in Williamson County Special Assessment RB Series 2025 (Prairie Winds Public Improvement District Improvement Area #1) (NR/NR) | City of Hutto Texas A Municipal Corp. of The State of Texas Located in Williamson County Special Assessment RB Series 2025 (Prairie Winds Public Improvement District Improvement Area #1) (NR/NR) | City of Hutto Texas A Municipal Corp. of The State of Texas Located in Williamson County Special Assessment RB Series 2025 (Prairie Winds Public Improvement District Improvement Area #1) (NR/NR) |
| $390000 | 5.125 %<sup>(d)</sup> | 09/01/2045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377954 |
| City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR) | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR) | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR) | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR) |
| 100000 | 3.375 <sup>(d)</sup> | 09/01/2031 | 93942 |
| City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR) | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR) | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR) | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR) |
| 200000 | 4.125 <sup>(d)</sup> | 09/01/2041 | 175581 |
| City of Kyle Special Assessment RB, Series 2023 Porter Country Public Improvement District Improvement Area 1 Project (NR/NR) | City of Kyle Special Assessment RB, Series 2023 Porter Country Public Improvement District Improvement Area 1 Project (NR/NR) | City of Kyle Special Assessment RB, Series 2023 Porter Country Public Improvement District Improvement Area 1 Project (NR/NR) | City of Kyle Special Assessment RB, Series 2023 Porter Country Public Improvement District Improvement Area 1 Project (NR/NR) |
| 188000 | 4.875 <sup>(d)</sup> | 09/01/2030 | 187663 |
| City of Kyle, Hays County Special Assessment RB, Series 2023 Limestone Creek Public Improvement District Improvement Area 1 Project (NR/NR) | City of Kyle, Hays County Special Assessment RB, Series 2023 Limestone Creek Public Improvement District Improvement Area 1 Project (NR/NR) | City of Kyle, Hays County Special Assessment RB, Series 2023 Limestone Creek Public Improvement District Improvement Area 1 Project (NR/NR) | City of Kyle, Hays County Special Assessment RB, Series 2023 Limestone Creek Public Improvement District Improvement Area 1 Project (NR/NR) |
| 177000 | 4.750 <sup>(d)</sup> | 09/01/2033 | 175130 |
| 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 | 352690 |
| City of Manor Texas A Municipal Corp. of The State of Texas Located In Travis County Special Assessment RB Series 2024 (NR/NR) | City of Manor Texas A Municipal Corp. of The State of Texas Located In Travis County Special Assessment RB Series 2024 (NR/NR) | City of Manor Texas A Municipal Corp. of The State of Texas Located In Travis County Special Assessment RB Series 2024 (NR/NR) | City of Manor Texas A Municipal Corp. of The State of Texas Located In Travis County Special Assessment RB Series 2024 (NR/NR) |
| 100000 | 5.375 <sup>(d)</sup> | 09/15/2044 | 100599 |
| City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR) | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR) | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR) | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR) |
| 310000 | 5.000 <sup>(d)</sup> | 09/15/2027 | 310956 |
| 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 | 39352 |
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects Series 2023 (NR/NR) |
| 100000 | 4.750 <sup>(d)</sup> | 09/01/2030 | 100839 |
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 (NR/NR) | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 (NR/NR) |
| 122000 | 5.500 <sup>(d)</sup> | 09/01/2043 | 124004 |
| City of Mesquite, Dallas and Kaufman Counties Special Assessment RB, Series 2023 Heartland Town Center Public Improvement District Phase 2 Specific Improvements Project (NR/NR) | City of Mesquite, Dallas and Kaufman Counties Special Assessment RB, Series 2023 Heartland Town Center Public Improvement District Phase 2 Specific Improvements Project (NR/NR) | City of Mesquite, Dallas and Kaufman Counties Special Assessment RB, Series 2023 Heartland Town Center Public Improvement District Phase 2 Specific Improvements Project (NR/NR) | City of Mesquite, Dallas and Kaufman Counties Special Assessment RB, Series 2023 Heartland Town Center Public Improvement District Phase 2 Specific Improvements Project (NR/NR) |
| 75000 | 5.125 <sup>(d)</sup> | 09/01/2052 | 70814 |
| City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR) | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR) | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR) | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR) |
| 100000 | 3.875 <sup>(d)</sup> | 09/15/2041 | 85398 |
| City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR) | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR) | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR) | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR) |
| 100000 | 5.250 <sup>(d)</sup> | 09/15/2042 | 99705 |
| City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR) | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR) | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR) | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR) |
| 150000 | 6.000 <sup>(d)</sup> | 09/15/2042 | 149901 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Mustang Ridge Special Assessment RB for Durango Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Mustang Ridge Special Assessment RB for Durango Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Mustang Ridge Special Assessment RB for Durango Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Mustang Ridge Special Assessment RB for Durango Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) |
| $50000 | 6.125 %<sup>(d)</sup> | 09/01/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50603 |
| City of Oak Point Texas A Municipal Corporation of The State of Texas Located in Denton County Special Assessment RB Series 2024 (NR/NR) | City of Oak Point Texas A Municipal Corporation of The State of Texas Located in Denton County Special Assessment RB Series 2024 (NR/NR) | City of Oak Point Texas A Municipal Corporation of The State of Texas Located in Denton County Special Assessment RB Series 2024 (NR/NR) | City of Oak Point Texas A Municipal Corporation of The State of Texas Located in Denton County Special Assessment RB Series 2024 (NR/NR) |
| 100000 | 5.350 <sup>(d)</sup> | 09/15/2044 | 97679 |
| City of Oak Point Texas Special Assessment RB Series 2024 (NR/NR) | City of Oak Point Texas Special Assessment RB Series 2024 (NR/NR) | City of Oak Point Texas Special Assessment RB Series 2024 (NR/NR) | City of Oak Point Texas Special Assessment RB Series 2024 (NR/NR) |
| 100000 | 5.100 <sup>(d)</sup> | 09/15/2044 | 95183 |
| City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR) |
| 100000 | 5.750 <sup>(d)</sup> | 09/15/2032 | 102701 |
| 100000 | 5.500 <sup>(d)</sup> | 09/15/2042 | 99489 |
| City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR) |
| 100000 | 5.500 <sup>(d)</sup> | 09/15/2042 | 99489 |
| City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR) | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR) |
| 249000 | 5.375 <sup>(d)</sup> | 09/15/2027 | 250215 |
| 410000 | 5.625 <sup>(d)</sup> | 09/15/2032 | 425058 |
| City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) | City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) | City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) | City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) |
| 125000 | 4.375 <sup>(d)</sup> | 09/15/2051 | 99813 |
| City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) | City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) | City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) | City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) |
| 125000 | 4.000 <sup>(d)</sup> | 09/15/2051 | 99216 |
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR) |
| 52000 | 4.250 <sup>(d)</sup> | 09/01/2042 | 45126 |
| 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 | 97486 |
| City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) |
| 25000 | 3.375 <sup>(d)</sup> | 09/01/2041 | 19736 |
| City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR) | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR) |
| 75000 | 5.125 <sup>(d)</sup> | 09/01/2042 | 72826 |
| City of Princeton Special Assessment RB for Sicily Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Sicily Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Sicily Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Sicily Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) |
| 100000 | 7.000 <sup>(d)</sup> | 09/01/2043 | 100906 |
| City of Princeton Special Assessment RB for Southridge Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Southridge Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Southridge Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Southridge Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) |
| 100000 | 6.250 <sup>(d)</sup> | 09/01/2043 | 104965 |
| City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District Project Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District Project Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District Project Series 2023 (NR/NR) | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District Project Series 2023 (NR/NR) |
| 100000 | 5.125 <sup>(d)</sup> | 09/01/2043 | 96979 |
| City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR) |
| 100000 | 3.750 <sup>(d)</sup> | 09/01/2040 | 84495 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **203** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Winchester Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR) |
| $50000 | 3.250 %<sup>(d)</sup> | 09/01/2041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37521 |
| City of Princeton Texas A Municipal Corp. of The State of Texas Located In Collin County Special Assessment RB Series 2025 (Westridge Public Improvement District Improvement Area No. 1 Project) (NR/NR) | City of Princeton Texas A Municipal Corp. of The State of Texas Located In Collin County Special Assessment RB Series 2025 (Westridge Public Improvement District Improvement Area No. 1 Project) (NR/NR) | City of Princeton Texas A Municipal Corp. of The State of Texas Located In Collin County Special Assessment RB Series 2025 (Westridge Public Improvement District Improvement Area No. 1 Project) (NR/NR) | City of Princeton Texas A Municipal Corp. of The State of Texas Located In Collin County Special Assessment RB Series 2025 (Westridge Public Improvement District Improvement Area No. 1 Project) (NR/NR) |
| 244000 | 5.375 <sup>(d)(g)</sup> | 09/01/2045 | 241581 |
| City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR) | City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR) | City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR) | City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR) |
| 409000 | 3.375 <sup>(d)</sup> | 09/15/2041 | 318424 |
| City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR) | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR) | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR) | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR) |
| 25000 | 2.625 <sup>(d)</sup> | 09/15/2025 | 24834 |
| 50000 | 3.375 <sup>(d)</sup> | 09/15/2030 | 46464 |
| City of Royse City Special Assessment RB for Liberty Crossing Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Royse City Special Assessment RB for Liberty Crossing Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Royse City Special Assessment RB for Liberty Crossing Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | City of Royse City Special Assessment RB for Liberty Crossing Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) |
| 100000 | 6.375 <sup>(d)</sup> | 09/15/2053 | 102002 |
| City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR) | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR) | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR) | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR) |
| 100000 | 3.250 <sup>(d)</sup> | 09/15/2030 | 91613 |
| City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR) | City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR) | City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR) | City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR) |
| 291000 | 4.625 <sup>(d)</sup> | 09/01/2032 | 285178 |
| City of Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR) | City of Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR) | City of Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR) | City of Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR) |
| 250000 | 6.625 <sup>(d)</sup> | 09/01/2052 | 258441 |
| City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR) | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR) | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR) | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR) |
| 302000 | 5.125 <sup>(d)</sup> | 08/15/2032 | 304122 |
| Club Municipal Management District Special Assessment RB Series 2021 (NR/NR) | Club Municipal Management District Special Assessment RB Series 2021 (NR/NR) | Club Municipal Management District Special Assessment RB Series 2021 (NR/NR) | Club Municipal Management District Special Assessment RB Series 2021 (NR/NR) |
| 50000 | 3.250 <sup>(d)</sup> | 09/01/2041 | 38196 |
| Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/B) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/B) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/B) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/B) |
| 25000 | 2.500 | 10/01/2031 | 21393 |
| County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR) | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR) | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR) | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR) |
| 100000 | 4.500 <sup>(d)</sup> | 09/01/2041 | 91267 |
| Crosswinds at South Lake Special Improvement District Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Bonds, Series 2024 (AGC) (Baa3/AA) | Crosswinds at South Lake Special Improvement District Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Bonds, Series 2024 (AGC) (Baa3/AA) | Crosswinds at South Lake Special Improvement District Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Bonds, Series 2024 (AGC) (Baa3/AA) | Crosswinds at South Lake Special Improvement District Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Bonds, Series 2024 (AGC) (Baa3/AA) |
| 100000 | 5.000 | 08/15/2047 | 100666 |
| Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Improvement Area #1 Project (NR/NR) | Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Improvement Area #1 Project (NR/NR) | Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Improvement Area #1 Project (NR/NR) | Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Improvement Area #1 Project (NR/NR) |
| 100000 | 4.500 <sup>(d)</sup> | 12/31/2035 | 97989 |
| Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Major Improvement Area Project (NR/NR) | Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Major Improvement Area Project (NR/NR) | Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Major Improvement Area Project (NR/NR) | Denton County Texas Special Assessment RB Series 2025 Green Meadows Public Improvement District Major Improvement Area Project (NR/NR) |
| 100000 | 5.000 <sup>(d)</sup> | 12/31/2035 | 98037 |
| Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR) | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR) | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR) | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR) |
| 100000 | 5.000 <sup>(d)</sup> | 08/15/2044 | 90740 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60315 |
| 70000 | 3.250 | 08/15/2041 | 50996 |
| Exxon Mobil Corporation (Aa2/AA-/A-1+) | Exxon Mobil Corporation (Aa2/AA-/A-1+) | Exxon Mobil Corporation (Aa2/AA-/A-1+) | Exxon Mobil Corporation (Aa2/AA-/A-1+) |
| 255000 | 3.550 <sup>(a)(b)</sup> | 11/01/2041 | 255000 |
| Harris County Industrial Development Corporation Marine Terminal Refunding RB Energy Transfer LP Project Series 2023 (Baa2/BBB) | Harris County Industrial Development Corporation Marine Terminal Refunding RB Energy Transfer LP Project Series 2023 (Baa2/BBB) | Harris County Industrial Development Corporation Marine Terminal Refunding RB Energy Transfer LP Project Series 2023 (Baa2/BBB) | Harris County Industrial Development Corporation Marine Terminal Refunding RB Energy Transfer LP Project Series 2023 (Baa2/BBB) |
| 500000 | 4.050 <sup>(a)(b)</sup> | 11/01/2050 | 498575 |
| Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) |
| 283000 | 4.875 <sup>(d)</sup> | 09/15/2032 | 280407 |
| Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (NR/NR) |
| 250000 | 5.000 | 07/15/2027 | 254567 |
| 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 | 274671 |
| Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) |
| 135000 | 4.250 | 05/01/2030 | 138274 |
| Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (NR/BB-) | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (NR/BB-) | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (NR/BB-) | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (NR/BB-) |
| 100000 | 4.625 <sup>(d)</sup> | 10/01/2031 | 99616 |
| 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) |
| 65000 | 5.250 | 02/15/2030 | 64149 |
| Montgomery County Texas A Political Subdivision of the State of Texas Special Assessment RB Series 2025 (NR/NR) | Montgomery County Texas A Political Subdivision of the State of Texas Special Assessment RB Series 2025 (NR/NR) | Montgomery County Texas A Political Subdivision of the State of Texas Special Assessment RB Series 2025 (NR/NR) | Montgomery County Texas A Political Subdivision of the State of Texas Special Assessment RB Series 2025 (NR/NR) |
| 100000 | 5.500 | 09/15/2054 | 97061 |
| New Hope Cultural Education Facilities Finance Corp. Education RB Jubilee Academic Center 2024A and Taxable Education RB 2024B (NR/BB+) | New Hope Cultural Education Facilities Finance Corp. Education RB Jubilee Academic Center 2024A and Taxable Education RB 2024B (NR/BB+) | New Hope Cultural Education Facilities Finance Corp. Education RB Jubilee Academic Center 2024A and Taxable Education RB 2024B (NR/BB+) | New Hope Cultural Education Facilities Finance Corp. Education RB Jubilee Academic Center 2024A and Taxable Education RB 2024B (NR/BB+) |
| 125000 | 4.500 <sup>(d)</sup> | 08/15/2044 | 114469 |
| 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 | 216460 |
| North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR) | North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR) | North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR) | North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR) |
| 100000 | 3.000 <sup>(d)</sup> | 09/15/2026 | 98269 |
| 300000 | 3.625 <sup>(d)</sup> | 09/15/2031 | 279452 |
| North Texas tollway Authority RB for First Tier Series 2008 D (AGC) (Aa3/AA) | North Texas tollway Authority RB for First Tier Series 2008 D (AGC) (Aa3/AA) | North Texas tollway Authority RB for First Tier Series 2008 D (AGC) (Aa3/AA) | North Texas tollway Authority RB for First Tier Series 2008 D (AGC) (Aa3/AA) |
| 200000 | 0.000 <sup>(e)</sup> | 01/01/2037 | 124589 |
| North Texas Tollway Authority RB for Second Tier Series 2021 B (A1/A+) | North Texas Tollway Authority RB for Second Tier Series 2021 B (A1/A+) | North Texas Tollway Authority RB for Second Tier Series 2021 B (A1/A+) | North Texas Tollway Authority RB for Second Tier Series 2021 B (A1/A+) |
| 1725000 | 4.000 | 01/01/2040 | 1640005 |
| Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (NR/NR) | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (NR/NR) | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (NR/NR) | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (NR/NR) |
| 100000 | 1.875 <sup>(d)</sup> | 01/01/2026 | 98233 |
| 150000 | 2.500 <sup>(d)</sup> | 01/01/2030 | 136681 |
| Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR) | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR) | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR) | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR) |
| 175000 | 3.000 <sup>(d)</sup> | 01/01/2050 | 119694 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 204 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR) | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR) | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR) | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR) |
| 500000 | 4.100 %<sup>(d)</sup> | 01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453653 |
| Port of Beaumont Navigation District of Jefferson County Texas Dock and Wharf Facility RB Series 2024A (NR/NR) | Port of Beaumont Navigation District of Jefferson County Texas Dock and Wharf Facility RB Series 2024A (NR/NR) | Port of Beaumont Navigation District of Jefferson County Texas Dock and Wharf Facility RB Series 2024A (NR/NR) | Port of Beaumont Navigation District of Jefferson County Texas Dock and Wharf Facility RB Series 2024A (NR/NR) |
| 100000 | 5.000 <sup>(d)</sup> | 01/01/2039 | 100734 |
| Port of Beaumont Navigation District of Jefferson County Texas Facility RB Series 2024B (NR/NR) | Port of Beaumont Navigation District of Jefferson County Texas Facility RB Series 2024B (NR/NR) | Port of Beaumont Navigation District of Jefferson County Texas Facility RB Series 2024B (NR/NR) | Port of Beaumont Navigation District of Jefferson County Texas Facility RB Series 2024B (NR/NR) |
| 200000 | 10.000 <sup>(d)</sup> | 07/01/2026 | 205443 |
| South Manvel Development Authority Tax Increment Contract RB Series 2023 (NR/NR) | South Manvel Development Authority Tax Increment Contract RB Series 2023 (NR/NR) | South Manvel Development Authority Tax Increment Contract RB Series 2023 (NR/NR) | South Manvel Development Authority Tax Increment Contract RB Series 2023 (NR/NR) |
| 50000 | 4.500 | 04/01/2030 | 49536 |
| 75000 | 5.000 | 04/01/2038 | 73993 |
| Tarrant County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds Trinity Terrace Project Series 2024 (NR/NR) | Tarrant County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds Trinity Terrace Project Series 2024 (NR/NR) | Tarrant County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds Trinity Terrace Project Series 2024 (NR/NR) | Tarrant County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds Trinity Terrace Project Series 2024 (NR/NR) |
| 100000 | 5.000 | 10/01/2044 | 104164 |
| Tarrant County Hospital District LT Bonds Series 2023 (Aa1/NR) | Tarrant County Hospital District LT Bonds Series 2023 (Aa1/NR) | Tarrant County Hospital District LT Bonds Series 2023 (Aa1/NR) | Tarrant County Hospital District LT Bonds Series 2023 (Aa1/NR) |
| 125000 | 4.250 | 08/15/2053 | 114828 |
| Texas Municipal Gas Acquisition and Supply Corp. II RB for SOFR Index Rate Series 2012 C (A1/A) | Texas Municipal Gas Acquisition and Supply Corp. II RB for SOFR Index Rate Series 2012 C (A1/A) | Texas Municipal Gas Acquisition and Supply Corp. II RB for SOFR Index Rate Series 2012 C (A1/A) | Texas Municipal Gas Acquisition and Supply Corp. II RB for SOFR Index Rate Series 2012 C (A1/A) |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.86%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.86%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.86%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.86%) |
| 1200000 | 3.700 <sup>(c)</sup> | 09/15/2027 | 1202180 |
| Texas Municipal Gas Acquisition and Supply Corp. V Gas Supply RB Series 2024 (A1/NR) | Texas Municipal Gas Acquisition and Supply Corp. V Gas Supply RB Series 2024 (A1/NR) | Texas Municipal Gas Acquisition and Supply Corp. V Gas Supply RB Series 2024 (A1/NR) | Texas Municipal Gas Acquisition and Supply Corp. V Gas Supply RB Series 2024 (A1/NR) |
| 700000 | 5.000 <sup>(a)(b)</sup> | 01/01/2055 | 743923 |
| Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (Baa1/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (Baa1/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (Baa1/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (Baa1/NR) |
| 200000 | 5.000 | 06/30/2058 | 198218 |
| Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR) | Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR) | Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR) | Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR) |
| 200000 | 5.250 <sup>(d)</sup> | 09/15/2042 | 193432 |
| Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area #1 Commercial Lot 98 and Improvement Area #2 Project Series 2025 (NR/NR) | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area #1 Commercial Lot 98 and Improvement Area #2 Project Series 2025 (NR/NR) | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area #1 Commercial Lot 98 and Improvement Area #2 Project Series 2025 (NR/NR) | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area #1 Commercial Lot 98 and Improvement Area #2 Project Series 2025 (NR/NR) |
| 100000 | 5.000 | 09/01/2044 | 97284 |
| 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 | 86798 |
| 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 | 45047 |
|  |  |  | 23348632 |
| Utah - 0.6% | Utah - 0.6% | Utah - 0.6% | Utah - 0.6% |
| Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR) | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR) | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR) | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR) |
| 500000 | 3.500 <sup>(d)</sup> | 03/01/2036 | 445504 |
| Black Desert Public Infrastructure District In Ivins City Washington County Utah Special Assessment Bonds Series 2024 (NR/NR) | Black Desert Public Infrastructure District In Ivins City Washington County Utah Special Assessment Bonds Series 2024 (NR/NR) | Black Desert Public Infrastructure District In Ivins City Washington County Utah Special Assessment Bonds Series 2024 (NR/NR) | Black Desert Public Infrastructure District In Ivins City Washington County Utah Special Assessment Bonds Series 2024 (NR/NR) |
| 100000 | 5.625 <sup>(d)</sup> | 12/01/2053 | 100205 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Mida Mountain Village Public Infrastructure District Subordinate Tax Allocation RB Series 2024-2 (NR/NR) | Mida Mountain Village Public Infrastructure District Subordinate Tax Allocation RB Series 2024-2 (NR/NR) | Mida Mountain Village Public Infrastructure District Subordinate Tax Allocation RB Series 2024-2 (NR/NR) | Mida Mountain Village Public Infrastructure District Subordinate Tax Allocation RB Series 2024-2 (NR/NR) |
| 500000 | 5.750 %<sup>(d)</sup> | 06/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512329 |
| Utah Charter School Finance Authority Charter School RB Series 2022A (NR/BB+) | Utah Charter School Finance Authority Charter School RB Series 2022A (NR/BB+) | Utah Charter School Finance Authority Charter School RB Series 2022A (NR/BB+) | Utah Charter School Finance Authority Charter School RB Series 2022A (NR/BB+) |
| 250000 | 5.750 <sup>(d)</sup> | 06/15/2052 | 250394 |
| Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB) | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB) | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB) | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB) |
| 100000 | 4.000 <sup>(d)</sup> | 07/15/2037 | 86062 |
|  |  |  | 1394494 |
| 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 (B1/B+) | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B1/B+) | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B1/B+) | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B1/B+) |
| 150000 | 5.000 <sup>(a)(b)(d)</sup> | 06/01/2052 | 152592 |
| Vermont Educational and Health Buildings Financing Agency RB Saint Michael's College Project, Series 2023 (NR/BBB-) | Vermont Educational and Health Buildings Financing Agency RB Saint Michael's College Project, Series 2023 (NR/BBB-) | Vermont Educational and Health Buildings Financing Agency RB Saint Michael's College Project, Series 2023 (NR/BBB-) | Vermont Educational and Health Buildings Financing Agency RB Saint Michael's College Project, Series 2023 (NR/BBB-) |
| 175000 | 5.500 <sup>(d)</sup> | 10/01/2043 | 156878 |
|  |  |  | 309470 |
| Virgin Islands - 0.0% | Virgin Islands - 0.0% | Virgin Islands - 0.0% | Virgin Islands - 0.0% |
| Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) |
| 50000 | 5.000 | 10/01/2039 | 50863 |
| Virginia - 0.6% | Virginia - 0.6% | Virginia - 0.6% | Virginia - 0.6% |
| City of Virginia Beach Development Authority Residential Care Facility RB (Westminster-Canterbury On Chesapeake Bay) Series 2023A Tax Exempt Fixed Rate Bonds (NR/NR) | City of Virginia Beach Development Authority Residential Care Facility RB (Westminster-Canterbury On Chesapeake Bay) Series 2023A Tax Exempt Fixed Rate Bonds (NR/NR) | City of Virginia Beach Development Authority Residential Care Facility RB (Westminster-Canterbury On Chesapeake Bay) Series 2023A Tax Exempt Fixed Rate Bonds (NR/NR) | City of Virginia Beach Development Authority Residential Care Facility RB (Westminster-Canterbury On Chesapeake Bay) Series 2023A Tax Exempt Fixed Rate Bonds (NR/NR) |
| 125000 | 7.000 | 09/01/2053 | 140144 |
| Norfolk Redevelopment and Housing Authority Multifamily Housing RB Braywood Manor Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) | Norfolk Redevelopment and Housing Authority Multifamily Housing RB Braywood Manor Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) | Norfolk Redevelopment and Housing Authority Multifamily Housing RB Braywood Manor Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) | Norfolk Redevelopment and Housing Authority Multifamily Housing RB Braywood Manor Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) |
| 120000 | 5.000 <sup>(a)(b)</sup> | 05/01/2043 | 122272 |
| Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-) |
| 305000 | 0.000 <sup>(e)</sup> | 06/01/2047 | 82436 |
| Virginia Beach Development Authority Residential Care Facility Tax Exempt Mandatory Paydown Securities RB for Westminster-Canterbury On Chesapeake Bay Series 2023B-3 (NR/NR) | Virginia Beach Development Authority Residential Care Facility Tax Exempt Mandatory Paydown Securities RB for Westminster-Canterbury On Chesapeake Bay Series 2023B-3 (NR/NR) | Virginia Beach Development Authority Residential Care Facility Tax Exempt Mandatory Paydown Securities RB for Westminster-Canterbury On Chesapeake Bay Series 2023B-3 (NR/NR) | Virginia Beach Development Authority Residential Care Facility Tax Exempt Mandatory Paydown Securities RB for Westminster-Canterbury On Chesapeake Bay Series 2023B-3 (NR/NR) |
| 200000 | 5.375 | 09/01/2029 | 204527 |
| 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 | 195134 |
| Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (Baa1/NR) | Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (Baa1/NR) | Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (Baa1/NR) | Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (Baa1/NR) |
| 125000 | 5.000 | 12/31/2052 | 127162 |
| 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) |
| 500000 | 4.000 | 01/01/2048 | 435650 |
| Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) | Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) | Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) | Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) |
| 50000 | 5.000 | 12/31/2052 | 49850 |
|  |  |  | 1357175 |
| Washington - 0.4% | Washington - 0.4% | Washington - 0.4% | Washington - 0.4% |
| 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 | 218186 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **205** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229887 |
| Public Hospital District No. 2 Quincy Valley Medical Center UT GO Bonds 2024 (Baa1/NR) | Public Hospital District No. 2 Quincy Valley Medical Center UT GO Bonds 2024 (Baa1/NR) | Public Hospital District No. 2 Quincy Valley Medical Center UT GO Bonds 2024 (Baa1/NR) | Public Hospital District No. 2 Quincy Valley Medical Center UT GO Bonds 2024 (Baa1/NR) |
| 100000 | 5.500 | 12/01/2044 | 103344 |
| Spokane County Washington Airport RB Series 2024B (AMT) (A2/A) | Spokane County Washington Airport RB Series 2024B (AMT) (A2/A) | Spokane County Washington Airport RB Series 2024B (AMT) (A2/A) | Spokane County Washington Airport RB Series 2024B (AMT) (A2/A) |
| 210000 | 5.250 | 01/01/2042 | 221114 |
| Washington State Housing Finance Commission Nonprofit RB Refunding Series 2023 (NR/BBB) | Washington State Housing Finance Commission Nonprofit RB Refunding Series 2023 (NR/BBB) | Washington State Housing Finance Commission Nonprofit RB Refunding Series 2023 (NR/BBB) | Washington State Housing Finance Commission Nonprofit RB Refunding Series 2023 (NR/BBB) |
| 100000 | 5.625 <sup>(d)</sup> | 07/01/2038 | 108023 |
|  |  |  | 880554 |
| 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) | Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR) | Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR) | Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR) |
| 95000 | 4.125 <sup>(d)</sup> | 06/01/2043 | 81677 |
| Monongalia County Commission Subordinate Special District Excise Tax Revenue & Improvement Bonds for University Town Centre Economic Opportunity Development District Series 2023 A (NR/NR) | Monongalia County Commission Subordinate Special District Excise Tax Revenue & Improvement Bonds for University Town Centre Economic Opportunity Development District Series 2023 A (NR/NR) | Monongalia County Commission Subordinate Special District Excise Tax Revenue & Improvement Bonds for University Town Centre Economic Opportunity Development District Series 2023 A (NR/NR) | Monongalia County Commission Subordinate Special District Excise Tax Revenue & Improvement Bonds for University Town Centre Economic Opportunity Development District Series 2023 A (NR/NR) |
| 125000 | 7.000 <sup>(d)</sup> | 06/01/2043 | 131223 |
| West Virginia Economic Development Authority RB Refunding for Appalachian Power Company Series 2015A (Baa1/BBB+) (PUTABLE) | West Virginia Economic Development Authority RB Refunding for Appalachian Power Company Series 2015A (Baa1/BBB+) (PUTABLE) | West Virginia Economic Development Authority RB Refunding for Appalachian Power Company Series 2015A (Baa1/BBB+) (PUTABLE) | West Virginia Economic Development Authority RB Refunding for Appalachian Power Company Series 2015A (Baa1/BBB+) (PUTABLE) |
| 380000 | 3.375 <sup>(a)(b)</sup> | 03/01/2040 | 376947 |
| West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB for Vandalia Health Group Series 2023B (AGM) (A1/AA) | West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB for Vandalia Health Group Series 2023B (AGM) (A1/AA) | West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB for Vandalia Health Group Series 2023B (AGM) (A1/AA) | West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB for Vandalia Health Group Series 2023B (AGM) (A1/AA) |
| 145000 | 5.125 | 09/01/2042 | 152772 |
| West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB Vandalia Health Group Series 2023B (AGM) (A1/AA) | West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB Vandalia Health Group Series 2023B (AGM) (A1/AA) | West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB Vandalia Health Group Series 2023B (AGM) (A1/AA) | West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB Vandalia Health Group Series 2023B (AGM) (A1/AA) |
| 150000 | 5.500 | 09/01/2048 | 160563 |
|  |  |  | 903182 |
| Wisconsin - 3.4% | Wisconsin - 3.4% | Wisconsin - 3.4% | Wisconsin - 3.4% |
| Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR) | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR) | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR) | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR) |
| 100000 | 5.875 <sup>(d)</sup> | 06/01/2052 | 100890 |
| Public Finance Authority Charter School RB for Founders Academy of Las Vegas Series 2023A (NR/BB-) | Public Finance Authority Charter School RB for Founders Academy of Las Vegas Series 2023A (NR/BB-) | Public Finance Authority Charter School RB for Founders Academy of Las Vegas Series 2023A (NR/BB-) | Public Finance Authority Charter School RB for Founders Academy of Las Vegas Series 2023A (NR/BB-) |
| 25000 | 6.375 <sup>(d)</sup> | 07/01/2043 | 25744 |
| Public Finance Authority Charter School RB Series 2021A (Ba2/NR) | Public Finance Authority Charter School RB Series 2021A (Ba2/NR) | Public Finance Authority Charter School RB Series 2021A (Ba2/NR) | Public Finance Authority Charter School RB Series 2021A (Ba2/NR) |
| 510000 | 5.000 <sup>(d)</sup> | 06/15/2041 | 464133 |
| Public Finance Authority Charter School Revenue and Refunding Bonds North East Carolina Preparatory School Project Series 2024A (Baa3/NR) | Public Finance Authority Charter School Revenue and Refunding Bonds North East Carolina Preparatory School Project Series 2024A (Baa3/NR) | Public Finance Authority Charter School Revenue and Refunding Bonds North East Carolina Preparatory School Project Series 2024A (Baa3/NR) | Public Finance Authority Charter School Revenue and Refunding Bonds North East Carolina Preparatory School Project Series 2024A (Baa3/NR) |
| 100000 | 5.000 | 06/15/2044 | 97953 |
| Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR) | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR) | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR) | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR) |
| 360000 | 5.000 <sup>(d)</sup> | 06/15/2032 | 358838 |
| Public Finance Authority Education RB Mater Academy of Nevada - East Las Vegas Campus Project Series 2024A (NR/BB) | Public Finance Authority Education RB Mater Academy of Nevada - East Las Vegas Campus Project Series 2024A (NR/BB) | Public Finance Authority Education RB Mater Academy of Nevada - East Las Vegas Campus Project Series 2024A (NR/BB) | Public Finance Authority Education RB Mater Academy of Nevada - East Las Vegas Campus Project Series 2024A (NR/BB) |
| 100000 | 5.000 <sup>(d)</sup> | 12/15/2039 | 100841 |
| 100000 | 5.000 <sup>(d)</sup> | 12/15/2044 | 98232 |
| Public Finance Authority Education RB Series 2022 (NR/NR) | Public Finance Authority Education RB Series 2022 (NR/NR) | Public Finance Authority Education RB Series 2022 (NR/NR) | Public Finance Authority Education RB Series 2022 (NR/NR) |
| 200000 | 5.000 <sup>(d)</sup> | 01/01/2042 | 181649 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Revenue Refunding Bonds for Pinecrest Academy of Nevada—Sloan Canyon Campus Project Series 2024A (NR/BB+) | Public Finance Authority Education Revenue Refunding Bonds for Pinecrest Academy of Nevada—Sloan Canyon Campus Project Series 2024A (NR/BB+) | Public Finance Authority Education Revenue Refunding Bonds for Pinecrest Academy of Nevada—Sloan Canyon Campus Project Series 2024A (NR/BB+) | Public Finance Authority Education Revenue Refunding Bonds for Pinecrest Academy of Nevada—Sloan Canyon Campus Project Series 2024A (NR/BB+) |
| $100000 | 4.500 %<sup>(d)</sup> | 07/15/2049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92681 |
| Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (Ba1/BB+) | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (Ba1/BB+) | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (Ba1/BB+) | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (Ba1/BB+) |
| 220000 | 4.300 | 11/01/2030 | 218424 |
| Public Finance Authority Limited Obligation Grant RB (American Dream @ Meadowlands Project) Series 2017A (Tax-Exempt) Series 2017B (NR/NR) | Public Finance Authority Limited Obligation Grant RB (American Dream @ Meadowlands Project) Series 2017A (Tax-Exempt) Series 2017B (NR/NR) | Public Finance Authority Limited Obligation Grant RB (American Dream @ Meadowlands Project) Series 2017A (Tax-Exempt) Series 2017B (NR/NR) | Public Finance Authority Limited Obligation Grant RB (American Dream @ Meadowlands Project) Series 2017A (Tax-Exempt) Series 2017B (NR/NR) |
| 625000 | 6.750 <sup>(d)</sup> | 08/01/2031 | 560938 |
| Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba2/NR) | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba2/NR) | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba2/NR) | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba2/NR) |
| 50000 | 5.000 <sup>(d)</sup> | 12/01/2045 | 47167 |
| Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR) | Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR) | Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR) | Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR) |
| 100000 | 5.000 <sup>(d)</sup> | 06/01/2061 | 76359 |
| Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR) | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR) | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR) | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR) |
| 75000 | 4.000 <sup>(d)</sup> | 03/01/2030 | 72332 |
| Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR) | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR) | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR) | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR) |
| 250000 | 5.625 <sup>(d)</sup> | 06/01/2050 | 238751 |
| Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR) | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR) | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR) | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR) |
| 290000 | 6.500 <sup>(d)</sup> | 06/01/2045 | 253316 |
| 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) |
| 100000 | 5.350 | 12/01/2045 | 101085 |
| Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB) | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB) | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB) | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB) |
| 100000 | 6.000 <sup>(d)</sup> | 07/01/2031 | 90344 |
| Public Finance Authority RB Kahala Nui Project Series 2025 (NR/BBB-) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/BBB-) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/BBB-) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/BBB-) |
| 400000 | 5.500 <sup>(d)(g)</sup> | 06/01/2040 | 410220 |
| Public Finance Authority RB Kahala Nui Project Series 2025 (NR/NR) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/NR) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/NR) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/NR) |
| 200000 | 5.250 | 11/15/2055 | 207154 |
| Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB) | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB) | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB) | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB) |
| 150000 | 4.500 <sup>(d)</sup> | 07/01/2048 | 115599 |
| Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB+) | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB+) | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB+) | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB+) |
| 25000 | 6.125 <sup>(d)</sup> | 10/01/2049 | 21960 |
| Public Finance Authority Student Housing RB KSU Bixby Real Estate Foundation Llc Project Senior Series 2025A (Baa1/NR) | Public Finance Authority Student Housing RB KSU Bixby Real Estate Foundation Llc Project Senior Series 2025A (Baa1/NR) | Public Finance Authority Student Housing RB KSU Bixby Real Estate Foundation Llc Project Senior Series 2025A (Baa1/NR) | Public Finance Authority Student Housing RB KSU Bixby Real Estate Foundation Llc Project Senior Series 2025A (Baa1/NR) |
| 100000 | 5.250 | 06/15/2050 | 102206 |
| Public Finance Authority Student Housing RB Series 2021A-1 (Ba1/NR) | Public Finance Authority Student Housing RB Series 2021A-1 (Ba1/NR) | Public Finance Authority Student Housing RB Series 2021A-1 (Ba1/NR) | Public Finance Authority Student Housing RB Series 2021A-1 (Ba1/NR) |
| 50000 | 4.000 <sup>(d)</sup> | 07/01/2041 | 43686 |
| 150000 | 4.000 <sup>(d)</sup> | 07/01/2051 | 121209 |
| Public Finance Authority, Wisconsin Special Revenue Bonds Signorelli Projects Municipal Utility Districts Montgomery and Waller Counties, Texas Series 2024 (NR/NR) | Public Finance Authority, Wisconsin Special Revenue Bonds Signorelli Projects Municipal Utility Districts Montgomery and Waller Counties, Texas Series 2024 (NR/NR) | Public Finance Authority, Wisconsin Special Revenue Bonds Signorelli Projects Municipal Utility Districts Montgomery and Waller Counties, Texas Series 2024 (NR/NR) | Public Finance Authority, Wisconsin Special Revenue Bonds Signorelli Projects Municipal Utility Districts Montgomery and Waller Counties, Texas Series 2024 (NR/NR) |
| 150000 | 5.375 <sup>(d)</sup> | 12/15/2032 | 149979 |
| University of Wisconsin Hospitals and Clinics Authority Variable Rate Demand Revenue Refunding Bonds (Aa3/AA-/A-1) | University of Wisconsin Hospitals and Clinics Authority Variable Rate Demand Revenue Refunding Bonds (Aa3/AA-/A-1) | University of Wisconsin Hospitals and Clinics Authority Variable Rate Demand Revenue Refunding Bonds (Aa3/AA-/A-1) | University of Wisconsin Hospitals and Clinics Authority Variable Rate Demand Revenue Refunding Bonds (Aa3/AA-/A-1) |
| 2690000 | 3.570 <sup>(a)(b)</sup> | 04/01/2054 | 2690000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 206 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 & 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) |
| 35000 | 3.000% | 12/01/2031 | $29944 |
| 75000 | 4.000 | 12/01/2041 | 58306 |
| Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) | Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) | Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) | Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) |
| 370000 | 5.000 <sup>(d)</sup> | 08/01/2027 | 376027 |
| Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.18%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.18%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.18%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.18%) |
| 175000 | 3.050 <sup>(a)(c)</sup> | 08/15/2054 | 173157 |
| Wisconsin Health and Educational Facilities Authority RB Series 2024A (BAM) (NR/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2024A (BAM) (NR/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2024A (BAM) (NR/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2024A (BAM) (NR/AA) |
| 250000 | 4.500 | 02/15/2054 | 242192 |
| Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/BBB-) | Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/BBB-) | Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/BBB-) | Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/BBB-) |
| 300000 | 5.000 | 02/01/2042 | 303710 |
|  |  |  | 8225026 |
| TOTAL MUNICIPAL BONDS<br>(Cost $246,700,434) | TOTAL MUNICIPAL BONDS<br>(Cost $246,700,434) | TOTAL MUNICIPAL BONDS<br>(Cost $246,700,434) | 239628645 |
| Corporate Bonds - 0.5% | Corporate Bonds - 0.5% | Corporate Bonds - 0.5% | Corporate Bonds - 0.5% |
| Healthcare-Services - 0.0% | Healthcare-Services - 0.0% | Healthcare-Services - 0.0% | Healthcare-Services - 0.0% |
| Toledo Hospital RB Series 2022 B | Toledo Hospital RB Series 2022 B | Toledo Hospital RB Series 2022 B | Toledo Hospital RB Series 2022 B |
| 75000 | 5.325% | 11/15/28 | 74177 |
| Real Estate - 0.5% | Real Estate - 0.5% | Real Estate - 0.5% | Real Estate - 0.5% |
| Benloch Ranch Improvement Association No. 1 Series 2020 | Benloch Ranch Improvement Association No. 1 Series 2020 | Benloch Ranch Improvement Association No. 1 Series 2020 | Benloch Ranch Improvement Association No. 1 Series 2020 |
| 47738 | 9.750 %<sup>(d)(j)</sup> | 12/01/39 | 43587 |
| Benloch Ranch Improvement Association No. 1 Series 2021 | Benloch Ranch Improvement Association No. 1 Series 2021 | Benloch Ranch Improvement Association No. 1 Series 2021 | Benloch Ranch Improvement Association No. 1 Series 2021 |
| 47748 | 9.750 <sup>(d)(j)</sup> | 12/01/39 | 43597 |
| Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 |
| 700000 | 10.000 <sup>(d)(j)</sup> | 12/01/51 | 554330 |
| Brixton Park Improvement Association No. 1 Series | Brixton Park Improvement Association No. 1 Series | Brixton Park Improvement Association No. 1 Series | Brixton Park Improvement Association No. 1 Series |
| 701770 | 6.875 <sup>(d)(j)</sup> | 12/01/51 | 608343 |
|  |  |  | 1249857 |
| TOTAL CORPORATE BONDS<br>(Cost $1,532,506) | TOTAL CORPORATE BONDS<br>(Cost $1,532,506) | TOTAL CORPORATE BONDS<br>(Cost $1,532,506) | 1324034 |
| TOTAL INVESTMENTS - 99.4%<br>(Cost $248,232,940) | TOTAL INVESTMENTS - 99.4%<br>(Cost $248,232,940) | TOTAL INVESTMENTS - 99.4%<br>(Cost $248,232,940) | $240952679 |
| **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.6%** | **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.6%** | **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.6%** | 1341232 |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242293911 |

---

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

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

(a) Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2025.

(b) Variable Rate Demand Instruments – rate shown is that which is in effect on March 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2025.

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

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

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

(g) When-issued security.

(h) Zero coupon bond until next reset date.

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

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

Security ratings disclosed, if any, are issued by either Standard & Poor's, Moody's Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information.

---

| |
|:---|
| **Investment Abbreviations:** |
| ABS – Asset-Backed Security |
| AGC – Insured by Assured Guaranty Corp. |
| AGM – Insured by Assured Guaranty Municipal Corp. |
| AGM-CR – Insured by Assured Guaranty Municipal Corp. Insured Custodial receipts |
| AMBAC – Insured by American Municipal Bond Assurance Corp. |
| AMT – Alternative Minimum Tax (subject to) |
| BAM – Build America Mutual Assurance Co. |
| CFD – Community Facilities District |
| COPS – Certificates of Participation |
| FHLMC – Insured by Federal Home Loan Mortgage Corp. |
| FNMA – Insured by Federal National Mortgage Association |
| GNMA – Insured by Government National Mortgage Association |
| GO – General Obligation |
| HUD SECT 8 – Hud Section 8 |
| IDA – Industrial Development Agency |
| LP – Limited Partnership |
| LT – Limited Tax |
| MTA – Metropolitan Transportation Authority |
| NATL – National Public Finance Guarantee Corp. |
| NR – Not Rated |
| PSF-GTD – Guaranteed by Permanent School Fund |
| RB – Revenue Bond |
| RR – Revenue Refunding |
| SD CRED PROG – School District Credit Program |
| SIFMA – Securities Industry and Financial Markets Association |
| SOFR – Secured Overnight Financing Rate |
| UPMC – University of Pittsburgh Medical Center |
| USD – United States Dollar |
| UT – Unlimited Tax |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **207** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  U.S. Treasury Ultra Bond | 32 | 06/18/25 | $3932000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67030 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 208 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds - 99.5% | Municipal Bonds - 99.5% | Municipal Bonds - 99.5% | Municipal Bonds - 99.5% |
| Alabama - 2.3% | Alabama - 2.3% | Alabama - 2.3% | Alabama - 2.3% |
| Alabama Federal Aid Highway Finance Authority Special Obligation RB Series 2016A (NR/NR) | Alabama Federal Aid Highway Finance Authority Special Obligation RB Series 2016A (NR/NR) | Alabama Federal Aid Highway Finance Authority Special Obligation RB Series 2016A (NR/NR) | Alabama Federal Aid Highway Finance Authority Special Obligation RB Series 2016A (NR/NR) |
| $10000000 | 5.000 %<sup>(a)</sup> | 09/01/2026 | $10290091 |
| Alabama Federal Aid Highway Finance Authority Special Obligation RB Series 2025B (Aa2/AAA) | Alabama Federal Aid Highway Finance Authority Special Obligation RB Series 2025B (Aa2/AAA) | Alabama Federal Aid Highway Finance Authority Special Obligation RB Series 2025B (Aa2/AAA) | Alabama Federal Aid Highway Finance Authority Special Obligation RB Series 2025B (Aa2/AAA) |
| 5000000 | 5.000 | 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5519525 |
| Alabama Housing Finance Authority Multifamily Housing RB for Cooper Green Homes Project Series 2024 C (Aaa/NR) | Alabama Housing Finance Authority Multifamily Housing RB for Cooper Green Homes Project Series 2024 C (Aaa/NR) | Alabama Housing Finance Authority Multifamily Housing RB for Cooper Green Homes Project Series 2024 C (Aaa/NR) | Alabama Housing Finance Authority Multifamily Housing RB for Cooper Green Homes Project Series 2024 C (Aaa/NR) |
| 1000000 | 5.000 <sup>(b)(c)</sup> | 02/01/2029 | 1047268 |
| Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/NR) | Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/NR) | Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/NR) | Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/NR) |
| 24725000 | 4.000 <sup>(b)(c)</sup> | 12/01/2049 | 24801915 |
| Black Belt Energy Gas District Gas Supply RB Series 2022 (Aa1/NR) | Black Belt Energy Gas District Gas Supply RB Series 2022 (Aa1/NR) | Black Belt Energy Gas District Gas Supply RB Series 2022 (Aa1/NR) | Black Belt Energy Gas District Gas Supply RB Series 2022 (Aa1/NR) |
| 15000000 | 4.000 <sup>(b)(c)</sup> | 07/01/2052 | 15120388 |
| Chatom Industrial Development Board Gulf Opportunity Zone Refunding Bonds for Powersouth Energy Cooperative Projects Series 2020 (AGM) (A1/AA) | Chatom Industrial Development Board Gulf Opportunity Zone Refunding Bonds for Powersouth Energy Cooperative Projects Series 2020 (AGM) (A1/AA) | Chatom Industrial Development Board Gulf Opportunity Zone Refunding Bonds for Powersouth Energy Cooperative Projects Series 2020 (AGM) (A1/AA) | Chatom Industrial Development Board Gulf Opportunity Zone Refunding Bonds for Powersouth Energy Cooperative Projects Series 2020 (AGM) (A1/AA) |
| 425000 | 5.000 | 08/01/2025 | 427182 |
| 550000 | 5.000 | 08/01/2027 | 570614 |
| 485000 | 5.000 | 08/01/2028 | 509824 |
| 485000 | 5.000 | 08/01/2029 | 514231 |
| 425000 | 5.000 | 08/01/2030 | 454550 |
| Health Care Authority for Baptist Health Series 2023 (A3/BBB+) | Health Care Authority for Baptist Health Series 2023 (A3/BBB+) | Health Care Authority for Baptist Health Series 2023 (A3/BBB+) | Health Care Authority for Baptist Health Series 2023 (A3/BBB+) |
| 675000 | 5.000 | 11/15/2025 | 681502 |
| 1430000 | 5.000 | 11/15/2026 | 1468448 |
| 1480000 | 5.000 | 11/15/2027 | 1534021 |
| 2750000 | 5.000 | 11/15/2028 | 2877604 |
| 1335000 | 5.000 | 11/15/2029 | 1406766 |
| 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 | 2016027 |
| Industrial Development Board City of Selma Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (Baa2/BBB) (PUTABLE) | Industrial Development Board City of Selma Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (Baa2/BBB) (PUTABLE) | Industrial Development Board City of Selma Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (Baa2/BBB) (PUTABLE) | Industrial Development Board City of Selma Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (Baa2/BBB) (PUTABLE) |
| 6500000 | 1.375 <sup>(b)(c)</sup> | 05/01/2034 | 6461361 |
| Industrial Development Board of the City of Mobile Alabama RB for Alabama Power Co. Series 2007 A (A1/A) (PUTABLE) | Industrial Development Board of the City of Mobile Alabama RB for Alabama Power Co. Series 2007 A (A1/A) (PUTABLE) | Industrial Development Board of the City of Mobile Alabama RB for Alabama Power Co. Series 2007 A (A1/A) (PUTABLE) | Industrial Development Board of the City of Mobile Alabama RB for Alabama Power Co. Series 2007 A (A1/A) (PUTABLE) |
| 3335000 | 1.000 <sup>(b)(c)</sup> | 06/01/2034 | 3314098 |
| Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) |
| 1000000 | 5.000 | 10/01/2025 | 1008930 |
| 1250000 | 5.000 | 10/01/2026 | 1283267 |
| 1000000 | 5.000 | 10/01/2027 | 1042079 |
| 1000000 | 5.000 | 10/01/2028 | 1053911 |
| Southeast Energy Authority Commodity Supply RB for Project No. 6 Series 2023B (Aa1/NR) | Southeast Energy Authority Commodity Supply RB for Project No. 6 Series 2023B (Aa1/NR) | Southeast Energy Authority Commodity Supply RB for Project No. 6 Series 2023B (Aa1/NR) | Southeast Energy Authority Commodity Supply RB for Project No. 6 Series 2023B (Aa1/NR) |
| 8590000 | 5.000 <sup>(b)(c)</sup> | 01/01/2054 | 9028426 |
| The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) | The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) | The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) | The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) |
| 3220000 | 5.250 <sup>(b)(c)</sup> | 12/01/2053 | 3443208 |
| The Industrial Board of the Town of West Jefferson Pollution Control Revenue Refunding Bonds for Alabama Power Company Project Series 1998 (A1/A) | The Industrial Board of the Town of West Jefferson Pollution Control Revenue Refunding Bonds for Alabama Power Company Project Series 1998 (A1/A) | The Industrial Board of the Town of West Jefferson Pollution Control Revenue Refunding Bonds for Alabama Power Company Project Series 1998 (A1/A) | The Industrial Board of the Town of West Jefferson Pollution Control Revenue Refunding Bonds for Alabama Power Company Project Series 1998 (A1/A) |
| 6230000 | 3.650 <sup>(c)</sup> | 06/01/2028 | 6273037 |
| The Industrial Development Board of the City of Mobile Pollution Control RB for Alabama Power Company Barry Plant Project Series 2007-C (A1/A) (PUTABLE) | The Industrial Development Board of the City of Mobile Pollution Control RB for Alabama Power Company Barry Plant Project Series 2007-C (A1/A) (PUTABLE) | The Industrial Development Board of the City of Mobile Pollution Control RB for Alabama Power Company Barry Plant Project Series 2007-C (A1/A) (PUTABLE) | The Industrial Development Board of the City of Mobile Pollution Control RB for Alabama Power Company Barry Plant Project Series 2007-C (A1/A) (PUTABLE) |
| 2530000 | 3.780 <sup>(b)(c)</sup> | 06/01/2034 | 2544192 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| The Industrial Development Board of The City of Selma Gulf Opportunity Zone Revenue Refunding Bonds International Paper Company Project Series 2019A (NR/BBB) (PUTABLE) | The Industrial Development Board of The City of Selma Gulf Opportunity Zone Revenue Refunding Bonds International Paper Company Project Series 2019A (NR/BBB) (PUTABLE) | The Industrial Development Board of The City of Selma Gulf Opportunity Zone Revenue Refunding Bonds International Paper Company Project Series 2019A (NR/BBB) (PUTABLE) | The Industrial Development Board of The City of Selma Gulf Opportunity Zone Revenue Refunding Bonds International Paper Company Project Series 2019A (NR/BBB) (PUTABLE) |
| 3485000 | 3.450 %<sup>(b)(c)</sup> | 11/01/2033 | 3422258 |
| Water Works Board of The City of Birmingham Revenue Anticipation Bond Series 2024 (NR/NR) | Water Works Board of The City of Birmingham Revenue Anticipation Bond Series 2024 (NR/NR) | Water Works Board of The City of Birmingham Revenue Anticipation Bond Series 2024 (NR/NR) | Water Works Board of The City of Birmingham Revenue Anticipation Bond Series 2024 (NR/NR) |
| 4575000 | 3.750 <sup>(d)</sup> | 09/01/2026 | 4556939 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112671662 |
| Alaska - 0.4% | Alaska - 0.4% | Alaska - 0.4% | Alaska - 0.4% |
| Alaska Municipal Bond Bank GO Refunding Bonds 2016 Series 4 (AMT) (NR/AA-) | Alaska Municipal Bond Bank GO Refunding Bonds 2016 Series 4 (AMT) (NR/AA-) | Alaska Municipal Bond Bank GO Refunding Bonds 2016 Series 4 (AMT) (NR/AA-) | Alaska Municipal Bond Bank GO Refunding Bonds 2016 Series 4 (AMT) (NR/AA-) |
| 1755000 | 5.000 | 12/01/2030 | 1793402 |
| 1960000 | 5.000 | 12/01/2032 | 2000337 |
| Matanuska-Susitna Borough State of Alaska Lease Revenue Refunding Bonds Series 2025B (A1/AA-) | Matanuska-Susitna Borough State of Alaska Lease Revenue Refunding Bonds Series 2025B (A1/AA-) | Matanuska-Susitna Borough State of Alaska Lease Revenue Refunding Bonds Series 2025B (A1/AA-) | Matanuska-Susitna Borough State of Alaska Lease Revenue Refunding Bonds Series 2025B (A1/AA-) |
| 2190000 | 5.000 <sup>(e)</sup> | 09/01/2027 | 2281959 |
| North Slope Borough General Purpose GO Bonds Series 2023A (NR/AA) | North Slope Borough General Purpose GO Bonds Series 2023A (NR/AA) | North Slope Borough General Purpose GO Bonds Series 2023A (NR/AA) | North Slope Borough General Purpose GO Bonds Series 2023A (NR/AA) |
| 800000 | 5.000 | 06/30/2026 | 822527 |
| 2000000 | 5.000 | 06/30/2027 | 2094621 |
| 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 | 4922359 |
| State of Alaska GO Refunding Bonds Series 2025A (Aa3/AA) | State of Alaska GO Refunding Bonds Series 2025A (Aa3/AA) | State of Alaska GO Refunding Bonds Series 2025A (Aa3/AA) | State of Alaska GO Refunding Bonds Series 2025A (Aa3/AA) |
| 1420000 | 5.000 <sup>(e)</sup> | 08/01/2027 | 1488356 |
| 2130000 | 5.000 <sup>(e)</sup> | 08/01/2028 | 2272540 |
| State of Alaska International Airports System Private Activity Revenue Refunding Bonds Series 2021C (AMT) (Aa3/NR) | State of Alaska International Airports System Private Activity Revenue Refunding Bonds Series 2021C (AMT) (Aa3/NR) | State of Alaska International Airports System Private Activity Revenue Refunding Bonds Series 2021C (AMT) (Aa3/NR) | State of Alaska International Airports System Private Activity Revenue Refunding Bonds Series 2021C (AMT) (Aa3/NR) |
| 1975000 | 5.000 | 10/01/2025 | 1993072 |
|  |  |  | 19669173 |
| Arizona - 4.3% | Arizona - 4.3% | Arizona - 4.3% | Arizona - 4.3% |
| Arizona Board of Regents Acting on Behalf and For the Use and Benefit of Northern Arizona University Refunding Certificates of Participation Northern Arizona University Projects Series 2024 (AGM) (A1/AA) | Arizona Board of Regents Acting on Behalf and For the Use and Benefit of Northern Arizona University Refunding Certificates of Participation Northern Arizona University Projects Series 2024 (AGM) (A1/AA) | Arizona Board of Regents Acting on Behalf and For the Use and Benefit of Northern Arizona University Refunding Certificates of Participation Northern Arizona University Projects Series 2024 (AGM) (A1/AA) | Arizona Board of Regents Acting on Behalf and For the Use and Benefit of Northern Arizona University Refunding Certificates of Participation Northern Arizona University Projects Series 2024 (AGM) (A1/AA) |
| 1400000 | 5.000 | 09/01/2026 | 1444493 |
| 825000 | 5.000 | 09/01/2027 | 864807 |
| Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-) (S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-) (S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-) (S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-) (S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) |
| 82345000 | 4.480 <sup>(b)(f)</sup> | 01/01/2037 | 79500688 |
| Arizona IDA Multifamily Housing RB for Unity At West Glendale Project Series 2024 (Aaa/NR) | Arizona IDA Multifamily Housing RB for Unity At West Glendale Project Series 2024 (Aaa/NR) | Arizona IDA Multifamily Housing RB for Unity At West Glendale Project Series 2024 (Aaa/NR) | Arizona IDA Multifamily Housing RB for Unity At West Glendale Project Series 2024 (Aaa/NR) |
| 695000 | 5.000 <sup>(b)(c)</sup> | 03/01/2045 | 708639 |
| Arizona Industrial Development Authority Multifamily Housing Bonds Ironwood Ranch Apartments Project Series 2024 (Aaa/NR) | Arizona Industrial Development Authority Multifamily Housing Bonds Ironwood Ranch Apartments Project Series 2024 (Aaa/NR) | Arizona Industrial Development Authority Multifamily Housing Bonds Ironwood Ranch Apartments Project Series 2024 (Aaa/NR) | Arizona Industrial Development Authority Multifamily Housing Bonds Ironwood Ranch Apartments Project Series 2024 (Aaa/NR) |
| 3750000 | 5.000 <sup>(b)(c)</sup> | 02/01/2058 | 3842015 |
| Arizona Industrial Development Authority Multifamily Housing Bonds The Ranches At Gunsmoke Project Series 2024 (Aaa/NR) | Arizona Industrial Development Authority Multifamily Housing Bonds The Ranches At Gunsmoke Project Series 2024 (Aaa/NR) | Arizona Industrial Development Authority Multifamily Housing Bonds The Ranches At Gunsmoke Project Series 2024 (Aaa/NR) | Arizona Industrial Development Authority Multifamily Housing Bonds The Ranches At Gunsmoke Project Series 2024 (Aaa/NR) |
| 10000000 | 5.000 <sup>(b)(c)</sup> | 03/01/2058 | 10273016 |
| Arizona Industrial Development Authority Senior Living RB Second Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB Second Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB Second Tier Series 2025 A2 (NR/NR) | Arizona Industrial Development Authority Senior Living RB Second Tier Series 2025 A2 (NR/NR) |
| 584820 | 5.125 | 01/01/2059 | 455757 |
| Arizona Transportation Board Highway Revenue and Revenue Refunding Bonds Series 2023 (Aa1/AA+) | Arizona Transportation Board Highway Revenue and Revenue Refunding Bonds Series 2023 (Aa1/AA+) | Arizona Transportation Board Highway Revenue and Revenue Refunding Bonds Series 2023 (Aa1/AA+) | Arizona Transportation Board Highway Revenue and Revenue Refunding Bonds Series 2023 (Aa1/AA+) |
| 4000000 | 5.000 | 07/01/2025 | 4021182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **209** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Transportation Board Highway Revenue and Revenue Refunding Bonds Series 2023 (Aa1/AA+) – (continued) | Arizona Transportation Board Highway Revenue and Revenue Refunding Bonds Series 2023 (Aa1/AA+) – (continued) | Arizona Transportation Board Highway Revenue and Revenue Refunding Bonds Series 2023 (Aa1/AA+) – (continued) | Arizona Transportation Board Highway Revenue and Revenue Refunding Bonds Series 2023 (Aa1/AA+) – (continued) |
| $2370000 | 5.000% | 07/01/2026 | $2435245 |
| 3800000 | 5.000 | 07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3984237 |
| City of Chandler IDA Industrial Development RB for Intel Corp. Project Series 2022 (Baa1/BBB) | City of Chandler IDA Industrial Development RB for Intel Corp. Project Series 2022 (Baa1/BBB) | City of Chandler IDA Industrial Development RB for Intel Corp. Project Series 2022 (Baa1/BBB) | City of Chandler IDA Industrial Development RB for Intel Corp. Project Series 2022 (Baa1/BBB) |
| 10125000 | 5.000 <sup>(b)(c)</sup> | 09/01/2042 | 10324287 |
| City of Chandler IDA RB for Intel Corp. Project Series 2022-2 (Baa1/BBB) | City of Chandler IDA RB for Intel Corp. Project Series 2022-2 (Baa1/BBB) | City of Chandler IDA RB for Intel Corp. Project Series 2022-2 (Baa1/BBB) | City of Chandler IDA RB for Intel Corp. Project Series 2022-2 (Baa1/BBB) |
| 41135000 | 5.000 <sup>(b)(c)</sup> | 09/01/2052 | 42134461 |
| City of Phoenix Civic Improvement Corp. Junior Lien Airport RB Series 2019B (Aa3/A+) | City of Phoenix Civic Improvement Corp. Junior Lien Airport RB Series 2019B (Aa3/A+) | City of Phoenix Civic Improvement Corp. Junior Lien Airport RB Series 2019B (Aa3/A+) | City of Phoenix Civic Improvement Corp. Junior Lien Airport RB Series 2019B (Aa3/A+) |
| 1215000 | 5.000 | 07/01/2025 | 1220599 |
| City of Phoenix Civic Improvement Corporation RB Civic Plaza Expansion Series 2005 B (BHAC-CR FGIC) (Aa1/AA+) | City of Phoenix Civic Improvement Corporation RB Civic Plaza Expansion Series 2005 B (BHAC-CR FGIC) (Aa1/AA+) | City of Phoenix Civic Improvement Corporation RB Civic Plaza Expansion Series 2005 B (BHAC-CR FGIC) (Aa1/AA+) | City of Phoenix Civic Improvement Corporation RB Civic Plaza Expansion Series 2005 B (BHAC-CR FGIC) (Aa1/AA+) |
| 7490000 | 5.500 | 07/01/2034 | 8674543 |
| Coconino County Pollution Control Refunding RB for Nevada Power Company Projects Pollution Control Corp. Series 2017A (A2/A) (PUTABLE) | Coconino County Pollution Control Refunding RB for Nevada Power Company Projects Pollution Control Corp. Series 2017A (A2/A) (PUTABLE) | Coconino County Pollution Control Refunding RB for Nevada Power Company Projects Pollution Control Corp. Series 2017A (A2/A) (PUTABLE) | Coconino County Pollution Control Refunding RB for Nevada Power Company Projects Pollution Control Corp. Series 2017A (A2/A) (PUTABLE) |
| 1775000 | 4.125 <sup>(b)(c)</sup> | 09/01/2032 | 1775938 |
| County of Pinal IDA Correctional Facility Contract Refunding Bonds Series 2020A (NR/BBB) | County of Pinal IDA Correctional Facility Contract Refunding Bonds Series 2020A (NR/BBB) | County of Pinal IDA Correctional Facility Contract Refunding Bonds Series 2020A (NR/BBB) | County of Pinal IDA Correctional Facility Contract Refunding Bonds Series 2020A (NR/BBB) |
| 1540000 | 2.000 | 10/01/2025 | 1523839 |
| Equitable Senior National Charter School Revolving Loan Fund RB for Arizona IDA Series 2023A Social Bonds (NR/A) | Equitable Senior National Charter School Revolving Loan Fund RB for Arizona IDA Series 2023A Social Bonds (NR/A) | Equitable Senior National Charter School Revolving Loan Fund RB for Arizona IDA Series 2023A Social Bonds (NR/A) | Equitable Senior National Charter School Revolving Loan Fund RB for Arizona IDA Series 2023A Social Bonds (NR/A) |
| 10000000 | 5.000 | 11/01/2028 | 10525430 |
| Maricopa County Arizona Pollution Control Corp. Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico Palo Verde Project 2003 Series A (NON-AMT) (Baa2/BBB) (PUTABLE) | Maricopa County Arizona Pollution Control Corp. Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico Palo Verde Project 2003 Series A (NON-AMT) (Baa2/BBB) (PUTABLE) | Maricopa County Arizona Pollution Control Corp. Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico Palo Verde Project 2003 Series A (NON-AMT) (Baa2/BBB) (PUTABLE) | Maricopa County Arizona Pollution Control Corp. Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico Palo Verde Project 2003 Series A (NON-AMT) (Baa2/BBB) (PUTABLE) |
| 1700000 | 3.875 <sup>(b)(c)</sup> | 01/01/2038 | 1714182 |
| Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB) (PUTABLE) | Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB) (PUTABLE) | Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB) (PUTABLE) | Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB) (PUTABLE) |
| 3750000 | 0.875 <sup>(b)(c)</sup> | 06/01/2043 | 3579693 |
| Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 B (Baa2/BBB) (PUTABLE) | Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 B (Baa2/BBB) (PUTABLE) | Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 B (Baa2/BBB) (PUTABLE) | Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 B (Baa2/BBB) (PUTABLE) |
| 1790000 | 0.875 <sup>(b)(c)</sup> | 06/01/2043 | 1708707 |
| Osborn Elementary School District No. 8 of Maricopa County Arizona School Improvement Bonds Project of 2023 Series A (2024) (BAM) (NR/AA) | Osborn Elementary School District No. 8 of Maricopa County Arizona School Improvement Bonds Project of 2023 Series A (2024) (BAM) (NR/AA) | Osborn Elementary School District No. 8 of Maricopa County Arizona School Improvement Bonds Project of 2023 Series A (2024) (BAM) (NR/AA) | Osborn Elementary School District No. 8 of Maricopa County Arizona School Improvement Bonds Project of 2023 Series A (2024) (BAM) (NR/AA) |
| 1000000 | 5.000 | 07/01/2026 | 1024488 |
| 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) |
| 1905000 | 5.000 | 07/01/2026 | 1958760 |
| 2000000 | 5.000 | 07/01/2027 | 2096520 |
| Salt River Agricultural Improvement and Power District Project Electric System RB 2015 Series A (Aa1/AA+) | Salt River Agricultural Improvement and Power District Project Electric System RB 2015 Series A (Aa1/AA+) | Salt River Agricultural Improvement and Power District Project Electric System RB 2015 Series A (Aa1/AA+) | Salt River Agricultural Improvement and Power District Project Electric System RB 2015 Series A (Aa1/AA+) |
| 6625000 | 5.000 | 12/01/2045 | 6647057 |
| The Industrial Development Authority of The County of Maricopa Education Refunding RB for Legacy Traditional Schools Projects Series 2024 (NR/BBB-) | The Industrial Development Authority of The County of Maricopa Education Refunding RB for Legacy Traditional Schools Projects Series 2024 (NR/BBB-) | The Industrial Development Authority of The County of Maricopa Education Refunding RB for Legacy Traditional Schools Projects Series 2024 (NR/BBB-) | The Industrial Development Authority of The County of Maricopa Education Refunding RB for Legacy Traditional Schools Projects Series 2024 (NR/BBB-) |
| 3150000 | 4.000 | 07/01/2034 | 3015713 |
| The Industrial Development Authority of The County of Maricopa RB Banner Health, Series 2023A (NR/AA-) | The Industrial Development Authority of The County of Maricopa RB Banner Health, Series 2023A (NR/AA-) | The Industrial Development Authority of The County of Maricopa RB Banner Health, Series 2023A (NR/AA-) | The Industrial Development Authority of The County of Maricopa RB Banner Health, Series 2023A (NR/AA-) |
| 3410000 | 5.000 <sup>(b)(c)</sup> | 01/01/2053 | 3479159 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Tucson Unified School District No. 1 of Pima County Arizona School Improvement Bonds Project of 2023 Series A (2024) (AGM) (Aa3/AA) | Tucson Unified School District No. 1 of Pima County Arizona School Improvement Bonds Project of 2023 Series A (2024) (AGM) (Aa3/AA) | Tucson Unified School District No. 1 of Pima County Arizona School Improvement Bonds Project of 2023 Series A (2024) (AGM) (Aa3/AA) | Tucson Unified School District No. 1 of Pima County Arizona School Improvement Bonds Project of 2023 Series A (2024) (AGM) (Aa3/AA) |
| 415000 | 5.000% | 07/01/2026 | 425936 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209359391 |
| 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+) |
| 550000 | 5.000 | 08/01/2026 | 560586 |
| California - 7.8% | California - 7.8% | California - 7.8% | California - 7.8% |
| Alameda Corridor Transportation Authority Convertible Capital Appreciation RB Senior Lien 1999 A (NATL) (A3/A-) | Alameda Corridor Transportation Authority Convertible Capital Appreciation RB Senior Lien 1999 A (NATL) (A3/A-) | Alameda Corridor Transportation Authority Convertible Capital Appreciation RB Senior Lien 1999 A (NATL) (A3/A-) | Alameda Corridor Transportation Authority Convertible Capital Appreciation RB Senior Lien 1999 A (NATL) (A3/A-) |
| 10000000 | 0.000 <sup>(g)</sup> | 10/01/2034 | 7004138 |
| 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) |
| 500000 | 4.000 | 09/01/2025 | 501234 |
| 370000 | 4.000 | 09/01/2026 | 373172 |
| 415000 | 4.000 | 09/01/2027 | 417846 |
| 410000 | 4.000 | 09/01/2028 | 412016 |
| 345000 | 4.000 | 09/01/2029 | 345963 |
| Bay Area Toll Authority RB Refunding for San Francisco Bay Area Series 2021 C (Aa3/AA) | Bay Area Toll Authority RB Refunding for San Francisco Bay Area Series 2021 C (Aa3/AA) | Bay Area Toll Authority RB Refunding for San Francisco Bay Area Series 2021 C (Aa3/AA) | Bay Area Toll Authority RB Refunding for San Francisco Bay Area Series 2021 C (Aa3/AA) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.45%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.45%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.45%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.45%) |
| 7000000 | 3.320 <sup>(b)(f)</sup> | 04/01/2056 | 6972801 |
| Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (NR/AA) | Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (NR/AA) | Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (NR/AA) | Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (NR/AA) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 1.25%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 1.25%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 1.25%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 1.25%) |
| 15000000 | 4.120 <sup>(b)(f)</sup> | 04/01/2036 | 15066804 |
| 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) |
| 230000 | 4.000 | 09/01/2026 | 232226 |
| 235000 | 4.000 | 09/01/2027 | 238142 |
| 255000 | 4.000 | 09/01/2029 | 256901 |
| California Community Choice Financing Authority Clean Energy Project RB Fixed Rate Green Bonds Series 2023E-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Fixed Rate Green Bonds Series 2023E-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Fixed Rate Green Bonds Series 2023E-1 (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Fixed Rate Green Bonds Series 2023E-1 (A1/NR) |
| 6140000 | 5.000 <sup>(b)(c)</sup> | 02/01/2054 | 6489245 |
| California Community Choice Financing Authority Clean Energy Project RB Green Bonds Series 2024A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Green Bonds Series 2024A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Green Bonds Series 2024A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Green Bonds Series 2024A (A1/NR) |
| 27500000 | 5.000 <sup>(b)(c)</sup> | 05/01/2054 | 29245664 |
| California Community Choice Financing Authority Clean Energy Project RB Series 2022A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2022A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2022A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2022A (A1/NR) |
| 13010000 | 4.000 <sup>(b)(c)</sup> | 05/01/2053 | 13056749 |
| California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) |
| 12950000 | 5.000 | 12/01/2028 | 13665472 |
| California Health Facilities Financing Authority RB Adventist Health System/West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System/West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System/West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System/West Series 2024A (NR/BBB+) |
| 3125000 | 5.000 | 12/01/2034 | 3371430 |
| California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) | California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) | California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) | California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) |
| 1100000 | 5.000 <sup>(b)(c)</sup> | 11/15/2061 | 1208993 |
| California Housing Finance Agency Limited Obligation Multifamily Housing Issue V RB 2023 (Aaa/NR) | California Housing Finance Agency Limited Obligation Multifamily Housing Issue V RB 2023 (Aaa/NR) | California Housing Finance Agency Limited Obligation Multifamily Housing Issue V RB 2023 (Aaa/NR) | California Housing Finance Agency Limited Obligation Multifamily Housing Issue V RB 2023 (Aaa/NR) |
| 1043000 | 5.000 <sup>(b)(c)</sup> | 05/01/2054 | 1068457 |
| California Infrastructure & Economic Development Bank RB for California Academy of Sciences Series 2024A (A2/NR) | California Infrastructure & Economic Development Bank RB for California Academy of Sciences Series 2024A (A2/NR) | California Infrastructure & Economic Development Bank RB for California Academy of Sciences Series 2024A (A2/NR) | California Infrastructure & Economic Development Bank RB for California Academy of Sciences Series 2024A (A2/NR) |
| 6160000 | 3.250 | 08/01/2029 | 6154490 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 210 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR) | California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR) | California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR) | California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR) |
| 20000000 | 1.200 %<sup>(b)(c)</sup> | 12/01/2050 | 18033950 |
| California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 B (A3/NR) | California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 B (A3/NR) | California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 B (A3/NR) | California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 B (A3/NR) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.70%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.70%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.70%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.70%) |
| 5000000 | 3.980 <sup>(b)(f)</sup> | 12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4982258 |
| California Municipal Finance Authority Insured Revenue and Refunding Bonds Aldersly Project, Series 2023B-2 Tax Exempt Mandatory Paydown Securities (CA MTG INS) (NR/AA-) | California Municipal Finance Authority Insured Revenue and Refunding Bonds Aldersly Project, Series 2023B-2 Tax Exempt Mandatory Paydown Securities (CA MTG INS) (NR/AA-) | California Municipal Finance Authority Insured Revenue and Refunding Bonds Aldersly Project, Series 2023B-2 Tax Exempt Mandatory Paydown Securities (CA MTG INS) (NR/AA-) | California Municipal Finance Authority Insured Revenue and Refunding Bonds Aldersly Project, Series 2023B-2 Tax Exempt Mandatory Paydown Securities (CA MTG INS) (NR/AA-) |
| 2990000 | 3.750 | 11/15/2028 | 2989955 |
| 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) |
| 300000 | 5.000 | 10/01/2026 | 307185 |
| California Municipal Finance Authority RB Refunding for PRS-California Obligated Group Projects Series 2024A Tax-Exempt (NR/NR) | California Municipal Finance Authority RB Refunding for PRS-California Obligated Group Projects Series 2024A Tax-Exempt (NR/NR) | California Municipal Finance Authority RB Refunding for PRS-California Obligated Group Projects Series 2024A Tax-Exempt (NR/NR) | California Municipal Finance Authority RB Refunding for PRS-California Obligated Group Projects Series 2024A Tax-Exempt (NR/NR) |
| 475000 | 5.000 | 04/01/2025 | 475000 |
| 450000 | 5.000 | 04/01/2026 | 457225 |
| 370000 | 5.000 | 04/01/2027 | 382849 |
| 310000 | 5.000 | 04/01/2028 | 325542 |
| 250000 | 5.000 | 04/01/2029 | 265871 |
| 200000 | 5.000 | 04/01/2030 | 214893 |
| 210000 | 5.000 | 04/01/2031 | 227050 |
| 310000 | 5.000 | 04/01/2032 | 336573 |
| 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) |
| 1000000 | 5.000 | 06/30/2026 | 1012068 |
| 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 | 4412654 |
| 3235000 | 5.000 | 12/31/2028 | 3342954 |
| California Pollution Control Financing Authority RB for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | California Pollution Control Financing Authority RB for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | California Pollution Control Financing Authority RB for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | California Pollution Control Financing Authority RB for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) |
| 1150000 | 3.700 <sup>(b)(c)</sup> | 08/01/2040 | 1155506 |
| California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-1 (NR/A-/A-2) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-1 (NR/A-/A-2) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-1 (NR/A-/A-2) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-1 (NR/A-/A-2) |
| 10000000 | 3.375 | 07/01/2025 | 9987841 |
| California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-/A-2) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-/A-2) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-/A-2) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-/A-2) |
| 1500000 | 4.300 | 07/01/2040 | 1500956 |
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) |
| 2700000 | 5.000 <sup>(d)</sup> | 07/01/2026 | 2744405 |
| 4665000 | 5.000 <sup>(d)</sup> | 07/01/2028 | 4845190 |
| 4610000 | 5.000 <sup>(d)</sup> | 07/01/2029 | 4831000 |
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) |
| 5010000 | 5.000 <sup>(d)</sup> | 11/21/2045 | 4989383 |
| California Public Finance Authority RB for Henry Mayo Newhall Hospital Series 2021A (NR/BBB-) | California Public Finance Authority RB for Henry Mayo Newhall Hospital Series 2021A (NR/BBB-) | California Public Finance Authority RB for Henry Mayo Newhall Hospital Series 2021A (NR/BBB-) | California Public Finance Authority RB for Henry Mayo Newhall Hospital Series 2021A (NR/BBB-) |
| 400000 | 4.000 | 10/15/2027 | 403590 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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-) |
| $390000 | 4.000% | 10/15/2025 | $390310 |
| California State University RB Refunding Series 2016 B-2 (Aa2/AA-) | California State University RB Refunding Series 2016 B-2 (Aa2/AA-) | California State University RB Refunding Series 2016 B-2 (Aa2/AA-) | California State University RB Refunding Series 2016 B-2 (Aa2/AA-) |
| 12100000 | 0.550 <sup>(b)(c)</sup> | 11/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11506059 |
| 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) |
| 670000 | 5.000 | 09/01/2030 | 673471 |
| California Statewide Communities Development Authority Multifamily Housing RB Vintage At Folsom 2024 Series E-2 (Aaa/NR) | California Statewide Communities Development Authority Multifamily Housing RB Vintage At Folsom 2024 Series E-2 (Aaa/NR) | California Statewide Communities Development Authority Multifamily Housing RB Vintage At Folsom 2024 Series E-2 (Aaa/NR) | California Statewide Communities Development Authority Multifamily Housing RB Vintage At Folsom 2024 Series E-2 (Aaa/NR) |
| 675000 | 5.000 <sup>(b)(c)</sup> | 10/01/2028 | 702576 |
| California Statewide Communities Development Authority RB John Muir Health Series 2024A (NR/A+) | California Statewide Communities Development Authority RB John Muir Health Series 2024A (NR/A+) | California Statewide Communities Development Authority RB John Muir Health Series 2024A (NR/A+) | California Statewide Communities Development Authority RB John Muir Health Series 2024A (NR/A+) |
| 450000 | 5.000 | 12/01/2027 | 476509 |
| California Statewide Community Development Authority Pollution Control Refunding RB 2006 Series B (NON-AMT) (A2/A-) | California Statewide Community Development Authority Pollution Control Refunding RB 2006 Series B (NON-AMT) (A2/A-) | California Statewide Community Development Authority Pollution Control Refunding RB 2006 Series B (NON-AMT) (A2/A-) | California Statewide Community Development Authority Pollution Control Refunding RB 2006 Series B (NON-AMT) (A2/A-) |
| 8500000 | 1.450 | 04/01/2028 | 7769649 |
| 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) |
| 245000 | 4.000 | 09/01/2027 | 246747 |
| 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) |
| 550000 | 4.000 | 09/01/2025 | 551198 |
| 1285000 | 5.000 | 09/01/2030 | 1374616 |
| City of Chino Public Financing Authority Local Agency Refunding Bonds Series 2019A (NR/NR) | City of Chino Public Financing Authority Local Agency Refunding Bonds Series 2019A (NR/NR) | City of Chino Public Financing Authority Local Agency Refunding Bonds Series 2019A (NR/NR) | City of Chino Public Financing Authority Local Agency Refunding Bonds Series 2019A (NR/NR) |
| 230000 | 4.000 | 09/01/2026 | 231464 |
| City of Laguna Beach Underground Utility Assessment District No. 2014-2 Woods Cove Limited Obligation Improvement Bonds (NR/NR) | City of Laguna Beach Underground Utility Assessment District No. 2014-2 Woods Cove Limited Obligation Improvement Bonds (NR/NR) | City of Laguna Beach Underground Utility Assessment District No. 2014-2 Woods Cove Limited Obligation Improvement Bonds (NR/NR) | City of Laguna Beach Underground Utility Assessment District No. 2014-2 Woods Cove Limited Obligation Improvement Bonds (NR/NR) |
| 600000 | 5.000 | 09/02/2027 | 627246 |
| 220000 | 5.000 | 09/02/2028 | 232583 |
| 230000 | 5.000 | 09/02/2029 | 243967 |
| 240000 | 5.000 | 09/02/2030 | 256132 |
| 1095000 | 5.000 | 09/02/2034 | 1179280 |
| 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) |
| 750000 | 5.000 | 05/15/2026 | 763650 |
| 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) |
| 3150000 | 5.000 | 05/15/2028 | 3303382 |
| 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 | 1015201 |
| 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-) |
| 5060000 | 5.000 | 05/15/2030 | 5222814 |
| 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 | 308893 |
| 330000 | 4.000 | 09/01/2030 | 333165 |
| 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 | 100812 |
| 100000 | 5.000 | 09/01/2027 | 100802 |
| 95000 | 5.000 | 09/01/2028 | 95738 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **211** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR) – (continued) | City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR) – (continued) | City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR) – (continued) | City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR) – (continued) |
| $95000 | 5.000% | 09/01/2029 | $95709 |
| City of San Francisco Infrastructure and Revitalization Financing District Tax Increment RB Series 2022A (NR/NR) | City of San Francisco Infrastructure and Revitalization Financing District Tax Increment RB Series 2022A (NR/NR) | City of San Francisco Infrastructure and Revitalization Financing District Tax Increment RB Series 2022A (NR/NR) | City of San Francisco Infrastructure and Revitalization Financing District Tax Increment RB Series 2022A (NR/NR) |
| 160000 | 5.000 <sup>(d)</sup> | 09/01/2027 | 166916 |
| City of San José Multifamily Housing RB for Parkmoor Series 2023F-2 (Cash Collateralized) (HUD SECT 8) (Aaa/NR) | City of San José Multifamily Housing RB for Parkmoor Series 2023F-2 (Cash Collateralized) (HUD SECT 8) (Aaa/NR) | City of San José Multifamily Housing RB for Parkmoor Series 2023F-2 (Cash Collateralized) (HUD SECT 8) (Aaa/NR) | City of San José Multifamily Housing RB for Parkmoor Series 2023F-2 (Cash Collateralized) (HUD SECT 8) (Aaa/NR) |
| 1450000 | 5.000 <sup>(b)(c)</sup> | 06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479472 |
| Community Facilities District No. 2003-3 of The City of Chino Improvement Area No. 10 2024 Special Tax Bonds (NR/NR) | Community Facilities District No. 2003-3 of The City of Chino Improvement Area No. 10 2024 Special Tax Bonds (NR/NR) | Community Facilities District No. 2003-3 of The City of Chino Improvement Area No. 10 2024 Special Tax Bonds (NR/NR) | Community Facilities District No. 2003-3 of The City of Chino Improvement Area No. 10 2024 Special Tax Bonds (NR/NR) |
| 350000 | 4.000 | 09/01/2029 | 353117 |
| Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2021 Subseries A-2 (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2021 Subseries A-2 (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2021 Subseries A-2 (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2021 Subseries A-2 (Aa2/NR) |
| 4010000 | 3.850 <sup>(b)(c)</sup> | 07/01/2051 | 4010000 |
| Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2023 Series C (Aa2/A/A-1) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2023 Series C (Aa2/A/A-1) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2023 Series C (Aa2/A/A-1) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2023 Series C (Aa2/A/A-1) |
| 5420000 | 3.850 <sup>(b)(c)</sup> | 07/01/2057 | 5420000 |
| Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2023 Series C-2 (Aa2/A/A-1) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2023 Series C-2 (Aa2/A/A-1) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2023 Series C-2 (Aa2/A/A-1) | Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB 2023 Series C-2 (Aa2/A/A-1) |
| 6370000 | 3.750 <sup>(b)(c)</sup> | 07/01/2055 | 6370000 |
| Department of Water and Power of The City of Los Angeles Water System RB 2018 Series B (Aa2/AA-) | Department of Water and Power of The City of Los Angeles Water System RB 2018 Series B (Aa2/AA-) | Department of Water and Power of The City of Los Angeles Water System RB 2018 Series B (Aa2/AA-) | Department of Water and Power of The City of Los Angeles Water System RB 2018 Series B (Aa2/AA-) |
| 1515000 | 5.000 | 07/01/2032 | 1584470 |
| Department of Water and Power of The City of Los Angeles Water System Variable Rate Demand RB 2001 Series B Subseries B-4 (Aa2/NR) | Department of Water and Power of The City of Los Angeles Water System Variable Rate Demand RB 2001 Series B Subseries B-4 (Aa2/NR) | Department of Water and Power of The City of Los Angeles Water System Variable Rate Demand RB 2001 Series B Subseries B-4 (Aa2/NR) | Department of Water and Power of The City of Los Angeles Water System Variable Rate Demand RB 2001 Series B Subseries B-4 (Aa2/NR) |
| 11900000 | 3.850 <sup>(b)(c)</sup> | 07/01/2035 | 11900000 |
| EL Rancho Unified School District Los Angeles County California GO Bond Anticipation Notes Series 2025 (NR/A+) | EL Rancho Unified School District Los Angeles County California GO Bond Anticipation Notes Series 2025 (NR/A+) | EL Rancho Unified School District Los Angeles County California GO Bond Anticipation Notes Series 2025 (NR/A+) | EL Rancho Unified School District Los Angeles County California GO Bond Anticipation Notes Series 2025 (NR/A+) |
| 3000000 | 0.000 <sup>(g)</sup> | 08/01/2028 | 2693922 |
| Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A) | Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A) | Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A) | Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A) |
| 2900000 | 5.000 | 11/01/2029 | 3101914 |
| Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (Aa3/A+) | Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (Aa3/A+) | Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (Aa3/A+) | Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (Aa3/A+) |
| 5000000 | 5.000 <sup>(a)</sup> | 06/01/2025 | 5019439 |
| Harbor Department of The City of Los Angeles Refunding RB 2024 Series A-1 (AMT) (Aa2/AA+) | Harbor Department of The City of Los Angeles Refunding RB 2024 Series A-1 (AMT) (Aa2/AA+) | Harbor Department of The City of Los Angeles Refunding RB 2024 Series A-1 (AMT) (Aa2/AA+) | Harbor Department of The City of Los Angeles Refunding RB 2024 Series A-1 (AMT) (Aa2/AA+) |
| 3000000 | 5.000 | 08/01/2031 | 3256041 |
| 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-) |
| 2100000 | 3.678 | 06/01/2038 | 2021822 |
| Irvine Facilities Financing Authority Gateway Preserve Land Acquisition Project Lease RB, Series 2023A (NR/AA+) | Irvine Facilities Financing Authority Gateway Preserve Land Acquisition Project Lease RB, Series 2023A (NR/AA+) | Irvine Facilities Financing Authority Gateway Preserve Land Acquisition Project Lease RB, Series 2023A (NR/AA+) | Irvine Facilities Financing Authority Gateway Preserve Land Acquisition Project Lease RB, Series 2023A (NR/AA+) |
| 7000000 | 5.250 | 05/01/2048 | 7085189 |
| 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) |
| 645000 | 5.000 | 09/01/2025 | 649448 |
| 645000 | 5.000 | 09/01/2026 | 660636 |
| 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) |
| 475000 | 5.000 | 09/01/2025 | 478276 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| 425000 | 5.000% | 09/01/2026 | 435302 |
| Los Angeles Community College District Los Angeles County California 2020 GO Refunding Bonds Federally Taxable (Aaa/AA+) | Los Angeles Community College District Los Angeles County California 2020 GO Refunding Bonds Federally Taxable (Aaa/AA+) | Los Angeles Community College District Los Angeles County California 2020 GO Refunding Bonds Federally Taxable (Aaa/AA+) | Los Angeles Community College District Los Angeles County California 2020 GO Refunding Bonds Federally Taxable (Aaa/AA+) |
| 1800000 | 1.606 | 08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672842 |
| Los Angeles County Development Authority Multifamily Housing RB West La Va - Building 156 & 157 Apartments, 2023 Series C (HUD SECT 8) (Aaa/NR) | Los Angeles County Development Authority Multifamily Housing RB West La Va - Building 156 & 157 Apartments, 2023 Series C (HUD SECT 8) (Aaa/NR) | Los Angeles County Development Authority Multifamily Housing RB West La Va - Building 156 & 157 Apartments, 2023 Series C (HUD SECT 8) (Aaa/NR) | Los Angeles County Development Authority Multifamily Housing RB West La Va - Building 156 & 157 Apartments, 2023 Series C (HUD SECT 8) (Aaa/NR) |
| 2370000 | 3.750 <sup>(b)(c)</sup> | 12/01/2046 | 2381185 |
| Los Angeles Unified School District County of Los Angeles California 2024 GO Refunding Bonds Series A (Aa2/NR) | Los Angeles Unified School District County of Los Angeles California 2024 GO Refunding Bonds Series A (Aa2/NR) | Los Angeles Unified School District County of Los Angeles California 2024 GO Refunding Bonds Series A (Aa2/NR) | Los Angeles Unified School District County of Los Angeles California 2024 GO Refunding Bonds Series A (Aa2/NR) |
| 1825000 | 5.000 | 07/01/2026 | 1878780 |
| 3645000 | 5.000 | 07/01/2027 | 3839778 |
| Modesto Financing Authority Domestic Project RB 2007F (NATL) (Baa3/AA) | Modesto Financing Authority Domestic Project RB 2007F (NATL) (Baa3/AA) | Modesto Financing Authority Domestic Project RB 2007F (NATL) (Baa3/AA) | Modesto Financing Authority Domestic Project RB 2007F (NATL) (Baa3/AA) |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.63%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.63%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.63%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.63%) |
| 7000000 | 3.698 <sup>(f)</sup> | 09/01/2037 | 6651297 |
| Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/A-) | Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/A-) | Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/A-) | Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/A-) |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.72%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.72%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.72%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.72%) |
| 5275000 | 3.783 <sup>(f)</sup> | 07/01/2027 | 5271175 |
| 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 | 260678 |
| 200000 | 5.000 | 08/15/2028 | 211051 |
| Perris Joint Powers Authority Local Agency RB 2024 Series (NR/NR) | Perris Joint Powers Authority Local Agency RB 2024 Series (NR/NR) | Perris Joint Powers Authority Local Agency RB 2024 Series (NR/NR) | Perris Joint Powers Authority Local Agency RB 2024 Series (NR/NR) |
| 820000 | 5.000 | 09/01/2026 | 842519 |
| 870000 | 5.000 | 09/01/2027 | 907606 |
| 900000 | 5.000 | 09/01/2028 | 946979 |
| 930000 | 5.000 | 09/01/2029 | 985674 |
| 1005000 | 5.000 | 09/01/2030 | 1069994 |
| 1080000 | 5.000 | 09/01/2031 | 1150651 |
| 1145000 | 5.000 | 09/01/2032 | 1220976 |
| 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) |
| 400000 | 4.000 | 09/01/2025 | 400871 |
| 305000 | 4.000 | 09/01/2027 | 307008 |
| 500000 | 4.000 | 09/01/2028 | 502734 |
| 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) |
| 205000 | 4.000 | 09/01/2025 | 205353 |
| 210000 | 4.000 | 09/01/2026 | 211279 |
| Rocklin City of CFD No. 10 Whitney Ranch Special Tax Bonds, Series 2019 (NR/NR) | Rocklin City of CFD No. 10 Whitney Ranch Special Tax Bonds, Series 2019 (NR/NR) | Rocklin City of CFD No. 10 Whitney Ranch Special Tax Bonds, Series 2019 (NR/NR) | Rocklin City of CFD No. 10 Whitney Ranch Special Tax Bonds, Series 2019 (NR/NR) |
| 100000 | 5.000 | 09/01/2030 | 100713 |
| 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 | 795549 |
| Sacramento City Financing Authority RB Series 2007B (NATL) (Aa3/AA-) | Sacramento City Financing Authority RB Series 2007B (NATL) (Aa3/AA-) | Sacramento City Financing Authority RB Series 2007B (NATL) (Aa3/AA-) | Sacramento City Financing Authority RB Series 2007B (NATL) (Aa3/AA-) |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.57%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.57%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.57%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.57%) |
| 10000000 | 3.639 <sup>(f)</sup> | 06/01/2039 | 9128484 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 212 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-) | Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-) | Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-) | Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-) |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.55%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.55%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.55%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.55%) |
| $14165000 | 3.619 %<sup>(f)</sup> | 06/01/2034 | $13733752 |
| San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2019 H (AMT) (A1/AA-) | San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2019 H (AMT) (A1/AA-) | San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2019 H (AMT) (A1/AA-) | San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2019 H (AMT) (A1/AA-) |
| 4000000 | 5.000 | 05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4135242 |
| San Gorgonio Memorial Healthcare District 2020 GO Refunding Bonds (B1/NR) | San Gorgonio Memorial Healthcare District 2020 GO Refunding Bonds (B1/NR) | San Gorgonio Memorial Healthcare District 2020 GO Refunding Bonds (B1/NR) | San Gorgonio Memorial Healthcare District 2020 GO Refunding Bonds (B1/NR) |
| 930000 | 4.000 | 08/01/2025 | 925705 |
| 1020000 | 3.000 | 08/01/2026 | 985191 |
| 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) |
| 320000 | 4.000 | 07/01/2026 | 321757 |
| 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-) |
| 5760000 | 5.000 | 03/01/2026 | 5774192 |
| State of California Various Purpose GO Bonds (Aa2/AA-) | State of California Various Purpose GO Bonds (Aa2/AA-) | State of California Various Purpose GO Bonds (Aa2/AA-) | State of California Various Purpose GO Bonds (Aa2/AA-) |
| 6560000 | 7.500 | 04/01/2034 | 7589420 |
| 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-) |
| 2350000 | 5.000 | 04/01/2026 | 2403539 |
| 2350000 | 5.000 | 04/01/2027 | 2449926 |
| 20000000 | 5.000 | 12/01/2028 | 21446464 |
| The Regents of The University of California General RB 2025 Series Bz (Aa2/AA) | The Regents of The University of California General RB 2025 Series Bz (Aa2/AA) | The Regents of The University of California General RB 2025 Series Bz (Aa2/AA) | The Regents of The University of California General RB 2025 Series Bz (Aa2/AA) |
| 7600000 | 5.000 | 05/15/2028 | 8135768 |
| 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 | 1225031 |
| 1435000 | 5.000 | 10/01/2028 | 1491348 |
| Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A Tax-Exempt Green Bonds (NR/NR) | Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A Tax-Exempt Green Bonds (NR/NR) | Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A Tax-Exempt Green Bonds (NR/NR) | Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A Tax-Exempt Green Bonds (NR/NR) |
| 1260000 | 5.000 | 10/01/2027 | 1299800 |
| Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (Baa3/NR) | Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (Baa3/NR) | Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (Baa3/NR) | Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (Baa3/NR) |
| 225000 | 5.000 | 07/01/2025 | 225651 |
| 250000 | 5.000 | 07/01/2026 | 254244 |
|  |  |  | 382133784 |
| Colorado - 3.6% | Colorado - 3.6% | Colorado - 3.6% | Colorado - 3.6% |
| Baseline Metropolitan District No.1 In The City and County of Broomfield Colorado Special Revenue Refunding and Improvement Bonds Series 2024A (AGC) (NR/AA) | Baseline Metropolitan District No.1 In The City and County of Broomfield Colorado Special Revenue Refunding and Improvement Bonds Series 2024A (AGC) (NR/AA) | Baseline Metropolitan District No.1 In The City and County of Broomfield Colorado Special Revenue Refunding and Improvement Bonds Series 2024A (AGC) (NR/AA) | Baseline Metropolitan District No.1 In The City and County of Broomfield Colorado Special Revenue Refunding and Improvement Bonds Series 2024A (AGC) (NR/AA) |
| 300000 | 5.000 | 12/01/2025 | 303302 |
| 500000 | 5.000 | 12/01/2026 | 513300 |
| 1000000 | 5.000 | 12/01/2027 | 1042981 |
| 580000 | 5.000 | 12/01/2028 | 612431 |
| 750000 | 5.000 | 12/01/2029 | 800138 |
| 750000 | 5.000 | 12/01/2030 | 807137 |
| 1000000 | 5.000 | 12/01/2031 | 1084052 |
| 1050000 | 5.000 | 12/01/2032 | 1136765 |
| 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 | 1301168 |
| 1215000 | 5.000 | 11/15/2027 | 1279821 |
| 1380000 | 5.000 | 11/15/2028 | 1477257 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 | $1011060 |
| 3750000 | 5.250 | 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864377 |
| 4500000 | 5.250 | 11/15/2027 | 4715986 |
| 6500000 | 5.500 | 11/15/2028 | 6958058 |
| City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/AA-) | City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/AA-) | City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/AA-) | City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/AA-) |
| 1850000 | 5.000 | 11/15/2025 | 1870462 |
| 9980000 | 5.000 | 11/15/2026 | 10245316 |
| Colorado Health Facilities Authority RB for AdventHealth Obligated Group Series 2019B (NR/NR) | Colorado Health Facilities Authority RB for AdventHealth Obligated Group Series 2019B (NR/NR) | Colorado Health Facilities Authority RB for AdventHealth Obligated Group Series 2019B (NR/NR) | Colorado Health Facilities Authority RB for AdventHealth Obligated Group Series 2019B (NR/NR) |
| 1585000 | 5.000 <sup>(a)(b)(c)</sup> | 11/19/2026 | 1632625 |
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) |
| 405000 | 5.000 | 08/01/2025 | 407511 |
| 1715000 | 5.000 | 08/01/2026 | 1759092 |
| 4325000 | 5.000 | 08/01/2027 | 4511958 |
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-2 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-2 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-2 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-2 (A3/A-) |
| 2675000 | 5.000 | 08/01/2026 | 2743774 |
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) |
| 7700000 | 5.000 <sup>(b)(c)</sup> | 08/01/2049 | 7817149 |
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (A3/A-) |
| 125000 | 5.000 | 11/01/2025 | 126388 |
| 1145000 | 5.000 | 11/01/2026 | 1179762 |
| 125000 | 5.000 | 11/01/2027 | 130939 |
| Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+) | Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+) | Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+) | Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+) |
| 22000000 | 5.000 <sup>(b)(c)</sup> | 05/15/2062 | 23238538 |
| Colorado Health Facilities Authority RB for Sanford Series 2019A (NR/A+) | Colorado Health Facilities Authority RB for Sanford Series 2019A (NR/A+) | Colorado Health Facilities Authority RB for Sanford Series 2019A (NR/A+) | Colorado Health Facilities Authority RB for Sanford Series 2019A (NR/A+) |
| 500000 | 5.000 | 11/01/2025 | 505813 |
| Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (A3/A-) |
| 1000000 | 5.000 | 08/01/2030 | 1066460 |
| Colorado Health Facilities Authority RB Series 2019B Series 2019B-1 (A3/A-) | Colorado Health Facilities Authority RB Series 2019B Series 2019B-1 (A3/A-) | Colorado Health Facilities Authority RB Series 2019B Series 2019B-1 (A3/A-) | Colorado Health Facilities Authority RB Series 2019B Series 2019B-1 (A3/A-) |
| 8015000 | 5.000 <sup>(b)(c)</sup> | 08/01/2049 | 8029090 |
| Colorado Health Facilities Authority RB Series 2025A (NR/NR) | Colorado Health Facilities Authority RB Series 2025A (NR/NR) | Colorado Health Facilities Authority RB Series 2025A (NR/NR) | Colorado Health Facilities Authority RB Series 2025A (NR/NR) |
| 1060000 | 5.000 <sup>(e)</sup> | 12/01/2025 | 1071810 |
| 740000 | 5.000 <sup>(e)</sup> | 12/01/2026 | 760899 |
| 800000 | 5.000 <sup>(e)</sup> | 12/01/2027 | 834855 |
| 830000 | 5.000 <sup>(e)</sup> | 12/01/2028 | 876935 |
| 545000 | 5.000 <sup>(e)</sup> | 12/01/2029 | 581945 |
| 1070000 | 5.000 <sup>(e)</sup> | 12/01/2030 | 1151708 |
| 1120000 | 5.000 <sup>(e)</sup> | 12/01/2031 | 1215163 |
| 1175000 | 5.000 <sup>(e)</sup> | 12/01/2032 | 1278823 |
| 1000000 | 5.000 <sup>(e)</sup> | 12/01/2033 | 1094026 |
| Colorado High Performance Transportation Enterprise C-470 Express Lanes Senior RB Series 2017 (NR/NR) | Colorado High Performance Transportation Enterprise C-470 Express Lanes Senior RB Series 2017 (NR/NR) | Colorado High Performance Transportation Enterprise C-470 Express Lanes Senior RB Series 2017 (NR/NR) | Colorado High Performance Transportation Enterprise C-470 Express Lanes Senior RB Series 2017 (NR/NR) |
| 1000000 | 5.000 | 12/31/2047 | 999956 |
| 1000000 | 5.000 | 12/31/2051 | 978088 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **213** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Housing and Finance Authority for The Benefit of Fitz Affordable Owner LLC Multifamily Housing RB for Fitzsimons Gateway Apartments Project Series 2024B (Aaa/NR) | Colorado Housing and Finance Authority for The Benefit of Fitz Affordable Owner LLC Multifamily Housing RB for Fitzsimons Gateway Apartments Project Series 2024B (Aaa/NR) | Colorado Housing and Finance Authority for The Benefit of Fitz Affordable Owner LLC Multifamily Housing RB for Fitzsimons Gateway Apartments Project Series 2024B (Aaa/NR) | Colorado Housing and Finance Authority for The Benefit of Fitz Affordable Owner LLC Multifamily Housing RB for Fitzsimons Gateway Apartments Project Series 2024B (Aaa/NR) |
| $2000000 | 3.180 %<sup>(b)(c)</sup> | 09/01/2028 | $1997353 |
| Colorado Housing and Finance Authority Multifamily Housing RB for The Reserves at Eagle Point Project Series 2024 (Aaa/NR) | Colorado Housing and Finance Authority Multifamily Housing RB for The Reserves at Eagle Point Project Series 2024 (Aaa/NR) | Colorado Housing and Finance Authority Multifamily Housing RB for The Reserves at Eagle Point Project Series 2024 (Aaa/NR) | Colorado Housing and Finance Authority Multifamily Housing RB for The Reserves at Eagle Point Project Series 2024 (Aaa/NR) |
| 1330000 | 3.500 <sup>(b)(c)</sup> | 11/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334035 |
| Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB) | Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB) | Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB) | Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB) |
| 5245000 | 5.000 <sup>(d)</sup> | 12/01/2026 | 5362243 |
| 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-) |
| 2000000 | 5.000 | 12/01/2026 | 2011858 |
| 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) |
| 205000 | 5.000 | 12/01/2025 | 206648 |
| E-470 Public Highway Authority Colorado Revenue Refunding Bonds Series 2004 A (NATL) (A1/A+) | E-470 Public Highway Authority Colorado Revenue Refunding Bonds Series 2004 A (NATL) (A1/A+) | E-470 Public Highway Authority Colorado Revenue Refunding Bonds Series 2004 A (NATL) (A1/A+) | E-470 Public Highway Authority Colorado Revenue Refunding Bonds Series 2004 A (NATL) (A1/A+) |
| 16250000 | 0.000 <sup>(g)</sup> | 09/01/2027 | 15020000 |
| E-470 Public Highway Authority RB Series 2004 A (NATL) (A1/A+) | E-470 Public Highway Authority RB Series 2004 A (NATL) (A1/A+) | E-470 Public Highway Authority RB Series 2004 A (NATL) (A1/A+) | E-470 Public Highway Authority RB Series 2004 A (NATL) (A1/A+) |
| 4040000 | 0.000 <sup>(g)</sup> | 09/01/2028 | 3604675 |
| Maiker Housing Partners Multifamily Housing RB for Overlook at Thornton Series 2023 (Aaa/NR) | Maiker Housing Partners Multifamily Housing RB for Overlook at Thornton Series 2023 (Aaa/NR) | Maiker Housing Partners Multifamily Housing RB for Overlook at Thornton Series 2023 (Aaa/NR) | Maiker Housing Partners Multifamily Housing RB for Overlook at Thornton Series 2023 (Aaa/NR) |
| 2500000 | 4.500 <sup>(b)(c)</sup> | 05/01/2042 | 2502559 |
| Regional Transportation District Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1/NR) | Regional Transportation District Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1/NR) | Regional Transportation District Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1/NR) | Regional Transportation District Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1/NR) |
| 450000 | 5.000 | 07/15/2028 | 469262 |
| Regional Transportation District Sales Tax RB for Fastracks Project Series 2016A (Aa2/AAA) | Regional Transportation District Sales Tax RB for Fastracks Project Series 2016A (Aa2/AAA) | Regional Transportation District Sales Tax RB for Fastracks Project Series 2016A (Aa2/AAA) | Regional Transportation District Sales Tax RB for Fastracks Project Series 2016A (Aa2/AAA) |
| 19445000 | 5.000 | 11/01/2046 | 19682359 |
| Regional Transportation District Tax Exempt NON-AMT Private Activity Bonds Series 2020A Taxable Private Activity Bonds Series 2020B (Baa1/NR) | Regional Transportation District Tax Exempt NON-AMT Private Activity Bonds Series 2020A Taxable Private Activity Bonds Series 2020B (Baa1/NR) | Regional Transportation District Tax Exempt NON-AMT Private Activity Bonds Series 2020A Taxable Private Activity Bonds Series 2020B (Baa1/NR) | Regional Transportation District Tax Exempt NON-AMT Private Activity Bonds Series 2020A Taxable Private Activity Bonds Series 2020B (Baa1/NR) |
| 350000 | 3.000 | 01/15/2026 | 348734 |
| Regional Transportation District Tax Exempt Private Activity Bonds Series 2020 (Baa1/NR) | Regional Transportation District Tax Exempt Private Activity Bonds Series 2020 (Baa1/NR) | Regional Transportation District Tax Exempt Private Activity Bonds Series 2020 (Baa1/NR) | Regional Transportation District Tax Exempt Private Activity Bonds Series 2020 (Baa1/NR) |
| 250000 | 5.000 | 07/15/2026 | 254846 |
| 500000 | 5.000 | 01/15/2027 | 513259 |
| 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 | 75820 |
| 190000 | 5.000 | 12/01/2026 | 195050 |
| 150000 | 5.000 | 12/01/2027 | 155963 |
| 235000 | 5.000 | 12/01/2028 | 247107 |
| 175000 | 5.000 | 12/01/2029 | 185735 |
| 300000 | 4.000 | 12/01/2030 | 307308 |
| 300000 | 4.000 | 12/01/2031 | 306053 |
| State of Colorado Higher Education Health Sciences Facilities Certificates of Participation Series 2024A (Aa2/AA-) | State of Colorado Higher Education Health Sciences Facilities Certificates of Participation Series 2024A (Aa2/AA-) | State of Colorado Higher Education Health Sciences Facilities Certificates of Participation Series 2024A (Aa2/AA-) | State of Colorado Higher Education Health Sciences Facilities Certificates of Participation Series 2024A (Aa2/AA-) |
| 590000 | 5.000 | 11/01/2030 | 648880 |
| 455000 | 5.000 | 11/01/2031 | 505277 |
| 275000 | 5.000 | 11/01/2032 | 308096 |
| The Canyons Metropolitan District No. 5 in The City of Castle Pines Limited Tax GO and Special Revenue Refunding and Improvement Bonds Series 2024A (BAM) (NR/AA) | The Canyons Metropolitan District No. 5 in The City of Castle Pines Limited Tax GO and Special Revenue Refunding and Improvement Bonds Series 2024A (BAM) (NR/AA) | The Canyons Metropolitan District No. 5 in The City of Castle Pines Limited Tax GO and Special Revenue Refunding and Improvement Bonds Series 2024A (BAM) (NR/AA) | The Canyons Metropolitan District No. 5 in The City of Castle Pines Limited Tax GO and Special Revenue Refunding and Improvement Bonds Series 2024A (BAM) (NR/AA) |
| 250000 | 5.000 | 12/01/2027 | 260157 |
| 225000 | 5.000 | 12/01/2028 | 238032 |
| 200000 | 5.000 | 12/01/2029 | 214176 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| The Canyons Metropolitan District No. 5 in The City of Castle Pines Limited Tax GO and Special Revenue Refunding and Improvement Bonds Series 2024A (BAM) (NR/AA) – (continued) | The Canyons Metropolitan District No. 5 in The City of Castle Pines Limited Tax GO and Special Revenue Refunding and Improvement Bonds Series 2024A (BAM) (NR/AA) – (continued) | The Canyons Metropolitan District No. 5 in The City of Castle Pines Limited Tax GO and Special Revenue Refunding and Improvement Bonds Series 2024A (BAM) (NR/AA) – (continued) | The Canyons Metropolitan District No. 5 in The City of Castle Pines Limited Tax GO and Special Revenue Refunding and Improvement Bonds Series 2024A (BAM) (NR/AA) – (continued) |
| 200000 | 5.000% | 12/01/2030 | 215745 |
| 200000 | 5.000 | 12/01/2031 | 217695 |
| 250000 | 5.000 | 12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274114 |
| Trails At Crowfoot Metropolitan District No. 3 In The Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) | Trails At Crowfoot Metropolitan District No. 3 In The Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) | Trails At Crowfoot Metropolitan District No. 3 In The Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) | Trails At Crowfoot Metropolitan District No. 3 In The Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) |
| 50000 | 5.000 | 12/01/2025 | 50558 |
| 80000 | 5.000 | 12/01/2026 | 82523 |
| 110000 | 5.000 | 12/01/2028 | 117115 |
| 130000 | 5.000 | 12/01/2029 | 140616 |
| 150000 | 5.000 | 12/01/2030 | 163420 |
| 150000 | 5.000 | 12/01/2031 | 165144 |
| University of Colorado Hospital Authority Revenue and Refunding RB Series 2024A (Aa2/AA) | University of Colorado Hospital Authority Revenue and Refunding RB Series 2024A (Aa2/AA) | University of Colorado Hospital Authority Revenue and Refunding RB Series 2024A (Aa2/AA) | University of Colorado Hospital Authority Revenue and Refunding RB Series 2024A (Aa2/AA) |
| 10765000 | 5.000 | 11/15/2029 | 11660043 |
| University of Colorado Regents Enterprise Refunding RB Series 2021C3B (Aa1/NR) (PUTABLE) | University of Colorado Regents Enterprise Refunding RB Series 2021C3B (Aa1/NR) (PUTABLE) | University of Colorado Regents Enterprise Refunding RB Series 2021C3B (Aa1/NR) (PUTABLE) | University of Colorado Regents Enterprise Refunding RB Series 2021C3B (Aa1/NR) (PUTABLE) |
| 5000000 | 2.000 <sup>(b)(c)</sup> | 06/01/2051 | 4881117 |
| 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) |
| 125000 | 5.000 | 12/15/2027 | 128868 |
|  |  |  | 178069361 |
| Connecticut - 1.1% | Connecticut - 1.1% | Connecticut - 1.1% | Connecticut - 1.1% |
| City of Bridgeport Connecticut GO Bonds 2024 Series A (BAM) (NR/AA) | City of Bridgeport Connecticut GO Bonds 2024 Series A (BAM) (NR/AA) | City of Bridgeport Connecticut GO Bonds 2024 Series A (BAM) (NR/AA) | City of Bridgeport Connecticut GO Bonds 2024 Series A (BAM) (NR/AA) |
| 1000000 | 5.000 | 07/01/2030 | 1089367 |
| 2200000 | 5.000 | 07/01/2031 | 2418920 |
| 800000 | 5.000 | 07/01/2032 | 886172 |
| City of New Haven GO Bonds Series 2018 A (NR/A-) | City of New Haven GO Bonds Series 2018 A (NR/A-) | City of New Haven GO Bonds Series 2018 A (NR/A-) | City of New Haven GO Bonds Series 2018 A (NR/A-) |
| 600000 | 5.000 | 08/01/2025 | 603461 |
| City of New Haven GO Bonds Series 2023 (Baa1/A-) | City of New Haven GO Bonds Series 2023 (Baa1/A-) | City of New Haven GO Bonds Series 2023 (Baa1/A-) | City of New Haven GO Bonds Series 2023 (Baa1/A-) |
| 500000 | 5.000 | 08/01/2025 | 502884 |
| City of New Haven GO Bonds Series 2023 (BAM) (Baa1/AA) | City of New Haven GO Bonds Series 2023 (BAM) (Baa1/AA) | City of New Haven GO Bonds Series 2023 (BAM) (Baa1/AA) | City of New Haven GO Bonds Series 2023 (BAM) (Baa1/AA) |
| 700000 | 5.000 | 08/01/2026 | 717267 |
| 650000 | 5.000 | 08/01/2027 | 679742 |
| 900000 | 5.000 | 08/01/2028 | 956028 |
| City of New Haven GO Refunding Bonds Issue of 2024 (AGC) (A1/AA) | City of New Haven GO Refunding Bonds Issue of 2024 (AGC) (A1/AA) | City of New Haven GO Refunding Bonds Issue of 2024 (AGC) (A1/AA) | City of New Haven GO Refunding Bonds Issue of 2024 (AGC) (A1/AA) |
| 3000000 | 5.000 | 08/01/2032 | 3300567 |
| Connecticut Health & Educational Facilities Authority RB for University of Hartford Series N (NR/BB+) | Connecticut Health & Educational Facilities Authority RB for University of Hartford Series N (NR/BB+) | Connecticut Health & Educational Facilities Authority RB for University of Hartford Series N (NR/BB+) | Connecticut Health & Educational Facilities Authority RB for University of Hartford Series N (NR/BB+) |
| 390000 | 5.000 | 07/01/2025 | 390326 |
| Connecticut Housing Finance Authority Housing Mortgage Finance Program Bonds 2024 Series D (Aaa/AAA/A-1+) | Connecticut Housing Finance Authority Housing Mortgage Finance Program Bonds 2024 Series D (Aaa/AAA/A-1+) | Connecticut Housing Finance Authority Housing Mortgage Finance Program Bonds 2024 Series D (Aaa/AAA/A-1+) | Connecticut Housing Finance Authority Housing Mortgage Finance Program Bonds 2024 Series D (Aaa/AAA/A-1+) |
| 4185000 | 3.850 <sup>(b)(c)</sup> | 11/15/2064 | 4187871 |
| Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (Aa2/AA) | Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (Aa2/AA) | Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (Aa2/AA) | Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (Aa2/AA) |
| 5540000 | 5.000 | 11/01/2026 | 5736154 |
| Housing Authority of The City of Norwalk Multifamily Housing RB Wall Street Place Series 2024 (Aaa/NR) | Housing Authority of The City of Norwalk Multifamily Housing RB Wall Street Place Series 2024 (Aaa/NR) | Housing Authority of The City of Norwalk Multifamily Housing RB Wall Street Place Series 2024 (Aaa/NR) | Housing Authority of The City of Norwalk Multifamily Housing RB Wall Street Place Series 2024 (Aaa/NR) |
| 2425000 | 3.050 <sup>(b)(c)</sup> | 09/01/2058 | 2412216 |
| 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 | 7477763 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 214 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 GO Unlimited Bonds Series 2019 A (Aa3/AA-) | State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/AA-) | State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/AA-) | State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/AA-) |
| 1500000 | 5.000% | 04/15/2025 | 1501240 |
| State of Connecticut Health & Educational Facilities Authority RB for Hartford Healthcare Series 2020B (NR/A) | State of Connecticut Health & Educational Facilities Authority RB for Hartford Healthcare Series 2020B (NR/A) | State of Connecticut Health & Educational Facilities Authority RB for Hartford Healthcare Series 2020B (NR/A) | State of Connecticut Health & Educational Facilities Authority RB for Hartford Healthcare Series 2020B (NR/A) |
| 5205000 | 5.000 <sup>(b)(c)</sup> | 07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5332038 |
| State of Connecticut Health and Educational Facilities Authority RB for University of Yale Series 2010A-3 (Aaa/AAA) (PUTABLE) | State of Connecticut Health and Educational Facilities Authority RB for University of Yale Series 2010A-3 (Aaa/AAA) (PUTABLE) | State of Connecticut Health and Educational Facilities Authority RB for University of Yale Series 2010A-3 (Aaa/AAA) (PUTABLE) | State of Connecticut Health and Educational Facilities Authority RB for University of Yale Series 2010A-3 (Aaa/AAA) (PUTABLE) |
| 5520000 | 2.950 <sup>(b)(c)</sup> | 07/01/2049 | 5504140 |
| State of Connecticut Health and Educational Facilities Authority RB for University of Yale Series U (Aaa/AAA) | State of Connecticut Health and Educational Facilities Authority RB for University of Yale Series U (Aaa/AAA) | State of Connecticut Health and Educational Facilities Authority RB for University of Yale Series U (Aaa/AAA) | State of Connecticut Health and Educational Facilities Authority RB for University of Yale Series U (Aaa/AAA) |
| 3695000 | 5.000 | 07/01/2033 | 4214275 |
| 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) |
| 2415000 | 5.000 | 07/01/2026 | 2483592 |
| 1500000 | 5.000 | 07/01/2027 | 1571683 |
| 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) |
| 1750000 | 5.000 | 07/01/2026 | 1799704 |
| 2150000 | 5.000 | 07/01/2027 | 2252746 |
|  |  |  | 56018156 |
| 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) | Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2020 (A2/A) (PUTABLE) | Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2020 (A2/A) (PUTABLE) | Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2020 (A2/A) (PUTABLE) |
| 5425000 | 1.050 <sup>(b)(c)</sup> | 01/01/2031 | 5380825 |
| 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 | 701556 |
| 725000 | 5.000 | 06/01/2027 | 741150 |
| Delaware State Economic Development Authority RB Refunding for NRG Energy, Inc. Series 2020 A (Baa3/BBB-) | Delaware State Economic Development Authority RB Refunding for NRG Energy, Inc. Series 2020 A (Baa3/BBB-) | Delaware State Economic Development Authority RB Refunding for NRG Energy, Inc. Series 2020 A (Baa3/BBB-) | Delaware State Economic Development Authority RB Refunding for NRG Energy, Inc. Series 2020 A (Baa3/BBB-) |
| 14650000 | 1.250 <sup>(b)(c)</sup> | 10/01/2045 | 14439875 |
| New Castle County GO Bonds Series 2015 (Aaa/AAA) | New Castle County GO Bonds Series 2015 (Aaa/AAA) | New Castle County GO Bonds Series 2015 (Aaa/AAA) | New Castle County GO Bonds Series 2015 (Aaa/AAA) |
| 5000000 | 5.000 <sup>(a)</sup> | 10/01/2025 | 5053049 |
| University of Delaware RB Series 2015 (NR/NR) | University of Delaware RB Series 2015 (NR/NR) | University of Delaware RB Series 2015 (NR/NR) | University of Delaware RB Series 2015 (NR/NR) |
| 1805000 | 5.000 <sup>(a)</sup> | 05/01/2025 | 1808050 |
|  |  |  | 28124505 |
| District of Columbia - 2.0% | District of Columbia - 2.0% | District of Columbia - 2.0% | District of Columbia - 2.0% |
| District of Columbia Housing Finance Agency Multifamily Housing RB for Edgewood Commons V Apartments Project Series 2023 (HUD SECT 8 FHA 221(D4)) (Aaa/NR) | District of Columbia Housing Finance Agency Multifamily Housing RB for Edgewood Commons V Apartments Project Series 2023 (HUD SECT 8 FHA 221(D4)) (Aaa/NR) | District of Columbia Housing Finance Agency Multifamily Housing RB for Edgewood Commons V Apartments Project Series 2023 (HUD SECT 8 FHA 221(D4)) (Aaa/NR) | District of Columbia Housing Finance Agency Multifamily Housing RB for Edgewood Commons V Apartments Project Series 2023 (HUD SECT 8 FHA 221(D4)) (Aaa/NR) |
| 4840000 | 5.000 <sup>(b)(c)</sup> | 06/01/2027 | 4890973 |
| Metro Washington Airports Authority Airport System Revenue and Refunding Bonds Series 2015B (AMT) (Aa3/AA-) | Metro Washington Airports Authority Airport System Revenue and Refunding Bonds Series 2015B (AMT) (Aa3/AA-) | Metro Washington Airports Authority Airport System Revenue and Refunding Bonds Series 2015B (AMT) (Aa3/AA-) | Metro Washington Airports Authority Airport System Revenue and Refunding Bonds Series 2015B (AMT) (Aa3/AA-) |
| 5000000 | 5.000 | 10/01/2032 | 5025665 |
| 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 | 5691182 |
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2017A (AMT) (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2017A (AMT) (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2017A (AMT) (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2017A (AMT) (Aa3/AA-) |
| 15185000 | 5.000 | 10/01/2029 | 15671609 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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-) |
| 24325000 | 5.000% | 10/01/2026 | 24954662 |
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2022A (AMT) (Aa3/NR) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2022A (AMT) (Aa3/NR) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2022A (AMT) (Aa3/NR) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2022A (AMT) (Aa3/NR) |
| 2395000 | 5.000 | 10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490872 |
| Metropolitan Washington Airports Authority Dulles toll Road RB Third Senior Lien Convertible Capital Appreciation Bonds Series 2009C (AGC) (A1/AA) | Metropolitan Washington Airports Authority Dulles toll Road RB Third Senior Lien Convertible Capital Appreciation Bonds Series 2009C (AGC) (A1/AA) | Metropolitan Washington Airports Authority Dulles toll Road RB Third Senior Lien Convertible Capital Appreciation Bonds Series 2009C (AGC) (A1/AA) | Metropolitan Washington Airports Authority Dulles toll Road RB Third Senior Lien Convertible Capital Appreciation Bonds Series 2009C (AGC) (A1/AA) |
| 28430000 | 6.500 <sup>(a)</sup> | 10/01/2026 | 29975370 |
| Washington Convention and Sports Authority Senior Lien Dedicated Tax Revenue Refunding Bonds Series 2018A (Aa2/A+) | Washington Convention and Sports Authority Senior Lien Dedicated Tax Revenue Refunding Bonds Series 2018A (Aa2/A+) | Washington Convention and Sports Authority Senior Lien Dedicated Tax Revenue Refunding Bonds Series 2018A (Aa2/A+) | Washington Convention and Sports Authority Senior Lien Dedicated Tax Revenue Refunding Bonds Series 2018A (Aa2/A+) |
| 3535000 | 5.000 | 10/01/2027 | 3708191 |
| Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2015B (Aa3/AA-) | Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2015B (Aa3/AA-) | Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2015B (Aa3/AA-) | Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2015B (Aa3/AA-) |
| 4295000 | 5.000 | 10/01/2035 | 4310888 |
| Washington Metropolitan Area Transit Authority Second Lien RB for Sustainability Climate Transition Bonds Series 2023A (NR/AA) | Washington Metropolitan Area Transit Authority Second Lien RB for Sustainability Climate Transition Bonds Series 2023A (NR/AA) | Washington Metropolitan Area Transit Authority Second Lien RB for Sustainability Climate Transition Bonds Series 2023A (NR/AA) | Washington Metropolitan Area Transit Authority Second Lien RB for Sustainability Climate Transition Bonds Series 2023A (NR/AA) |
| 950000 | 5.000 | 07/15/2025 | 955667 |
| 625000 | 5.000 | 07/15/2026 | 642246 |
|  |  |  | 98317325 |
| Florida - 5.1% | Florida - 5.1% | Florida - 5.1% | Florida - 5.1% |
| 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) |
| 990000 | 5.000 | 05/01/2025 | 991131 |
| 1045000 | 5.000 | 05/01/2026 | 1062372 |
| 1095000 | 5.000 | 05/01/2027 | 1130059 |
| 1155000 | 5.000 | 05/01/2028 | 1206298 |
| 1195000 | 2.375 | 05/01/2029 | 1112835 |
| 1225000 | 2.625 | 05/01/2030 | 1124667 |
| 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) |
| 555000 | 3.750 | 05/01/2029 | 547059 |
| Aventura Isles Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Aventura Isles Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Aventura Isles Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Aventura Isles Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) |
| 180000 | 5.000 | 05/01/2025 | 180135 |
| 190000 | 5.000 | 05/01/2026 | 192009 |
| 975000 | 5.000 | 05/01/2034 | 1013843 |
| 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 | 602549 |
| 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) |
| 60000 | 4.500 | 11/01/2025 | 60151 |
| 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 | 2508660 |
| Bellalago Educational Facilities Benefit District Capital Improvement RB, Series 2014 (A2/NR) | Bellalago Educational Facilities Benefit District Capital Improvement RB, Series 2014 (A2/NR) | Bellalago Educational Facilities Benefit District Capital Improvement RB, Series 2014 (A2/NR) | Bellalago Educational Facilities Benefit District Capital Improvement RB, Series 2014 (A2/NR) |
| 1165000 | 4.000 | 05/01/2025 | 1164309 |
| 1220000 | 4.125 | 05/01/2026 | 1216975 |
| 1070000 | 4.250 | 05/01/2027 | 1059522 |
| 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) |
| 200000 | 4.100 | 05/01/2026 | 200100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **215** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |  |
| Bluewaters Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Bluewaters Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Bluewaters Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Bluewaters Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) |
| 168000 | 5.000% | 05/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168117 |
| 176000 | 5.000 | 05/01/2026 | 177731 |
| 185000 | 5.000 | 05/01/2027 | 188165 |
| 1869000 | 5.000 | 05/01/2035 | 1940296 |
| 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+) |
| 16915000 | 5.000 | 07/01/2025 | 16999824 |
| 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) |
| 315000 | 4.000 | 08/01/2030 | 311271 |
| 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 | 218577 |
| Century Gardens Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Century Gardens Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Century Gardens Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Century Gardens Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) |
| 118000 | 5.000 | 05/01/2025 | 118144 |
| 125000 | 5.000 | 05/01/2026 | 126894 |
| 131000 | 5.000 | 05/01/2027 | 134019 |
| 1126000 | 5.000 | 05/01/2034 | 1163806 |
| City of Fort Lauderdale Special Assessment Bonds for Las Olas Isles Underground Project Series 2022 (NR/NR) | City of Fort Lauderdale Special Assessment Bonds for Las Olas Isles Underground Project Series 2022 (NR/NR) | City of Fort Lauderdale Special Assessment Bonds for Las Olas Isles Underground Project Series 2022 (NR/NR) | City of Fort Lauderdale Special Assessment Bonds for Las Olas Isles Underground Project Series 2022 (NR/NR) |
| 220000 | 5.000 <sup>(d)</sup> | 07/01/2029 | 227190 |
| City of Ft. Lauderdale Special Assessment Bonds for Las Olas Isles Undergrounding Project Series 2022 (NR/NR) | City of Ft. Lauderdale Special Assessment Bonds for Las Olas Isles Undergrounding Project Series 2022 (NR/NR) | City of Ft. Lauderdale Special Assessment Bonds for Las Olas Isles Undergrounding Project Series 2022 (NR/NR) | City of Ft. Lauderdale Special Assessment Bonds for Las Olas Isles Undergrounding Project Series 2022 (NR/NR) |
| 180000 | 5.000 <sup>(d)</sup> | 07/01/2025 | 180465 |
| 190000 | 5.000 <sup>(d)</sup> | 07/01/2026 | 192534 |
| 200000 | 5.000 <sup>(d)</sup> | 07/01/2027 | 204080 |
| City of Jacksonville Special Revenue Refunding Bonds Series 2023A (NR/AA) | City of Jacksonville Special Revenue Refunding Bonds Series 2023A (NR/AA) | City of Jacksonville Special Revenue Refunding Bonds Series 2023A (NR/AA) | City of Jacksonville Special Revenue Refunding Bonds Series 2023A (NR/AA) |
| 700000 | 5.000 | 10/01/2025 | 707245 |
| City of Jacksonville Special Revenue Refunding Bonds Series 2023B (NR/AA) | City of Jacksonville Special Revenue Refunding Bonds Series 2023B (NR/AA) | City of Jacksonville Special Revenue Refunding Bonds Series 2023B (NR/AA) | City of Jacksonville Special Revenue Refunding Bonds Series 2023B (NR/AA) |
| 1250000 | 5.000 | 10/01/2025 | 1262937 |
| 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 | 1765000 |
| City of South Miami Health Facilities Authority Florida Hospital Refunding RB Series 2017 Baptist Health South Florida Obligated Group (A1/AA-) | City of South Miami Health Facilities Authority Florida Hospital Refunding RB Series 2017 Baptist Health South Florida Obligated Group (A1/AA-) | City of South Miami Health Facilities Authority Florida Hospital Refunding RB Series 2017 Baptist Health South Florida Obligated Group (A1/AA-) | City of South Miami Health Facilities Authority Florida Hospital Refunding RB Series 2017 Baptist Health South Florida Obligated Group (A1/AA-) |
| 1500000 | 5.000 | 08/15/2047 | 1508990 |
| City of South Miami Health Facilities Authority Hospital RB Refunding for Baptist Health South Florida Obligated Group Series 2017 (A1/AA-) | City of South Miami Health Facilities Authority Hospital RB Refunding for Baptist Health South Florida Obligated Group Series 2017 (A1/AA-) | City of South Miami Health Facilities Authority Hospital RB Refunding for Baptist Health South Florida Obligated Group Series 2017 (A1/AA-) | City of South Miami Health Facilities Authority Hospital RB Refunding for Baptist Health South Florida Obligated Group Series 2017 (A1/AA-) |
| 3000000 | 5.000 | 08/15/2026 | 3069551 |
| 7170000 | 5.000 | 08/15/2027 | 7476406 |
| 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) |
| 2415000 | 5.000 | 05/01/2026 | 2434702 |
| Copper Oaks Community Development District Special Assessment Refunding and Improvement Bonds Series 2021 (NR/NR) | Copper Oaks Community Development District Special Assessment Refunding and Improvement Bonds Series 2021 (NR/NR) | Copper Oaks Community Development District Special Assessment Refunding and Improvement Bonds Series 2021 (NR/NR) | Copper Oaks Community Development District Special Assessment Refunding and Improvement Bonds Series 2021 (NR/NR) |
| 183000 | 3.000 | 05/01/2025 | 182752 |
| 175000 | 3.000 | 05/01/2031 | 159521 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |  |
| Coral Keys Homes Community Development District Miami-Dade County, Florida Special Assessment Bonds, Series 2020 (NR/NR) | Coral Keys Homes Community Development District Miami-Dade County, Florida Special Assessment Bonds, Series 2020 (NR/NR) | Coral Keys Homes Community Development District Miami-Dade County, Florida Special Assessment Bonds, Series 2020 (NR/NR) | Coral Keys Homes Community Development District Miami-Dade County, Florida Special Assessment Bonds, Series 2020 (NR/NR) |
| 170000 | 3.125% | 05/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162762 |
| 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 | 05/01/2025 | 149849 |
| 315000 | 3.000 | 05/01/2026 | 311917 |
| Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR) | Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR) | Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR) | Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR) |
| 145000 | 2.700 <sup>(d)</sup> | 05/01/2025 | 144828 |
| Cypress Mill Community Development District Special Assessment Bonds for Bank Qualified 2023 Project Series 2023 (NR/BBB) | Cypress Mill Community Development District Special Assessment Bonds for Bank Qualified 2023 Project Series 2023 (NR/BBB) | Cypress Mill Community Development District Special Assessment Bonds for Bank Qualified 2023 Project Series 2023 (NR/BBB) | Cypress Mill Community Development District Special Assessment Bonds for Bank Qualified 2023 Project Series 2023 (NR/BBB) |
| 245000 | 4.000 | 05/01/2028 | 245290 |
| 250000 | 4.000 | 05/01/2033 | 235915 |
| 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) |
| 37000 | 4.000 | 11/01/2026 | 36985 |
| Duval County School Board Certificates of Participation Series 2022A (AGM) (NR/AA) | Duval County School Board Certificates of Participation Series 2022A (AGM) (NR/AA) | Duval County School Board Certificates of Participation Series 2022A (AGM) (NR/AA) | Duval County School Board Certificates of Participation Series 2022A (AGM) (NR/AA) |
| 3185000 | 5.000 | 07/01/2026 | 3269862 |
| 5105000 | 5.000 | 07/01/2027 | 5330521 |
| Entrada Community Development District St Johns County, Florida Capital Improvement RB, Series 2021 (NR/NR) | Entrada Community Development District St Johns County, Florida Capital Improvement RB, Series 2021 (NR/NR) | Entrada Community Development District St Johns County, Florida Capital Improvement RB, Series 2021 (NR/NR) | Entrada Community Development District St Johns County, Florida Capital Improvement RB, Series 2021 (NR/NR) |
| 165000 | 2.125 <sup>(d)</sup> | 05/01/2026 | 161664 |
| 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) |
| 2180000 | 4.250 | 05/01/2029 | 2187807 |
| 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) |
| 275000 | 2.000 | 11/01/2025 | 271201 |
| 280000 | 2.000 | 11/01/2026 | 270011 |
| 290000 | 2.000 | 11/01/2027 | 273320 |
| 295000 | 2.000 | 11/01/2028 | 271313 |
| 300000 | 2.000 | 11/01/2029 | 269647 |
| 305000 | 2.125 | 11/01/2030 | 264698 |
| Florida Development Finance Corporation Educational Facilities RB Saint andrew's School of Boca Raton Inc. Project Series 2024A (NR/BBB+) | Florida Development Finance Corporation Educational Facilities RB Saint andrew's School of Boca Raton Inc. Project Series 2024A (NR/BBB+) | Florida Development Finance Corporation Educational Facilities RB Saint andrew's School of Boca Raton Inc. Project Series 2024A (NR/BBB+) | Florida Development Finance Corporation Educational Facilities RB Saint andrew's School of Boca Raton Inc. Project Series 2024A (NR/BBB+) |
| 150000 | 5.000 | 06/01/2028 | 155986 |
| 375000 | 5.000 | 06/01/2029 | 392464 |
| 295000 | 5.000 | 06/01/2030 | 310069 |
| 415000 | 5.000 | 06/01/2031 | 437066 |
| Florida Housing Finance Corp. Multifamily Mortgage RB for Brownsville Transit Village V 2024 Series B (GNMA COLL) (NR/AA+) (PUTABLE) | Florida Housing Finance Corp. Multifamily Mortgage RB for Brownsville Transit Village V 2024 Series B (GNMA COLL) (NR/AA+) (PUTABLE) | Florida Housing Finance Corp. Multifamily Mortgage RB for Brownsville Transit Village V 2024 Series B (GNMA COLL) (NR/AA+) (PUTABLE) | Florida Housing Finance Corp. Multifamily Mortgage RB for Brownsville Transit Village V 2024 Series B (GNMA COLL) (NR/AA+) (PUTABLE) |
| 780000 | 3.350 <sup>(b)(c)</sup> | 10/01/2027 | 781541 |
| Florida Insurance Assistance Interlocal Agency Insurance Assessment RB Series 2023A-1 (Aa2/A) | Florida Insurance Assistance Interlocal Agency Insurance Assessment RB Series 2023A-1 (Aa2/A) | Florida Insurance Assistance Interlocal Agency Insurance Assessment RB Series 2023A-1 (Aa2/A) | Florida Insurance Assistance Interlocal Agency Insurance Assessment RB Series 2023A-1 (Aa2/A) |
| 6425000 | 5.000 | 09/01/2025 | 6434308 |
| 5510000 | 5.000 | 09/01/2026 | 5602522 |
| 4020000 | 5.000 | 09/01/2027 | 4117920 |
| Florida Municipal Power Agency All-Requirements Power Supply Project Refunding RB Series 2016A (A2/NR) | Florida Municipal Power Agency All-Requirements Power Supply Project Refunding RB Series 2016A (A2/NR) | Florida Municipal Power Agency All-Requirements Power Supply Project Refunding RB Series 2016A (A2/NR) | Florida Municipal Power Agency All-Requirements Power Supply Project Refunding RB Series 2016A (A2/NR) |
| 2285000 | 5.000 | 10/01/2027 | 2346249 |
| Flow Way Community Development District Collier County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Flow Way Community Development District Collier County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Flow Way Community Development District Collier County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Flow Way Community Development District Collier County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) |
| 160000 | 5.000 | 05/01/2025 | 160116 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 216 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Flow Way Community Development District Collier County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) – (continued) | Flow Way Community Development District Collier County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) – (continued) | Flow Way Community Development District Collier County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) – (continued) | Flow Way Community Development District Collier County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) – (continued) |
| 165000 | 5.000% | 05/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166692 |
| 125000 | 5.000 | 05/01/2027 | 127238 |
| 745000 | 5.000 | 05/01/2034 | 775245 |
| Flow Way Community Development District Collier County, Florida Special Assessment Bonds, Series 2019 Phase 7 and Phase 8 Projects Bank Qualified (NR/NR) | Flow Way Community Development District Collier County, Florida Special Assessment Bonds, Series 2019 Phase 7 and Phase 8 Projects Bank Qualified (NR/NR) | Flow Way Community Development District Collier County, Florida Special Assessment Bonds, Series 2019 Phase 7 and Phase 8 Projects Bank Qualified (NR/NR) | Flow Way Community Development District Collier County, Florida Special Assessment Bonds, Series 2019 Phase 7 and Phase 8 Projects Bank Qualified (NR/NR) |
| 995000 | 3.700 | 11/01/2029 | 978610 |
| 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+) |
| 255000 | 2.750 | 05/01/2025 | 254617 |
| 260000 | 3.000 | 05/01/2026 | 256885 |
| Gardens at Hammock Beach Community Development District Flagler County Florida Special Assessment Bonds Assessment Area One Series 2024-1 (NR/NR) | Gardens at Hammock Beach Community Development District Flagler County Florida Special Assessment Bonds Assessment Area One Series 2024-1 (NR/NR) | Gardens at Hammock Beach Community Development District Flagler County Florida Special Assessment Bonds Assessment Area One Series 2024-1 (NR/NR) | Gardens at Hammock Beach Community Development District Flagler County Florida Special Assessment Bonds Assessment Area One Series 2024-1 (NR/NR) |
| 190000 | 4.800 | 05/01/2031 | 188830 |
| Gateway Services Community Development District Special Assessment Bonds Series 2023-1 (AGM) (NR/AA) | Gateway Services Community Development District Special Assessment Bonds Series 2023-1 (AGM) (NR/AA) | Gateway Services Community Development District Special Assessment Bonds Series 2023-1 (AGM) (NR/AA) | Gateway Services Community Development District Special Assessment Bonds Series 2023-1 (AGM) (NR/AA) |
| 1730000 | 3.250 | 05/01/2028 | 1714121 |
| Grand Bay at Doral Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2025A-1 (NR/NR) | Grand Bay at Doral Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2025A-1 (NR/NR) | Grand Bay at Doral Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2025A-1 (NR/NR) | Grand Bay at Doral Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2025A-1 (NR/NR) |
| 185000 | 5.000 | 05/01/2026 | 187289 |
| 195000 | 5.000 | 05/01/2027 | 199157 |
| 200000 | 5.000 | 05/01/2028 | 205882 |
| Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2024 (AMT) (Aa3/AA-) | Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2024 (AMT) (Aa3/AA-) | Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2024 (AMT) (Aa3/AA-) | Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2024 (AMT) (Aa3/AA-) |
| 2670000 | 5.000 | 10/01/2032 | 2869624 |
| Harvest Ridge Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Harvest Ridge Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Harvest Ridge Community Development District Special Assessment Bonds Series 2024 (NR/NR) | Harvest Ridge Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| 275000 | 4.375 | 05/01/2031 | 273647 |
| 755000 | 5.125 | 05/01/2044 | 740259 |
| Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) |
| 1000000 | 4.000 | 05/01/2031 | 987047 |
| 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) |
| 175000 | 2.500 | 05/01/2025 | 174782 |
| 200000 | 2.500 | 05/01/2026 | 197531 |
| 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) |
| 320000 | 3.000 | 05/01/2025 | 319517 |
| Hillsborough County Aviation Authority Florida Tampa International Airport RB 2024 Series B (AMT) (Aa3/NR) | Hillsborough County Aviation Authority Florida Tampa International Airport RB 2024 Series B (AMT) (Aa3/NR) | Hillsborough County Aviation Authority Florida Tampa International Airport RB 2024 Series B (AMT) (Aa3/NR) | Hillsborough County Aviation Authority Florida Tampa International Airport RB 2024 Series B (AMT) (Aa3/NR) |
| 1845000 | 5.000 | 10/01/2028 | 1937049 |
| Hillsborough County Industrial Development Authority Health System RB Baycare Health System Series 2024C (Aa2/NR) | Hillsborough County Industrial Development Authority Health System RB Baycare Health System Series 2024C (Aa2/NR) | Hillsborough County Industrial Development Authority Health System RB Baycare Health System Series 2024C (Aa2/NR) | Hillsborough County Industrial Development Authority Health System RB Baycare Health System Series 2024C (Aa2/NR) |
| 3465000 | 5.000 | 11/15/2029 | 3745330 |
| 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) |
| 132000 | 3.000 | 05/01/2025 | 131859 |
| 139000 | 3.000 | 05/01/2026 | 137335 |
| Housing Finance Authority of Broward County Florida Multifamily Housing RB Series 2024 (HUD SECT 8) (Aaa/NR) (PUTABLE) | Housing Finance Authority of Broward County Florida Multifamily Housing RB Series 2024 (HUD SECT 8) (Aaa/NR) (PUTABLE) | Housing Finance Authority of Broward County Florida Multifamily Housing RB Series 2024 (HUD SECT 8) (Aaa/NR) (PUTABLE) | Housing Finance Authority of Broward County Florida Multifamily Housing RB Series 2024 (HUD SECT 8) (Aaa/NR) (PUTABLE) |
| 3750000 | 3.150 <sup>(b)(c)</sup> | 03/01/2028 | 3729543 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Housing Finance Authority of Broward County Multifamily Housing RB for Pinnacle 441 Phase 2 Series 2023 (Aaa/NR) (PUTABLE) | Housing Finance Authority of Broward County Multifamily Housing RB for Pinnacle 441 Phase 2 Series 2023 (Aaa/NR) (PUTABLE) | Housing Finance Authority of Broward County Multifamily Housing RB for Pinnacle 441 Phase 2 Series 2023 (Aaa/NR) (PUTABLE) | Housing Finance Authority of Broward County Multifamily Housing RB for Pinnacle 441 Phase 2 Series 2023 (Aaa/NR) (PUTABLE) |
| 1200000 | 4.050 %<sup>(b)(c)</sup> | 09/01/2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208969 |
| Housing Finance Authority of Hillsborough County Multifamily Housing Zion Village RB Series 2024 (HUD SECT 8) (Aaa/NR) | Housing Finance Authority of Hillsborough County Multifamily Housing Zion Village RB Series 2024 (HUD SECT 8) (Aaa/NR) | Housing Finance Authority of Hillsborough County Multifamily Housing Zion Village RB Series 2024 (HUD SECT 8) (Aaa/NR) | Housing Finance Authority of Hillsborough County Multifamily Housing Zion Village RB Series 2024 (HUD SECT 8) (Aaa/NR) |
| 1755000 | 3.250 <sup>(b)(c)</sup> | 09/01/2042 | 1754117 |
| Housing Finance Authority of Miami-Dade County Multifamily Housing RB for Emerald Dunes Series 2023B (Aaa/NR) (PUTABLE) | Housing Finance Authority of Miami-Dade County Multifamily Housing RB for Emerald Dunes Series 2023B (Aaa/NR) (PUTABLE) | Housing Finance Authority of Miami-Dade County Multifamily Housing RB for Emerald Dunes Series 2023B (Aaa/NR) (PUTABLE) | Housing Finance Authority of Miami-Dade County Multifamily Housing RB for Emerald Dunes Series 2023B (Aaa/NR) (PUTABLE) |
| 1155000 | 4.050 <sup>(b)(c)</sup> | 09/01/2026 | 1158235 |
| Housing Finance Authority of Polk County Multifamily Housing RB for Episcopal Catholic Apartments Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) | Housing Finance Authority of Polk County Multifamily Housing RB for Episcopal Catholic Apartments Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) | Housing Finance Authority of Polk County Multifamily Housing RB for Episcopal Catholic Apartments Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) | Housing Finance Authority of Polk County Multifamily Housing RB for Episcopal Catholic Apartments Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) |
| 1643000 | 4.150 <sup>(b)(c)</sup> | 12/01/2040 | 1660539 |
| JEA Electric System RB Series Three 2024A (AGC) (A1/AA) | JEA Electric System RB Series Three 2024A (AGC) (A1/AA) | JEA Electric System RB Series Three 2024A (AGC) (A1/AA) | JEA Electric System RB Series Three 2024A (AGC) (A1/AA) |
| 1250000 | 5.000 | 10/01/2032 | 1396658 |
| Julington Creek Plantation Community Development District St. Johns County, Florida Special Assessment RB, Series 2023 (AGM) (NR/AA) | Julington Creek Plantation Community Development District St. Johns County, Florida Special Assessment RB, Series 2023 (AGM) (NR/AA) | Julington Creek Plantation Community Development District St. Johns County, Florida Special Assessment RB, Series 2023 (AGM) (NR/AA) | Julington Creek Plantation Community Development District St. Johns County, Florida Special Assessment RB, Series 2023 (AGM) (NR/AA) |
| 4090000 | 5.000 | 05/01/2032 | 4464079 |
| Keys Edge Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Keys Edge Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Keys Edge Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | Keys Edge Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) |
| 405000 | 4.375 | 05/01/2031 | 401095 |
| 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 | 92898 |
| Lake Frances Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2018 (NR/BBB-) | Lake Frances Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2018 (NR/BBB-) | Lake Frances Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2018 (NR/BBB-) | Lake Frances Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2018 (NR/BBB-) |
| 492000 | 4.000 | 05/01/2031 | 479958 |
| 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-) |
| 84000 | 3.000 | 05/01/2025 | 83880 |
| Lakes By The Bay South Community Development District Miami- Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Lakes By The Bay South Community Development District Miami- Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Lakes By The Bay South Community Development District Miami- Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Lakes By The Bay South Community Development District Miami- Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) |
| 4000000 | 5.000 | 05/01/2034 | 4189799 |
| 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 | 56471 |
| 70000 | 2.000 | 05/01/2029 | 64332 |
| 1835000 | 2.500 | 05/01/2033 | 1588212 |
| Lee County IDA Hospital Revenue Refunding Bonds Lee Health Sys Inc Series 2019 A-2 (A2/A+) | Lee County IDA Hospital Revenue Refunding Bonds Lee Health Sys Inc Series 2019 A-2 (A2/A+) | Lee County IDA Hospital Revenue Refunding Bonds Lee Health Sys Inc Series 2019 A-2 (A2/A+) | Lee County IDA Hospital Revenue Refunding Bonds Lee Health Sys Inc Series 2019 A-2 (A2/A+) |
| 8410000 | 5.000 <sup>(b)(c)</sup> | 04/01/2033 | 8478510 |
| Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024B-3 (NR/BBB+) | Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024B-3 (NR/BBB+) | Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024B-3 (NR/BBB+) | Lee County Industrial Development Authority Florida Healthcare Facilities RB Series 2024 Shell Point Obligated Group Series 2024B-3 (NR/BBB+) |
| 5000000 | 4.125 | 11/15/2029 | 5005643 |
| 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) |
| 1350000 | 5.000 | 05/01/2032 | 1350497 |
| Miami Dade County Educational Facility Authority RB for University of Miami (AMBAC) (A2/A-) | Miami Dade County Educational Facility Authority RB for University of Miami (AMBAC) (A2/A-) | Miami Dade County Educational Facility Authority RB for University of Miami (AMBAC) (A2/A-) | Miami Dade County Educational Facility Authority RB for University of Miami (AMBAC) (A2/A-) |
| 10995000 | 5.250 | 04/01/2027 | 11502564 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **217** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |  |
| Miami-Dade County Aviation Revenue Refunding Bonds Series 2024A (AMT) (NR/A+) | Miami-Dade County Aviation Revenue Refunding Bonds Series 2024A (AMT) (NR/A+) | Miami-Dade County Aviation Revenue Refunding Bonds Series 2024A (AMT) (NR/A+) | Miami-Dade County Aviation Revenue Refunding Bonds Series 2024A (AMT) (NR/A+) |
| 1520000 | 5.000% | 10/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580846 |
| 1110000 | 5.000 | 10/01/2028 | 1162395 |
| Miami-Dade County Florida Public Facilities Revenue and Revenue Refunding Bonds Jackson Health System Series 2025 (Aa2/NR) | Miami-Dade County Florida Public Facilities Revenue and Revenue Refunding Bonds Jackson Health System Series 2025 (Aa2/NR) | Miami-Dade County Florida Public Facilities Revenue and Revenue Refunding Bonds Jackson Health System Series 2025 (Aa2/NR) | Miami-Dade County Florida Public Facilities Revenue and Revenue Refunding Bonds Jackson Health System Series 2025 (Aa2/NR) |
| 4770000 | 5.000 | 06/01/2034 | 5307491 |
| Miami-Dade County General Obligation Bonds Building Better Communities Program Series 2015-D (Aa2/AA) | Miami-Dade County General Obligation Bonds Building Better Communities Program Series 2015-D (Aa2/AA) | Miami-Dade County General Obligation Bonds Building Better Communities Program Series 2015-D (Aa2/AA) | Miami-Dade County General Obligation Bonds Building Better Communities Program Series 2015-D (Aa2/AA) |
| 3710000 | 5.000 | 07/01/2027 | 3810977 |
| Mirabella Community Development District Hillsborough County Florida Capital Improvement Revenue Refunding Bonds Series 2025 (NR/NR) | Mirabella Community Development District Hillsborough County Florida Capital Improvement Revenue Refunding Bonds Series 2025 (NR/NR) | Mirabella Community Development District Hillsborough County Florida Capital Improvement Revenue Refunding Bonds Series 2025 (NR/NR) | Mirabella Community Development District Hillsborough County Florida Capital Improvement Revenue Refunding Bonds Series 2025 (NR/NR) |
| 26000 | 5.000 | 05/01/2025 | 26021 |
| 40000 | 5.000 | 05/01/2026 | 40478 |
| 42000 | 5.000 | 05/01/2027 | 42895 |
| 44000 | 5.000 | 05/01/2028 | 45294 |
| 379000 | 5.000 | 05/01/2035 | 399203 |
| Moody River Estates Community Development District Lee County Florida Senior Special Assessment Refunding Bonds Series 2017A-1 (NR/A-) | Moody River Estates Community Development District Lee County Florida Senior Special Assessment Refunding Bonds Series 2017A-1 (NR/A-) | Moody River Estates Community Development District Lee County Florida Senior Special Assessment Refunding Bonds Series 2017A-1 (NR/A-) | Moody River Estates Community Development District Lee County Florida Senior Special Assessment Refunding Bonds Series 2017A-1 (NR/A-) |
| 500000 | 4.000 | 05/01/2031 | 494315 |
| New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) |
| 125000 | 3.500 <sup>(d)</sup> | 05/01/2025 | 124849 |
| Oak Creek Community Development District Pasco County Florida Bank Qualified Senior Special Assessment Refunding Bonds Series 2015A-1 (NR/A+) | Oak Creek Community Development District Pasco County Florida Bank Qualified Senior Special Assessment Refunding Bonds Series 2015A-1 (NR/A+) | Oak Creek Community Development District Pasco County Florida Bank Qualified Senior Special Assessment Refunding Bonds Series 2015A-1 (NR/A+) | Oak Creek Community Development District Pasco County Florida Bank Qualified Senior Special Assessment Refunding Bonds Series 2015A-1 (NR/A+) |
| 200000 | 4.000 | 05/01/2026 | 200065 |
| 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 | 1149967 |
| 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) |
| 330000 | 2.875 | 11/01/2031 | 297360 |
| Orange County Health Facilities Authority RB Presbyterian Retirement Communities Obligated Group Project Series 2024 (NR/NR) | Orange County Health Facilities Authority RB Presbyterian Retirement Communities Obligated Group Project Series 2024 (NR/NR) | Orange County Health Facilities Authority RB Presbyterian Retirement Communities Obligated Group Project Series 2024 (NR/NR) | Orange County Health Facilities Authority RB Presbyterian Retirement Communities Obligated Group Project Series 2024 (NR/NR) |
| 1000000 | 5.000 | 08/01/2025 | 1003408 |
| 700000 | 5.000 | 08/01/2026 | 712087 |
| 1245000 | 5.000 | 08/01/2027 | 1283133 |
| 1295000 | 5.000 | 08/01/2028 | 1348514 |
| 915000 | 5.000 | 08/01/2029 | 961850 |
| 955000 | 5.000 | 08/01/2030 | 1008735 |
| 1510000 | 5.000 | 08/01/2031 | 1601160 |
| 1585000 | 5.000 | 08/01/2032 | 1683583 |
| 1665000 | 5.000 | 08/01/2033 | 1773907 |
| 1745000 | 5.000 | 08/01/2034 | 1855057 |
| Orange County Health Facilities Authority Revenue Hospital Bonds for AdventHealth Obligated Group Series 2021 C (NR/AA) (PUTABLE) | Orange County Health Facilities Authority Revenue Hospital Bonds for AdventHealth Obligated Group Series 2021 C (NR/AA) (PUTABLE) | Orange County Health Facilities Authority Revenue Hospital Bonds for AdventHealth Obligated Group Series 2021 C (NR/AA) (PUTABLE) | Orange County Health Facilities Authority Revenue Hospital Bonds for AdventHealth Obligated Group Series 2021 C (NR/AA) (PUTABLE) |
| 15575000 | 5.000 <sup>(b)(c)</sup> | 11/15/2052 | 16045759 |
| Osceola County Transportation Improvement Refunding RB Series 2019A-1 (NR/BBB+) | Osceola County Transportation Improvement Refunding RB Series 2019A-1 (NR/BBB+) | Osceola County Transportation Improvement Refunding RB Series 2019A-1 (NR/BBB+) | Osceola County Transportation Improvement Refunding RB Series 2019A-1 (NR/BBB+) |
| 275000 | 5.000 | 10/01/2025 | 276913 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |  |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104327 |
| Parkway Center Community Development District Special Assessment Refunding Bonds Series 2018-1 (NR/A-) | Parkway Center Community Development District Special Assessment Refunding Bonds Series 2018-1 (NR/A-) | Parkway Center Community Development District Special Assessment Refunding Bonds Series 2018-1 (NR/A-) | Parkway Center Community Development District Special Assessment Refunding Bonds Series 2018-1 (NR/A-) |
| 255000 | 3.500 | 05/01/2025 | 254944 |
| Pasco County Capital Improvement Cigarette Tax Allocation Bonds Series 2023A (AGM) (A1/AA) | Pasco County Capital Improvement Cigarette Tax Allocation Bonds Series 2023A (AGM) (A1/AA) | Pasco County Capital Improvement Cigarette Tax Allocation Bonds Series 2023A (AGM) (A1/AA) | Pasco County Capital Improvement Cigarette Tax Allocation Bonds Series 2023A (AGM) (A1/AA) |
| 250000 | 5.250 | 09/01/2025 | 252185 |
| 250000 | 5.250 | 09/01/2026 | 257578 |
| 300000 | 5.250 | 09/01/2027 | 314762 |
| 300000 | 5.250 | 09/01/2028 | 319743 |
| Pine Ridge Plantation Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021A-1 (AGM) (NR/AA) | Pine Ridge Plantation Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021A-1 (AGM) (NR/AA) | Pine Ridge Plantation Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021A-1 (AGM) (NR/AA) | Pine Ridge Plantation Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021A-1 (AGM) (NR/AA) |
| 510000 | 2.000 | 05/01/2025 | 508925 |
| 520000 | 2.000 | 05/01/2026 | 507407 |
| 530000 | 2.000 | 05/01/2027 | 505971 |
| 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 | 630117 |
| 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) |
| 680000 | 5.000 | 05/01/2025 | 680925 |
| 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 | 6824686 |
| 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) |
| 225000 | 3.000 | 05/01/2025 | 224790 |
| 285000 | 3.000 | 05/01/2026 | 282478 |
| 390000 | 3.000 | 05/01/2027 | 382326 |
| River Bend Community Development District Senior Special Assessment Revenue Refunding Bonds Series 2016A-1 (NR/A-) | River Bend Community Development District Senior Special Assessment Revenue Refunding Bonds Series 2016A-1 (NR/A-) | River Bend Community Development District Senior Special Assessment Revenue Refunding Bonds Series 2016A-1 (NR/A-) | River Bend Community Development District Senior Special Assessment Revenue Refunding Bonds Series 2016A-1 (NR/A-) |
| 415000 | 2.750 | 05/01/2025 | 414409 |
| 425000 | 3.000 | 05/01/2026 | 419641 |
| River Glen Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021 (NR/BBB+) | River Glen Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021 (NR/BBB+) | River Glen Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021 (NR/BBB+) | River Glen Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021 (NR/BBB+) |
| 139000 | 2.500 | 05/01/2025 | 138757 |
| 143000 | 2.500 | 05/01/2026 | 139913 |
| 146000 | 2.500 | 05/01/2027 | 140611 |
| 148000 | 2.500 | 05/01/2028 | 139934 |
| 157000 | 2.500 | 05/01/2030 | 141234 |
| 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) |
| 180000 | 3.000 | 05/01/2025 | 179796 |
| 225000 | 3.000 | 05/01/2026 | 222188 |
| Sabal Palm Community Development District Broward County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Sabal Palm Community Development District Broward County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Sabal Palm Community Development District Broward County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Sabal Palm Community Development District Broward County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) |
| 85000 | 5.000 | 05/01/2025 | 85060 |
| 65000 | 5.000 | 05/01/2026 | 65673 |
| 70000 | 5.000 | 05/01/2027 | 71254 |
| Sandmine Road Community Development District Special Assessment Bonds for Polk County Series 2020 (NR/NR) | Sandmine Road Community Development District Special Assessment Bonds for Polk County Series 2020 (NR/NR) | Sandmine Road Community Development District Special Assessment Bonds for Polk County Series 2020 (NR/NR) | Sandmine Road Community Development District Special Assessment Bonds for Polk County Series 2020 (NR/NR) |
| 105000 | 2.625 <sup>(d)</sup> | 05/01/2025 | 104859 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 218 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) |
| 400000 | 3.125 %<sup>(d)</sup> | 05/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387618 |
| 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) |
| 240000 | 3.000 | 05/01/2025 | 239786 |
| School Board of Miami-Dade County Florida Certificates of Participation Series 2016B (A1/A+) | School Board of Miami-Dade County Florida Certificates of Participation Series 2016B (A1/A+) | School Board of Miami-Dade County Florida Certificates of Participation Series 2016B (A1/A+) | School Board of Miami-Dade County Florida Certificates of Participation Series 2016B (A1/A+) |
| 7340000 | 5.000 | 08/01/2027 | 7521484 |
| South Fork East Community Development District Hillsborough County Florida Capital Improvement Revenue Refunding Bonds Series 2025 (NR/NR) | South Fork East Community Development District Hillsborough County Florida Capital Improvement Revenue Refunding Bonds Series 2025 (NR/NR) | South Fork East Community Development District Hillsborough County Florida Capital Improvement Revenue Refunding Bonds Series 2025 (NR/NR) | South Fork East Community Development District Hillsborough County Florida Capital Improvement Revenue Refunding Bonds Series 2025 (NR/NR) |
| 53000 | 5.000 | 05/01/2026 | 53673 |
| 55000 | 5.000 | 05/01/2027 | 56239 |
| 58000 | 5.000 | 05/01/2028 | 59808 |
| 500000 | 5.000 | 05/01/2035 | 524858 |
| South Village Community Development District Capital Improvement Revenue & Refunding Bonds Series 2016A-1 (NR/A+) | South Village Community Development District Capital Improvement Revenue & Refunding Bonds Series 2016A-1 (NR/A+) | South Village Community Development District Capital Improvement Revenue & Refunding Bonds Series 2016A-1 (NR/A+) | South Village Community Development District Capital Improvement Revenue & Refunding Bonds Series 2016A-1 (NR/A+) |
| 100000 | 2.750 | 05/01/2025 | 99912 |
| 95000 | 3.000 | 05/01/2026 | 94128 |
| State of Florida Department of Transportation Full Faith and Credit Right-of-Way Acquisition and Bridge Construction Refunding Bonds Series 2016A (Aaa/AAA) | State of Florida Department of Transportation Full Faith and Credit Right-of-Way Acquisition and Bridge Construction Refunding Bonds Series 2016A (Aaa/AAA) | State of Florida Department of Transportation Full Faith and Credit Right-of-Way Acquisition and Bridge Construction Refunding Bonds Series 2016A (Aaa/AAA) | State of Florida Department of Transportation Full Faith and Credit Right-of-Way Acquisition and Bridge Construction Refunding Bonds Series 2016A (Aaa/AAA) |
| 2500000 | 4.000 | 07/01/2031 | 2526273 |
| Storey Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 95000 | 3.125 | 12/15/2025 | 94366 |
| Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR) | Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR) | Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR) | Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR) |
| 460000 | 3.750 <sup>(d)</sup> | 06/15/2029 | 454918 |
| Summerstone Community Development District Pasco County, Florida Special Assessment RB, Series 2020 Phase One (NR/NR) | Summerstone Community Development District Pasco County, Florida Special Assessment RB, Series 2020 Phase One (NR/NR) | Summerstone Community Development District Pasco County, Florida Special Assessment RB, Series 2020 Phase One (NR/NR) | Summerstone Community Development District Pasco County, Florida Special Assessment RB, Series 2020 Phase One (NR/NR) |
| 35000 | 2.500 | 05/01/2025 | 34951 |
| 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) |
| 121000 | 3.000 | 05/01/2025 | 120870 |
| 725000 | 3.500 | 05/01/2031 | 686489 |
| Talis Park Community Development District Capital Improvement Refunding RB Series 2024 (NR/NR) | Talis Park Community Development District Capital Improvement Refunding RB Series 2024 (NR/NR) | Talis Park Community Development District Capital Improvement Refunding RB Series 2024 (NR/NR) | Talis Park Community Development District Capital Improvement Refunding RB Series 2024 (NR/NR) |
| 50000 | 5.000 <sup>(d)</sup> | 05/01/2025 | 50036 |
| 60000 | 5.000 <sup>(d)</sup> | 05/01/2026 | 60730 |
| 115000 | 5.000 <sup>(d)</sup> | 05/01/2027 | 117244 |
| 125000 | 5.000 <sup>(d)</sup> | 05/01/2028 | 128311 |
| 130000 | 5.000 <sup>(d)</sup> | 05/01/2029 | 133990 |
| 105000 | 5.000 <sup>(d)</sup> | 05/01/2030 | 108611 |
| 785000 | 5.000 <sup>(d)</sup> | 05/01/2035 | 804545 |
| Tampa Bay Water Utility System Refunding RB Series 2015A (Aa1/AA+) | Tampa Bay Water Utility System Refunding RB Series 2015A (Aa1/AA+) | Tampa Bay Water Utility System Refunding RB Series 2015A (Aa1/AA+) | Tampa Bay Water Utility System Refunding RB Series 2015A (Aa1/AA+) |
| 4225000 | 4.000 | 10/01/2029 | 4234538 |
| 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) |
| 230000 | 4.250 | 05/01/2026 | 230303 |
| The Preserve At South Branch Community Development District Pasco County, Florida Special Assessment RB, Series 2021 Phase 3 (NR/NR) | The Preserve At South Branch Community Development District Pasco County, Florida Special Assessment RB, Series 2021 Phase 3 (NR/NR) | The Preserve At South Branch Community Development District Pasco County, Florida Special Assessment RB, Series 2021 Phase 3 (NR/NR) | The Preserve At South Branch Community Development District Pasco County, Florida Special Assessment RB, Series 2021 Phase 3 (NR/NR) |
| 250000 | 3.000 | 05/01/2031 | 238337 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| The School Board of Pinellas County Florida Certificates of Participation The School Board of Pinellas County Florida Master Lease Program Series 2021A (A2/NR) | The School Board of Pinellas County Florida Certificates of Participation The School Board of Pinellas County Florida Master Lease Program Series 2021A (A2/NR) | The School Board of Pinellas County Florida Certificates of Participation The School Board of Pinellas County Florida Master Lease Program Series 2021A (A2/NR) | The School Board of Pinellas County Florida Certificates of Participation The School Board of Pinellas County Florida Master Lease Program Series 2021A (A2/NR) |
| 400000 | 5.000% | 07/01/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438586 |
| Tolomato Community Development District Special Assessment Refunding Bonds Series 2022A (AGM) (NR/AA) | Tolomato Community Development District Special Assessment Refunding Bonds Series 2022A (AGM) (NR/AA) | Tolomato Community Development District Special Assessment Refunding Bonds Series 2022A (AGM) (NR/AA) | Tolomato Community Development District Special Assessment Refunding Bonds Series 2022A (AGM) (NR/AA) |
| 760000 | 3.000 | 05/01/2025 | 759568 |
| 1605000 | 3.000 | 05/01/2027 | 1599224 |
| 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 | 105780 |
| 115000 | 4.500 | 05/01/2028 | 117662 |
| 120000 | 4.500 | 05/01/2029 | 123114 |
| 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 | 488557 |
| Trails at Monterey Community Development District Special Assessment Refunding Bonds Series 2012 (NR/A-) | Trails at Monterey Community Development District Special Assessment Refunding Bonds Series 2012 (NR/A-) | Trails at Monterey Community Development District Special Assessment Refunding Bonds Series 2012 (NR/A-) | Trails at Monterey Community Development District Special Assessment Refunding Bonds Series 2012 (NR/A-) |
| 140000 | 4.150 | 05/01/2025 | 140104 |
| 145000 | 4.250 | 05/01/2026 | 145131 |
| Two Lakes Community Development District Special Assessment Bonds Series 2024 (Tax-Exempt) (NR/BBB) | Two Lakes Community Development District Special Assessment Bonds Series 2024 (Tax-Exempt) (NR/BBB) | Two Lakes Community Development District Special Assessment Bonds Series 2024 (Tax-Exempt) (NR/BBB) | Two Lakes Community Development District Special Assessment Bonds Series 2024 (Tax-Exempt) (NR/BBB) |
| 585000 | 5.000 | 05/01/2029 | 610917 |
| 650000 | 5.000 | 05/01/2031 | 686089 |
| Venetian Parc Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 Assessment Area Two (NR/NR) | Venetian Parc Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 Assessment Area Two (NR/NR) | Venetian Parc Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 Assessment Area Two (NR/NR) | Venetian Parc Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 Assessment Area Two (NR/NR) |
| 115000 | 5.000 | 05/01/2025 | 115080 |
| 120000 | 5.000 | 05/01/2026 | 121294 |
| 100000 | 5.000 | 05/01/2027 | 101891 |
| 1075000 | 5.000 | 05/01/2034 | 1118642 |
| 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) |
| 1035000 | 3.750 | 05/01/2026 | 1028470 |
| 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) |
| 1715000 | 2.600 | 05/01/2034 | 1410118 |
| Viera East Community Development District Special Revenue Assessment Bonds Series 2020 (AGM) (NR/AA) | Viera East Community Development District Special Revenue Assessment Bonds Series 2020 (AGM) (NR/AA) | Viera East Community Development District Special Revenue Assessment Bonds Series 2020 (AGM) (NR/AA) | Viera East Community Development District Special Revenue Assessment Bonds Series 2020 (AGM) (NR/AA) |
| 500000 | 2.000 | 05/01/2025 | 498754 |
| 795000 | 2.000 | 05/01/2026 | 772174 |
| 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) |
| 177000 | 3.000 | 05/01/2025 | 176811 |
| 973000 | 3.500 | 05/01/2030 | 928348 |
| Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) |
| 10000 | 1.875 <sup>(d)</sup> | 05/01/2025 | 9984 |
| 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) |
| 280000 | 4.000 | 05/01/2025 | 280143 |
| Village Community Development District Special Assessment Revenue Refunding Bonds Series 2020 (AGM) (NR/AA) | Village Community Development District Special Assessment Revenue Refunding Bonds Series 2020 (AGM) (NR/AA) | Village Community Development District Special Assessment Revenue Refunding Bonds Series 2020 (AGM) (NR/AA) | Village Community Development District Special Assessment Revenue Refunding Bonds Series 2020 (AGM) (NR/AA) |
| 1305000 | 5.000 | 05/01/2025 | 1306792 |
| 1375000 | 5.000 | 05/01/2026 | 1402013 |
| 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) |
| 215000 | 2.000 | 05/01/2026 | 210061 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **219** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Florida – (continued) | Florida – (continued) | Florida – (continued) | Florida – (continued) | Florida – (continued) |
|  Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| $| 2000000 | 3.750 %<sup>(d)</sup> | 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936162 |
|  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) | Winding Cypress Community Development District Special Assessment Bonds for Collier County Series 2015 (NR/NR) |
|  | 85000 | 4.375 | 11/01/2025 | 85070 |
|  |  |  |  | 251450579 |
| Georgia - 2.8% | Georgia - 2.8% | Georgia - 2.8% | Georgia - 2.8% | Georgia - 2.8% |
|  Bartow County Development Authority Pollution Control RB for Georgia Power Company Plant Bowen Project Series 2009 (A3/A/A-2) (PUTABLE) | Bartow County Development Authority Pollution Control RB for Georgia Power Company Plant Bowen Project Series 2009 (A3/A/A-2) (PUTABLE) | Bartow County Development Authority Pollution Control RB for Georgia Power Company Plant Bowen Project Series 2009 (A3/A/A-2) (PUTABLE) | Bartow County Development Authority Pollution Control RB for Georgia Power Company Plant Bowen Project Series 2009 (A3/A/A-2) (PUTABLE) | Bartow County Development Authority Pollution Control RB for Georgia Power Company Plant Bowen Project Series 2009 (A3/A/A-2) (PUTABLE) |
|  | 3130000 | 3.950 <sup>(b)(c)</sup> | 12/01/2032 | 3194108 |
|  Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Series 1996 (A3/A) (PUTABLE) | Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Series 1996 (A3/A) (PUTABLE) | Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Series 1996 (A3/A) (PUTABLE) | Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Series 1996 (A3/A) (PUTABLE) | Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Series 1996 (A3/A) (PUTABLE) |
|  | 1335000 | 3.875 <sup>(b)(c)</sup> | 10/01/2032 | 1343015 |
|  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) | City of Atlanta GO Public Improvement Bonds Series 2022A-1 (Aa1/NR) |
|  | 545000 | 5.000 | 12/01/2025 | 553106 |
|  | 1000000 | 5.000 | 12/01/2026 | 1037188 |
|  | 525000 | 5.000 | 12/01/2027 | 554800 |
|  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) | City of Atlanta GO Public Improvement Bonds Series 2022A-2 (Aa1/NR) |
|  | 1105000 | 5.000 | 12/01/2025 | 1121434 |
|  | 1100000 | 5.000 | 12/01/2026 | 1140907 |
|  | 2375000 | 5.000 | 12/01/2027 | 2509812 |
|  Colquitt County School District GO Bonds Series 2023 (ST AID WITHHLDG) (Aa1/NR) | Colquitt County School District GO Bonds Series 2023 (ST AID WITHHLDG) (Aa1/NR) | Colquitt County School District GO Bonds Series 2023 (ST AID WITHHLDG) (Aa1/NR) | Colquitt County School District GO Bonds Series 2023 (ST AID WITHHLDG) (Aa1/NR) | Colquitt County School District GO Bonds Series 2023 (ST AID WITHHLDG) (Aa1/NR) |
|  | 585000 | 5.000 | 12/01/2025 | 593467 |
|  | 935000 | 5.000 | 12/01/2026 | 968840 |
|  Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2012 (A3/A) (PUTABLE) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2012 (A3/A) (PUTABLE) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2012 (A3/A) (PUTABLE) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2012 (A3/A) (PUTABLE) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2012 (A3/A) (PUTABLE) |
|  | 4850000 | 2.875 <sup>(b)(c)</sup> | 12/01/2049 | 4827237 |
|  Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2013 (A3/A) (PUTABLE) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2013 (A3/A) (PUTABLE) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2013 (A3/A) (PUTABLE) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2013 (A3/A) (PUTABLE) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2013 (A3/A) (PUTABLE) |
|  | 2395000 | 3.375 <sup>(b)(c)</sup> | 11/01/2053 | 2400390 |
|  Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A3/A/A-1) (PUTABLE) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A3/A/A-1) (PUTABLE) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A3/A/A-1) (PUTABLE) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A3/A/A-1) (PUTABLE) | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A3/A/A-1) (PUTABLE) |
|  | 2020000 | 3.375 <sup>(b)(c)</sup> | 11/01/2048 | 2026441 |
|  Development Authority of Burke County Pollution Control RB Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A3/A) (PUTABLE) | Development Authority of Burke County Pollution Control RB Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A3/A) (PUTABLE) | Development Authority of Burke County Pollution Control RB Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A3/A) (PUTABLE) | Development Authority of Burke County Pollution Control RB Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A3/A) (PUTABLE) | Development Authority of Burke County Pollution Control RB Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A3/A) (PUTABLE) |
|  | 1950000 | 3.700 <sup>(b)(c)</sup> | 10/01/2032 | 1973365 |
|  Housing Authority of Douglas County Multifamily Housing RB Astoria at Crystal Lake Project Series 2024B (Aaa/NR) | Housing Authority of Douglas County Multifamily Housing RB Astoria at Crystal Lake Project Series 2024B (Aaa/NR) | Housing Authority of Douglas County Multifamily Housing RB Astoria at Crystal Lake Project Series 2024B (Aaa/NR) | Housing Authority of Douglas County Multifamily Housing RB Astoria at Crystal Lake Project Series 2024B (Aaa/NR) | Housing Authority of Douglas County Multifamily Housing RB Astoria at Crystal Lake Project Series 2024B (Aaa/NR) |
|  | 1000000 | 5.000 <sup>(b)(c)</sup> | 10/01/2028 | 1041962 |
|  Housing Authority of The City of Lawrenceville Multifamily Housing RB Applewood Towers Project Series 2024B (Aaa/NR) | Housing Authority of The City of Lawrenceville Multifamily Housing RB Applewood Towers Project Series 2024B (Aaa/NR) | Housing Authority of The City of Lawrenceville Multifamily Housing RB Applewood Towers Project Series 2024B (Aaa/NR) | Housing Authority of The City of Lawrenceville Multifamily Housing RB Applewood Towers Project Series 2024B (Aaa/NR) | Housing Authority of The City of Lawrenceville Multifamily Housing RB Applewood Towers Project Series 2024B (Aaa/NR) |
|  | 1615000 | 5.000 <sup>(b)(c)</sup> | 10/01/2028 | 1682768 |
|  Main Street Natural Gas Inc. Gas Supply RB Series 2019A (A1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2019A (A1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2019A (A1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2019A (A1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2019A (A1/NR) |
|  | 2500000 | 5.000 | 05/15/2025 | 2503316 |
|  | 3000000 | 5.000 | 05/15/2026 | 3041562 |
|  | 500000 | 5.000 | 05/15/2027 | 512657 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Inc. Gas Supply RB Series 2019A (A1/NR) – (continued) | Main Street Natural Gas Inc. Gas Supply RB Series 2019A (A1/NR) – (continued) | Main Street Natural Gas Inc. Gas Supply RB Series 2019A (A1/NR) – (continued) | Main Street Natural Gas Inc. Gas Supply RB Series 2019A (A1/NR) – (continued) |
| 1975000 | 5.000% | 05/15/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038038 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2019C (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2019C (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2019C (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2019C (A3/NR) |
| 5230000 | 4.000 <sup>(b)(c)</sup> | 03/01/2050 | 5240525 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2021A (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021A (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021A (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021A (Aa1/NR) |
| 3000000 | 4.000 <sup>(b)(c)</sup> | 07/01/2052 | 3024720 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2021C (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021C (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021C (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2021C (A3/NR) |
| 1000000 | 4.000 | 12/01/2025 | 1003738 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2022B (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2022B (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2022B (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2022B (A3/NR) |
| 1740000 | 5.000 | 06/01/2027 | 1787795 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2022C (NR/BBB-) | Main Street Natural Gas Inc. Gas Supply RB Series 2022C (NR/BBB-) | Main Street Natural Gas Inc. Gas Supply RB Series 2022C (NR/BBB-) | Main Street Natural Gas Inc. Gas Supply RB Series 2022C (NR/BBB-) |
| 1705000 | 4.000 <sup>(d)</sup> | 11/01/2025 | 1705988 |
| 3665000 | 4.000 <sup>(d)</sup> | 11/01/2026 | 3664699 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2023B (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2023B (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2023B (Aa1/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2023B (Aa1/NR) |
| 13040000 | 5.000 <sup>(b)(c)</sup> | 07/01/2053 | 13691984 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2024D (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2024D (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2024D (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2024D (Aa3/NR) |
| 8200000 | 5.000 <sup>(b)(c)</sup> | 04/01/2054 | 8689384 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2024E (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2024E (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2024E (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2024E (A3/NR) |
| 7000000 | 5.000 <sup>(b)(c)</sup> | 05/01/2055 | 7403350 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa3/NR) |
| 7725000 | 5.000 <sup>(b)(c)</sup> | 06/01/2055 | 8242864 |
| Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) | Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) | Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) | Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) |
| 4000000 | 5.000 <sup>(b)(c)</sup> | 12/01/2053 | 4232389 |
| Main Street Natural Gas Inc., Gas Supply RB, Series 2019A (A1/NR) | Main Street Natural Gas Inc., Gas Supply RB, Series 2019A (A1/NR) | Main Street Natural Gas Inc., Gas Supply RB, Series 2019A (A1/NR) | Main Street Natural Gas Inc., Gas Supply RB, Series 2019A (A1/NR) |
| 3740000 | 5.000 | 05/15/2028 | 3877246 |
| 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) |
| 500000 | 4.000 | 12/01/2025 | 501705 |
| Main Street Natural Gas, Inc., Gas Supply RB Series 2024A (Aa1/NR) | Main Street Natural Gas, Inc., Gas Supply RB Series 2024A (Aa1/NR) | Main Street Natural Gas, Inc., Gas Supply RB Series 2024A (Aa1/NR) | Main Street Natural Gas, Inc., Gas Supply RB Series 2024A (Aa1/NR) |
| 2800000 | 5.000 <sup>(b)(c)</sup> | 05/01/2054 | 2971308 |
| Medical Center Hospital Authority Revenue Anticipation Certificates for Piedmont Healthcare Project Series 2019A (A1/AA-) | Medical Center Hospital Authority Revenue Anticipation Certificates for Piedmont Healthcare Project Series 2019A (A1/AA-) | Medical Center Hospital Authority Revenue Anticipation Certificates for Piedmont Healthcare Project Series 2019A (A1/AA-) | Medical Center Hospital Authority Revenue Anticipation Certificates for Piedmont Healthcare Project Series 2019A (A1/AA-) |
| 7190000 | 5.000 <sup>(b)(c)</sup> | 07/01/2054 | 7298718 |
| Monroe County Development Authority Pollution Control RB First Series 2009 (A3/A/A-1) (PUTABLE) | Monroe County Development Authority Pollution Control RB First Series 2009 (A3/A/A-1) (PUTABLE) | Monroe County Development Authority Pollution Control RB First Series 2009 (A3/A/A-1) (PUTABLE) | Monroe County Development Authority Pollution Control RB First Series 2009 (A3/A/A-1) (PUTABLE) |
| 2275000 | 1.000 <sup>(b)(c)</sup> | 07/01/2049 | 2159767 |
| Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2006 (A3/A) (PUTABLE) | Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2006 (A3/A) (PUTABLE) | Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2006 (A3/A) (PUTABLE) | Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2006 (A3/A) (PUTABLE) |
| 1560000 | 3.875 <sup>(b)(c)</sup> | 12/01/2041 | 1570221 |
| Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2012 (A3/A) (PUTABLE) | Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2012 (A3/A) (PUTABLE) | Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2012 (A3/A) (PUTABLE) | Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2012 (A3/A) (PUTABLE) |
| 2875000 | 3.875 <sup>(b)(c)</sup> | 06/01/2042 | 2893837 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 220 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2013 (A3/A) (PUTABLE) | Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2013 (A3/A) (PUTABLE) | Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2013 (A3/A) (PUTABLE) | Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2013 (A3/A) (PUTABLE) |
| 1560000 | 3.875 %<sup>(b)(c)</sup> | 04/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570221 |
| Monroe County Georgia Development Authority Pollution Control RBGeorgia Power Company Plant Scherer Project First Series 2008 (A3/A) (PUTABLE) | Monroe County Georgia Development Authority Pollution Control RBGeorgia Power Company Plant Scherer Project First Series 2008 (A3/A) (PUTABLE) | Monroe County Georgia Development Authority Pollution Control RBGeorgia Power Company Plant Scherer Project First Series 2008 (A3/A) (PUTABLE) | Monroe County Georgia Development Authority Pollution Control RBGeorgia Power Company Plant Scherer Project First Series 2008 (A3/A) (PUTABLE) |
| 7500000 | 3.350 <sup>(b)(c)</sup> | 11/01/2048 | 7458738 |
| Municipal Electric Authority of Georgia Project One Subordinated Bonds Series 2024A (A2/A-) | Municipal Electric Authority of Georgia Project One Subordinated Bonds Series 2024A (A2/A-) | Municipal Electric Authority of Georgia Project One Subordinated Bonds Series 2024A (A2/A-) | Municipal Electric Authority of Georgia Project One Subordinated Bonds Series 2024A (A2/A-) |
| 275000 | 5.000 | 01/01/2028 | 289057 |
| 125000 | 5.000 | 01/01/2029 | 133366 |
| 400000 | 5.000 | 01/01/2030 | 432121 |
| 500000 | 5.000 | 01/01/2031 | 545152 |
| Richmond County Board of Education GO Sales Tax Bonds Series 2023 (ST AID WITHHLDG) (Aa1/AA+) | Richmond County Board of Education GO Sales Tax Bonds Series 2023 (ST AID WITHHLDG) (Aa1/AA+) | Richmond County Board of Education GO Sales Tax Bonds Series 2023 (ST AID WITHHLDG) (Aa1/AA+) | Richmond County Board of Education GO Sales Tax Bonds Series 2023 (ST AID WITHHLDG) (Aa1/AA+) |
| 875000 | 5.000 | 10/01/2025 | 884405 |
| 2850000 | 5.000 | 10/01/2026 | 2942863 |
| 650000 | 5.000 | 10/01/2027 | 683968 |
| Urban Residential Finance Authority of The City of Atlanta Georgia Multifamily Housing RB Series 2024B (Aaa/NR) | Urban Residential Finance Authority of The City of Atlanta Georgia Multifamily Housing RB Series 2024B (Aaa/NR) | Urban Residential Finance Authority of The City of Atlanta Georgia Multifamily Housing RB Series 2024B (Aaa/NR) | Urban Residential Finance Authority of The City of Atlanta Georgia Multifamily Housing RB Series 2024B (Aaa/NR) |
| 8920000 | 2.920 <sup>(b)(c)</sup> | 05/01/2029 | 8826218 |
|  |  |  | 138790760 |
| Guam - 0.3% | Guam - 0.3% | Guam - 0.3% | Guam - 0.3% |
| A.B. Won Pat International Airport Authority Guam General RB 2024 Series A (AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series A (AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series A (AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series A (AMT) (Baa2/NR) |
| 120000 | 5.000 | 10/01/2027 | 123195 |
| 200000 | 5.000 | 10/01/2028 | 206717 |
| 500000 | 5.000 | 10/01/2029 | 519023 |
| 250000 | 5.000 | 10/01/2030 | 260232 |
| 250000 | 5.000 | 10/01/2031 | 260590 |
| 350000 | 5.000 | 10/01/2032 | 364039 |
| A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) |
| 200000 | 5.000 | 10/01/2030 | 214479 |
| 200000 | 5.000 | 10/01/2031 | 215770 |
| 400000 | 5.000 | 10/01/2032 | 432234 |
| 200000 | 5.000 | 10/01/2033 | 215919 |
| Guam Power Authority Refunding RB Series 2022 A (Baa2/BBB) | Guam Power Authority Refunding RB Series 2022 A (Baa2/BBB) | Guam Power Authority Refunding RB Series 2022 A (Baa2/BBB) | Guam Power Authority Refunding RB Series 2022 A (Baa2/BBB) |
| 1300000 | 5.000 | 10/01/2029 | 1376305 |
| Guam Power Authority Revenue Refunding Bonds 2024 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2024 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2024 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2024 Series A (Baa2/BBB) |
| 500000 | 5.000 | 10/01/2025 | 503847 |
| 500000 | 5.000 | 10/01/2026 | 512289 |
| 450000 | 5.000 | 10/01/2027 | 467530 |
| 500000 | 5.000 | 10/01/2028 | 525298 |
| Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024A (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024A (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024A (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024A (Baa2/A-) |
| 350000 | 5.000 | 07/01/2025 | 351539 |
| 350000 | 5.000 | 07/01/2026 | 357861 |
| 350000 | 5.000 | 07/01/2027 | 363344 |
| 750000 | 5.000 | 07/01/2028 | 789006 |
| 700000 | 5.000 | 07/01/2029 | 743382 |
| 1125000 | 5.000 | 07/01/2030 | 1204963 |
| Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024B (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024B (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024B (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024B (Baa2/A-) |
| 500000 | 5.000 | 07/01/2025 | 502199 |
| 600000 | 5.000 | 07/01/2026 | 613477 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |  |
| Guam – (continued) | Guam – (continued) | Guam – (continued) | Guam – (continued) |
| Guam Waterworks Authority RB Refunding for Water & | Guam Waterworks Authority RB Refunding for Water & | Guam Waterworks Authority RB Refunding for Water & | Guam Waterworks Authority RB Refunding for Water & |
| Wastewater System Series 2024B (Baa2/A-) – (continued) | Wastewater System Series 2024B (Baa2/A-) – (continued) | Wastewater System Series 2024B (Baa2/A-) – (continued) | Wastewater System Series 2024B (Baa2/A-) – (continued) |
| 500000 | 5.000% | 07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519062 |
| 1000000 | 5.000 | 07/01/2028 | 1052009 |
| 985000 | 5.000 | 07/01/2029 | 1046044 |
| 1175000 | 5.000 | 07/01/2030 | 1258516 |
| Port Authority of Guam Port RB 2018 Series B Private Activity (AMT) (Baa2/A) | Port Authority of Guam Port RB 2018 Series B Private Activity (AMT) (Baa2/A) | Port Authority of Guam Port RB 2018 Series B Private Activity (AMT) (Baa2/A) | Port Authority of Guam Port RB 2018 Series B Private Activity (AMT) (Baa2/A) |
| 410000 | 5.000 | 07/01/2032 | 419516 |
|  |  |  | 15418385 |
| Hawaii - 0.8% | Hawaii - 0.8% | Hawaii - 0.8% | Hawaii - 0.8% |
| City and County of Honolulu GO Bonds for Honolulu Rail Transit Project Series 2021E (Aa2/NR) | City and County of Honolulu GO Bonds for Honolulu Rail Transit Project Series 2021E (Aa2/NR) | City and County of Honolulu GO Bonds for Honolulu Rail Transit Project Series 2021E (Aa2/NR) | City and County of Honolulu GO Bonds for Honolulu Rail Transit Project Series 2021E (Aa2/NR) |
| 5315000 | 5.000 | 03/01/2027 | 5536724 |
| City and County of Honolulu Multifamily Housing RB Maunakea Tower Apartments Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) | City and County of Honolulu Multifamily Housing RB Maunakea Tower Apartments Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) | City and County of Honolulu Multifamily Housing RB Maunakea Tower Apartments Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) | City and County of Honolulu Multifamily Housing RB Maunakea Tower Apartments Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) |
| 7040000 | 5.000 <sup>(b)(c)</sup> | 06/01/2027 | 7183089 |
| City and County of Honolulu Wastewater System RB Junior Series 2025A (NR/AA+) | City and County of Honolulu Wastewater System RB Junior Series 2025A (NR/AA+) | City and County of Honolulu Wastewater System RB Junior Series 2025A (NR/AA+) | City and County of Honolulu Wastewater System RB Junior Series 2025A (NR/AA+) |
| 3400000 | 5.000 <sup>(e)</sup> | 07/01/2032 | 3803518 |
| City of Honolulu GO Bonds Series A (Aa2/NR) | City of Honolulu GO Bonds Series A (Aa2/NR) | City of Honolulu GO Bonds Series A (Aa2/NR) | City of Honolulu GO Bonds Series A (Aa2/NR) |
| 10575000 | 4.000 | 10/01/2034 | 10577161 |
| 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) |
| 75000 | 5.000 | 05/15/2029 | 77310 |
| State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) | State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) | State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) | State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) |
| 10735000 | 3.100 | 05/01/2026 | 10506500 |
|  |  |  | 37684302 |
| Idaho - 0.1% | Idaho - 0.1% | Idaho - 0.1% | Idaho - 0.1% |
| Idaho Health Facilities Authority St. Luke'S Health System Project RB Series 2025C (NR/A) | Idaho Health Facilities Authority St. Luke'S Health System Project RB Series 2025C (NR/A) | Idaho Health Facilities Authority St. Luke'S Health System Project RB Series 2025C (NR/A) | Idaho Health Facilities Authority St. Luke'S Health System Project RB Series 2025C (NR/A) |
| 2000000 | 5.000 <sup>(b)(c)</sup> | 03/01/2060 | 2182101 |
| Illinois - 7.4% | Illinois - 7.4% | Illinois - 7.4% | Illinois - 7.4% |
| Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Baa3/AA) | Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Baa3/AA) | Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Baa3/AA) | Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Baa3/AA) |
| 325000 | 5.000 | 10/01/2025 | 327555 |
| 250000 | 5.000 | 10/01/2026 | 255623 |
| 325000 | 5.000 | 10/01/2028 | 339572 |
| Carol Stream Park District GO Refunding Park Bonds Series 2016 (BAM) (NR/AA) | Carol Stream Park District GO Refunding Park Bonds Series 2016 (BAM) (NR/AA) | Carol Stream Park District GO Refunding Park Bonds Series 2016 (BAM) (NR/AA) | Carol Stream Park District GO Refunding Park Bonds Series 2016 (BAM) (NR/AA) |
| 4705000 | 5.000 | 01/01/2037 | 4765115 |
| Chicago GO Bonds 2019A (NR/BBB) | Chicago GO Bonds 2019A (NR/BBB) | Chicago GO Bonds 2019A (NR/BBB) | Chicago GO Bonds 2019A (NR/BBB) |
| 3210000 | 5.000 | 01/01/2028 | 3316575 |
| Chicago GO Bonds 2019A (NR/NR) | Chicago GO Bonds 2019A (NR/NR) | Chicago GO Bonds 2019A (NR/NR) | Chicago GO Bonds 2019A (NR/NR) |
| 550000 | 5.000 | 01/01/2028 | 580623 |
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) |
| 660000 | 0.000 <sup>(g)</sup> | 12/01/2026 | 618707 |
| 4645000 | 0.000 <sup>(g)</sup> | 12/01/2027 | 4179318 |
| 365000 | 0.000 <sup>(g)</sup> | 12/01/2029 | 300687 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **221** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |  |
| Illinois – (continued) | Illinois – (continued) | Illinois – (continued) |  |
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa3/BB+) |
| $250000 | 0.000 %<sup>(g)</sup> | 12/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224937 |
| 95000 | 0.000 <sup>(g)</sup> | 12/01/2029 | 78261 |
| Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL) (Baa3/BB+) |
| 640000 | 0.000 <sup>(g)</sup> | 12/01/2025 | 623970 |
| 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) |
| 1825000 | 5.000 | 12/01/2025 | 1842448 |
| 3615000 | 5.000 | 12/01/2026 | 3701766 |
| Chicago Park District GO LT Refunding Bonds Series 2023C (NR/AA-) | Chicago Park District GO LT Refunding Bonds Series 2023C (NR/AA-) | Chicago Park District GO LT Refunding Bonds Series 2023C (NR/AA-) | Chicago Park District GO LT Refunding Bonds Series 2023C (NR/AA-) |
| 2400000 | 5.000 | 01/01/2026 | 2430604 |
| 2780000 | 5.000 | 01/01/2027 | 2869474 |
| 1965000 | 5.000 | 01/01/2028 | 2061079 |
| City of Chicago Board of Education Capital Appreciation Bonds for School Reform Series 1998B-1 (NATL) (Baa3/BB+) | City of Chicago Board of Education Capital Appreciation Bonds for School Reform Series 1998B-1 (NATL) (Baa3/BB+) | City of Chicago Board of Education Capital Appreciation Bonds for School Reform Series 1998B-1 (NATL) (Baa3/BB+) | City of Chicago Board of Education Capital Appreciation Bonds for School Reform Series 1998B-1 (NATL) (Baa3/BB+) |
| 685000 | 0.000 <sup>(g)</sup> | 12/01/2028 | 590175 |
| City of Chicago Board of Education GO Bonds Series 1999 A (NATL) (Baa3/BB+) | City of Chicago Board of Education GO Bonds Series 1999 A (NATL) (Baa3/BB+) | City of Chicago Board of Education GO Bonds Series 1999 A (NATL) (Baa3/BB+) | City of Chicago Board of Education GO Bonds Series 1999 A (NATL) (Baa3/BB+) |
| 3420000 | 5.500 | 12/01/2026 | 3473992 |
| 1755000 | 0.000 <sup>(g)</sup> | 12/01/2030 | 1381642 |
| City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (AGM) (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (AGM) (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (AGM) (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (AGM) (NR/AA) |
| 1500000 | 5.000 | 12/01/2029 | 1559282 |
| City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (AGM) (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (AGM) (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (AGM) (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (AGM) (NR/AA) |
| 5000000 | 5.000 | 12/01/2027 | 5167524 |
| 7535000 | 5.000 | 12/01/2029 | 7822339 |
| 1000000 | 5.000 | 12/01/2030 | 1035406 |
| City of Chicago GO Bonds Project & Refunding Series 2017A (NR/BBB) | City of Chicago GO Bonds Project & Refunding Series 2017A (NR/BBB) | City of Chicago GO Bonds Project & Refunding Series 2017A (NR/BBB) | City of Chicago GO Bonds Project & Refunding Series 2017A (NR/BBB) |
| 2000000 | 5.625 | 01/01/2031 | 2052822 |
| 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 | 3507349 |
| 5245000 | 5.000 | 01/01/2028 | 5419138 |
| 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) |
| 1855000 | 4.000 | 01/01/2028 | 1868540 |
| City of Chicago GO Bonds Refunding Series 2024B (NR/BBB) | City of Chicago GO Bonds Refunding Series 2024B (NR/BBB) | City of Chicago GO Bonds Refunding Series 2024B (NR/BBB) | City of Chicago GO Bonds Refunding Series 2024B (NR/BBB) |
| 10205000 | 5.000 | 01/01/2032 | 10800630 |
| 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) |
| 1000000 | 5.000 | 01/01/2029 | 1041636 |
| City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023B (NON-AMT) (BAM) (NR/AA) | City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023B (NON-AMT) (BAM) (NR/AA) | City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023B (NON-AMT) (BAM) (NR/AA) | City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023B (NON-AMT) (BAM) (NR/AA) |
| 3250000 | 5.000 | 01/01/2026 | 3302117 |
| 2345000 | 5.000 | 01/01/2027 | 2432261 |
| City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023C (AMT) (NR/A) | City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023C (AMT) (NR/A) | City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023C (AMT) (NR/A) | City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023C (AMT) (NR/A) |
| 5000000 | 5.000 | 01/01/2026 | 5074572 |
| 5755000 | 5.000 | 01/01/2027 | 5887828 |
| City of Chicago Midway Airport Senior Lien Airport Refunding RB Series 2023C (AMT) (NR/A) | City of Chicago Midway Airport Senior Lien Airport Refunding RB Series 2023C (AMT) (NR/A) | City of Chicago Midway Airport Senior Lien Airport Refunding RB Series 2023C (AMT) (NR/A) | City of Chicago Midway Airport Senior Lien Airport Refunding RB Series 2023C (AMT) (NR/A) |
| 1000000 | 5.000 | 01/01/2028 | 1036403 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |  |
| Illinois – (continued) | Illinois – (continued) |  |  |
| City of Chicago Multi-Family Housing RB The Ave Sw Project Series 2025 (Aaa/NR) | City of Chicago Multi-Family Housing RB The Ave Sw Project Series 2025 (Aaa/NR) | City of Chicago Multi-Family Housing RB The Ave Sw Project Series 2025 (Aaa/NR) | City of Chicago Multi-Family Housing RB The Ave Sw Project Series 2025 (Aaa/NR) |
| 4600000 | 3.200 %<sup>(b)(c)</sup> | 10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4594617 |
| City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024C (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024C (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024C (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2024C (AMT) (NR/A+) |
| 420000 | 5.000 | 01/01/2034 | 451198 |
| City of Chicago O'Hare International Airport General Airport Senior Lien Refunding RB Series 2024C (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Refunding RB Series 2024C (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Refunding RB Series 2024C (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Refunding RB Series 2024C (AMT) (NR/A+) |
| 10000000 | 5.000 | 01/01/2028 | 10409293 |
| City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024A (NR/A+) | City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024A (NR/A+) | City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024A (NR/A+) | City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024A (NR/A+) |
| 500000 | 5.000 | 01/01/2026 | 507204 |
| 600000 | 5.000 | 01/01/2027 | 620060 |
| City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024B (BAM) (NR/AA) | City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024B (BAM) (NR/AA) | City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024B (BAM) (NR/AA) | City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024B (BAM) (NR/AA) |
| 1800000 | 5.000 | 01/01/2030 | 1944433 |
| City of Chicago Second Lien Water RB Refunding Series 2024A (NR/A+) | City of Chicago Second Lien Water RB Refunding Series 2024A (NR/A+) | City of Chicago Second Lien Water RB Refunding Series 2024A (NR/A+) | City of Chicago Second Lien Water RB Refunding Series 2024A (NR/A+) |
| 2650000 | 5.000 | 11/01/2031 | 2906189 |
| City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) | City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) | City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) | City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) |
| 1900000 | 5.000 | 11/01/2026 | 1957749 |
| City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 (NR/NR) | City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 (NR/NR) | City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 (NR/NR) | City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 (NR/NR) |
| 329000 | 2.530 <sup>(d)</sup> | 12/01/2025 | 325337 |
| 305000 | 2.690 <sup>(d)</sup> | 12/01/2026 | 297496 |
| 255000 | 2.870 <sup>(d)</sup> | 12/01/2027 | 246010 |
| City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 Lakeshore East Project (NR/NR) | City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 Lakeshore East Project (NR/NR) | City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 Lakeshore East Project (NR/NR) | City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 Lakeshore East Project (NR/NR) |
| 270000 | 3.040 <sup>(d)</sup> | 12/01/2028 | 258401 |
| City of Springfield Illinois Senior Lien Electric Revenue Refunding Bonds Series of 2024 (BAM) (A3/AA) | City of Springfield Illinois Senior Lien Electric Revenue Refunding Bonds Series of 2024 (BAM) (A3/AA) | City of Springfield Illinois Senior Lien Electric Revenue Refunding Bonds Series of 2024 (BAM) (A3/AA) | City of Springfield Illinois Senior Lien Electric Revenue Refunding Bonds Series of 2024 (BAM) (A3/AA) |
| 4900000 | 5.000 | 03/01/2030 | 5273404 |
| Forest Preserve District of Will County Illinois GO Limited Tax Bonds Series 2024 (Aa1/NR) | Forest Preserve District of Will County Illinois GO Limited Tax Bonds Series 2024 (Aa1/NR) | Forest Preserve District of Will County Illinois GO Limited Tax Bonds Series 2024 (Aa1/NR) | Forest Preserve District of Will County Illinois GO Limited Tax Bonds Series 2024 (Aa1/NR) |
| 225000 | 5.000 | 12/15/2031 | 247561 |
| 225000 | 5.000 | 12/15/2032 | 248882 |
| Illinois Community College District No. 512 GO Bonds Series 2020 (Aaa/NR) | Illinois Community College District No. 512 GO Bonds Series 2020 (Aaa/NR) | Illinois Community College District No. 512 GO Bonds Series 2020 (Aaa/NR) | Illinois Community College District No. 512 GO Bonds Series 2020 (Aaa/NR) |
| 1980000 | 4.000 | 12/15/2025 | 1995274 |
| Illinois Finance Authority RB for Presbyterian Homes Obligated Group Series 2021 B (NR/NR) | Illinois Finance Authority RB for Presbyterian Homes Obligated Group Series 2021 B (NR/NR) | Illinois Finance Authority RB for Presbyterian Homes Obligated Group Series 2021 B (NR/NR) | Illinois Finance Authority RB for Presbyterian Homes Obligated Group Series 2021 B (NR/NR) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.70%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.70%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.70%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.70%) |
| 2250000 | 3.570 <sup>(b)(f)</sup> | 05/01/2042 | 2230612 |
| 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+) |
| 500000 | 5.000 | 10/01/2026 | 509330 |
| Illinois Finance Authority RB Refunding for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | Illinois Finance Authority RB Refunding for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | Illinois Finance Authority RB Refunding for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | Illinois Finance Authority RB Refunding for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) |
| 700000 | 3.875 <sup>(b)(c)</sup> | 05/01/2040 | 689496 |
| Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) |
| 600000 | 5.000 | 09/01/2025 | 600925 |
| 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 | 540304 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 222 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |  |
| Illinois – (continued) | Illinois – (continued) |  |  |
| Illinois Finance Authority RB The University of Chicago Series 2024B (Aa2/AA-) | Illinois Finance Authority RB The University of Chicago Series 2024B (Aa2/AA-) | Illinois Finance Authority RB The University of Chicago Series 2024B (Aa2/AA-) | Illinois Finance Authority RB The University of Chicago Series 2024B (Aa2/AA-) |
| $2400000 | 5.000% | 04/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500160 |
| 2700000 | 5.000 | 04/01/2028 | 2859876 |
| Illinois Finance Authority Revenue Refunding Bonds Bradley University Project Series 2024 (NR/BBB+) | Illinois Finance Authority Revenue Refunding Bonds Bradley University Project Series 2024 (NR/BBB+) | Illinois Finance Authority Revenue Refunding Bonds Bradley University Project Series 2024 (NR/BBB+) | Illinois Finance Authority Revenue Refunding Bonds Bradley University Project Series 2024 (NR/BBB+) |
| 430000 | 5.000 | 08/01/2025 | 431974 |
| 500000 | 5.000 | 08/01/2026 | 509689 |
| 500000 | 5.000 | 08/01/2027 | 515296 |
| 805000 | 5.000 | 08/01/2028 | 837090 |
| Illinois Finance Authority Revenue Refunding Bonds Noble Network of Charter Schools Series 2025A (NR/BBB) | Illinois Finance Authority Revenue Refunding Bonds Noble Network of Charter Schools Series 2025A (NR/BBB) | Illinois Finance Authority Revenue Refunding Bonds Noble Network of Charter Schools Series 2025A (NR/BBB) | Illinois Finance Authority Revenue Refunding Bonds Noble Network of Charter Schools Series 2025A (NR/BBB) |
| 695000 | 5.000 | 09/01/2026 | 710351 |
| 490000 | 5.000 | 09/01/2027 | 507092 |
| 520000 | 5.000 | 09/01/2028 | 543490 |
| 815000 | 5.000 | 09/01/2029 | 857888 |
| 860000 | 5.000 | 09/01/2030 | 909841 |
| 910000 | 5.000 | 09/01/2031 | 967735 |
| Illinois Finance Authority Taxable RB for Theory and Computing Sciences Building Trust Series 2023 (A2/NR) | Illinois Finance Authority Taxable RB for Theory and Computing Sciences Building Trust Series 2023 (A2/NR) | Illinois Finance Authority Taxable RB for Theory and Computing Sciences Building Trust Series 2023 (A2/NR) | Illinois Finance Authority Taxable RB for Theory and Computing Sciences Building Trust Series 2023 (A2/NR) |
| 12575000 | 6.693 | 07/01/2033 | 12921777 |
| Illinois Finance Authority Tax-Exempt Surface Freight Transfer Facilities RB for Centerpoint Joliet Terminal Railroad Project Series 2020 (NR/BBB+) | Illinois Finance Authority Tax-Exempt Surface Freight Transfer Facilities RB for Centerpoint Joliet Terminal Railroad Project Series 2020 (NR/BBB+) | Illinois Finance Authority Tax-Exempt Surface Freight Transfer Facilities RB for Centerpoint Joliet Terminal Railroad Project Series 2020 (NR/BBB+) | Illinois Finance Authority Tax-Exempt Surface Freight Transfer Facilities RB for Centerpoint Joliet Terminal Railroad Project Series 2020 (NR/BBB+) |
| 3000000 | 4.125 <sup>(b)(c)(d)</sup> | 12/01/2050 | 2948828 |
| Illinois Housing Development Authority Multifamily Housing RB Series 2024 Walden Oaks Il (HUD SECT 8 FHA 221(D)(4)) (Aaa/NR) | Illinois Housing Development Authority Multifamily Housing RB Series 2024 Walden Oaks Il (HUD SECT 8 FHA 221(D)(4)) (Aaa/NR) | Illinois Housing Development Authority Multifamily Housing RB Series 2024 Walden Oaks Il (HUD SECT 8 FHA 221(D)(4)) (Aaa/NR) | Illinois Housing Development Authority Multifamily Housing RB Series 2024 Walden Oaks Il (HUD SECT 8 FHA 221(D)(4)) (Aaa/NR) |
| 2500000 | 5.000 <sup>(b)(c)</sup> | 10/01/2027 | 2564876 |
| Illinois Housing Development Authority Multifamily Housing RB, Series 2023 (6900 Crandon) (HUD SECT 8 FHA 221<sup>(d)</sup>(4)) (Aaa/NR) | Illinois Housing Development Authority Multifamily Housing RB, Series 2023 (6900 Crandon) (HUD SECT 8 FHA 221<sup>(d)</sup>(4)) (Aaa/NR) | Illinois Housing Development Authority Multifamily Housing RB, Series 2023 (6900 Crandon) (HUD SECT 8 FHA 221<sup>(d)</sup>(4)) (Aaa/NR) | Illinois Housing Development Authority Multifamily Housing RB, Series 2023 (6900 Crandon) (HUD SECT 8 FHA 221<sup>(d)</sup>(4)) (Aaa/NR) |
| 1330000 | 5.000 <sup>(b)(c)</sup> | 02/01/2027 | 1349210 |
| Illinois Housing Development Authority Multifamily Housing RB, Series 2023 South Shore (FHA 221(D4) HUD SECT 8) (FHA 221(D4) HUD SECT 8) (Aaa/NR) | Illinois Housing Development Authority Multifamily Housing RB, Series 2023 South Shore (FHA 221(D4) HUD SECT 8) (FHA 221(D4) HUD SECT 8) (Aaa/NR) | Illinois Housing Development Authority Multifamily Housing RB, Series 2023 South Shore (FHA 221(D4) HUD SECT 8) (FHA 221(D4) HUD SECT 8) (Aaa/NR) | Illinois Housing Development Authority Multifamily Housing RB, Series 2023 South Shore (FHA 221(D4) HUD SECT 8) (FHA 221(D4) HUD SECT 8) (Aaa/NR) |
| 5335000 | 4.000 <sup>(b)(c)</sup> | 06/01/2026 | 5339981 |
| Illinois Housing Development Authority Multifamily Housing RB, Series 2023 South Shore (HHDC) (HUD SECT 8) (Aaa/NR) | Illinois Housing Development Authority Multifamily Housing RB, Series 2023 South Shore (HHDC) (HUD SECT 8) (Aaa/NR) | Illinois Housing Development Authority Multifamily Housing RB, Series 2023 South Shore (HHDC) (HUD SECT 8) (Aaa/NR) | Illinois Housing Development Authority Multifamily Housing RB, Series 2023 South Shore (HHDC) (HUD SECT 8) (Aaa/NR) |
| 4340000 | 5.000 <sup>(b)(c)</sup> | 02/01/2027 | 4402684 |
| Illinois Sports Facilities Authority RB Bonds Series 2001 (AMBAC) (NR/BBB+) | Illinois Sports Facilities Authority RB Bonds Series 2001 (AMBAC) (NR/BBB+) | Illinois Sports Facilities Authority RB Bonds Series 2001 (AMBAC) (NR/BBB+) | Illinois Sports Facilities Authority RB Bonds Series 2001 (AMBAC) (NR/BBB+) |
| 3235000 | 0.000 <sup>(g)</sup> | 06/15/2025 | 3210630 |
| Illinois State GO Bonds Series 2017 D (A3/A-) | Illinois State GO Bonds Series 2017 D (A3/A-) | Illinois State GO Bonds Series 2017 D (A3/A-) | Illinois State GO Bonds Series 2017 D (A3/A-) |
| 26975000 | 5.000 | 11/01/2025 | 27266600 |
| 34465000 | 5.000 | 11/01/2026 | 35439436 |
| Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024A (NR/A) | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024A (NR/A) | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024A (NR/A) | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024A (NR/A) |
| 2150000 | 5.000 | 06/15/2029 | 2236348 |
| Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024B (NR/A) | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024B (NR/A) | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024B (NR/A) | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024B (NR/A) |
| 4435000 | 4.000 | 12/15/2026 | 4487173 |
| 940000 | 4.000 | 12/15/2027 | 954967 |
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2022 B (NR/A) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2022 B (NR/A) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2022 B (NR/A) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2022 B (NR/A) |
| 3000000 | 5.000 | 12/15/2027 | 3036922 |
| Northern Illinois University Board of Trustees Auxiliary Facilities System RB Series 2021 (BAM) (Baa3/AA) | Northern Illinois University Board of Trustees Auxiliary Facilities System RB Series 2021 (BAM) (Baa3/AA) | Northern Illinois University Board of Trustees Auxiliary Facilities System RB Series 2021 (BAM) (Baa3/AA) | Northern Illinois University Board of Trustees Auxiliary Facilities System RB Series 2021 (BAM) (Baa3/AA) |
| 325000 | 5.000 | 10/01/2030 | 343919 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |  |
| Illinois – (continued) | Illinois – (continued) |  |  |
| Sales Tax Securitization Corp Bonds Series 2018C (NR/A+) | Sales Tax Securitization Corp Bonds Series 2018C (NR/A+) | Sales Tax Securitization Corp Bonds Series 2018C (NR/A+) | Sales Tax Securitization Corp Bonds Series 2018C (NR/A+) |
| $10900000 | 5.000% | 01/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11058497 |
| Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) |
| 3480000 | 5.000 | 01/01/2026 | 3530603 |
| Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) |
| 5235000 | 5.000 | 01/01/2027 | 5399871 |
| 1675000 | 5.000 | 01/01/2032 | 1834065 |
| 4500000 | 5.000 | 01/01/2033 | 4959601 |
| State of Illinois Build Illinois Bonds Sales Tax RB Junior Obligation Series of March 2025 Junior Obligation Series A 2025 (NR/A) | State of Illinois Build Illinois Bonds Sales Tax RB Junior Obligation Series of March 2025 Junior Obligation Series A 2025 (NR/A) | State of Illinois Build Illinois Bonds Sales Tax RB Junior Obligation Series of March 2025 Junior Obligation Series A 2025 (NR/A) | State of Illinois Build Illinois Bonds Sales Tax RB Junior Obligation Series of March 2025 Junior Obligation Series A 2025 (NR/A) |
| 3100000 | 5.000 | 06/15/2034 | 3425084 |
| 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) |
| 2460000 | 4.000 | 06/15/2025 | 2463345 |
| State of Illinois General Obligation Bonds Series of May 2024B (A3/A-) | State of Illinois General Obligation Bonds Series of May 2024B (A3/A-) | State of Illinois General Obligation Bonds Series of May 2024B (A3/A-) | State of Illinois General Obligation Bonds Series of May 2024B (A3/A-) |
| 3000000 | 5.000 | 05/01/2026 | 3059515 |
| 3000000 | 5.000 | 05/01/2027 | 3106197 |
| State of Illinois GO Bonds Series 2016 (A3/A-) | State of Illinois GO Bonds Series 2016 (A3/A-) | State of Illinois GO Bonds Series 2016 (A3/A-) | State of Illinois GO Bonds Series 2016 (A3/A-) |
| 2965000 | 5.000 | 01/01/2026 | 3006045 |
| 5700000 | 5.000 | 11/01/2028 | 5830579 |
| State of Illinois GO Bonds Series 2017A (A3/A-) | State of Illinois GO Bonds Series 2017A (A3/A-) | State of Illinois GO Bonds Series 2017A (A3/A-) | State of Illinois GO Bonds Series 2017A (A3/A-) |
| 3455000 | 5.000 | 12/01/2027 | 3603390 |
| State of Illinois GO Bonds Series 2017C (A3/A-) | State of Illinois GO Bonds Series 2017C (A3/A-) | State of Illinois GO Bonds Series 2017C (A3/A-) | State of Illinois GO Bonds Series 2017C (A3/A-) |
| 6540000 | 5.000 | 11/01/2029 | 6780128 |
| State of Illinois GO Bonds Series 2017D (A3/A-) | State of Illinois GO Bonds Series 2017D (A3/A-) | State of Illinois GO Bonds Series 2017D (A3/A-) | State of Illinois GO Bonds Series 2017D (A3/A-) |
| 5560000 | 5.000 | 11/01/2027 | 5796028 |
| State of Illinois GO Bonds Series 2020 (A3/A-) | State of Illinois GO Bonds Series 2020 (A3/A-) | State of Illinois GO Bonds Series 2020 (A3/A-) | State of Illinois GO Bonds Series 2020 (A3/A-) |
| 2465000 | 5.500 | 05/01/2030 | 2607480 |
| State of Illinois GO Bonds Series 2021A (A3/A-) | State of Illinois GO Bonds Series 2021A (A3/A-) | State of Illinois GO Bonds Series 2021A (A3/A-) | State of Illinois GO Bonds Series 2021A (A3/A-) |
| 2750000 | 5.000 | 03/01/2026 | 2796498 |
| State of Illinois GO Bonds Series of November 2019B (A3/A-) | State of Illinois GO Bonds Series of November 2019B (A3/A-) | State of Illinois GO Bonds Series of November 2019B (A3/A-) | State of Illinois GO Bonds Series of November 2019B (A3/A-) |
| 10000000 | 5.000 | 11/01/2032 | 10519130 |
| State of Illinois GO Bonds, Refunding Series of May 2023D (A3/A-) | State of Illinois GO Bonds, Refunding Series of May 2023D (A3/A-) | State of Illinois GO Bonds, Refunding Series of May 2023D (A3/A-) | State of Illinois GO Bonds, Refunding Series of May 2023D (A3/A-) |
| 8035000 | 5.000 | 07/01/2025 | 8072506 |
| State of Illinois GO Refunding Bonds Series 2016 (A3/A-) | State of Illinois GO Refunding Bonds Series 2016 (A3/A-) | State of Illinois GO Refunding Bonds Series 2016 (A3/A-) | State of Illinois GO Refunding Bonds Series 2016 (A3/A-) |
| 4215000 | 5.000 | 02/01/2026 | 4279794 |
| 4020000 | 5.000 | 02/01/2028 | 4138733 |
| 2100000 | 5.000 | 02/01/2029 | 2157809 |
| State of Illinois GO Refunding Bonds Series 2018A (A3/A-) | State of Illinois GO Refunding Bonds Series 2018A (A3/A-) | State of Illinois GO Refunding Bonds Series 2018A (A3/A-) | State of Illinois GO Refunding Bonds Series 2018A (A3/A-) |
| 6490000 | 5.000 | 10/01/2028 | 6830142 |
| State of Illinois GO Refunding Bonds Series 2018B (A3/A-) | State of Illinois GO Refunding Bonds Series 2018B (A3/A-) | State of Illinois GO Refunding Bonds Series 2018B (A3/A-) | State of Illinois GO Refunding Bonds Series 2018B (A3/A-) |
| 6000000 | 5.000 | 10/01/2028 | 6314461 |
| State of Illinois GO Refunding Bonds Series of October 2016 Il (A3/A-) | State of Illinois GO Refunding Bonds Series of October 2016 Il (A3/A-) | State of Illinois GO Refunding Bonds Series of October 2016 Il (A3/A-) | State of Illinois GO Refunding Bonds Series of October 2016 Il (A3/A-) |
| 225000 | 5.000 | 02/01/2027 | 232147 |
| State of Illinois GO Unlimited Refunding Bonds Series 2018 B (A3/A-) | State of Illinois GO Unlimited Refunding Bonds Series 2018 B (A3/A-) | State of Illinois GO Unlimited Refunding Bonds Series 2018 B (A3/A-) | State of Illinois GO Unlimited Refunding Bonds Series 2018 B (A3/A-) |
| 2000000 | 5.000 | 10/01/2025 | 2018601 |
| The County of Cook Illinois Sales Tax RB Series 2024 (NR/AA-) | The County of Cook Illinois Sales Tax RB Series 2024 (NR/AA-) | The County of Cook Illinois Sales Tax RB Series 2024 (NR/AA-) | The County of Cook Illinois Sales Tax RB Series 2024 (NR/AA-) |
| 750000 | 5.000 | 11/15/2027 | 786482 |
| 1000000 | 5.000 | 11/15/2028 | 1063670 |
|  |  |  | 363147979 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **223** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Indiana - 1.1% | Indiana - 1.1% | Indiana - 1.1% | Indiana - 1.1% |
| City of Rockport Pollution Control Revenue Refunding Bonds for AEP Generating Company Project Series 1995 (NON-AMT) (Baa2/BBB+) | City of Rockport Pollution Control Revenue Refunding Bonds for AEP Generating Company Project Series 1995 (NON-AMT) (Baa2/BBB+) | City of Rockport Pollution Control Revenue Refunding Bonds for AEP Generating Company Project Series 1995 (NON-AMT) (Baa2/BBB+) | City of Rockport Pollution Control Revenue Refunding Bonds for AEP Generating Company Project Series 1995 (NON-AMT) (Baa2/BBB+) |
| $4150000 | 3.125% | 07/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4145110 |
| City of Rockport Pollution Control Revenue Refunding Bonds Series 1995 (NON-AMT) (Baa2/BBB+) | City of Rockport Pollution Control Revenue Refunding Bonds Series 1995 (NON-AMT) (Baa2/BBB+) | City of Rockport Pollution Control Revenue Refunding Bonds Series 1995 (NON-AMT) (Baa2/BBB+) | City of Rockport Pollution Control Revenue Refunding Bonds Series 1995 (NON-AMT) (Baa2/BBB+) |
| 3445000 | 3.125 | 07/01/2025 | 3440941 |
| City of Rockport Pollution Control Revenue Refunding Bonds Series 2009 B (NON-AMT) (A3/BBB+) | City of Rockport Pollution Control Revenue Refunding Bonds Series 2009 B (NON-AMT) (A3/BBB+) | City of Rockport Pollution Control Revenue Refunding Bonds Series 2009 B (NON-AMT) (A3/BBB+) | City of Rockport Pollution Control Revenue Refunding Bonds Series 2009 B (NON-AMT) (A3/BBB+) |
| 10000000 | 3.050 | 06/01/2025 | 9989479 |
| City of Rockport Pollution Control Revenue Refunding Bonds Series D (A3/BBB+) | City of Rockport Pollution Control Revenue Refunding Bonds Series D (A3/BBB+) | City of Rockport Pollution Control Revenue Refunding Bonds Series D (A3/BBB+) | City of Rockport Pollution Control Revenue Refunding Bonds Series D (A3/BBB+) |
| 10000000 | 0.750 | 04/01/2025 | 10000000 |
| City of Whiting Environmental Facilities Refunding RB for BP Products North America Inc. Project Series 2019A (A1/A-) (PUTABLE) | City of Whiting Environmental Facilities Refunding RB for BP Products North America Inc. Project Series 2019A (A1/A-) (PUTABLE) | City of Whiting Environmental Facilities Refunding RB for BP Products North America Inc. Project Series 2019A (A1/A-) (PUTABLE) | City of Whiting Environmental Facilities Refunding RB for BP Products North America Inc. Project Series 2019A (A1/A-) (PUTABLE) |
| 7050000 | 5.000 <sup>(b)(c)</sup> | 12/01/2044 | 7140112 |
| Indiana Finance Authority Health Facility RB Series 2024 (A3/A-) | Indiana Finance Authority Health Facility RB Series 2024 (A3/A-) | Indiana Finance Authority Health Facility RB Series 2024 (A3/A-) | Indiana Finance Authority Health Facility RB Series 2024 (A3/A-) |
| 450000 | 5.000 | 03/01/2026 | 457501 |
| 300000 | 5.000 | 03/01/2027 | 309801 |
| 350000 | 5.000 | 03/01/2028 | 365100 |
| 385000 | 5.000 | 03/01/2029 | 405406 |
| 1030000 | 5.000 | 03/01/2030 | 1094599 |
| 610000 | 5.000 | 03/01/2031 | 652909 |
| Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 A (A2/A-) (PUTABLE) | Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 A (A2/A-) (PUTABLE) | Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 A (A2/A-) (PUTABLE) | Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 A (A2/A-) (PUTABLE) |
| 3000000 | 0.750 <sup>(b)(c)</sup> | 12/01/2038 | 2911882 |
| Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 B (AMT) (A2/A-) (PUTABLE) | Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 B (AMT) (A2/A-) (PUTABLE) | Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 B (AMT) (A2/A-) (PUTABLE) | Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 B (AMT) (A2/A-) (PUTABLE) |
| 4525000 | 0.950 <sup>(b)(c)</sup> | 12/01/2038 | 4400889 |
| 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 | 2965643 |
| Indiana Housing & Community Development Authority Multifamily Housing RB Partners Preservation Projects Series 2023 (FHA 221(D)(4)) (FHA 221(D)(4)) (Aaa/NR) (PUTABLE) | Indiana Housing & Community Development Authority Multifamily Housing RB Partners Preservation Projects Series 2023 (FHA 221(D)(4)) (FHA 221(D)(4)) (Aaa/NR) (PUTABLE) | Indiana Housing & Community Development Authority Multifamily Housing RB Partners Preservation Projects Series 2023 (FHA 221(D)(4)) (FHA 221(D)(4)) (Aaa/NR) (PUTABLE) | Indiana Housing & Community Development Authority Multifamily Housing RB Partners Preservation Projects Series 2023 (FHA 221(D)(4)) (FHA 221(D)(4)) (Aaa/NR) (PUTABLE) |
| 700000 | 4.100 <sup>(b)(c)</sup> | 09/01/2028 | 702104 |
| The Indianapolis Local Public Improvement Bond Bank Bonds Series 2024E (NR/AA-) | The Indianapolis Local Public Improvement Bond Bank Bonds Series 2024E (NR/AA-) | The Indianapolis Local Public Improvement Bond Bank Bonds Series 2024E (NR/AA-) | The Indianapolis Local Public Improvement Bond Bank Bonds Series 2024E (NR/AA-) |
| 1920000 | 5.000 | 02/01/2030 | 2071892 |
| 2600000 | 5.000 | 02/01/2031 | 2840158 |
| 895000 | 5.000 | 02/01/2032 | 986558 |
|  |  |  | 54880084 |
| Iowa - 0.3% | Iowa - 0.3% | Iowa - 0.3% | Iowa - 0.3% |
| City of Waterloo Black Hawk County Iowa GO Capital Loan Notes Series 2024D (Aa2/NR) | City of Waterloo Black Hawk County Iowa GO Capital Loan Notes Series 2024D (Aa2/NR) | City of Waterloo Black Hawk County Iowa GO Capital Loan Notes Series 2024D (Aa2/NR) | City of Waterloo Black Hawk County Iowa GO Capital Loan Notes Series 2024D (Aa2/NR) |
| 1900000 | 4.500 | 06/01/2027 | 1929021 |
| Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds for Iowa Fertilizer Company Project Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds for Iowa Fertilizer Company Project Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds for Iowa Fertilizer Company Project Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds for Iowa Fertilizer Company Project Series 2022 (#Aaa/AA+) |
| 3170000 | 5.000 <sup>(a)(b)(c)</sup> | 12/01/2032 | 3574005 |
| Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (#Aaa/AA+) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (#Aaa/AA+) |
| 490000 | 4.000 <sup>(a)(b)(c)</sup> | 12/01/2032 | 519267 |
| 1260000 | 5.000 <sup>(a)</sup> | 12/01/2032 | 1420582 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103718 |
| Iowa Higher Education Loan Authority Private College Facility RB University of Dubuque Project Series 2025 (NR/BBB-) | Iowa Higher Education Loan Authority Private College Facility RB University of Dubuque Project Series 2025 (NR/BBB-) | Iowa Higher Education Loan Authority Private College Facility RB University of Dubuque Project Series 2025 (NR/BBB-) | Iowa Higher Education Loan Authority Private College Facility RB University of Dubuque Project Series 2025 (NR/BBB-) |
| 1765000 | 5.000 | 10/01/2032 | 1833362 |
| 1950000 | 5.000 | 10/01/2034 | 2010967 |
|  |  |  | 13390922 |
| Kansas - 0.4% | Kansas - 0.4% | Kansas - 0.4% | Kansas - 0.4% |
| City of Burlington Environmental Improvement RB Refunding for Energy Metro, Inc. Project Series 2023 (A2/A) | City of Burlington Environmental Improvement RB Refunding for Energy Metro, Inc. Project Series 2023 (A2/A) | City of Burlington Environmental Improvement RB Refunding for Energy Metro, Inc. Project Series 2023 (A2/A) | City of Burlington Environmental Improvement RB Refunding for Energy Metro, Inc. Project Series 2023 (A2/A) |
| 3775000 | 4.300 <sup>(b)(c)</sup> | 03/01/2045 | 3780507 |
| City of Manhattan GO Temporary Notes Series 2022-01 (A1/NR) | City of Manhattan GO Temporary Notes Series 2022-01 (A1/NR) | City of Manhattan GO Temporary Notes Series 2022-01 (A1/NR) | City of Manhattan GO Temporary Notes Series 2022-01 (A1/NR) |
| 17410000 | 1.750 | 06/15/2025 | 17322950 |
|  |  |  | 21103457 |
| Kentucky - 1.4% | Kentucky - 1.4% | Kentucky - 1.4% | Kentucky - 1.4% |
| Commonwealth of Kentucky State Property and Buildings Commission RB for Project No. 131, Series A (Aa3/NR) | Commonwealth of Kentucky State Property and Buildings Commission RB for Project No. 131, Series A (Aa3/NR) | Commonwealth of Kentucky State Property and Buildings Commission RB for Project No. 131, Series A (Aa3/NR) | Commonwealth of Kentucky State Property and Buildings Commission RB for Project No. 131, Series A (Aa3/NR) |
| 500000 | 5.000 | 10/01/2027 | 525785 |
| 400000 | 5.000 | 10/01/2028 | 427714 |
| County of Boone Pollution Control Revenue Refunding Bonds Series 2008A (NON-AMT) (Baa1/BBB+) | County of Boone Pollution Control Revenue Refunding Bonds Series 2008A (NON-AMT) (Baa1/BBB+) | County of Boone Pollution Control Revenue Refunding Bonds Series 2008A (NON-AMT) (Baa1/BBB+) | County of Boone Pollution Control Revenue Refunding Bonds Series 2008A (NON-AMT) (Baa1/BBB+) |
| 5040000 | 3.700 | 08/01/2027 | 5054843 |
| County of Owen Water Facilities Refunding RB Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | County of Owen Water Facilities Refunding RB Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | County of Owen Water Facilities Refunding RB Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | County of Owen Water Facilities Refunding RB Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) |
| 700000 | 3.875 <sup>(b)(c)</sup> | 06/01/2040 | 691725 |
| Kenton County Kentucky Airport Board Cincinnati Northern Kentucky International Airport RB Series 2024 (A1/NR) | Kenton County Kentucky Airport Board Cincinnati Northern Kentucky International Airport RB Series 2024 (A1/NR) | Kenton County Kentucky Airport Board Cincinnati Northern Kentucky International Airport RB Series 2024 (A1/NR) | Kenton County Kentucky Airport Board Cincinnati Northern Kentucky International Airport RB Series 2024 (A1/NR) |
| 1000000 | 5.000 | 01/01/2029 | 1049955 |
| Kenton County KY School District Financial Coporation School Building RB 2016 B (BAM-TCRS ST INTERCEPT) (Aa3/AA) | Kenton County KY School District Financial Coporation School Building RB 2016 B (BAM-TCRS ST INTERCEPT) (Aa3/AA) | Kenton County KY School District Financial Coporation School Building RB 2016 B (BAM-TCRS ST INTERCEPT) (Aa3/AA) | Kenton County KY School District Financial Coporation School Building RB 2016 B (BAM-TCRS ST INTERCEPT) (Aa3/AA) |
| 475000 | 3.000 | 04/01/2030 | 460374 |
| Kentucky Asset/Liability Commission Project Notes 2024 Federal Highway Trust Fund First Refunding Series A (NR/AA) | Kentucky Asset/Liability Commission Project Notes 2024 Federal Highway Trust Fund First Refunding Series A (NR/AA) | Kentucky Asset/Liability Commission Project Notes 2024 Federal Highway Trust Fund First Refunding Series A (NR/AA) | Kentucky Asset/Liability Commission Project Notes 2024 Federal Highway Trust Fund First Refunding Series A (NR/AA) |
| 7985000 | 5.000 | 09/01/2026 | 8227755 |
| 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 | 3570460 |
| Kentucky Interlocal School Transportation Association Kista Equipment Lease Certificates of Participation Series of 2024 (ST INTERCEPT) (Aa3/NR) | Kentucky Interlocal School Transportation Association Kista Equipment Lease Certificates of Participation Series of 2024 (ST INTERCEPT) (Aa3/NR) | Kentucky Interlocal School Transportation Association Kista Equipment Lease Certificates of Participation Series of 2024 (ST INTERCEPT) (Aa3/NR) | Kentucky Interlocal School Transportation Association Kista Equipment Lease Certificates of Participation Series of 2024 (ST INTERCEPT) (Aa3/NR) |
| 550000 | 4.000 | 03/01/2026 | 554698 |
| 515000 | 4.000 | 03/01/2027 | 523984 |
| Kentucky Public Energy Authority Gas Supply RB 2018 Series C-1 (NR/NR) | Kentucky Public Energy Authority Gas Supply RB 2018 Series C-1 (NR/NR) | Kentucky Public Energy Authority Gas Supply RB 2018 Series C-1 (NR/NR) | Kentucky Public Energy Authority Gas Supply RB 2018 Series C-1 (NR/NR) |
| 2775000 | 4.000 <sup>(b)(c)</sup> | 12/01/2049 | 2779448 |
| 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 | 3635608 |
| Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2023A (NR/A) | Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2023A (NR/A) | Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2023A (NR/A) | Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2023A (NR/A) |
| 700000 | 5.000 | 10/01/2026 | 718327 |
| 1700000 | 5.000 | 10/01/2027 | 1775070 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 224 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Public Energy Authority of Kentucky Gas Supply RB Series 2019 A-1 (NR/NR) | Public Energy Authority of Kentucky Gas Supply RB Series 2019 A-1 (NR/NR) | Public Energy Authority of Kentucky Gas Supply RB Series 2019 A-1 (NR/NR) | Public Energy Authority of Kentucky Gas Supply RB Series 2019 A-1 (NR/NR) |
| 24230000 | 4.000 %<sup>(b)(c)</sup> | 12/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24268836 |
| Public Energy Authority of Kentucky Gas Supply RB Series 2019C (A1/NR) | Public Energy Authority of Kentucky Gas Supply RB Series 2019C (A1/NR) | Public Energy Authority of Kentucky Gas Supply RB Series 2019C (A1/NR) | Public Energy Authority of Kentucky Gas Supply RB Series 2019C (A1/NR) |
| 9450000 | 4.000 <sup>(b)(c)</sup> | 02/01/2050 | 9482082 |
| Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2024 Series B (A1/NR) | Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2024 Series B (A1/NR) | Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2024 Series B (A1/NR) | Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2024 Series B (A1/NR) |
| 500000 | 5.000 | 08/01/2025 | 502116 |
| 390000 | 5.000 | 02/01/2026 | 394240 |
| 800000 | 5.000 | 08/01/2026 | 814221 |
| 500000 | 5.000 | 02/01/2027 | 512031 |
| 1150000 | 5.000 | 08/01/2027 | 1184572 |
| 575000 | 5.000 | 02/01/2028 | 594635 |
|  |  |  | 67748479 |
| Louisiana - 1.3% | Louisiana - 1.3% | Louisiana - 1.3% | Louisiana - 1.3% |
| 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+) |
| 3000000 | 5.000 | 12/01/2025 | 3035649 |
| 4255000 | 5.000 | 12/01/2026 | 4392112 |
| 1715000 | 5.000 | 12/01/2027 | 1804362 |
| City of New Orleans Sewerage Service RB Series 2015 (NR/A) | City of New Orleans Sewerage Service RB Series 2015 (NR/A) | City of New Orleans Sewerage Service RB Series 2015 (NR/A) | City of New Orleans Sewerage Service RB Series 2015 (NR/A) |
| 1000000 | 5.000 <sup>(a)</sup> | 06/01/2025 | 1003329 |
| East Baton Rouge Sewerage Commission Tax Exempt Revenue Refunding Bonds Series 2020A (NR/AA-) | East Baton Rouge Sewerage Commission Tax Exempt Revenue Refunding Bonds Series 2020A (NR/AA-) | East Baton Rouge Sewerage Commission Tax Exempt Revenue Refunding Bonds Series 2020A (NR/AA-) | East Baton Rouge Sewerage Commission Tax Exempt Revenue Refunding Bonds Series 2020A (NR/AA-) |
| 1100000 | 5.000 | 02/01/2026 | 1120510 |
| 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 | 620082 |
| Louisiana Housing Corporation Multifamily Housing RB Arbours At Acadiana Project Series 2024 (FHA 221(D)(4)) (Aaa/NR) | Louisiana Housing Corporation Multifamily Housing RB Arbours At Acadiana Project Series 2024 (FHA 221(D)(4)) (Aaa/NR) | Louisiana Housing Corporation Multifamily Housing RB Arbours At Acadiana Project Series 2024 (FHA 221(D)(4)) (Aaa/NR) | Louisiana Housing Corporation Multifamily Housing RB Arbours At Acadiana Project Series 2024 (FHA 221(D)(4)) (Aaa/NR) |
| 2228000 | 5.000 <sup>(b)(c)</sup> | 04/01/2028 | 2304043 |
| Louisiana Housing Corporation Multifamily Housing RB Arbours At Bordeaux Project Series 2024 (FHA 221(D)(4)) (Aaa/NR) | Louisiana Housing Corporation Multifamily Housing RB Arbours At Bordeaux Project Series 2024 (FHA 221(D)(4)) (Aaa/NR) | Louisiana Housing Corporation Multifamily Housing RB Arbours At Bordeaux Project Series 2024 (FHA 221(D)(4)) (Aaa/NR) | Louisiana Housing Corporation Multifamily Housing RB Arbours At Bordeaux Project Series 2024 (FHA 221(D)(4)) (Aaa/NR) |
| 2000000 | 5.000 <sup>(b)(c)</sup> | 04/01/2028 | 2068261 |
| Louisiana Housing Corporation Multifamily Housing RB Arbours At Lafayette Phase II Project Series 2024 (FHA 221(D)(4)) (Aaa/NR) | Louisiana Housing Corporation Multifamily Housing RB Arbours At Lafayette Phase II Project Series 2024 (FHA 221(D)(4)) (Aaa/NR) | Louisiana Housing Corporation Multifamily Housing RB Arbours At Lafayette Phase II Project Series 2024 (FHA 221(D)(4)) (Aaa/NR) | Louisiana Housing Corporation Multifamily Housing RB Arbours At Lafayette Phase II Project Series 2024 (FHA 221(D)(4)) (Aaa/NR) |
| 2200000 | 5.000 <sup>(b)(c)</sup> | 04/01/2028 | 2275087 |
| 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 | 2265425 |
| 3300000 | 5.000 | 08/15/2027 | 3425087 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue and Refunding RB for Christwood Project Series 2024 (NR/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue and Refunding RB for Christwood Project Series 2024 (NR/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue and Refunding RB for Christwood Project Series 2024 (NR/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue and Refunding RB for Christwood Project Series 2024 (NR/NR) |
| 1050000 | 4.250 <sup>(d)</sup> | 11/15/2030 | 1042089 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Ragin' Cajun Facilities Student Housing & Parking Project Series 2017 (AGM) (NR/AA) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Ragin' Cajun Facilities Student Housing & Parking Project Series 2017 (AGM) (NR/AA) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Ragin' Cajun Facilities Student Housing & Parking Project Series 2017 (AGM) (NR/AA) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Ragin' Cajun Facilities Student Housing & Parking Project Series 2017 (AGM) (NR/AA) |
| 1230000 | 5.000 | 10/01/2026 | 1262243 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Westlake Chemical Corp. Project Series 2017 (Baa2/BBB+) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Westlake Chemical Corp. Project Series 2017 (Baa2/BBB+) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Westlake Chemical Corp. Project Series 2017 (Baa2/BBB+) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Westlake Chemical Corp. Project Series 2017 (Baa2/BBB+) |
| 1490000 | 3.500 | 11/01/2032 | 1422741 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2007A (A3/NR) | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2007A (A3/NR) | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2007A (A3/NR) | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2007A (A3/NR) |
| 7725000 | 4.150% | 09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7775185 |
| Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2007-B-2A-2 (NON-AMT) (A3/BBB+) (PUTABLE) | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2007-B-2A-2 (NON-AMT) (A3/BBB+) (PUTABLE) | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2007-B-2A-2 (NON-AMT) (A3/BBB+) (PUTABLE) | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2007-B-2A-2 (NON-AMT) (A3/BBB+) (PUTABLE) |
| 2500000 | 4.200 <sup>(b)(c)</sup> | 10/01/2037 | 2512604 |
| Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2013A (NON-AMT) (A3/NR) (PUTABLE) | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2013A (NON-AMT) (A3/NR) (PUTABLE) | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2013A (NON-AMT) (A3/NR) (PUTABLE) | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2013A (NON-AMT) (A3/NR) (PUTABLE) |
| 3775000 | 4.200 <sup>(b)(c)</sup> | 09/01/2033 | 3771313 |
| Louisiana Public Facilities Authority Hospital RB Louisiana Children's Medical Center Project Series 2015A3 RMKT (NR/A) | Louisiana Public Facilities Authority Hospital RB Louisiana Children's Medical Center Project Series 2015A3 RMKT (NR/A) | Louisiana Public Facilities Authority Hospital RB Louisiana Children's Medical Center Project Series 2015A3 RMKT (NR/A) | Louisiana Public Facilities Authority Hospital RB Louisiana Children's Medical Center Project Series 2015A3 RMKT (NR/A) |
| 6250000 | 5.000 <sup>(b)(c)</sup> | 06/01/2045 | 6500466 |
| Parish of East Baton Rouge Capital Improvements District Movebr Sales Tax RB Series 2024 (Aa2/AA+) | Parish of East Baton Rouge Capital Improvements District Movebr Sales Tax RB Series 2024 (Aa2/AA+) | Parish of East Baton Rouge Capital Improvements District Movebr Sales Tax RB Series 2024 (Aa2/AA+) | Parish of East Baton Rouge Capital Improvements District Movebr Sales Tax RB Series 2024 (Aa2/AA+) |
| 625000 | 5.000 | 08/01/2028 | 667639 |
| 750000 | 5.000 | 08/01/2030 | 823659 |
| 615000 | 5.000 | 08/01/2031 | 682765 |
| 840000 | 5.000 | 08/01/2032 | 940451 |
| Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (A2/A-) (PUTABLE) | Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (A2/A-) (PUTABLE) | Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (A2/A-) (PUTABLE) | Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (A2/A-) (PUTABLE) |
| 5755000 | 4.050 <sup>(b)(c)</sup> | 06/01/2037 | 5794870 |
| Parish of St. John the Baptist Revenue Refunding Bonds for Marathon Oil Project Series 2017 (A2/A-) (PUTABLE) | Parish of St. John the Baptist Revenue Refunding Bonds for Marathon Oil Project Series 2017 (A2/A-) (PUTABLE) | Parish of St. John the Baptist Revenue Refunding Bonds for Marathon Oil Project Series 2017 (A2/A-) (PUTABLE) | Parish of St. John the Baptist Revenue Refunding Bonds for Marathon Oil Project Series 2017 (A2/A-) (PUTABLE) |
| 1235000 | 2.200 <sup>(b)(c)</sup> | 06/01/2037 | 1215867 |
| State of Louisiana Gasoline and Fuels Tax Revenue Refunding Bonds 2017 Series B (Aa2/AA) | State of Louisiana Gasoline and Fuels Tax Revenue Refunding Bonds 2017 Series B (Aa2/AA) | State of Louisiana Gasoline and Fuels Tax Revenue Refunding Bonds 2017 Series B (Aa2/AA) | State of Louisiana Gasoline and Fuels Tax Revenue Refunding Bonds 2017 Series B (Aa2/AA) |
| 1425000 | 5.000 | 05/01/2026 | 1458686 |
| State of Louisiana Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds 2022 Series A (Aa3/AA) | State of Louisiana Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds 2022 Series A (Aa3/AA) | State of Louisiana Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds 2022 Series A (Aa3/AA) | State of Louisiana Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds 2022 Series A (Aa3/AA) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.50%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.50%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.50%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.50%) |
| 4330000 | 3.538 <sup>(b)(f)</sup> | 05/01/2043 | 4318871 |
| State of Louisiana Grant Anticipation RB Series 2023 (NR/AA) | State of Louisiana Grant Anticipation RB Series 2023 (NR/AA) | State of Louisiana Grant Anticipation RB Series 2023 (NR/AA) | State of Louisiana Grant Anticipation RB Series 2023 (NR/AA) |
| 900000 | 5.000 | 09/01/2026 | 927615 |
|  |  |  | 65431011 |
| Maine - 0.0% | Maine - 0.0% | Maine - 0.0% | Maine - 0.0% |
| 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 | 1583243 |
| Maryland - 1.0% | Maryland - 1.0% | Maryland - 1.0% | Maryland - 1.0% |
| Community Development Administration Multifamily Development RB Sustainability Bonds for Villages at Marley Station Series 2024 D-2 (Cash-Collateralized) (Aaa/NR) | Community Development Administration Multifamily Development RB Sustainability Bonds for Villages at Marley Station Series 2024 D-2 (Cash-Collateralized) (Aaa/NR) | Community Development Administration Multifamily Development RB Sustainability Bonds for Villages at Marley Station Series 2024 D-2 (Cash-Collateralized) (Aaa/NR) | Community Development Administration Multifamily Development RB Sustainability Bonds for Villages at Marley Station Series 2024 D-2 (Cash-Collateralized) (Aaa/NR) |
| 1625000 | 3.300 | 01/01/2029 | 1621282 |
| Maryland Department of Transportation Consolidated Transportation Bonds Refunding Series 2016 (Aaa/AAA) | Maryland Department of Transportation Consolidated Transportation Bonds Refunding Series 2016 (Aaa/AAA) | Maryland Department of Transportation Consolidated Transportation Bonds Refunding Series 2016 (Aaa/AAA) | Maryland Department of Transportation Consolidated Transportation Bonds Refunding Series 2016 (Aaa/AAA) |
| 3025000 | 4.000 | 09/01/2027 | 3105774 |
| Maryland Economic Development Corp. Private Activity RB for Purple Line Light Rail Project Series 2022A (Baa3/NR) | Maryland Economic Development Corp. Private Activity RB for Purple Line Light Rail Project Series 2022A (Baa3/NR) | Maryland Economic Development Corp. Private Activity RB for Purple Line Light Rail Project Series 2022A (Baa3/NR) | Maryland Economic Development Corp. Private Activity RB for Purple Line Light Rail Project Series 2022A (Baa3/NR) |
| 2625000 | 5.000 | 11/12/2028 | 2659170 |
| Maryland Health & Higher Educational Facilities Authority RB for St. John's College Series 2020 (NR/A-) | Maryland Health & Higher Educational Facilities Authority RB for St. John's College Series 2020 (NR/A-) | Maryland Health & Higher Educational Facilities Authority RB for St. John's College Series 2020 (NR/A-) | Maryland Health & Higher Educational Facilities Authority RB for St. John's College Series 2020 (NR/A-) |
| 305000 | 4.000 | 10/01/2026 | 306237 |
| Maryland Health and Higher Educational Facilities Authority RB Maryland Institute College of Art Issue Series 2024 (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB Maryland Institute College of Art Issue Series 2024 (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB Maryland Institute College of Art Issue Series 2024 (NR/NR) | Maryland Health and Higher Educational Facilities Authority RB Maryland Institute College of Art Issue Series 2024 (NR/NR) |
| 170000 | 5.250 | 06/01/2026 | 173006 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **225** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |  |
| Maryland – (continued) | Maryland – (continued) | Maryland – (continued) |  |
| Maryland Health and Higher Educational Facilities Authority RB Maryland Institute College of Art Issue Series 2024 (NR/NR) – (continued) | Maryland Health and Higher Educational Facilities Authority RB Maryland Institute College of Art Issue Series 2024 (NR/NR) – (continued) | Maryland Health and Higher Educational Facilities Authority RB Maryland Institute College of Art Issue Series 2024 (NR/NR) – (continued) | Maryland Health and Higher Educational Facilities Authority RB Maryland Institute College of Art Issue Series 2024 (NR/NR) – (continued) |
| 275000 | 5.250% | 06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283298 |
| 665000 | 5.250 | 06/01/2028 | 692826 |
| 400000 | 5.250 | 06/01/2029 | 419617 |
| 920000 | 5.250 | 06/01/2030 | 971930 |
| 975000 | 5.250 | 06/01/2031 | 1034024 |
| Maryland Health and Higher Educational Facilities Authority RB University of Maryland Medical System Issue Series 2025B (A2/A) | Maryland Health and Higher Educational Facilities Authority RB University of Maryland Medical System Issue Series 2025B (A2/A) | Maryland Health and Higher Educational Facilities Authority RB University of Maryland Medical System Issue Series 2025B (A2/A) | Maryland Health and Higher Educational Facilities Authority RB University of Maryland Medical System Issue Series 2025B (A2/A) |
| 6750000 | 5.000 <sup>(b)(c)</sup> | 07/01/2045 | 7338446 |
| Maryland Stadium Authority RB Football Stadium Issue Series 2023A (NR/AA) | Maryland Stadium Authority RB Football Stadium Issue Series 2023A (NR/AA) | Maryland Stadium Authority RB Football Stadium Issue Series 2023A (NR/AA) | Maryland Stadium Authority RB Football Stadium Issue Series 2023A (NR/AA) |
| 2000000 | 5.000 | 03/01/2026 | 2040490 |
| 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 | 10726602 |
| 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 | 18739948 |
| Washington Suburban Sanitary District Consolidated Public Improvement Green Bonds of Series 2024 (CNTY GTD) (Aaa/AAA) | Washington Suburban Sanitary District Consolidated Public Improvement Green Bonds of Series 2024 (CNTY GTD) (Aaa/AAA) | Washington Suburban Sanitary District Consolidated Public Improvement Green Bonds of Series 2024 (CNTY GTD) (Aaa/AAA) | Washington Suburban Sanitary District Consolidated Public Improvement Green Bonds of Series 2024 (CNTY GTD) (Aaa/AAA) |
| 490000 | 5.000 | 06/01/2026 | 503465 |
|  |  |  | 50616115 |
| Massachusetts - 1.6% | Massachusetts - 1.6% | Massachusetts - 1.6% | Massachusetts - 1.6% |
| City of Boston GO Bonds 2017 Series A (Aaa/AAA) | City of Boston GO Bonds 2017 Series A (Aaa/AAA) | City of Boston GO Bonds 2017 Series A (Aaa/AAA) | City of Boston GO Bonds 2017 Series A (Aaa/AAA) |
| 2015000 | 5.000 | 04/01/2025 | 2015000 |
| 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 | 25749176 |
| Massachusetts Development Finance Agency RB for Wellforce Issue, Serries 2020C (AGM) (NR/AA) | Massachusetts Development Finance Agency RB for Wellforce Issue, Serries 2020C (AGM) (NR/AA) | Massachusetts Development Finance Agency RB for Wellforce Issue, Serries 2020C (AGM) (NR/AA) | Massachusetts Development Finance Agency RB for Wellforce Issue, Serries 2020C (AGM) (NR/AA) |
| 500000 | 5.000 | 10/01/2028 | 529154 |
| Massachusetts Development Finance Agency RB Umass Memorial Health Care Obligated Group Issue Series N-1 2025 (NR/BBB+) | Massachusetts Development Finance Agency RB Umass Memorial Health Care Obligated Group Issue Series N-1 2025 (NR/BBB+) | Massachusetts Development Finance Agency RB Umass Memorial Health Care Obligated Group Issue Series N-1 2025 (NR/BBB+) | Massachusetts Development Finance Agency RB Umass Memorial Health Care Obligated Group Issue Series N-1 2025 (NR/BBB+) |
| 300000 | 5.000 | 07/01/2026 | 306720 |
| 360000 | 5.000 | 07/01/2027 | 373327 |
| 500000 | 5.000 | 07/01/2028 | 525809 |
| 550000 | 5.000 | 07/01/2029 | 584586 |
| 650000 | 5.000 | 07/01/2030 | 697495 |
| Massachusetts Development Finance Agency Refunding RB Emerson College Issue Series 2025 (Baa2/BBB+) | Massachusetts Development Finance Agency Refunding RB Emerson College Issue Series 2025 (Baa2/BBB+) | Massachusetts Development Finance Agency Refunding RB Emerson College Issue Series 2025 (Baa2/BBB+) | Massachusetts Development Finance Agency Refunding RB Emerson College Issue Series 2025 (Baa2/BBB+) |
| 560000 | 5.000 | 01/01/2026 | 566761 |
| 505000 | 5.000 | 01/01/2027 | 519155 |
| 1190000 | 5.000 | 01/01/2029 | 1251357 |
| 1500000 | 5.000 | 01/01/2033 | 1599337 |
| Massachusetts Health and Educational Facilities Authority Variable Rate Demand RB for Umass Series A (Aa2/AA-) (PUTABLE) | Massachusetts Health and Educational Facilities Authority Variable Rate Demand RB for Umass Series A (Aa2/AA-) (PUTABLE) | Massachusetts Health and Educational Facilities Authority Variable Rate Demand RB for Umass Series A (Aa2/AA-) (PUTABLE) | Massachusetts Health and Educational Facilities Authority Variable Rate Demand RB for Umass Series A (Aa2/AA-) (PUTABLE) |
| 7000000 | 2.450 <sup>(b)(c)</sup> | 11/01/2030 | 6933085 |
| Massachusetts School Building Authority Senior Dedicated Sales Tax Bonds 2016 Series B (Aa1/AA+) | Massachusetts School Building Authority Senior Dedicated Sales Tax Bonds 2016 Series B (Aa1/AA+) | Massachusetts School Building Authority Senior Dedicated Sales Tax Bonds 2016 Series B (Aa1/AA+) | Massachusetts School Building Authority Senior Dedicated Sales Tax Bonds 2016 Series B (Aa1/AA+) |
| 5165000 | 5.000 | 11/15/2031 | 5307049 |
| 11750000 | 5.000 | 11/15/2032 | 12059850 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |  |
| Massachusetts – (continued) | Massachusetts – (continued) | Massachusetts – (continued) |  |
| Massachusetts St. College Bulding Authority Project Rev Project Ref RB Series 2003 B (AGC ST APPROP) (Aa2/AA) | Massachusetts St. College Bulding Authority Project Rev Project Ref RB Series 2003 B (AGC ST APPROP) (Aa2/AA) | Massachusetts St. College Bulding Authority Project Rev Project Ref RB Series 2003 B (AGC ST APPROP) (Aa2/AA) | Massachusetts St. College Bulding Authority Project Rev Project Ref RB Series 2003 B (AGC ST APPROP) (Aa2/AA) |
| 2225000 | 5.500% | 05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492053 |
| Massachusetts State Development Finance Agency RB Mass General Brigham, Inc. Series 2019 T 1 (Aa3/AA-) | Massachusetts State Development Finance Agency RB Mass General Brigham, Inc. Series 2019 T 1 (Aa3/AA-) | Massachusetts State Development Finance Agency RB Mass General Brigham, Inc. Series 2019 T 1 (Aa3/AA-) | Massachusetts State Development Finance Agency RB Mass General Brigham, Inc. Series 2019 T 1 (Aa3/AA-) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.60%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.60%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.60%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.60%) |
| 6250000 | 3.470 <sup>(b)(d)(f)</sup> | 07/01/2049 | 6249988 |
| The Commonwealth of Massachusetts GO Refunding Bonds Series 2016A (Aa1/AA+) | The Commonwealth of Massachusetts GO Refunding Bonds Series 2016A (Aa1/AA+) | The Commonwealth of Massachusetts GO Refunding Bonds Series 2016A (Aa1/AA+) | The Commonwealth of Massachusetts GO Refunding Bonds Series 2016A (Aa1/AA+) |
| 8110000 | 5.000 | 07/01/2025 | 8154380 |
|  |  |  | 75914282 |
| Michigan - 1.6% | Michigan - 1.6% | Michigan - 1.6% | Michigan - 1.6% |
| Birmingham Public Schools County of Oakland State of Michigan 2024 School Building and Site Bonds (NR/AA+) | Birmingham Public Schools County of Oakland State of Michigan 2024 School Building and Site Bonds (NR/AA+) | Birmingham Public Schools County of Oakland State of Michigan 2024 School Building and Site Bonds (NR/AA+) | Birmingham Public Schools County of Oakland State of Michigan 2024 School Building and Site Bonds (NR/AA+) |
| 375000 | 5.000 | 05/01/2026 | 383537 |
| 500000 | 5.000 | 05/01/2027 | 521913 |
| City of Detroit Downtown Development Authority Tax Increment Revenue Refunding Bonds Series 2024 (NR/BBB+) | City of Detroit Downtown Development Authority Tax Increment Revenue Refunding Bonds Series 2024 (NR/BBB+) | City of Detroit Downtown Development Authority Tax Increment Revenue Refunding Bonds Series 2024 (NR/BBB+) | City of Detroit Downtown Development Authority Tax Increment Revenue Refunding Bonds Series 2024 (NR/BBB+) |
| 3525000 | 5.000 | 07/01/2048 | 3610752 |
| City of Detroit GO Bonds Series 2021 B (Baa2/BBB) | City of Detroit GO Bonds Series 2021 B (Baa2/BBB) | City of Detroit GO Bonds Series 2021 B (Baa2/BBB) | City of Detroit GO Bonds Series 2021 B (Baa2/BBB) |
| 1220000 | 2.960 | 04/01/2027 | 1185076 |
| Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.60%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.60%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.60%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.60%) |
| 28240000 | 3.663 <sup>(f)</sup> | 07/01/2032 | 27836323 |
| Detroit Regional Convention Facility Authority Special Tax Revenue Refunding Bonds Series 2024C (NR/A+) | Detroit Regional Convention Facility Authority Special Tax Revenue Refunding Bonds Series 2024C (NR/A+) | Detroit Regional Convention Facility Authority Special Tax Revenue Refunding Bonds Series 2024C (NR/A+) | Detroit Regional Convention Facility Authority Special Tax Revenue Refunding Bonds Series 2024C (NR/A+) |
| 500000 | 5.000 | 10/01/2026 | 515026 |
| 900000 | 5.000 | 10/01/2027 | 941264 |
| 600000 | 5.000 | 10/01/2028 | 637005 |
| Lansing Board of Water & Light Utility System RB Series 2021B (Aa3/AA-) | Lansing Board of Water & Light Utility System RB Series 2021B (Aa3/AA-) | Lansing Board of Water & Light Utility System RB Series 2021B (Aa3/AA-) | Lansing Board of Water & Light Utility System RB Series 2021B (Aa3/AA-) |
| 5000000 | 2.000 <sup>(b)(c)</sup> | 07/01/2051 | 4878189 |
| 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-) |
| 95000 | 4.000 | 02/01/2027 | 94306 |
| Michigan Finance Authority Hospital RB for Trinity Health Corporation 2013Mi-3 (NR/NR) (PUTABLE) | Michigan Finance Authority Hospital RB for Trinity Health Corporation 2013Mi-3 (NR/NR) (PUTABLE) | Michigan Finance Authority Hospital RB for Trinity Health Corporation 2013Mi-3 (NR/NR) (PUTABLE) | Michigan Finance Authority Hospital RB for Trinity Health Corporation 2013Mi-3 (NR/NR) (PUTABLE) |
| 7045000 | 3.750 <sup>(b)</sup> | 12/01/2038 | 7175218 |
| Michigan Finance Authority Hospital RB for Trinity Health Credit Group Series 2022B (Aa3/AA-) | Michigan Finance Authority Hospital RB for Trinity Health Credit Group Series 2022B (Aa3/AA-) | Michigan Finance Authority Hospital RB for Trinity Health Credit Group Series 2022B (Aa3/AA-) | Michigan Finance Authority Hospital RB for Trinity Health Credit Group Series 2022B (Aa3/AA-) |
| 6250000 | 5.000 <sup>(b)(c)</sup> | 12/01/2043 | 6592372 |
| Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2015B (A1/NR) | Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2015B (A1/NR) | Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2015B (A1/NR) | Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2015B (A1/NR) |
| 1215000 | 5.000 | 05/15/2034 | 1216539 |
| Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2022B (Aa3/AA) | Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2022B (Aa3/AA) | Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2022B (Aa3/AA) | Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2022B (Aa3/AA) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.75%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.75%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.75%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.75%) |
| 5845000 | 3.620 <sup>(b)(f)</sup> | 04/15/2047 | 5819677 |
| Michigan Finance Authority Local Government Loan Program RB for City of Detroit Distributable State Aid Fifth Lien and LTGOFinancial Recovery Refunding Local Project Bonds Series 2024A (Aa2/AA-) | Michigan Finance Authority Local Government Loan Program RB for City of Detroit Distributable State Aid Fifth Lien and LTGOFinancial Recovery Refunding Local Project Bonds Series 2024A (Aa2/AA-) | Michigan Finance Authority Local Government Loan Program RB for City of Detroit Distributable State Aid Fifth Lien and LTGOFinancial Recovery Refunding Local Project Bonds Series 2024A (Aa2/AA-) | Michigan Finance Authority Local Government Loan Program RB for City of Detroit Distributable State Aid Fifth Lien and LTGOFinancial Recovery Refunding Local Project Bonds Series 2024A (Aa2/AA-) |
| 2500000 | 5.000 | 11/01/2029 | 2698670 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 226 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Water Supply System Series 2015 D-1 (Aa3/AA-) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (Aa3/AA-) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (Aa3/AA-) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (Aa3/AA-) |
| 1000000 | 5.000% | 07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004378 |
| Michigan Strategic Fund Limited Obligation RB DTE Electric Company Exempt Facilities Project, Collateralized Series 2023DT (Aa3/A) | Michigan Strategic Fund Limited Obligation RB DTE Electric Company Exempt Facilities Project, Collateralized Series 2023DT (Aa3/A) | Michigan Strategic Fund Limited Obligation RB DTE Electric Company Exempt Facilities Project, Collateralized Series 2023DT (Aa3/A) | Michigan Strategic Fund Limited Obligation RB DTE Electric Company Exempt Facilities Project, Collateralized Series 2023DT (Aa3/A) |
| 5650000 | 3.875 <sup>(b)(c)</sup> | 06/01/2053 | 5641928 |
| 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) |
| 2550000 | 5.000 | 03/01/2030 | 2600192 |
| Star International Academy Refunding Bonds Series 2020 (NR/BBB) | Star International Academy Refunding Bonds Series 2020 (NR/BBB) | Star International Academy Refunding Bonds Series 2020 (NR/BBB) | Star International Academy Refunding Bonds Series 2020 (NR/BBB) |
| 745000 | 4.000 | 03/01/2026 | 740488 |
| 775000 | 4.000 | 03/01/2027 | 769645 |
| Waterford School District County of Oakland State of Michigan School Building and Site Bonds Series 2025 (Q-SBLF) (NR/AA) | Waterford School District County of Oakland State of Michigan School Building and Site Bonds Series 2025 (Q-SBLF) (NR/AA) | Waterford School District County of Oakland State of Michigan School Building and Site Bonds Series 2025 (Q-SBLF) (NR/AA) | Waterford School District County of Oakland State of Michigan School Building and Site Bonds Series 2025 (Q-SBLF) (NR/AA) |
| 700000 | 5.000 <sup>(e)</sup> | 05/01/2028 | 741401 |
| Wayne County Airport Authority Airport RB for Detroit Metropolitan Wayne County Airport Revenue Refunding Bonds Series 2015F (A1/A) | Wayne County Airport Authority Airport RB for Detroit Metropolitan Wayne County Airport Revenue Refunding Bonds Series 2015F (A1/A) | Wayne County Airport Authority Airport RB for Detroit Metropolitan Wayne County Airport Revenue Refunding Bonds Series 2015F (A1/A) | Wayne County Airport Authority Airport RB for Detroit Metropolitan Wayne County Airport Revenue Refunding Bonds Series 2015F (A1/A) |
| 2495000 | 5.000 | 12/01/2025 | 2525457 |
|  |  |  | 78129356 |
| Minnesota - 1.0% | Minnesota - 1.0% | Minnesota - 1.0% | Minnesota - 1.0% |
| 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 | 5205580 |
| City of Minneapolis Health Care System RB for Allina Health System Series 2023A (A1/A+) | City of Minneapolis Health Care System RB for Allina Health System Series 2023A (A1/A+) | City of Minneapolis Health Care System RB for Allina Health System Series 2023A (A1/A+) | City of Minneapolis Health Care System RB for Allina Health System Series 2023A (A1/A+) |
| 2500000 | 5.000 <sup>(b)(c)</sup> | 11/15/2052 | 2628708 |
| City of St. Cloud Minnesota Health Care RB Series 2024 (A2/NR) | City of St. Cloud Minnesota Health Care RB Series 2024 (A2/NR) | City of St. Cloud Minnesota Health Care RB Series 2024 (A2/NR) | City of St. Cloud Minnesota Health Care RB Series 2024 (A2/NR) |
| 525000 | 5.000 | 05/01/2031 | 569975 |
| 550000 | 5.000 | 05/01/2032 | 602316 |
| Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke's Hospital Series 2022 (NR/AA-) | Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke's Hospital Series 2022 (NR/AA-) | Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke's Hospital Series 2022 (NR/AA-) | Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke's Hospital Series 2022 (NR/AA-) |
| 325000 | 5.000 | 06/15/2027 | 337272 |
| 460000 | 5.000 | 06/15/2028 | 484278 |
| 400000 | 5.000 | 06/15/2029 | 426015 |
| Duluth Independent School District Refunding Certificates of Participation Series 2019A (Baa1/NR) | Duluth Independent School District Refunding Certificates of Participation Series 2019A (Baa1/NR) | Duluth Independent School District Refunding Certificates of Participation Series 2019A (Baa1/NR) | Duluth Independent School District Refunding Certificates of Participation Series 2019A (Baa1/NR) |
| 700000 | 4.000 | 03/01/2026 | 706302 |
| Minnesota Higher Education Facilities Authority RB Green Bonds Series 2024B Subseries 2024B-1 (A2/NR) | Minnesota Higher Education Facilities Authority RB Green Bonds Series 2024B Subseries 2024B-1 (A2/NR) | Minnesota Higher Education Facilities Authority RB Green Bonds Series 2024B Subseries 2024B-1 (A2/NR) | Minnesota Higher Education Facilities Authority RB Green Bonds Series 2024B Subseries 2024B-1 (A2/NR) |
| 3000000 | 5.000 <sup>(b)(c)</sup> | 10/01/2053 | 3101179 |
| Minnesota Special School District Refunding Certificates of Participation for Minnesota School District Credit Enhancement Program Series 2022C (SD CRED PROG) (Aa1/AAA) | Minnesota Special School District Refunding Certificates of Participation for Minnesota School District Credit Enhancement Program Series 2022C (SD CRED PROG) (Aa1/AAA) | Minnesota Special School District Refunding Certificates of Participation for Minnesota School District Credit Enhancement Program Series 2022C (SD CRED PROG) (Aa1/AAA) | Minnesota Special School District Refunding Certificates of Participation for Minnesota School District Credit Enhancement Program Series 2022C (SD CRED PROG) (Aa1/AAA) |
| 2000000 | 5.000 | 02/01/2026 | 2036626 |
| 9385000 | 5.000 | 02/01/2027 | 9758948 |
| Minnesota State Trunk Highway GO Bonds Series 2023B (Aaa/AAA) | Minnesota State Trunk Highway GO Bonds Series 2023B (Aaa/AAA) | Minnesota State Trunk Highway GO Bonds Series 2023B (Aaa/AAA) | Minnesota State Trunk Highway GO Bonds Series 2023B (Aaa/AAA) |
| 5000000 | 5.000 | 08/01/2025 | 5037739 |
| Minnesota State Trunk Highway GO Refunding Bonds Series 2023E (Aaa/AAA) | Minnesota State Trunk Highway GO Refunding Bonds Series 2023E (Aaa/AAA) | Minnesota State Trunk Highway GO Refunding Bonds Series 2023E (Aaa/AAA) | Minnesota State Trunk Highway GO Refunding Bonds Series 2023E (Aaa/AAA) |
| 5000000 | 5.000 | 08/01/2025 | 5037739 |
| 5000000 | 5.000 | 08/01/2026 | 5155227 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| State of Minnesota GO State Various Purpose Bonds Series 2023A (Aaa/AAA) | State of Minnesota GO State Various Purpose Bonds Series 2023A (Aaa/AAA) | State of Minnesota GO State Various Purpose Bonds Series 2023A (Aaa/AAA) | State of Minnesota GO State Various Purpose Bonds Series 2023A (Aaa/AAA) |
| 7815000 | 5.000% | 08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8057621 |
| Western Minnesota Municipal Power Agency Power Supply Revenue Refunding Bonds 2022 Series A (Aa2/NR) | Western Minnesota Municipal Power Agency Power Supply Revenue Refunding Bonds 2022 Series A (Aa2/NR) | Western Minnesota Municipal Power Agency Power Supply Revenue Refunding Bonds 2022 Series A (Aa2/NR) | Western Minnesota Municipal Power Agency Power Supply Revenue Refunding Bonds 2022 Series A (Aa2/NR) |
| 825000 | 5.000 | 01/01/2026 | 838298 |
| 640000 | 5.000 | 01/01/2027 | 663939 |
|  |  |  | 50647762 |
| Mississippi - 0.4% | Mississippi - 0.4% | Mississippi - 0.4% | Mississippi - 0.4% |
| Mississippi Development Bank Special Obligation Refunding Bonds Series 2024A (Aa3/AA-) | Mississippi Development Bank Special Obligation Refunding Bonds Series 2024A (Aa3/AA-) | Mississippi Development Bank Special Obligation Refunding Bonds Series 2024A (Aa3/AA-) | Mississippi Development Bank Special Obligation Refunding Bonds Series 2024A (Aa3/AA-) |
| 1000000 | 5.000 | 01/01/2031 | 1092406 |
| Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (Baa2/BBB) (PUTABLE) | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (Baa2/BBB) (PUTABLE) | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (Baa2/BBB) (PUTABLE) | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (Baa2/BBB) (PUTABLE) |
| 9085000 | 1.375 <sup>(b)(c)</sup> | 05/01/2034 | 9030995 |
| Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020C (NON-AMT) (Baa2/BBB) | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020C (NON-AMT) (Baa2/BBB) | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020C (NON-AMT) (Baa2/BBB) | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020C (NON-AMT) (Baa2/BBB) |
| 9300000 | 1.375 <sup>(b)(c)</sup> | 08/01/2027 | 9246883 |
| Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE) | Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE) | Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE) | Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE) |
| 1175000 | 1.600 <sup>(b)(c)</sup> | 08/01/2027 | 1168829 |
|  |  |  | 20539113 |
| Missouri - 1.1% | Missouri - 1.1% | Missouri - 1.1% | Missouri - 1.1% |
| Health and Educational Facilities Authority of The State of Missouri Health Facilities RB The Children's Mercy Hospital Series 2016 (NR/AA-) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB The Children's Mercy Hospital Series 2016 (NR/AA-) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB The Children's Mercy Hospital Series 2016 (NR/AA-) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB The Children's Mercy Hospital Series 2016 (NR/AA-) |
| 1465000 | 5.000 | 05/15/2027 | 1499139 |
| Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Wright Memorial Hospital Series 2019 (NR/NR) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Wright Memorial Hospital Series 2019 (NR/NR) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Wright Memorial Hospital Series 2019 (NR/NR) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Wright Memorial Hospital Series 2019 (NR/NR) |
| 320000 | 5.000 | 09/01/2025 | 320994 |
| Health and Educational Facilities Authority of The State of Missouri Senior Living Facilities RB Lutheran Senior Services Projects Series 2024A (NR/NR) | Health and Educational Facilities Authority of The State of Missouri Senior Living Facilities RB Lutheran Senior Services Projects Series 2024A (NR/NR) | Health and Educational Facilities Authority of The State of Missouri Senior Living Facilities RB Lutheran Senior Services Projects Series 2024A (NR/NR) | Health and Educational Facilities Authority of The State of Missouri Senior Living Facilities RB Lutheran Senior Services Projects Series 2024A (NR/NR) |
| 480000 | 5.000 | 02/01/2026 | 485585 |
| 760000 | 5.000 | 02/01/2027 | 778515 |
| 950000 | 5.000 | 02/01/2028 | 983240 |
| 590000 | 5.000 | 02/01/2029 | 615226 |
| 485000 | 5.000 | 02/01/2030 | 509110 |
| State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (Baa1/A-) (PUTABLE) | State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (Baa1/A-) (PUTABLE) | State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (Baa1/A-) (PUTABLE) | State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (Baa1/A-) (PUTABLE) |
| 4000000 | 3.500 <sup>(b)(c)</sup> | 05/01/2038 | 3993894 |
| State of Missouri Health & Educational Facilities Authority Long Term Health Facilities RB for BJC Health System Series 2021B (Aa2/AA) | State of Missouri Health & Educational Facilities Authority Long Term Health Facilities RB for BJC Health System Series 2021B (Aa2/AA) | State of Missouri Health & Educational Facilities Authority Long Term Health Facilities RB for BJC Health System Series 2021B (Aa2/AA) | State of Missouri Health & Educational Facilities Authority Long Term Health Facilities RB for BJC Health System Series 2021B (Aa2/AA) |
| 40000000 | 4.000 <sup>(b)(c)</sup> | 05/01/2051 | 40417168 |
| The Planned Industrial Expansion Authority of Kansas City Multifamily Housing RB for The Depot on Old Santa Fe Series 2023 (Aaa/NR) | The Planned Industrial Expansion Authority of Kansas City Multifamily Housing RB for The Depot on Old Santa Fe Series 2023 (Aaa/NR) | The Planned Industrial Expansion Authority of Kansas City Multifamily Housing RB for The Depot on Old Santa Fe Series 2023 (Aaa/NR) | The Planned Industrial Expansion Authority of Kansas City Multifamily Housing RB for The Depot on Old Santa Fe Series 2023 (Aaa/NR) |
| 5000000 | 5.000 <sup>(b)(c)</sup> | 07/01/2045 | 5148356 |
|  |  |  | 54751227 |
| Montana - 0.3% | Montana - 0.3% | Montana - 0.3% | Montana - 0.3% |
| City of Forsyth Rosebud County Montana Pollution Control Revenue Refunding Bonds Puget Sound Energy Project Series 2013A Non-AMT (NR/A-) | City of Forsyth Rosebud County Montana Pollution Control Revenue Refunding Bonds Puget Sound Energy Project Series 2013A Non-AMT (NR/A-) | City of Forsyth Rosebud County Montana Pollution Control Revenue Refunding Bonds Puget Sound Energy Project Series 2013A Non-AMT (NR/A-) | City of Forsyth Rosebud County Montana Pollution Control Revenue Refunding Bonds Puget Sound Energy Project Series 2013A Non-AMT (NR/A-) |
| 4965000 | 3.900 <sup>(c)</sup> | 03/01/2031 | 4897383 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **227** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Montana – (continued) | Montana – (continued) | Montana – (continued) | Montana – (continued) |
| City of Forsyth, Rosebud County, Montana Pollution Control Revenue Refunding Bonds Northwestern Corporation Colstrip Project Series 2023 (A3/NR) | City of Forsyth, Rosebud County, Montana Pollution Control Revenue Refunding Bonds Northwestern Corporation Colstrip Project Series 2023 (A3/NR) | City of Forsyth, Rosebud County, Montana Pollution Control Revenue Refunding Bonds Northwestern Corporation Colstrip Project Series 2023 (A3/NR) | City of Forsyth, Rosebud County, Montana Pollution Control Revenue Refunding Bonds Northwestern Corporation Colstrip Project Series 2023 (A3/NR) |
| 2825000 | 3.875% | 07/01/2028 | 2858494 |
| Montana Board of Housing Multifamily Housing RB Twin Creek 4 Apartments Project Series 2024 (Aaa/NR) | Montana Board of Housing Multifamily Housing RB Twin Creek 4 Apartments Project Series 2024 (Aaa/NR) | Montana Board of Housing Multifamily Housing RB Twin Creek 4 Apartments Project Series 2024 (Aaa/NR) | Montana Board of Housing Multifamily Housing RB Twin Creek 4 Apartments Project Series 2024 (Aaa/NR) |
| 1800000 | 5.000 <sup>(b)(c)</sup> | 09/01/2028 | 1873166 |
| Montana Board of Housing Single Family Mortgage Bonds 2024 Series B (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Montana Board of Housing Single Family Mortgage Bonds 2024 Series B (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Montana Board of Housing Single Family Mortgage Bonds 2024 Series B (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Montana Board of Housing Single Family Mortgage Bonds 2024 Series B (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) |
| 100000 | 2.950 | 06/01/2025 | 100012 |
| 335000 | 2.950 | 12/01/2025 | 334659 |
| 340000 | 3.000 | 06/01/2026 | 337190 |
| 345000 | 3.000 | 12/01/2026 | 340915 |
| 350000 | 3.050 | 06/01/2027 | 347573 |
| 340000 | 3.100 | 12/01/2027 | 337908 |
| 515000 | 3.150 | 06/01/2028 | 510444 |
| 360000 | 3.200 | 12/01/2028 | 355832 |
| 225000 | 3.200 | 06/01/2029 | 223477 |
| 235000 | 3.200 | 12/01/2029 | 231920 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12748973 |
| Nebraska - 0.4% | Nebraska - 0.4% | Nebraska - 0.4% | Nebraska - 0.4% |
| Nebraska Investment Finance Authority Multifamily Housing RB Mural Nebraska Series 2024A (Aaa/NR) | Nebraska Investment Finance Authority Multifamily Housing RB Mural Nebraska Series 2024A (Aaa/NR) | Nebraska Investment Finance Authority Multifamily Housing RB Mural Nebraska Series 2024A (Aaa/NR) | Nebraska Investment Finance Authority Multifamily Housing RB Mural Nebraska Series 2024A (Aaa/NR) |
| 7000000 | 3.000 <sup>(b)(c)</sup> | 04/01/2042 | 6969780 |
| Public Power Generation Agency Whelan Energy Center Unit 2 Revenue Refunding Bonds 2024 Series A (A2/NR) | Public Power Generation Agency Whelan Energy Center Unit 2 Revenue Refunding Bonds 2024 Series A (A2/NR) | Public Power Generation Agency Whelan Energy Center Unit 2 Revenue Refunding Bonds 2024 Series A (A2/NR) | Public Power Generation Agency Whelan Energy Center Unit 2 Revenue Refunding Bonds 2024 Series A (A2/NR) |
| 2730000 | 5.000 | 01/01/2031 | 2986452 |
| Sarpy County School District GO Bonds for Gretna Public Schools Series 2022B (NR/A+) | Sarpy County School District GO Bonds for Gretna Public Schools Series 2022B (NR/A+) | Sarpy County School District GO Bonds for Gretna Public Schools Series 2022B (NR/A+) | Sarpy County School District GO Bonds for Gretna Public Schools Series 2022B (NR/A+) |
| 6875000 | 5.000 | 12/15/2027 | 6961059 |
| Washington County Wastewater & Solid Waste Disposal Facilities Revenue Refunding Bonds Series 2012 (NR/A) (PUTABLE) | Washington County Wastewater & Solid Waste Disposal Facilities Revenue Refunding Bonds Series 2012 (NR/A) (PUTABLE) | Washington County Wastewater & Solid Waste Disposal Facilities Revenue Refunding Bonds Series 2012 (NR/A) (PUTABLE) | Washington County Wastewater & Solid Waste Disposal Facilities Revenue Refunding Bonds Series 2012 (NR/A) (PUTABLE) |
| 4700000 | 0.900 <sup>(b)(c)</sup> | 09/01/2030 | 4652154 |
|  |  |  | 21569445 |
| Nevada - 0.4% | Nevada - 0.4% | Nevada - 0.4% | Nevada - 0.4% |
| City of Las Vegas Special Improvement District No. 812 for Summerlin Village 24 Local Improvement Bonds Series 2015 (NR/NR) | City of Las Vegas Special Improvement District No. 812 for Summerlin Village 24 Local Improvement Bonds Series 2015 (NR/NR) | City of Las Vegas Special Improvement District No. 812 for Summerlin Village 24 Local Improvement Bonds Series 2015 (NR/NR) | City of Las Vegas Special Improvement District No. 812 for Summerlin Village 24 Local Improvement Bonds Series 2015 (NR/NR) |
| 1260000 | 5.000 | 12/01/2027 | 1270112 |
| City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Baa2/NR) | City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Baa2/NR) | City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Baa2/NR) | City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Baa2/NR) |
| 1675000 | 2.750 <sup>(d)</sup> | 06/15/2028 | 1629055 |
| Clark County Harry Reid International Airport Passenger Facility Charge Refunding RB Series 2022B (Aa2/NR) | Clark County Harry Reid International Airport Passenger Facility Charge Refunding RB Series 2022B (Aa2/NR) | Clark County Harry Reid International Airport Passenger Facility Charge Refunding RB Series 2022B (Aa2/NR) | Clark County Harry Reid International Airport Passenger Facility Charge Refunding RB Series 2022B (Aa2/NR) |
| 925000 | 5.000 | 07/01/2025 | 929706 |
| 675000 | 5.000 | 07/01/2026 | 692892 |
| 870000 | 5.000 | 07/01/2027 | 911598 |
| Clark County Jet Aviation Fuel Tax Refunding RB Series 2022A (Aa3/NR) | Clark County Jet Aviation Fuel Tax Refunding RB Series 2022A (Aa3/NR) | Clark County Jet Aviation Fuel Tax Refunding RB Series 2022A (Aa3/NR) | Clark County Jet Aviation Fuel Tax Refunding RB Series 2022A (Aa3/NR) |
| 1275000 | 5.000 | 07/01/2025 | 1280747 |
| 1000000 | 5.000 | 07/01/2026 | 1020682 |
| Clark County Pollution Control Refunding RB for Nevada Power Company Projects Series 2017 (A2/A) (PUTABLE) | Clark County Pollution Control Refunding RB for Nevada Power Company Projects Series 2017 (A2/A) (PUTABLE) | Clark County Pollution Control Refunding RB for Nevada Power Company Projects Series 2017 (A2/A) (PUTABLE) | Clark County Pollution Control Refunding RB for Nevada Power Company Projects Series 2017 (A2/A) (PUTABLE) |
| 1025000 | 3.750 <sup>(b)(c)</sup> | 01/01/2036 | 1024496 |
| Henderson Nevada Local Improvement District No. T-18 (NR/NR) | Henderson Nevada Local Improvement District No. T-18 (NR/NR) | Henderson Nevada Local Improvement District No. T-18 (NR/NR) | Henderson Nevada Local Improvement District No. T-18 (NR/NR) |
| 1060000 | 4.000 | 09/01/2025 | 1059940 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| State of Nevada GO Limited Tax Capital Improvement and Historic Preservation Bonds Series 2024A (Aa1/AA+) | State of Nevada GO Limited Tax Capital Improvement and Historic Preservation Bonds Series 2024A (Aa1/AA+) | State of Nevada GO Limited Tax Capital Improvement and Historic Preservation Bonds Series 2024A (Aa1/AA+) | State of Nevada GO Limited Tax Capital Improvement and Historic Preservation Bonds Series 2024A (Aa1/AA+) |
| 6340000 | 5.000% | 05/01/2032 | 7091204 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16910432 |
| New Hampshire - 0.1% | New Hampshire - 0.1% | New Hampshire - 0.1% | New Hampshire - 0.1% |
| 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) |
| 265000 | 4.000 | 01/01/2026 | 264727 |
| 250000 | 4.000 | 01/01/2027 | 249335 |
| New Hampshire Health and Education Facilities Authority RB Dartmouth College Issue Series 2015A (Aa1/AAA) | New Hampshire Health and Education Facilities Authority RB Dartmouth College Issue Series 2015A (Aa1/AAA) | New Hampshire Health and Education Facilities Authority RB Dartmouth College Issue Series 2015A (Aa1/AAA) | New Hampshire Health and Education Facilities Authority RB Dartmouth College Issue Series 2015A (Aa1/AAA) |
| 4025000 | 3.300 <sup>(b)(c)</sup> | 06/01/2040 | 4036082 |
|  |  |  | 4550144 |
| New Jersey - 4.0% | New Jersey - 4.0% | New Jersey - 4.0% | New Jersey - 4.0% |
| Camden County Improvement Authority Multi-Family Housing RB Series 2024 (HUD SECT 8) (Aaa/NR) | Camden County Improvement Authority Multi-Family Housing RB Series 2024 (HUD SECT 8) (Aaa/NR) | Camden County Improvement Authority Multi-Family Housing RB Series 2024 (HUD SECT 8) (Aaa/NR) | Camden County Improvement Authority Multi-Family Housing RB Series 2024 (HUD SECT 8) (Aaa/NR) |
| 2750000 | 5.000 <sup>(b)(c)</sup> | 03/01/2027 | 2793953 |
| Casino Reinvestment Development Authority Casino Reinvestment Development Authority Luxury Tax RB Series 2024A (AGC) (A1/AA) | Casino Reinvestment Development Authority Casino Reinvestment Development Authority Luxury Tax RB Series 2024A (AGC) (A1/AA) | Casino Reinvestment Development Authority Casino Reinvestment Development Authority Luxury Tax RB Series 2024A (AGC) (A1/AA) | Casino Reinvestment Development Authority Casino Reinvestment Development Authority Luxury Tax RB Series 2024A (AGC) (A1/AA) |
| 1400000 | 5.000 | 11/01/2027 | 1466080 |
| 800000 | 5.000 | 11/01/2028 | 849094 |
| Casino Reinvestment Development Authority Luxury Tax RB Series 2024 B (AGC) (A1/AA) | Casino Reinvestment Development Authority Luxury Tax RB Series 2024 B (AGC) (A1/AA) | Casino Reinvestment Development Authority Luxury Tax RB Series 2024 B (AGC) (A1/AA) | Casino Reinvestment Development Authority Luxury Tax RB Series 2024 B (AGC) (A1/AA) |
| 520000 | 5.000 | 11/01/2027 | 544544 |
| 700000 | 5.000 | 11/01/2028 | 742957 |
| 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 | 4475069 |
| 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 | 3016994 |
| New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2013 I (ST APPROP) (A2/A-)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 1.25%) | New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2013 I (ST APPROP) (A2/A-)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 1.25%) | New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2013 I (ST APPROP) (A2/A-)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 1.25%) | New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2013 I (ST APPROP) (A2/A-)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 1.25%) |
| 13315000 | 4.120 <sup>(f)</sup> | 09/01/2025 | 13305871 |
| New Jersey Economic Development Authority Refunding RB for School Facilities Construction Series 2005 N1 (AMBAC) (A2/A-) | New Jersey Economic Development Authority Refunding RB for School Facilities Construction Series 2005 N1 (AMBAC) (A2/A-) | New Jersey Economic Development Authority Refunding RB for School Facilities Construction Series 2005 N1 (AMBAC) (A2/A-) | New Jersey Economic Development Authority Refunding RB for School Facilities Construction Series 2005 N1 (AMBAC) (A2/A-) |
| 2000000 | 5.500 | 09/01/2026 | 2066969 |
| New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (A2/A-) | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (A2/A-) | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (A2/A-) | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (A2/A-) |
| 2850000 | 5.500 <sup>(a)</sup> | 12/15/2026 | 2979656 |
| New Jersey Economic Development Authority School Facilities Construction Refunding Bonds, 2024 Series SSS Forward Delivery (A2/A-) | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds, 2024 Series SSS Forward Delivery (A2/A-) | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds, 2024 Series SSS Forward Delivery (A2/A-) | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds, 2024 Series SSS Forward Delivery (A2/A-) |
| 4000000 | 5.000 | 06/15/2026 | 4091538 |
| 2480000 | 5.000 | 06/15/2027 | 2581411 |
| New Jersey Economic Development Authority Special Facility Revenue Refunding Bonds for Port Newark Container Terminal Project Series 2017 (Baa2/NR) | New Jersey Economic Development Authority Special Facility Revenue Refunding Bonds for Port Newark Container Terminal Project Series 2017 (Baa2/NR) | New Jersey Economic Development Authority Special Facility Revenue Refunding Bonds for Port Newark Container Terminal Project Series 2017 (Baa2/NR) | New Jersey Economic Development Authority Special Facility Revenue Refunding Bonds for Port Newark Container Terminal Project Series 2017 (Baa2/NR) |
| 2130000 | 5.000 | 10/01/2026 | 2168286 |
| 1710000 | 5.000 | 10/01/2027 | 1760089 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 228 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Water Facilities Refunding RB New Jersey- American Water Company, Inc. Project Series 2020B Bonds (A1/A+) (PUTABLE) | New Jersey Economic Development Authority Water Facilities Refunding RB New Jersey- American Water Company, Inc. Project Series 2020B Bonds (A1/A+) (PUTABLE) | New Jersey Economic Development Authority Water Facilities Refunding RB New Jersey- American Water Company, Inc. Project Series 2020B Bonds (A1/A+) (PUTABLE) | New Jersey Economic Development Authority Water Facilities Refunding RB New Jersey- American Water Company, Inc. Project Series 2020B Bonds (A1/A+) (PUTABLE) |
| $3495000 | 3.750 %<sup>(b)(c)</sup> | 11/01/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3481124 |
| New Jersey Health Care Facilities Financing Authority Revenue Refunding Bonds for RWJ Barnabas Health Obligated Group Issue Series 2019B-2 (A1/AA-) | New Jersey Health Care Facilities Financing Authority Revenue Refunding Bonds for RWJ Barnabas Health Obligated Group Issue Series 2019B-2 (A1/AA-) | New Jersey Health Care Facilities Financing Authority Revenue Refunding Bonds for RWJ Barnabas Health Obligated Group Issue Series 2019B-2 (A1/AA-) | New Jersey Health Care Facilities Financing Authority Revenue Refunding Bonds for RWJ Barnabas Health Obligated Group Issue Series 2019B-2 (A1/AA-) |
| 5700000 | 5.000 <sup>(b)(c)</sup> | 07/01/2042 | 5725081 |
| New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (NR/AA-) | New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (NR/AA-) | New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (NR/AA-) | New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (NR/AA-) |
| 2310000 | 0.900 | 11/01/2025 | 2264823 |
| 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 | 1823083 |
| 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) |
| 2675000 | 2.800 | 10/01/2025 | 2666366 |
| 2600000 | 2.900 | 04/01/2026 | 2579777 |
| New Jersey Transportation Trust Fund Authority Bonds Series 2006 C (AMBAC) (A2/A-) | New Jersey Transportation Trust Fund Authority Bonds Series 2006 C (AMBAC) (A2/A-) | New Jersey Transportation Trust Fund Authority Bonds Series 2006 C (AMBAC) (A2/A-) | New Jersey Transportation Trust Fund Authority Bonds Series 2006 C (AMBAC) (A2/A-) |
| 10765000 | 0.000 <sup>(g)</sup> | 12/15/2025 | 10529763 |
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-) |
| 365000 | 0.000 <sup>(g)</sup> | 12/15/2026 | 345848 |
| 4155000 | 0.000 <sup>(g)</sup> | 12/15/2027 | 3808719 |
| 27705000 | 0.000 <sup>(g)</sup> | 12/15/2028 | 24506192 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A-) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A-) |
| 46605000 | 0.000 <sup>(g)</sup> | 12/15/2027 | 42720902 |
| New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A3/A+) | New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A3/A+) | New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A3/A+) | New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A3/A+) |
| 1565000 | 5.000 | 06/15/2030 | 1591749 |
| New Jersey Transportation Trust Fund Authority Tax Exempt RB for Transportation System Bonds Series 2019 A (A2/A-) | New Jersey Transportation Trust Fund Authority Tax Exempt RB for Transportation System Bonds Series 2019 A (A2/A-) | New Jersey Transportation Trust Fund Authority Tax Exempt RB for Transportation System Bonds Series 2019 A (A2/A-) | New Jersey Transportation Trust Fund Authority Tax Exempt RB for Transportation System Bonds Series 2019 A (A2/A-) |
| 7430000 | 5.000 | 12/15/2025 | 7529375 |
| New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2023 Series AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2023 Series AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2023 Series AA (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2023 Series AA (A2/A-) |
| 1615000 | 5.000 | 06/15/2025 | 1620974 |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A2/A-) |
| 9265000 | 0.000 <sup>(g)</sup> | 12/15/2029 | 7891373 |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2021 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2021 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2021 Series A (A2/A-) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2021 Series A (A2/A-) |
| 3095000 | 5.000 | 06/15/2026 | 3165828 |
| New Jersey Turnpike Authority RB Series 2024 A (A1/AA-) | New Jersey Turnpike Authority RB Series 2024 A (A1/AA-) | New Jersey Turnpike Authority RB Series 2024 A (A1/AA-) | New Jersey Turnpike Authority RB Series 2024 A (A1/AA-) |
| 10000000 | 5.000 | 01/01/2027 | 10363808 |
| Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) | Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) | Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) | Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) |
| 570000 | 4.250 | 07/01/2033 | 572931 |
| State of New Jersey COVID 19 Emergency GO Bonds Series 2020 A (A1/A) | State of New Jersey COVID 19 Emergency GO Bonds Series 2020 A (A1/A) | State of New Jersey COVID 19 Emergency GO Bonds Series 2020 A (A1/A) | State of New Jersey COVID 19 Emergency GO Bonds Series 2020 A (A1/A) |
| 12750000 | 5.000 | 06/01/2027 | 13334795 |
| Tobacco Settlement Financing Corp. Tobacco Settlement Bonds Series 2018A (NR/A) | Tobacco Settlement Financing Corp. Tobacco Settlement Bonds Series 2018A (NR/A) | Tobacco Settlement Financing Corp. Tobacco Settlement Bonds Series 2018A (NR/A) | Tobacco Settlement Financing Corp. Tobacco Settlement Bonds Series 2018A (NR/A) |
| 1495000 | 5.000 | 06/01/2027 | 1537797 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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+) |
| 4375000 | 5.250% | 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4413428 |
|  |  |  | 195316247 |
| New Mexico - 0.7% | New Mexico - 0.7% | New Mexico - 0.7% | New Mexico - 0.7% |
| City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series B (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series B (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series B (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series B (NON-AMT) (Baa2/BBB) (PUTABLE) |
| 1525000 | 3.875 <sup>(b)(c)</sup> | 06/01/2040 | 1526025 |
| City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series C (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series C (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series C (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series C (NON-AMT) (Baa2/BBB) (PUTABLE) |
| 1315000 | 3.875 <sup>(b)(c)</sup> | 06/01/2040 | 1315884 |
| City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series E (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series E (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series E (NON-AMT) (Baa2/BBB) (PUTABLE) | City of Farmington New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series E (NON-AMT) (Baa2/BBB) (PUTABLE) |
| 1950000 | 3.875 <sup>(b)(c)</sup> | 06/01/2040 | 1951311 |
| City of Farmington, New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series D (Baa2/BBB) (PUTABLE) | City of Farmington, New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series D (Baa2/BBB) (PUTABLE) | City of Farmington, New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series D (Baa2/BBB) (PUTABLE) | City of Farmington, New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series D (Baa2/BBB) (PUTABLE) |
| 5195000 | 3.900 <sup>(b)(c)</sup> | 06/01/2040 | 5202732 |
| Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB) (PUTABLE) | Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB) (PUTABLE) | Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB) (PUTABLE) | Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB) (PUTABLE) |
| 3330000 | 0.875 <sup>(b)(c)</sup> | 06/01/2040 | 3179232 |
| New Mexico Hospital Equipment Loan Council Hospital System RB for Presbyterian Healthcare Services Series 2019B (A1/AA-) | New Mexico Hospital Equipment Loan Council Hospital System RB for Presbyterian Healthcare Services Series 2019B (A1/AA-) | New Mexico Hospital Equipment Loan Council Hospital System RB for Presbyterian Healthcare Services Series 2019B (A1/AA-) | New Mexico Hospital Equipment Loan Council Hospital System RB for Presbyterian Healthcare Services Series 2019B (A1/AA-) |
| 7680000 | 5.000 <sup>(b)(c)</sup> | 08/01/2049 | 7720874 |
| New Mexico Mortgage Finance Authority Multifamily Housing RB for Mountain View II & III Apartments Project Series 2023 (HUD SECT 8) (Aaa/NR) | New Mexico Mortgage Finance Authority Multifamily Housing RB for Mountain View II & III Apartments Project Series 2023 (HUD SECT 8) (Aaa/NR) | New Mexico Mortgage Finance Authority Multifamily Housing RB for Mountain View II & III Apartments Project Series 2023 (HUD SECT 8) (Aaa/NR) | New Mexico Mortgage Finance Authority Multifamily Housing RB for Mountain View II & III Apartments Project Series 2023 (HUD SECT 8) (Aaa/NR) |
| 2600000 | 5.000 <sup>(b)(c)</sup> | 02/01/2042 | 2606703 |
| New Mexico Mortgage Finance Authority Multifamily Housing RB for Santa Fe Apartments and Sangre De Cristo Project Series 2023 (HUD SECT 8) (Aaa/NR) | New Mexico Mortgage Finance Authority Multifamily Housing RB for Santa Fe Apartments and Sangre De Cristo Project Series 2023 (HUD SECT 8) (Aaa/NR) | New Mexico Mortgage Finance Authority Multifamily Housing RB for Santa Fe Apartments and Sangre De Cristo Project Series 2023 (HUD SECT 8) (Aaa/NR) | New Mexico Mortgage Finance Authority Multifamily Housing RB for Santa Fe Apartments and Sangre De Cristo Project Series 2023 (HUD SECT 8) (Aaa/NR) |
| 3555000 | 5.000 <sup>(b)(c)</sup> | 02/01/2042 | 3564165 |
| Santa Fe Public School District Santa Fe County Education Technology General Obligation Lease Purchase Notes Series 2024A (ST AID WITHHLDG) (NR/AA-) | Santa Fe Public School District Santa Fe County Education Technology General Obligation Lease Purchase Notes Series 2024A (ST AID WITHHLDG) (NR/AA-) | Santa Fe Public School District Santa Fe County Education Technology General Obligation Lease Purchase Notes Series 2024A (ST AID WITHHLDG) (NR/AA-) | Santa Fe Public School District Santa Fe County Education Technology General Obligation Lease Purchase Notes Series 2024A (ST AID WITHHLDG) (NR/AA-) |
| 1075000 | 5.000 | 08/01/2027 | 1123969 |
| Santa Fe Public School District Santa Fe County General Obligation School Building Bonds Series 2024 (ST AID WITHHLDG) (NR/AA-) | Santa Fe Public School District Santa Fe County General Obligation School Building Bonds Series 2024 (ST AID WITHHLDG) (NR/AA-) | Santa Fe Public School District Santa Fe County General Obligation School Building Bonds Series 2024 (ST AID WITHHLDG) (NR/AA-) | Santa Fe Public School District Santa Fe County General Obligation School Building Bonds Series 2024 (ST AID WITHHLDG) (NR/AA-) |
| 765000 | 5.000 | 08/01/2026 | 786670 |
| 735000 | 5.000 | 08/01/2027 | 769328 |
| State of New Mexico Severance Tax Bonds Series 2022A (Aa3/AA-) | State of New Mexico Severance Tax Bonds Series 2022A (Aa3/AA-) | State of New Mexico Severance Tax Bonds Series 2022A (Aa3/AA-) | State of New Mexico Severance Tax Bonds Series 2022A (Aa3/AA-) |
| 4880000 | 5.000 | 07/01/2026 | 5015561 |
| 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 | 181777 |
|  |  |  | 34944231 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **229** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York - 10.9% | New York - 10.9% | New York - 10.9% | New York - 10.9% |
| Allegany County Capital Resource Corp. RB Alfred University Project Series 2024 (NR/BBB+) | Allegany County Capital Resource Corp. RB Alfred University Project Series 2024 (NR/BBB+) | Allegany County Capital Resource Corp. RB Alfred University Project Series 2024 (NR/BBB+) | Allegany County Capital Resource Corp. RB Alfred University Project Series 2024 (NR/BBB+) |
| $285000 | 5.000% | 04/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300361 |
| 330000 | 5.000 | 04/01/2031 | 349142 |
| 425000 | 5.000 | 04/01/2032 | 450696 |
| 195000 | 5.000 | 04/01/2033 | 206792 |
| 220000 | 5.000 | 04/01/2034 | 232928 |
| Build NYC Resource Corp. RB for Academic Leadership Charter School Project Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Project Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Project Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Project Series 2021 (NR/BBB-) |
| 100000 | 4.000 | 06/15/2026 | 99156 |
| 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-) |
| 190000 | 3.400 | 07/01/2027 | 188343 |
| Build NYC Resource Corporation RB Classical Charter Schools Project Series 2023A (NR/BBB-) | Build NYC Resource Corporation RB Classical Charter Schools Project Series 2023A (NR/BBB-) | Build NYC Resource Corporation RB Classical Charter Schools Project Series 2023A (NR/BBB-) | Build NYC Resource Corporation RB Classical Charter Schools Project Series 2023A (NR/BBB-) |
| 970000 | 4.000 | 06/15/2033 | 949946 |
| Chautauqua County Capital Resource Corp. Exempt Facilities Revenue Refunding Bonds for NRG Energy Project Series 2020 (Baa3/BBB-) (PUTABLE) | Chautauqua County Capital Resource Corp. Exempt Facilities Revenue Refunding Bonds for NRG Energy Project Series 2020 (Baa3/BBB-) (PUTABLE) | Chautauqua County Capital Resource Corp. Exempt Facilities Revenue Refunding Bonds for NRG Energy Project Series 2020 (Baa3/BBB-) (PUTABLE) | Chautauqua County Capital Resource Corp. Exempt Facilities Revenue Refunding Bonds for NRG Energy Project Series 2020 (Baa3/BBB-) (PUTABLE) |
| 5185000 | 4.250 <sup>(b)(c)</sup> | 04/01/2042 | 5246936 |
| City of Albany Capital Resource Corp. Tax-Exempt RB Kipp Capital Region Public Charter Schools Project Series 2024 (NR/BBB-) | City of Albany Capital Resource Corp. Tax-Exempt RB Kipp Capital Region Public Charter Schools Project Series 2024 (NR/BBB-) | City of Albany Capital Resource Corp. Tax-Exempt RB Kipp Capital Region Public Charter Schools Project Series 2024 (NR/BBB-) | City of Albany Capital Resource Corp. Tax-Exempt RB Kipp Capital Region Public Charter Schools Project Series 2024 (NR/BBB-) |
| 345000 | 4.000 | 06/01/2034 | 335614 |
| City of New York GO Bonds 2023 Series C (Aa2/AA) | City of New York GO Bonds 2023 Series C (Aa2/AA) | City of New York GO Bonds 2023 Series C (Aa2/AA) | City of New York GO Bonds 2023 Series C (Aa2/AA) |
| 3000000 | 5.000 | 08/01/2025 | 3022308 |
| City of New York GO Bonds 2023 Series D (Aa2/AA) | City of New York GO Bonds 2023 Series D (Aa2/AA) | City of New York GO Bonds 2023 Series D (Aa2/AA) | City of New York GO Bonds 2023 Series D (Aa2/AA) |
| 1885000 | 5.000 | 08/01/2025 | 1899017 |
| City of New York GO Bonds Fiscal 2008 Series A Subseries A-4 (AGM) (Aa2/AA) | City of New York GO Bonds Fiscal 2008 Series A Subseries A-4 (AGM) (Aa2/AA) | City of New York GO Bonds Fiscal 2008 Series A Subseries A-4 (AGM) (Aa2/AA) | City of New York GO Bonds Fiscal 2008 Series A Subseries A-4 (AGM) (Aa2/AA) |
| 1000000 | 5.000 | 08/01/2026 | 1031268 |
| City of New York GO Bonds Fiscal 2009 Series B Subseries B-3 (Aa2/AA) | City of New York GO Bonds Fiscal 2009 Series B Subseries B-3 (Aa2/AA) | City of New York GO Bonds Fiscal 2009 Series B Subseries B-3 (Aa2/AA) | City of New York GO Bonds Fiscal 2009 Series B Subseries B-3 (Aa2/AA) |
| 4285000 | 5.000 | 09/01/2026 | 4415071 |
| 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 | 10553528 |
| City of Yonkers GO Serial Bonds Series 2022F (BAM) (A2/AA) | City of Yonkers GO Serial Bonds Series 2022F (BAM) (A2/AA) | City of Yonkers GO Serial Bonds Series 2022F (BAM) (A2/AA) | City of Yonkers GO Serial Bonds Series 2022F (BAM) (A2/AA) |
| 175000 | 5.000 | 11/15/2025 | 177425 |
| 250000 | 5.000 | 11/15/2026 | 258979 |
| 200000 | 5.000 | 11/15/2027 | 211322 |
| County of Monroe Industrial Development Agency Multifamily Housing RB andrews Terrace Community Partners L.P. Project Series 2023B-1 (HUD SECT 8) (Aaa/NR) | County of Monroe Industrial Development Agency Multifamily Housing RB andrews Terrace Community Partners L.P. Project Series 2023B-1 (HUD SECT 8) (Aaa/NR) | County of Monroe Industrial Development Agency Multifamily Housing RB andrews Terrace Community Partners L.P. Project Series 2023B-1 (HUD SECT 8) (Aaa/NR) | County of Monroe Industrial Development Agency Multifamily Housing RB andrews Terrace Community Partners L.P. Project Series 2023B-1 (HUD SECT 8) (Aaa/NR) |
| 4300000 | 5.000 <sup>(b)(c)</sup> | 07/01/2028 | 4466377 |
| Dormitory Authority of the State of New York Montefiore Obligated Group RB, Series 2024 (Baa3/BBB-) | Dormitory Authority of the State of New York Montefiore Obligated Group RB, Series 2024 (Baa3/BBB-) | Dormitory Authority of the State of New York Montefiore Obligated Group RB, Series 2024 (Baa3/BBB-) | Dormitory Authority of the State of New York Montefiore Obligated Group RB, Series 2024 (Baa3/BBB-) |
| 650000 | 5.000 | 11/01/2025 | 655706 |
| Dormitory Authority of The State of New York Montefiore Obligated Group RB, Series 2024 (Baa3/BBB-) | Dormitory Authority of The State of New York Montefiore Obligated Group RB, Series 2024 (Baa3/BBB-) | Dormitory Authority of The State of New York Montefiore Obligated Group RB, Series 2024 (Baa3/BBB-) | Dormitory Authority of The State of New York Montefiore Obligated Group RB, Series 2024 (Baa3/BBB-) |
| 900000 | 5.000 | 11/01/2026 | 921272 |
| 875000 | 5.000 | 11/01/2030 | 928342 |
| 1555000 | 5.000 | 11/01/2031 | 1658567 |
| 1250000 | 5.000 | 11/01/2032 | 1338203 |
| Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) |
| 300000 | 5.250 | 05/01/2027 | 312283 |
| 250000 | 5.250 | 05/01/2028 | 264508 |
| 350000 | 5.250 | 05/01/2029 | 375109 |
| 565000 | 5.250 | 05/01/2030 | 612254 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) – (continued) | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) – (continued) | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) – (continued) | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) – (continued) |
| $400000 | 5.250% | 05/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437322 |
| Dormitory Authority of The State of New York Pace University RB Series 2024B (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RB Series 2024B (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RB Series 2024B (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RB Series 2024B (Baa3/BBB-) |
| 625000 | 5.000 | 05/01/2025 | 625735 |
| 1375000 | 5.000 | 05/01/2026 | 1398299 |
| 1435000 | 5.000 | 05/01/2027 | 1486583 |
| 1375000 | 5.000 | 05/01/2028 | 1444788 |
| 1750000 | 5.000 | 05/01/2029 | 1858984 |
| 1750000 | 5.000 | 05/01/2030 | 1876119 |
| 2500000 | 5.000 | 05/01/2031 | 2699318 |
| Dormitory Authority of The State of New York State Sales Tax RB Series 2024A (Aa1/NR) | Dormitory Authority of The State of New York State Sales Tax RB Series 2024A (Aa1/NR) | Dormitory Authority of The State of New York State Sales Tax RB Series 2024A (Aa1/NR) | Dormitory Authority of The State of New York State Sales Tax RB Series 2024A (Aa1/NR) |
| 2120000 | 5.000 | 03/15/2031 | 2362264 |
| 1000000 | 5.000 | 03/15/2032 | 1127242 |
| Dormitory Authority of The State of New York White Plains Hospital Obligated Group RB, Series 2024 (Baa3/BBB-) | Dormitory Authority of The State of New York White Plains Hospital Obligated Group RB, Series 2024 (Baa3/BBB-) | Dormitory Authority of The State of New York White Plains Hospital Obligated Group RB, Series 2024 (Baa3/BBB-) | Dormitory Authority of The State of New York White Plains Hospital Obligated Group RB, Series 2024 (Baa3/BBB-) |
| 750000 | 5.000 | 10/01/2030 | 794590 |
| 1080000 | 5.000 | 10/01/2031 | 1150232 |
| 1125000 | 5.000 | 10/01/2032 | 1202628 |
| Empire State Development Corp. State Personal Income Tax RB Series 2022A (Aa1/NR) | Empire State Development Corp. State Personal Income Tax RB Series 2022A (Aa1/NR) | Empire State Development Corp. State Personal Income Tax RB Series 2022A (Aa1/NR) | Empire State Development Corp. State Personal Income Tax RB Series 2022A (Aa1/NR) |
| 21000000 | 5.000 | 09/15/2028 | 22576424 |
| Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (NR/BBB+) | Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (NR/BBB+) | Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (NR/BBB+) | Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (NR/BBB+) |
| 275000 | 5.000 | 12/01/2026 | 282270 |
| Long Island Power Authority Electric System General RB Series 2024B (A2/A) | Long Island Power Authority Electric System General RB Series 2024B (A2/A) | Long Island Power Authority Electric System General RB Series 2024B (A2/A) | Long Island Power Authority Electric System General RB Series 2024B (A2/A) |
| 10000000 | 3.000 <sup>(b)(c)</sup> | 09/01/2049 | 9711099 |
| Long Island Power Authority RB Refunding Series 2020 B (A2/A) | Long Island Power Authority RB Refunding Series 2020 B (A2/A) | Long Island Power Authority RB Refunding Series 2020 B (A2/A) | Long Island Power Authority RB Refunding Series 2020 B (A2/A) |
| 8000000 | 0.850 <sup>(b)(c)</sup> | 09/01/2050 | 7907491 |
| Long Island Power Authority RB Refunding Series 2021 B (A2/A) | Long Island Power Authority RB Refunding Series 2021 B (A2/A) | Long Island Power Authority RB Refunding Series 2021 B (A2/A) | Long Island Power Authority RB Refunding Series 2021 B (A2/A) |
| 15000000 | 1.500 <sup>(b)(c)</sup> | 09/01/2051 | 14570754 |
| 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) |
| 10000000 | 1.000 | 09/01/2025 | 9880127 |
| Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/A-) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/A-) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/A-) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/A-) |
| 4250000 | 4.000 | 11/15/2026 | 4323075 |
| Metropolitan Transportation Authority Transportation RB Series 2010B-1 (A3/A-) | Metropolitan Transportation Authority Transportation RB Series 2010B-1 (A3/A-) | Metropolitan Transportation Authority Transportation RB Series 2010B-1 (A3/A-) | Metropolitan Transportation Authority Transportation RB Series 2010B-1 (A3/A-) |
| 7355000 | 6.548 | 11/15/2031 | 7780253 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/A-) |
| 4250000 | 5.250 | 11/15/2028 | 4299042 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015D-1 (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015D-1 (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015D-1 (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015D-1 (A3/A-) |
| 10000000 | 5.000 | 11/15/2033 | 10058161 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2017D (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2017D (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2017D (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2017D (A3/A-) |
| 1075000 | 5.000 | 11/15/2027 | 1129571 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/A-) |
| 3000000 | 5.000 | 11/15/2028 | 3201847 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2025A (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2025A (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2025A (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2025A (A3/A-) |
| 8050000 | 5.000 | 11/15/2034 | 8948618 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 230 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Transportation Revenue Variable Rate Bonds for Transportation Revenue Variable Rate Refunding Bonds Subseries 2002G-1H (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Variable Rate Bonds for Transportation Revenue Variable Rate Refunding Bonds Subseries 2002G-1H (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Variable Rate Bonds for Transportation Revenue Variable Rate Refunding Bonds Subseries 2002G-1H (A3/A-) | Metropolitan Transportation Authority Transportation Revenue Variable Rate Bonds for Transportation Revenue Variable Rate Refunding Bonds Subseries 2002G-1H (A3/A-) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.60%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.60%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.60%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.60%) |
| $10255000 | 3.508 %<sup>(f)</sup> | 11/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10249957 |
| New York City GO Bonds Subseries 2006 C-4 (AGM) (Aa2/AA) | New York City GO Bonds Subseries 2006 C-4 (AGM) (Aa2/AA) | New York City GO Bonds Subseries 2006 C-4 (AGM) (Aa2/AA) | New York City GO Bonds Subseries 2006 C-4 (AGM) (Aa2/AA) |
| 300000 | 0.000 <sup>(b)(c)(h)</sup> | 01/01/2032 | 300000 |
| New York City Housing Development Corp. Multi-Family Mortgage RB 8 Spruce Street Class D Series 2024 Tax-Exempt Bonds (Baa1/NR) | New York City Housing Development Corp. Multi-Family Mortgage RB 8 Spruce Street Class D Series 2024 Tax-Exempt Bonds (Baa1/NR) | New York City Housing Development Corp. Multi-Family Mortgage RB 8 Spruce Street Class D Series 2024 Tax-Exempt Bonds (Baa1/NR) | New York City Housing Development Corp. Multi-Family Mortgage RB 8 Spruce Street Class D Series 2024 Tax-Exempt Bonds (Baa1/NR) |
| 1250000 | 4.000 | 12/15/2031 | 1268670 |
| New York City Housing Development Corp. Multi-Family Mortgage RB 8 Spruce Street Class E Series 2024 Tax-Exempt Bonds (Baa3/NR) | New York City Housing Development Corp. Multi-Family Mortgage RB 8 Spruce Street Class E Series 2024 Tax-Exempt Bonds (Baa3/NR) | New York City Housing Development Corp. Multi-Family Mortgage RB 8 Spruce Street Class E Series 2024 Tax-Exempt Bonds (Baa3/NR) | New York City Housing Development Corp. Multi-Family Mortgage RB 8 Spruce Street Class E Series 2024 Tax-Exempt Bonds (Baa3/NR) |
| 1000000 | 4.375 | 12/15/2031 | 1013457 |
| New York City Housing Development Corp. Series F-2-B (REMIC FHA INS 542(C)) (REMIC FHA INS 542<sup>(c)</sup>) (Aa2/AA+) | New York City Housing Development Corp. Series F-2-B (REMIC FHA INS 542(C)) (REMIC FHA INS 542<sup>(c)</sup>) (Aa2/AA+) | New York City Housing Development Corp. Series F-2-B (REMIC FHA INS 542(C)) (REMIC FHA INS 542<sup>(c)</sup>) (Aa2/AA+) | New York City Housing Development Corp. Series F-2-B (REMIC FHA INS 542(C)) (REMIC FHA INS 542<sup>(c)</sup>) (Aa2/AA+) |
| 5265000 | 3.400 <sup>(b)(c)</sup> | 11/01/2062 | 5265456 |
| New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (FGIC) (Baa1/NR)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(MUNI-CPI + 0.88%) | New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (FGIC) (Baa1/NR)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(MUNI-CPI + 0.88%) | New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (FGIC) (Baa1/NR)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(MUNI-CPI + 0.88%) | New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (FGIC) (Baa1/NR)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(MUNI-CPI + 0.88%) |
| 2610000 | 3.880 | 03/01/2026 | 2609552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(MUNI-CPI + 0.89%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(MUNI-CPI + 0.89%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(MUNI-CPI + 0.89%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(MUNI-CPI + 0.89%) |
| 2850000 | 3.890 | 03/01/2027 | 2846422 |
| New York City Transitional Finance Authority Building Aid RB Fiscal 2015 Series S-1 (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2015 Series S-1 (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2015 Series S-1 (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2015 Series S-1 (ST AID WITHHLDG) (Aa2/AA) |
| 10000000 | 5.000 | 07/15/2033 | 10023142 |
| 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) |
| 3000000 | 5.000 | 11/01/2028 | 3213995 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series A Subseries A-1 Tax-Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series A Subseries A-1 Tax-Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series A Subseries A-1 Tax-Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series A Subseries A-1 Tax-Exempt Bonds (Aa1/AAA) |
| 3250000 | 5.000 | 11/01/2026 | 3358986 |
| 2435000 | 5.000 | 11/01/2027 | 2567574 |
| New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) |
| 1805000 | 5.150 <sup>(d)</sup> | 11/15/2034 | 1809987 |
| 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 | 4052114 |
| 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 | 6265469 |
| New York State Dormitory Authority Secondarily Industrial RB New York University Series 2001 (BHAC-CR AMBAC) (Aa1/AA+) | New York State Dormitory Authority Secondarily Industrial RB New York University Series 2001 (BHAC-CR AMBAC) (Aa1/AA+) | New York State Dormitory Authority Secondarily Industrial RB New York University Series 2001 (BHAC-CR AMBAC) (Aa1/AA+) | New York State Dormitory Authority Secondarily Industrial RB New York University Series 2001 (BHAC-CR AMBAC) (Aa1/AA+) |
| 2110000 | 5.500 | 07/01/2031 | 2291254 |
| New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (Aa1/AA+) | New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (Aa1/AA+) | New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (Aa1/AA+) | New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (Aa1/AA+) |
| 3960000 | 5.000 | 03/15/2026 | 4049654 |
| 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 | 1136337 |
| New York State Environmental Facilities Corp. State Clean Water & Drinking Water Revolving Funds RB for Municipal Water Finance Authority Projects - Second Resolution Bonds Series 2016 (Aaa/AAA) | New York State Environmental Facilities Corp. State Clean Water & Drinking Water Revolving Funds RB for Municipal Water Finance Authority Projects - Second Resolution Bonds Series 2016 (Aaa/AAA) | New York State Environmental Facilities Corp. State Clean Water & Drinking Water Revolving Funds RB for Municipal Water Finance Authority Projects - Second Resolution Bonds Series 2016 (Aaa/AAA) | New York State Environmental Facilities Corp. State Clean Water & Drinking Water Revolving Funds RB for Municipal Water Finance Authority Projects - Second Resolution Bonds Series 2016 (Aaa/AAA) |
| 3000000 | 5.000 | 06/15/2035 | 3064326 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (Aa2/NR) | New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (Aa2/NR) | New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (Aa2/NR) | New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (Aa2/NR) |
| $3860000 | 1.100 %<sup>(b)(c)</sup> | 11/01/2061 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3664125 |
| New York State Housing Finance Agency Affordable Housing 2022 Series D-2 (SONYMA HUD SECT 8) (Aa2/NR) | New York State Housing Finance Agency Affordable Housing 2022 Series D-2 (SONYMA HUD SECT 8) (Aa2/NR) | New York State Housing Finance Agency Affordable Housing 2022 Series D-2 (SONYMA HUD SECT 8) (Aa2/NR) | New York State Housing Finance Agency Affordable Housing 2022 Series D-2 (SONYMA HUD SECT 8) (Aa2/NR) |
| 22000000 | 3.100 <sup>(b)(c)</sup> | 05/01/2062 | 21915751 |
| New York State Housing Finance Agency Affordable Housing RB 2022 Series F-2 (SONYMA FHA 542(C)) (SONYMA FHA 542<sup>(c)</sup>) (Aa2/NR) | New York State Housing Finance Agency Affordable Housing RB 2022 Series F-2 (SONYMA FHA 542(C)) (SONYMA FHA 542<sup>(c)</sup>) (Aa2/NR) | New York State Housing Finance Agency Affordable Housing RB 2022 Series F-2 (SONYMA FHA 542(C)) (SONYMA FHA 542<sup>(c)</sup>) (Aa2/NR) | New York State Housing Finance Agency Affordable Housing RB 2022 Series F-2 (SONYMA FHA 542(C)) (SONYMA FHA 542<sup>(c)</sup>) (Aa2/NR) |
| 18000000 | 3.850 <sup>(b)(c)</sup> | 05/01/2062 | 18005332 |
| New York State Housing Finance Agency RB Series 2021 D-2 (SONYMA) (Aa2/NR) | New York State Housing Finance Agency RB Series 2021 D-2 (SONYMA) (Aa2/NR) | New York State Housing Finance Agency RB Series 2021 D-2 (SONYMA) (Aa2/NR) | New York State Housing Finance Agency RB Series 2021 D-2 (SONYMA) (Aa2/NR) |
| 7870000 | 0.650 <sup>(b)(c)</sup> | 11/01/2056 | 7711737 |
| New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 (Aa1/NR) | New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 (Aa1/NR) | New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 (Aa1/NR) | New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 (Aa1/NR) |
| 1000000 | 3.450 <sup>(b)(c)</sup> | 06/15/2054 | 993668 |
| New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 Sustainability Bonds (Aa1/NR) | New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 Sustainability Bonds (Aa1/NR) | New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 Sustainability Bonds (Aa1/NR) | New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 Sustainability Bonds (Aa1/NR) |
| 2170000 | 3.350 <sup>(b)(c)</sup> | 06/15/2054 | 2169395 |
| New York State Thruway Authority General Revenue Refunding Bonds Series Q (Aa3/A+) | New York State Thruway Authority General Revenue Refunding Bonds Series Q (Aa3/A+) | New York State Thruway Authority General Revenue Refunding Bonds Series Q (Aa3/A+) | New York State Thruway Authority General Revenue Refunding Bonds Series Q (Aa3/A+) |
| 5000000 | 5.000 | 01/01/2031 | 5542878 |
| 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 | 42513068 |
| New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2022 (Baa1/NR) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2022 (Baa1/NR) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2022 (Baa1/NR) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2022 (Baa1/NR) |
| 415000 | 5.000 | 12/01/2026 | 424999 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) |
| 7000000 | 5.000 | 01/01/2029 | 7207962 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa2/NR) |
| 8540000 | 5.000 | 01/01/2030 | 8773271 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa2/NR) |
| 3425000 | 5.000 | 01/01/2026 | 3456866 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) |
| 7675000 | 4.000 | 10/01/2030 | 7611007 |
| 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 | 1355140 |
| New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) |
| 6150000 | 5.000 | 07/01/2041 | 6150781 |
| New York Transportation Development Corp. Special Facilities Bonds Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (Baa2/NR) |
| 14275000 | 5.250 | 01/01/2050 | 14274430 |
| New York Transportation Development Corp. Special Facilities RB for Laguardia Airport Terminal B Redevelopment Project Series 2018 (Baa2/NR) | New York Transportation Development Corp. Special Facilities RB for Laguardia Airport Terminal B Redevelopment Project Series 2018 (Baa2/NR) | New York Transportation Development Corp. Special Facilities RB for Laguardia Airport Terminal B Redevelopment Project Series 2018 (Baa2/NR) | New York Transportation Development Corp. Special Facilities RB for Laguardia Airport Terminal B Redevelopment Project Series 2018 (Baa2/NR) |
| 7765000 | 5.000 | 01/01/2028 | 8008226 |
| New York Transportation Development Corp. Special Facilities RB for Terminal 4 JFK International Airport Project Series 2020A (Baa1/NR) | New York Transportation Development Corp. Special Facilities RB for Terminal 4 JFK International Airport Project Series 2020A (Baa1/NR) | New York Transportation Development Corp. Special Facilities RB for Terminal 4 JFK International Airport Project Series 2020A (Baa1/NR) | New York Transportation Development Corp. Special Facilities RB for Terminal 4 JFK International Airport Project Series 2020A (Baa1/NR) |
| 500000 | 5.000 | 12/01/2027 | 517328 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **231** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020723 |
| 1080000 | 5.000 | 07/01/2026 | 1077920 |
| 1090000 | 5.000 | 07/01/2027 | 1066687 |
| 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-) |
| 10000000 | 3.000 | 10/01/2028 | 9699006 |
| Power Authority of The State of New York Green Transmission Project RB Series 2023A (AGM) (Aa3/AA) | Power Authority of The State of New York Green Transmission Project RB Series 2023A (AGM) (Aa3/AA) | Power Authority of The State of New York Green Transmission Project RB Series 2023A (AGM) (Aa3/AA) | Power Authority of The State of New York Green Transmission Project RB Series 2023A (AGM) (Aa3/AA) |
| 500000 | 5.000 | 11/15/2026 | 518450 |
| 500000 | 5.000 | 11/15/2027 | 530580 |
| State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2019B-3 (A3/A-) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2019B-3 (A3/A-) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2019B-3 (A3/A-) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2019B-3 (A3/A-) |
| 2295000 | 5.000 <sup>(b)(c)</sup> | 05/01/2048 | 2320049 |
| 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 | 1030417 |
| 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 | 681558 |
| 705000 | 5.000 | 07/01/2027 | 716392 |
| 740000 | 5.000 | 07/01/2028 | 755589 |
| The City of New York GO Bonds Fiscal 2025 Series F (Aa2/AA) | The City of New York GO Bonds Fiscal 2025 Series F (Aa2/AA) | The City of New York GO Bonds Fiscal 2025 Series F (Aa2/AA) | The City of New York GO Bonds Fiscal 2025 Series F (Aa2/AA) |
| 5500000 | 5.000 | 08/01/2034 | 6174964 |
| The City of New York GO Bonds Tax-Exempt Bonds Subseries F-1 (Aa2/AA) | The City of New York GO Bonds Tax-Exempt Bonds Subseries F-1 (Aa2/AA) | The City of New York GO Bonds Tax-Exempt Bonds Subseries F-1 (Aa2/AA) | The City of New York GO Bonds Tax-Exempt Bonds Subseries F-1 (Aa2/AA) |
| 2655000 | 5.000 | 08/01/2025 | 2674743 |
| 1000000 | 5.000 | 08/01/2026 | 1028609 |
| The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Forty-Fifth Series Consolidated Bonds (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Forty-Fifth Series Consolidated Bonds (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Forty-Fifth Series Consolidated Bonds (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Forty-Fifth Series Consolidated Bonds (Aa3/AA-) |
| 4500000 | 5.000 | 09/01/2032 | 4841256 |
| The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred forty-Second Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred forty-Second Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred forty-Second Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred forty-Second Series (Aa3/AA-) |
| 1750000 | 5.000 | 12/01/2025 | 1770783 |
| Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Bonds Series 2021C (NR/AA+) | Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Bonds Series 2021C (NR/AA+) | Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Bonds Series 2021C (NR/AA+) | Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Bonds Series 2021C (NR/AA+) |
| 40900000 | 5.000 <sup>(b)(c)</sup> | 05/15/2051 | 41747738 |
| 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+) |
| 26915000 | 5.000 | 11/15/2027 | 28295734 |
| Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2024B (NR/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2024B (NR/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2024B (NR/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2024B (NR/SP-1+) |
| 5000000 | 5.000 | 03/15/2027 | 5197604 |
| Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (NR/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (NR/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (NR/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (NR/SP-1+) |
| 10000000 | 5.000 | 03/01/2028 | 10534388 |
| Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (A1/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (A1/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (A1/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (A1/SP-1+) |
| 20000000 | 5.000 | 02/01/2028 | 21095666 |
| Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RBSeries 2025A (A1/A+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RBSeries 2025A (A1/A+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RBSeries 2025A (A1/A+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RBSeries 2025A (A1/A+) |
| 1000000 | 5.000 | 12/01/2033 | 1140979 |
| 1000000 | 5.000 | 12/01/2034 | 1143330 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| 145000 | 5.000% | 01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147822 |
|  |  |  | 535487592 |
| North Carolina - 1.6% | North Carolina - 1.6% | North Carolina - 1.6% | North Carolina - 1.6% |
| Charlotte-Mecklenburg Hospital Authority RB Series 2018E (Aa3/AA) | Charlotte-Mecklenburg Hospital Authority RB Series 2018E (Aa3/AA) | Charlotte-Mecklenburg Hospital Authority RB Series 2018E (Aa3/AA) | Charlotte-Mecklenburg Hospital Authority RB Series 2018E (Aa3/AA) |
| 6500000 | 0.800 <sup>(b)(c)</sup> | 01/15/2048 | 6389137 |
| 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 | 10049633 |
| Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (Baa2/BBB) (PUTABLE) | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (Baa2/BBB) (PUTABLE) | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (Baa2/BBB) (PUTABLE) | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (Baa2/BBB) (PUTABLE) |
| 4550000 | 1.375 <sup>(b)(c)</sup> | 05/01/2034 | 4522953 |
| Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) | Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) | Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) | Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) |
| 750000 | 5.000 | 07/01/2027 | 775731 |
| North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2015B (Aa1/NR) | North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2015B (Aa1/NR) | North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2015B (Aa1/NR) | North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2015B (Aa1/NR) |
| 30000000 | 5.000 <sup>(a)</sup> | 10/01/2025 | 30328758 |
| North Carolina Housing Finance Agency Multifamily Housing RB Series 2024 (Aaa/NR) (PUTABLE) | North Carolina Housing Finance Agency Multifamily Housing RB Series 2024 (Aaa/NR) (PUTABLE) | North Carolina Housing Finance Agency Multifamily Housing RB Series 2024 (Aaa/NR) (PUTABLE) | North Carolina Housing Finance Agency Multifamily Housing RB Series 2024 (Aaa/NR) (PUTABLE) |
| 2205000 | 5.000 <sup>(b)(c)</sup> | 04/01/2029 | 2314840 |
| North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Carolina Meadows Series 2024 (NR/NR) | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Carolina Meadows Series 2024 (NR/NR) | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Carolina Meadows Series 2024 (NR/NR) | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Carolina Meadows Series 2024 (NR/NR) |
| 7495000 | 5.000 | 12/01/2034 | 8275892 |
| North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Tax-Exempt Mandatory Paydown Securities Series 2024B-1 (NR/NR) | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Tax-Exempt Mandatory Paydown Securities Series 2024B-1 (NR/NR) | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Tax-Exempt Mandatory Paydown Securities Series 2024B-1 (NR/NR) | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Tax-Exempt Mandatory Paydown Securities Series 2024B-1 (NR/NR) |
| 350000 | 4.250 | 10/01/2028 | 350183 |
| North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Tax-Exempt Mandatory Paydown Securities Series 2024B-2 (NR/NR) | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Tax-Exempt Mandatory Paydown Securities Series 2024B-2 (NR/NR) | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Tax-Exempt Mandatory Paydown Securities Series 2024B-2 (NR/NR) | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Tax-Exempt Mandatory Paydown Securities Series 2024B-2 (NR/NR) |
| 525000 | 3.750 | 10/01/2028 | 525017 |
| 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 | 13953791 |
| The Charlotte-Mecklenburg Hospital Authority Atrium Health Variable Rate Health Care RB Series 2021D (Aa3/AA) | The Charlotte-Mecklenburg Hospital Authority Atrium Health Variable Rate Health Care RB Series 2021D (Aa3/AA) | The Charlotte-Mecklenburg Hospital Authority Atrium Health Variable Rate Health Care RB Series 2021D (Aa3/AA) | The Charlotte-Mecklenburg Hospital Authority Atrium Health Variable Rate Health Care RB Series 2021D (Aa3/AA) |
| 1000000 | 5.000 <sup>(b)(c)</sup> | 01/15/2049 | 1090058 |
|  |  |  | 78575993 |
| 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 (Baa3/NR) | City of Grand Forks Health Care System RB for Altru Health System Series 2021 (Baa3/NR) | City of Grand Forks Health Care System RB for Altru Health System Series 2021 (Baa3/NR) | City of Grand Forks Health Care System RB for Altru Health System Series 2021 (Baa3/NR) |
| 2000000 | 5.000 | 12/01/2028 | 2074816 |
| City of Grand Forks RB Refunding for Altru Health System Obligated Group Series 2021 (Baa3/NR) | City of Grand Forks RB Refunding for Altru Health System Obligated Group Series 2021 (Baa3/NR) | City of Grand Forks RB Refunding for Altru Health System Obligated Group Series 2021 (Baa3/NR) | City of Grand Forks RB Refunding for Altru Health System Obligated Group Series 2021 (Baa3/NR) |
| 165000 | 5.000 | 12/01/2025 | 165687 |
| 225000 | 5.000 | 12/01/2026 | 229481 |
|  |  |  | 2469984 |
| Ohio - 1.9% | Ohio - 1.9% | Ohio - 1.9% | Ohio - 1.9% |
| Akron Bath Copley Joint Township Hospital District RB Refunding for Summa Health System Obligated Group Series 2020 USA (NR/NR) | Akron Bath Copley Joint Township Hospital District RB Refunding for Summa Health System Obligated Group Series 2020 USA (NR/NR) | Akron Bath Copley Joint Township Hospital District RB Refunding for Summa Health System Obligated Group Series 2020 USA (NR/NR) | Akron Bath Copley Joint Township Hospital District RB Refunding for Summa Health System Obligated Group Series 2020 USA (NR/NR) |
| 125000 | 5.000 | 11/15/2025 | 126081 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 232 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Akron Bath Copley Joint Township Hospital District RB Refunding for Summa Health System Obligated Group Series 2020 (NR/NR) | Akron Bath Copley Joint Township Hospital District RB Refunding for Summa Health System Obligated Group Series 2020 (NR/NR) | Akron Bath Copley Joint Township Hospital District RB Refunding for Summa Health System Obligated Group Series 2020 (NR/NR) | Akron Bath Copley Joint Township Hospital District RB Refunding for Summa Health System Obligated Group Series 2020 (NR/NR) |
| $175000 | 5.000% | 11/15/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179370 |
| American Municipal Power RB for Prairie State Energy Campus Project Refunding Series 2023A (A1/A) | American Municipal Power RB for Prairie State Energy Campus Project Refunding Series 2023A (A1/A) | American Municipal Power RB for Prairie State Energy Campus Project Refunding Series 2023A (A1/A) | American Municipal Power RB for Prairie State Energy Campus Project Refunding Series 2023A (A1/A) |
| 2500000 | 5.000 | 02/15/2026 | 2542604 |
| 2750000 | 5.000 | 02/15/2027 | 2851597 |
| City of Cleveland Airport System RB Series 2018A (AMT) (A2/A) | City of Cleveland Airport System RB Series 2018A (AMT) (A2/A) | City of Cleveland Airport System RB Series 2018A (AMT) (A2/A) | City of Cleveland Airport System RB Series 2018A (AMT) (A2/A) |
| 2000000 | 5.000 | 01/01/2026 | 2028783 |
| Columbus Regional Airport Authority John Glenn Columbus International Airport Airport RB Series 2025A (AMT) (A2/A) | Columbus Regional Airport Authority John Glenn Columbus International Airport Airport RB Series 2025A (AMT) (A2/A) | Columbus Regional Airport Authority John Glenn Columbus International Airport Airport RB Series 2025A (AMT) (A2/A) | Columbus Regional Airport Authority John Glenn Columbus International Airport Airport RB Series 2025A (AMT) (A2/A) |
| 1000000 | 5.000 | 01/01/2030 | 1059944 |
| 1525000 | 5.000 | 01/01/2031 | 1624041 |
| 1300000 | 5.000 | 01/01/2032 | 1391270 |
| 1300000 | 5.000 | 01/01/2033 | 1395523 |
| 1000000 | 5.000 | 01/01/2034 | 1076578 |
| Columbus-Franklin County Finance Authority Multifamily Housing RB for Caravel Apartments Series 2024B (Aaa/NR) | Columbus-Franklin County Finance Authority Multifamily Housing RB for Caravel Apartments Series 2024B (Aaa/NR) | Columbus-Franklin County Finance Authority Multifamily Housing RB for Caravel Apartments Series 2024B (Aaa/NR) | Columbus-Franklin County Finance Authority Multifamily Housing RB for Caravel Apartments Series 2024B (Aaa/NR) |
| 1200000 | 3.030 <sup>(b)(c)</sup> | 11/01/2028 | 1193735 |
| Columbus-Franklin County Finance Authority Multifamily Housing RB Westerville Crossing Apartments Series 2024B (Aaa/NR) | Columbus-Franklin County Finance Authority Multifamily Housing RB Westerville Crossing Apartments Series 2024B (Aaa/NR) | Columbus-Franklin County Finance Authority Multifamily Housing RB Westerville Crossing Apartments Series 2024B (Aaa/NR) | Columbus-Franklin County Finance Authority Multifamily Housing RB Westerville Crossing Apartments Series 2024B (Aaa/NR) |
| 2000000 | 5.000 <sup>(b)(c)</sup> | 12/01/2028 | 2088933 |
| County of Cuyahoga Convention Hotel Project Certificate of Participation Series 2024 (A1/AA-) | County of Cuyahoga Convention Hotel Project Certificate of Participation Series 2024 (A1/AA-) | County of Cuyahoga Convention Hotel Project Certificate of Participation Series 2024 (A1/AA-) | County of Cuyahoga Convention Hotel Project Certificate of Participation Series 2024 (A1/AA-) |
| 2390000 | 5.000 | 12/01/2028 | 2534171 |
| County of Franklin Healthcare Facilities RB for Ohio Living Communities Series 2023 (NR/NR) | County of Franklin Healthcare Facilities RB for Ohio Living Communities Series 2023 (NR/NR) | County of Franklin Healthcare Facilities RB for Ohio Living Communities Series 2023 (NR/NR) | County of Franklin Healthcare Facilities RB for Ohio Living Communities Series 2023 (NR/NR) |
| 6000000 | 5.000 | 07/01/2031 | 6123552 |
| County of Montgomery Ohio Health Care Facilities Revenue Refunding and Improvement Bonds Series 2024 (Baa1/NR) | County of Montgomery Ohio Health Care Facilities Revenue Refunding and Improvement Bonds Series 2024 (Baa1/NR) | County of Montgomery Ohio Health Care Facilities Revenue Refunding and Improvement Bonds Series 2024 (Baa1/NR) | County of Montgomery Ohio Health Care Facilities Revenue Refunding and Improvement Bonds Series 2024 (Baa1/NR) |
| 500000 | 5.000 | 09/01/2025 | 503437 |
| 400000 | 5.000 | 09/01/2026 | 409393 |
| 400000 | 5.000 | 09/01/2027 | 415447 |
| 325000 | 5.000 | 09/01/2028 | 341379 |
| 470000 | 5.000 | 09/01/2029 | 498244 |
| 375000 | 5.000 | 09/01/2030 | 400306 |
| 375000 | 5.000 | 09/01/2031 | 402301 |
| County of Warren Ohio Hospital Facilities Refunding RB Series 2024A Community First Solutions Obligated Group (NR/NR) | County of Warren Ohio Hospital Facilities Refunding RB Series 2024A Community First Solutions Obligated Group (NR/NR) | County of Warren Ohio Hospital Facilities Refunding RB Series 2024A Community First Solutions Obligated Group (NR/NR) | County of Warren Ohio Hospital Facilities Refunding RB Series 2024A Community First Solutions Obligated Group (NR/NR) |
| 420000 | 5.000 | 05/15/2025 | 420425 |
| Franklin County Finance Authority Multifamily Housing RB for Dering Family Homes Project Series 2023 (HUD SECT 8) (Aaa/NR) | Franklin County Finance Authority Multifamily Housing RB for Dering Family Homes Project Series 2023 (HUD SECT 8) (Aaa/NR) | Franklin County Finance Authority Multifamily Housing RB for Dering Family Homes Project Series 2023 (HUD SECT 8) (Aaa/NR) | Franklin County Finance Authority Multifamily Housing RB for Dering Family Homes Project Series 2023 (HUD SECT 8) (Aaa/NR) |
| 5000000 | 5.000 <sup>(b)(c)</sup> | 07/01/2045 | 5129384 |
| Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (Baa2/BBB) (PUTABLE) | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (Baa2/BBB) (PUTABLE) | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (Baa2/BBB) (PUTABLE) | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (Baa2/BBB) (PUTABLE) |
| 3750000 | 4.250 <sup>(b)(c)</sup> | 11/01/2039 | 3786937 |
| Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (Baa2/BBB) (PUTABLE) | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (Baa2/BBB) (PUTABLE) | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (Baa2/BBB) (PUTABLE) | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (Baa2/BBB) (PUTABLE) |
| 6500000 | 4.000 <sup>(b)(c)</sup> | 09/01/2030 | 6560208 |
| Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB) (PUTABLE) | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB) (PUTABLE) | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB) (PUTABLE) | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB) (PUTABLE) |
| 15250000 | 4.250 <sup>(b)(c)</sup> | 11/01/2040 | 15381231 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Baa3/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Baa3/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Baa3/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Baa3/NR) |
| 1075000 | 2.875% | 02/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062061 |
| Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Baa3/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Baa3/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Baa3/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Baa3/NR) |
| 2695000 | 2.875 | 02/01/2026 | 2662563 |
| Ohio Air Quality Development Authority Revenue Refunding Bonds American Electric Power Company Project Series 2005A Bonds (AMT) (Baa2/BBB) | Ohio Air Quality Development Authority Revenue Refunding Bonds American Electric Power Company Project Series 2005A Bonds (AMT) (Baa2/BBB) | Ohio Air Quality Development Authority Revenue Refunding Bonds American Electric Power Company Project Series 2005A Bonds (AMT) (Baa2/BBB) | Ohio Air Quality Development Authority Revenue Refunding Bonds American Electric Power Company Project Series 2005A Bonds (AMT) (Baa2/BBB) |
| 1000000 | 3.750 | 01/01/2029 | 996446 |
| Ohio Housing Finance Agency Multifamily Housing RB for Cherry Blossom Apartments Project Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) | Ohio Housing Finance Agency Multifamily Housing RB for Cherry Blossom Apartments Project Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) | Ohio Housing Finance Agency Multifamily Housing RB for Cherry Blossom Apartments Project Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) | Ohio Housing Finance Agency Multifamily Housing RB for Cherry Blossom Apartments Project Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) |
| 1700000 | 5.000 <sup>(b)(c)</sup> | 08/01/2026 | 1710400 |
| 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) |
| 280000 | 5.000 | 11/15/2025 | 282145 |
| 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 | 4105827 |
| Ohio Water Development Authority Fresh Water Development RB Series 2016B (Aaa/AAA) | Ohio Water Development Authority Fresh Water Development RB Series 2016B (Aaa/AAA) | Ohio Water Development Authority Fresh Water Development RB Series 2016B (Aaa/AAA) | Ohio Water Development Authority Fresh Water Development RB Series 2016B (Aaa/AAA) |
| 1000000 | 5.000 | 06/01/2026 | 1026443 |
| State of Ohio Higher Educational Facility RB for Xavier University 2024 Project (Baa1/NR) | State of Ohio Higher Educational Facility RB for Xavier University 2024 Project (Baa1/NR) | State of Ohio Higher Educational Facility RB for Xavier University 2024 Project (Baa1/NR) | State of Ohio Higher Educational Facility RB for Xavier University 2024 Project (Baa1/NR) |
| 455000 | 5.000 | 05/01/2025 | 455613 |
| 275000 | 5.000 | 05/01/2026 | 280252 |
| 285000 | 5.000 | 05/01/2027 | 295155 |
| 355000 | 5.000 | 05/01/2028 | 372006 |
| 315000 | 5.000 | 05/01/2029 | 333559 |
| 275000 | 5.000 | 05/01/2030 | 293687 |
| 285000 | 5.000 | 05/01/2031 | 306185 |
| 630000 | 5.000 | 05/01/2032 | 678473 |
| State of Ohio Higher Educational Facility Revenue Refunding Bonds Series 2021B (Aa3/AA-)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 0.23%) | State of Ohio Higher Educational Facility Revenue Refunding Bonds Series 2021B (Aa3/AA-)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 0.23%) | State of Ohio Higher Educational Facility Revenue Refunding Bonds Series 2021B (Aa3/AA-)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 0.23%) | State of Ohio Higher Educational Facility Revenue Refunding Bonds Series 2021B (Aa3/AA-)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 0.23%) |
| 4400000 | 3.100 <sup>(b)(f)</sup> | 12/01/2042 | 4352297 |
| The Franklin County Convention Facilities Authority Tax and Lease Revenue Anticipation Refunding Bonds Series 2024 (Aa2/AA) | The Franklin County Convention Facilities Authority Tax and Lease Revenue Anticipation Refunding Bonds Series 2024 (Aa2/AA) | The Franklin County Convention Facilities Authority Tax and Lease Revenue Anticipation Refunding Bonds Series 2024 (Aa2/AA) | The Franklin County Convention Facilities Authority Tax and Lease Revenue Anticipation Refunding Bonds Series 2024 (Aa2/AA) |
| 9815000 | 5.000 | 12/01/2032 | 10888500 |
| Willoughby Eastlake City School District GO UT School Improvement Bonds Series 2016 (A2/NR) | Willoughby Eastlake City School District GO UT School Improvement Bonds Series 2016 (A2/NR) | Willoughby Eastlake City School District GO UT School Improvement Bonds Series 2016 (A2/NR) | Willoughby Eastlake City School District GO UT School Improvement Bonds Series 2016 (A2/NR) |
| 2500000 | 5.000 <sup>(a)</sup> | 12/01/2025 | 2535555 |
|  |  |  | 93102041 |
| Oklahoma - 1.0% | Oklahoma - 1.0% | Oklahoma - 1.0% | Oklahoma - 1.0% |
| City of Tulsa GO Bonds Series 2021 (Aa1/AA) | City of Tulsa GO Bonds Series 2021 (Aa1/AA) | City of Tulsa GO Bonds Series 2021 (Aa1/AA) | City of Tulsa GO Bonds Series 2021 (Aa1/AA) |
| 9300000 | 1.000 | 11/01/2026 | 8838241 |
| Independent School District Combined Purpose GO Bonds Series 2021B (NR/AA) | Independent School District Combined Purpose GO Bonds Series 2021B (NR/AA) | Independent School District Combined Purpose GO Bonds Series 2021B (NR/AA) | Independent School District Combined Purpose GO Bonds Series 2021B (NR/AA) |
| 10000000 | 1.000 | 09/01/2025 | 9870818 |
| Independent School District GO Combined Purposed Bonds Series 2021 (NR/AA+) | Independent School District GO Combined Purposed Bonds Series 2021 (NR/AA+) | Independent School District GO Combined Purposed Bonds Series 2021 (NR/AA+) | Independent School District GO Combined Purposed Bonds Series 2021 (NR/AA+) |
| 8840000 | 1.250 | 06/01/2026 | 8520523 |
| Independent School District No. 6 GO Combined Purpose Bonds Series 2023 (NR/AA-) | Independent School District No. 6 GO Combined Purpose Bonds Series 2023 (NR/AA-) | Independent School District No. 6 GO Combined Purpose Bonds Series 2023 (NR/AA-) | Independent School District No. 6 GO Combined Purpose Bonds Series 2023 (NR/AA-) |
| 9925000 | 5.000 | 09/01/2025 | 9996200 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **233** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024A (NR/AA) | Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024A (NR/AA) | Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024A (NR/AA) | Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024A (NR/AA) |
| 1725000 | 5.000% | 07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770985 |
| 1775000 | 5.000 | 07/01/2027 | 1857098 |
| Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024B (NR/AA) | Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024B (NR/AA) | Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024B (NR/AA) | Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024B (NR/AA) |
| 340000 | 5.000 | 07/01/2026 | 349064 |
| 250000 | 5.000 | 07/01/2027 | 261674 |
| Oklahoma Housing Finance Agency Collateralized RB Pioneer Plaza Apartments, Series 2023A (HUD SECT 8 FHA 221(D)(4)) (Aaa/NR) | Oklahoma Housing Finance Agency Collateralized RB Pioneer Plaza Apartments, Series 2023A (HUD SECT 8 FHA 221(D)(4)) (Aaa/NR) | Oklahoma Housing Finance Agency Collateralized RB Pioneer Plaza Apartments, Series 2023A (HUD SECT 8 FHA 221(D)(4)) (Aaa/NR) | Oklahoma Housing Finance Agency Collateralized RB Pioneer Plaza Apartments, Series 2023A (HUD SECT 8 FHA 221(D)(4)) (Aaa/NR) |
| 575000 | 4.000 <sup>(b)(c)</sup> | 06/01/2028 | 575257 |
| Oklahoma Turnpike Authority Oklahoma Turnpike System Refunding Second Senior RB Series 2025B (Aa3/AA-) | Oklahoma Turnpike Authority Oklahoma Turnpike System Refunding Second Senior RB Series 2025B (Aa3/AA-) | Oklahoma Turnpike Authority Oklahoma Turnpike System Refunding Second Senior RB Series 2025B (Aa3/AA-) | Oklahoma Turnpike Authority Oklahoma Turnpike System Refunding Second Senior RB Series 2025B (Aa3/AA-) |
| 1640000 | 5.000 <sup>(e)</sup> | 01/01/2032 | 1776648 |
| Tulsa County Industrial Authority Educational Facilities Lease RB Broken Arrow Public Schools Project Series 2025 (A1/NR) | Tulsa County Industrial Authority Educational Facilities Lease RB Broken Arrow Public Schools Project Series 2025 (A1/NR) | Tulsa County Industrial Authority Educational Facilities Lease RB Broken Arrow Public Schools Project Series 2025 (A1/NR) | Tulsa County Industrial Authority Educational Facilities Lease RB Broken Arrow Public Schools Project Series 2025 (A1/NR) |
| 1375000 | 5.000 | 09/01/2032 | 1521257 |
| 640000 | 5.000 | 09/01/2033 | 712353 |
| 1055000 | 5.000 | 09/01/2034 | 1180247 |
|  |  |  | 47230365 |
| Oregon - 0.5% | Oregon - 0.5% | Oregon - 0.5% | Oregon - 0.5% |
| City of Portland, Oregon Second Lien Sewer System Revenue and Refunding Bonds, 2025 Series A (Aa2/AA) | City of Portland, Oregon Second Lien Sewer System Revenue and Refunding Bonds, 2025 Series A (Aa2/AA) | City of Portland, Oregon Second Lien Sewer System Revenue and Refunding Bonds, 2025 Series A (Aa2/AA) | City of Portland, Oregon Second Lien Sewer System Revenue and Refunding Bonds, 2025 Series A (Aa2/AA) |
| 2625000 | 5.000 | 10/01/2030 | 2894149 |
| 2595000 | 5.000 | 10/01/2032 | 2920277 |
| 2500000 | 5.000 | 10/01/2034 | 2845230 |
| Corvallis School District No. 509J GO Convertible Deferred Interest Bonds Series 2018A (SCH BD GTY) (Aa1/AA+) | Corvallis School District No. 509J GO Convertible Deferred Interest Bonds Series 2018A (SCH BD GTY) (Aa1/AA+) | Corvallis School District No. 509J GO Convertible Deferred Interest Bonds Series 2018A (SCH BD GTY) (Aa1/AA+) | Corvallis School District No. 509J GO Convertible Deferred Interest Bonds Series 2018A (SCH BD GTY) (Aa1/AA+) |
| 2790000 | 5.000 | 06/15/2026 | 2864331 |
| Oregon Facilities Authority Revenue Refunding Bonds 2020 Series A (NR/BBB+) | Oregon Facilities Authority Revenue Refunding Bonds 2020 Series A (NR/BBB+) | Oregon Facilities Authority Revenue Refunding Bonds 2020 Series A (NR/BBB+) | Oregon Facilities Authority Revenue Refunding Bonds 2020 Series A (NR/BBB+) |
| 125000 | 5.000 | 10/01/2026 | 127150 |
| Port of Portland International Airport RB Series 27A (NR/AA-) | Port of Portland International Airport RB Series 27A (NR/AA-) | Port of Portland International Airport RB Series 27A (NR/AA-) | Port of Portland International Airport RB Series 27A (NR/AA-) |
| 2410000 | 5.000 | 07/01/2028 | 2518990 |
| 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 | 7154659 |
| State of Oregon GO Bonds 2021 Series H (Aa1/AA+) | State of Oregon GO Bonds 2021 Series H (Aa1/AA+) | State of Oregon GO Bonds 2021 Series H (Aa1/AA+) | State of Oregon GO Bonds 2021 Series H (Aa1/AA+) |
| 1330000 | 1.000 | 08/01/2026 | 1282150 |
|  |  |  | 22606936 |
| Pennsylvania - 3.9% | Pennsylvania - 3.9% | Pennsylvania - 3.9% | Pennsylvania - 3.9% |
| Adams County General Authority Entrance Fee Principal Redemption Bonds for The Brethren Home Community Project Series 2024B-1 (NR/NR) | Adams County General Authority Entrance Fee Principal Redemption Bonds for The Brethren Home Community Project Series 2024B-1 (NR/NR) | Adams County General Authority Entrance Fee Principal Redemption Bonds for The Brethren Home Community Project Series 2024B-1 (NR/NR) | Adams County General Authority Entrance Fee Principal Redemption Bonds for The Brethren Home Community Project Series 2024B-1 (NR/NR) |
| 2295000 | 3.900 | 06/01/2030 | 2247981 |
| Adams County General Authority Entrance Fee Principal Redemption Bonds for The Brethren Home Community Project Series 2024B-2 (NR/NR) | Adams County General Authority Entrance Fee Principal Redemption Bonds for The Brethren Home Community Project Series 2024B-2 (NR/NR) | Adams County General Authority Entrance Fee Principal Redemption Bonds for The Brethren Home Community Project Series 2024B-2 (NR/NR) | Adams County General Authority Entrance Fee Principal Redemption Bonds for The Brethren Home Community Project Series 2024B-2 (NR/NR) |
| 1500000 | 3.600 | 06/01/2029 | 1475376 |
| Allegheny County Higher Education Building Authority for Carnegie Mellon University for RB Series 2022A (NR/AA+) | Allegheny County Higher Education Building Authority for Carnegie Mellon University for RB Series 2022A (NR/AA+) | Allegheny County Higher Education Building Authority for Carnegie Mellon University for RB Series 2022A (NR/AA+) | Allegheny County Higher Education Building Authority for Carnegie Mellon University for RB Series 2022A (NR/AA+) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.29%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.29%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.29%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.29%) |
| 5330000 | 3.328 <sup>(b)(f)</sup> | 02/01/2033 | 5299564 |
| 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) |
| 480000 | 5.000 | 05/01/2026 | 488082 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625249 |
| Cheltenham Township Industrial Development Authority Arcadia University RB Series of 2024 (NR/BBB-) | Cheltenham Township Industrial Development Authority Arcadia University RB Series of 2024 (NR/BBB-) | Cheltenham Township Industrial Development Authority Arcadia University RB Series of 2024 (NR/BBB-) | Cheltenham Township Industrial Development Authority Arcadia University RB Series of 2024 (NR/BBB-) |
| 6900000 | 5.000 | 04/01/2034 | 7006015 |
| City of Erie Higher Education Building Authority Commonwealth of Pennsylvania RB Aicup Financing Program - Gannon University Project Series 2025 XX1 (NR/BBB+) | City of Erie Higher Education Building Authority Commonwealth of Pennsylvania RB Aicup Financing Program - Gannon University Project Series 2025 XX1 (NR/BBB+) | City of Erie Higher Education Building Authority Commonwealth of Pennsylvania RB Aicup Financing Program - Gannon University Project Series 2025 XX1 (NR/BBB+) | City of Erie Higher Education Building Authority Commonwealth of Pennsylvania RB Aicup Financing Program - Gannon University Project Series 2025 XX1 (NR/BBB+) |
| 250000 | 5.000 | 05/01/2027 | 256394 |
| 300000 | 5.000 | 05/01/2029 | 311137 |
| 300000 | 5.000 | 05/01/2030 | 312240 |
| 1010000 | 4.000 | 05/01/2033 | 987326 |
| 375000 | 5.000 | 05/01/2035 | 390114 |
| City of Philadelphia Airport Revenue Refunding Bonds Series 2017B (AMT) (A1/A+) | City of Philadelphia Airport Revenue Refunding Bonds Series 2017B (AMT) (A1/A+) | City of Philadelphia Airport Revenue Refunding Bonds Series 2017B (AMT) (A1/A+) | City of Philadelphia Airport Revenue Refunding Bonds Series 2017B (AMT) (A1/A+) |
| 1150000 | 5.000 | 07/01/2025 | 1155183 |
| City of Philadelphia Airport Revenue Refunding Bonds Series 2021 (AMT) (A1/NR) | City of Philadelphia Airport Revenue Refunding Bonds Series 2021 (AMT) (A1/NR) | City of Philadelphia Airport Revenue Refunding Bonds Series 2021 (AMT) (A1/NR) | City of Philadelphia Airport Revenue Refunding Bonds Series 2021 (AMT) (A1/NR) |
| 2800000 | 5.000 | 07/01/2027 | 2901603 |
| Commonwealth of Pennsylvania GO Bonds First Series of 2021 (Aa2/A+) | Commonwealth of Pennsylvania GO Bonds First Series of 2021 (Aa2/A+) | Commonwealth of Pennsylvania GO Bonds First Series of 2021 (Aa2/A+) | Commonwealth of Pennsylvania GO Bonds First Series of 2021 (Aa2/A+) |
| 4190000 | 3.000 | 05/15/2034 | 3912391 |
| Commonwealth of Pennsylvania GO Bonds Series 2015 (Aa2/A+) | Commonwealth of Pennsylvania GO Bonds Series 2015 (Aa2/A+) | Commonwealth of Pennsylvania GO Bonds Series 2015 (Aa2/A+) | Commonwealth of Pennsylvania GO Bonds Series 2015 (Aa2/A+) |
| 3925000 | 5.000 | 08/15/2025 | 3957037 |
| County of Beaver GO Bonds Series 2017 (BAM) (NR/AA) | County of Beaver GO Bonds Series 2017 (BAM) (NR/AA) | County of Beaver GO Bonds Series 2017 (BAM) (NR/AA) | County of Beaver GO Bonds Series 2017 (BAM) (NR/AA) |
| 1000000 | 5.000 | 04/15/2025 | 1000734 |
| 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 | 2121941 |
| 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) |
| 1050000 | 5.000 | 01/01/2026 | 1066846 |
| 1000000 | 5.000 | 01/01/2027 | 1037231 |
| Delaware Valley Regional Finance Authority Local Government RB 2022 Series B (A1/A+)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 0.40%) | Delaware Valley Regional Finance Authority Local Government RB 2022 Series B (A1/A+)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 0.40%) | Delaware Valley Regional Finance Authority Local Government RB 2022 Series B (A1/A+)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 0.40%) | Delaware Valley Regional Finance Authority Local Government RB 2022 Series B (A1/A+)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 0.40%) |
| 17860000 | 3.270 <sup>(b)(f)</sup> | 03/01/2057 | 17750416 |
| Delaware Valley Regional Finance Authority Local Government RB 2022 Series C (A1/A+) | Delaware Valley Regional Finance Authority Local Government RB 2022 Series C (A1/A+) | Delaware Valley Regional Finance Authority Local Government RB 2022 Series C (A1/A+) | Delaware Valley Regional Finance Authority Local Government RB 2022 Series C (A1/A+) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.49%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.49%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.49%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.49%) |
| 13580000 | 3.398 <sup>(b)(f)</sup> | 03/01/2057 | 13517205 |
| Geisinger Authority Health System Long Term Rate RB Series 2020B (NR/AA-) | Geisinger Authority Health System Long Term Rate RB Series 2020B (NR/AA-) | Geisinger Authority Health System Long Term Rate RB Series 2020B (NR/AA-) | Geisinger Authority Health System Long Term Rate RB Series 2020B (NR/AA-) |
| 16740000 | 5.000 <sup>(b)(c)</sup> | 04/01/2043 | 17159322 |
| Lancaster Municipal Authority Healthcare Facilities RB Series A of 2024 Garden Spot Village Project (NR/NR) | Lancaster Municipal Authority Healthcare Facilities RB Series A of 2024 Garden Spot Village Project (NR/NR) | Lancaster Municipal Authority Healthcare Facilities RB Series A of 2024 Garden Spot Village Project (NR/NR) | Lancaster Municipal Authority Healthcare Facilities RB Series A of 2024 Garden Spot Village Project (NR/NR) |
| 190000 | 5.000 | 05/01/2025 | 190197 |
| 160000 | 5.000 | 05/01/2026 | 162457 |
| 195000 | 5.000 | 05/01/2027 | 200497 |
| 215000 | 5.000 | 05/01/2028 | 223610 |
| 185000 | 5.000 | 05/01/2029 | 194161 |
| 195000 | 5.000 | 05/01/2030 | 206572 |
| 205000 | 5.000 | 05/01/2031 | 218761 |
| Lehigh County General Purpose Authority RB Refunding for The Good Shepherd Obligated Group Series 2021 A (NR/BBB) | Lehigh County General Purpose Authority RB Refunding for The Good Shepherd Obligated Group Series 2021 A (NR/BBB) | Lehigh County General Purpose Authority RB Refunding for The Good Shepherd Obligated Group Series 2021 A (NR/BBB) | Lehigh County General Purpose Authority RB Refunding for The Good Shepherd Obligated Group Series 2021 A (NR/BBB) |
| 525000 | 4.000 | 11/01/2025 | 525164 |
| 570000 | 4.000 | 11/01/2026 | 572581 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 234 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Lehigh County IDA Pollution Control Revenue Refunding Bonds for PPL Electric Utilities Corp. Project Series 2016B (NON-AMT) (A1/A+) | Lehigh County IDA Pollution Control Revenue Refunding Bonds for PPL Electric Utilities Corp. Project Series 2016B (NON-AMT) (A1/A+) | Lehigh County IDA Pollution Control Revenue Refunding Bonds for PPL Electric Utilities Corp. Project Series 2016B (NON-AMT) (A1/A+) | Lehigh County IDA Pollution Control Revenue Refunding Bonds for PPL Electric Utilities Corp. Project Series 2016B (NON-AMT) (A1/A+) |
| $19615000 | 2.625% | 02/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19405528 |
| Monroeville Finance Authority UPMC RB Series 2012 (A2/A) | Monroeville Finance Authority UPMC RB Series 2012 (A2/A) | Monroeville Finance Authority UPMC RB Series 2012 (A2/A) | Monroeville Finance Authority UPMC RB Series 2012 (A2/A) |
| 2390000 | 5.000 | 02/15/2027 | 2472944 |
| Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) |
| 3295000 | 4.100 | 06/01/2029 | 3371119 |
| Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series C (Baa1/BBB+) (PUTABLE) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series C (Baa1/BBB+) (PUTABLE) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series C (Baa1/BBB+) (PUTABLE) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series C (Baa1/BBB+) (PUTABLE) |
| 5335000 | 4.450 <sup>(b)(c)</sup> | 10/01/2034 | 5444615 |
| Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project Series 2021 (NR/NR) | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project Series 2021 (NR/NR) | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project Series 2021 (NR/NR) | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project Series 2021 (NR/NR) |
| 1600000 | 4.000 | 07/01/2033 | 1588931 |
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2021A-2 (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2021A-2 (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2021A-2 (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2021A-2 (NR/A-/A-2) |
| 10000000 | 4.600 <sup>(b)(c)</sup> | 10/01/2046 | 10054484 |
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2009 (NR/A-/A-2) (PUTABLE) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2009 (NR/A-/A-2) (PUTABLE) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2009 (NR/A-/A-2) (PUTABLE) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2009 (NR/A-/A-2) (PUTABLE) |
| 14680000 | 0.950 <sup>(b)(c)</sup> | 12/01/2033 | 14009902 |
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (NR/A-/A-2) |
| 7700000 | 1.100 <sup>(b)(c)</sup> | 06/01/2031 | 7339683 |
| Pennsylvania Economic Development Financing Authority UPMC RB, Series 2020A (A2/A) | Pennsylvania Economic Development Financing Authority UPMC RB, Series 2020A (A2/A) | Pennsylvania Economic Development Financing Authority UPMC RB, Series 2020A (A2/A) | Pennsylvania Economic Development Financing Authority UPMC RB, Series 2020A (A2/A) |
| 25000000 | 5.000 <sup>(b)(c)(e)</sup> | 03/15/2060 | 26899885 |
| Pennsylvania Economic Financing Development Authority Sewage Sludge Disposal Revenue Refunding Bonds Series 2020 (Baa2/NR) | Pennsylvania Economic Financing Development Authority Sewage Sludge Disposal Revenue Refunding Bonds Series 2020 (Baa2/NR) | Pennsylvania Economic Financing Development Authority Sewage Sludge Disposal Revenue Refunding Bonds Series 2020 (Baa2/NR) | Pennsylvania Economic Financing Development Authority Sewage Sludge Disposal Revenue Refunding Bonds Series 2020 (Baa2/NR) |
| 615000 | 4.000 | 01/01/2026 | 616916 |
| Pennsylvania Housing Finance Agency Special Limited Obligation Multifamily Housing Development Bonds for Cambridge Square Series 2023B (HUD SECT 8) (Aaa/NR) | Pennsylvania Housing Finance Agency Special Limited Obligation Multifamily Housing Development Bonds for Cambridge Square Series 2023B (HUD SECT 8) (Aaa/NR) | Pennsylvania Housing Finance Agency Special Limited Obligation Multifamily Housing Development Bonds for Cambridge Square Series 2023B (HUD SECT 8) (Aaa/NR) | Pennsylvania Housing Finance Agency Special Limited Obligation Multifamily Housing Development Bonds for Cambridge Square Series 2023B (HUD SECT 8) (Aaa/NR) |
| 1000000 | 5.000 <sup>(b)(c)</sup> | 11/01/2026 | 1009859 |
| Pennsylvania Turnpike Commission Subordinate Revenue Refunding Bonds First Series of 2024 (A2/A+) | Pennsylvania Turnpike Commission Subordinate Revenue Refunding Bonds First Series of 2024 (A2/A+) | Pennsylvania Turnpike Commission Subordinate Revenue Refunding Bonds First Series of 2024 (A2/A+) | Pennsylvania Turnpike Commission Subordinate Revenue Refunding Bonds First Series of 2024 (A2/A+) |
| 1000000 | 5.000 | 12/01/2030 | 1098025 |
| 1325000 | 5.000 | 06/01/2031 | 1462622 |
| 2000000 | 5.000 | 06/01/2032 | 2228788 |
| Pennsylvania Turnpike Commission Turnpike RB Series 2022 B (Aa3/NR) | Pennsylvania Turnpike Commission Turnpike RB Series 2022 B (Aa3/NR) | Pennsylvania Turnpike Commission Turnpike RB Series 2022 B (Aa3/NR) | Pennsylvania Turnpike Commission Turnpike RB Series 2022 B (Aa3/NR) |
| 155000 | 5.000 | 12/01/2025 | 157224 |
| 135000 | 5.000 | 12/01/2026 | 139843 |
| 185000 | 5.000 | 12/01/2027 | 195257 |
| Philadelphia Redevelopment Authority City Service Agreement Revenue Refunding Bonds for City of Philadelphia Neighborhood Transformation Initiative Series A of 2025 (A1/A+) | Philadelphia Redevelopment Authority City Service Agreement Revenue Refunding Bonds for City of Philadelphia Neighborhood Transformation Initiative Series A of 2025 (A1/A+) | Philadelphia Redevelopment Authority City Service Agreement Revenue Refunding Bonds for City of Philadelphia Neighborhood Transformation Initiative Series A of 2025 (A1/A+) | Philadelphia Redevelopment Authority City Service Agreement Revenue Refunding Bonds for City of Philadelphia Neighborhood Transformation Initiative Series A of 2025 (A1/A+) |
| 2340000 | 5.000 | 04/15/2031 | 2560762 |
| 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) |
| 570000 | 5.000 | 06/01/2025 | 572040 |
| 750000 | 5.000 | 06/01/2026 | 769736 |
| 500000 | 5.000 | 06/01/2027 | 522730 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| State Public School Building Authority School Lease Revenue Refunding Bonds for Philadelphia School District Project Series 2016A (AGM ST AID WITHHLDG) (Aa3/AA) | State Public School Building Authority School Lease Revenue Refunding Bonds for Philadelphia School District Project Series 2016A (AGM ST AID WITHHLDG) (Aa3/AA) | State Public School Building Authority School Lease Revenue Refunding Bonds for Philadelphia School District Project Series 2016A (AGM ST AID WITHHLDG) (Aa3/AA) | State Public School Building Authority School Lease Revenue Refunding Bonds for Philadelphia School District Project Series 2016A (AGM ST AID WITHHLDG) (Aa3/AA) |
| 2550000 | 5.000% | 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623726 |
| Westmoreland County IDA Health System Tax Exempt RB Series 2020A (Baa3/NR) | Westmoreland County IDA Health System Tax Exempt RB Series 2020A (Baa3/NR) | Westmoreland County IDA Health System Tax Exempt RB Series 2020A (Baa3/NR) | Westmoreland County IDA Health System Tax Exempt RB Series 2020A (Baa3/NR) |
| 575000 | 4.000 | 07/01/2025 | 575037 |
| 625000 | 4.000 | 07/01/2026 | 625692 |
|  |  |  | 193218735 |
| Puerto Rico - 5.4% | Puerto Rico - 5.4% | Puerto Rico - 5.4% | Puerto Rico - 5.4% |
| Puerto Rico Commonwealth GO Bonds (NR/NR) | Puerto Rico Commonwealth GO Bonds (NR/NR) | Puerto Rico Commonwealth GO Bonds (NR/NR) | Puerto Rico Commonwealth GO Bonds (NR/NR) |
| 2613922 | 0.010 <sup>(c)(h)(i)</sup> | 11/01/2043 | 1636969 |
| 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) |
| 252465 | 5.375 | 07/01/2025 | 253588 |
| 501051 | 5.625 | 07/01/2027 | 518788 |
| 492922 | 5.625 | 07/01/2029 | 528022 |
| 478771 | 5.750 | 07/01/2031 | 526019 |
| 584255 | 0.000 <sup>(g)</sup> | 07/01/2033 | 400316 |
| 454000 | 4.000 | 07/01/2033 | 444509 |
| 408086 | 4.000 | 07/01/2035 | 389835 |
| 350245 | 4.000 | 07/01/2037 | 331031 |
| 476200 | 4.000 | 07/01/2041 | 435464 |
| 495242 | 4.000 | 07/01/2046 | 431726 |
| Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) | Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) | Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) | Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) |
| 1015000 | 5.250 | 07/01/2025 | 1014411 |
| 150000 | 5.250 | 07/01/2032 | 147771 |
| 145000 | 5.250 | 07/01/2035 | 141496 |
| Puerto Rico Electric Power Authority Power Revenue Refunding Bonds PP (NATL) (NR/NR) | Puerto Rico Electric Power Authority Power Revenue Refunding Bonds PP (NATL) (NR/NR) | Puerto Rico Electric Power Authority Power Revenue Refunding Bonds PP (NATL) (NR/NR) | Puerto Rico Electric Power Authority Power Revenue Refunding Bonds PP (NATL) (NR/NR) |
| 700000 | 5.000 | 07/01/2025 | 700281 |
| Puerto Rico Electric Power Authority Power Revenue Refunding Bonds SS (NATL) (NR/NR) | Puerto Rico Electric Power Authority Power Revenue Refunding Bonds SS (NATL) (NR/NR) | Puerto Rico Electric Power Authority Power Revenue Refunding Bonds SS (NATL) (NR/NR) | Puerto Rico Electric Power Authority Power Revenue Refunding Bonds SS (NATL) (NR/NR) |
| 525000 | 5.000 | 07/01/2025 | 525318 |
| Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD SOFR + 0.52%) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD SOFR + 0.52%) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD SOFR + 0.52%) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD SOFR + 0.52%) |
| 55400000 | 3.583 <sup>(f)</sup> | 07/01/2029 | 53953157 |
| Puerto Rico Financial Corp Commonwealth Appropriation Bonds 2001E (AGC-ICC AGM-CR) (A1/AA) | Puerto Rico Financial Corp Commonwealth Appropriation Bonds 2001E (AGC-ICC AGM-CR) (A1/AA) | Puerto Rico Financial Corp Commonwealth Appropriation Bonds 2001E (AGC-ICC AGM-CR) (A1/AA) | Puerto Rico Financial Corp Commonwealth Appropriation Bonds 2001E (AGC-ICC AGM-CR) (A1/AA) |
| 2030000 | 6.000 | 08/01/2026 | 2102654 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) |
| 45168000 | 0.000 <sup>(g)</sup> | 07/01/2027 | 41411725 |
| 6885000 | 0.000 <sup>(g)</sup> | 07/01/2029 | 5825905 |
| 23267000 | 0.000 <sup>(g)</sup> | 07/01/2031 | 18211819 |
| 21487000 | 0.000 <sup>(g)</sup> | 07/01/2033 | 15398278 |
| 4705000 | 0.000 <sup>(g)</sup> | 07/01/2046 | 1535426 |
| 3833000 | 0.000 <sup>(g)</sup> | 07/01/2051 | 925728 |
| 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) |
| 7050000 | 4.329 | 07/01/2040 | 6869419 |
| 56000 | 4.536 | 07/01/2053 | 52442 |
| 747000 | 4.784 | 07/01/2058 | 711039 |
| 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) |
| 98889000 | 4.500 | 07/01/2034 | 98252056 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **235** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | 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 – (continued) |
|  Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) – (continued) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) – (continued) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) – (continued) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) – (continued) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) – (continued) |
| $| 1345000 | 4.750% | 07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293148 |
|  | 3400000 | 5.000 | 07/01/2058 | 3348172 |
|  Puerto Rico Sales Tax Financing Corporation Sales Tax Revenue Restructured Bonds Series A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Revenue Restructured Bonds Series A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Revenue Restructured Bonds Series A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Revenue Restructured Bonds Series A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Revenue Restructured Bonds Series A-1 (NR/NR) |
|  | 4772000 | 4.550 | 07/01/2040 | 4723363 |
|  State of Delaware GO Custodial Receipts Series 2017A (NR/NR) | State of Delaware GO Custodial Receipts Series 2017A (NR/NR) | State of Delaware GO Custodial Receipts Series 2017A (NR/NR) | State of Delaware GO Custodial Receipts Series 2017A (NR/NR) | State of Delaware GO Custodial Receipts Series 2017A (NR/NR) |
|  | 1030000 | 0.000 <sup>(h)</sup> | 03/15/2049 | 87253 |
|  |  |  |  | 263127128 |
| Rhode Island - 0.2% | Rhode Island - 0.2% | Rhode Island - 0.2% | Rhode Island - 0.2% | Rhode Island - 0.2% |
|  Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AGC) (A1/AA) | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AGC) (A1/AA) | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AGC) (A1/AA) | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AGC) (A1/AA) | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AGC) (A1/AA) |
|  | 610000 | 5.000 | 09/15/2027 | 636289 |
|  | 400000 | 5.000 | 09/15/2028 | 422769 |
|  Rhode Island Health and Educational Building Corp. Revenue Refunding Bonds for Providence Public Schools Series 2015 A (AGM ST APPROP) (Aa3/AA) | Rhode Island Health and Educational Building Corp. Revenue Refunding Bonds for Providence Public Schools Series 2015 A (AGM ST APPROP) (Aa3/AA) | Rhode Island Health and Educational Building Corp. Revenue Refunding Bonds for Providence Public Schools Series 2015 A (AGM ST APPROP) (Aa3/AA) | Rhode Island Health and Educational Building Corp. Revenue Refunding Bonds for Providence Public Schools Series 2015 A (AGM ST APPROP) (Aa3/AA) | Rhode Island Health and Educational Building Corp. Revenue Refunding Bonds for Providence Public Schools Series 2015 A (AGM ST APPROP) (Aa3/AA) |
|  | 4150000 | 5.000 | 05/15/2025 | 4159297 |
|  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) | State of Rhode Island GO Bonds Consolidated Capital Development Loan Series 2022 A (Aa2/AA) |
|  | 2210000 | 5.000 | 08/01/2026 | 2274790 |
|  |  |  |  | 7493145 |
| South Carolina - 0.1% | South Carolina - 0.1% | South Carolina - 0.1% | South Carolina - 0.1% | South Carolina - 0.1% |
|  Charleston County Airport District Charleston South Carolina Airport RB Series 2024 (A1/A+) | Charleston County Airport District Charleston South Carolina Airport RB Series 2024 (A1/A+) | Charleston County Airport District Charleston South Carolina Airport RB Series 2024 (A1/A+) | Charleston County Airport District Charleston South Carolina Airport RB Series 2024 (A1/A+) | Charleston County Airport District Charleston South Carolina Airport RB Series 2024 (A1/A+) |
|  | 685000 | 5.000 | 07/01/2029 | 739241 |
|  | 720000 | 5.000 | 07/01/2030 | 785110 |
|  | 600000 | 5.000 | 07/01/2031 | 660099 |
|  | 1730000 | 5.000 | 07/01/2032 | 1918824 |
|  Charleston Educational Excellence Financing Corporation Installment Purchase Revenue Refunding Bonds Charleston County School District South Carolina Project Series 2024 (Aa3/AA-) | Charleston Educational Excellence Financing Corporation Installment Purchase Revenue Refunding Bonds Charleston County School District South Carolina Project Series 2024 (Aa3/AA-) | Charleston Educational Excellence Financing Corporation Installment Purchase Revenue Refunding Bonds Charleston County School District South Carolina Project Series 2024 (Aa3/AA-) | Charleston Educational Excellence Financing Corporation Installment Purchase Revenue Refunding Bonds Charleston County School District South Carolina Project Series 2024 (Aa3/AA-) | Charleston Educational Excellence Financing Corporation Installment Purchase Revenue Refunding Bonds Charleston County School District South Carolina Project Series 2024 (Aa3/AA-) |
|  | 500000 | 5.000 | 12/01/2031 | 554694 |
|  Housing Authority of The City of Greenville Multifamily Housing RB for Cherokee Landing Apartments Project Series 2023 (Aaa/NR) | Housing Authority of The City of Greenville Multifamily Housing RB for Cherokee Landing Apartments Project Series 2023 (Aaa/NR) | Housing Authority of The City of Greenville Multifamily Housing RB for Cherokee Landing Apartments Project Series 2023 (Aaa/NR) | Housing Authority of The City of Greenville Multifamily Housing RB for Cherokee Landing Apartments Project Series 2023 (Aaa/NR) | Housing Authority of The City of Greenville Multifamily Housing RB for Cherokee Landing Apartments Project Series 2023 (Aaa/NR) |
|  | 900000 | 5.000 <sup>(b)(c)</sup> | 07/01/2027 | 919552 |
|  South Carolina Public Service Authority Santee Cooper Revenue Obligations 2025 Tax-Exempt Refunding Series B (A3/A-) | South Carolina Public Service Authority Santee Cooper Revenue Obligations 2025 Tax-Exempt Refunding Series B (A3/A-) | South Carolina Public Service Authority Santee Cooper Revenue Obligations 2025 Tax-Exempt Refunding Series B (A3/A-) | South Carolina Public Service Authority Santee Cooper Revenue Obligations 2025 Tax-Exempt Refunding Series B (A3/A-) | South Carolina Public Service Authority Santee Cooper Revenue Obligations 2025 Tax-Exempt Refunding Series B (A3/A-) |
|  | 1250000 | 5.000 | 12/01/2028 | 1334442 |
|  |  |  |  | 6911962 |
| Tennessee - 0.3% | Tennessee - 0.3% | Tennessee - 0.3% | Tennessee - 0.3% | Tennessee - 0.3% |
|  City of Memphis Sanitary Sewage System Revenue Refunding Bonds Series 2018 (Aa2/A+) | City of Memphis Sanitary Sewage System Revenue Refunding Bonds Series 2018 (Aa2/A+) | City of Memphis Sanitary Sewage System Revenue Refunding Bonds Series 2018 (Aa2/A+) | City of Memphis Sanitary Sewage System Revenue Refunding Bonds Series 2018 (Aa2/A+) | City of Memphis Sanitary Sewage System Revenue Refunding Bonds Series 2018 (Aa2/A+) |
|  | 2245000 | 4.000 | 10/01/2035 | 2238052 |
|  County of Knox Health, Educational & Housing Board Collateralized Multifamily Housing Bonds for Westview Towers Project Series 2022 (HUD SECT 8) (NR/AA+) (PUTABLE) | County of Knox Health, Educational & Housing Board Collateralized Multifamily Housing Bonds for Westview Towers Project Series 2022 (HUD SECT 8) (NR/AA+) (PUTABLE) | County of Knox Health, Educational & Housing Board Collateralized Multifamily Housing Bonds for Westview Towers Project Series 2022 (HUD SECT 8) (NR/AA+) (PUTABLE) | County of Knox Health, Educational & Housing Board Collateralized Multifamily Housing Bonds for Westview Towers Project Series 2022 (HUD SECT 8) (NR/AA+) (PUTABLE) | County of Knox Health, Educational & Housing Board Collateralized Multifamily Housing Bonds for Westview Towers Project Series 2022 (HUD SECT 8) (NR/AA+) (PUTABLE) |
|  | 3500000 | 3.950 <sup>(b)(c)</sup> | 12/01/2027 | 3512606 |
|  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) | Metropolitan Nashville Airport Authority Airport Improvement RB Series 2022B (A1/NR) |
|  | 1050000 | 5.000 | 07/01/2028 | 1097485 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Tennessee – (continued) | Tennessee – (continued) | Tennessee – (continued) | Tennessee – (continued) | Tennessee – (continued) |
|  Tennessee State School Bond Authority Higher Education Facilities Second Program Bonds 2015 Series B (ST INTERCEPT) (Aa1/AA+) | Tennessee State School Bond Authority Higher Education Facilities Second Program Bonds 2015 Series B (ST INTERCEPT) (Aa1/AA+) | Tennessee State School Bond Authority Higher Education Facilities Second Program Bonds 2015 Series B (ST INTERCEPT) (Aa1/AA+) | Tennessee State School Bond Authority Higher Education Facilities Second Program Bonds 2015 Series B (ST INTERCEPT) (Aa1/AA+) | Tennessee State School Bond Authority Higher Education Facilities Second Program Bonds 2015 Series B (ST INTERCEPT) (Aa1/AA+) |
| $| 5000000 | 5.000 %<sup>(a)</sup> | 11/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5060550 |
|  The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County, Multifamily Housing RB Ben Allen Ridge Apartments Project Series 2022B (FNMA COLL) (Aaa/NR) (PUTABLE) | The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County, Multifamily Housing RB Ben Allen Ridge Apartments Project Series 2022B (FNMA COLL) (Aaa/NR) (PUTABLE) | The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County, Multifamily Housing RB Ben Allen Ridge Apartments Project Series 2022B (FNMA COLL) (Aaa/NR) (PUTABLE) | The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County, Multifamily Housing RB Ben Allen Ridge Apartments Project Series 2022B (FNMA COLL) (Aaa/NR) (PUTABLE) | The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County, Multifamily Housing RB Ben Allen Ridge Apartments Project Series 2022B (FNMA COLL) (Aaa/NR) (PUTABLE) |
|  | 1135000 | 3.850 <sup>(b)(c)</sup> | 02/01/2048 | 1140757 |
|  The Health Educational and Housing Facility Board of The County of Knox Collateralized Multifamily Housing Bonds The Pines Apartments Project Series 2024 (HUD SECT 8) (NR/AA+) (PUTABLE) | The Health Educational and Housing Facility Board of The County of Knox Collateralized Multifamily Housing Bonds The Pines Apartments Project Series 2024 (HUD SECT 8) (NR/AA+) (PUTABLE) | The Health Educational and Housing Facility Board of The County of Knox Collateralized Multifamily Housing Bonds The Pines Apartments Project Series 2024 (HUD SECT 8) (NR/AA+) (PUTABLE) | The Health Educational and Housing Facility Board of The County of Knox Collateralized Multifamily Housing Bonds The Pines Apartments Project Series 2024 (HUD SECT 8) (NR/AA+) (PUTABLE) | The Health Educational and Housing Facility Board of The County of Knox Collateralized Multifamily Housing Bonds The Pines Apartments Project Series 2024 (HUD SECT 8) (NR/AA+) (PUTABLE) |
|  | 3000000 | 3.100 <sup>(b)(c)</sup> | 09/01/2029 | 2990494 |
|  |  |  |  | 16039944 |
| Texas - 11.1% | Texas - 11.1% | Texas - 11.1% | Texas - 11.1% | Texas - 11.1% |
|  Arlington Higher Education Finance Corp. Great Hearts America - Texas Education RB Series 2024A (Baa3/NR) | Arlington Higher Education Finance Corp. Great Hearts America - Texas Education RB Series 2024A (Baa3/NR) | Arlington Higher Education Finance Corp. Great Hearts America - Texas Education RB Series 2024A (Baa3/NR) | Arlington Higher Education Finance Corp. Great Hearts America - Texas Education RB Series 2024A (Baa3/NR) | Arlington Higher Education Finance Corp. Great Hearts America - Texas Education RB Series 2024A (Baa3/NR) |
|  | 2000000 | 4.250 | 08/15/2034 | 1944164 |
|  Austin Affordable PFC Inc. Multifamily Housing RB Heritage Pointe Seniors Apartments Series 2024B (Aaa/NR) | Austin Affordable PFC Inc. Multifamily Housing RB Heritage Pointe Seniors Apartments Series 2024B (Aaa/NR) | Austin Affordable PFC Inc. Multifamily Housing RB Heritage Pointe Seniors Apartments Series 2024B (Aaa/NR) | Austin Affordable PFC Inc. Multifamily Housing RB Heritage Pointe Seniors Apartments Series 2024B (Aaa/NR) | Austin Affordable PFC Inc. Multifamily Housing RB Heritage Pointe Seniors Apartments Series 2024B (Aaa/NR) |
|  | 2850000 | 5.000 <sup>(b)(c)</sup> | 11/01/2028 | 2973154 |
|  Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B (FNMA COLL) (Aaa/NR) | Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B (FNMA COLL) (Aaa/NR) | Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B (FNMA COLL) (Aaa/NR) | Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B (FNMA COLL) (Aaa/NR) | Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B (FNMA COLL) (Aaa/NR) |
|  | 700000 | 5.000 <sup>(b)(c)</sup> | 09/01/2028 | 728453 |
|  Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B Eagle's Landing Family Apartments (Aaa/NR) | Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B Eagle's Landing Family Apartments (Aaa/NR) | Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B Eagle's Landing Family Apartments (Aaa/NR) | Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B Eagle's Landing Family Apartments (Aaa/NR) | Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B Eagle's Landing Family Apartments (Aaa/NR) |
|  | 1060000 | 5.000 <sup>(b)(c)</sup> | 09/01/2028 | 1103086 |
|  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-) | Baytown Municipal Development District Combination Limited Sales Tax Revenue 3rd Lien Hotel RB Series 2021C (NR/AA-) |
|  | 1375000 | 5.000 | 10/01/2037 | 1377193 |
|  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) | Bexar County Housing Finance Corp. RB Refunding for Westcliffe Housing Foundation, Inc. Series 2004 (Aa1/NR) |
|  | 150000 | 3.750 <sup>(c)</sup> | 02/01/2035 | 147469 |
|  Bexar Management and Development Corp. Multifamily Housing RB for Hill View Heights Apartments Series 2024 (Aaa/NR) | Bexar Management and Development Corp. Multifamily Housing RB for Hill View Heights Apartments Series 2024 (Aaa/NR) | Bexar Management and Development Corp. Multifamily Housing RB for Hill View Heights Apartments Series 2024 (Aaa/NR) | Bexar Management and Development Corp. Multifamily Housing RB for Hill View Heights Apartments Series 2024 (Aaa/NR) | Bexar Management and Development Corp. Multifamily Housing RB for Hill View Heights Apartments Series 2024 (Aaa/NR) |
|  | 2090000 | 3.020 <sup>(b)(c)</sup> | 05/10/2045 | 2057766 |
|  Board of Regents of The University of Texas System Revenue Financing System Bonds Series 2024A (Aaa/AAA) | Board of Regents of The University of Texas System Revenue Financing System Bonds Series 2024A (Aaa/AAA) | Board of Regents of The University of Texas System Revenue Financing System Bonds Series 2024A (Aaa/AAA) | Board of Regents of The University of Texas System Revenue Financing System Bonds Series 2024A (Aaa/AAA) | Board of Regents of The University of Texas System Revenue Financing System Bonds Series 2024A (Aaa/AAA) |
|  | 5000000 | 5.000 | 08/15/2026 | 5153339 |
|  | 10000000 | 5.000 | 08/15/2027 | 10511725 |
|  Boerne Independent School District A Political Subdivision of The State of Texas Located In Kendall Bexar and Comal Counties Texas Fixed and Variable Rate Unlimited Tax School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Boerne Independent School District A Political Subdivision of The State of Texas Located In Kendall Bexar and Comal Counties Texas Fixed and Variable Rate Unlimited Tax School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Boerne Independent School District A Political Subdivision of The State of Texas Located In Kendall Bexar and Comal Counties Texas Fixed and Variable Rate Unlimited Tax School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Boerne Independent School District A Political Subdivision of The State of Texas Located In Kendall Bexar and Comal Counties Texas Fixed and Variable Rate Unlimited Tax School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | Boerne Independent School District A Political Subdivision of The State of Texas Located In Kendall Bexar and Comal Counties Texas Fixed and Variable Rate Unlimited Tax School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) |
|  | 1750000 | 4.000 <sup>(b)(c)</sup> | 02/01/2054 | 1785772 |
|  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+) | City of Austin RB Refunding for Airport System Series 2019 (AMT) (A1/A+) |
|  | 1150000 | 5.000 | 11/15/2025 | 1163075 |
|  City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (Aa2/AA) | City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (Aa2/AA) | City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (Aa2/AA) | City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (Aa2/AA) | City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (Aa2/AA) |
|  | 1000000 | 5.000 | 11/15/2025 | 1013463 |
|  | 1000000 | 5.000 | 11/15/2026 | 1035211 |
|  | 1500000 | 5.000 | 11/15/2027 | 1581108 |
|  City of Boyd Special Assessment RB, Series 2024 (City of Boyd Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) | City of Boyd Special Assessment RB, Series 2024 (City of Boyd Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) | City of Boyd Special Assessment RB, Series 2024 (City of Boyd Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) | City of Boyd Special Assessment RB, Series 2024 (City of Boyd Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) | City of Boyd Special Assessment RB, Series 2024 (City of Boyd Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) |
|  | 323000 | 4.250 <sup>(d)</sup> | 09/15/2030 | 323947 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 236 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Bryan Rural Electric System RB, Series 2024 (AGM) (NR/AA) | City of Bryan Rural Electric System RB, Series 2024 (AGM) (NR/AA) | City of Bryan Rural Electric System RB, Series 2024 (AGM) (NR/AA) | City of Bryan Rural Electric System RB, Series 2024 (AGM) (NR/AA) |
| 265000 | 5.000% | 07/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276360 |
| 245000 | 5.000 | 07/01/2028 | 259620 |
| 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) |
| 305000 | 4.000 | 09/01/2025 | 305454 |
| 320000 | 4.000 | 09/01/2026 | 321924 |
| 335000 | 4.000 | 09/01/2027 | 338083 |
| 350000 | 4.000 | 09/01/2028 | 353341 |
| City of Celina Texas a Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (BAM) (NR/AA) | City of Celina Texas a Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (BAM) (NR/AA) | City of Celina Texas a Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (BAM) (NR/AA) | City of Celina Texas a Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (BAM) (NR/AA) |
| 567000 | 5.000 | 09/01/2028 | 593790 |
| City of Celina Texas A Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment Revenue Refunding Bonds Series 2024 (BAM) (NR/AA) | City of Celina Texas A Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment Revenue Refunding Bonds Series 2024 (BAM) (NR/AA) | City of Celina Texas A Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment Revenue Refunding Bonds Series 2024 (BAM) (NR/AA) | City of Celina Texas A Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment Revenue Refunding Bonds Series 2024 (BAM) (NR/AA) |
| 579000 | 5.000 | 09/01/2025 | 582232 |
| 605000 | 5.000 | 09/01/2026 | 616921 |
| 637000 | 5.000 | 09/01/2027 | 659419 |
| 700000 | 5.000 | 09/01/2029 | 738096 |
| City of Dallas fort Worth International Airport Joint Revenue Refunding and Improvement Bonds Series 2023B (A1/AA-) | City of Dallas fort Worth International Airport Joint Revenue Refunding and Improvement Bonds Series 2023B (A1/AA-) | City of Dallas fort Worth International Airport Joint Revenue Refunding and Improvement Bonds Series 2023B (A1/AA-) | City of Dallas fort Worth International Airport Joint Revenue Refunding and Improvement Bonds Series 2023B (A1/AA-) |
| 2000000 | 5.000 | 11/01/2025 | 2025229 |
| 1600000 | 5.000 | 11/01/2026 | 1655110 |
| City of Dallas Housing Finance Corp. Multifamily Housing RB for Highpoint at Wynnewood Series 2022 (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for Highpoint at Wynnewood Series 2022 (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for Highpoint at Wynnewood Series 2022 (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for Highpoint at Wynnewood Series 2022 (Aaa/NR) |
| 2900000 | 3.500 <sup>(b)(c)</sup> | 02/01/2044 | 2901245 |
| City of Dallas Housing Finance Corp. Multifamily Housing RB for Positano Series 2023 (FHA 221(D4)) (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for Positano Series 2023 (FHA 221(D4)) (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for Positano Series 2023 (FHA 221(D4)) (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for Positano Series 2023 (FHA 221(D4)) (Aaa/NR) |
| 845000 | 5.000 <sup>(b)(c)</sup> | 09/01/2026 | 851265 |
| City of Dallas Housing Finance Corp. Multifamily Housing RB for Rosemont At Ash Creek Apartments Series 2023 (FHA 221(D4)) FHA (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for Rosemont At Ash Creek Apartments Series 2023 (FHA 221(D4)) FHA (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for Rosemont At Ash Creek Apartments Series 2023 (FHA 221(D4)) FHA (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for Rosemont At Ash Creek Apartments Series 2023 (FHA 221(D4)) FHA (Aaa/NR) |
| 1130000 | 5.000 <sup>(b)(c)</sup> | 07/01/2026 | 1142787 |
| City of Dallas Housing Finance Corp. Multifamily Housing RB for The Mondello Series 2024 (FHA 221(D4)) (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for The Mondello Series 2024 (FHA 221(D4)) (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for The Mondello Series 2024 (FHA 221(D4)) (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing RB for The Mondello Series 2024 (FHA 221(D4)) (Aaa/NR) |
| 515000 | 5.000 <sup>(b)(c)</sup> | 08/01/2027 | 526911 |
| City of Dallas Housing Finance Corp. Multifamily Housing Revenue Notes for Estates at Ferguson Series 2023 (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing Revenue Notes for Estates at Ferguson Series 2023 (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing Revenue Notes for Estates at Ferguson Series 2023 (Aaa/NR) | City of Dallas Housing Finance Corp. Multifamily Housing Revenue Notes for Estates at Ferguson Series 2023 (Aaa/NR) |
| 1045000 | 5.000 <sup>(b)(c)</sup> | 07/01/2042 | 1076006 |
| City of Dallas Waterworks and Sewer System Revenue Refunding Bonds Series 2015A (Aa2/AAA) | City of Dallas Waterworks and Sewer System Revenue Refunding Bonds Series 2015A (Aa2/AAA) | City of Dallas Waterworks and Sewer System Revenue Refunding Bonds Series 2015A (Aa2/AAA) | City of Dallas Waterworks and Sewer System Revenue Refunding Bonds Series 2015A (Aa2/AAA) |
| 2510000 | 5.000 | 10/01/2026 | 2536847 |
| 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 | 150287 |
| 155000 | 4.000 | 08/15/2026 | 156256 |
| 160000 | 4.000 | 08/15/2027 | 161813 |
| City of Fort Worth Texas A Municipal Corp. of The State of Texas Located In Tarrant Denton Parker Johnson and Wise Counties Special Assessment RB Series 2024 Project (BAM) (NR/AA) | City of Fort Worth Texas A Municipal Corp. of The State of Texas Located In Tarrant Denton Parker Johnson and Wise Counties Special Assessment RB Series 2024 Project (BAM) (NR/AA) | City of Fort Worth Texas A Municipal Corp. of The State of Texas Located In Tarrant Denton Parker Johnson and Wise Counties Special Assessment RB Series 2024 Project (BAM) (NR/AA) | City of Fort Worth Texas A Municipal Corp. of The State of Texas Located In Tarrant Denton Parker Johnson and Wise Counties Special Assessment RB Series 2024 Project (BAM) (NR/AA) |
| 300000 | 5.000 | 09/01/2025 | 301879 |
| 576000 | 5.000 | 09/01/2026 | 589068 |
| 606000 | 5.000 | 09/01/2027 | 628342 |
| 640000 | 5.000 | 09/01/2028 | 672053 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Galveston Texas Wharves and Terminal First Lien RB Series 2024A (NR/A) | City of Galveston Texas Wharves and Terminal First Lien RB Series 2024A (NR/A) | City of Galveston Texas Wharves and Terminal First Lien RB Series 2024A (NR/A) | City of Galveston Texas Wharves and Terminal First Lien RB Series 2024A (NR/A) |
| $740000 | 5.000% | 08/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755508 |
| 875000 | 5.000 | 08/01/2027 | 905619 |
| 630000 | 5.000 | 08/01/2028 | 658217 |
| City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2024A (Aa2/NR) | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2024A (Aa2/NR) | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2024A (Aa2/NR) | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2024A (Aa2/NR) |
| 1800000 | 5.000 | 11/15/2025 | 1824345 |
| 4560000 | 5.000 | 11/15/2026 | 4721300 |
| 4560000 | 5.000 | 11/15/2027 | 4804203 |
| 1000000 | 5.000 | 11/15/2029 | 1083097 |
| City of Houston Texas Public Improvement Refunding Bonds Series 2024B (Aa3/AA) | City of Houston Texas Public Improvement Refunding Bonds Series 2024B (Aa3/AA) | City of Houston Texas Public Improvement Refunding Bonds Series 2024B (Aa3/AA) | City of Houston Texas Public Improvement Refunding Bonds Series 2024B (Aa3/AA) |
| 1900000 | 5.000 | 03/01/2026 | 1938386 |
| City of Kyle Special Assessment RB for 6 Creeks Public Improvement District Project Series 2023 (NR/NR) | City of Kyle Special Assessment RB for 6 Creeks Public Improvement District Project Series 2023 (NR/NR) | City of Kyle Special Assessment RB for 6 Creeks Public Improvement District Project Series 2023 (NR/NR) | City of Kyle Special Assessment RB for 6 Creeks Public Improvement District Project Series 2023 (NR/NR) |
| 152000 | 4.125 <sup>(d)</sup> | 09/01/2028 | 152264 |
| City of Kyle Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (6 Creeks Public Improvement District Improvement Area #3B Project) (NR/NR) | City of Kyle Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (6 Creeks Public Improvement District Improvement Area #3B Project) (NR/NR) | City of Kyle Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (6 Creeks Public Improvement District Improvement Area #3B Project) (NR/NR) | City of Kyle Texas A Municipal Corp. of The State of Texas Located in Hays County Special Assessment RB Series 2025 (6 Creeks Public Improvement District Improvement Area #3B Project) (NR/NR) |
| 722000 | 4.375 <sup>(d)</sup> | 09/01/2035 | 706801 |
| 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) |
| 320000 | 3.000 | 09/15/2025 | 319781 |
| 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 | 285940 |
| 295000 | 4.000 | 09/15/2026 | 297782 |
| 305000 | 4.000 | 09/15/2027 | 308847 |
| City of Mesquite, Dallas and Kaufman Counties Special Assessment RB, Series 2023 Heartland Town Center Public Improvement District Phase 2 Specific Improvements Project (NR/NR) | City of Mesquite, Dallas and Kaufman Counties Special Assessment RB, Series 2023 Heartland Town Center Public Improvement District Phase 2 Specific Improvements Project (NR/NR) | City of Mesquite, Dallas and Kaufman Counties Special Assessment RB, Series 2023 Heartland Town Center Public Improvement District Phase 2 Specific Improvements Project (NR/NR) | City of Mesquite, Dallas and Kaufman Counties Special Assessment RB, Series 2023 Heartland Town Center Public Improvement District Phase 2 Specific Improvements Project (NR/NR) |
| 214000 | 4.000 <sup>(d)</sup> | 09/01/2030 | 209380 |
| City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR) | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR) | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR) | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR) |
| 250000 | 2.750 <sup>(d)</sup> | 09/01/2031 | 220692 |
| City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) |
| 62000 | 2.500 <sup>(d)</sup> | 09/01/2026 | 60477 |
| City of Princeton, Collin County Special Assessment RB, Series 2020 Arcadia Farms Public Improvement District Phases 3 and 4 Project (NR/NR) | City of Princeton, Collin County Special Assessment RB, Series 2020 Arcadia Farms Public Improvement District Phases 3 and 4 Project (NR/NR) | City of Princeton, Collin County Special Assessment RB, Series 2020 Arcadia Farms Public Improvement District Phases 3 and 4 Project (NR/NR) | City of Princeton, Collin County Special Assessment RB, Series 2020 Arcadia Farms Public Improvement District Phases 3 and 4 Project (NR/NR) |
| 34000 | 2.875 <sup>(d)</sup> | 09/01/2025 | 33853 |
| City of Princeton, Collin County Special Assessment RB, Series 2020 Winchester Public Improvement District Phase 1 and 2 Project (NR/NR) | City of Princeton, Collin County Special Assessment RB, Series 2020 Winchester Public Improvement District Phase 1 and 2 Project (NR/NR) | City of Princeton, Collin County Special Assessment RB, Series 2020 Winchester Public Improvement District Phase 1 and 2 Project (NR/NR) | City of Princeton, Collin County Special Assessment RB, Series 2020 Winchester Public Improvement District Phase 1 and 2 Project (NR/NR) |
| 60000 | 2.750 <sup>(d)</sup> | 09/01/2025 | 59720 |
| City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR) | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR) | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR) | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR) |
| 150000 | 5.000 <sup>(d)</sup> | 09/15/2028 | 151644 |
| City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2020 (Aa3/A+) | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2020 (Aa3/A+) | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2020 (Aa3/A+) | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2020 (Aa3/A+) |
| 10750000 | 1.750 <sup>(b)(c)</sup> | 02/01/2049 | 10610842 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **237** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 and Gas Systems Fixed and Variable Rate Junior Lien Revenue Refunding Bonds Series 2022 (Aa3/A+) | City of San Antonio Electric and Gas Systems Fixed and Variable Rate Junior Lien Revenue Refunding Bonds Series 2022 (Aa3/A+) | City of San Antonio Electric and Gas Systems Fixed and Variable Rate Junior Lien Revenue Refunding Bonds Series 2022 (Aa3/A+) | City of San Antonio Electric and Gas Systems Fixed and Variable Rate Junior Lien Revenue Refunding Bonds Series 2022 (Aa3/A+) |
| 12000000 | 2.000 %<sup>(b)(c)</sup> | 02/01/2049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11359288 |
| City of San Antonio General Improvement Bonds Series 2023 (Aaa/AAA) | City of San Antonio General Improvement Bonds Series 2023 (Aaa/AAA) | City of San Antonio General Improvement Bonds Series 2023 (Aaa/AAA) | City of San Antonio General Improvement Bonds Series 2023 (Aaa/AAA) |
| 5000000 | 5.000 | 02/01/2026 | 5093915 |
| City of San Antonio Texas Electric and Gas Systems Revenue Refunding Bonds New Series 2024D (Aa2/AA-) | City of San Antonio Texas Electric and Gas Systems Revenue Refunding Bonds New Series 2024D (Aa2/AA-) | City of San Antonio Texas Electric and Gas Systems Revenue Refunding Bonds New Series 2024D (Aa2/AA-) | City of San Antonio Texas Electric and Gas Systems Revenue Refunding Bonds New Series 2024D (Aa2/AA-) |
| 2595000 | 5.000 | 02/01/2030 | 2819284 |
| 5270000 | 5.000 | 02/01/2031 | 5788170 |
| City of San Antonio Texas Municipal Facilities Corporation City Tower Renovation Project Variable Rate Lease RB Series 2021 (Aa1/AA+) | City of San Antonio Texas Municipal Facilities Corporation City Tower Renovation Project Variable Rate Lease RB Series 2021 (Aa1/AA+) | City of San Antonio Texas Municipal Facilities Corporation City Tower Renovation Project Variable Rate Lease RB Series 2021 (Aa1/AA+) | City of San Antonio Texas Municipal Facilities Corporation City Tower Renovation Project Variable Rate Lease RB Series 2021 (Aa1/AA+) |
| 1680000 | 5.000 <sup>(b)(c)</sup> | 08/01/2050 | 1746078 |
| City of San Antonio Water System Variable Rate Junior Lien RB Series 2013F (Aa1/AA+) | City of San Antonio Water System Variable Rate Junior Lien RB Series 2013F (Aa1/AA+) | City of San Antonio Water System Variable Rate Junior Lien RB Series 2013F (Aa1/AA+) | City of San Antonio Water System Variable Rate Junior Lien RB Series 2013F (Aa1/AA+) |
| 20000000 | 1.000 <sup>(b)(c)</sup> | 05/01/2043 | 19196808 |
| Clear Creek Independent School District UT Refunding Bonds Series 2024A (PSF-GTD) (Aaa/NR) | Clear Creek Independent School District UT Refunding Bonds Series 2024A (PSF-GTD) (Aaa/NR) | Clear Creek Independent School District UT Refunding Bonds Series 2024A (PSF-GTD) (Aaa/NR) | Clear Creek Independent School District UT Refunding Bonds Series 2024A (PSF-GTD) (Aaa/NR) |
| 5500000 | 5.000 | 02/15/2031 | 6061737 |
| 3410000 | 5.000 | 02/15/2032 | 3796987 |
| Clifton Higher Education Finance Corp. Education Revenue and Refunding Bonds Idea Public Schools Series 2024 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corp. Education Revenue and Refunding Bonds Idea Public Schools Series 2024 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corp. Education Revenue and Refunding Bonds Idea Public Schools Series 2024 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corp. Education Revenue and Refunding Bonds Idea Public Schools Series 2024 (PSF-GTD) (NR/AAA) |
| 600000 | 5.000 | 08/15/2026 | 616416 |
| 1000000 | 5.000 | 08/15/2027 | 1045510 |
| Clifton Higher Education Finance Corporation (International Leadership of Texas, Inc.) Education Revenue And Refunding Bonds Series 2024A (PSF-GTD) (Aaa/NR) | Clifton Higher Education Finance Corporation (International Leadership of Texas, Inc.) Education Revenue And Refunding Bonds Series 2024A (PSF-GTD) (Aaa/NR) | Clifton Higher Education Finance Corporation (International Leadership of Texas, Inc.) Education Revenue And Refunding Bonds Series 2024A (PSF-GTD) (Aaa/NR) | Clifton Higher Education Finance Corporation (International Leadership of Texas, Inc.) Education Revenue And Refunding Bonds Series 2024A (PSF-GTD) (Aaa/NR) |
| 1000000 | 5.000 | 08/15/2026 | 1027360 |
| 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) |
| 1600000 | 5.000 | 02/01/2026 | 1628722 |
| Conroe Independent School District UT Refunding Bonds Series 2023A (PSF-GTD) (Aaa/AAA) | Conroe Independent School District UT Refunding Bonds Series 2023A (PSF-GTD) (Aaa/AAA) | Conroe Independent School District UT Refunding Bonds Series 2023A (PSF-GTD) (Aaa/AAA) | Conroe Independent School District UT Refunding Bonds Series 2023A (PSF-GTD) (Aaa/AAA) |
| 2000000 | 5.000 | 02/15/2026 | 2037670 |
| 2035000 | 5.000 | 02/15/2027 | 2117228 |
| Crosswinds at South Lake Special Improvement District Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Bonds, Series 2024 (AGC) (Baa3/AA) | Crosswinds at South Lake Special Improvement District Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Bonds, Series 2024 (AGC) (Baa3/AA) | Crosswinds at South Lake Special Improvement District Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Bonds, Series 2024 (AGC) (Baa3/AA) | Crosswinds at South Lake Special Improvement District Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Bonds, Series 2024 (AGC) (Baa3/AA) |
| 510000 | 5.000 | 08/15/2030 | 538446 |
| 390000 | 5.000 | 08/15/2034 | 410200 |
| Crowley Independent School District UT Refunding Bonds Series 2016B (PSF-GTD) (Aaa/NR) | Crowley Independent School District UT Refunding Bonds Series 2016B (PSF-GTD) (Aaa/NR) | Crowley Independent School District UT Refunding Bonds Series 2016B (PSF-GTD) (Aaa/NR) | Crowley Independent School District UT Refunding Bonds Series 2016B (PSF-GTD) (Aaa/NR) |
| 2550000 | 5.000 <sup>(a)</sup> | 08/01/2025 | 2567717 |
| Cypress-Fairbanks Independent School District A Political Subdivision of the State of Texas Located In Harris County Texas Unlimited Tax Refunding Bonds Series 2025 (PSF-GTD) (Aaa/AAA) | Cypress-Fairbanks Independent School District A Political Subdivision of the State of Texas Located In Harris County Texas Unlimited Tax Refunding Bonds Series 2025 (PSF-GTD) (Aaa/AAA) | Cypress-Fairbanks Independent School District A Political Subdivision of the State of Texas Located In Harris County Texas Unlimited Tax Refunding Bonds Series 2025 (PSF-GTD) (Aaa/AAA) | Cypress-Fairbanks Independent School District A Political Subdivision of the State of Texas Located In Harris County Texas Unlimited Tax Refunding Bonds Series 2025 (PSF-GTD) (Aaa/AAA) |
| 2760000 | 5.000 | 02/15/2033 | 3098446 |
| Cypress-Fairbanks Independent School District A Political Subdivision of The State of Texas Located in Harris County Texas UT School Building Bonds Series 2024B (PSF-GTD) (Aaa/AAA) | Cypress-Fairbanks Independent School District A Political Subdivision of The State of Texas Located in Harris County Texas UT School Building Bonds Series 2024B (PSF-GTD) (Aaa/AAA) | Cypress-Fairbanks Independent School District A Political Subdivision of The State of Texas Located in Harris County Texas UT School Building Bonds Series 2024B (PSF-GTD) (Aaa/AAA) | Cypress-Fairbanks Independent School District A Political Subdivision of The State of Texas Located in Harris County Texas UT School Building Bonds Series 2024B (PSF-GTD) (Aaa/AAA) |
| 1750000 | 5.000 | 02/15/2032 | 1948600 |
| Dallas County Flood Control District No. 1 Unlimited Tax GO Refunding Bonds Series 2015 (NR/NR) | Dallas County Flood Control District No. 1 Unlimited Tax GO Refunding Bonds Series 2015 (NR/NR) | Dallas County Flood Control District No. 1 Unlimited Tax GO Refunding Bonds Series 2015 (NR/NR) | Dallas County Flood Control District No. 1 Unlimited Tax GO Refunding Bonds Series 2015 (NR/NR) |
| 3250000 | 5.000 <sup>(d)</sup> | 04/01/2032 | 3175799 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001573 |
| Eagle Mountain-Saginaw Independent School District Variable Rate UT School Building Bonds Series 2011 (PSF-GTD) (NR/AAA) | Eagle Mountain-Saginaw Independent School District Variable Rate UT School Building Bonds Series 2011 (PSF-GTD) (NR/AAA) | Eagle Mountain-Saginaw Independent School District Variable Rate UT School Building Bonds Series 2011 (PSF-GTD) (NR/AAA) | Eagle Mountain-Saginaw Independent School District Variable Rate UT School Building Bonds Series 2011 (PSF-GTD) (NR/AAA) |
| 1525000 | 4.000 <sup>(b)(c)</sup> | 08/01/2050 | 1552069 |
| 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-) |
| 130000 | 5.000 | 09/15/2025 | 130467 |
| 620000 | 5.000 | 09/15/2026 | 627627 |
| El Paso County Hospital District El Paso County Texas GO Refunding Bonds Series 2024 (AGC) (NR/AA) | El Paso County Hospital District El Paso County Texas GO Refunding Bonds Series 2024 (AGC) (NR/AA) | El Paso County Hospital District El Paso County Texas GO Refunding Bonds Series 2024 (AGC) (NR/AA) | El Paso County Hospital District El Paso County Texas GO Refunding Bonds Series 2024 (AGC) (NR/AA) |
| 1000000 | 5.000 | 08/15/2026 | 1026749 |
| 1225000 | 5.000 | 08/15/2027 | 1280256 |
| 1105000 | 5.000 | 08/15/2028 | 1173211 |
| El Paso Independent School District Variable Rate Maintenance Tax Notes Series 2020 (Aa2/NR) | El Paso Independent School District Variable Rate Maintenance Tax Notes Series 2020 (Aa2/NR) | El Paso Independent School District Variable Rate Maintenance Tax Notes Series 2020 (Aa2/NR) | El Paso Independent School District Variable Rate Maintenance Tax Notes Series 2020 (Aa2/NR) |
| 1750000 | 5.000 <sup>(b)(c)</sup> | 02/01/2040 | 1775471 |
| Fort Bend Independent School District GO Bonds Series 2020 B (PSF-GTD) (NR/AAA) | Fort Bend Independent School District GO Bonds Series 2020 B (PSF-GTD) (NR/AAA) | Fort Bend Independent School District GO Bonds Series 2020 B (PSF-GTD) (NR/AAA) | Fort Bend Independent School District GO Bonds Series 2020 B (PSF-GTD) (NR/AAA) |
| 5890000 | 0.875 <sup>(b)(c)</sup> | 08/01/2050 | 5839777 |
| Goose Creek Consolidated Independent School District GO Bonds RMKT 08/16/21 Series 2014 B (PSF-GTD) (Aaa/AAA) | Goose Creek Consolidated Independent School District GO Bonds RMKT 08/16/21 Series 2014 B (PSF-GTD) (Aaa/AAA) | Goose Creek Consolidated Independent School District GO Bonds RMKT 08/16/21 Series 2014 B (PSF-GTD) (Aaa/AAA) | Goose Creek Consolidated Independent School District GO Bonds RMKT 08/16/21 Series 2014 B (PSF-GTD) (Aaa/AAA) |
| 4000000 | 0.600 <sup>(b)(c)</sup> | 02/15/2035 | 3863588 |
| Grayson County Junior College District GO Bonds Series 2024 (Aa2/NR) | Grayson County Junior College District GO Bonds Series 2024 (Aa2/NR) | Grayson County Junior College District GO Bonds Series 2024 (Aa2/NR) | Grayson County Junior College District GO Bonds Series 2024 (Aa2/NR) |
| 340000 | 5.000 | 02/15/2030 | 368581 |
| 445000 | 5.000 | 02/15/2031 | 486920 |
| 520000 | 5.000 | 02/15/2032 | 573234 |
| 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+) |
| 675000 | 5.000 | 03/01/2026 | 681666 |
| 990000 | 5.000 | 03/01/2027 | 1009743 |
| Harlandale Independent School District UT Refunding Bonds Series 2015A (PSF-GTD) (NR/AAA) | Harlandale Independent School District UT Refunding Bonds Series 2015A (PSF-GTD) (NR/AAA) | Harlandale Independent School District UT Refunding Bonds Series 2015A (PSF-GTD) (NR/AAA) | Harlandale Independent School District UT Refunding Bonds Series 2015A (PSF-GTD) (NR/AAA) |
| 4130000 | 4.000 <sup>(a)</sup> | 08/15/2025 | 4145402 |
| Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Obligated Group Series 2019 B (A1/AA-) | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Obligated Group Series 2019 B (A1/AA-) | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Obligated Group Series 2019 B (A1/AA-) | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Obligated Group Series 2019 B (A1/AA-) |
| 8940000 | 0.900 <sup>(b)(c)</sup> | 05/15/2050 | 8901514 |
| 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-) |
| 1575000 | 5.000 | 05/15/2030 | 1670213 |
| Harris County Texas Permanent Improvement Tax and Revenue Certificates of Obligation Series 2024 (Aaa/NR) | Harris County Texas Permanent Improvement Tax and Revenue Certificates of Obligation Series 2024 (Aaa/NR) | Harris County Texas Permanent Improvement Tax and Revenue Certificates of Obligation Series 2024 (Aaa/NR) | Harris County Texas Permanent Improvement Tax and Revenue Certificates of Obligation Series 2024 (Aaa/NR) |
| 1380000 | 5.000 | 09/15/2026 | 1425187 |
| 1760000 | 5.000 | 09/15/2027 | 1851231 |
| Harris County Texas UT Road Refunding Bonds Series 2024A (Aaa/NR) | Harris County Texas UT Road Refunding Bonds Series 2024A (Aaa/NR) | Harris County Texas UT Road Refunding Bonds Series 2024A (Aaa/NR) | Harris County Texas UT Road Refunding Bonds Series 2024A (Aaa/NR) |
| 1050000 | 5.000 | 09/15/2026 | 1084382 |
| 1445000 | 5.000 | 09/15/2027 | 1519903 |
| Hidalgo County Drainage District No. 1 UT Improvement Bonds Series 2023 (Aa2/AA-) | Hidalgo County Drainage District No. 1 UT Improvement Bonds Series 2023 (Aa2/AA-) | Hidalgo County Drainage District No. 1 UT Improvement Bonds Series 2023 (Aa2/AA-) | Hidalgo County Drainage District No. 1 UT Improvement Bonds Series 2023 (Aa2/AA-) |
| 3000000 | 5.000 | 09/01/2025 | 3023475 |
| Houston Housing Finance Corp. Multifamily Housing RB Cordova Apartments Series 2024 (Aaa/NR) | Houston Housing Finance Corp. Multifamily Housing RB Cordova Apartments Series 2024 (Aaa/NR) | Houston Housing Finance Corp. Multifamily Housing RB Cordova Apartments Series 2024 (Aaa/NR) | Houston Housing Finance Corp. Multifamily Housing RB Cordova Apartments Series 2024 (Aaa/NR) |
| 2650000 | 3.650 <sup>(b)(c)</sup> | 02/01/2048 | 2662361 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 238 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Water & Sewer System Junior Lien Revenue Refunding Bonds Series 1998A (AGM) (Aa1/AA+) | Houston Water & Sewer System Junior Lien Revenue Refunding Bonds Series 1998A (AGM) (Aa1/AA+) | Houston Water & Sewer System Junior Lien Revenue Refunding Bonds Series 1998A (AGM) (Aa1/AA+) | Houston Water & Sewer System Junior Lien Revenue Refunding Bonds Series 1998A (AGM) (Aa1/AA+) |
| 5755000 | 0.000 %<sup>(g)</sup> | 12/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5460713 |
| Jacksboro Independent School District Adjustable Rate UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Jacksboro Independent School District Adjustable Rate UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Jacksboro Independent School District Adjustable Rate UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | Jacksboro Independent School District Adjustable Rate UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) |
| 2470000 | 4.000 <sup>(b)(c)</sup> | 02/15/2048 | 2531569 |
| Jim Hogg County Independent School District UT Refunding Bonds Series 2023 (PSF-GTD) (NR/AAA) | Jim Hogg County Independent School District UT Refunding Bonds Series 2023 (PSF-GTD) (NR/AAA) | Jim Hogg County Independent School District UT Refunding Bonds Series 2023 (PSF-GTD) (NR/AAA) | Jim Hogg County Independent School District UT Refunding Bonds Series 2023 (PSF-GTD) (NR/AAA) |
| 510000 | 5.000 | 08/15/2026 | 524788 |
| Karnes County Hospital District A Political Subdivision of The State of Texas Located In Karnes County Adjustable-Rate Hospital Revenue Refunding Bonds Series 2024 (NR/NR) | Karnes County Hospital District A Political Subdivision of The State of Texas Located In Karnes County Adjustable-Rate Hospital Revenue Refunding Bonds Series 2024 (NR/NR) | Karnes County Hospital District A Political Subdivision of The State of Texas Located In Karnes County Adjustable-Rate Hospital Revenue Refunding Bonds Series 2024 (NR/NR) | Karnes County Hospital District A Political Subdivision of The State of Texas Located In Karnes County Adjustable-Rate Hospital Revenue Refunding Bonds Series 2024 (NR/NR) |
| 2825000 | 5.000 <sup>(b)(c)</sup> | 02/01/2044 | 2940609 |
| Kaufman County Fresh Water Supply District No. 1-D Unlimited Tax Road Bonds Series 2024 (AGC) (Baa3/AA) | Kaufman County Fresh Water Supply District No. 1-D Unlimited Tax Road Bonds Series 2024 (AGC) (Baa3/AA) | Kaufman County Fresh Water Supply District No. 1-D Unlimited Tax Road Bonds Series 2024 (AGC) (Baa3/AA) | Kaufman County Fresh Water Supply District No. 1-D Unlimited Tax Road Bonds Series 2024 (AGC) (Baa3/AA) |
| 205000 | 5.000 | 09/01/2029 | 215561 |
| 260000 | 5.000 | 09/01/2033 | 274133 |
| Kaufman County Fresh Water Supply District No. 1-D Unlimited Tax Utility Bonds Series 2024 (AGC) (Baa3/AA) | Kaufman County Fresh Water Supply District No. 1-D Unlimited Tax Utility Bonds Series 2024 (AGC) (Baa3/AA) | Kaufman County Fresh Water Supply District No. 1-D Unlimited Tax Utility Bonds Series 2024 (AGC) (Baa3/AA) | Kaufman County Fresh Water Supply District No. 1-D Unlimited Tax Utility Bonds Series 2024 (AGC) (Baa3/AA) |
| 385000 | 5.000 | 09/01/2029 | 404924 |
| 465000 | 5.000 | 09/01/2033 | 490008 |
| Klein Independent School District UT Refunding Bonds Series 2016A (PSF-GTD) (Aaa/AAA) | Klein Independent School District UT Refunding Bonds Series 2016A (PSF-GTD) (Aaa/AAA) | Klein Independent School District UT Refunding Bonds Series 2016A (PSF-GTD) (Aaa/AAA) | Klein Independent School District UT Refunding Bonds Series 2016A (PSF-GTD) (Aaa/AAA) |
| 2805000 | 4.000 | 08/01/2034 | 2806147 |
| Laredo Independent School District A Political Subdivision of The State of Texas Located In Webb County UnLT Refunding Bonds Series 2024 (PSF-GTD) (NR/AAA) | Laredo Independent School District A Political Subdivision of The State of Texas Located In Webb County UnLT Refunding Bonds Series 2024 (PSF-GTD) (NR/AAA) | Laredo Independent School District A Political Subdivision of The State of Texas Located In Webb County UnLT Refunding Bonds Series 2024 (PSF-GTD) (NR/AAA) | Laredo Independent School District A Political Subdivision of The State of Texas Located In Webb County UnLT Refunding Bonds Series 2024 (PSF-GTD) (NR/AAA) |
| 1250000 | 5.000 | 08/01/2027 | 1311204 |
| Laredo Independent School District UT Refunding Bonds Series 2023 (AGM) (NR/AA) | Laredo Independent School District UT Refunding Bonds Series 2023 (AGM) (NR/AA) | Laredo Independent School District UT Refunding Bonds Series 2023 (AGM) (NR/AA) | Laredo Independent School District UT Refunding Bonds Series 2023 (AGM) (NR/AA) |
| 350000 | 5.000 | 08/01/2025 | 352566 |
| 360000 | 5.000 | 08/01/2026 | 369292 |
| 735000 | 5.000 | 08/01/2027 | 765891 |
| Leander Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (NR/AAA) | Leander Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (NR/AAA) | Leander Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (NR/AAA) | Leander Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (NR/AAA) |
| 1025000 | 5.000 | 08/15/2027 | 1075010 |
| 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 | 3703313 |
| 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) |
| 4400000 | 5.000 | 05/15/2027 | 4586016 |
| Lower Colorado River Authority Transmission Contract Refunding RB for LCRA Transmission Services Corp. Project Series 2022A (NR/A) | Lower Colorado River Authority Transmission Contract Refunding RB for LCRA Transmission Services Corp. Project Series 2022A (NR/A) | Lower Colorado River Authority Transmission Contract Refunding RB for LCRA Transmission Services Corp. Project Series 2022A (NR/A) | Lower Colorado River Authority Transmission Contract Refunding RB for LCRA Transmission Services Corp. Project Series 2022A (NR/A) |
| 250000 | 5.000 | 05/15/2025 | 250624 |
| 1000000 | 5.000 | 05/15/2026 | 1024295 |
| 680000 | 5.000 | 05/15/2027 | 708748 |
| Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) |
| 1875000 | 4.250 | 05/01/2030 | 1920470 |
| Montgomery Independent School District A Political Subdivision of The State of Texas Located In Montgomery County Texas Unlimited Tax Refunding Bonds Series 2024A (PSF-GTD) (Aaa/NR) | Montgomery Independent School District A Political Subdivision of The State of Texas Located In Montgomery County Texas Unlimited Tax Refunding Bonds Series 2024A (PSF-GTD) (Aaa/NR) | Montgomery Independent School District A Political Subdivision of The State of Texas Located In Montgomery County Texas Unlimited Tax Refunding Bonds Series 2024A (PSF-GTD) (Aaa/NR) | Montgomery Independent School District A Political Subdivision of The State of Texas Located In Montgomery County Texas Unlimited Tax Refunding Bonds Series 2024A (PSF-GTD) (Aaa/NR) |
| 2240000 | 5.000 | 02/15/2031 | 2468780 |
| 1675000 | 5.000 | 02/15/2032 | 1865089 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-) |
| 225000 | 4.000 %<sup>(d)</sup> | 08/15/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221236 |
| New Hope Cultural Education Facilities Finance Corporation Retirement Facility RB Westminster Project Series 2025 (NR/NR) | New Hope Cultural Education Facilities Finance Corporation Retirement Facility RB Westminster Project Series 2025 (NR/NR) | New Hope Cultural Education Facilities Finance Corporation Retirement Facility RB Westminster Project Series 2025 (NR/NR) | New Hope Cultural Education Facilities Finance Corporation Retirement Facility RB Westminster Project Series 2025 (NR/NR) |
| 370000 | 5.000 | 11/01/2031 | 394474 |
| New Hope Cultural Education Facilities Finance Corporation Retirement Facility RBWestminster Project Series 2025 (NR/NR) | New Hope Cultural Education Facilities Finance Corporation Retirement Facility RBWestminster Project Series 2025 (NR/NR) | New Hope Cultural Education Facilities Finance Corporation Retirement Facility RBWestminster Project Series 2025 (NR/NR) | New Hope Cultural Education Facilities Finance Corporation Retirement Facility RBWestminster Project Series 2025 (NR/NR) |
| 270000 | 5.000 | 11/01/2025 | 272315 |
| 185000 | 5.000 | 11/01/2026 | 189304 |
| 245000 | 5.000 | 11/01/2027 | 253492 |
| 305000 | 5.000 | 11/01/2028 | 319067 |
| 395000 | 5.000 | 11/01/2029 | 416871 |
| 550000 | 5.000 | 11/01/2030 | 584677 |
| 460000 | 5.000 | 11/01/2032 | 491905 |
| 485000 | 5.000 | 11/01/2033 | 518221 |
| 405000 | 5.000 | 11/01/2034 | 433627 |
| 430000 | 5.000 | 11/01/2035 | 460095 |
| North Texas Municipal Water District Texas Water System Revenue Refunding Bonds Series 2021A (Aa1/AAA) | North Texas Municipal Water District Texas Water System Revenue Refunding Bonds Series 2021A (Aa1/AAA) | North Texas Municipal Water District Texas Water System Revenue Refunding Bonds Series 2021A (Aa1/AAA) | North Texas Municipal Water District Texas Water System Revenue Refunding Bonds Series 2021A (Aa1/AAA) |
| 5000000 | 3.000 | 09/01/2032 | 4782991 |
| North Texas Tollway Authority System Revenue Refunding Bonds First Tier Bonds Series 2023A (Aa3/AA-) | North Texas Tollway Authority System Revenue Refunding Bonds First Tier Bonds Series 2023A (Aa3/AA-) | North Texas Tollway Authority System Revenue Refunding Bonds First Tier Bonds Series 2023A (Aa3/AA-) | North Texas Tollway Authority System Revenue Refunding Bonds First Tier Bonds Series 2023A (Aa3/AA-) |
| 6500000 | 5.000 | 01/01/2026 | 6604118 |
| North Texas Tollway Authority System Revenue Refunding Bonds Second Tier Bonds Series 2024B (A1/A+) | North Texas Tollway Authority System Revenue Refunding Bonds Second Tier Bonds Series 2024B (A1/A+) | North Texas Tollway Authority System Revenue Refunding Bonds Second Tier Bonds Series 2024B (A1/A+) | North Texas Tollway Authority System Revenue Refunding Bonds Second Tier Bonds Series 2024B (A1/A+) |
| 5000000 | 5.000 | 01/01/2032 | 5509791 |
| Northside Independent School District Texas Bexar County Hill Variable Rate Unlimited Tax School Building and Refunding Bonds Series 2024B (PSF-GTD) (Aaa/NR) | Northside Independent School District Texas Bexar County Hill Variable Rate Unlimited Tax School Building and Refunding Bonds Series 2024B (PSF-GTD) (Aaa/NR) | Northside Independent School District Texas Bexar County Hill Variable Rate Unlimited Tax School Building and Refunding Bonds Series 2024B (PSF-GTD) (Aaa/NR) | Northside Independent School District Texas Bexar County Hill Variable Rate Unlimited Tax School Building and Refunding Bonds Series 2024B (PSF-GTD) (Aaa/NR) |
| 5470000 | 3.450 <sup>(b)(c)</sup> | 08/01/2054 | 5468258 |
| Northside Independent School District Variable Rate UT School Building Bonds Series 2020 (PSF-GTD) (Aaa/NR) | Northside Independent School District Variable Rate UT School Building Bonds Series 2020 (PSF-GTD) (Aaa/NR) | Northside Independent School District Variable Rate UT School Building Bonds Series 2020 (PSF-GTD) (Aaa/NR) | Northside Independent School District Variable Rate UT School Building Bonds Series 2020 (PSF-GTD) (Aaa/NR) |
| 25000000 | 0.700 <sup>(b)(c)</sup> | 06/01/2050 | 24862640 |
| Northside Independent School District, Bexar County, Variable Rate UT School Building Bonds, Series 2023B (PSF-GTD) (Aaa/NR) | Northside Independent School District, Bexar County, Variable Rate UT School Building Bonds, Series 2023B (PSF-GTD) (Aaa/NR) | Northside Independent School District, Bexar County, Variable Rate UT School Building Bonds, Series 2023B (PSF-GTD) (Aaa/NR) | Northside Independent School District, Bexar County, Variable Rate UT School Building Bonds, Series 2023B (PSF-GTD) (Aaa/NR) |
| 3980000 | 3.000 <sup>(b)(c)</sup> | 08/01/2053 | 3963031 |
| Pasadena Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | Pasadena Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | Pasadena Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | Pasadena Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) |
| 200000 | 5.000 | 02/15/2026 | 203941 |
| 225000 | 5.000 | 02/15/2027 | 234385 |
| Pasadena Independent School District Variable Rate UT School Building Bonds (PSF-GTD) (Aaa/AAA) | Pasadena Independent School District Variable Rate UT School Building Bonds (PSF-GTD) (Aaa/AAA) | Pasadena Independent School District Variable Rate UT School Building Bonds (PSF-GTD) (Aaa/AAA) | Pasadena Independent School District Variable Rate UT School Building Bonds (PSF-GTD) (Aaa/AAA) |
| 14250000 | 3.230 <sup>(b)(c)</sup> | 02/15/2044 | 14225544 |
| Plainview Independent School District Adjustable Rate UT School Building Bonds Series 2020B (PSF-GTD) (Aaa/NR) | Plainview Independent School District Adjustable Rate UT School Building Bonds Series 2020B (PSF-GTD) (Aaa/NR) | Plainview Independent School District Adjustable Rate UT School Building Bonds Series 2020B (PSF-GTD) (Aaa/NR) | Plainview Independent School District Adjustable Rate UT School Building Bonds Series 2020B (PSF-GTD) (Aaa/NR) |
| 1515000 | 4.000 <sup>(b)(c)</sup> | 02/15/2050 | 1524846 |
| Ponder Independent School District Texas Denton County Adjustable Rate UT School Building Bonds Series 2021 (PSF-GTD) (NR/AAA) | Ponder Independent School District Texas Denton County Adjustable Rate UT School Building Bonds Series 2021 (PSF-GTD) (NR/AAA) | Ponder Independent School District Texas Denton County Adjustable Rate UT School Building Bonds Series 2021 (PSF-GTD) (NR/AAA) | Ponder Independent School District Texas Denton County Adjustable Rate UT School Building Bonds Series 2021 (PSF-GTD) (NR/AAA) |
| 1800000 | 4.000 <sup>(b)(c)</sup> | 02/15/2051 | 1831598 |
| Port of Houston Authority of Harris County First Lien RB Series 2023 (NON-AMT) (Aa3/AA+) | Port of Houston Authority of Harris County First Lien RB Series 2023 (NON-AMT) (Aa3/AA+) | Port of Houston Authority of Harris County First Lien RB Series 2023 (NON-AMT) (Aa3/AA+) | Port of Houston Authority of Harris County First Lien RB Series 2023 (NON-AMT) (Aa3/AA+) |
| 950000 | 5.000 | 10/01/2025 | 960005 |
| 700000 | 5.000 | 10/01/2026 | 722355 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **239** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Pottsboro Independent School District A Political Subdivision of The State of Texas Located In Grayson County Texas Adjustable Rate UT School Building Bonds Series 2022 (PSF-GTD) (NR/AAA) | Pottsboro Independent School District A Political Subdivision of The State of Texas Located In Grayson County Texas Adjustable Rate UT School Building Bonds Series 2022 (PSF-GTD) (NR/AAA) | Pottsboro Independent School District A Political Subdivision of The State of Texas Located In Grayson County Texas Adjustable Rate UT School Building Bonds Series 2022 (PSF-GTD) (NR/AAA) | Pottsboro Independent School District A Political Subdivision of The State of Texas Located In Grayson County Texas Adjustable Rate UT School Building Bonds Series 2022 (PSF-GTD) (NR/AAA) |
| 1910000 | 4.000 %<sup>(b)(c)</sup> | 02/15/2052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931833 |
| Prosper Independent School District Adjustable Rate UT School Building Bonds Series 2019B (PSF-GTD) (Aaa/NR) | Prosper Independent School District Adjustable Rate UT School Building Bonds Series 2019B (PSF-GTD) (Aaa/NR) | Prosper Independent School District Adjustable Rate UT School Building Bonds Series 2019B (PSF-GTD) (Aaa/NR) | Prosper Independent School District Adjustable Rate UT School Building Bonds Series 2019B (PSF-GTD) (Aaa/NR) |
| 1875000 | 4.000 <sup>(b)(c)</sup> | 02/15/2050 | 1889691 |
| San Antonio Housing Trust Public Facility Corporation Multifamily Housing RB Palladium San Antonio Series 2024 (Aaa/NR) (PUTABLE) | San Antonio Housing Trust Public Facility Corporation Multifamily Housing RB Palladium San Antonio Series 2024 (Aaa/NR) (PUTABLE) | San Antonio Housing Trust Public Facility Corporation Multifamily Housing RB Palladium San Antonio Series 2024 (Aaa/NR) (PUTABLE) | San Antonio Housing Trust Public Facility Corporation Multifamily Housing RB Palladium San Antonio Series 2024 (Aaa/NR) (PUTABLE) |
| 1065000 | 3.450 <sup>(b)(c)</sup> | 07/01/2029 | 1069971 |
| San Antonio Housing Trust Public Facility Corporation Multifamily Housing RB Residences At Pearsall Park Series 2024B (Aaa/NR) | San Antonio Housing Trust Public Facility Corporation Multifamily Housing RB Residences At Pearsall Park Series 2024B (Aaa/NR) | San Antonio Housing Trust Public Facility Corporation Multifamily Housing RB Residences At Pearsall Park Series 2024B (Aaa/NR) | San Antonio Housing Trust Public Facility Corporation Multifamily Housing RB Residences At Pearsall Park Series 2024B (Aaa/NR) |
| 2000000 | 3.190 <sup>(b)(c)</sup> | 10/01/2028 | 1997659 |
| SMHA Finance Public Facility Corporation Texas Multifamily Housing Revenue Bonds Centerpoint Depot Series 2024 (Aaa/NR) (PUTABLE) | SMHA Finance Public Facility Corporation Texas Multifamily Housing Revenue Bonds Centerpoint Depot Series 2024 (Aaa/NR) (PUTABLE) | SMHA Finance Public Facility Corporation Texas Multifamily Housing Revenue Bonds Centerpoint Depot Series 2024 (Aaa/NR) (PUTABLE) | SMHA Finance Public Facility Corporation Texas Multifamily Housing Revenue Bonds Centerpoint Depot Series 2024 (Aaa/NR) (PUTABLE) |
| 2630000 | 3.700 <sup>(b)(c)</sup> | 07/01/2028 | 2656429 |
| Spring Branch Independent School District UT Schoolhouse Bonds Series 2022 (PSF-GTD) (Aaa/AAA) | Spring Branch Independent School District UT Schoolhouse Bonds Series 2022 (PSF-GTD) (Aaa/AAA) | Spring Branch Independent School District UT Schoolhouse Bonds Series 2022 (PSF-GTD) (Aaa/AAA) | Spring Branch Independent School District UT Schoolhouse Bonds Series 2022 (PSF-GTD) (Aaa/AAA) |
| 1230000 | 5.000 | 02/01/2026 | 1252080 |
| 1000000 | 5.000 | 02/01/2027 | 1039599 |
| State of Texas College Student Loan GO Bonds Series 2016 (Aaa/AAA) | State of Texas College Student Loan GO Bonds Series 2016 (Aaa/AAA) | State of Texas College Student Loan GO Bonds Series 2016 (Aaa/AAA) | State of Texas College Student Loan GO Bonds Series 2016 (Aaa/AAA) |
| 4275000 | 5.500 | 08/01/2027 | 4413249 |
| Strategic Housing Finance Corporation of Travis County Multifamily Housing RB Series 2024 (Aaa/NR) | Strategic Housing Finance Corporation of Travis County Multifamily Housing RB Series 2024 (Aaa/NR) | Strategic Housing Finance Corporation of Travis County Multifamily Housing RB Series 2024 (Aaa/NR) | Strategic Housing Finance Corporation of Travis County Multifamily Housing RB Series 2024 (Aaa/NR) |
| 2555000 | 3.350 <sup>(b)(c)</sup> | 03/01/2046 | 2553706 |
| Tarrant County Cultural Education Facilities Finance Corp. Hospital RB for Baylor Scott & White Health Project Series 2022E (Aa2/AA-) | Tarrant County Cultural Education Facilities Finance Corp. Hospital RB for Baylor Scott & White Health Project Series 2022E (Aa2/AA-) | Tarrant County Cultural Education Facilities Finance Corp. Hospital RB for Baylor Scott & White Health Project Series 2022E (Aa2/AA-) | Tarrant County Cultural Education Facilities Finance Corp. Hospital RB for Baylor Scott & White Health Project Series 2022E (Aa2/AA-) |
| 4045000 | 5.000 <sup>(b)(c)</sup> | 11/15/2052 | 4118382 |
| Tarrant County Cultural Education Facilities Finance Corp. Revenue Refunding Bonds Christus Health Series 2024B (A1/NR) | Tarrant County Cultural Education Facilities Finance Corp. Revenue Refunding Bonds Christus Health Series 2024B (A1/NR) | Tarrant County Cultural Education Facilities Finance Corp. Revenue Refunding Bonds Christus Health Series 2024B (A1/NR) | Tarrant County Cultural Education Facilities Finance Corp. Revenue Refunding Bonds Christus Health Series 2024B (A1/NR) |
| 525000 | 5.000 | 07/01/2026 | 537091 |
| 800000 | 5.000 | 07/01/2027 | 832896 |
| 1000000 | 5.000 | 07/01/2028 | 1057164 |
| Tarrant County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds Trinity Terrace Project Series 2024 (NR/NR) | Tarrant County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds Trinity Terrace Project Series 2024 (NR/NR) | Tarrant County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds Trinity Terrace Project Series 2024 (NR/NR) | Tarrant County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds Trinity Terrace Project Series 2024 (NR/NR) |
| 495000 | 5.000 | 10/01/2025 | 498141 |
| Tarrant County Housing Finance Corporation Multifamily Housing RB The Meridian Apartments Series 2024B (Aaa/NR) | Tarrant County Housing Finance Corporation Multifamily Housing RB The Meridian Apartments Series 2024B (Aaa/NR) | Tarrant County Housing Finance Corporation Multifamily Housing RB The Meridian Apartments Series 2024B (Aaa/NR) | Tarrant County Housing Finance Corporation Multifamily Housing RB The Meridian Apartments Series 2024B (Aaa/NR) |
| 1000000 | 5.000 <sup>(b)(c)</sup> | 09/01/2028 | 1040648 |
| Texas Department of Housing and Community Affairs Multifamily Housing RB Palladium E Lancaster Avenue Series 2024 (Aaa/NR) (PUTABLE) | Texas Department of Housing and Community Affairs Multifamily Housing RB Palladium E Lancaster Avenue Series 2024 (Aaa/NR) (PUTABLE) | Texas Department of Housing and Community Affairs Multifamily Housing RB Palladium E Lancaster Avenue Series 2024 (Aaa/NR) (PUTABLE) | Texas Department of Housing and Community Affairs Multifamily Housing RB Palladium E Lancaster Avenue Series 2024 (Aaa/NR) (PUTABLE) |
| 10000000 | 3.125 <sup>(b)(c)</sup> | 08/01/2029 | 9975385 |
| Texas Department of Housing and Community Affairs Multifamily Housing RB Palladium Old FM 471 W Series 2024 (FHA 221(D)(4)) (Aaa/NR) (PUTABLE) | Texas Department of Housing and Community Affairs Multifamily Housing RB Palladium Old FM 471 W Series 2024 (FHA 221(D)(4)) (Aaa/NR) (PUTABLE) | Texas Department of Housing and Community Affairs Multifamily Housing RB Palladium Old FM 471 W Series 2024 (FHA 221(D)(4)) (Aaa/NR) (PUTABLE) | Texas Department of Housing and Community Affairs Multifamily Housing RB Palladium Old FM 471 W Series 2024 (FHA 221(D)(4)) (Aaa/NR) (PUTABLE) |
| 5000000 | 3.050 <sup>(b)(c)</sup> | 09/01/2029 | 4978392 |
| Texas Department of Housing and Community Affairs Multifamily Housing Revenue Notes for Aspen Park Series 2023 (Aaa/NR) | Texas Department of Housing and Community Affairs Multifamily Housing Revenue Notes for Aspen Park Series 2023 (Aaa/NR) | Texas Department of Housing and Community Affairs Multifamily Housing Revenue Notes for Aspen Park Series 2023 (Aaa/NR) | Texas Department of Housing and Community Affairs Multifamily Housing Revenue Notes for Aspen Park Series 2023 (Aaa/NR) |
| 3335000 | 5.000 <sup>(b)(c)</sup> | 03/01/2041 | 3340664 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A1/A-) | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A1/A-) | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A1/A-) | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A1/A-) |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.70%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.70%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.70%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.70%) |
| 3680000 | 3.756 %<sup>(f)</sup> | 12/15/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3682347 |
| Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A1/A) | Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A1/A) | Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A1/A) | Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A1/A) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.55%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.55%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.55%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.55%) |
| 5080000 | 3.420 <sup>(f)</sup> | 09/15/2027 | 5040991 |
| Texas Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (A1/BBB+) | Texas Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (A1/BBB+) | Texas Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (A1/BBB+) | Texas Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (A1/BBB+) |
| 335000 | 5.000 | 12/15/2025 | 337760 |
| Texas Municipal Gas Acquisition and Supply Corp. II RB for SOFR Index Rate Series 2012 C (A1/A) | Texas Municipal Gas Acquisition and Supply Corp. II RB for SOFR Index Rate Series 2012 C (A1/A) | Texas Municipal Gas Acquisition and Supply Corp. II RB for SOFR Index Rate Series 2012 C (A1/A) | Texas Municipal Gas Acquisition and Supply Corp. II RB for SOFR Index Rate Series 2012 C (A1/A) |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.86%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.86%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.86%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD SOFR + 0.86%) |
| 73910000 | 3.700 <sup>(f)</sup> | 09/15/2027 | 74044243 |
| Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (Baa1/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (Baa1/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (Baa1/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (Baa1/NR) |
| 2920000 | 5.000 | 12/31/2032 | 3077174 |
| Texas Public Finance Authority Revenue Financing System Bonds for Southern University Series 2023 (BAM) (NR/AA) | Texas Public Finance Authority Revenue Financing System Bonds for Southern University Series 2023 (BAM) (NR/AA) | Texas Public Finance Authority Revenue Financing System Bonds for Southern University Series 2023 (BAM) (NR/AA) | Texas Public Finance Authority Revenue Financing System Bonds for Southern University Series 2023 (BAM) (NR/AA) |
| 480000 | 5.000 | 05/01/2025 | 480614 |
| 500000 | 5.000 | 05/01/2026 | 508638 |
| 620000 | 5.000 | 05/01/2027 | 640952 |
| 640000 | 5.000 | 05/01/2028 | 669703 |
| Texas State Affordable Housing Corp. Multifamily Housing RB for Eden Court Apartments Project Series 2023 (HUD SECT 8) (Aaa/NR) | Texas State Affordable Housing Corp. Multifamily Housing RB for Eden Court Apartments Project Series 2023 (HUD SECT 8) (Aaa/NR) | Texas State Affordable Housing Corp. Multifamily Housing RB for Eden Court Apartments Project Series 2023 (HUD SECT 8) (Aaa/NR) | Texas State Affordable Housing Corp. Multifamily Housing RB for Eden Court Apartments Project Series 2023 (HUD SECT 8) (Aaa/NR) |
| 1360000 | 5.000 <sup>(b)(c)</sup> | 04/01/2043 | 1369970 |
| Texas State Affordable Housing Corp. Multifamily Housing RB for Norman Commons Project Series 2023 (Aaa/NR) | Texas State Affordable Housing Corp. Multifamily Housing RB for Norman Commons Project Series 2023 (Aaa/NR) | Texas State Affordable Housing Corp. Multifamily Housing RB for Norman Commons Project Series 2023 (Aaa/NR) | Texas State Affordable Housing Corp. Multifamily Housing RB for Norman Commons Project Series 2023 (Aaa/NR) |
| 2200000 | 3.625 <sup>(b)(c)</sup> | 01/01/2045 | 2215002 |
| Texas State Technical College System Revenue Financing System Improvement Bonds Series 2022A (AGM) (A1/AA) | Texas State Technical College System Revenue Financing System Improvement Bonds Series 2022A (AGM) (A1/AA) | Texas State Technical College System Revenue Financing System Improvement Bonds Series 2022A (AGM) (A1/AA) | Texas State Technical College System Revenue Financing System Improvement Bonds Series 2022A (AGM) (A1/AA) |
| 1450000 | 5.000 | 08/01/2025 | 1459815 |
| 1750000 | 5.000 | 08/01/2026 | 1798931 |
| 1300000 | 5.000 | 08/01/2027 | 1361589 |
| Texas Transportation Commission Central Texas Turnpike System First Tier Revenue Refunding Put Bonds Series 2024-B (A2/A) | Texas Transportation Commission Central Texas Turnpike System First Tier Revenue Refunding Put Bonds Series 2024-B (A2/A) | Texas Transportation Commission Central Texas Turnpike System First Tier Revenue Refunding Put Bonds Series 2024-B (A2/A) | Texas Transportation Commission Central Texas Turnpike System First Tier Revenue Refunding Put Bonds Series 2024-B (A2/A) |
| 2150000 | 5.000 <sup>(b)(c)</sup> | 08/15/2042 | 2269779 |
| Texas Transportation Commission State Highway Fund First Tier RB Series 2016-B (Aaa/AAA) | Texas Transportation Commission State Highway Fund First Tier RB Series 2016-B (Aaa/AAA) | Texas Transportation Commission State Highway Fund First Tier RB Series 2016-B (Aaa/AAA) | Texas Transportation Commission State Highway Fund First Tier RB Series 2016-B (Aaa/AAA) |
| 46000000 | 0.560 | 04/01/2026 | 44386007 |
| Texas Water Development Board State Revolving Fund RB New Series 2020 (NR/AAA) | Texas Water Development Board State Revolving Fund RB New Series 2020 (NR/AAA) | Texas Water Development Board State Revolving Fund RB New Series 2020 (NR/AAA) | Texas Water Development Board State Revolving Fund RB New Series 2020 (NR/AAA) |
| 2700000 | 5.000 | 08/01/2026 | 2780590 |
| Texas Water Development Board State Water Implementation Revenue Fund for Texas RB Series 2022 (NR/AAA) | Texas Water Development Board State Water Implementation Revenue Fund for Texas RB Series 2022 (NR/AAA) | Texas Water Development Board State Water Implementation Revenue Fund for Texas RB Series 2022 (NR/AAA) | Texas Water Development Board State Water Implementation Revenue Fund for Texas RB Series 2022 (NR/AAA) |
| 1300000 | 5.000 | 04/15/2025 | 1301069 |
| 1625000 | 5.000 | 10/15/2025 | 1644372 |
| 1265000 | 5.000 | 04/15/2026 | 1294636 |
| 1850000 | 5.000 | 10/15/2026 | 1912361 |
| 1240000 | 5.000 | 04/15/2027 | 1294993 |
| 1450000 | 5.000 | 10/15/2027 | 1529037 |
| The Mesquite Housing Finance Corporation Multifamily Housing RB Palladium Carver Living Series 2024 (Aaa/NR) (PUTABLE) | The Mesquite Housing Finance Corporation Multifamily Housing RB Palladium Carver Living Series 2024 (Aaa/NR) (PUTABLE) | The Mesquite Housing Finance Corporation Multifamily Housing RB Palladium Carver Living Series 2024 (Aaa/NR) (PUTABLE) | The Mesquite Housing Finance Corporation Multifamily Housing RB Palladium Carver Living Series 2024 (Aaa/NR) (PUTABLE) |
| 5000000 | 3.350 <sup>(b)(c)</sup> | 08/01/2029 | 5012772 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 240 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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 Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR) | Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR) | Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR) | Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR) |
| $320000 | 2.625 %<sup>(d)</sup> | 09/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312682 |
| Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) |
| 281000 | 2.875 <sup>(d)</sup> | 09/01/2031 | 249400 |
| Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) (NR/NR) | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) (NR/NR) | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) (NR/NR) | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) (NR/NR) |
| 100000 | 2.375 <sup>(d)</sup> | 09/01/2026 | 96894 |
| Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area #1 Commercial Lot 98 and Improvement Area #2 Project Series 2025 (NR/NR) | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area #1 Commercial Lot 98 and Improvement Area #2 Project Series 2025 (NR/NR) | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area #1 Commercial Lot 98 and Improvement Area #2 Project Series 2025 (NR/NR) | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area #1 Commercial Lot 98 and Improvement Area #2 Project Series 2025 (NR/NR) |
| 607000 | 4.250 | 09/01/2031 | 599569 |
| Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR) | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR) | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR) | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR) |
| 159000 | 4.375 <sup>(d)</sup> | 09/01/2027 | 159191 |
| 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 | 10041788 |
| 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) |
| 2815000 | 5.000 | 08/15/2026 | 2901330 |
| Westpointe Special Improvement District Limited Ad Valorem Tax Bonds Series 2023A (BAM) (Baa2/AA) | Westpointe Special Improvement District Limited Ad Valorem Tax Bonds Series 2023A (BAM) (Baa2/AA) | Westpointe Special Improvement District Limited Ad Valorem Tax Bonds Series 2023A (BAM) (Baa2/AA) | Westpointe Special Improvement District Limited Ad Valorem Tax Bonds Series 2023A (BAM) (Baa2/AA) |
| 185000 | 5.500 | 08/15/2025 | 186321 |
| 195000 | 5.500 | 08/15/2026 | 199992 |
| 210000 | 5.500 | 08/15/2027 | 219558 |
| 220000 | 5.500 | 08/15/2028 | 233645 |
| 230000 | 5.500 | 08/15/2029 | 247454 |
| 245000 | 5.500 | 08/15/2030 | 266602 |
| 255000 | 5.500 | 08/15/2031 | 280171 |
| 270000 | 5.000 | 08/15/2032 | 287391 |
| 285000 | 5.000 | 08/15/2033 | 302006 |
| 300000 | 5.000 | 08/15/2034 | 316307 |
| Westpointe Special Improvement District Limited Ad Valorem Tax Road Bonds Series 2024 (BAM) (Baa2/AA) | Westpointe Special Improvement District Limited Ad Valorem Tax Road Bonds Series 2024 (BAM) (Baa2/AA) | Westpointe Special Improvement District Limited Ad Valorem Tax Road Bonds Series 2024 (BAM) (Baa2/AA) | Westpointe Special Improvement District Limited Ad Valorem Tax Road Bonds Series 2024 (BAM) (Baa2/AA) |
| 475000 | 5.000 | 08/15/2025 | 477523 |
| 280000 | 5.000 | 08/15/2026 | 285311 |
| 325000 | 5.000 | 08/15/2029 | 343145 |
| Westside 211 Special Improvement District Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Road Bonds, Series 2021 (Baa3/NR) | Westside 211 Special Improvement District Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Road Bonds, Series 2021 (Baa3/NR) | Westside 211 Special Improvement District Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Road Bonds, Series 2021 (Baa3/NR) | Westside 211 Special Improvement District Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Road Bonds, Series 2021 (Baa3/NR) |
| 285000 | 2.000 | 08/15/2028 | 262657 |
| 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) |
| 85000 | 5.000 | 08/15/2025 | 85376 |
| 90000 | 5.000 | 08/15/2026 | 91154 |
| 90000 | 5.000 | 08/15/2027 | 92173 |
| 95000 | 5.000 | 08/15/2028 | 97659 |
| 100000 | 5.000 | 08/15/2029 | 103013 |
| 110000 | 5.000 | 08/15/2030 | 113363 |
| 115000 | 5.000 | 08/15/2031 | 118141 |
| 120000 | 5.000 | 08/15/2032 | 122711 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 (Baa3/NR) | Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (Baa3/NR) | Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (Baa3/NR) | Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (Baa3/NR) |
| 270000 | 2.000% | 08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261506 |
| Wise County Texas Tax Notes Series 2024 (NR/AA+) | Wise County Texas Tax Notes Series 2024 (NR/AA+) | Wise County Texas Tax Notes Series 2024 (NR/AA+) | Wise County Texas Tax Notes Series 2024 (NR/AA+) |
| 550000 | 5.000 | 02/15/2026 | 559165 |
| 575000 | 5.000 | 02/15/2027 | 595248 |
| 550000 | 5.000 | 02/15/2028 | 579252 |
|  |  |  | 546059502 |
| Utah - 0.3% | Utah - 0.3% | Utah - 0.3% | Utah - 0.3% |
| Intermountain Power Agency Power Supply RB 2023 Series A (Tax-Exempt) (Aa3/NR) | Intermountain Power Agency Power Supply RB 2023 Series A (Tax-Exempt) (Aa3/NR) | Intermountain Power Agency Power Supply RB 2023 Series A (Tax-Exempt) (Aa3/NR) | Intermountain Power Agency Power Supply RB 2023 Series A (Tax-Exempt) (Aa3/NR) |
| 2970000 | 5.000 | 07/01/2034 | 3211919 |
| Salt Lake City International Airport RB Series 2018A (AMT) (A2/A+) | Salt Lake City International Airport RB Series 2018A (AMT) (A2/A+) | Salt Lake City International Airport RB Series 2018A (AMT) (A2/A+) | Salt Lake City International Airport RB Series 2018A (AMT) (A2/A+) |
| 1000000 | 5.000 | 07/01/2029 | 1043134 |
| 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 | 2585220 |
| 7420000 | 5.000 | 07/01/2028 | 7755563 |
| Utah Housing Corp. Multifamily Housing RB Series 2024 (Aaa/NR) | Utah Housing Corp. Multifamily Housing RB Series 2024 (Aaa/NR) | Utah Housing Corp. Multifamily Housing RB Series 2024 (Aaa/NR) | Utah Housing Corp. Multifamily Housing RB Series 2024 (Aaa/NR) |
| 1440000 | 3.700 <sup>(b)(c)</sup> | 08/01/2043 | 1448449 |
| 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-) |
| 250000 | 5.000 | 06/01/2025 | 250726 |
| 250000 | 5.000 | 06/01/2026 | 255277 |
| 300000 | 5.000 | 06/01/2027 | 312752 |
|  |  |  | 16863040 |
| Virginia - 1.7% | Virginia - 1.7% | Virginia - 1.7% | Virginia - 1.7% |
| Chesapeake Redevelopment and Housing Authority Multifamily Housing RB Hunters Point Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) | Chesapeake Redevelopment and Housing Authority Multifamily Housing RB Hunters Point Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) | Chesapeake Redevelopment and Housing Authority Multifamily Housing RB Hunters Point Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) | Chesapeake Redevelopment and Housing Authority Multifamily Housing RB Hunters Point Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) |
| 3450000 | 5.000 <sup>(b)(c)</sup> | 05/01/2043 | 3517529 |
| City of Bristol GO Bond Anticipation Notes Series 2023 (ST AID WITHHLDG) (A2/A+) | City of Bristol GO Bond Anticipation Notes Series 2023 (ST AID WITHHLDG) (A2/A+) | City of Bristol GO Bond Anticipation Notes Series 2023 (ST AID WITHHLDG) (A2/A+) | City of Bristol GO Bond Anticipation Notes Series 2023 (ST AID WITHHLDG) (A2/A+) |
| 3750000 | 5.000 | 09/01/2027 | 3778117 |
| 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+) |
| 9355000 | 4.000 | 05/15/2032 | 9409374 |
| Economic Development Authority of Isle of Wight County Health System RB for Riverside Health System Series 2023 (AGM) (NR/AA) | Economic Development Authority of Isle of Wight County Health System RB for Riverside Health System Series 2023 (AGM) (NR/AA) | Economic Development Authority of Isle of Wight County Health System RB for Riverside Health System Series 2023 (AGM) (NR/AA) | Economic Development Authority of Isle of Wight County Health System RB for Riverside Health System Series 2023 (AGM) (NR/AA) |
| 500000 | 5.000 | 07/01/2026 | 511515 |
| 500000 | 5.000 | 07/01/2027 | 520560 |
| 500000 | 5.000 | 07/01/2028 | 528582 |
| Economic Development Authority of The City of Winchester Virginia RB Valley Health System Obligated Group Series 2024A (A1/A+) | Economic Development Authority of The City of Winchester Virginia RB Valley Health System Obligated Group Series 2024A (A1/A+) | Economic Development Authority of The City of Winchester Virginia RB Valley Health System Obligated Group Series 2024A (A1/A+) | Economic Development Authority of The City of Winchester Virginia RB Valley Health System Obligated Group Series 2024A (A1/A+) |
| 800000 | 5.000 | 01/01/2027 | 827132 |
| 275000 | 5.000 | 01/01/2028 | 288682 |
| Economic Development Authority of The County of Spotsylvania Public Facilities Refunding RB Series 2021 (NR/AA+) | Economic Development Authority of The County of Spotsylvania Public Facilities Refunding RB Series 2021 (NR/AA+) | Economic Development Authority of The County of Spotsylvania Public Facilities Refunding RB Series 2021 (NR/AA+) | Economic Development Authority of The County of Spotsylvania Public Facilities Refunding RB Series 2021 (NR/AA+) |
| 2960000 | 5.000 | 06/01/2026 | 3035479 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **241** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Virginia – (continued) | Virginia – (continued) | Virginia – (continued) | Virginia – (continued) | Virginia – (continued) |
|  Economic Development Authority of The County of Spotsylvania Virginia Public Facilities Revenue Refunding Bonds Series 2021 (NR/AA+) | Economic Development Authority of The County of Spotsylvania Virginia Public Facilities Revenue Refunding Bonds Series 2021 (NR/AA+) | Economic Development Authority of The County of Spotsylvania Virginia Public Facilities Revenue Refunding Bonds Series 2021 (NR/AA+) | Economic Development Authority of The County of Spotsylvania Virginia Public Facilities Revenue Refunding Bonds Series 2021 (NR/AA+) | Economic Development Authority of The County of Spotsylvania Virginia Public Facilities Revenue Refunding Bonds Series 2021 (NR/AA+) |
| $| 2000000 | 5.000% | 06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093453 |
|  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) | Fairfax County Public Improvement Bonds Series 2022A (ST AID WITHHLDG) (Aaa/AAA) |
|  | 2500000 | 4.000 | 10/01/2025 | 2515413 |
|  Fairfax County Redevelopment & Housing Authority Multifamily Housing RB for Dominion Square North Project Series 2023 (Aaa/NR) | Fairfax County Redevelopment & Housing Authority Multifamily Housing RB for Dominion Square North Project Series 2023 (Aaa/NR) | Fairfax County Redevelopment & Housing Authority Multifamily Housing RB for Dominion Square North Project Series 2023 (Aaa/NR) | Fairfax County Redevelopment & Housing Authority Multifamily Housing RB for Dominion Square North Project Series 2023 (Aaa/NR) | Fairfax County Redevelopment & Housing Authority Multifamily Housing RB for Dominion Square North Project Series 2023 (Aaa/NR) |
|  | 5400000 | 5.000 <sup>(b)(c)</sup> | 01/01/2045 | 5603287 |
|  Hampton Roads Transportation Authority Accountability Commission Transportation Fund Senior Lien Bond Anticipation Notes Series 2021A (NR/NR) | Hampton Roads Transportation Authority Accountability Commission Transportation Fund Senior Lien Bond Anticipation Notes Series 2021A (NR/NR) | Hampton Roads Transportation Authority Accountability Commission Transportation Fund Senior Lien Bond Anticipation Notes Series 2021A (NR/NR) | Hampton Roads Transportation Authority Accountability Commission Transportation Fund Senior Lien Bond Anticipation Notes Series 2021A (NR/NR) | Hampton Roads Transportation Authority Accountability Commission Transportation Fund Senior Lien Bond Anticipation Notes Series 2021A (NR/NR) |
|  | 14325000 | 5.000 | 07/01/2026 | 14710639 |
|  Industrial Development Authority of Arlington County Hospital RB for VHC Health Series 2023A (NR/A+) | Industrial Development Authority of Arlington County Hospital RB for VHC Health Series 2023A (NR/A+) | Industrial Development Authority of Arlington County Hospital RB for VHC Health Series 2023A (NR/A+) | Industrial Development Authority of Arlington County Hospital RB for VHC Health Series 2023A (NR/A+) | Industrial Development Authority of Arlington County Hospital RB for VHC Health Series 2023A (NR/A+) |
|  | 4225000 | 5.000 <sup>(b)(c)</sup> | 07/01/2053 | 4520395 |
|  Louisa Industrial Development Authority RB Virginia Electric and Power Co. Series 2008 B (A2/BBB+) (PUTABLE) | Louisa Industrial Development Authority RB Virginia Electric and Power Co. Series 2008 B (A2/BBB+) (PUTABLE) | Louisa Industrial Development Authority RB Virginia Electric and Power Co. Series 2008 B (A2/BBB+) (PUTABLE) | Louisa Industrial Development Authority RB Virginia Electric and Power Co. Series 2008 B (A2/BBB+) (PUTABLE) | Louisa Industrial Development Authority RB Virginia Electric and Power Co. Series 2008 B (A2/BBB+) (PUTABLE) |
|  | 2500000 | 0.750 <sup>(b)(c)</sup> | 11/01/2035 | 2458145 |
|  Norfolk Redevelopment and Housing Authority Multifamily Housing RB Braywood Manor Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) | Norfolk Redevelopment and Housing Authority Multifamily Housing RB Braywood Manor Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) | Norfolk Redevelopment and Housing Authority Multifamily Housing RB Braywood Manor Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) | Norfolk Redevelopment and Housing Authority Multifamily Housing RB Braywood Manor Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) | Norfolk Redevelopment and Housing Authority Multifamily Housing RB Braywood Manor Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) |
|  | 125000 | 5.000 <sup>(b)(c)</sup> | 05/01/2043 | 127366 |
|  Virginia College Building Authority Virginia Educational Facilities Revenue Refunding Bonds Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) | Virginia College Building Authority Virginia Educational Facilities Revenue Refunding Bonds Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) | Virginia College Building Authority Virginia Educational Facilities Revenue Refunding Bonds Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) | Virginia College Building Authority Virginia Educational Facilities Revenue Refunding Bonds Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) | Virginia College Building Authority Virginia Educational Facilities Revenue Refunding Bonds Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) |
|  | 10545000 | 3.000 | 09/01/2026 | 10545307 |
|  Virginia Housing Development Authority Rental Housing Bonds 2024 Series C (NON-AMT) (Aa1/AA+) | Virginia Housing Development Authority Rental Housing Bonds 2024 Series C (NON-AMT) (Aa1/AA+) | Virginia Housing Development Authority Rental Housing Bonds 2024 Series C (NON-AMT) (Aa1/AA+) | Virginia Housing Development Authority Rental Housing Bonds 2024 Series C (NON-AMT) (Aa1/AA+) | Virginia Housing Development Authority Rental Housing Bonds 2024 Series C (NON-AMT) (Aa1/AA+) |
|  | 2730000 | 3.950 | 06/01/2029 | 2742391 |
|  Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (NR/NR) | Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (NR/NR) | Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (NR/NR) | Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (NR/NR) | Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (NR/NR) |
|  | 2000000 | 5.000 <sup>(a)</sup> | 07/01/2025 | 2008073 |
|  Wise County IDA Solid Waste & Sewage Disposal RB Series 2009A (A2/BBB+) (PUTABLE) | Wise County IDA Solid Waste & Sewage Disposal RB Series 2009A (A2/BBB+) (PUTABLE) | Wise County IDA Solid Waste & Sewage Disposal RB Series 2009A (A2/BBB+) (PUTABLE) | Wise County IDA Solid Waste & Sewage Disposal RB Series 2009A (A2/BBB+) (PUTABLE) | Wise County IDA Solid Waste & Sewage Disposal RB Series 2009A (A2/BBB+) (PUTABLE) |
|  | 12500000 | 0.750 <sup>(b)(c)</sup> | 10/01/2040 | 12288196 |
|  |  |  |  | 82029635 |
| Washington - 2.9% | Washington - 2.9% | Washington - 2.9% | Washington - 2.9% | Washington - 2.9% |
|  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) | City of Seattle Limited Tax GO Improvement & Refunding Bonds Series 2015 A (Aaa/AAA) |
|  | 5000000 | 5.000 | 06/01/2026 | 5017996 |
|  City of Seattle Municipal Light & Power Refunding RB 2021 Series B (Aa2/AA) | City of Seattle Municipal Light & Power Refunding RB 2021 Series B (Aa2/AA) | City of Seattle Municipal Light & Power Refunding RB 2021 Series B (Aa2/AA) | City of Seattle Municipal Light & Power Refunding RB 2021 Series B (Aa2/AA) | City of Seattle Municipal Light & Power Refunding RB 2021 Series B (Aa2/AA) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.25%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.25%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.25%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.25%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.25%) |
|  | 10000000 | 3.120 <sup>(b)(f)</sup> | 05/01/2045 | 9868458 |
|  Energy Northwest Project 1 Electric Revenue Refunding Bonds Series 2024-B (Aa1/AA-) | Energy Northwest Project 1 Electric Revenue Refunding Bonds Series 2024-B (Aa1/AA-) | Energy Northwest Project 1 Electric Revenue Refunding Bonds Series 2024-B (Aa1/AA-) | Energy Northwest Project 1 Electric Revenue Refunding Bonds Series 2024-B (Aa1/AA-) | Energy Northwest Project 1 Electric Revenue Refunding Bonds Series 2024-B (Aa1/AA-) |
|  | 4455000 | 5.000 | 07/01/2026 | 4580421 |
|  | 4230000 | 5.000 | 07/01/2027 | 4435085 |
|  Issaquah School District UT GO Refunding Bonds Series 2022 (SCH BD GTY) (Aaa/AA+) | Issaquah School District UT GO Refunding Bonds Series 2022 (SCH BD GTY) (Aaa/AA+) | Issaquah School District UT GO Refunding Bonds Series 2022 (SCH BD GTY) (Aaa/AA+) | Issaquah School District UT GO Refunding Bonds Series 2022 (SCH BD GTY) (Aaa/AA+) | Issaquah School District UT GO Refunding Bonds Series 2022 (SCH BD GTY) (Aaa/AA+) |
|  | 960000 | 5.000 | 12/01/2025 | 974256 |
|  | 1975000 | 5.000 | 12/01/2026 | 2048659 |
|  | 1500000 | 4.000 | 12/01/2027 | 1546941 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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) |
| 280000 | 3.000% | 06/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279808 |
| King County Junior Lien Sewer Revenue Refunding Bonds 2021 Series A (Aa2/AA) | King County Junior Lien Sewer Revenue Refunding Bonds 2021 Series A (Aa2/AA) | King County Junior Lien Sewer Revenue Refunding Bonds 2021 Series A (Aa2/AA) | King County Junior Lien Sewer Revenue Refunding Bonds 2021 Series A (Aa2/AA) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.23%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.23%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.23%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.23%) |
| 11250000 | 3.100 <sup>(b)(f)</sup> | 01/01/2040 | 11092138 |
| Northshore School District No. 417 King and Snohomish Counties Washington UnLT General Obligation and Refunding Bonds 2024 (SCH BD GTY) (Aaa/NR) | Northshore School District No. 417 King and Snohomish Counties Washington UnLT General Obligation and Refunding Bonds 2024 (SCH BD GTY) (Aaa/NR) | Northshore School District No. 417 King and Snohomish Counties Washington UnLT General Obligation and Refunding Bonds 2024 (SCH BD GTY) (Aaa/NR) | Northshore School District No. 417 King and Snohomish Counties Washington UnLT General Obligation and Refunding Bonds 2024 (SCH BD GTY) (Aaa/NR) |
| 3500000 | 5.000 | 12/01/2026 | 3626471 |
| Port of Seattle Intermediate Lien Private Activity Revenue and Refunding Bonds 2022B (AMT) (A1/AA-) | Port of Seattle Intermediate Lien Private Activity Revenue and Refunding Bonds 2022B (AMT) (A1/AA-) | Port of Seattle Intermediate Lien Private Activity Revenue and Refunding Bonds 2022B (AMT) (A1/AA-) | Port of Seattle Intermediate Lien Private Activity Revenue and Refunding Bonds 2022B (AMT) (A1/AA-) |
| 7770000 | 5.000 | 08/01/2027 | 8078969 |
| Port of Seattle Intermediate Lien RB 2017C (AMT) (A1/AA-) | Port of Seattle Intermediate Lien RB 2017C (AMT) (A1/AA-) | Port of Seattle Intermediate Lien RB 2017C (AMT) (A1/AA-) | Port of Seattle Intermediate Lien RB 2017C (AMT) (A1/AA-) |
| 4000000 | 5.000 | 05/01/2029 | 4112330 |
| Port of Seattle Intermediate Lien RB 2017D (AMT) (A1/AA-) | Port of Seattle Intermediate Lien RB 2017D (AMT) (A1/AA-) | Port of Seattle Intermediate Lien RB 2017D (AMT) (A1/AA-) | Port of Seattle Intermediate Lien RB 2017D (AMT) (A1/AA-) |
| 4300000 | 5.000 | 05/01/2027 | 4453979 |
| Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2024B (AMT) (A1/AA-) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2024B (AMT) (A1/AA-) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2024B (AMT) (A1/AA-) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2024B (AMT) (A1/AA-) |
| 2295000 | 5.000 | 07/01/2026 | 2339353 |
| 4860000 | 5.000 | 07/01/2027 | 5046831 |
| 3565000 | 5.000 | 07/01/2028 | 3749496 |
| 2700000 | 5.000 | 07/01/2029 | 2865898 |
| Public Utility District No. 1 of Klickitat County Washington Electric System Revenue Refunding Bonds Series 2025 (AGC) (A1/AA) | Public Utility District No. 1 of Klickitat County Washington Electric System Revenue Refunding Bonds Series 2025 (AGC) (A1/AA) | Public Utility District No. 1 of Klickitat County Washington Electric System Revenue Refunding Bonds Series 2025 (AGC) (A1/AA) | Public Utility District No. 1 of Klickitat County Washington Electric System Revenue Refunding Bonds Series 2025 (AGC) (A1/AA) |
| 800000 | 5.000 | 12/01/2026 | 825205 |
| 1500000 | 5.000 | 12/01/2032 | 1658834 |
| 1345000 | 5.000 | 12/01/2033 | 1495524 |
| 1350000 | 5.000 | 12/01/2034 | 1506469 |
| Public Utility District No.2 of Grant County Electric System Revenue Refunding Bonds Series 2023-U (NR/AA+) | Public Utility District No.2 of Grant County Electric System Revenue Refunding Bonds Series 2023-U (NR/AA+) | Public Utility District No.2 of Grant County Electric System Revenue Refunding Bonds Series 2023-U (NR/AA+) | Public Utility District No.2 of Grant County Electric System Revenue Refunding Bonds Series 2023-U (NR/AA+) |
| 10000000 | 4.000 | 01/01/2026 | 10073671 |
| State of Washington Motor Vehicle Fuel Tax GO Bonds Series 2005C (AMBAC) (Aaa/AA+) | State of Washington Motor Vehicle Fuel Tax GO Bonds Series 2005C (AMBAC) (Aaa/AA+) | State of Washington Motor Vehicle Fuel Tax GO Bonds Series 2005C (AMBAC) (Aaa/AA+) | State of Washington Motor Vehicle Fuel Tax GO Bonds Series 2005C (AMBAC) (Aaa/AA+) |
| 1450000 | 0.000 <sup>(g)</sup> | 06/01/2026 | 1399462 |
| 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 | 6180256 |
| State of Washington Various Purpose GO Refunding Bonds Series R-2022C (Aaa/AA+) | State of Washington Various Purpose GO Refunding Bonds Series R-2022C (Aaa/AA+) | State of Washington Various Purpose GO Refunding Bonds Series R-2022C (Aaa/AA+) | State of Washington Various Purpose GO Refunding Bonds Series R-2022C (Aaa/AA+) |
| 3300000 | 4.000 | 07/01/2026 | 3352634 |
| University Of Washington General Revenue Refunding Term Rate Bonds Series 2022C (Aa1/AA+) | University Of Washington General Revenue Refunding Term Rate Bonds Series 2022C (Aa1/AA+) | University Of Washington General Revenue Refunding Term Rate Bonds Series 2022C (Aa1/AA+) | University Of Washington General Revenue Refunding Term Rate Bonds Series 2022C (Aa1/AA+) |
| 7500000 | 4.000 <sup>(b)(c)</sup> | 05/01/2048 | 7615660 |
| Washington Health Care Facilities Authority RB (Commonspirit Health) Series 2019A-2 (A3/A-) | Washington Health Care Facilities Authority RB (Commonspirit Health) Series 2019A-2 (A3/A-) | Washington Health Care Facilities Authority RB (Commonspirit Health) Series 2019A-2 (A3/A-) | Washington Health Care Facilities Authority RB (Commonspirit Health) Series 2019A-2 (A3/A-) |
| 1500000 | 5.000 | 08/01/2032 | 1588115 |
| Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) |
| 1300000 | 5.000 | 08/01/2025 | 1308060 |
| Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-2 (A3/A-) | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-2 (A3/A-) | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-2 (A3/A-) | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-2 (A3/A-) |
| 3260000 | 5.000 | 08/01/2025 | 3280211 |
| Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) |
| 4020000 | 5.000 <sup>(b)(c)</sup> | 08/01/2049 | 4027067 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 242 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Washington – (continued) | Washington – (continued) | Washington – (continued) | Washington – (continued) | Washington – (continued) |
|  Washington State Convention Center Public Facilities District Junior Lodging Tax Notes 2021 (NR/NR) | Washington State Convention Center Public Facilities District Junior Lodging Tax Notes 2021 (NR/NR) | Washington State Convention Center Public Facilities District Junior Lodging Tax Notes 2021 (NR/NR) | Washington State Convention Center Public Facilities District Junior Lodging Tax Notes 2021 (NR/NR) | Washington State Convention Center Public Facilities District Junior Lodging Tax Notes 2021 (NR/NR) |
| $| 4200000 | 4.000% | 07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4199768 |
|  Washington State Housing Finance Commission Multifamily Housing RB Camas Flats Apartments Project Series 2024B (Aaa/NR) | Washington State Housing Finance Commission Multifamily Housing RB Camas Flats Apartments Project Series 2024B (Aaa/NR) | Washington State Housing Finance Commission Multifamily Housing RB Camas Flats Apartments Project Series 2024B (Aaa/NR) | Washington State Housing Finance Commission Multifamily Housing RB Camas Flats Apartments Project Series 2024B (Aaa/NR) | Washington State Housing Finance Commission Multifamily Housing RB Camas Flats Apartments Project Series 2024B (Aaa/NR) |
|  | 1200000 | 5.000 <sup>(b)(c)</sup> | 02/01/2028 | 1237664 |
|  Washington State Housing Finance Commission Multifamily Housing RB for Ardea at Totem Lake Apartments Project Series 2023 (Aaa/NR) | Washington State Housing Finance Commission Multifamily Housing RB for Ardea at Totem Lake Apartments Project Series 2023 (Aaa/NR) | Washington State Housing Finance Commission Multifamily Housing RB for Ardea at Totem Lake Apartments Project Series 2023 (Aaa/NR) | Washington State Housing Finance Commission Multifamily Housing RB for Ardea at Totem Lake Apartments Project Series 2023 (Aaa/NR) | Washington State Housing Finance Commission Multifamily Housing RB for Ardea at Totem Lake Apartments Project Series 2023 (Aaa/NR) |
|  | 3800000 | 5.000 <sup>(b)(c)</sup> | 12/01/2043 | 3876716 |
|  Washington State Housing Finance Commission Nonprofit Housing Revenue and Refunding Tax Exempt Fixed Rate Bonds for Emerald Heights Project Series 2023A (NR/NR) | Washington State Housing Finance Commission Nonprofit Housing Revenue and Refunding Tax Exempt Fixed Rate Bonds for Emerald Heights Project Series 2023A (NR/NR) | Washington State Housing Finance Commission Nonprofit Housing Revenue and Refunding Tax Exempt Fixed Rate Bonds for Emerald Heights Project Series 2023A (NR/NR) | Washington State Housing Finance Commission Nonprofit Housing Revenue and Refunding Tax Exempt Fixed Rate Bonds for Emerald Heights Project Series 2023A (NR/NR) | Washington State Housing Finance Commission Nonprofit Housing Revenue and Refunding Tax Exempt Fixed Rate Bonds for Emerald Heights Project Series 2023A (NR/NR) |
|  | 350000 | 5.000 | 07/01/2025 | 350770 |
|  | 285000 | 5.000 | 07/01/2026 | 288662 |
|  | 350000 | 5.000 | 07/01/2027 | 358357 |
|  | 555000 | 5.000 | 07/01/2028 | 573978 |
|  Washington State Housing Finance Commission Nonprofit Refunding RB for Seattle Academy of Arts & Sciences Project Series 2023 (NR/BBB) | Washington State Housing Finance Commission Nonprofit Refunding RB for Seattle Academy of Arts & Sciences Project Series 2023 (NR/BBB) | Washington State Housing Finance Commission Nonprofit Refunding RB for Seattle Academy of Arts & Sciences Project Series 2023 (NR/BBB) | Washington State Housing Finance Commission Nonprofit Refunding RB for Seattle Academy of Arts & Sciences Project Series 2023 (NR/BBB) | Washington State Housing Finance Commission Nonprofit Refunding RB for Seattle Academy of Arts & Sciences Project Series 2023 (NR/BBB) |
|  | 260000 | 5.000 <sup>(d)</sup> | 07/01/2028 | 268553 |
|  | 740000 | 5.125 <sup>(d)</sup> | 07/01/2033 | 784135 |
|  Washington State University General Revenue Refunding Bonds 2025 (Delayed Delivery) (Aa3/A+) | Washington State University General Revenue Refunding Bonds 2025 (Delayed Delivery) (Aa3/A+) | Washington State University General Revenue Refunding Bonds 2025 (Delayed Delivery) (Aa3/A+) | Washington State University General Revenue Refunding Bonds 2025 (Delayed Delivery) (Aa3/A+) | Washington State University General Revenue Refunding Bonds 2025 (Delayed Delivery) (Aa3/A+) |
|  | 1760000 | 5.000 | 04/01/2028 | 1864736 |
|  | 2550000 | 5.000 | 04/01/2029 | 2738435 |
|  | 2000000 | 5.000 | 04/01/2030 | 2173645 |
|  | 2000000 | 5.000 | 04/01/2031 | 2197257 |
|  | 2080000 | 5.000 | 04/01/2032 | 2306783 |
|  |  |  |  | 141647716 |
| West Virginia - 0.5% | West Virginia - 0.5% | West Virginia - 0.5% | West Virginia - 0.5% | West Virginia - 0.5% |
|  West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2010A (Baa1/BBB+) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2010A (Baa1/BBB+) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2010A (Baa1/BBB+) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2010A (Baa1/BBB+) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2010A (Baa1/BBB+) (PUTABLE) |
|  | 4645000 | 0.625 <sup>(b)(c)</sup> | 12/01/2038 | 4541638 |
|  West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2011A (Baa1/BBB+) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2011A (Baa1/BBB+) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2011A (Baa1/BBB+) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2011A (Baa1/BBB+) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2011A (Baa1/BBB+) (PUTABLE) |
|  | 5650000 | 1.000 <sup>(b)(c)</sup> | 01/01/2041 | 5568350 |
|  West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/BBB+) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/BBB+) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/BBB+) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/BBB+) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/BBB+) (PUTABLE) |
|  | 10850000 | 3.000 <sup>(b)(c)</sup> | 06/01/2037 | 10626159 |
|  West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds Kentucky Power Company - Mitchell Project, Series 2014A (Baa3/BBB) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds Kentucky Power Company - Mitchell Project, Series 2014A (Baa3/BBB) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds Kentucky Power Company - Mitchell Project, Series 2014A (Baa3/BBB) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds Kentucky Power Company - Mitchell Project, Series 2014A (Baa3/BBB) (PUTABLE) | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds Kentucky Power Company - Mitchell Project, Series 2014A (Baa3/BBB) (PUTABLE) |
|  | 2675000 | 4.700 <sup>(b)(c)</sup> | 04/01/2036 | 2703781 |
|  |  |  |  | 23439928 |
| Wisconsin - 1.4% | Wisconsin - 1.4% | Wisconsin - 1.4% | Wisconsin - 1.4% | Wisconsin - 1.4% |
|  City of Milwaukee GO Corporate Purpose Bonds Series 2017 B5 (NR/A-) | City of Milwaukee GO Corporate Purpose Bonds Series 2017 B5 (NR/A-) | City of Milwaukee GO Corporate Purpose Bonds Series 2017 B5 (NR/A-) | City of Milwaukee GO Corporate Purpose Bonds Series 2017 B5 (NR/A-) | City of Milwaukee GO Corporate Purpose Bonds Series 2017 B5 (NR/A-) |
|  | 315000 | 4.000 | 04/01/2028 | 317629 |
|  | 170000 | 4.000 | 04/01/2029 | 171284 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Wisconsin – (continued) | Wisconsin – (continued) | Wisconsin – (continued) | Wisconsin – (continued) | Wisconsin – (continued) |
|  City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N3 (AGM) (NR/AA) | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N3 (AGM) (NR/AA) | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N3 (AGM) (NR/AA) | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N3 (AGM) (NR/AA) | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N3 (AGM) (NR/AA) |
| $| 2110000 | 5.000% | 04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151539 |
|  City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N7 (BAM) (NR/AA) | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N7 (BAM) (NR/AA) | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N7 (BAM) (NR/AA) | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N7 (BAM) (NR/AA) | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N7 (BAM) (NR/AA) |
|  | 765000 | 5.000 | 04/01/2026 | 780061 |
|  City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2023 N3 (AGM) (NR/AA) | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2023 N3 (AGM) (NR/AA) | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2023 N3 (AGM) (NR/AA) | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2023 N3 (AGM) (NR/AA) | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2023 N3 (AGM) (NR/AA) |
|  | 1345000 | 5.000 | 04/01/2026 | 1371479 |
|  | 1350000 | 5.000 | 04/01/2027 | 1399700 |
|  Columbia County GO Promissory Notes Series 2024A (Aa1/NR) | Columbia County GO Promissory Notes Series 2024A (Aa1/NR) | Columbia County GO Promissory Notes Series 2024A (Aa1/NR) | Columbia County GO Promissory Notes Series 2024A (Aa1/NR) | Columbia County GO Promissory Notes Series 2024A (Aa1/NR) |
|  | 1500000 | 5.000 | 02/01/2030 | 1629644 |
|  | 4300000 | 5.000 | 02/01/2031 | 4725200 |
|  | 4500000 | 5.000 | 02/01/2032 | 4994281 |
|  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) | County of Dane GO Bonds Series 2020 A (NR/AAA) |
|  | 3290000 | 2.000 | 04/01/2026 | 3234967 |
|  Milwaukee County GO North Shop Promissory Notes Series 2024B (Aa3/AA) | Milwaukee County GO North Shop Promissory Notes Series 2024B (Aa3/AA) | Milwaukee County GO North Shop Promissory Notes Series 2024B (Aa3/AA) | Milwaukee County GO North Shop Promissory Notes Series 2024B (Aa3/AA) | Milwaukee County GO North Shop Promissory Notes Series 2024B (Aa3/AA) |
|  | 735000 | 5.000 | 08/01/2030 | 796130 |
|  Oak Creek-Franklin Joint School District GO School Building Bonds Series 2015A (Aa2/AA) | Oak Creek-Franklin Joint School District GO School Building Bonds Series 2015A (Aa2/AA) | Oak Creek-Franklin Joint School District GO School Building Bonds Series 2015A (Aa2/AA) | Oak Creek-Franklin Joint School District GO School Building Bonds Series 2015A (Aa2/AA) | Oak Creek-Franklin Joint School District GO School Building Bonds Series 2015A (Aa2/AA) |
|  | 5745000 | 3.750 <sup>(a)</sup> | 04/01/2025 | 5745000 |
|  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) | Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (NR/NR) |
|  | 1925000 | 4.000 | 01/01/2026 | 1923723 |
|  | 2000000 | 4.000 | 01/01/2027 | 1997355 |
|  | 1720000 | 4.000 | 01/01/2028 | 1715575 |
|  | 1790000 | 4.000 | 01/01/2029 | 1780187 |
|  Washington County, Wisconsin GO Promissory Notes Series 2025 (Aaa/NR) | Washington County, Wisconsin GO Promissory Notes Series 2025 (Aaa/NR) | Washington County, Wisconsin GO Promissory Notes Series 2025 (Aaa/NR) | Washington County, Wisconsin GO Promissory Notes Series 2025 (Aaa/NR) | Washington County, Wisconsin GO Promissory Notes Series 2025 (Aaa/NR) |
|  | 1220000 | 4.000 <sup>(e)</sup> | 03/01/2034 | 1266372 |
|  Waushara County Note Anticipation Notes Series 2022A (NR/A+) | Waushara County Note Anticipation Notes Series 2022A (NR/A+) | Waushara County Note Anticipation Notes Series 2022A (NR/A+) | Waushara County Note Anticipation Notes Series 2022A (NR/A+) | Waushara County Note Anticipation Notes Series 2022A (NR/A+) |
|  | 5260000 | 4.500 | 06/01/2027 | 5269656 |
|  Wisconsin Health & Educational Facilities Authority RB for Advocate Aurora Health Credit Group Series 2018C-3 (Aa3/AA) | Wisconsin Health & Educational Facilities Authority RB for Advocate Aurora Health Credit Group Series 2018C-3 (Aa3/AA) | Wisconsin Health & Educational Facilities Authority RB for Advocate Aurora Health Credit Group Series 2018C-3 (Aa3/AA) | Wisconsin Health & Educational Facilities Authority RB for Advocate Aurora Health Credit Group Series 2018C-3 (Aa3/AA) | Wisconsin Health & Educational Facilities Authority RB for Advocate Aurora Health Credit Group Series 2018C-3 (Aa3/AA) |
|  | 625000 | 5.000 <sup>(b)(c)</sup> | 08/15/2054 | 637410 |
|  Wisconsin Health & Educational Facilities Authority RB Series 2018C-4 (Aa3/AA) | Wisconsin Health & Educational Facilities Authority RB Series 2018C-4 (Aa3/AA) | Wisconsin Health & Educational Facilities Authority RB Series 2018C-4 (Aa3/AA) | Wisconsin Health & Educational Facilities Authority RB Series 2018C-4 (Aa3/AA) | Wisconsin Health & Educational Facilities Authority RB Series 2018C-4 (Aa3/AA) |
|  | 3400000 | 5.000 <sup>(b)(c)</sup> | 08/15/2054 | 3623419 |
|  Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) | Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) | Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) | Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) | Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) |
|  | 4250000 | 5.000 <sup>(d)</sup> | 08/01/2027 | 4319231 |
|  Wisconsin Health and Educational Facilities Authority RB Series 2018B-2 Advocate Aurora Health Credit Group (Aa3/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2018B-2 Advocate Aurora Health Credit Group (Aa3/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2018B-2 Advocate Aurora Health Credit Group (Aa3/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2018B-2 Advocate Aurora Health Credit Group (Aa3/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2018B-2 Advocate Aurora Health Credit Group (Aa3/AA) |
|  | 2500000 | 5.000 <sup>(b)(c)</sup> | 08/15/2054 | 2549639 |
|  Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.18%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.18%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.18%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.18%) | &nbsp;&nbsp;&nbsp;&nbsp; (SIFMA Municipal Swap Index Yield + 0.18%) |
|  | 3315000 | 3.050 <sup>(b)(f)</sup> | 08/15/2054 | 3280082 |
|  Wisconsin Health and Educational Facilities Authority RB Series 2024A (NR/BBB) | Wisconsin Health and Educational Facilities Authority RB Series 2024A (NR/BBB) | Wisconsin Health and Educational Facilities Authority RB Series 2024A (NR/BBB) | Wisconsin Health and Educational Facilities Authority RB Series 2024A (NR/BBB) | Wisconsin Health and Educational Facilities Authority RB Series 2024A (NR/BBB) |
|  | 10000000 | 5.000 | 02/15/2029 | 10512287 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **243** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Wisconsin – (continued) | Wisconsin – (continued) | Wisconsin – (continued) | Wisconsin – (continued) | Wisconsin – (continued) |
|  Wisconsin Housing and Economic Development Authority Multifamily Housing Bonds The Intersect Project 2024 Series I (Aaa/NR) | Wisconsin Housing and Economic Development Authority Multifamily Housing Bonds The Intersect Project 2024 Series I (Aaa/NR) | Wisconsin Housing and Economic Development Authority Multifamily Housing Bonds The Intersect Project 2024 Series I (Aaa/NR) | Wisconsin Housing and Economic Development Authority Multifamily Housing Bonds The Intersect Project 2024 Series I (Aaa/NR) | Wisconsin Housing and Economic Development Authority Multifamily Housing Bonds The Intersect Project 2024 Series I (Aaa/NR) |
| $| 2250000 | 5.000 %<sup>(b)(c)</sup> | 11/01/2058 | $2320620 |
|  |  |  |  | 68512470 |
| TOTAL MUNICIPAL BONDS<br>(Cost $4,878,261,299) | TOTAL MUNICIPAL BONDS<br>(Cost $4,878,261,299) | TOTAL MUNICIPAL BONDS<br>(Cost $4,878,261,299) | TOTAL MUNICIPAL BONDS<br>(Cost $4,878,261,299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4879188688 |
| TOTAL INVESTMENTS - 99.5%<br>(Cost $4,878,261,299) | TOTAL INVESTMENTS - 99.5%<br>(Cost $4,878,261,299) | TOTAL INVESTMENTS - 99.5%<br>(Cost $4,878,261,299) | TOTAL INVESTMENTS - 99.5%<br>(Cost $4,878,261,299) | $4879188688 |
|  **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.5%** | **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.5%** | **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.5%** | **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.5%** | 24499120 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $4903687808 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Pre-refunded security. Maturity date disclosed is pre-refunding date.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable Rate Demand Instruments – rate shown is that which is in effect on March 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Issued with a zero coupon. Income is recognized through the accretion of discount.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Zero coupon bond until next reset date.

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

Security ratings disclosed, if any, are issued by either Standard & Poor's, Moody's Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information.

---

| |
|:---|
| **Investment Abbreviations:** |
| AGC-ICC – American General Contractors-Interstate Commerce Commission |
| AGM – Insured by Assured Guaranty Municipal Corp. |
| AGM-CR – Insured by Assured Guaranty Municipal Corp. Insured Custodial receipts |
| AMBAC – Insured by American Municipal Bond Assurance Corp. |
| AMT – Alternative Minimum Tax (subject to) |
| BAM – Build America Mutual Assurance Co. |
| BHAC – Berkshire Hathaway Assurance Corp. |
| BHAC-CR – Insured by Berkshire Hathaway Assurance Corp. Insured Custodial Receipts |
| CFD – Community Facilities District |
| CNTY GTD – County Guaranteed |
| COPS – Certificates of Participation |
| FGIC – Insured by Financial Guaranty Insurance Co. |
| FHA – Federal Housing Administration |
| FHLMC – Insured by Federal Home Loan Mortgage Corp. |
| FNMA – Insured by Federal National Mortgage Association |
| GNMA – Insured by Government National Mortgage Association |
| GO – General Obligation |
| HUD SECT 8 – Hud Section 8 |
| IDA – Industrial Development Agency |
| LP – Limited Partnership |
| LT – Limited Tax |
| MTA – Metropolitan Transportation Authority |
| NATL – National Public Finance Guarantee Corp. |
| PCRB – Pollution Control Revenue Bond |
| PSF-GTD – Guaranteed by Permanent School Fund |
| Q-SBLF – Qualified School Bond Loan Fund |
| RB – Revenue Bond |
| REMIC – Real Estate Mortgage Investment Conduit |
| RMKT – Remarketed |
| SCH BD GTY – School Bond Guaranty |
| SD CRED PROG – School District Credit Program |
| SIFMA – Securities Industry and Financial Markets Association |
| SOFR – Secured Overnight Financing Rate |
| SONYMA – State of New York Mortgage Agency |
| ST AID WITHHLDG – State Aid Withholding |
| ST APPROP – State Appropriation |
| TCRS – Transferable Custody Receipts |
| UPMC – University of Pittsburgh Medical Center |
| USD – United States Dollar |
| UT – Unlimited Tax |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 244 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *March 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic Municipal<br>Income Fund** | **High Yield Municipal<br>Fund** | **Municipal Income<br>Completion Fund** | **Short Duration Tax-Free<br>Fund** |
| Assets: |  |  |  |  |
|  Investments, at value (cost $11,249,243,442, $12,139,418,273, $248,232,940 and $4,878,261,299, respectively) | $11028899749 | $11853610334 | $240952679 | $4879188688 |
|  Cash | 107879871 | 128270759 | 3326782 | 31162904 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 139316475 | 174970654 | 3308783 | 52819005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 17880496 | 9759101 |  | 9563157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup>  | 9888478 | 4294079 | 201280 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1614190 | 1863098 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 53948 | 110529 | 11912 | 24122 |
|  Variation margin on futures contracts |  |  | 14000 |  |
|  Other assets | 103117 | 98594 | 8133 | 51299 |
|  **Total assets** | 11305636324 | 12172977148 | 247823569 | 4972809175 |
| Liabilities: |  |  |  |  |
|  Variation margin on futures contracts | 858375 | 372750 |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis | 65552812 | 44563763 | 3210703 | 49549438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 30851624 | 31426321 | 292109 | 17186034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income distribution | 3447669 | 1351265 | 82407 | 1362771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1628590 | 2270481 | 1863098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1586051 | 2462726 |  | 706238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 412325 | 264438 |  | 77414 |
|  Accrued expenses | 453636 | 530278 | 81341 | 239472 |
|  **Total liabilities** | 104791082 | 83242022 | 5529658 | 69121367 |
| Net Assets: |  |  |  |  |
|  Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12003594958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12936685292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264249110 | 5376441711 |
|  Total distributable loss | (802749716) | (846950166) | (21955199) | (472753903) |
|  **NET ASSETS** | $11200845242 | $12089735126 | $242293911 | $4903687808 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $992797076 | $423119835 | $— | $92918664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 81944487 | 58120690 |  | 4908442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 5977196986 | 2459971169 |  | 691516893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional |  |  | 242293911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 23646 |  |  | 84982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 1977269146 | 792409322 |  | 70063601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 203263064 | 28874730 |  | 435300043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 1968350837 | 8327239380 |  | 3608895183 |
|  Total Net Assets | $11200845242 | $12089735126 | $242293911 | $4903687808 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 65498095 | 46192500 |  | 8967128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 5403938 | 6343265 |  | 474215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 394526934 | 268508723 |  | 66842080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional |  |  | 25064131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 1553 |  |  | 8211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 130592929 | 86410715 |  | 6770001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 13411045 | 3154244 |  | 42109247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 129861055 | 909752671 |  | 348943184 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $15.16 | $9.16 | $— | $10.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 15.16 | 9.16 |  | 10.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 15.15 | 9.16 |  | 10.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional |  |  | 9.67 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 15.23 |  |  | 10.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 15.14 | 9.17 |  | 10.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 15.16 | 9.15 |  | 10.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 15.16 | 9.15 |  | 10.34 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **245** |

---

------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Segregated for initial margin and/or collateral as follows:

---

| | |
|:---|:---|
| **Fund** | **Futures** |
|  Dynamic Municipal Income Fund | $9888478 |
|  High Yield Municipal Fund | 4294079 |
|  Municipal Income Completion Fund | 201280 |

---

<sup>(b)</sup> Maximum public offering price per share for Class A Shares of the Dynamic Municipal Income Fund, High Yield Municipal Fund and Short Duration tax-Free Fund is $15.75,$9.59 and $10.52, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 246 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Fiscal Year Ended March 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic Municipal<br>Income Fund** | **High Yield<br>Municipal Fund** | **Municipal Income<br>Completion Fund** | **Short Duration Tax-<br>Free Fund** |
| Investment income: |  |  |  |  |
|  Interest | $423912219 | $588411819 | $9911348 | $171405428 |
| Expenses: |  |  |  |  |
|  Management fees | 35623250 | 56919920 |  | 17015077 |
|  Transfer Agency fees<sup>(a)</sup>  | 6242988 | 4808271 | 43478 | 1710754 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup>  | 3119182 | 1529909 |  | 299258 |
|  Custody, accounting and administrative services | 791903 | 932141 | 57808 | 405215 |
|  Professional fees | 635616 | 1887571 | 145068 | 129264 |
|  Registration fees | 459121 | 402226 | 33560 | 193876 |
|  Service fees — Class C | 226929 | 152946 |  | 14507 |
|  Printing and mailing costs | 193381 | 146323 | 38180 | 52497 |
|  Trustee fees | 53842 | 55440 | 29506 | 40795 |
|  Shareholder Administration fees — Service Shares | 59 |  |  | 217 |
|  Other | 124459 | 145853 | 3885 | 104731 |
|  **Total expenses** | 47470730 | 66980600 | 351485 | 19966191 |
|  Less — expense reductions | (1845917) | (3359077) | (351485) | (860058) |
|  **Net expenses** | 45624813 | 63621523 |  | 19106133 |
|  **NET INVESTMENT INCOME** | 378287406 | 524790296 | 9911348 | 152299295 |
| Realized and Unrealized gain (loss): |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (24925191) | (42163438) | (858984) | (3440438) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (12412478) | (5716934) | 38334 |  |
|  Net change in unrealized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (111465380) | (72304548) | (1291083) | 14601597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1688458 | (358052) | 160256 |  |
|  **Net realized and unrealized gain (loss)** | (147114591) | (120542972) | (1951477) | 11161159 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $231172815 | $404247324 | $7959871 | $163460454 |

---

<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) <br>Fees** | **Distribution and/or Service (12b-1) <br>Fees** | **Distribution and/or Service (12b-1) <br>Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class A** | **Class C** | **Institutional** | **<u>Separate<br>Account</u><br> Institutional** | **Service** | **Investor** | **Class R6** | **Class P** |
|  Dynamic Municipal Income Fund | $2438335 | $680788 | $59 | $1170401 | $108926 | $2102173 | $– | $11 | $2219898 | $54080 | $587499 |
|  High Yield Municipal Fund | 1071072 | 458837 |  | 514114 | 73414 | 913099 |  |  | 913183 | 7273 | 2387188 |
|  Municipal Income Completion Fund |  |  |  |  |  |  | 43478 |  |  |  |  |
|  Short Duration Tax-Free Fund | 255519 | 43522 | 217 | 122649 | 6963 | 287099 |  | 34 | 90219 | 132157 | 1071633 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **247** |

---

------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** |
|  | **For the Fiscal**<br> **Year Ended<br>March 31, 2025** | **For the Fiscal**<br> **Year Ended<br>March 31, 2024** | **For the Fiscal**<br> **Year Ended<br>March 31, 2025** | **For the Fiscal**<br> **Year Ended<br>March 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $378287406 | $302416379 | $524790296 | $437003950 |
|  Net realized loss | (37337669) | (56109789) | (47880372) | (88146837) |
|  Net change in unrealized gain (loss) | (109776922) | 183711418 | (72662600) | 247114026 |
| **Net increase in net assets resulting from operations** | 231172815 | 430018008 | 404247324 | 595971139 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (32247498) | (30616901) | (17424772) | (17450025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (2319193) | (2584365) | (2028517) | (1943911) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (191165862) | (144470756) | (99959343) | (77211457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (749) | (712) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (65798706) | (51316908) | (32856683) | (25560338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (6574812) | (4874461) | (1064658) | (799901) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (71409351) | (62334954) | (349127428) | (300219129) |
|  **Total distributions to shareholders** | (369516171) | (296199057) | (502461401) | (423184761) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 4006777692 | 4219774814 | 3113736129 | 4757816591 |
|  Reinvestment of distributions | 335241187 | 270851293 | 487588501 | 411210758 |
|  Cost of shares redeemed | (2347128353) | (3429045991) | (2177806158) | (3741552858) |
|  **Net increase in net assets resulting from share transactions** | 1994890526 | 1061580116 | 1423518472 | 1427474491 |
|  **TOTAL INCREASE** | 1856547170 | 1195399067 | 1325304395 | 1600260869 |
| Net Assets: |  |  |  |  |
|  Beginning of year | $9344298072 | $8148899005 | $10764430731 | $9164169862 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200845242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9344298072 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12089735126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10764430731 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 248 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Municipal Income Completion Fund** | **Municipal Income Completion Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** |
|  | **For the Fiscal**<br> **Year Ended<br>March 31, 2025** | **For the Fiscal**<br> **Year Ended<br>March 31, 2024** | **For the Fiscal**<br> **Year Ended<br>March 31, 2025** | **For the Fiscal**<br> **Year Ended<br>March 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $9911348 | $7823642 | $152299295 | $167890635 |
|  Net realized loss | (820650) | (3833446) | (3440438) | (43548076) |
|  Net change in unrealized gain (loss) | (1130827) | 8078679 | 14601597 | 20995401 |
| **Net increase in net assets resulting from operations** | 7959871 | 12068875 | 163460454 | 145337960 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  |  | (2820203) | (3398672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  |  | (136872) | (182097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (21723539) | (23509984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional Shares | (9649712) | (7654619) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (2193) | (2575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  |  | (2262653) | (2758657) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  |  | (13383706) | (14869573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P Shares |  |  | (108449549) | (120184597) |
|  **Total distributions to shareholders** | (9649712) | (7654619) | (148778715) | (164906155) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 89555230 | 51813634 | 1703079372 | 1689226305 |
|  Reinvestment of distributions | 9237896 | 7572492 | 132040052 | 145624551 |
|  Cost of shares redeemed | (45097603) | (57257131) | (1926987122) | (3319182111) |
| **Net increase (decrease) in net assets resulting from share transactions** | 53695523 | 2128995 | (91867698) | (1484331255) |
|  **TOTAL INCREASE (DECREASE)** | 52005682 | 6543251 | (77185959) | (1503899450) |
| Net Assets: |  |  |  |  |
|  Beginning of year | $190288229 | $183744978 | $4980873767 | $6484773217 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242293911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190288229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4903687808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4980873767 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **249** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Year* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $15.34 | $15.10 | $15.72 | $16.63 | $15.59 |
|  Net investment income<sup>(a)</sup>  | 0.52 | 0.50 | 0.41 | 0.33 | 0.36 |
|  Net realized and unrealized gain (loss) | (0.19) | 0.23 | (0.63) | (0.92) | 1.03 |
|  Total from investment operations | 0.33 | 0.73 | (0.22) | (0.59) | 1.39 |
|  Distributions to shareholders from net investment income | (0.51) | (0.49) | (0.40) | (0.32) | (0.35) |
|  Net asset value, end of year | $15.16 | $15.34 | $15.10 | $15.72 | $16.63 |
|  **Total Return<sup>(b)</sup>**  | 2.15% | 4.91% | (1.32)% | (3.66)% | 9.00% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992797 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943689 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987091 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521711 |
|  Ratio of net expenses to average net assets | 0.72% | 0.72% | 0.73% | 0.72% | 0.72% |
|  Ratio of total expenses to average net assets | 0.74% | 0.75% | 0.75% | 0.74% | 0.75% |
|  Ratio of net investment income to average net assets | 3.39% | 3.30% | 2.71% | 1.97% | 2.21% |
|  Portfolio turnover rate<sup>(c)</sup>  | 27% | 38% | 33% | 15% | 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 250 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $15.35 | $15.10 | $15.72 | $16.64 | $15.60 |
|  Net investment income<sup>(a)</sup>  | 0.41 | 0.38 | 0.30 | 0.20 | 0.24 |
|  Net realized and unrealized gain (loss) | (0.21) | 0.24 | (0.63) | (0.93) | 1.03 |
|  Total from investment operations | 0.20 | 0.62 | (0.33) | (0.73) | 1.27 |
|  Distributions to shareholders from net investment income | (0.39) | (0.37) | (0.29) | (0.19) | (0.23) |
|  Net asset value, end of year | $15.16 | $15.35 | $15.10 | $15.72 | $16.64 |
|  **Total Return<sup>(b)</sup>**  | 1.32% | 4.20% | (2.06)% | (4.44)% | 8.19% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81944 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97077 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153277 |
|  Ratio of net expenses to average net assets | 1.47% | 1.47% | 1.48% | 1.47% | 1.47% |
|  Ratio of total expenses to average net assets | 1.49% | 1.50% | 1.50% | 1.49% | 1.50% |
|  Ratio of net investment income to average net assets | 2.64% | 2.55% | 1.97% | 1.22% | 1.46% |
|  Portfolio turnover rate<sup>(c)</sup>  | 27% | 38% | 33% | 15% | 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **251** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $15.33 | $15.09 | $15.71 | $16.62 | $15.58 |
|  Net investment income<sup>(a)</sup>  | 0.57 | 0.55 | 0.46 | 0.38 | 0.41 |
|  Net realized and unrealized gain (loss) | (0.19) | 0.22 | (0.63) | (0.92) | 1.03 |
|  Total from investment operations | 0.38 | 0.77 | (0.17) | (0.54) | 1.44 |
|  Distributions to shareholders from net investment income | (0.56) | (0.53) | (0.45) | (0.37) | (0.40) |
|  Net asset value, end of year | $15.15 | $15.33 | $15.09 | $15.71 | $16.62 |
|  **Total Return<sup>(b)</sup>**  | 2.48% | 5.26% | (1.00)% | (3.35)% | 9.37% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5977197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4602375 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3860842 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4492546 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4188941 |
|  Ratio of net expenses to average net assets | 0.39% | 0.39% | 0.40% | 0.39% | 0.39% |
|  Ratio of total expenses to average net assets | 0.41% | 0.42% | 0.42% | 0.41% | 0.42% |
|  Ratio of net investment income to average net assets | 3.72% | 3.64% | 3.06% | 2.30% | 2.54% |
|  Portfolio turnover rate<sup>(c)</sup>  | 27% | 38% | 33% | 15% | 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 252 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $15.41 | $15.17 | $15.79 | $16.71 | $15.67 |
|  Net investment income<sup>(a)</sup>  | 0.50 | 0.47 | 0.39 | 0.30 | 0.34 |
|  Net realized and unrealized gain (loss) | (0.20) | 0.23 | (0.63) | (0.93) | 1.03 |
|  Total from investment operations | 0.30 | 0.70 | (0.24) | (0.63) | 1.37 |
|  Distributions to shareholders from net investment income | (0.48) | (0.46) | (0.38) | (0.29) | (0.33) |
|  Net asset value, end of year | $15.23 | $15.41 | $15.17 | $15.79 | $16.71 |
|  **Total Return<sup>(b)</sup>**  | 1.98% | 4.72% | (1.48)% | (3.87)% | 8.79% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
|  Ratio of net expenses to average net assets | 0.89% | 0.90% | 0.91% | 0.90% | 0.89% |
|  Ratio of total expenses to average net assets | 0.90% | 0.92% | 0.92% | 0.92% | 0.92% |
|  Ratio of net investment income to average net assets | 3.22% | 3.13% | 2.56% | 1.79% | 2.06% |
|  Portfolio turnover rate<sup>(c)</sup>  | 27% | 38% | 33% | 15% | 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **253** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $15.32 | $15.08 | $15.70 | $16.61 | $15.57 |
|  Net investment income<sup>(a)</sup>  | 0.56 | 0.53 | 0.45 | 0.37 | 0.40 |
|  Net realized and unrealized gain (loss) | (0.19) | 0.23 | (0.63) | (0.92) | 1.03 |
|  Total from investment operations | 0.37 | 0.76 | (0.18) | (0.55) | 1.43 |
|  Distributions to shareholders from net investment income | (0.55) | (0.52) | (0.44) | (0.36) | (0.39) |
|  Net asset value, end of year | $15.14 | $15.32 | $15.08 | $15.70 | $16.61 |
|  **Total Return<sup>(b)</sup>**  | 2.40% | 5.17% | (1.08)% | (3.43)% | 9.28% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353998 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469286 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193082 |
|  Ratio of net expenses to average net assets | 0.47% | 0.47% | 0.48% | 0.47% | 0.47% |
|  Ratio of total expenses to average net assets | 0.49% | 0.50% | 0.50% | 0.49% | 0.50% |
|  Ratio of net investment income to average net assets | 3.64% | 3.56% | 2.98% | 2.22% | 2.46% |
|  Portfolio turnover rate<sup>(c)</sup>  | 27% | 38% | 33% | 15% | 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 254 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $15.34 | $15.10 | $15.72 | $16.63 | $15.59 |
|  Net investment income<sup>(a)</sup>  | 0.57 | 0.55 | 0.46 | 0.38 | 0.41 |
|  Net realized and unrealized gain (loss) | (0.19) | 0.23 | (0.63) | (0.92) | 1.04 |
|  Total from investment operations | 0.38 | 0.78 | (0.17) | (0.54) | 1.45 |
|  Distributions to shareholders from net investment income | (0.56) | (0.54) | (0.45) | (0.37) | (0.41) |
|  Net asset value, end of year | $15.16 | $15.34 | $15.10 | $15.72 | $16.63 |
|  **Total Return<sup>(b)</sup>**  | 2.49% | 5.26% | (0.93)% | (3.39)% | 9.37% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203263 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153353 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129990 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163855 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97337 |
|  Ratio of net expenses to average net assets | 0.38% | 0.38% | 0.39% | 0.38% | 0.38% |
|  Ratio of total expenses to average net assets | 0.40% | 0.41% | 0.41% | 0.40% | 0.41% |
|  Ratio of net investment income to average net assets | 3.73% | 3.65% | 3.06% | 2.31% | 2.55% |
|  Portfolio turnover rate<sup>(c)</sup>  | 27% | 38% | 33% | 15% | 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **255** |

---

------

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $15.34 | $15.10 | $15.72 | $16.63 | $15.59 |
|  Net investment income<sup>(a)</sup>  | 0.57 | 0.55 | 0.46 | 0.38 | 0.41 |
|  Net realized and unrealized gain (loss) | (0.19) | 0.23 | (0.63) | (0.92) | 1.04 |
|  Total from investment operations | 0.38 | 0.78 | (0.17) | (0.54) | 1.45 |
|  Distributions to shareholders from net investment income | (0.56) | (0.54) | (0.45) | (0.37) | (0.41) |
|  Net asset value, end of year | $15.16 | $15.34 | $15.10 | $15.72 | $16.63 |
|  **Total Return<sup>(b)</sup>**  | 2.49% | 5.26% | (0.99)% | (3.33)% | 9.37% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968351 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900979 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704487 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195715 |
|  Ratio of net expenses to average net assets | 0.38% | 0.38% | 0.39% | 0.38% | 0.38% |
|  Ratio of total expenses to average net assets | 0.40% | 0.41% | 0.41% | 0.40% | 0.41% |
|  Ratio of net investment income to average net assets | 3.73% | 3.65% | 3.05% | 2.31% | 2.55% |
|  Portfolio turnover rate<sup>(c)</sup>  | 27% | 38% | 33% | 15% | 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 256 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.23 | $9.03 | $9.86 | $10.49 | $9.59 |
|  Net investment income<sup>(a)</sup>  | 0.40 | 0.38 | 0.37 | 0.31 | 0.33 |
|  Net realized and unrealized gain (loss) | (0.09) | 0.19 | (0.85) | (0.65) | 0.89 |
|  Total from investment operations | 0.31 | 0.57 | (0.48) | (0.34) | 1.22 |
|  Distributions to shareholders from net investment income | (0.38) | (0.37) | (0.35) | (0.29) | (0.32) |
|  Net asset value, end of year | $9.16 | $9.23 | $9.03 | $9.86 | $10.49 |
|  **Total Return<sup>(b)</sup>**  | 3.36% | 6.50% | (4.84)% | (3.36)% | 12.87% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426407 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443662 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539203 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594728 |
|  Ratio of net expenses to average net assets | 0.85% | 0.85% | 0.86% | 0.85% | 0.85% |
|  Ratio of total expenses to average net assets | 0.90% | 0.89% | 0.89% | 0.88% | 0.89% |
|  Ratio of net investment income to average net assets | 4.26% | 4.26% | 4.03% | 2.90% | 3.23% |
|  Portfolio turnover rate<sup>(c)</sup>  | 18% | 38% | 32% | 13% | 7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **257** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.23 | $9.03 | $9.86 | $10.49 | $9.59 |
|  Net investment income<sup>(a)</sup>  | 0.33 | 0.31 | 0.30 | 0.23 | 0.25 |
|  Net realized and unrealized gain (loss) | (0.09) | 0.19 | (0.85) | (0.65) | 0.89 |
|  Total from investment operations | 0.24 | 0.50 | (0.55) | (0.42) | 1.14 |
|  Distributions to shareholders from net investment income | (0.31) | (0.30) | (0.28) | (0.21) | (0.24) |
|  Net asset value, end of year | $9.16 | $9.23 | $9.03 | $9.86 | $10.49 |
|  **Total Return<sup>(b)</sup>**  | 2.59% | 5.70% | (5.55)% | (4.09)% | 12.03% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60812 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57853 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80215 |
|  Ratio of net expenses to average net assets | 1.60% | 1.60% | 1.61% | 1.60% | 1.60% |
|  Ratio of total expenses to average net assets | 1.65% | 1.64% | 1.64% | 1.63% | 1.64% |
|  Ratio of net investment income to average net assets | 3.51% | 3.52% | 3.27% | 2.15% | 2.50% |
|  Portfolio turnover rate<sup>(c)</sup>  | 18% | 38% | 32% | 13% | 7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 258 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.23 | $9.03 | $9.86 | $10.49 | $9.59 |
|  Net investment income<sup>(a)</sup>  | 0.42 | 0.41 | 0.40 | 0.34 | 0.36 |
|  Net realized and unrealized gain (loss) | (0.08) | 0.19 | (0.85) | (0.64) | 0.89 |
|  Total from investment operations | 0.34 | 0.60 | (0.45) | (0.30) | 1.25 |
|  Distributions to shareholders from net investment income | (0.41) | (0.40) | (0.38) | (0.33) | (0.35) |
|  Net asset value, end of year | $9.16 | $9.23 | $9.03 | $9.86 | $10.49 |
|  **Total Return<sup>(b)</sup>**  | 3.68% | 6.82% | (4.55)% | (3.06)% | 13.22% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641484 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808838 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416246 |
|  Ratio of net expenses to average net assets | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% |
|  Ratio of total expenses to average net assets | 0.57% | 0.56% | 0.56% | 0.55% | 0.56% |
|  Ratio of net investment income to average net assets | 4.57% | 4.58% | 4.34% | 3.21% | 3.54% |
|  Portfolio turnover rate<sup>(c)</sup>  | 18% | 38% | 32% | 13% | 7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **259** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.24 | $9.04 | $9.87 | $10.50 | $9.60 |
|  Net investment income<sup>(a)</sup>  | 0.42 | 0.41 | 0.39 | 0.33 | 0.35 |
|  Net realized and unrealized gain (loss) | (0.09) | 0.18 | (0.85) | (0.64) | 0.89 |
|  Total from investment operations | 0.33 | 0.59 | (0.46) | (0.31) | 1.24 |
|  Distributions to shareholders from net investment income | (0.40) | (0.39) | (0.37) | (0.32) | (0.34) |
|  Net asset value, end of year | $9.17 | $9.24 | $9.04 | $9.87 | $10.50 |
|  **Total Return<sup>(b)</sup>**  | 3.62% | 6.76% | (4.60)% | (3.12)% | 13.14% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792409 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714738 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514972 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565860 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496140 |
|  Ratio of net expenses to average net assets | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
|  Ratio of total expenses to average net assets | 0.65% | 0.64% | 0.64% | 0.63% | 0.65% |
|  Ratio of net investment income to average net assets | 4.51% | 4.52% | 4.27% | 3.15% | 3.48% |
|  Portfolio turnover rate<sup>(c)</sup>  | 18% | 38% | 32% | 13% | 7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 260 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.22 | $9.03 | $9.85 | $10.48 | $9.58 |
|  Net investment income<sup>(a)</sup>  | 0.43 | 0.41 | 0.40 | 0.34 | 0.35 |
|  Net realized and unrealized gain (loss) | (0.09) | 0.18 | (0.84) | (0.64) | 0.90 |
|  Total from investment operations | 0.34 | 0.59 | (0.44) | (0.30) | 1.25 |
|  Distributions to shareholders from net investment income | (0.41) | (0.40) | (0.38) | (0.33) | (0.35) |
|  Net asset value, end of year | $9.15 | $9.22 | $9.03 | $9.85 | $10.48 |
|  **Total Return<sup>(b)</sup>**  | 3.69% | 6.72% | (4.44)% | (3.06)% | 13.24% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19295 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15465 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10354 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11001 |
|  Ratio of net expenses to average net assets | 0.53% | 0.53% | 0.53% | 0.53% | 0.53% |
|  Ratio of total expenses to average net assets | 0.56% | 0.55% | 0.55% | 0.54% | 0.55% |
|  Ratio of net investment income to average net assets | 4.59% | 4.59% | 4.37% | 3.22% | 3.44% |
|  Portfolio turnover rate<sup>(c)</sup>  | 18% | 38% | 32% | 13% | 7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **261** |

---

------

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.22 | $9.03 | $9.85 | $10.48 | $9.58 |
|  Net investment income<sup>(a)</sup>  | 0.43 | 0.41 | 0.40 | 0.34 | 0.36 |
|  Net realized and unrealized gain (loss) | (0.09) | 0.18 | (0.84) | (0.64) | 0.89 |
|  Total from investment operations | 0.34 | 0.59 | (0.44) | (0.30) | 1.25 |
|  Distributions to shareholders from net investment income | (0.41) | (0.40) | (0.38) | (0.33) | (0.35) |
|  Net asset value, end of year | $9.15 | $9.22 | $9.03 | $9.85 | $10.48 |
|  **Total Return<sup>(b)</sup>**  | 3.69% | 6.72% | (4.44)% | (3.06)% | 13.24% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8327239 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7519362 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6490733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7661350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7762203 |
|  Ratio of net expenses to average net assets | 0.53% | 0.53% | 0.54% | 0.53% | 0.53% |
|  Ratio of total expenses to average net assets | 0.56% | 0.55% | 0.55% | 0.54% | 0.55% |
|  Ratio of net investment income to average net assets | 4.58% | 4.58% | 4.35% | 3.22% | 3.56% |
|  Portfolio turnover rate<sup>(c)</sup>  | 18% | 38% | 32% | 13% | 7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 262 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Municipal Income Completion Fund** | **Municipal Income Completion Fund** | **Municipal Income Completion Fund** | **Municipal Income Completion Fund** | **Municipal Income Completion Fund** |
|  | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.72 | $9.45 | $10.08 | $10.68 | $9.65 |
|  Net investment income<sup>(a)</sup>  | 0.45 | 0.42 | 0.35 | 0.27 | 0.31 |
|  Net realized and unrealized gain (loss) | (0.07) | 0.27 | (0.63) | (0.60) | 1.03 |
|  Total from investment operations | 0.38 | 0.69 | (0.28) | (0.33) | 1.34 |
|  Distributions to shareholders from net investment income | (0.43) | (0.42) | (0.35) | (0.27) | (0.31) |
|  Net asset value, end of year | $9.67 | $9.72 | $9.45 | $10.08 | $10.68 |
|  **Total Return<sup>(b)</sup>**  | 3.99% | 7.47% | (2.59)% | (3.22)% | 14.11% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190288 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183745 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105170 |
|  Ratio of net expenses to average net assets | –% | – %<sup>(c)</sup> | –% | –% | –% |
|  Ratio of total expenses to average net assets | 0.16% | 0.19% | 0.22% | 0.20% | 0.45% |
|  Ratio of net investment income to average net assets | 4.56% | 4.51% | 3.75% | 2.53% | 2.96% |
|  Portfolio turnover rate<sup>(d)</sup>  | 30% | 47% | 59% | 14% | 8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **263** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.33 | $10.34 | $10.43 | $10.83 | $10.63 |
|  Net investment income<sup>(a)</sup>  | 0.29 | 0.28 | 0.17 | 0.07 | 0.11 |
|  Net realized and unrealized gain (loss) | 0.03 | (0.02) | (0.09) | (0.40) | 0.20 |
|  Total from investment operations | 0.32 | 0.26 | 0.08 | (0.33) | 0.31 |
|  Distributions to shareholders from net investment income | (0.29) | (0.27) | (0.17) | (0.07) | (0.11) |
|  Net asset value, end of year | $10.36 | $10.33 | $10.34 | $10.43 | $10.83 |
|  **Total Return<sup>(b)</sup>**  | 3.09% | 2.60% | 0.79% | (3.08)% | 2.92% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92919 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147620 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255472 |
|  Ratio of net expenses to average net assets | 0.66% | 0.66% | 0.67% | 0.68% | 0.68% |
|  Ratio of total expenses to average net assets | 0.74% | 0.74% | 0.75% | 0.72% | 0.73% |
|  Ratio of net investment income to average net assets | 2.83% | 2.72% | 1.68% | 0.66% | 1.05% |
|  Portfolio turnover rate<sup>(c)</sup>  | 42% | 49% | 74% | 41% | 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 264 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.31 | $10.32 | $10.42 | $10.82 | $10.62 |
|  Net investment income<sup>(a)</sup>  | 0.25 | 0.24 | 0.14 | 0.03 | 0.08 |
|  Net realized and unrealized gain (loss) | 0.03 | (0.02) | (0.11) | (0.41) | 0.19 |
|  Total from investment operations | 0.28 | 0.22 | 0.03 | (0.38) | 0.27 |
|  Distributions to shareholders from net investment income | (0.24) | (0.23) | (0.13) | (0.02) | (0.07) |
|  Net asset value, end of year | $10.35 | $10.31 | $10.32 | $10.42 | $10.82 |
|  **Total Return<sup>(b)</sup>**  | 2.78% | 2.19% | 0.29% | (3.47)% | 2.51% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4908 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6627 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9855 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12988 |
|  Ratio of net expenses to average net assets | 1.06% | 1.06% | 1.07% | 1.08% | 1.08% |
|  Ratio of total expenses to average net assets | 1.49% | 1.49% | 1.49% | 1.47% | 1.48% |
|  Ratio of net investment income to average net assets | 2.43% | 2.31% | 1.32% | 0.26% | 0.70% |
|  Portfolio turnover rate<sup>(c)</sup>  | 42% | 49% | 74% | 41% | 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **265** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.31 | $10.32 | $10.41 | $10.82 | $10.62 |
|  Net investment income<sup>(a)</sup>  | 0.32 | 0.30 | 0.20 | 0.10 | 0.15 |
|  Net realized and unrealized gain (loss) | 0.03 | (0.01) | (0.09) | (0.41) | 0.19 |
|  Total from investment operations | 0.35 | 0.29 | 0.11 | (0.31) | 0.34 |
|  Distributions to shareholders from net investment income | (0.31) | (0.30) | (0.20) | (0.10) | (0.14) |
|  Net asset value, end of year | $10.35 | $10.31 | $10.32 | $10.41 | $10.82 |
|  **Total Return<sup>(b)</sup>**  | 3.47% | 2.87% | 1.08% | (2.89)% | 3.23% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691517 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719618 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424423 |
|  Ratio of net expenses to average net assets | 0.39% | 0.39% | 0.39% | 0.38% | 0.38% |
|  Ratio of total expenses to average net assets | 0.41% | 0.41% | 0.42% | 0.39% | 0.40% |
|  Ratio of net investment income to average net assets | 3.10% | 2.97% | 1.91% | 0.96% | 1.36% |
|  Portfolio turnover rate<sup>(c)</sup>  | 42% | 49% | 74% | 41% | 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 266 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.31 | $10.32 | $10.42 | $10.82 | $10.62 |
|  Net investment income<sup>(a)</sup>  | 0.27 | 0.26 | 0.15 | 0.05 | 0.10 |
|  Net realized and unrealized gain (loss) | 0.03 | (0.02) | (0.10) | (0.40) | 0.19 |
|  Total from investment operations | 0.30 | 0.24 | 0.05 | (0.35) | 0.29 |
|  Distributions to shareholders from net investment income | (0.26) | (0.25) | (0.15) | (0.05) | (0.09) |
|  Net asset value, end of year | $10.35 | $10.31 | $10.32 | $10.42 | $10.82 |
|  **Total Return<sup>(b)</sup>**  | 2.95% | 2.36% | 0.47% | (3.28)% | 2.71% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 |
|  Ratio of net expenses to average net assets | 0.89% | 0.89% | 0.89% | 0.88% | 0.88% |
|  Ratio of total expenses to average net assets | 0.90% | 0.91% | 0.91% | 0.89% | 0.90% |
|  Ratio of net investment income to average net assets | 2.60% | 2.49% | 1.50% | 0.46% | 0.91% |
|  Portfolio turnover rate<sup>(c)</sup>  | 42% | 49% | 74% | 41% | 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **267** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.31 | $10.32 | $10.41 | $10.82 | $10.62 |
|  Net investment income<sup>(a)</sup>  | 0.32 | 0.30 | 0.20 | 0.10 | 0.14 |
|  Net realized and unrealized gain (loss) | 0.03 | (0.01) | (0.09) | (0.42) | 0.20 |
|  Total from investment operations | 0.35 | 0.29 | 0.11 | (0.32) | 0.34 |
|  Distributions to shareholders from net investment income | (0.31) | (0.30) | (0.20) | (0.09) | (0.14) |
|  Net asset value, end of year | $10.35 | $10.31 | $10.32 | $10.41 | $10.82 |
|  **Total Return<sup>(b)</sup>**  | 3.45% | 2.85% | 1.04% | (2.94)% | 3.18% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81765 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121439 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175488 |
|  Ratio of net expenses to average net assets | 0.41% | 0.41% | 0.42% | 0.43% | 0.43% |
|  Ratio of total expenses to average net assets | 0.48% | 0.49% | 0.49% | 0.47% | 0.48% |
|  Ratio of net investment income to average net assets | 3.08% | 2.96% | 1.93% | 0.91% | 1.31% |
|  Portfolio turnover rate<sup>(c)</sup>  | 42% | 49% | 74% | 41% | 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 268 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.30 | $10.31 | $10.41 | $10.81 | $10.61 |
|  Net investment income<sup>(a)</sup>  | 0.32 | 0.31 | 0.20 | 0.10 | 0.15 |
|  Net realized and unrealized gain (loss) | 0.03 | (0.02) | (0.10) | (0.40) | 0.19 |
|  Total from investment operations | 0.35 | 0.29 | 0.10 | (0.30) | 0.34 |
|  Distributions to shareholders from net investment income | (0.31) | (0.30) | (0.20) | (0.10) | (0.14) |
|  Net asset value, end of year | $10.34 | $10.30 | $10.31 | $10.41 | $10.81 |
|  **Total Return<sup>(b)</sup>**  | 3.48% | 2.88% | 0.99% | (2.79)% | 3.24% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217303 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8393 |
|  Ratio of net expenses to average net assets | 0.38% | 0.37% | 0.38% | 0.37% | 0.37% |
|  Ratio of total expenses to average net assets | 0.40% | 0.39% | 0.40% | 0.39% | 0.39% |
|  Ratio of net investment income to average net assets | 3.11% | 3.01% | 1.96% | 0.97% | 1.37% |
|  Portfolio turnover rate<sup>(c)</sup>  | 42% | 49% | 74% | 41% | 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **269** |

---

------

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.31 | $10.32 | $10.41 | $10.81 | $10.61 |
|  Net investment income<sup>(a)</sup>  | 0.32 | 0.31 | 0.20 | 0.10 | 0.15 |
|  Net realized and unrealized gain (loss) | 0.02 | (0.02) | (0.09) | (0.40) | 0.19 |
|  Total from investment operations | 0.34 | 0.29 | 0.11 | (0.30) | 0.34 |
|  Distributions to shareholders from net investment income | (0.31) | (0.30) | (0.20) | (0.10) | (0.14) |
|  Net asset value, end of year | $10.34 | $10.31 | $10.32 | $10.41 | $10.81 |
|  **Total Return<sup>(b)</sup>**  | 3.38% | 2.88% | 1.09% | (2.79)% | 3.24% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3608895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4684309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8839327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9108224 |
|  Ratio of net expenses to average net assets | 0.38% | 0.38% | 0.38% | 0.37% | 0.37% |
|  Ratio of total expenses to average net assets | 0.40% | 0.40% | 0.41% | 0.38% | 0.39% |
|  Ratio of net investment income to average net assets | 3.11% | 3.00% | 1.92% | 0.97% | 1.36% |
|  Portfolio turnover rate<sup>(c)</sup>  | 42% | 49% | 74% | 41% | 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 270 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/ Non-Diversified** |
| Goldman Sachs Dynamic Municipal Income Fund | A, C, Institutional, Service, Investor, R6 and P | Diversified |
| Goldman Sachs High Yield Municipal Fund | A, C, Institutional, Investor, R6 and P | Diversified |
| Goldman Sachs Municipal Income Completion Fund | Separate Account Institutional | Diversified |
| Goldman Sachs Short Duration Tax-Free Fund | A, C, Institutional, Service, Investor, R6 and P | Diversified |

---

Class A Shares of the Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds are sold with a front-end sales charge of up to 3.75%, 4.50% and 1.50%, respectively. Class C Shares of Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds are sold with a contingent deferred sales charge ("CDSC") of 1.00%, 1.00% and 0.65%, respectively, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class P and Separate Account Institutional Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to management agreements (each, an "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract's term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date.

&nbsp;&nbsp;&nbsp;&nbsp;C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**271**

------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

date. Income distributions, if any, are declared daily and paid monthly, and capital gains distributions, if any, are declared and paid at least annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Bank Loans — Bank loans ("Loans") are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions ("Lenders"). The Funds' investments in Loans are in the form of either participations in Loans ("Participations") or assignments of all or a portion of Loans from third parties ("Assignments"). With respect to Participations, the Funds have the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

272.0 ------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

only upon receipt by the Lender of the payments from the borrower. The Funds generally have no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in the Funds having a direct contractual relationship with the borrower, and the Funds may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Dynamic Municipal Income Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans | $— | $— | $11882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bond |  | 7046793 | 28124492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond |  | 10993716582 |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000763375 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28136374 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**273**

------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| Derivative Type |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $(2622902) | $— | $— |
| **High Yield Municipal Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $38646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bond |  | 22114566 | 53208988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond |  | 11778248134 |  |
|  **Total** | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800362700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53247634 |
|  **Derivative Type** |  |  |  |
| Liabilities |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $(358052) | $— | $— |
| **Municipal Income Completion Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bond | $— | $74177 | $1249857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond |  | 239628645 |  |
|  **Total** | $— | $239702822 | $1249857 |
|  **Derivative Type** |  |  |  |
| Assets |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $67030 | $— | $— |
| **Short Duration Tax-Free Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond | $— | $4879188688 | $— |
|  **Total** | $— | $4879188688 | $— |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount shown represents unrealized gain (loss) at fiscal year end. 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of March 31, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

274.0 ------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Interest Rate |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2622902) |
| <br> **High Yield Municipal Fund** | <br> **High Yield Municipal Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Interest Rate |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | Variation margin on futures contracts | $(358052) |
| <br> **Municipal Income Completion Fund** | <br> **Municipal Income Completion Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Interest Rate | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67030 |  | $— |

---

1 Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of March 31, 2025 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Dynamic Municipal Income Fund** |  |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Interest Rate | Net realized gain (loss) from futures/Net change in unrealized gain (loss) on futures | $(12412478) | $1688458 |
| **High Yield Municipal Fund** |  |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Interest Rate | Net realized gain (loss) from futures/Net change in unrealized gain (loss) on futures | (5716934) | (358052) |
| **Municipal Income Completion Fund** |  |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Interest Rate | Net realized gain (loss) from futures/Net change in unrealized gain (loss) on futures | 38334 | 160256 |

---

For the fiscal year ended March 31, 2025, the relevant values for each derivative type were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**275**

------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | |
|:---|:---|
|  | **Average number of<br>Contracts<sup>(a)</sup>** |
| **Fund** | **Futures Contracts** |
|  Dynamic Municipal Income Fund | 1644 |
|  High Yield Municipal Fund | 724 |
|  Municipal Income Completion Fund | 18 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures contracts based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the fiscal year ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

With the exception of the Municipal Income Completion Fund, as compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets. The Municipal Income Completion Fund does not pay a management fee to GSAM. However, the Fund is used exclusively to implement municipal investment strategies for separately managed account clients of GSAM that participate in certain "wrap-fee" programs.

For the fiscal year ended March 31, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  |  | **Effective Net<br>Management<br>Rate** |
| **Fund** | <br> **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | <br> **Effective<br>Rate** | **Effective Net<br>Management<br>Rate** |
|  Dynamic Municipal Income Fund | 0.40% | 0.36% | 0.34% | 0.34% | 0.33% | 0.35% | 0.35% |
|  High Yield Municipal Fund | 0.55 | 0.55 | 0.50 | 0.48 | 0.47 | 0.49 | 0.49 |
|  Short Duration Tax-Free Fund | 0.39 | 0.35 | 0.33 | 0.33 | 0.32 | 0.35 | 0.35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** |
|  | **Class A\*** | **Class C** | **Service** |
|  Distribution and/or Service Plan | 0.25% | 0.75% | 0.25% |

---

\* With respect to Class A Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

276.0 ------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended March 31, 2025, Goldman Sachs agreed to waive a portion of the distribution and/or service fees equal to 0.35% as an annual percentage rate of the average daily net assets attributable to Class C Shares of the Short Duration Tax-Free Fund. This arrangement will remain in place through at least July 29, 2025. Prior to such date, Goldman Sachs may not terminate this arrangement without the approval of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended March 31, 2025, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
|  | **Front End**<br> **Sales Charge** | **Contingent Deferred** <br>**Sales Charge** |
| **Fund** | **Class A** | **Class C** |
|  Dynamic Municipal Income Fund | $30194 | $— |
|  High Yield Municipal Fund | 35140 |  |
|  Short Duration Tax-Free Fund | 2316 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C and Investor Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; 0.04% of the average daily net assets of Institutional and Service Shares; and 0.02% of the average daily net assets of Separate Account Institutional Shares. Goldman Sachs agreed to waive a portion of the transfer agency fee equal to 0.02% and 0.06% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the High Yield Municipal and Short Duration Tax-Free Funds, respectively. Goldman Sachs also agreed to reduce or limit its transfer agency fee to 0.00% as an annual percentage rate of the average daily net assets attributable to Separate Account Institutional Shares of the Municipal Income Completion Fund. For all Funds except the Municipal Income Completion Fund, these arrangements will remain in effect through at least July 29, 2025, and prior to such date, Goldman Sachs may not terminate the arrangements without the approval of the Trustees. With respect to the Municipal Income Completion Fund, this arrangement may not be terminated without the approval of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets is 0.004% for Dynamic Municipal Income, High Yield Municipal, Short Duration Tax-Free Funds and 0.00% for Municipal Income Completion Fund. For all Funds except the Municipal Income Completion Fund, these Other Expense limitations will remain in place through at least July 29, 2025, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. With respect to the Municipal Income Completion Fund, this arrangement may not be terminated without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the fiscal year ended March 31, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**277**

------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Transfer Agency<br>Waiver/Credits** | **Class C<br>Distribution and<br>Service Fee Waiver** | **Other Expense<br>Reimbursements** | **Total Expense<br>Reductions** |
|  Dynamic Municipal Income Fund | $– | $– | $1845917 | $1845917 |
|  High Yield Municipal Fund | 250118 <sup>(a)</sup> |  | 3108959 | 3359077 |
|  Municipal Income Completion Fund | 43478 |  | 308007 | 351485 |
|  Short Duration Tax-Free Fund | 109916 <sup>(a)</sup> | 20310 | 729832 | 860058 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Applicable to Class A, Class C and Investor Shares

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of March 31, 2025, the Funds participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2025, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000. The facility was changed to $1,300,000,000 on April 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — As of March 31, 2025, The Goldman Sachs Group, Inc. was the beneficial owner of the following funds:

---

| | |
|:---|:---|
| **Fund** | **Service** |
|  Dynamic Municipal Income Fund | 17% |

---

A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees.

For the fiscal year ended March 31, 2025, the purchase and sale transactions and related net realized gain (loss) for the Funds with an affiliated fund in compliance with Rule 17a-7 under the Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Net Realized<br>Gain/(Loss)** |
|  Goldman Sachs Dynamic Municipal Income Fund | $195167781 | $104517834 | $(3921815) |
|  Goldman Sachs High Yield Municipal Fund | 92849479 | 160320935 | (355903) |
|  Goldman Sachs Municipal Income Completion Fund | 6351972 | 14751767 | (725534) |
|  Goldman Sachs Short Duration Tax-Free Fund | 46217639 | 60996334 | (852847) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases (Excluding<br>U.S. Government and<br>Agency Obligations)** | **Sales and**<br> **Maturities (Excluding<br>U.S. Government and<br>Agency Obligations)** |
|  Goldman Sachs Dynamic Municipal Income Fund | $4793850609 | $2795130201 |
|  Goldman Sachs High Yield Municipal Fund | 3293689372 | 2031816288 |
|  Goldman Sachs Municipal Income Completion Fund | 120839832 | 64843454 |
|  Goldman Sachs Short Duration Tax-Free Fund | 2042812362 | 2083830154 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

278.0 ------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic Municipal<br>Income Fund** | **High Yield Municipal<br>Fund** | **Municipal Income<br>Completion Fund** | **Short Duration Tax-<br>Free Fund** |
|  Distributions paid from: |  |  |  |  |
|  Ordinary Income | $15820260 | $28432678 | $621546 | $4122843 |
|  Tax-Exempt income | 353695911 | 474028723 | 9028166 | 144655872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $369516171 | $502461401 | $9649712 | $148778715 |

---

The tax character of distributions paid during the fiscal year ended March 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic Municipal<br>Income Fund** | **High Yield Municipal<br>Fund** | **Municipal Income<br>Completion Fund** | **Short Duration Tax-<br>Free Fund** |
|  Distributions paid from: |  |  |  |  |
|  Ordinary Income | $14508849 | $28757775 | $509248 | $3863738 |
|  Tax-Exempt income | 281690208 | 394426986 | 7145371 | 161042417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $296199057 | $423184761 | $7654619 | $164906155 |

---

As of March 31, 2025, the components of accumulated earnings (losses) on a tax-basis were as follow:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic<br>Municipal Income<br>Fund** | **High Yield<br>Municipal Fund** | **Municipal Income<br>Completion Fund** | **Short Duration<br>Tax-Free Fund** |
|  Undistributed Tax Exempt income — net | $31747038 | $189422362 | $411805 | $26592611 |
|  Capital loss carryforwards: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (340528942) | (360724624) | (3167892) | (260801440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (251644336) | (394548103) | (11554144) | (243888242) |
|  Total capital loss carryforwards | (592173278) | (755272727) | (14722036) | (504689682) |
|  Timing differences (Post October Loss Deferral, Defaulted Bond Income and Distributions Payable) | (30946679) | (46889125) | (568378) | (3647518) |
|  Unrealized gains (losses) — net | (211376798) | (234210677) | (7076590) | 8990686 |
|  Total accumulated earnings (losses) — net | $(802749717) | $(846950167) | $(21955199) | $(472753903) |

---

As of March 31, 2025, the Funds' aggregate securities unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic Municipal** <br> **Income Fund** | **High Yield Municipal** <br> **Fund** | **Municipal Income** <br> **Completion Fund**  | **Short Duration Tax- Free**<br> **Fund** |
|  Tax Cost | $11237653644 | $12087462959 | $248096299 | $4870198002 |
|  Gross unrealized gain | 121639059 | 372211835 | 3317508 | 41166579 |
|  Gross unrealized loss | (333015857) | (606422512) | (10394098) | (32175893) |
|  Net unrealized gain (loss) | $(211376798) | $(234210677) | $(7076590) | $8990686 |

---

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, and differences in the tax treatment of market discount accretion and premium amortization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**279**

------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION (continued)

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS

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

Credit/Default Risk — An issuer or guarantor of a security held by the Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in NAV.

Geographic and Sector Risk — If a Fund invests a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, an adverse economic, business, political, environmental or other development affecting that state, region or sector may affect the value of the Fund's investments more than if its investments were not so focused.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund's performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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

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

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

280.0 ------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. A Fund may be more sensitive to adverse economic, business, political, environmental or other developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.

Non-Investment Grade Fixed Income Securities Risk — Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. A Fund may purchase the securities of issuers that are in default.

State/Territory Specific Risk — A Fund's investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state's or territory's political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect a Fund's income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.

Tax Risk — Any proposed or actual changes in income tax rates or the tax-exempt status of interest income from Municipal Securities can significantly affect the demand for and supply, liquidity and marketability of Municipal Securities. Such changes may affect a Fund's net asset value and ability to acquire and dispose of Municipal Securities at desirable yield and price levels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER MATTERS

The Funds adopted Fund Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within each Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**281**

------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** | **Dynamic Municipal Income Fund** |
|  | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2024** | **For the Fiscal Year Ended**<br> **March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 19554589 | $300678168 | 16340497 | $245887137 |
|  Reinvestment of distributions | 1879142 | 28833693 | 1825986 | 27420890 |
|  Shares redeemed | (17449772) | (268052238) | (22029752) | (330947216) |
|  | 3983959 | 61459623 | (3863269) | (57639189) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 1112124 | 17102199 | 1029038 | 15509811 |
|  Reinvestment of distributions | 135195 | 2075194 | 147417 | 2214055 |
|  Shares redeemed | (2168710) | (33325946) | (2297080) | (34482948) |
|  | (921391) | (14148553) | (1120625) | (16759082) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 157854868 | 2421885823 | 148083809 | 2222365511 |
|  Reinvestment of distributions | 10533432 | 161562864 | 8229201 | 123580623 |
|  Shares redeemed | (74007694) | (1135366111) | (112005205) | (1662472754) |
|  | 94380606 | 1448082576 | 44307805 | 683473380 |
|  **Service Shares** |  |  |  |  |
|  Shares sold |  |  |  |  |
|  Reinvestment of distributions | 8 | 128 | 8 | 118 |
|  Shares redeemed |  |  |  |  |
|  | 8 | 128 | 8 | 118 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 47586288 | 730267359 | 55441884 | 832197935 |
|  Reinvestment of distributions | 4292454 | 65797659 | 3420000 | 51311349 |
|  Shares redeemed | (28749982) | (440901475) | (41176939) | (614386158) |
|  | 23128760 | 355163543 | 17684945 | 269123126 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 5928998 | 91118736 | 4657742 | 70056696 |
|  Reinvestment of distributions | 362291 | 5559745 | 265648 | 3989732 |
|  Shares redeemed | (2877321) | (44109081) | (3536650) | (52874929) |
|  | 3413968 | 52569400 | 1386740 | 21171499 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 29027821 | 445725407 | 55801641 | 833757724 |
|  Reinvestment of distributions | 4653934 | 71411904 | 4148010 | 62334526 |
|  Shares redeemed | (27736621) | (425373502) | (48926470) | (733881986) |
|  | 5945134 | 91763809 | 11023181 | 162210264 |
|  **NET INCREASE IN SHARES** | 129931044 | $1994890526 | 69418785 | $1061580116 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

282.0 ------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** | **High Yield Municipal Fund** |
|  | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2024** | **For the Fiscal Year Ended**<br> **March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 11620214 | $108099184 | 13436266 | $120078219 |
|  Reinvestment of distributions | 1662064 | 15425983 | 1708357 | 15271578 |
|  Shares redeemed | (13308768) | (123490314) | (18046488) | (161369349) |
|  | (26490) | 34853 | (2901865) | (26019552) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 1219494 | 11353349 | 1796698 | 15945956 |
|  Reinvestment of distributions | 203708 | 1890859 | 199523 | 1784211 |
|  Shares redeemed | (1669484) | (15529549) | (1810204) | (16094652) |
|  | (246282) | (2285341) | 186017 | 1635515 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 109079059 | 1013114800 | 119482294 | 1064639555 |
|  Reinvestment of distributions | 9415183 | 87408491 | 7571120 | 67713713 |
|  Shares redeemed | (69304555) | (642644825) | (89438341) | (785187139) |
|  | 49189687 | 457878466 | 37615073 | 347166129 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 33981894 | 315853575 | 48629342 | 432937780 |
|  Reinvestment of distributions | 3535402 | 32850976 | 2852522 | 25559484 |
|  Shares redeemed | (28489374) | (264647052) | (31051748) | (274592364) |
|  | 9027922 | 84057499 | 20430116 | 183904900 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 1652308 | 15397739 | 937452 | 8434294 |
|  Reinvestment of distributions | 107682 | 998648 | 84140 | 751132 |
|  Shares redeemed | (698778) | (6482384) | (641905) | (5746092) |
|  | 1061212 | 9914003 | 379687 | 3439334 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 177814074 | 1649917482 | 347781337 | 3115780787 |
|  Reinvestment of distributions | 37637706 | 349013544 | 33610141 | 300130640 |
|  Shares redeemed | (121299514) | (1125012034) | (284936374) | (2498563262) |
|  | 94152266 | 873918992 | 96455104 | 917348165 |
|  **NET INCREASE IN SHARES** | 153158315 | $1423518472 | 152164132 | $1427474491 |
|  | **Municipal Income Completion Fund** | **Municipal Income Completion Fund** | **Municipal Income Completion Fund** | **Municipal Income Completion Fund** |
|  | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2024** | **For the Fiscal Year Ended**<br> **March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Separate Account Institutional Shares** |  |  |  |  |
|  Shares sold | 9148315 | $89555230 | 5423228 | $51813634 |
|  Reinvestment of distributions | 943550 | 9237896 | 803990 | 7572492 |
|  Shares redeemed | (4614623) | (45097603) | (6078833) | (57257131) |
|  **NET INCREASE IN SHARES** | 5477242 | $53695523 | 148385 | $2128995 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**283**

------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** | **Short Duration Tax-Free Fund** |
|  | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2024** | **For the Fiscal Year Ended**<br> **March 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 1732981 | $17948251 | 1611226 | $16529789 |
|  Reinvestment of distributions | 218532 | 2263012 | 270644 | 2777769 |
|  Shares redeemed | (3829549) | (39701773) | (5318734) | (54618840) |
|  | (1878036) | (19490510) | (3436864) | (35311282) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 110000 | 1139450 | 105733 | 1082327 |
|  Reinvestment of distributions | 11979 | 123920 | 15935 | 163368 |
|  Shares redeemed | (290271) | (3001009) | (433724) | (4449068) |
|  | (168292) | (1737639) | (312056) | (3203373) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 20581253 | 212959704 | 22877510 | 234681518 |
|  Reinvestment of distributions | 1762927 | 18232932 | 1858352 | 19045388 |
|  Shares redeemed | (25307579) | (261755732) | (81302364) | (834773208) |
|  | (2963399) | (30563096) | (56566502) | (581046302) |
|  **Service Shares** |  |  |  |  |
|  Shares sold |  |  |  |  |
|  Reinvestment of distributions | 212 | 2193 | 251 | 2575 |
|  Shares redeemed | (1066) | (10982) | (3421) | (35177) |
|  | (854) | (8789) | (3170) | (32602) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 2304504 | 23865705 | 3203546 | 32689848 |
|  Reinvestment of distributions | 218776 | 2262786 | 269027 | 2758414 |
|  Shares redeemed | (3682000) | (38139804) | (7307732) | (74969651) |
|  | (1158720) | (12011313) | (3835159) | (39521389) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 8128354 | 84060354 | 46754456 | 480331210 |
|  Reinvestment of distributions | 67739 | 700097 | 67517 | 691470 |
|  Shares redeemed | (12426749) | (128370190) | (21549514) | (220518430) |
|  | (4230656) | (43609739) | 25272459 | 260504250 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 131608575 | 1363105908 | 90003854 | 923911613 |
|  Reinvestment of distributions | 10490515 | 108455112 | 11733147 | 120185567 |
|  Shares redeemed | (140866637) | (1456007632) | (208095841) | (2129817737) |
|  | 1232453 | 15553388 | (106358840) | (1085720557) |
|  **NET DECREASE IN SHARES** | (9167504) | $(91867698) | (145240132) | $(1484331255) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

284.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Dynamic Municipal Income Fund, Goldman Sachs High Yield Municipal Fund, Goldman Sachs Municipal Income Completion Fund, and Goldman Sachs Short Duration Tax-Free Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Dynamic Municipal Income Fund, Goldman Sachs High Yield Municipal Fund, Goldman Sachs Municipal Income Completion Fund and Goldman Sachs Short Duration Tax-Free Fund (four of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

May 23, 2025

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**285**

------

GOLDMAN SACHS MUNICIPAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Goldman Sachs Municipal Fixed Income Funds — Tax Information (Unaudited)
During the period ended March 31, 2025, 95.72%, 94.34%, 93.56%, and 97.23% of the distributions from net investment income paid by the Dynamic Municipal Income Fund, High Yield Municipal Fund, Municipal Income Completion Fund and Short Duration Tax-Free Fund, respectively, were exempt-interest dividends and as such, are not subject to U.S. Federal income tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

286.0 ------

(This page intentionally left blank)

------

![LOGO](g825849g09z02.jpg)

TRUSTEES OFFICERSGregory G. Weaver, Chair James A. McNamara, President Cheryl K. Beebe Joseph F. DiMaria, Principal Financial Officer, Dwight L. Bush Principal Accounting Officer and Treasurer Kathryn A. Cassidy Robert Griffith, Secretary John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282© 2025 Goldman Sachs. All rights reserved. TFFIAR-25

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The aggregate remuneration paid to the Funds' trustees, officers and others, if any, is included in Item 7 of this report.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

------

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

---

| | |
|:---|:---|
| (a)(1) | [Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on August 26, 2022.](http://www.sec.gov/Archives/edgar/data/822977/000119312522230661/d320037dex99code.htm) |
| (a)(2) | Not Applicable. |
| (a)(3) | [Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d825849dex99cert.htm) |
| (a)(4) | Not applicable to open-end investment companies. |
| (a)(5) | There was no change in the registrant's independent public accountant for the period covered by this report. |
| (b) | [Exhibit 99.906CERT. Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.](d825849dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

---

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | Goldman Sachs Trust |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | June 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | June 5, 2025 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Trust |
| Date: | June 5, 2025 |

---

## Ex-99.Cert

**CERTIFICATIONS** 

(Section 302)

I, James A. McNamara, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: June 5, 2025

---

| |
|:---|
|  /s/ James A. McNamara |
|  James A. McNamara<br> Principal Executive Officer |

---

------

**CERTIFICATIONS** 

(Section 302)

I, Joseph F. DiMaria, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: June 5, 2025

---

| |
|:---|
|  /s/ Joseph F. DiMaria |
|  Joseph F. DiMaria<br> Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**Certification Under Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

James A. McNamara, President/Chief Executive Officer, and Joseph F. DiMaria, Principal Financial Officer of the Goldman Sachs Trust (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period
ended March 31, 2025 (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer |
| Goldman Sachs Trust | Goldman Sachs Trust |
| /s/ James A. McNamara | /s/ Joseph F. DiMaria |
| James A. McNamara | Joseph F. DiMaria |
| Date: June 5, 2025 | Date: June 5, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.