NPORT-EX 2 306223GS063022.htm HTML

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – 97.5%

Alabama – 1.3%

Alabama Economic Settlement Authority RB for BP Exploration & Production, Inc. Series 2016 A (A2/A-)

$

     5,000,000       4.000 %    09/15/2033   $       5,018,926

Black Belt Energy Gas District Gas Supply RB Series 2021A
(Aa1/NR)(a)(b)

    11,770,000       4.000   12/01/2031   11,935,743

Black Belt Energy Gas District Gas Supply RB Series 2022 (NR/NR)(a)(b)

    12,250,000       4.000   06/01/2027   12,613,122

Chatom Industrial Development Board RB Refunding for PowerSouth Energy Cooperative Series 2020 (AGM) (A2/AA)

    425,000       5.000   08/01/2025   457,032
    550,000       5.000   08/01/2027   608,789
    485,000       5.000   08/01/2028   542,272
    485,000       5.000   08/01/2029   546,237
    425,000       5.000   08/01/2030   480,920

County of Jefferson AL Sewer Revenue (NR/NR)(c)

    14,875,000       0.000   10/01/2050   15,052,127

Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B1/BB-)

    4,600,000       5.750   10/01/2049   4,823,466

Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (NR/BBB+)

    1,000,000       5.000   10/01/2024   1,050,757
    1,000,000       5.000   10/01/2025   1,059,140
    2,225,000       5.000   10/01/2030   2,323,181

Independent Development Board City of Prattville International Paper Company Project Environmental Improvement Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(d)

    225,000       2.000   10/01/2024   219,511

Industrial Development Board City of Prattville International Paper Company Project Recovery Zone Facility Revenue Refunding Bonds Series 2019C (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(d)

    225,000       2.000   10/01/2024   219,511

Industrial Development Board City of Selma International Paper Company Project Gulf Opportunity Zone Revenue Refunding Bonds Series 2019A (BBB/NR) (PUTABLE)(a)(b)(d)

    1,750,000       2.000   10/01/2024   1,707,308

Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (A2/AA)

    740,000       5.000   10/01/2044   773,038

Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (A2/AA)(c)

    4,420,000       0.000   10/01/2046   4,483,557

Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB)

    13,500,000       6.000   10/01/2042   14,649,606
    10,615,000       6.500   10/01/2053   11,575,903

Midcity Improvement District Special Assessment RB Series 2022 (NR\NR)

    200,000       3.875   11/01/2027   179,136
    500,000       4.250   11/01/2032   425,412

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Alabama – (continued)

Southeast Energy Authority Commodity Supply RB Series 2021 B
(A1\NR)(a)(b)

$

     4,500,000       4.000 %    12/01/2031   $       4,480,055

The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 A (A1/NR)

    3,820,000       4.000   06/01/2024   3,864,749

The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A1/NR)(b)(e)

        (1M USD LIBOR + 0.85%)

    10,000,000       1.998   06/01/2024   9,853,904
       

 

  108,943,402

 

Alaska – 0.3%

Alaska Municipal Bond Bank Authority RB Refunding Series 2016 (AMT) (NR/A+)

    1,755,000       5.000   12/01/2030   1,897,219
    1,365,000       5.000   12/01/2031   1,471,524
    1,960,000       5.000   12/01/2032   2,108,772
    2,055,000       5.000   12/01/2033   2,207,480

Alaska Municipal Bond Bank Authority RB Refunding Series 2020 ONE (A1/A+)

    3,430,000       5.000   12/01/2027   3,819,424
    2,235,000       5.000   12/01/2029   2,524,396
    1,540,000       5.000   12/01/2030   1,753,210

Alaska Municipal Bond Bank Authority RB Series 2017 THREE (NR/A+)

    1,240,000       5.000   12/01/2027   1,380,783

Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB-)

    1,900,000       4.000   06/01/2050   1,902,705

Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB+)

    145,000       0.500   06/01/2031   144,123

State of Alaska GO Bonds Series 2016 (AA-/Aa3)

    5,460,000       5.000   08/01/2027   5,901,832
       

 

  25,111,468

 

American Samoa – 0.0%

American Samoa Economic Development Authority RB Refunding Series 2021 B (Ba3/NR)(f)

    2,000,000       2.470   09/01/2024   1,949,305

American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR)(f)

    1,800,000       3.720   09/01/2027   1,712,877
       

 

  3,662,182

 

Arizona – 1.6%

Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)(e)

   

(3M USD LIBOR + 0.81%)

      
    21,670,000       2.336   01/01/2037   20,376,737

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Arizona – (continued)

Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-)

$

     425,000       3.375 %    07/01/2041   $          374,067

Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (NR/A)

    1,400,000       5.000   11/01/2044   1,449,851

Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+)

    570,000       5.000   01/01/2043   405,774
    3,250,000       4.500   01/01/2049   2,043,415
    2,095,000       5.000   01/01/2054   1,395,495

Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/CCC+)

    1,565,000       5.000   01/01/2037   1,123,816
    1,105,000       5.000   01/01/2038   782,769
    300,000       5.000   01/01/2043   201,066
    2,125,000       5.000   01/01/2049   1,362,124
    600,000       5.125   01/01/2054   383,596

Arizona Industrial Development Authority RB for Kipp New York, Inc. Jerome Facility Series 2021 B (NR/BBB-)

    620,000       4.000   07/01/2041   542,796

Arizona Industrial Development Authority RB for Kipp New York, Inc. Macombs Facility Series 2021 A (NR/BBB-)

    875,000       4.000   07/01/2041   766,043
    1,000,000       4.000   07/01/2051   819,168

Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Baa3/NR)

    365,000       5.000   05/01/2024   338,563
    300,000       5.000   05/01/2029   274,999
    650,000       5.000   05/01/2031   585,923

Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB)(f)

    530,000       3.000   12/15/2031   453,130

City of Chandler IDA Industrial Development RB Series 2007 (A+/NR) (PUTABLE)(a)(b)(d)

    10,000,000       2.700   08/14/2023   10,059,913

City of Chandler IDA Industrial Development RB Series 2019
(A+/NR)(a)(b)

    7,300,000       5.000   06/03/2024   7,639,550

City of Mesa Utility System RB Refunding Series 2021 (Aa2/AA-)

    10,550,000       4.000   07/01/2035   10,646,445

City of Phoenix Civic Improvement Corp Junior Lien Water System RB Series 2020B (AAA/NR)

    6,500,000       5.000   07/01/2044   7,151,240

City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A1/A)

    1,375,000       3.000   07/01/2049   1,061,990

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Arizona – (continued)

City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A1/A)

$

     1,115,000       5.000 %    07/01/2024   $       1,167,768
    1,215,000       5.000   07/01/2025   1,297,282
    2,980,000       5.000   07/01/2044   3,114,156
    2,290,000       3.250   07/01/2049   1,741,666
    6,125,000       5.000   07/01/2049   6,369,284

City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (A3/BBB+)

    2,125,000       5.000   07/01/2045   2,264,280

City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (Aa2/AAA)

    7,000,000       5.000   07/01/2030   7,660,908

County of Maricopa IDA Education RB Series 2021A (BB+/NR)(f)

    550,000       3.000   07/01/2031   475,479
    1,050,000       4.000   07/01/2041   890,069

County of Maricopa IDA Education RB Taxable Convertible Series 2021B (BB+/NR)(f)

    1,100,000       4.000   07/01/2026   1,087,669
    3,225,000       4.375   07/01/2031   3,189,073
    3,225,000       5.000   07/01/2044   3,188,171

Entertainment Center Community Facilities District RB Series 2017 (NR/NR)

    4,807,000       4.000   07/01/2037   4,755,466

Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR)

    395,000       3.500   07/01/2029   359,550
    376,000       4.100   07/01/2034   339,754
    1,112,000       4.750   07/01/2043   969,351

Glendale City Subordinate RB Refunding Series 2017 (A1/AA)

    2,500,000       5.000   07/01/2028   2,791,832

Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR)

    535,000       4.000   05/15/2031   499,966
    900,000       5.000   05/15/2041   883,775

Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (NR/NR)

    5,000,000       5.000   11/15/2042   5,231,016

La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB)

    380,000       4.000   02/15/2041   337,036
    295,000       4.000   02/15/2046   251,626

Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB)(f)

    300,000       4.000   07/01/2030   276,337
    600,000       5.000   07/01/2040   579,287

Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB)(f)

    500,000       4.000   07/01/2051   372,717

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Arizona – (continued)

Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)(f)

$

     300,000       5.000 %    10/01/2026   $          305,538
    400,000       5.125   10/01/2030   415,349

Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-)

    200,000       4.000   07/01/2025   205,048
    200,000       4.000   07/01/2026   205,430
    200,000       4.000   07/01/2027   205,401
    325,000       4.000   07/01/2028   332,306
    250,000       4.000   07/01/2029   255,087
    500,000       4.000   07/01/2034   497,253
    700,000       5.000   07/01/2039   743,697

Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR)(f)

    425,000       4.750   05/01/2030   411,746
    225,000       5.500   05/01/2040   214,898

Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/BBB+)

    11,910,000       5.000   12/01/2037   12,790,873
       

 

  136,914,614

 

Arkansas – 0.4%

Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (NR/A)

    5,790,000       5.000   12/01/2047   5,978,258
    4,630,000       3.200   12/01/2049   3,518,043

Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR)

    315,000       3.000   07/01/2032   271,132
    310,000       3.125   07/01/2036   254,550

Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR)

    4,700,000       3.500   07/01/2038   4,631,080

Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (NR/BBB-)

    700,000       5.000   06/01/2023   714,930
    1,030,000       5.000   06/01/2024   1,066,708
    1,215,000       5.000   06/01/2025   1,276,291
    1,705,000       5.000   06/01/2026   1,811,034
    1,770,000       5.000   06/01/2027   1,899,388

Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (NR/BBB+)

    550,000       5.000   08/01/2026   592,629
    500,000       5.000   08/01/2028   528,478

Pulaski County Little Rock School District Construction GO Bonds Series 2017 (ST AID WITHHLDG) (Aa2/NR)

    5,395,000       3.000   02/01/2023   5,400,968
    5,185,000       3.000   02/01/2024   5,189,348
       

 

  33,132,837

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – 9.2%

Airport Commission of San Francisco International Airport RB Series 2018D (A/A1)

$

     15,790,000       5.000 %    05/01/2048   $     16,335,964

Airport Commission of San Francisco International Airport RB Series 2019E (AMT) (A/A1)

    10,520,000       5.000   05/01/2050   10,922,370

Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA)(g)

    1,000,000       0.000     08/01/2037   553,230

Anaheim Community Facilities District No. 08-1 Special Tax Refunding Bonds for Platinum Triangle Series 2016 (NR/NR)

    670,000       4.000   09/01/2024   684,188
    500,000       4.000   09/01/2025   511,789
    370,000       4.000   09/01/2026   379,803
    415,000       4.000   09/01/2027   421,489
    410,000       4.000   09/01/2028   413,671
    345,000       4.000   09/01/2029   345,483

Atwater Wastewater RB Refunding Series 2017 A (AGM) (NR/AA)

    1,000,000       5.000   05/01/2040   1,071,528

Bay Area Toll Authority Bridge RB 2021 Series D (AA/AA)(b)(e)

(SIFMA Municipal Swap Index Yield + 0.30%)

    12,750,000       1.080   04/01/2027   12,326,208

Bay Area Toll Authority Bridge RB 2021 Series E (AA/AA)(b)(e)

(SIFMA Municipal Swap Index Yield + 0.41%)

    8,450,000       1.190   04/01/2028   8,167,261

Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR)

    195,000       4.000   09/01/2022   195,558
    205,000       4.000   09/01/2023   208,209
    210,000       4.000   09/01/2024   214,447
    220,000       4.000   09/01/2025   225,320
    230,000       4.000   09/01/2026   236,094
    235,000       4.000   09/01/2027   239,594
    255,000       4.000   09/01/2029   255,555
    275,000       4.000   09/01/2031   270,138
    290,000       4.000   09/01/2032   281,366
    300,000       5.000   09/01/2033   314,258
    215,000       5.000   09/01/2034   224,882
    330,000       5.000   09/01/2035   344,709
    345,000       3.000   09/01/2036   287,721
    360,000       3.000   09/01/2037   297,330
    370,000       3.000   09/01/2038   301,174
    380,000       3.000   09/01/2039   306,491
    1,160,000       5.000   09/01/2044   1,192,877
    1,475,000       5.000   09/01/2049   1,511,076

Beaumont Community Facilities District No. 93-1 Special Tax for Improvement Area No 8F Series 2020 (NR/NR)

    1,505,000       4.000   09/01/2045   1,357,476

California Community Choice Financing Authority Clean Energy Project RB Series 2022A (NR/NR)(a)(b)(h)

    25,000,000       4.000   08/01/2028   25,280,385

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (NR/BBB-)

$

     245,000       4.000 %    06/01/2049   $          243,118

California County Tobacco Securitization Agency RB Refunding for Merced County Tobacco Funding Corp. Series 2020 B (NR/NR)

    270,000       5.000   06/01/2050   272,756

California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/BBB+)

    950,000       4.000   06/01/2049   820,363

California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB-)

    225,000       5.000   06/01/2049   230,103

California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)(g)

    2,375,000       0.000     06/01/2055   445,665

California County Tobacco Securitization Agency RB Refunding Series 2020 A (NR/BBB+)

    825,000       4.000   06/01/2049   712,420

California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB-)

    1,095,000       5.000   06/01/2049   1,118,611

California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR)(g)

    12,130,000       0.000   06/01/2055   1,976,837

California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR)(g)

    45,220,000       0.000   06/01/2055   4,760,929

California Educational Facilities Authority RB for Stanford University Series 2010 U-1 (Aaa/AAA)

    5,000,000       5.250   04/01/2040   6,060,405

California Educational Facilities Authority RB for Stanford University Series 2014 U-6 (Aaa/AAA)

    3,500,000       5.000   05/01/2045   4,179,576

California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC - M@College Project Series 2020 A (Baa3/NR)

    450,000       5.000   08/01/2035   462,925
    575,000       5.000   08/01/2040   585,683
    550,000       5.000   08/01/2045   555,070

California Enterprise Development Authority RB Refunding for Rocklin Academy Obligated Group Series 2021 A (NR/BB+)(f)

    250,000       4.000   06/01/2036   225,851

California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (A1/AA)

    500,000       5.000   02/01/2042   526,923

California Health Facilities Financing Authority RB for Lucile Salter Packard Children’s Hospital Series 2017 A (A1/A+)

    375,000       5.000   11/15/2028   412,606
    350,000       5.000   11/15/2029   381,690
    565,000       5.000   11/15/2030   610,901
    1,010,000       5.000   11/15/2042   1,059,341
    12,000,000       5.000     11/15/2056   12,462,195

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

California Health Facilities Financing Authority RB Series 2017A (BBB+/Baa2)

$

     5,800,000       5.000 %   08/15/2042   $     5,957,973

California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR)(a)(b)

    4,500,000       1.200   06/01/2028   3,932,334

California Infrastructure & Economic Development Bank RB Series A (A-/NR)

    1,095,000       4.000   05/01/2039   1,059,932
    1,140,000       4.000   05/01/2040   1,101,946
    1,185,000       4.000   05/01/2041   1,143,062

California Infrastructure & Economic Development Bank RB Series B (A-/NR)

    3,790,000       4.000   05/01/2039   3,668,623
    1,755,000       4.000   05/01/2040   1,696,417
    2,140,000       4.000   05/01/2041   2,064,264

California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/A-)

    1,300,000       5.000   02/01/2034   1,370,213
    1,150,000       5.000   02/01/2035   1,210,549
    450,000       5.000   02/01/2042   467,512
    1,450,000       5.000   02/01/2047   1,499,061

California Municipal Finance Authority RB for LAX Integrated Express Solutions LLC Senior Lien Series 2018 A (AMT) (NR/NR)

    4,265,000       5.000   06/30/2028   4,522,803
    3,235,000       5.000   12/31/2028   3,422,732
    3,500,000       5.000   12/31/2043   3,530,253

California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-)

    670,000       4.000   07/01/2031   668,228
    1,830,000       4.000   07/01/2041   1,666,970

California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR)

    200,000       5.000   10/01/2026   213,191
    200,000       5.000   10/01/2027   215,004
    150,000       5.000   10/01/2028   161,968
    225,000       5.000   10/01/2029   242,067
    125,000       5.000   10/01/2030   133,376
    225,000       5.000   10/01/2031   238,846
    225,000       5.000   10/01/2032   238,277

California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR)(f)

    430,000       5.000   10/01/2034   435,764
    1,125,000       5.000   10/01/2039   1,124,914
    1,035,000       5.000   10/01/2049   997,644

California Municipal Finance Authority RB Refunding for Eisenhower Medical Center Series 2017 A (Baa2/NR)

    4,275,000       5.000   07/01/2047   4,326,004

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (NR/NR)

$

     6,325,000       5.000 %    12/31/2037   $       6,463,849

California Municipal Finance Authority Senior Lien RB Series 2018A (NR/NR)

    2,375,000       5.000   12/31/2038   2,422,888

California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-1 (NR\NR)

    375,000       2.750   11/15/2027   339,192

California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-2 (NR\NR)

    645,000       2.125   11/15/2026   593,126

California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (B+/NR)

    2,275,000       4.000   07/15/2029   2,144,123

California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (Baa3/NR)

    400,000       5.000   06/01/2035   407,665

California Pollution Control Financing Authority RB for Mission Rock Utilities, Inc. Series 2020 (NR/NR)(f)

    5,550,000       4.000   11/01/2023   5,363,806

California Pollution Control Financing Authority RB Refunding for Waste Management, Inc. Series 2015 B-1 (AMT) (NR/A-/A-2)

    4,130,000       3.000   11/01/2025   4,040,270

California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT)
(NR/NR)(f)

    1,750,000       6.750   12/01/2028   1,357,507
    14,195,000       7.500   12/01/2040   9,224,933

California Pollution Control Financing Authority Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2015 A-1 (AMT) (NR/A-/A-2)

    10,000,000       3.375   07/01/2025   9,908,801

California Pollution Control Financing Authority VRD Solid Waste RB Series 2001A (A-/A-2/NR)(a)(b)

    1,250,000       2.500   05/01/2024   1,237,876

California Pollution Control Financing Authority VRD Solid Waste RB Series 2003A (A-/A-2/NR) (PUTABLE)(a)(b)(d)

    3,500,000       2.500   05/01/2024   3,466,054

California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR)(f)

    13,845,000       5.000   07/01/2030   13,912,576

California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR)(f)

    280,000       5.000   07/01/2022   280,000
    360,000       5.000   07/01/2023   366,398
    445,000       5.000   07/01/2024   458,926
    1,330,000       5.000   07/01/2029   1,398,420

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)(f)

$

     1,000,000       5.000 %    06/15/2040   $       973,404

California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (BB-/NR)(f)

    760,000       6.250   04/01/2052   766,861

California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (BBB-/NR)(f)

    900,000       5.000   10/01/2042   917,413

California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-)(f)

    215,000       3.000   10/01/2030   195,308
    500,000       5.000   10/01/2040   508,021

California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-)(f)

    290,000       2.000   10/01/2025   274,680
    400,000       3.000   10/01/2031   357,031

California School Finance Authority RB for Classical Academy Obligated Group Series 2021 B (NR/BBB-)(f)

    125,000       2.250   10/01/2023   124,236

California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+)(f)

    680,000       4.000   07/01/2030   651,220
    1,250,000       5.000   07/01/2040   1,257,663

California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (ST INTERCEPT) (NR/NR)(f)

    435,000       5.000   06/01/2041   425,611

California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 B (NR/NR)(f)

    400,000       4.875   06/01/2027   377,759

California School Finance Authority RB Refunding Series 2016
(NR/BBB)(f)

    3,925,000       5.000   08/01/2046   4,000,294

California State Various Purpose GO Bonds Series 2017 (Aa2/AA-)

    1,250,000       5.000   08/01/2046   1,323,219

California State Various Purpose GO Refunding Bonds Series 2020 (Aa2/AA-)

    16,170,000       4.000   11/01/2037   16,298,776
    6,400,000       4.000   11/01/2038   6,440,048

California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)

    295,000       4.250   09/01/2022   295,879
    145,000       5.000   09/01/2030   150,002
    150,000       5.000   09/01/2037   154,100

California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR)(f)

    1,375,000       7.250   09/01/2050   1,332,377

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR)

$

     625,000       4.000 %    09/01/2041   $         560,818
    530,000       4.000   09/01/2051   453,667

California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR)

    875,000       5.000   09/02/2034   924,853
    595,000       5.000   09/02/2039   623,445

California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR)

    2,630,000       5.000   09/02/2033   2,769,156
    875,000       5.000   09/02/2038   914,012
    350,000       5.000   09/02/2043   361,166
    1,040,000       5.000   09/02/2048   1,067,032

California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 A (NR/NR)

    4,225,000       5.000   09/02/2029   4,432,186

California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/NR)

    645,000       4.000   09/02/2023   651,938
    670,000       4.000   09/02/2024   679,143
    1,500,000       5.000   09/02/2034   1,575,954

California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)(f)

    650,000       3.000   06/01/2029   583,677

California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (NR/BBB+)

    365,000       5.000   08/01/2028   392,742
    300,000       5.000   08/01/2029   320,642
    315,000       5.000   08/01/2030   335,252

California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B)(f)

    500,000       5.000   07/01/2024   497,665
    900,000       5.000   07/01/2029   866,096

California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-)

    150,000       5.000   04/01/2030   159,647
    70,000       5.000   04/01/2031   74,300
    385,000       4.000   04/01/2032   384,795
    455,000       4.000   04/01/2034   449,939

California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2021 A (NR/A-)

    3,235,000       3.000   04/01/2037   2,761,281

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB-)

$

     3,835,000       5.500 %    12/01/2054   $       3,880,416

California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 B (NR/BB-)

    7,000,000       6.000   12/01/2024   7,373,320

California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2016 A (NR/BB-)(f)

    1,725,000       5.000   12/01/2031   1,752,544

California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR)

    1,710,000       4.000   09/02/2028   1,718,568
    1,250,000       5.000   09/02/2040   1,294,022

California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR)

    1,300,000       5.000   09/02/2038   1,354,376
    1,500,000       5.000   09/02/2048   1,534,131

California Statewide Communities Development Authority Special Assessment for Statewide Community Infrastructure Program Series 2019 C (NR/NR)

    180,000       4.000   09/02/2022   180,463
    345,000       4.000   09/02/2023   349,380
    355,000       4.000   09/02/2024   361,180
    1,015,000       4.000   09/02/2029   1,024,880

California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR)(h)

    450,000       5.125   09/01/2042   453,756

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)

    5,025,000       5.000   05/15/2042   5,190,918
    1,000,000       5.000   05/15/2047   1,026,829
    800,000       5.000   05/15/2050   820,407

California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (NON-AMT) (A-/BBB+)

    3,990,000       1.750   09/01/2029   3,390,686

California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR)(g)

    22,510,000       0.000   06/01/2046   3,227,250

Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)

    230,000       4.000   09/01/2026   236,906
    245,000       4.000   09/01/2027   252,350
    250,000       4.000   09/01/2028   256,104
    165,000       3.000   09/01/2037   134,809
    170,000       3.000   09/01/2038   136,960
    175,000       3.000   09/01/2039   139,414
    180,000       3.000   09/01/2040   139,976
    620,000       3.125     09/01/2044   468,797

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (Aa1/AA)(g)

$

     3,500,000       0.000 %   06/01/2034   $         2,213,575

City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2020 (NR/NR)

    600,000       4.000   09/01/2042   539,983

City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR)

    825,000       4.000   09/01/2041   749,125

City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)(f)

    100,000       4.000   09/01/2026   100,658
    150,000       4.000   09/01/2031   145,573
    650,000       4.000   09/01/2036   608,505

City of Azusa Community Facilities District No. 2005-1 Special Tax Series 2019 (AGM) (NR/AA)

    1,280,000       5.000   09/01/2044   1,384,066
    1,925,000       5.000   09/01/2049   2,071,159

City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR)

    1,125,000       4.000   09/01/2029   1,144,576
    1,275,000       4.000   09/01/2032   1,243,856
    1,030,000       4.000   09/01/2037   978,546
    485,000       4.000   09/01/2040   445,545

City of Dublin Community Facilities District No. 2015-1 Special Tax Bonds for Improvement Area No. 3 Series 2021 (NR/NR)

    700,000       4.000   09/01/2045   611,393

City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR)(f)

    1,000,000       5.000   09/01/2035   1,055,227

City of Fontana Community Facilities District No. 90 Special Tax for Summit at Rosena Phase One Series 2021 (NR/NR)

    475,000       4.000   09/01/2041   435,243

City of Los Angeles Department of Airports International Airport Subordinate RB 2022 Series A (AMT) (Aa3\AA-)

    9,420,000       5.000   05/15/2030   10,572,775

City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR)

    305,000       4.000   09/01/2028   310,587
    330,000       4.000   09/01/2030   329,818
    440,000       4.000   09/01/2032   432,451
    450,000       4.000   09/01/2034   432,205
    465,000       4.000   09/01/2036   439,086
    150,000       3.000   09/01/2038   118,721
    160,000       3.000   09/01/2039   124,823
    190,000       4.000   09/01/2040   171,899

City of Oroville RB for Oroville Hospital Series 2019 (NR/B+)

    1,140,000       5.000   04/01/2024   1,164,354
    1,325,000       5.000   04/01/2027   1,374,821
    1,000,000       5.000   04/01/2029   1,037,827
    1,250,000       5.000   04/01/2030   1,289,297
    1,500,000       5.000     04/01/2031   1,539,749

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

City of Palm Desert Community Facilities District No. 2005-1 Special Tax Refunding Bonds Series 2021 A (NR/NR)

$

     165,000       4.000 %   09/01/2030   $       162,988
    190,000       4.000   09/01/2033   184,321
    200,000       4.000   09/01/2036   191,040

City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR)

    670,000       4.000   09/02/2026   681,749
    800,000       4.000   09/02/2031   785,834

City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR)

    100,000       5.000   09/01/2026   105,600
    100,000       5.000   09/01/2027   105,233
    100,000       5.000   09/01/2028   104,702
    100,000       5.000   09/01/2029   104,160
    140,000       5.000   09/01/2031   144,716
    250,000       5.000   09/01/2032   257,937
    230,000       5.000   09/01/2033   237,016
    150,000       5.000   09/01/2034   154,383
    150,000       5.000   09/01/2035   154,251
    700,000       5.000   09/01/2036   719,291
    275,000       5.000   09/01/2037   282,434
    250,000       5.000   09/01/2038   256,504
    500,000       5.000   09/01/2039   512,298

City of Roseville CA ST Series 2019 (NR/NR)

    85,000       4.000   09/01/2023   86,127
    80,000       4.000   09/01/2024   81,426
    150,000       4.000   09/01/2025   152,994
    275,000       5.000   09/01/2026   291,891
    210,000       5.000   09/01/2027   224,011
    160,000       5.000   09/01/2028   171,858
    170,000       5.000   09/01/2029   182,318
    110,000       5.000   09/01/2030   117,549

City of Roseville Special Tax for SVSP Westpark-Federico Community Facilities District No. 1 Series 2019 (NR/NR)

    325,000       3.000   09/01/2029   296,383
    815,000       5.000   09/01/2034   861,428
    445,000       5.000   09/01/2039   466,267

City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR)

    55,000       3.000   09/01/2022   55,042
    70,000       4.000   09/01/2024   71,262
    95,000       4.000   09/01/2026   97,109
    65,000       5.000   09/01/2030   70,009
    190,000       4.000   09/01/2032   185,512
    225,000       4.000   09/01/2034   217,135
    265,000       4.000   09/01/2036   253,128
    305,000       4.000   09/01/2038   287,926
    330,000       4.000   09/01/2040   305,061

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

City of Sacramento Greenbriar Community Facilities District No. 2018-03 Special Tax Bonds for Improvement Area No. 1 Series 2021 (NR/NR)

$

     875,000       4.000 %    09/01/2041   $         797,083

City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)(f)

    535,000       4.000   09/01/2028   543,646

City of San Luis Obispo Community Facilities District No. 2019-1 Special Tax Bonds Series 2021 (NR/NR)

    500,000       4.000   09/01/2041   458,151

City of Santa Paula Special Tax for Harvest Community Facilities District No. 1 Series 2020 (NR/NR)

    600,000       5.000   09/01/2035   637,395
    1,000,000       5.000   09/01/2040   1,050,548

City of Santee Community Facilities District No. 2017-1 Special Tax Bonds Series 2019 (NR/NR)

    1,420,000       4.000   09/01/2044   1,280,621

City of Stockton Community Facilities District No. 2005-1 Special Tax Bonds Series 2019 (NR/NR)

    320,000       2.000   09/01/2024   308,251
    330,000       2.250   09/01/2026   307,594
    350,000       2.375   09/01/2028   313,463
    380,000       2.750   09/01/2031   326,531
    405,000       3.000   09/01/2033   347,561
    415,000       3.000   09/01/2034   353,624
    270,000       3.000   09/01/2035   226,539
    900,000       3.125   09/01/2037   747,391
    740,000       3.125   09/01/2039   602,318
    810,000       3.250   09/01/2041   648,348

City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR)

    345,000       5.000   09/01/2044   357,384
    465,000       5.000   09/01/2049   478,994

City of Upland Community Facilities District No. 2015-1 Special Tax Improvement Area No.1 Series 2019 B (NR/NR)

    95,000       3.125   09/01/2037   80,178
    700,000       3.250   09/01/2041   574,314
    600,000       3.500   09/01/2049   480,747
    940,000       4.000   09/01/2049   828,783

Commerce Community Development Commission Successor Agency Tax Allocation Refunding Series 2016 A (AGM) (NR/AA)

    275,000       3.125   08/01/2035   260,774

County of El Dorado CA Community Facilities District No. 2018-1 Bass Lake Hills Special Tax Bonds Series 2019 (NR/NR)

    450,000       5.000   09/01/2034   474,483
    725,000       5.000   09/01/2039   757,399

County of Los Angeles CA Community Facilities District NO 2021-01(h)

    2,250,000       5.000   09/01/2047   2,271,485

County of Sacramento RB Refunding for Airport System Series 2018 C (AMT) (A2/A+)

    1,225,000       5.000   07/01/2039   1,283,124

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

County of San Diego Community Facilities District No. 2008-01 Special Tax Series 2020 A (NR/NR)

$

     1,365,000       4.000 %    09/01/2045   $       1,208,271

Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR)

    1,295,000       5.000   09/01/2027   1,363,047

East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR)

    395,000       3.125   09/01/2044   296,128
    1,630,000       3.125   09/01/2049   1,171,104

Eastern Foothill Transporation Corridor Agency Toll Road Refunding RB Series 2013B (A-/BBB)(a)(b)

    1,175,000       5.500   07/15/2022   1,176,397

Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (A/Baa2)

    3,255,000       4.000   01/15/2046   2,991,265

Folsom Ranch Financing Authority Special Tax for City of Folsom Community Facilities District No. 21 Series 2021 (NR/NR)

    415,000       4.000   09/01/2046   369,151
    500,000       4.000   09/01/2050   431,974

Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa2/A-)(a)

    1,300,000       3.950   01/15/2053   1,154,457

Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (AGM) (A2/AA)(c)

    3,000,000       0.000   01/15/2032   3,221,234

Fullerton Community Facilities District No. 1 Special Tax Refunding Bonds for Amerige Heights Series 2012 (NR/A+)(b)

    500,000       5.000   09/01/2022   502,907

Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB-/NR)

    15,850,000       3.850   06/01/2050   14,282,749

Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)(b)

    24,130,000       5.000   06/01/2028   27,482,371

Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (A+/Aa3)(b)

    13,395,000       5.000   06/01/2025   14,496,779

Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2018A-1 (US TREASURY OBLIGATIONS / CASH) (NR\NR)(b)

    5,250,000       5.000   06/01/2028   5,979,380

Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA)(f)

    665,000       4.000   06/01/2036   669,879

Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (NR/A-)

    1,000,000       3.678   06/01/2038   947,271

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)

$

     650,000       5.000 %    09/01/2025   $         691,111
    650,000       5.000   09/01/2026   699,321

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)

    480,000       5.000   09/01/2025   510,359

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)

    430,000       5.000   09/01/2026   462,628

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)

    180,000       4.000   09/01/2025   184,353
    175,000       4.000   09/01/2026   179,568

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2019 A (NR/NR)

    350,000       5.000   09/01/2030   375,687
    310,000       5.000   09/01/2032   330,125
    360,000       5.000   09/01/2034   381,425
    460,000       5.000   09/01/2036   486,920

Lammersville Joint Unified School District Improvement Community Facilities District No. 2014-1 Special Tax Bonds Series 2019 (NR/NR)

    775,000       5.000   09/01/2043   802,250
    2,500,000       5.000   09/01/2048   2,573,082

Lammersville Joint Unified School District No. 2002 Special Tax Refunding for Community Facilities Series 2017 (AGM) (NR/AA)

    3,000,000       3.500   09/01/2035   2,853,142

Los Angeles Department of Airports RB Senior Refunding Series 2018 B (AMT) (Aa2/AA)

    2,335,000       5.000   05/15/2034   2,507,009

Los Angeles Department of Airports Subordinated RB Refunding Series 2021 B (Aa3/AA-)

    3,810,000       5.000   05/15/2038   4,217,374
    3,915,000       5.000   05/15/2039   4,324,896

Los Angeles Department of Airports Subordinated RB Series 2016 B (AMT) (Aa3/AA-)

    1,000,000       5.000   05/15/2029   1,069,124

Los Angeles Department of Airports Subordinated RB Series 2018 A (AMT) (Aa3/AA-)

    7,000,000       5.250   05/15/2048   7,388,877

Los Angeles Department of Airports Subordinated RB Series 2018 C (AMT) (Aa3/AA-)

    5,000,000       5.000   05/15/2030   5,433,641
    1,000,000       5.000   05/15/2035   1,061,414

Los Angeles Department of Airports Subordinated RB Series 2018 D (AMT) (Aa3/AA-)

    6,000,000       5.000   05/15/2030   6,650,746

Los Angeles Unified School District 2014 GO Refunding Bonds Series C (A+/Aa3)

    4,520,000       5.000   07/01/2027   4,765,455

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (AGC) (Aa3/AA)(g)

$

     2,000,000       0.000 %    08/01/2037   $         1,072,664
    4,500,000       0.000   08/01/2038   2,299,746
    4,500,000       0.000   08/01/2039   2,188,112

Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL) (NR/AA-)(g)

    1,205,000       0.000   08/01/2026   1,070,189

Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR)(g)

    2,510,000       0.000   08/01/2035   1,516,766

M-S-R Energy Authority Gas RB Series 2009 A (NR/BBB+)

    1,750,000       6.500   11/01/2039   2,161,000

M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+)

    3,295,000       6.125   11/01/2029   3,676,792
    2,000,000       6.500   11/01/2039   2,469,714

Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (Aa3/AA)(c)

    5,000,000       0.000   08/01/2035   5,432,140

Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/BBB+)(e)

   

(3M USD LIBOR + 0.72%)

      
    4,605,000       2.246   07/01/2027   4,503,936

Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (A2/AA)

    11,335,000       5.000   11/01/2047   11,884,784

Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A2/AA)

    2,150,000       0.000 (g)    08/01/2031   1,498,397
    4,150,000       0.000 (g)    08/01/2032   2,791,953
    3,500,000       0.000 (g)    08/01/2033   2,240,985
    6,450,000       7.000   08/01/2038   7,587,789

Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)

    590,000       4.000   09/01/2023   598,765
    320,000       4.000   09/01/2024   326,239
    400,000       4.000   09/01/2025   409,189
    1,490,000       4.000   09/01/2026   1,522,500
    305,000       4.000   09/01/2027   309,533
    500,000       4.000   09/01/2028   504,477
    1,780,000       4.000   09/01/2029   1,781,818

River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax Refunding Bonds Series 2015 A-1 (NR/NR)

    3,965,000       5.000   09/01/2027   4,054,166
    1,000,000       5.375   09/01/2031   1,022,009
    485,000       5.250   09/01/2034   495,466

River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR)

    875,000       4.000   09/01/2041   771,333
    555,000       4.000   09/01/2046   461,595

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

Riverside County Transportation Commission Toll Revenue Senior Lien Refunding Bonds 2021 Series B-1 (A/BBB+)

$

     2,230,000       4.000 %    06/01/2037   $      2,193,888
    2,965,000       4.000   06/01/2038   2,899,790
    3,845,000       4.000   06/01/2039   3,744,113
    1,755,000       4.000   06/01/2040   1,698,398

Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR)

    195,000       4.000   09/01/2027   199,365
    205,000       4.000   09/01/2028   208,303
    210,000       4.000   09/01/2029   212,838
    220,000       4.000   09/01/2030   218,067
    545,000       4.000   09/01/2034   524,009
    500,000       4.000   09/01/2037   472,458
    370,000       4.000   09/01/2040   337,223

Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)

    750,000       5.000   09/01/2025   793,251
    1,075,000       5.000   09/01/2026   1,150,928
    1,000,000       5.000   09/01/2027   1,079,918

Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR)

    50,000       4.000   09/01/2022   50,128
    100,000       5.000   09/01/2031   106,456
    185,000       5.000   09/01/2032   196,536
    165,000       5.000   09/01/2033   174,536
    175,000       4.000   09/01/2034   168,883
    150,000       4.000   09/01/2035   144,010
    125,000       3.000   09/01/2036   101,242
    470,000       5.000   09/01/2039   491,575
    250,000       3.250   09/01/2041   197,485
    400,000       5.000   09/01/2045   412,375
    1,000,000       5.000   09/01/2049   1,026,402

Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2021 (NR/NR)

    850,000       2.500   09/01/2037   613,922
    600,000       4.000   09/01/2041   542,008
    4,480,000       4.000   09/01/2050   3,852,131

Sacramento City Unified School District GO RB Refunding Series 2015 (AGM) (NR/AA)

    1,000,000       5.000   07/01/2029   1,053,303

Sacramento County Financing Authority RB Series 2007B (NATL) (AA-/Aa3)(e)

   

(3M USD LIBOR + 0.55%)

      
    21,905,000       1.609   06/01/2034   20,297,388

San Diego Community College District 2016 GO Refunding Bonds (AAA/Aaa)(b)

    5,500,000       5.000   08/01/2026   6,097,798

San Diego County Regional Airport Authority RB Refunding Series 2013 B (AMT) (A1/A)

    3,465,000       5.000   07/01/2023   3,570,387

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2\NR)

$

     13,800,000       4.000 %    07/01/2040   $      13,186,613

San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (Aa2/AA-)(g)

    5,000,000       0.000   07/01/2039   2,360,014

San Diego Unified School District GO Bonds for Election of 2012 Series 2013 C (Aa2/AA-)(b)

    3,500,000       4.000   07/01/2023   3,580,308

San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 B (A1/A)

    4,650,000       5.000   05/01/2049   4,901,587

San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2013 A (AMT) (A1/A)

    2,000,000       5.500   05/01/2028   2,042,914

San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Series 2020 A (AMT) (A1/A)

    1,000,000       4.000   05/01/2039   972,659
    2,800,000       4.000   05/01/2040   2,706,534

San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 A (AMT) (NR/A)

    10,000,000       5.000   05/01/2023   10,258,484

San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 G (AMT) (NR/A)

    1,300,000       5.000   05/01/2027   1,412,610

San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2016 C (NR/A-)

    1,000,000       5.000   08/01/2033   1,081,389

San Jacinto Unified School District Financing Authority Special Tax RB Series 2019 (NR/NR)

    500,000       5.000   09/01/2036   528,942
    1,550,000       5.000   09/01/2044   1,609,496
    2,275,000       5.000   09/01/2049   2,350,494

San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL) (Baa2/NR)(g)

    1,715,000       0.000   01/15/2026   1,525,959

San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (NR/A)(b)

    1,000,000       5.000   01/15/2025   1,072,001

Santa Monica-Malibu Unified School District GO Bonds for School Facilities Improvement Discrict No. 1 Series 2018 B (Aa1/AA+)

    12,235,000       4.000   08/01/2050   11,921,970

Santa Monica-Malibu Unified School District GO Bonds for School Facilities Improvement Discrict No. 2 Series 2018 B (Aa1/AA+)

    15,995,000       4.000   08/01/2050   15,585,771

State of California GO Bonds Various Purpose GO Refunding Bonds (Aa2\AA-)

    8,000,000       5.000   11/01/2031   9,347,737

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

State of California Various Purpose GO Bonds (Aa2\AA-)

$

     10,000,000       5.000 %    04/01/2028   $      11,366,281

State of California Various Purpose GO Refunding Bonds (Aa2/AA-)

    10,775,000       4.000   03/01/2037   10,854,901

Stockton Unified School District GO Refunding Bonds Series 2016 (Aa3/A+)

    2,735,000       5.000   08/01/2025   2,949,560

Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-1 (NR/BBB-)

    1,760,000       4.000   06/01/2049   1,763,689

Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-2 (NR/NR)(g)

    6,000,000       0.000   06/01/2060   863,509

Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A)

    885,000       5.000   06/01/2026   937,196
    1,180,000       5.000   06/01/2027   1,259,896
    920,000       5.000   06/01/2028   986,838
    1,780,000       5.000   06/01/2029   1,918,939

Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A-)

    1,745,000       5.000   06/01/2032   1,863,063
    870,000       5.000   06/01/2034   923,537
    435,000       5.000   06/01/2035   460,911
    870,000       5.000   06/01/2036   919,967
    870,000       5.000   06/01/2039   913,291

Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (NR/BBB-)

    2,715,000       5.000   06/01/2048   2,641,831

Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)(g)

    7,975,000       0.000     06/01/2054   1,398,778

Town of Tiburon Special Assessment for Assessment District No. 2017-1 Series 2021 A (NR/NR)

    475,000       2.375   09/02/2041   321,188
    1,050,000       2.500   09/02/2046   679,752

Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR)

    1,265,000       5.000   10/01/2028   1,424,671
    580,000       5.000   10/01/2029   660,234
    490,000       5.000   10/01/2030   558,913
    1,025,000       5.000   10/01/2031   1,164,163
    880,000       5.000   10/01/2033   989,508
    615,000       5.000   10/01/2035   686,541
    705,000       5.000   10/01/2036   783,095
    880,000       5.000   10/01/2037   972,757

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) – (continued)

$

     880,000       5.000 %    10/01/2038   $        967,478
    880,000       5.000   10/01/2039   962,624
    970,000       5.000   10/01/2040   1,055,562
    950,000       5.000   10/01/2045   1,021,230
    1,035,000       2.400   10/01/2049   963,853
    995,000       5.000   10/01/2049   1,066,600

University of California RB Refunding Series 2018 O (Aa3/AA-)

    3,500,000       5.500   05/15/2058   3,808,043

University of California RB Refunding Series 2020 BE (Aa2/AA)

    8,800,000       5.000   05/15/2041   9,760,414

West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL) (Baa2/AA-)(g)

    1,175,000       0.000   08/01/2025   1,079,506

William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR)

    800,000       5.000   09/01/2047   817,131
       

 

        792,705,738

 

Colorado – 3.9%

Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (Aa2/NR)

    6,910,000       5.250   12/01/2040   7,546,678

Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (ST AID WITHHLDG) (NR/NR)(b)

    325,000       5.250   12/01/2026   364,930

Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR)

    1,425,000       4.700   12/01/2047   1,199,655

Belford North Metropolitan District GO Bonds Series 2020 A (NR/NR)

    2,975,000       5.500   12/01/2050   2,588,044

Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR)(c)(f)

    1,855,000       0.000   12/01/2049   1,491,884

Board of Governors of Colorado State University System RB Refunding Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/AA)

    14,305,000       5.000   03/01/2043   15,410,516

Board of Governors of Colorado State University System RB Refunding Series 2017 C (ST HGR ED INTERCEPT PROG) (ST HGR ED INTERCEPT PROG) (NR/NR)(b)

    9,555,000       5.000   03/01/2028   10,806,111

Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Series 2017 A (NR/NR)

    525,000       5.000   12/01/2037   518,868

Brighton Crossing Metropolitan District No. 6 GO Bonds Series 2020 A (NR/NR)

    525,000       5.000   12/01/2035   517,427
    515,000       5.000   12/01/2040   490,619

Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)(f)

    1,120,000       5.000   12/01/2040   1,071,872

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Colorado – (continued)

Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR)

$

     1,000,000       5.250 %    12/01/2038   $      972,470

Chambers Highpoint Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR)

    515,000       5.000   12/01/2041   468,173

Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (Aa1/AA+)

    3,510,000       6.000   12/15/2029   4,135,148
    10,805,000       6.000   12/15/2030   12,693,330

City Center West Residential Metropolitan District No. 2 GO Bonds Senior Series 2019 A (NR/NR)

    1,035,000       5.000   12/01/2049   938,972

Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (NR/NR)

    900,000       4.000   10/01/2056   708,996

Colorado Educational & Cultural Facilities Authority RB for Aspen View Academy, Inc. Series 2021 (Baa3/NR)

    150,000       4.000   05/01/2036   136,421
    150,000       4.000   05/01/2041   130,585

Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR)(f)

    300,000       5.000   02/01/2034   285,544

Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR)(f)

    1,300,000       5.000   10/01/2029   1,350,080
    2,500,000       5.000   10/01/2039   2,494,084

Colorado Educational & Cultural Facilities Authority RB Refunding for STEM School & Academy Project Series 2019 (Baa3/NR)

    345,000       4.000   11/01/2029   335,229
    400,000       5.000   11/01/2039   402,424

Colorado Educational & Cultural Facilities Authority RB Refunding for West Ridge Academy Charter School Project Series 2019 A (MORAL OBLG) (Aa3/NR)

    325,000       5.000   06/01/2049   331,179
    350,000       5.000   06/01/2054   356,223

Colorado Educational and Cultural Facilities Authority Charter School RB for STEM School Project Series 2019 (NR/Baa3)

    700,000       5.000   11/01/2049   699,704

Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Baa1/NR)

    1,800,000       4.000   09/01/2050   1,605,571

Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (Aa2/AA)

    3,900,000       4.000   11/15/2043   3,849,156

Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-)

    1,000,000       5.000   08/01/2030   1,067,290
    270,000       5.000   08/01/2035   283,585
    3,010,000       4.000   08/01/2044   2,770,350

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Colorado – (continued)

Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-)

$

     1,000,000       5.000 %    08/01/2035   $      1,050,317
    2,500,000       5.000   08/01/2036   2,617,129
    1,500,000       5.000   08/01/2038   1,558,711
    3,035,000       5.000   08/01/2039   3,142,985

Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (NR/NR)(b)

    1,150,000       5.000   06/01/2027   1,281,925

Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (NR/A+)

    1,730,000       4.000   11/01/2039   1,661,178
    7,435,000       5.000   11/01/2039   7,821,303
    8,285,000       5.000   11/01/2044   8,625,099
    1,950,000       5.000   11/01/2049   2,015,981

Colorado Health Facilities Authority RB Refunding for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (Aa3/AA-)

    2,640,000       4.000   01/01/2036   2,628,835

Colorado Health Facilities Authority RB Series 2019A-2 (A-/Baa1)

    3,495,000       4.000   08/01/2049   3,131,050

Colorado Health Facilities Authority RB Series 2019B (AA/AA)(a)(b)

    6,000,000       5.000   11/19/2026   6,609,975

Colorado Health Facilities Authority RB Series 2019B Series 2019B-1 (A-/BBB+)(a)(b)

    8,500,000       5.000   08/01/2025   8,882,622

Conestoga Metropolitan District LT GO Refunding & Improvement Bonds Series 2021A3 (NR/NR)

    775,000       5.250   12/01/2051   669,435

Copper Ridge Metropolitan District RB Series 2019 (NR/NR)

    3,210,000       4.000   12/01/2029   2,979,341

Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)

    500,000       4.500   12/01/2027   497,099

Cottonwood Highlands Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)

    900,000       5.000   12/01/2049   834,712

Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR)

    1,255,000       5.000   12/01/2039   1,205,588

Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Senior Bonds Series 2021A (NR/NR) (NR/NR)(f)

    740,000       5.000   12/01/2029   673,246
    1,940,000       5.500   12/01/2039   1,668,106

Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)(f)

    2,730,000       5.000   12/01/2029   2,498,732
    3,105,000       5.500   12/01/2039   2,698,170

Denver City & County Airport RB Refunding Series 2018 A (AMT) (A2/A)

    1,500,000       5.000   12/01/2038   1,577,861
    11,500,000       5.250   12/01/2048   12,091,938

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Colorado – (continued)

Denver City & County Airport RB Series 2013 A (AMT) (A2/A)

$

     5,000,000       5.500 %    11/15/2029   $       5,166,619

Denver City & County School District No. 1 GO Bonds Series 2021 (ST AID WITHHLDG) (Aa1/AA+)

    6,095,000       4.000   12/01/2045   6,068,456

Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (NR/B)

    24,495,000       5.000   10/01/2032   24,415,475

Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB)(f)

    4,995,000       5.000   12/01/2025   5,320,222
    5,145,000       5.000   12/01/2026   5,550,912
    5,285,000       5.000   12/01/2027   5,727,327

Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds Series 2016 (BBB-/Baa2)

    1,235,000       5.000   12/01/2033   1,268,877

Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-)

    640,000       5.000   12/01/2030   667,307

Denver Health & Hospital Authority COPS Series 2018 (NR/BBB)

    765,000       5.000   12/01/2024   802,765
    205,000       5.000   12/01/2025   218,348

Denver Health & Hospital Authority RB Series 2019 A (NR/BBB)

    880,000       5.000   12/01/2030   952,609
    1,230,000       5.000   12/01/2031   1,324,623
    3,500,000       5.000   12/01/2032   3,751,818

Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area RB Series 2018 A (NR/NR)(f)

    4,355,000       5.250   12/01/2039   4,425,124

E-470 Public Highway Authority RB Refunding Series 2010 A (AGM-CR) (A2/AA)(g)

    1,500,000       0.000   09/01/2035   874,628

E-470 Public Highway Authority RB Refunding Series 2020 A (A2/A)

    880,000       5.000   09/01/2027   981,682
    880,000       5.000   09/01/2028   990,107
    1,145,000       5.000   09/01/2034   1,282,849
    1,100,000       5.000   09/01/2035   1,229,986
    1,235,000       5.000   09/01/2036   1,378,486

E-470 Public Highway Authority RB Series 2004 B (NATL) (A2/A)(g)

    1,350,000       0.000   09/01/2030   996,520

E-470 Public Highway Authority RB Series 2010 A (A2/A) (g)

    6,000,000       0.000     09/01/2040   2,632,711

Fiddler’s Business Improvement District GO Refunding Bonds Series 2022 (NR/NR)(f)

    2,800,000       5.550   12/01/2047   2,863,984

First Creek Village Metropolitan District GO Bonds Series 2019 A (Ba1/NR)

    325,000       3.000   12/01/2029   288,059

Glen Metropolitan District GO LT Bonds Series 2021 (NR/NR) (NR/NR)

    570,000       3.750   12/01/2034   461,441

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Colorado – (continued)

Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR)

$

     650,000       4.000 %    12/01/2031   $       566,581

Hogback Metropolitan District LT GO Bonds Series 2021A3 (NR/NR) (NR/NR)

    725,000       5.000   12/01/2041   659,078
    1,550,000       5.000   12/01/2051   1,338,173

Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR)

    900,000       5.000   12/01/2039   872,985

Indy Oak TOD Metropolitan District GO Bonds Series 2020 A (NR/NR)(f)

    1,070,000       5.500   12/01/2050   1,013,562

Jefferson County School District R-1 GO Bonds Series 2020 A (ST AID WITHHLDG) (Aa1/AA)

    8,630,000       4.000   12/15/2037   8,913,325

Johnstown Plaza Metropolitan District LT GO Refunding and Improvement Bonds Series 2022 (NR/NR)

    9,275,000       4.250   12/01/2046   7,760,624

Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)

    1,375,000       5.000   12/01/2039   1,329,795
    1,000,000       5.000   12/01/2049   928,084

Mayfield Metropolitan District GO Bonds Series 2020 A (NR/NR)

    1,185,000       5.750   12/01/2050   1,147,181

Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)

    1,380,000       5.000   12/01/2039   1,306,224

Morgan Hill Metropolitan District GO LT Refunding & Improvement Bonds Senior Series 2021A (NR/NR)

    2,940,000       3.500   12/01/2041   2,218,468

North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)

    500,000       5.500   12/01/2048   482,759

Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-)

    215,000       4.000   12/01/2022   216,239
    160,000       4.000   12/01/2023   163,510
    175,000       4.000   12/01/2024   179,517
    100,000       4.000   12/01/2025   102,805
    315,000       4.000   12/01/2026   323,432
    290,000       4.000   12/01/2029   294,377
    205,000       4.000   12/01/2030   200,202
    225,000       4.000   12/01/2031   218,663

Peak Metropolitan District No. 1 GO Bonds Series 2021 A (NR/NR)(f)

    500,000       4.000   12/01/2035   430,790
    500,000       5.000   12/01/2041   457,009

Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)

    925,000       5.000   12/01/2040   884,210

Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR)

    650,000       5.000   12/01/2049   603,367

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Colorado – (continued)

Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)

$

     1,000,000       5.625 %    12/01/2048   $       983,066

Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A2/A-)

    2,000,000       6.250   11/15/2028   2,229,610

Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)

    5,000,000       5.000   12/01/2039   4,784,581

Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR)

    1,250,000       4.000   12/01/2036   1,091,103
    2,000,000       4.000   12/01/2041   1,644,786

Reata Ridge Village Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)

    900,000       5.000   12/01/2049   830,540

Regional Transportation Distrcit Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1\NR)

    450,000       5.000   07/15/2028   475,043
    715,000       5.000   01/15/2029   755,001
    400,000       5.000   07/15/2029   422,765
    500,000       5.000   01/15/2030   528,387
    350,000       5.000   07/15/2030   369,922

Regional Transportation District RB Refunding for Denver Transit Partners LLC Series 2020 A (Baa1/NR)

    440,000       5.000   01/15/2028   464,212

Regional Transportation District Sales Tax Revenue RB Series 2016 A (Aa2/AA+)

    19,445,000       5.000   11/01/2046   20,883,607

Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR)

    850,000       5.000   12/01/2049   793,564

Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR)

    2,875,000       5.000   12/01/2039   2,761,143

Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)(b)

    386,000       4.500   12/01/2023   398,905

Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR)

    1,240,000       5.000   12/01/2049   1,241,883

South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA)

    75,000       5.000   12/01/2025   80,512
    125,000       5.000   12/01/2026   135,937
    150,000       5.000   12/01/2027   164,657
    235,000       5.000   12/01/2028   260,090
    175,000       5.000   12/01/2029   195,201
    300,000       4.000   12/01/2030   317,436
    300,000       4.000   12/01/2031   316,153
    375,000       4.000   12/01/2032   393,809
    220,000       4.000   12/01/2034   229,879
    325,000       4.000   12/01/2039   328,977

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Colorado – (continued)

South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR)

$

     500,000       5.500 %    12/01/2048   $       461,096

Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-1 (Ba1/NR)

    100,000       3.000   12/01/2022   99,635
    1,000,000       5.000   12/01/2037   984,271

Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-2 (Ba1/NR)

    100,000       3.500   12/01/2027   93,851
    115,000       5.000   12/01/2037   113,191
    325,000       5.000   12/01/2047   305,845

St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)

    1,000,000       5.000   12/01/2037   998,888

Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A3/NR)

    350,000       5.000   12/01/2032   374,705

Sterling Ranch Community Authority Board Limited Tax Special Senior RB Series 2017 A (NR/NR)

    1,000,000       5.000   12/01/2030   1,003,592
    6,920,000       5.000   12/01/2047   6,548,761

Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR)

    1,250,000       3.750   12/01/2040   1,004,091

The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR)

    975,000       4.150   12/01/2030   937,424

Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (NR/AA)

    195,000       5.000   12/01/2026   214,606
    205,000       5.000   12/01/2027   228,821
    210,000       5.000   12/01/2028   236,966
    210,000       5.000   12/01/2029   239,433
    215,000       5.000   12/01/2030   243,897
    230,000       5.000   12/01/2031   259,882
    250,000       5.000   12/01/2032   281,515
    255,000       5.000   12/01/2033   285,423
    285,000       5.000   12/01/2034   317,368
    100,000       5.000   12/01/2035   111,163
    695,000       5.000   12/01/2050   755,612

Vauxmont Metropolitan District Limited Tax Convertible to Unlimited Tax GO Refunding Bonds Series 2019 (AGM) (NR/AA)

    105,000       5.000   12/15/2022   106,484
    115,000       5.000   12/15/2023   119,641
    130,000       5.000   12/15/2024   138,054
    125,000       5.000   12/15/2025   135,479
    135,000       5.000   12/15/2026   146,958
    125,000       5.000   12/15/2027   135,889
    125,000       5.000   12/15/2028   135,677
    125,000       5.000   12/15/2029   135,558

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Colorado – (continued)

Vauxmont Metropolitan District Limited Tax Convertible to Unlimited Tax GO Refunding Bonds Series 2019 (AGM) (NR/AA) – (continued)

$

     125,000       5.000 %    12/15/2030   $       135,464
    135,000       5.000   12/15/2031   146,090
    160,000       5.000   12/15/2032   172,925

Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR)

    1,000,000       5.000   12/01/2040   908,171

Wild Plum Metropolitan District GO Bonds Series 2019 A (NR/NR)(b)

    595,000       5.000   12/01/2024   647,341

Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)

    1,250,000       5.375   12/01/2048   1,204,718

Willow Bend Metropolitan District GO Bonds Series 2019 A (NR/NR)

    600,000       5.000   12/01/2039   575,720
       

 

    332,719,325

 

Connecticut – 1.7%

City of New Haven GO Bonds Series 2018 A (NR/BBB+)

    450,000       5.000   08/01/2026   489,745
    965,000       5.000   08/01/2027   1,065,741
    1,165,000       5.000   08/01/2028   1,295,023
    750,000       5.500   08/01/2029   848,710
    350,000       5.500   08/01/2030   394,271
    525,000       5.500   08/01/2031   589,303
    500,000       5.500   08/01/2032   559,652
    405,000       5.500   08/01/2033   452,061

City of New Haven GO Refunding Bonds Series 2019 B (AGM) (A2/AA)

    1,350,000       5.000   02/01/2024   1,407,135
    1,400,000       5.000   02/01/2026   1,517,233
    600,000       5.000   02/01/2027   659,406
    1,050,000       5.000   02/01/2028   1,168,384

Connecticut State GO Bonds Series 2018 C (Aa3/A+)

    680,000       5.000   06/15/2028   769,194

Connecticut State GO Refunding Bonds Series 2017 B (Aa3/A+)

    5,000,000       5.000   04/15/2028   5,645,469

Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR)(f)

    400,000       5.000   01/01/2030   411,265

Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 B-1 (NR/NR)(f)

    650,000       3.250   01/01/2027   628,072

Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 B-2 (NR/NR)(f)

    550,000       2.750   01/01/2026   529,378

Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BBB-)

    390,000       5.000   07/01/2025   405,126
    575,000       5.000   07/01/2026   600,134
    440,000       5.000   07/01/2027   461,408
    530,000       5.000   07/01/2028   555,401
    485,000       5.000   07/01/2029   508,969
    875,000       5.000   07/01/2030   911,323

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Connecticut – (continued)

Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BBB-) – (continued)

$

     645,000       5.000 %    07/01/2031   $       667,855
    575,000       5.000   07/01/2032   593,131
    475,000       5.000   07/01/2033   488,395
    450,000       5.000   07/01/2034   461,510
    870,000       4.000   07/01/2039   771,337

Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR)(f)

    3,675,000       4.750   10/01/2048   3,183,899

Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (Aa3/AA)

    5,540,000       5.000   11/01/2026   6,138,796

Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/CCC+)(f)

    3,750,000       7.000   02/01/2045   3,800,925

South Central Connecticut Regional Authority Water System RB 36 Series A-1 (AA-/NR)

    3,500,000       4.000   08/01/2038   3,547,690

State of Connecticut GO Bonds Series 2018 (Aa3/A+)

    1,770,000       5.000   06/15/2027   1,982,155
    755,000       5.000   06/15/2029   846,965

State of Connecticut GO Bonds Series 2018 C (Aa3/A+)

    165,000       5.000   06/15/2032   181,828

State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/A+)

    1,500,000       5.000   04/15/2025   1,614,160
    6,395,000       5.000   04/15/2026   7,019,614
    1,350,000       5.000   04/15/2028   1,524,277
    1,000,000       5.000   04/15/2035   1,101,025
    1,000,000       5.000   04/15/2036   1,097,464
    1,000,000       5.000   04/15/2039   1,089,233

State of Connecticut Health and Educational Facilities Authority for Yale University Issue RB Series U-2 (Aaa/WR\AAA) (PUTABLE)(a)(b)(d)

    18,600,000       1.100   02/11/2025   17,852,964

State of Connecticut Special Tax Obligation Bonds for Transportation Insfrastructure 2021 Series D (Aa3\AA-)

    10,000,000       4.000   11/01/2038   10,006,840

State of Connecticut State Revolving Fund RB Series 2017 A (Aaa/AAA)

    9,655,000       5.000   05/01/2036   10,579,515

State of Connecticut State Revolving Fund RB Series 2019 A (Aaa/AAA)

    6,910,000       5.000   02/01/2032   7,787,042
    4,000,000       5.000   02/01/2033   4,491,185
    14,215,000       5.000   02/01/2036   15,869,438
    8,640,000       5.000   02/01/2037   9,621,921
    6,295,000       5.000   02/01/2039   6,985,936

State on Connecticut Health & Educational Facilities Authority RB Series B (AA-/AA-)(a)(b)

    2,290,000       1.800   07/01/2024   2,259,324

Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)(f)

    480,000       4.000   04/01/2036   433,123
    400,000       4.000     04/01/2041   345,534

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Connecticut – (continued)

West Haven GO Bonds Series 2017 A (Baa3/BBB)

$

     325,000       5.000 %   11/01/2025   $         351,109
    325,000       5.000   11/01/2026   356,202
    325,000       5.000   11/01/2027   360,209

West Haven GO Bonds Series 2017 B (Baa3/BBB)

    645,000       5.000   11/01/2024   683,999
    240,000       5.000   11/01/2026   263,042
       

 

        146,230,045

 

Delaware – 0.2%

Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR\BB)

    370,000       3.000   06/01/2032   316,127
    450,000       4.000   06/01/2042   392,628

Delaware Economic Development Authority Charter Schools RB Series 2021 (BBB+/NR)

    1,350,000       4.000   09/01/2041   1,216,373

Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (NR/BBB)

    700,000       5.000   06/01/2025   741,907
    760,000       5.000   06/01/2026   817,077
    725,000       5.000   06/01/2027   782,763
    600,000       5.000   06/01/2029   640,226

Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (NR/BBB-)

    440,000       4.000   08/01/2029   431,891
    615,000       5.000   08/01/2039   615,398

Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (NR/BBB+)

    530,000       4.000   09/01/2030   519,587
    1,550,000       5.000   09/01/2040   1,601,363

Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR)

    492,000       4.000   07/01/2023   497,905
    531,000       4.000   07/01/2024   538,460
    549,000       4.000   07/01/2025   556,894
    597,000       4.000   07/01/2026   603,400
    655,000       4.000   07/01/2027   660,699
    2,176,000       4.000   07/01/2030   2,097,261

University of Delaware RB Series 2015 (WR/AA+)(b)

    1,805,000       5.000   05/01/2025   1,945,766
       

 

    14,975,725

 

District of Columbia – 1.1%

District of Columbia GO Refunding Bonds Series 2017 A (Aaa/AA+)

    10,000,000       5.000   06/01/2035   10,869,591
    1,300,000       4.000   06/01/2037   1,311,705

District of Columbia Private Activity RB Series 2022A (NR/NR)

    1,750,000       5.500   02/28/2037   1,876,459

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

District of Columbia – (continued)

District of Columbia RB for International School Series 2019 (NR/BBB)

$

     860,000       5.000 %    07/01/2039   $         870,698

District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+)

    1,275,000       4.000   07/01/2039   1,197,191
    550,000       4.000   07/01/2044   499,076

District of Columbia RB for Rocketship DC Obligated Group Series 2021A (NR/NR)(f)

    1,000,000       5.000   06/01/2051   995,845

District of Columbia RB Refunding for National Public Radio, Inc. Series 2020 (A2/A+)

    1,250,000       2.532   04/01/2029   1,116,474

District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A3/A-)

    135,000       6.500   05/15/2033   139,822

District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2012 C (Aa2/AA+)

    5,000,000       5.000   10/01/2030   5,034,539

District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2019 C (Aa2/AA+)(a)(b)

    6,390,000       1.750   10/01/2024   6,331,836

District of Columbia Water and Sewer Authority Public Utility Subordinate Lien Multimodel RB Series 2022E (Aa2\AA+)(a)(b)

    2,875,000       3.000   10/01/2027   2,835,184

Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2019A (AMT) (AA-/Aa3)

    7,500,000       5.000   10/01/2044   7,919,294

Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2019B (NON-AMT) (AA-/Aa3)

    4,000,000       5.000   10/01/2026   4,414,920

Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (AMT) (AA-/Aa3)

    19,325,000       5.000   10/01/2026   21,046,380

Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A2/A)

    1,060,000       5.000   10/01/2031   1,184,947
    850,000       5.000   10/01/2033   942,302
    850,000       5.000   10/01/2034   938,102
    850,000       5.000   10/01/2035   934,117
    1,375,000       5.000   10/01/2036   1,504,814
    850,000       5.000   10/01/2037   928,006
    850,000       5.000   10/01/2038   926,303
    1,275,000       5.000   10/01/2039   1,387,374

Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A2/AA)

    2,130,000       3.000   10/01/2050   1,618,496
    2,785,000       4.000   10/01/2053   2,564,739

Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (Baa2/A-)

    695,000       4.000   10/01/2044   634,688

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

District of Columbia – (continued)

Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (Baa2/A-) – (continued)

$

     925,000       5.000 %    10/01/2047   $          951,020
    1,390,000       4.000   10/01/2049   1,238,877
    1,550,000       4.000   10/01/2053   1,361,799

Metropolitan Washington Airports Authority RB Refunding Series 2012 A (AMT) (Aa3/A+)(b)

    3,400,000       5.000   10/01/2022   3,428,853

Metropolitan Washington Airports Authority RB Refunding Series 2018 A (AMT) (Aa3/A+)

    6,375,000       5.000   10/01/2034   6,830,445
       

 

        93,833,896

 

Florida – 11.2%

Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    915,000       5.375   06/15/2042   920,571

Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (NR/AA)

    7,240,000       3.250   05/01/2036   6,373,874

Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR)

    705,000       4.000   05/01/2025   702,363

Aberdeen Community Development District Special Assessment Series 2018 (NR/NR)

    75,000       4.000   05/01/2024   74,918
    215,000       4.500   05/01/2029   215,089

Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    480,000       2.875   05/01/2025   461,538
    3,400,000       3.250   05/01/2031   2,965,427
    1,420,000       3.625   05/01/2040   1,167,086
    1,725,000       4.000   05/01/2051   1,412,221

Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/BBB) (NR/NR)

    2,250,000       4.000   10/01/2040   1,960,703

Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    190,000       3.500   05/01/2024   188,570

Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-)

    360,000       2.500   05/01/2024   358,514
    370,000       3.000   05/01/2025   364,230
    380,000       3.000   05/01/2026   373,148
    395,000       3.125   05/01/2027   388,751

Anthem Park Community Development District Special Assessment RB Refunding Subordinate Series 2016 A-2 (NR/NR)

    185,000       4.250   05/01/2027   181,045
    335,000       4.750   05/01/2036   318,975

Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)

    230,000       4.125   05/01/2023   230,012

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Arlington Ridge Community Development District Special Assessment RB
Series 2019 (NR/NR)

$

     260,000       3.600 %    05/01/2029   $          242,441
    340,000       4.000   05/01/2036   309,369

Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR)

    210,000       3.125   11/01/2024   203,270
    990,000       3.500   11/01/2030   885,831
    1,705,000       4.000   11/01/2040   1,496,762

Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)(f)

    215,000       4.200   05/01/2024   215,294
    630,000       4.550   05/01/2029   631,630

Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)(f)

    400,000       2.500   05/01/2026   366,568
    500,000       3.000   05/01/2031   422,424
    425,000       3.200   05/01/2041   326,538

Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)(f)

    205,000       2.500   05/01/2026   188,824
    315,000       3.000   05/01/2031   270,492

Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR)

    105,000       3.350   11/01/2024   103,139
    200,000       3.700   11/01/2029   189,035
    695,000       4.125   11/01/2039   627,641

Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)

    135,000       5.000   05/01/2028   136,227

Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR)

    200,000       3.000   05/01/2032   167,111
    225,000       3.375   05/01/2041   177,952

Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR)

    390,000       5.375   05/01/2028   397,057

Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR)

    165,000       2.250   05/01/2026   149,825
    435,000       2.750   05/01/2031   364,988

Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR)

    335,000       2.500   05/01/2025   316,979
    320,000       3.250   05/01/2030   280,419

Avelar Creek Community Development District Special Assessment Refunding Series 2016 (NR/A-)

    175,000       2.500   05/01/2023   175,828
    180,000       2.500   05/01/2024   180,180
    185,000       3.000   05/01/2025   184,020
    190,000       3.000   05/01/2026   186,947

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Avelar Creek Community Development District Special Assessment Refunding Series 2016 (NR/A-) – (continued)

$

     1,050,000       3.625 %    05/01/2031   $          987,183

Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)(f)

    65,000       3.625   06/01/2024   64,353
    450,000       4.000   06/01/2030   429,442

Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR)

    310,000       2.500   05/01/2025   294,136
    285,000       3.000   05/01/2030   248,615
    775,000       4.000   05/01/2040   683,451

Babcock Ranch Community Independent Special District Special Assessment Area 3A Series 2020 (NR/NR)

    480,000       2.500   05/01/2025   455,436
    250,000       3.000   05/01/2030   218,084

Babcock Ranch Community Independent Special District Special Assessment Area 3B Series 2020 (NR/NR)

    155,000       2.500   05/01/2025   147,068
    145,000       3.000   05/01/2030   126,488
    385,000       4.000   05/01/2040   339,521

Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR)

    205,000       5.000   11/01/2031   206,076
    100,000       5.250   11/01/2046   100,415

Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)(f)

    190,000       4.000   11/01/2024   190,035
    365,000       4.500   11/01/2029   366,231

Babcock Ranch Community Independent Special District Special Assessment RB Series 2022 (NR/NR)

    1,250,000       4.125   05/01/2027   1,228,447
    2,000,000       4.250   05/01/2032   1,910,006

Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR)

    360,000       2.375   05/01/2026   328,663

Bannon Lakes Community Development District Special Assessment RB
Series 2016 (NR/NR)

    60,000       4.500   11/01/2025   60,443
    175,000       5.000   11/01/2036   173,936
    305,000       5.000   11/01/2048   294,913

Bannon Lakes Community Development District Special Assessment RB
Series 2022 (NR\NR)

    350,000       3.300   05/01/2032   299,858
    1,385,000       4.000   05/01/2042   1,200,967

Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A-)

    525,000       4.250   05/01/2029   540,278
    465,000       4.500   05/01/2035   466,153

Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR)

    455,000       4.500   05/01/2025   458,750

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (NR/BBB+)

$

     125,000       2.500 %    05/01/2023   $          125,480
    130,000       2.750   05/01/2024   130,382
    90,000       3.000   05/01/2025   89,038

Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (NR/A+)

    315,000       3.500   05/01/2023   318,789
    325,000       3.500   05/01/2024   330,614
    340,000       3.500   05/01/2025   342,294
    350,000       3.500   05/01/2026   351,605
    365,000       3.500   05/01/2027   365,091

Bellagio Community Development District Special Assessment Bonds
Series 2016 (NR/BBB)

    155,000       2.500   11/01/2022   154,867
    160,000       2.750   11/01/2023   159,060
    170,000       3.000   11/01/2025   164,994

Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    630,000       2.625   05/01/2025   597,404
    1,075,000       3.250   05/01/2030   942,952

Belmont II Community Development District Special Assessment
Series 2020 (NR/NR)

    250,000       2.500   12/15/2025   233,992
    325,000       3.125   12/15/2030   281,423

Black Creek Community Development District Special Assessment Bonds
Series 2020 (NR/NR)

    75,000       3.000   06/15/2025   71,944
    465,000       3.250   06/15/2030   408,085

Black Creek Community Development District Special Assessment Bonds
Series 2022 (NR/NR)

    950,000       5.625   06/15/2052   949,280

Blue Lake Community Development District Special Assessment Bonds
Series 2019 (NR/NR)

    165,000       3.500   06/15/2024   163,784
    1,000,000       4.000   06/15/2032   948,301

Boggy Branch Community Development District Special Assessment
Series 2021 (NR/NR)

    295,000       2.500   05/01/2026   270,350
    455,000       3.000   05/01/2031   383,965

Botaniko Community Development District Special Assessment Bonds
Series 2020 (NR/NR)

    245,000       2.875   05/01/2025   235,945
    1,130,000       3.250   05/01/2031   982,693
    500,000       3.625   05/01/2040   408,709

Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR\NR)

    400,000       3.000   06/15/2032   334,048
    1,095,000       3.250   06/15/2042   830,755

Bridgewater North Community Development District Capital Improvement RB Series 2022 (NR\NR)

    1,000,000       4.000   05/01/2042   867,124

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Brightwater Community Development District Special Assessment Bonds for Assessment Area One Series 2021 (NR/NR)

$

     425,000       2.375 %    05/01/2026   $          386,414
    500,000       2.850   05/01/2031   421,080

Broward County School District GO Bonds Series 2021 (Aa2/AA-)

    6,410,000       5.000   07/01/2038   7,337,131
    4,420,000       5.000   07/01/2040   5,037,590

Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    155,000       3.250   12/15/2024   151,096
    1,280,000       3.500   12/15/2030   1,141,704

Capital Trust Agency Student Housing RB for American Eagle Obligated Group Series 2018 A-1 (NR/NR)*

    20,250,000       5.875   07/01/2054   18,225,000

Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR)(f)

    28,215,000       5.250   12/01/2058   26,362,395

Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR)(f)

    610,000       4.000   07/01/2041   491,252
    760,000       4.000   07/01/2051   560,609

Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR)(f)

    230,000       3.250   06/01/2031   197,159

Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (Ba1/NR)(f)

    425,000       3.000   12/15/2029   384,289
    645,000       5.000   12/15/2039   638,321

Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR)(f)

    900,000       4.000   12/01/2028   848,322
    1,375,000       5.250   12/01/2043   1,337,045

Capital Trust Agency, Inc. RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)(f)

    880,000       4.500   01/01/2035   799,762

Caribe Palm Community Development District Special Assessment Refunding Series 2017 (NR/A-)

    558,000       4.250   05/01/2031   559,979

Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR)

    130,000       2.250   05/01/2026   117,538

Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (NR/BBB)

    110,000       3.500   11/01/2025   109,772
    115,000       3.500   11/01/2026   114,247

Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (NR/BBB)

    235,000       2.500   05/01/2023   235,615
    245,000       2.500   05/01/2024   244,248
    250,000       3.000   05/01/2025   246,587
    255,000       3.000   05/01/2026   250,129
    600,000       4.250   05/01/2037   571,593

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Century Gardens Community Development District Special Assessment Bonds Series 2019 (NR/NR)(f)

$

     97,000       3.875 %    11/01/2024   $            95,779
    189,000       4.200   11/01/2029   185,833
    750,000       5.000   11/01/2049   711,580

Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    85,000       3.000   05/01/2025   81,894
    625,000       3.375   05/01/2031   564,420
    590,000       3.750   05/01/2040   492,164

CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    290,000       2.400   05/01/2026   263,370
    650,000       2.875   05/01/2031   545,185
    740,000       3.350   05/01/2041   571,370

Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)(f)

    350,000       2.500   05/01/2026   321,066
    260,000       3.000   05/01/2031   222,717

Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)(f)

    370,000       2.625   05/01/2025   350,029
    595,000       3.200   05/01/2030   518,392

Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR)

    100,000       3.250   05/01/2025   96,782
    360,000       3.750   05/01/2030   329,440
    975,000       4.250   05/01/2040   887,864

Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR)

    1,430,000       3.250   05/01/2041   1,085,547

Charlotte County IDA Utility System RB Series 2021A (NR/NR)(f)

    1,300,000       4.000   10/01/2051   961,082

Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)(f)

    1,345,000       5.500   10/01/2036   1,353,518

Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)(f)

    1,000,000       5.000   10/01/2029   1,001,778
    1,000,000       5.000   10/01/2034   978,804

City of Cape Coral Water & Sewer RB Refunding Series 2015 (A1/A+)

    1,000,000       4.000   10/01/2034   1,022,660

City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/NR)

    2,000,000       5.125   06/01/2042   2,000,787
    950,000       5.250   06/01/2052   937,346

City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR)

    1,300,000       3.250   09/01/2025   1,267,181

City of Pompano Beach RB Series 2021B-2 (NR/BBB) (NR/NR)

    1,865,000       1.450   01/01/2027   1,646,578

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

City of St. Petersburg Public Utility RB Series 2019A (NR/AA)

$

     6,495,000       5.000 %    10/01/2049   $     7,008,417

City of Tampa RB for H Lee Moffitt Cancer Center & Research Institute Obligated Group Series 2020 B (A2/A-)

    900,000       4.000   07/01/2038   879,131
    750,000       5.000   07/01/2040   793,020
    1,420,000       4.000   07/01/2045   1,340,584
    6,460,000       5.000   07/01/2050   6,734,105

City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (NR/NR)

    415,000       5.000   01/01/2037   409,529
    1,485,000       5.000   01/01/2047   1,400,976
    1,395,000       5.000   01/01/2052   1,299,536

City of West Palm Beach Utility System RB Series 2017 A (Aa2/AA+)

    15,000,000       5.000   10/01/2042   16,399,474

CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A2/AA)(c)

    5,000,000       0.000   05/01/2038   4,670,513

Coco Palms Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)(f)

    105,000       3.625   06/15/2024   103,964
    295,000       4.000   06/15/2029   288,862

Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR)

    655,000       5.375   05/01/2036   655,077

Coddington Community Development District Capital Improvement RB Series 2022 (NR/NR)(f)(h)

    615,000       5.750   05/01/2042   647,897

Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (NR/A)

    880,000       2.375   05/01/2023   881,483
    900,000       2.500   05/01/2024   898,827
    925,000       2.750   05/01/2025   913,359
    915,000       3.000   05/01/2026   898,234
    980,000       3.200   05/01/2027   959,194
    1,015,000       3.250   05/01/2028   988,808
    1,500,000       3.750   05/01/2046   1,332,018

Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    135,000       3.200   12/15/2024   131,523
    500,000       3.500   12/15/2029   461,512
    325,000       4.000   12/15/2039   287,352

Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    160,000       2.750   05/01/2025   152,568

Cordoba Ranch Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR)

    940,000       3.000   05/01/2031   797,829
    820,000       3.000   05/01/2037   639,249

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(f)

$

     110,000       3.750 %    11/01/2023   $       108,689
    355,000       4.500   11/01/2028   350,180

Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (NR/BBB)

    129,000       3.000   05/01/2023   129,923
    133,000       3.250   05/01/2024   134,283
    138,000       3.500   05/01/2025   138,007
    143,000       3.625   05/01/2026   142,968

Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (NR/AA)

    200,000       3.250   05/01/2023   202,377
    205,000       3.375   05/01/2024   208,235
    215,000       3.500   05/01/2025   216,798
    210,000       4.125   05/01/2035   208,574

County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A1/A)

    2,810,000       5.000   09/01/2033   3,070,859
    2,955,000       5.000   09/01/2034   3,222,878
    3,005,000       5.000   09/01/2035   3,271,601
    1,610,000       4.000   09/01/2036   1,622,014
    3,520,000       4.000   09/01/2038   3,532,790

County of Escambia PCRB for Gulf Power Co. Project Series 2003 (A1/A)

    7,500,000       2.600   06/01/2023   7,548,945

County of Lake RB for Waterman Communities, Inc. Series 2020 B-3 (NR/NR)(b)

    600,000       3.375   07/15/2022   600,351

County of Miami-Dade Aviation RB Series 2019 A (AMT) (NR/A-)

    4,500,000       4.000   10/01/2044   4,234,720
    10,220,000       5.000   10/01/2044   10,661,204

County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+)

    400,000       5.000   10/01/2026   422,126
    475,000       5.000   10/01/2027   504,552
    525,000       5.000   10/01/2028   558,771
    450,000       5.000   10/01/2029   480,346
    770,000       5.000   10/01/2030   817,438
    365,000       5.000   10/01/2031   385,842
    415,000       5.000   10/01/2032   437,101
    350,000       5.000   10/01/2033   367,382
    265,000       5.000   10/01/2034   277,821
    435,000       5.000   10/01/2035   454,986
    600,000       5.000   10/01/2036   626,160
    525,000       5.000   10/01/2037   547,369
    805,000       5.000   10/01/2038   837,401
    1,000,000       5.000   10/01/2039   1,038,041
    3,160,000       5.000   10/01/2049   3,232,909
    1,390,000       4.000   10/01/2054   1,190,224

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

County of Osceola Transportation RB Refunding Series 2019 A-2 (NR/BBB+)(g)

$

     155,000       0.000 %    10/01/2025   $       136,240
    275,000       0.000   10/01/2026   231,250
    360,000       0.000     10/01/2027   288,292
    500,000       0.000   10/01/2028   380,799
    700,000       0.000   10/01/2029   506,539

Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)(f)

    345,000       3.875   11/01/2024   340,988
    740,000       4.250   11/01/2030   715,099

Creek Preserve Community Development District Special Assessment RB Series 2020 (NR/NR)(f)

    100,000       3.125   11/01/2030   86,078
    155,000       3.625   11/01/2040   126,330

Creekview Community Development District Special Assessment RB Series 2022 (NR/NR)

    450,000       3.875   05/01/2027   428,312
    755,000       4.250   05/01/2032   717,622
    2,185,000       4.625   05/01/2042   2,034,413

Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    2,000,000       4.250   05/01/2042   1,795,559

Crossings at Fleming Island Community Development District Special Assessment RB Refunding Senior Lien Series 2014 A-1 (NR/NR)

    765,000       4.000   05/01/2024   768,001

Crystal Cay Community Development District Special Assessment for 2021 Project Series 2021 (NR/NR)

    180,000       2.250   05/01/2026   161,997
    400,000       2.700   05/01/2031   329,562

Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR)

    460,000       2.625   06/15/2025   432,194
    660,000       3.000   06/15/2031   558,619
    475,000       4.000   06/15/2040   417,607

Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)(f)

    155,000       2.625   05/01/2025   147,688
    295,000       3.250   05/01/2030   265,279

Cypress Park Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    255,000       4.375   05/01/2027   251,392
    410,000       4.750   05/01/2032   399,920
    535,000       5.000   05/01/2042   509,737

Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)

    125,000       3.750   11/01/2023   124,274
    730,000       4.500   11/01/2028   732,786

Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)

    2,570,000       5.400   05/01/2039   2,515,529

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR)

$

     1,670,000       5.300 %    05/01/2039   $       1,673,382

DG Farms Community Development District Special Assessment Series 2020 (NR/NR)

    205,000       3.250   05/01/2030   177,268

Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)

    2,220,000       4.600   05/01/2028   2,237,245
    745,000       4.250   12/15/2028   738,222
    2,395,000       4.750   12/15/2038   2,332,226

Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (NR/AA)

    690,000       3.750   05/01/2034   694,384
    955,000       4.000   05/01/2037   964,666

DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)(f)

    290,000       2.375   05/01/2026   265,296
    470,000       3.000   05/01/2032   396,098

Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR)(h)

    150,000       4.375   05/01/2027   150,480

Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR)(f)

    185,000       3.000   05/01/2025   178,264
    440,000       3.625   05/01/2031   395,390

East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)

    130,000       2.500   05/01/2026   118,827
    340,000       3.000   05/01/2031   288,378
    550,000       3.300   05/01/2041   427,564

East Bonita Beach Road Community Development District Special Assessment Bonds for Assessment Area Two Series 2021 (NR/NR)

    405,000       2.250   05/01/2026   368,060
    460,000       3.000   05/01/2032   383,136

East Homestead Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)

    155,000       3.750   11/01/2024   152,797

East Homestead Community Development District Special Assessment Expansion Bonds Area Project Series 2019 (NR/NR)

    280,000       4.125   11/01/2029   274,095

Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    440,000       3.250   05/01/2027   406,560
    535,000       3.625   05/01/2032   464,382
    785,000       4.000   05/01/2042   679,806

Eden Hills Community Development District Special Assessment Series 2020 (NR/NR)

    90,000       2.750   05/01/2025   85,408
    110,000       3.250   05/01/2030   96,172

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR)

$

     385,000       2.500 %    05/01/2026   $       354,837
    700,000       3.100   05/01/2031   601,277

Edgewater East Community Development District Special Assessment RB Series 2022 (NR\NR)

    1,050,000       3.000   05/01/2027   965,154
    1,875,000       3.375   05/01/2032   1,626,350
    1,875,000       4.000   05/01/2042   1,626,282

Enbrook Community Development District Special Assessment Series 2020 (NR/NR)(f)

    430,000       3.000   05/01/2030   372,218
    700,000       4.000   05/01/2040   616,510

Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)(f)

    375,000       2.625   05/01/2031   312,990
    1,860,000       3.125   05/01/2041   1,416,492

Epperson North Community Development District Capital Improvement RB Series 2021A (NR/NR) (NR/NR)

    325,000       2.450   11/01/2026   292,682
    450,000       3.100   11/01/2031   378,669

Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR)

    205,000       2.500   05/01/2026   187,586
    375,000       3.000   05/01/2031   314,788
    400,000       3.500   05/01/2041   317,481

Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (BBB+/Baa2)

    3,705,000       4.000   08/15/2045   3,327,764

Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (Baa2/BBB+)

    2,640,000       5.000   08/15/2031   2,841,789
    3,080,000       5.000   08/15/2032   3,283,080
    2,595,000       5.000   08/15/2033   2,756,920
    2,125,000       5.000   08/15/2034   2,252,856
    2,760,000       5.000   08/15/2035   2,920,588
    3,960,000       5.000   08/15/2036   4,183,544
    5,280,000       5.000   08/15/2037   5,567,835
    1,200,000       5.000   08/15/2038   1,262,689
    3,605,000       5.000   08/15/2040   3,779,329

Escambia County International Paper Company Environmental Improvement Revenue Refunding Bonds Series 2019B (BBB/NR) (PUTABLE)(a)(b)(d)

    400,000       2.000   10/01/2024   390,242

Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR)

    850,000       3.250   11/01/2025   815,174
    375,000       3.625   11/01/2030   337,523

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR)

$

     200,000       3.250 %    11/01/2025   $       191,805
    105,000       3.625   11/01/2030   94,507

Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)(f)

    210,000       4.125   11/01/2024   209,209
    445,000       4.250   11/01/2029   437,556

Fallschase Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    1,355,000       2.625   05/01/2026   1,244,020
    1,220,000       3.125   05/01/2031   1,039,240

Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)

    310,000       3.250   05/01/2023   308,722
    1,905,000       4.250   05/01/2029   1,912,045
    3,105,000       5.000   05/01/2035   3,129,941

Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)

    355,000       3.500   05/01/2030   319,585
    165,000       4.000   05/01/2040   145,382

Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA)

    1,450,000       2.750   11/01/2035   1,175,528

Florida Development Finance Corp Surface Transportation Facility RB Series 2019A (NR/NR)(a)(b)(f)

    485,000       6.250   01/01/2024   480,069
    9,090,000       6.375   01/01/2026   8,859,391
    20,465,000       6.500   01/01/2029   19,569,501

Florida Development Finance Corp. Educational Facilities RB Series 2022A (NR/Ba2)(f)

    1,265,000       5.000   07/01/2032   1,217,815
    3,000,000       5.375   07/01/2042   2,823,222

Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)(f)

    1,505,000       4.000   06/01/2030   1,416,102

Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR)(f)

    425,000       4.000   12/15/2029   421,006
    425,000       5.000   12/15/2034   435,276
    490,000       5.000   12/15/2039   497,950

Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)(f)

    1,675,000       5.125   06/01/2040   1,607,618

Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-2 (NR/NR)(f)

    820,000       1.750   06/01/2026   751,931

Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (Baa3/NR)

    320,000       4.000   07/01/2035   294,055

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR)

$

     420,000       4.000 %    06/01/2030   $       392,833

Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)(f)

    4,900,000       7.375   01/01/2049   4,893,700

Florida Development Finance Corp. RB Refunding for Glenridge on Palmer Ranch Obligated Group Series 2021 (NR/NR)

    275,000       5.000   06/01/2031   257,848
    200,000       5.000   06/01/2035   181,196

Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (Ba2/NR)(f)

    630,000       4.000   06/30/2036   546,991
    660,000       4.000   06/30/2041   546,976

Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)(f)

    415,000       4.000   06/01/2026   404,585

Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (Baa1/A-)

    250,000       5.000   04/01/2026   267,996
    265,000       5.000   04/01/2027   287,786
    280,000       5.000   04/01/2028   305,851
    220,000       5.000   04/01/2029   242,069

Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR)(f)

    470,000       4.000   09/15/2030   454,330
    1,050,000       5.000   09/15/2040   1,055,167

Florida Development Finance Corporation RB Series 2021A-1
(NR\NR)(a)(b)(f)

    8,600,000       6.750   08/15/2023   8,500,410

Florida Higher Educational Facilities Financial Authority RB for Florida Institute of Technology, Inc. Series 2019 (NR/BBB-)

    250,000       5.000   10/01/2022   251,624
    250,000       5.000   10/01/2023   256,920
    350,000       5.000   10/01/2024   364,197

Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)(f)

    2,000,000       4.500   06/01/2033   1,925,569
    250,000       4.750   06/01/2038   241,326
    4,500,000       5.000   06/01/2048   4,353,832

Florida Higher Educational Facilities Financial Authority RB for Ringling College of Art & Design, Inc. Series 2019 (NR/BBB)

    2,000,000       5.000   03/01/2044   2,024,862

Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (NR/BBB-)

    1,700,000       5.000   03/01/2039   1,690,389

Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB)

    2,750,000       5.000   03/01/2047   2,769,269

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Flow Way Community Development District Special Assessment Bonds for Phase 5 Project Series 2016 (NR/NR)

$

     1,540,000       4.875 %    11/01/2037   $       1,525,945

Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)

    200,000       4.000   11/01/2028   195,586
    1,065,000       5.000   11/01/2038   1,049,741
    840,000       5.000   11/01/2047   814,137

Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)

    280,000       3.350   11/01/2024   274,483
    885,000       3.700   11/01/2029   834,523
    1,790,000       4.125   11/01/2039   1,611,995

Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR)

    465,000       3.750   11/01/2039   391,631

Forest Lake Community Development District Special Assessment for Assessment Area1 Series 2020 (NR/NR)(f)

    525,000       2.625   05/01/2025   503,691
    495,000       3.250   05/01/2030   449,143

Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    615,000       2.950   05/01/2031   521,580
    1,595,000       3.350   05/01/2041   1,242,714

Grand Bay at Doral Community Development District Special Assessment for South Parcel Assessment Area Project Series 2016 (NR/NR)

    690,000       4.250   05/01/2026   691,621

Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR)

    830,000       3.250   05/01/2025   798,030
    1,360,000       4.000   05/01/2030   1,295,641

Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR)

    255,000       3.750   11/01/2024   250,972
    560,000       4.125   11/01/2029   546,481
    1,205,000       4.750   11/01/2039   1,165,587
    1,935,000       5.000   11/01/2050   1,821,041

Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR)

    215,000       3.200   11/01/2031   181,889
    500,000       3.500   11/01/2041   392,418

Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    570,000       2.500   05/01/2026   521,563

Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR)

    940,000       5.000   11/15/2036   944,343

Greater Orlando Aviation Authority Airport Facilities RB Series 2019 A (AMT) (Aa3/A+)

    10,000,000       5.000   10/01/2023   10,338,840

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A1/A)

$

     1,290,000       5.000 %    10/01/2047   $       1,335,016

Grove Resort Community Development District Special Assessment RB Series 2022 (NR\NR)

    170,000       3.300   05/01/2032   145,191
    440,000       3.550   05/01/2042   349,519

Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)

    175,000       3.000   11/01/2024   168,744
    1,095,000       3.500   11/01/2030   971,691
    2,400,000       4.375   11/01/2049   2,108,848

Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)

    490,000       3.875   05/01/2026   480,545

Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    500,000       4.200   05/01/2027   488,033
    500,000       4.400   05/01/2032   478,405
    650,000       4.700   05/01/2042   610,813

Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR)

    325,000       2.625   05/01/2025   307,129
    510,000       3.250   05/01/2030   445,053

Hammock Reserve Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR)

    160,000       2.375   05/01/2026   145,100
    205,000       3.000   05/01/2031   171,961

Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)

    545,000       3.100   05/01/2024   535,323
    1,880,000       3.300   05/01/2029   1,744,888
    370,000       3.700   05/01/2033   330,355

Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR)

    200,000       3.100   05/01/2024   196,449
    1,150,000       3.300   05/01/2029   1,067,391

Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)(f)

    265,000       4.000   05/01/2024   273,263
    265,000       4.000   05/01/2025   273,369
    140,000       4.000   05/01/2026   144,861

Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR)

    100,000       3.250   11/01/2024   97,512
    400,000       3.500   11/01/2030   361,252
    1,000,000       3.875   11/01/2039   862,345

Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR)

    125,000       3.625   11/01/2030   114,142

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Hawkstone Community Development District Special Assessment RB Series 2021 (NR/NR)

$

     355,000       2.600 %    05/01/2026   $       327,164
    435,000       3.200   05/01/2031   373,341
    1,000,000       3.450   05/01/2041   796,048

Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR)

    900,000       5.000   05/01/2034   904,967

Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (NR/AA)

    215,000       4.000   05/01/2024   221,899
    225,000       4.000   05/01/2025   235,032
    235,000       4.000   05/01/2026   248,029
    240,000       4.000   05/01/2027   255,089
    250,000       4.000   05/01/2028   264,179

Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (NR/BBB)

    585,000       3.375   05/01/2023   590,533
    605,000       3.500   05/01/2024   613,074
    630,000       3.625   05/01/2025   631,963
    650,000       3.750   05/01/2026   652,046
    1,010,000       4.200   05/01/2031   996,489
    1,000,000       4.350   05/01/2036   974,659

Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA)

    365,000       2.500   05/01/2030   338,610
    375,000       2.500   05/01/2031   339,020
    300,000       3.000   05/01/2032   286,923
    300,000       3.000   05/01/2033   280,495
    245,000       3.000   05/01/2034   226,689
    255,000       3.000   05/01/2035   233,803
    200,000       3.000   05/01/2036   181,759

Highland Meadows West Community Development District Special Assessment for Assessment Area 2 Series 2020 A (NR/NR)

    180,000       2.875   05/01/2025   172,269
    200,000       3.250   05/01/2031   174,153

Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)

    140,000       3.250   05/01/2031   121,907

Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)(f)

    170,000       4.000   12/15/2024   169,958
    550,000       4.250   12/15/2029   543,664

Highlands Community Development District Special Assessment Refunding Series 2016 (NR/BBB)

    1,225,000       4.250   05/01/2031   1,225,205

Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR)

    40,000       3.375   11/01/2025   38,436
    220,000       3.875   11/01/2031   200,897
    300,000       4.200   11/01/2039   272,711

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Five Project Series 2017 (NR/NR)

$

     55,000       4.250 %    11/01/2022   $       55,086
    370,000       4.875   11/01/2027   375,524
    865,000       5.375   11/01/2037   868,270
    775,000       5.500   11/01/2047   773,260

Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Six Project Series 2017 (NR/NR)

    75,000       4.875   11/01/2027   76,119
    335,000       5.500   11/01/2047   334,248

Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)

    790,000       4.000   11/01/2028   782,942
    700,000       4.500   11/01/2038   669,857
    2,300,000       5.000   11/01/2048   2,256,281

Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)(f)

    1,010,000       3.000   05/01/2025   964,442
    1,020,000       3.500   05/01/2031   903,883

Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2021 (NR/NR)

    250,000       2.800   05/01/2031   208,739
    1,000,000       3.200   05/01/2041   762,476

Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR)

    90,000       4.000   11/01/2025   89,733
    165,000       4.500   11/01/2031   162,408
    170,000       5.000   11/01/2041   164,321

Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR)

    747,000       3.000   05/01/2031   627,084
    933,000       3.000   05/01/2037   723,228

Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)(f)

    115,000       4.000   11/01/2024   114,717
    220,000       5.000   11/01/2039   216,019

K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR)(f)

    1,175,000       4.500   05/01/2038   1,116,756
    1,855,000       4.625   05/01/2048   1,704,243

K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    670,000       2.750   05/01/2031   553,605
    765,000       3.125   05/01/2041   572,045

Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR)

    165,000       2.625   05/01/2025   156,949
    155,000       3.000   05/01/2030   135,440

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Kindred Community Development District II Special Assessment Bonds Series 2021 (NR/NR)

$

     600,000       3.125 %    05/01/2041   $       455,458
    915,000       4.000   05/01/2052   745,737

Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR)

    1,000,000       4.625   05/01/2037   969,634

Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    455,000       2.750   06/15/2025   437,082
    485,000       3.125   06/15/2030   430,192
    375,000       4.000   06/15/2040   330,339

Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    700,000       3.600   06/15/2041   568,152

Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 A-2 (NR/NR)

    565,000       3.875   05/01/2031   484,261

Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-1 (NR/NR)

    35,000       3.000   05/01/2026   32,283

Lakeshore Ranch Community Development District Special Assessment Refunding Series 2019 A-2 (NR/NR)

    380,000       3.500   05/01/2030   341,395
    350,000       4.000   05/01/2035   319,922

Lakewood Park Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)

    135,000       2.625   05/01/2026   123,855
    125,000       3.200   05/01/2031   105,939

Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR)

    265,000       3.125   05/01/2025   255,641
    370,000       3.400   05/01/2030   332,961

Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)(f)

    560,000       2.500   05/01/2025   530,845

Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR)

    120,000       3.000   05/01/2024   117,188
    225,000       3.250   05/01/2029   204,181
    200,000       3.850   05/01/2039   169,718

Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Project - Phase 2C Series 2020 (NR/NR)

    470,000       3.000   05/01/2030   403,195
    750,000       3.500   05/01/2040   598,086

Lakewood Ranch Stewardship District Special Assessment for Sweetwater Project Series 2021 (NR/NR)

    295,000       2.625   05/01/2031   241,752
    1,000,000       3.100   05/01/2041   745,247

Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR)

    100,000       3.600   05/01/2024   99,007
    285,000       3.800     05/01/2029   272,244

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)(f)

$

     515,000       4.300 %   05/01/2027   $       516,057

Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)(f)

    105,000       2.900   05/01/2024   102,469
    570,000       3.200   05/01/2029   515,198
    455,000       4.000   05/01/2049   375,771

Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR)

    125,000       3.600   05/01/2024   123,758
    350,000       3.800   05/01/2029   334,340

Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR)

    705,000       4.250   05/01/2025   707,613
    1,605,000       4.875   05/01/2035   1,602,316
    905,000       4.875   05/01/2045   872,341

Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)

    940,000       4.625   05/01/2027   949,286
    1,000,000       5.250   05/01/2037   1,004,993

Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1A Series 2018 (NR/NR)

    80,000       3.900   05/01/2023   79,896
    535,000       4.250   05/01/2028   532,145

Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1B Series 2018 (NR/NR)

    675,000       4.350   05/01/2024   677,657
    1,970,000       4.750   05/01/2029   1,996,190
    2,250,000       5.300   05/01/2039   2,251,096

Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)

    225,000       4.250   05/01/2026   225,504
    6,345,000       5.000   05/01/2036   6,341,012
    4,550,000       5.125   05/01/2046   4,460,328

Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA)

    500,000       2.000   05/01/2028   450,996
    500,000       2.000   05/01/2029   439,691

Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR)

    430,000       3.000   05/01/2041   325,004

Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR)(f)

    320,000       2.500   05/01/2025   302,442
    440,000       3.200   05/01/2030   386,094

Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR)

    285,000       3.500   05/01/2024   281,729
    275,000       3.875   05/01/2029   262,737

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)

$

     105,000       3.625 %    11/01/2023   $       104,102
    560,000       4.125   11/01/2028   551,602
    250,000       4.750   11/01/2048   234,087

Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (NR/A)

    460,000       3.000   05/01/2023   461,943
    375,000       3.000   05/01/2024   375,965
    490,000       3.000   05/01/2025   482,930
    500,000       3.000   05/01/2026   490,704
    520,000       3.000   05/01/2027   505,493
    535,000       3.000   05/01/2028   512,096
    550,000       3.000   05/01/2029   519,011
    1,605,000       3.000   05/01/2035   1,366,989

Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR)

    280,000       3.125   05/01/2024   273,845
    535,000       3.375   05/01/2030   479,480
    925,000       4.000   05/01/2038   828,380

Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    455,000       4.375   05/01/2027   448,755
    530,000       4.750   05/01/2032   517,370
    450,000       5.000   05/01/2042   429,278

Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)

    330,000       3.500   05/01/2025   332,670
    340,000       3.500   05/01/2026   341,560
    500,000       4.000   05/01/2036   483,493

Lee Memorial Health System Hospital Revenue & Revenue Refunding Bonds 2019 Series A-2 (A+/NR)(a)(b)

    11,700,000       5.000   04/01/2026   12,571,511

Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR)

    800,000       3.125   05/01/2025   770,577

Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)

    1,325,000       5.000   05/01/2038   1,315,327

Longleaf Community Development District (NR/NR)

    501,000       5.375   05/01/2030   490,178

LT Ranch Community Development District Special Assessment Series 2019 (NR/NR)

    620,000       3.000   05/01/2025   594,947
    980,000       3.400   05/01/2030   876,841
    1,420,000       4.000   05/01/2040   1,250,450

LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR)

    1,100,000       3.250   05/01/2031   942,783

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR)

$

     360,000       2.500 %    05/01/2026   $       331,110
    700,000       3.125   05/01/2031   599,102
    775,000       3.450   05/01/2041   615,925

Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    120,000       3.800   05/01/2024   118,762
    290,000       4.000   05/01/2029   282,919

Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    255,000       3.250   06/15/2024   248,796
    885,000       3.625   06/15/2030   801,313

Mangrove Point Community Development District Capital Improvement RB Series 2022 (NR/NR)

    350,000       4.000   05/01/2032   328,958
    1,050,000       4.250   05/01/2042   942,668

McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)

    1,000,000       4.750   11/01/2029   1,019,000

Meadow Pines Community Development District Special Assessment Refunding Bonds Senior Lien Series 2014 1 (NR/A)

    745,000       4.450   05/01/2030   751,698

Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    505,000       3.000   05/01/2031   424,079
    1,785,000       3.250   05/01/2041   1,356,300

Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR)

    50,000       3.500   05/01/2023   49,865

Miami Dade County Educational Facilities Authority Revenue Refunding Bonds for University of Miami Series B (A2\A-)

    9,660,000       5.250   04/01/2027   10,574,120

Miami RB Refunding for Miami Tunnel Project Series 2012 (Aa3/NR)(f)

    1,240,000       5.000   03/01/2030   1,266,072

Miami RB Refunding for Miami Tunnel Project Series 2012 (NR/NR)(b)(f)

    8,460,000       5.000   03/01/2023   8,611,616

Miami RB Refunding Parking System Series 2019 (BAM) (A2/AA)

    1,000,000       4.000   10/01/2037   1,011,626
    900,000       4.000   10/01/2038   907,320

Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)

    125,000       4.000   11/01/2023   125,281
    1,000,000       4.750   11/01/2027   1,020,898
    850,000       5.125   11/01/2039   861,121
    2,350,000       5.250   11/01/2049   2,359,555

Miami-Dade County Aviation Revenue Refunding Bonds Series 2019A (AMT) (A-/NR)

    11,000,000       5.000   10/01/2049   11,409,895

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (NR/Ba2)(f)

$

     430,000       5.000 %    07/01/2037   $       410,775
    670,000       5.250   07/01/2042   635,064

Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    405,000       2.500   05/01/2026   370,465
    750,000       3.125   05/01/2031   635,671

Miranda II Community Development District Capital Improvement RB Series 2022 (NR/NR)

    690,000       4.625   05/01/2027   691,679
    360,000       5.125   05/01/2032   361,848

Mitchell Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    180,000       3.125   12/15/2024   174,056
    675,000       3.375   12/15/2030   591,342
    1,500,000       4.000   12/15/2039   1,324,001

Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR)

    1,545,000       5.250   11/01/2035   1,558,650

New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    500,000       3.500   05/01/2031   427,290

New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/BBB)(f)

    125,000       3.500   05/01/2026   123,277
    130,000       3.500   05/01/2027   127,156
    135,000       3.500   05/01/2028   131,243
    140,000       3.500   05/01/2029   134,510
    700,000       3.500   05/01/2038   615,654

New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)(f)

    30,000       3.125   05/01/2025   28,849
    30,000       3.500   05/01/2031   26,538

North AR-1 Pasco Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    365,000       2.625   05/01/2026   334,539
    400,000       3.125   05/01/2031   337,873

North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR)

    465,000       2.450   11/01/2026   417,098
    500,000       3.000   11/01/2031   418,210

North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR)(f)

    295,000       5.250   05/01/2032   288,126

North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR)

    390,000       2.625   05/01/2025   367,849
    495,000       3.125   05/01/2030   429,045
    430,000       3.625   05/01/2040   350,995

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (BAM) (NR/AA)

$

     655,000       5.000 %    10/01/2030   $       742,231
    575,000       5.000   10/01/2031   649,348
    1,025,000       5.000   10/01/2033   1,150,145
    1,205,000       5.000   10/01/2034   1,357,720
    1,000,000       5.000   10/01/2036   1,120,815
    1,975,000       5.000   10/01/2037   2,203,475
    2,075,000       5.000   10/01/2038   2,307,375
    2,180,000       5.000   10/01/2039   2,420,005
    2,630,000       5.000   10/01/2044   2,891,038

North Sumter County Utility Dependent District RB Refunding Series 2020 (NR/AA-)

    28,725,000       5.000   10/01/2043   31,802,039

Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (NR/A+)

    1,150,000       4.450   05/01/2031   1,156,489

Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    170,000       2.500   06/15/2025   160,985
    300,000       3.000   06/15/2030   261,037
    315,000       4.000   06/15/2040   277,642

Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    380,000       3.700   05/01/2024   378,168
    825,000       4.100   05/01/2029   819,631

Orlando Utilities Commission RB Series 2021 B (Aa2/AA)(a)(b)

    4,325,000       1.250   10/01/2028   3,633,181

Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    100,000       3.250   05/01/2025   97,248
    350,000       3.500   05/01/2030   315,099

Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2016 (NR/NR)

    3,285,000       5.875   11/01/2037   3,383,509
    3,500,000       6.000   11/01/2047   3,643,263

Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)

    195,000       4.375   11/01/2023   195,618
    640,000       4.875   11/01/2028   648,731

Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR)(f)

    160,000       2.375   05/01/2026   144,658
    180,000       2.875   05/01/2031   148,972
    365,000       3.300   05/01/2041   275,503

Palm Beach County Health Facilities Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 B (NR/NR)

    250,000       4.000   11/15/2041   230,295
    1,000,000       5.000   11/15/2042   1,048,675

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (NR/NR)

$

     2,300,000       4.000 %    05/15/2053   $       1,705,700
    1,825,000       5.000   05/15/2053   1,687,519

Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 C (NR/NR)

    615,000       4.000   05/15/2030   570,849
    8,190,000       4.000   05/15/2036   7,182,966

Palm Coast Park Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    275,000       2.800   05/01/2031   227,198
    730,000       3.125   05/01/2041   544,060

Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR)

    125,000       3.400   05/01/2025   121,274
    245,000       3.750   05/01/2030   223,914
    965,000       4.150   05/01/2040   867,452

Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (NR/A)

    215,000       3.500   11/01/2025   216,298
    225,000       3.500   11/01/2026   225,760
    230,000       3.500   11/01/2027   229,611
    240,000       3.500   11/01/2028   237,858
    585,000       4.000   11/01/2033   571,117

Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)(f)

    785,000       4.000   05/01/2050   646,566

Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (NR/A)

    530,000       2.750   05/01/2023   533,497
    350,000       3.750   05/01/2031   334,572
    1,045,000       4.000   05/01/2036   1,010,501

Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (NR/BBB-)

    255,000       4.000   05/01/2027   253,775
    3,500,000       5.000   05/01/2039   3,501,207

Park East Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    820,000       2.875   11/01/2031   700,488
    1,450,000       3.150   11/01/2041   1,115,506

Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR)

    120,000       4.500   05/01/2024   120,519
    465,000       4.750   05/01/2030   463,069

Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR)

    625,000       3.125   05/01/2030   546,106
    800,000       3.750   05/01/2040   664,374

Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (NR/A-)

    345,000       4.250   05/01/2031   343,132

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (NR/A-) – (continued)

$

     1,030,000       4.500 %    05/01/2038   $       1,002,576

Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/BBB)

    265,000       4.000   05/01/2026   268,741
    275,000       4.000   05/01/2027   278,801
    285,000       4.125   05/01/2028   289,102

Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    255,000       2.500   05/01/2026   233,733
    335,000       3.125   05/01/2031   284,486

Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR)

    250,000       2.625   05/01/2026   228,312
    375,000       3.250   05/01/2031   315,574
    885,000       3.550   05/01/2041   691,709

Pasco County School Board Certificates of Participation Series 2021B (AGM) (AA/A+)

    3,000,000       5.000   08/01/2046   3,239,251

Paseo Community Development District Capital Improvement RB Refunding Series 2018 (NR/A-)

    445,000       4.000   05/01/2024   455,424
    480,000       4.000   05/01/2026   491,258
    520,000       4.000   05/01/2028   531,204
    1,325,000       4.500   05/01/2031   1,338,597

Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (NR/A-)

    1,330,000       4.500   11/01/2033   1,330,253

Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR)(f)

    225,000       3.000   12/15/2031   188,682

Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (NR/AA)

    545,000       2.000   05/01/2028   486,019
    555,000       2.000   05/01/2029   481,357
    565,000       2.125   05/01/2030   477,869
    1,000,000       2.625   05/01/2034   813,760
    990,000       2.800   05/01/2037   786,837

Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR)

    425,000       2.750   05/01/2025   404,188

Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR)

    2,500,000       5.000   07/01/2029   2,573,711

Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR)

    60,000       2.875   05/01/2025   57,494
    170,000       3.250   05/01/2031   146,720

Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR)

    1,265,000       2.800   05/01/2025   1,202,671
    3,330,000       3.200   05/01/2031   2,862,161

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) – (continued)

$

     1,875,000       3.500 %    05/01/2037   $       1,552,911

Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR)

    275,000       4.750   11/01/2029   276,566

Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)

    80,000       3.250   11/01/2024   77,869
    555,000       3.500   11/01/2030   495,711

Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR)

    205,000       2.500   05/01/2026   188,019

Preston Cove Community Development District Special Assessment RB Series 2022 (NR\NR)

    575,000       3.250   05/01/2027   530,003
    1,820,000       4.000   05/01/2042   1,576,201

Quail Roost Community Development District Special Assessment for Expansion Area Project Series 2021 (NR/NR)

    150,000       2.200   12/15/2026   134,578
    490,000       2.700   12/15/2031   405,931
    735,000       3.125   12/15/2041   553,687

Randal Park Community Development District Randal Walk Special Assessment RB Series 2018 (NR/NR)(f)

    60,000       4.100   05/01/2024   60,020
    185,000       4.500   05/01/2029   185,074

Randal Park Community Development District Special Assessment RB Series 2015 (NR/NR)

    370,000       4.250   11/01/2025   370,841

Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR)

    475,000       5.000   05/01/2025   489,756

Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR)

    130,000       3.750   05/01/2024   128,554
    425,000       4.000   05/01/2030   404,798

Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR\NR)

    1,150,000       3.000   05/01/2036   912,621

Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    85,000       3.500   05/01/2024   84,276
    405,000       4.000   05/01/2030   389,629
    615,000       4.500   05/01/2040   585,283
    610,000       4.750   05/01/2050   575,243

Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    190,000       3.000   05/01/2032   159,430
    400,000       3.300   05/01/2042   308,368

Ridge at Apopka Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    450,000       4.750   05/01/2027   449,013
    700,000       5.000   05/01/2032   689,286

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

    Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-)

$

     2,390,000       4.000 %    05/01/2031   $    2,369,942
    890,000       4.000   05/01/2035   859,292

River Glen Community Development District Special Assessment Bond for Assessment Area Two Series 2021 (NR/NR)

    570,000       2.375   05/01/2026   522,382
    600,000       3.000   05/01/2031   511,967

River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)

    460,000       2.750   05/01/2025   439,080
    525,000       3.250   05/01/2031   457,006

River Hall Community Development District Special Assessment Refunding Bonds Series 2021 A-2 (NR/NR)

    400,000       3.000   05/01/2026   377,381
    1,000,000       3.000   05/01/2031   843,773
    1,000,000       3.000   05/01/2036   785,572

River Landing Community Development District Special Assessment Series 2020 A (NR/NR)

    245,000       3.000   05/01/2025   233,318
    475,000       3.600   05/01/2030   420,521

Rivers Edge II Community Development District Special Assessment Bond Series 2021 (NR/NR)

    250,000       2.400   05/01/2026   227,241
    300,000       3.000   05/01/2031   251,329

Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR)(f)

    165,000       2.400   05/01/2026   150,363
    300,000       3.000   05/01/2031   253,304

Rivington Community Development District Special Assessment RB Series 2022 (NR\NR)

    4,065,000       4.000   05/01/2052   3,298,025

Rolling Hills Community Development District Capital Improvement and Refunding Bonds Series 2022A-2 (NR\NR)

    1,000,000       3.650   05/01/2032   861,203

Rolling Hills Community Development District Capital Improvement RB Series 2022A-1 (NR\NR)

    965,000       3.750   05/01/2042   770,367

Rustic Oaks Community Development District Capital Improvement RB Series 2022 (NR\NR)

    1,000,000       2.850   05/01/2027   910,164
    1,100,000       3.200   05/01/2032   943,450

Rutland Ranch Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    410,000       3.400   11/01/2041   315,489

Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    350,000       2.500   06/15/2025   330,298
    320,000       3.000   06/15/2030   277,281
    290,000       4.000   06/15/2040   255,606

 

    Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2022 (NR\NR)

$

     325,000       2.625 %    12/15/2027   $       289,440
    355,000       3.100   12/15/2032   298,605

Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA)

    690,000       2.375   05/01/2035   557,232
    1,425,000       2.625   05/01/2040   1,134,139

San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)(f)

    290,000       3.375   06/15/2024   285,547
    1,000,000       3.750   06/15/2031   920,970

Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    450,000       3.000   11/01/2031   376,622
    1,100,000       3.300   11/01/2041   846,190

Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    595,000       3.250   05/01/2026   565,759
    1,450,000       3.750   05/01/2031   1,314,633

Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR)

    495,000       2.750   05/01/2025   466,801
    465,000       3.250   05/01/2030   402,095
    560,000       3.750   05/01/2040   455,207

Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    425,000       3.750   05/01/2027   400,764
    700,000       4.125   05/01/2032   661,461
    1,525,000       4.500   05/01/2042   1,404,454

Seminole Improvement District Utilities RB Series 2022 (NR/NR)(h)

    400,000       4.400   10/01/2027   398,868
    550,000       5.000   10/01/2032   550,000

Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)(f)

    190,000       4.000   11/01/2024   189,380
    735,000       4.500   11/01/2029   732,691

Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)

    130,000       4.000   11/01/2023   130,047

Shingle Creek at Bronson Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    1,000,000       3.500   06/15/2041   803,459

Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    630,000       3.625   05/01/2024   627,149
    1,895,000       4.000   05/01/2029   1,874,060
    5,000,000       4.750   05/01/2039   4,864,137

Siena North Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    160,000       3.300   06/15/2032   135,042
    450,000       4.000   06/15/2042   389,917

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Silver Palms West Community Development District Special Assessment Bonds Series 2022 (NR\NR)

$

     900,000       3.000 %    06/15/2032   $       754,730
    1,905,000       3.250   06/15/2042   1,516,025

Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR)

    230,000       2.500   05/01/2026   209,744
    325,000       3.100   05/01/2031   272,445

Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR)

    300,000       2.500   05/01/2026   274,169
    720,000       3.000   05/01/2031   606,328

Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR)

    285,000       3.125   11/01/2025   273,343
    505,000       3.625   11/01/2031   451,148
    300,000       4.125   11/01/2040   268,517

South Creek Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)

    240,000       2.375   06/15/2026   219,377
    175,000       2.875   06/15/2031   147,756
    475,000       3.250   06/15/2041   368,612

South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (NR/BBB)

    420,000       3.000   05/01/2023   422,355
    435,000       3.250   05/01/2024   439,582
    445,000       3.450   05/01/2025   445,024
    465,000       3.625   05/01/2026   464,075
    975,000       4.125   05/01/2036   937,698

South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)(f)

    360,000       4.250   11/01/2024   360,639
    730,000       4.500   11/01/2029   728,602

South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)

    200,000       4.000   05/01/2024   200,171
    590,000       4.625   05/01/2029   594,238

South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB)

    350,000       2.500   11/01/2023   350,784
    355,000       2.750   11/01/2024   350,663
    370,000       3.000   11/01/2025   363,333
    585,000       4.250   11/01/2037   556,048

Southern Groves Community Development District No. 5 Special Assessment Bond Series 2021 (NR/NR)

    425,000       2.400   05/01/2026   384,885

Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR)

    100,000       2.875   05/01/2024   97,411
    300,000       3.250   05/01/2029   273,987

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR)

$

     300,000       3.375 %    05/01/2025   $       291,188
    155,000       4.000   05/01/2030   147,632
    415,000       4.300   05/01/2040   380,511
    300,000       4.500   05/01/2046   272,254

Southshore Bay Community Development District Special Assessment Bond for Assessment Area One Series 2021 (NR/NR)(f)

    2,635,000       3.000   05/01/2033   2,135,259

St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR)

    900,000       4.000   12/15/2036   756,240

Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    200,000       2.450   05/01/2026   181,425

Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR)(f)

    305,000       2.375   06/15/2026   277,042
    425,000       3.000   06/15/2031   360,120
    565,000       3.500   06/15/2041   451,230

Stonebrier Community Development District Special Assessment Refunding Series 2016 (NR/A-)

    265,000       2.500   05/01/2023   265,564
    270,000       2.500   05/01/2024   269,839
    280,000       3.000   05/01/2025   282,238
    290,000       3.000   05/01/2026   291,662

Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR)(f)

    330,000       3.000   11/01/2032   273,031

Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR) (NR/NR)(f)

    585,000       3.300   11/01/2041   448,643

Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    170,000       3.500   06/15/2024   167,280
    500,000       4.000   06/15/2030   478,484

Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR)(f)

    545,000       2.500   12/15/2025   507,727
    500,000       3.000   12/15/2030   426,661
    1,000,000       3.500   12/15/2040   799,236

Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR)

    210,000       3.125   12/15/2025   202,587
    500,000       3.625   12/15/2030   457,833
    870,000       4.000   12/15/2039   772,028

Storey Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR)(h)

    345,000       4.300   06/15/2027   345,900

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR\NR)

$

     250,000       3.000 %    06/15/2032   $       214,338
    1,000,000       3.250   06/15/2042   780,302

Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)(f)

    240,000       2.375   06/15/2026   217,767
    225,000       2.875   06/15/2031   188,836
    275,000       3.300   06/15/2041   212,840

Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    650,000       3.450   05/01/2041   504,408

Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR)

    275,000       3.150   05/01/2031   231,199

Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR)

    225,000       3.000   05/01/2025   214,768
    475,000       3.300   05/01/2031   409,454
    790,000       3.750   05/01/2040   655,149

Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR)

    205,000       2.400   05/01/2026   185,927
    205,000       3.000   05/01/2031   171,370

Summerstone Community Development District Special Assessment Bond for Phase Two Series 2021 (NR/NR)(f)

    375,000       2.750   05/01/2031   312,274
    700,000       3.150   05/01/2041   531,178

Summerstone Community Development District Special Assessment Series 2020 (NR/NR)

    165,000       3.250   05/01/2030   146,277

Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-1 (AGM) (NR/AA)

    395,000       2.500   05/01/2029   364,581
    715,000       2.875   05/01/2033   625,731
    1,440,000       3.000   05/01/2038   1,210,675

Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR)

    940,000       3.500   05/01/2029   888,309

Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (NR/A+)

    190,000       2.500   05/01/2023   190,977
    190,000       2.500   05/01/2024   190,257
    200,000       3.000   05/01/2025   198,941
    205,000       3.000   05/01/2026   201,497
    1,135,000       3.500   05/01/2031   1,079,796
    1,370,000       4.000   05/01/2036   1,317,862

Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    315,000       2.375   05/01/2026   288,166
    285,000       3.000     05/01/2031   240,911

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Tampa-Hillsborough County Expressway Authority RB Series 2017 (A2/A+)

$

     6,175,000       5.000 %   07/01/2047   $       6,532,258

Tampa-Hillsborough County Expressway Authority RB Series 2017 C (A2/A+)

    1,950,000       5.000   07/01/2048   2,081,733

Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)

    1,115,000       4.800   05/01/2036   1,100,192

Tern Bay Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    1,655,000       3.400   06/15/2032   1,429,483

The Lee County School Board COPS Series 2020 A (Aa3/NR)

    825,000       5.000   08/01/2026   908,578
    690,000       5.000   08/01/2028   780,099

Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR)

    650,000       2.350   12/15/2026   586,667
    750,000       3.000   12/15/2031   632,681
    2,000,000       3.300   12/15/2041   1,542,469

Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (NR/A+)

    205,000       3.000   05/01/2027   200,801
    210,000       3.125   05/01/2028   206,031
    230,000       3.375   05/01/2032   216,628

Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR)

    735,000       3.600   05/01/2041   587,284

Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (NR/AA)

    340,000       3.500   05/01/2032   340,778

Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)(f)

    420,000       5.200   05/01/2028   425,932

Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)

    300,000       4.625   05/01/2028   303,407

Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-1 (AGM) (NR/AA)

    4,695,000       3.000   05/01/2033   4,417,586
    5,290,000       3.000   05/01/2037   4,838,954

Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)

    275,000       3.500   05/01/2024   273,557
    765,000       3.850   05/01/2029   741,686

Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 B (AGM) (NR/AA)

    2,025,000       3.000   05/01/2033   1,891,078
    4,925,000       3.000   05/01/2040   4,345,902

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)(f)

$

     1,040,000       3.450 %    05/01/2024   $    1,034,270
    2,970,000       3.750   05/01/2029   2,869,622

Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR)

    520,000       4.375   11/01/2023   521,946
    1,875,000       5.000   11/01/2029   1,895,223
    95,000       5.375   11/01/2039   95,403

Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)

    505,000       4.250   06/15/2028   503,944

Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    260,000       3.125   12/15/2025   249,969
    735,000       3.625   12/15/2031   660,993
    450,000       4.000   12/15/2040   395,929

Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (Baa1/A-)

    750,000       5.000   04/01/2030   811,087
    650,000       5.000   04/01/2031   700,332
    550,000       5.000   04/01/2033   589,249
    5,000,000       5.000   04/01/2048   5,248,404

Town of Palm Beach GO Bonds for Underground Utility Project Series 2018 (Aaa/AAA)

    2,000,000       4.000   07/01/2043   2,015,706
    7,000,000       4.000   07/01/2047   7,059,913

Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR)

    75,000       3.500   05/01/2024   73,823
    360,000       4.000   05/01/2030   342,584
    595,000       4.375   05/01/2039   553,724

Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)(f)

    415,000       3.125   05/01/2030   358,742
    475,000       3.625   05/01/2040   385,784

Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR)

    385,000       2.300   05/01/2026   348,573

Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR)(f)

    210,000       4.375   11/01/2024   210,752
    500,000       5.250   11/01/2039   493,804

Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)(f)

    355,000       2.500   05/01/2025   334,723
    235,000       3.250   05/01/2030   204,837

Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR)(f)

    1,190,000       3.125   11/01/2041   889,036
    750,000       4.000   11/01/2051   612,998

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR)

$

     160,000       2.500 %    11/01/2026   $       145,150
    200,000       3.000   11/01/2031   168,243

Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR)

    160,000       3.875   05/01/2024   158,509
    490,000       4.125   05/01/2029   480,693

Triple Creek Community Development District Special Assessment Series 2019 B (NR/NR)

    835,000       4.875   05/01/2032   829,826

TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR)(f)

    3,955,000       4.625   11/01/2038   3,809,791

TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR)

    155,000       4.000   11/01/2024   155,014
    495,000       4.500   11/01/2029   494,666

TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR)

    2,000,000       4.750   11/01/2047   1,877,129

TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR)

    305,000       3.000   11/01/2024   296,403
    700,000       3.375   11/01/2030   623,187
    100,000       4.000   11/01/2050   82,213

TSR Community Development District Special Assessment RB for
Village 1 Project Series 2015 (NR/NR)

    410,000       4.375   11/01/2025   411,848

Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR\NR)

    250,000       3.000   05/01/2027   229,799
    465,000       3.375   05/01/2032   399,162
    1,430,000       4.000   05/01/2042   1,239,908

Turnbull Creek Community Development District Senior Special Assessment Refunding Bonds Series 2015 A-1 (NR/A)

    1,000,000       4.250   05/01/2031   1,000,377

Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (NR/A)

    360,000       2.250   05/01/2023   360,710
    365,000       2.500   05/01/2024   365,365
    375,000       2.625   05/01/2025   370,646
    390,000       3.000   05/01/2026   385,541
    400,000       3.125   05/01/2027   394,021
    415,000       3.250   05/01/2028   407,292

Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR)

    160,000       4.200   05/01/2026   159,853

Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR)

    340,000       3.000   12/15/2024   330,950
    1,000,000       3.375   12/15/2030   892,043

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)(f)

$

     1,370,000       5.000 %    12/15/2032   $    1,373,938
    2,000,000       5.000   12/15/2037   1,973,490
    4,470,000       5.000   12/15/2047   4,330,846

Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    1,440,000       5.125   05/01/2042   1,398,025

Two Rivers West Community Development District Special Assessment Bond Anticipation Note Series 2022 (NR\NR)

    1,600,000       3.000   01/15/2023   1,589,107

Union Park East Community Development District Special Assessment Boonds for Assessment Area 3 Project Series 2021 (NR/NR)(f)

    125,000       2.950   05/01/2031   104,673
    325,000       3.350   05/01/2041   248,749
    450,000       4.000   05/01/2051   366,715

University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA)

    300,000       2.500   05/01/2027   295,125
    310,000       2.500   05/01/2028   301,015
    315,000       2.625   05/01/2029   305,397
    1,060,000       3.000   05/01/2034   987,027
    2,130,000       3.125   05/01/2038   1,934,782
    1,725,000       3.250   05/01/2040   1,574,572

V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)(f)

    345,000       3.000   05/01/2025   330,811
    525,000       3.500   05/01/2031   463,793
    875,000       4.000   05/01/2040   768,755

V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)

    1,000,000       3.625   05/01/2041   812,690

Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)(f)

    220,000       4.000   05/01/2024   220,132
    1,000,000       4.625   05/01/2029   1,002,793
    1,000,000       5.000   05/01/2038   980,755

Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR)

    200,000       4.000   11/01/2024   200,018
    395,000       4.500   11/01/2029   395,186

Veranda Community Development District II Special Assessment Area 1 Preserve West Project Series 2018 A (NR/NR)

    185,000       4.000   11/01/2024   185,016
    375,000       4.500   11/01/2029   375,179

Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR)(f)

    115,000       2.500   05/01/2026   105,720
    175,000       3.100   05/01/2031   149,294

Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)(f)

    200,000       2.500   05/01/2026   183,861
    285,000       3.100     05/01/2031   243,135

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)

$

     1,270,000       3.750 %   05/01/2026   $     1,235,174
    1,000,000       4.250   05/01/2037   930,013

Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB)(f)

    345,000       3.250   05/01/2024   348,388
    355,000       3.500   05/01/2025   355,019
    370,000       3.625   05/01/2026   370,312

Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)

    365,000       4.750   11/01/2025   367,929

Verano No 3 Community Development District Special Assessment for Phase 1 Assessment Area Series 2021 (NR/NR)

    325,000       2.375   05/01/2026   297,926
    300,000       3.000   05/01/2031   254,376

Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR)

    250,000       3.250   05/01/2031   215,317
    235,000       4.000   05/01/2040   207,240

Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR)

    150,000       2.875   05/01/2025   143,096
    250,000       3.250   05/01/2031   215,309
    1,050,000       4.000   05/01/2040   925,966

Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR)

    115,000       2.875   05/01/2025   109,707
    250,000       3.250   05/01/2031   215,308
    815,000       4.000   05/01/2040   718,726

Verona Walk Community Development District Special Assessment Senior Lien RB Refunding for Capital Improvement Series 2013 A-1 (NR/A)

    495,000       4.250   05/01/2030   496,481

Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA)

    380,000       2.000   05/01/2027   345,816
    385,000       2.000   05/01/2028   340,220
    395,000       2.000   05/01/2029   339,601
    150,000       2.125   05/01/2030   125,763

Viera Stewardship District Special Assessment RB Series 2021 (NR/NR)

    500,000       2.300   05/01/2026   452,222
    930,000       2.800   05/01/2031   779,056

Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)

    255,000       3.125   05/01/2025   248,327
    500,000       3.500   05/01/2030   453,506
    930,000       3.750   05/01/2037   800,205

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)(f)

$

     320,000       3.250 %    05/01/2023   $       319,827
    925,000       3.800   05/01/2028   914,450
    1,855,000       4.000   05/01/2033   1,804,572

Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)

    720,000       2.625   05/01/2024   702,663
    1,210,000       3.000   05/01/2029   1,113,743
    1,450,000       3.375   05/01/2034   1,277,099
    3,830,000       3.550   05/01/2039   3,282,989

Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)(f)

    1,730,000       1.875   05/01/2025   1,623,520
    2,925,000       2.625   05/01/2030   2,548,325
    3,370,000       3.000   05/01/2035   2,805,484

Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (BAM) (NR/AA)

    1,750,000       3.500   05/01/2032   1,757,227
    2,055,000       4.000   05/01/2037   2,037,315

Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (NR/NR)

    315,000       4.000   05/01/2026   327,323
    310,000       4.000   05/01/2027   324,329
    315,000       4.000   05/01/2028   333,596
    330,000       4.000   05/01/2029   347,697

Village Community Development District Special Assessment RB Series 2021 (NR/NR)

    950,000       2.550   05/01/2031   800,148
    1,900,000       2.850   05/01/2036   1,527,073
    2,400,000       3.000   05/01/2041   1,845,926

Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR)

    185,000       4.625   05/01/2027   184,120
    235,000       4.875   05/01/2032   231,562
    610,000       5.125   05/01/2042   594,398

Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR\NR)

    210,000       3.150   05/01/2032   173,247
    500,000       3.450   05/01/2042   381,751

Villamar Community Development District Special Assessment Bonds for Phase 3 Project Series 2022 (NR\NR)

    215,000       3.125   11/01/2027   196,550

Villamar Community Development District Special Assessment Bonds for Phase 4 Project Series 2022 (NR\NR)

    175,000       3.250   05/01/2027   161,207

Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    75,000       3.750   05/01/2024   74,169
    220,000       4.000   05/01/2029   214,301

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR)

$

     200,000       2.625 %    05/01/2025   $       189,246
    245,000       3.200   05/01/2030   213,842

Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (NR/BBB-)

    220,000       2.750   11/01/2024   217,503
    225,000       3.000   11/01/2025   220,704
    230,000       3.200   11/01/2026   225,478
    1,400,000       4.125   11/01/2046   1,306,042

Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)

    625,000       5.500   05/01/2034   629,681
    925,000       5.750   05/01/2044   932,540

Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/BBB+)

    2,145,000       4.000   05/01/2031   2,091,332

Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)

    500,000       5.125   11/01/2038   493,760

Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)

    2,360,000       5.500   11/01/2045   2,365,390

Wesbridge Community Development District Special Assessment Series 2019 (NR/NR)

    185,000       3.250   11/01/2024   181,176
    375,000       3.625   11/01/2029   351,082
    1,000,000       4.000   11/01/2039   884,660

West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR)(f)

    500,000       2.750   05/01/2026   461,943
    415,000       3.250   05/01/2031   355,106
    515,000       3.625   05/01/2041   412,386

West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)(f)

    280,000       2.650   05/01/2025   267,092
    630,000       3.000   05/01/2031   540,387
    1,725,000       4.000   05/01/2040   1,520,466
    1,595,000       4.000   05/01/2051   1,305,793

West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)

    385,000       2.400   05/01/2026   349,894
    575,000       3.000   05/01/2031   484,558

West Villages Improvement District Unit of Development No. 3 Special Assessment Refunding Bonds Series 2017 (NR/NR)

    2,540,000       5.000   05/01/2032   2,549,140
    1,940,000       4.500   05/01/2034   1,877,199
    3,395,000       5.000   05/01/2037   3,367,303

West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR)

    260,000       4.000   05/01/2024   260,348
    750,000       4.250   05/01/2029   745,181

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR)

$

     200,000       2.500 %    05/01/2026   $       184,321

West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR)

    435,000       2.500     05/01/2026   400,897

Westside Community Development District Solara Phase 2 Assessment Area Special Assessment RB Series 2019 (NR/NR)

    125,000       3.625     05/01/2024   123,604
    355,000       3.900     05/01/2029   338,722

Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)(f)

    260,000       3.500     05/01/2024   255,832
    810,000       3.750     05/01/2029   765,630

Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)

    250,000       2.500     05/01/2026   231,284
    650,000       3.000     05/01/2031   564,917
    1,400,000       3.250     05/01/2041   1,100,157

Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)(f)

    250,000       3.500     06/15/2024   247,830
    1,285,000       3.750     06/15/2030   1,207,912
    3,350,000       4.250     06/15/2039   3,108,456

Willows Community Development District Special Assessment RB Series 2019 (NR/NR)

    130,000       3.875     05/01/2024   129,054
    500,000       4.370     05/01/2029   497,932

Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)

    170,000       2.400     05/01/2026   153,871
    300,000       2.950     05/01/2031   249,522
    865,000       3.350     05/01/2041   658,943

Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)

    200,000       4.250     11/01/2029   197,031
    680,000       4.875     11/01/2039   665,161

Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR\NR)

    900,000       4.000     05/01/2042   780,412

Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR)

    160,000       3.000     05/01/2025   152,648
    230,000       3.650     05/01/2030   206,101

Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)

    135,000       4.875     05/01/2036   134,547
    250,000       5.000     05/01/2047   243,804

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR)

$

     690,000       2.500 %    05/01/2025   $       653,053
    640,000       3.125     05/01/2030   558,246

Wynnfield Lakes Community Development District Special Assessment Refunding Bonds Series 2014 (NR/BBB+)

    1,450,000       4.500     05/01/2036   1,435,319

Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR)

    185,000       2.500     05/01/2026   169,967
    355,000       3.000     05/01/2031   301,851
       

 

        962,791,398

 

Georgia – 1.8%

 

      

Burke County Development Authority Pollution Control RB (BBB+/A-) (PUTABLE)(a)(b)(d)

    1,600,000       2.250     05/25/2023   1,590,189

Burke County Development Authority Pollution Control RB Fifth Series 1994 (BBB+/A-) (PUTABLE)(a)(b)(d)

    3,000,000       2.150     06/13/2024   2,941,210

Burke County Development Authority Pollution Control RB Second Series 2008 (BBB+/A-) (PUTABLE)(a)(b)(d)

    3,100,000       2.925     03/12/2024   3,090,545

Burke County Development Authority Pollution Control RB Series 2017F (A-/BBB)(a)(b)

    9,475,000       3.000     02/01/2023   9,494,769

City of Atlanta RB for Water & Wastewater Series 2018 B (Aa2/AA-)

    4,750,000       3.500     11/01/2043   4,317,558

County of Fulton RB Refunding for Water & Sewerage Series 2013 A (Aa2/AA)

    7,585,000       4.000     01/01/2035   7,597,203

Development Authority of Bartow County Pollution Control RB First Series 1997 (NR\BBB+)(a)

    5,000,000       1.800     09/01/2029   4,442,207

Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (NR/NR)

    465,000       5.000     03/01/2027   423,376

George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-)

    1,215,000       2.375     01/01/2031   1,047,713
    1,800,000       4.000     01/01/2036   1,646,304

Glynn-Brunswick Memorial Hospital Authority RB Refunding for Southeast Georgia Health System Obligated Group Series 2020 (Baa1/BBB+)

    775,000       4.000     08/01/2035   718,935
    500,000       4.000     08/01/2036   460,738
    750,000       4.000     08/01/2037   701,817
    745,000       4.000     08/01/2038   691,165

Main Street Natural Gas Gas Supply RB Series 2019B (NR/NR)(a)(b)

    14,050,000       4.000     12/02/2024   14,445,111

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		    

Maturity

Date

   Value
Municipal Bonds – (continued)

Georgia – (continued)

Main Street Natural Gas Gas Supply RB Sub-Series 2018A (NR/NR)(a)(b)

$

     14,250,000       4.000 %    09/01/2023   $  14,499,653

Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR)

    2,500,000       5.000   05/15/2025   2,613,488
    3,000,000       5.000   05/15/2026   3,161,678
    3,000,000       5.000   05/15/2027   3,179,227
    2,455,000       5.000   05/15/2028   2,606,834
    2,800,000       5.000   05/15/2029   2,977,453
    4,875,000       5.000   05/15/2049   5,128,552

Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3\NR)(a)(b)

    10,295,000       4.000   12/01/2029   10,216,965

Monroe County Development Authority Pollution Control RB First Series 2009 (BBB+/A-2/A-) (PUTABLE)(a)(b)(d)

    1,850,000       1.000   08/21/2026   1,644,684

Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (Baa1/A)

    2,210,000       5.000   01/01/2023   2,242,851
    4,155,000       5.000   01/01/2024   4,322,122
    4,360,000       5.000   01/01/2025   4,582,407
    4,575,000       5.000   01/01/2026   4,878,484
    4,805,000       5.000   01/01/2027   5,189,537
    5,040,000       5.000   01/01/2028   5,496,459
    5,295,000       5.000   01/01/2029   5,779,507
    1,080,000       5.000   01/01/2034   1,146,959

Municipal Electric Authority RB Refunding Series 2019 A (A2/A-)

    830,000       5.000   01/01/2024   863,384
    900,000       5.000   01/01/2025   950,352

Private Colleges & Universities Authority RB Refunding for Agnes Scott College, Inc. Series 2021 (NR/A-)

    495,000       5.000   06/01/2031   550,192
    400,000       5.000   06/01/2032   441,206
    500,000       5.000   06/01/2033   549,308
    400,000       4.000   06/01/2034   403,408
    500,000       4.000   06/01/2035   499,185
    850,000       4.000   06/01/2045   792,992

Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)(f)

    1,275,000       4.000   01/01/2038   1,161,812

Savanah Economic Development Authority Recovery Zone Facility Revenune Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(d)

    400,000       2.000   10/01/2024   390,242

Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (Baa2/BBB)

    1,925,000       1.900   08/01/2024   1,891,645

State of Georgia GO Bonds Series 2021A (AAA/AAA)

    8,750,000       4.000   07/01/2039   9,086,006

 

Principal

Amount

     Interest
Rate		    

Maturity

Date

   Value
Municipal Bonds – (continued)

Georgia – (continued)

State of Georgia GO Bonds Series 2021A (Aaa\AAA)

$

     2,675,000       4.000 %    07/01/2035   $    2,830,610
       

 

  153,686,042

 

Guam – 0.7%

Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR)

    765,000       3.099   10/01/2028   690,174
    550,000       3.189   10/01/2029   490,605
    740,000       3.489   10/01/2031   656,241

Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba2/B+)

    875,000       3.625   02/01/2025   841,601
    2,045,000       4.250   02/01/2030   1,986,090

Guam Government Business Privilege Tax Revenue Refunding Bonds 2015D (BB/NR)

    320,000       5.000   11/15/2022   323,501

Guam Government Business Privilege Tax Revenue Refunding Bonds 2015D (NR/NR)

    2,680,000       5.000   11/15/2022   2,714,517

Guam Government GO Bonds Series 2019 (AMT) (Ba1/BB-)

    2,350,000       5.000   11/15/2031   2,417,778

Guam Government Limited Obligation RB Section 30 Series 2016 A (NR/BB)

    2,755,000       5.000   12/01/2025   2,941,751
    2,255,000       5.000   12/01/2026   2,434,838
    2,000,000       5.000   12/01/2027   2,150,495

Guam Government RB Refunding Series 2021 E (Ba1/NR)

    7,795,000       3.250   11/15/2026   7,469,543

Guam Government RB Refunding Series 2021 F (Ba1/NR)

    525,000       5.000   01/01/2028   552,538
    1,225,000       5.000   01/01/2029   1,291,292
    1,100,000       5.000   01/01/2030   1,159,543
    1,100,000       5.000   01/01/2031   1,161,438
    9,615,000       4.000   01/01/2042   8,483,265

Guam Power Authority RB Refunding Series 2012 A (AGM) (A2/AA)

    1,500,000       5.000   10/01/2024   1,512,364
    2,790,000       5.000   10/01/2030   2,812,998

Guam Power Authority RB Series 2014 A (AGM) (A2/AA)

    325,000       5.000   10/01/2039   337,324
    250,000       5.000   10/01/2044   258,657

Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (Baa2/A-)

    1,030,000       5.000   01/01/2046   1,065,884

Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (Baa2/A-)

    3,975,000       5.000   01/01/2050   4,143,663

Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-)

    350,000       5.000   07/01/2025   368,955
    560,000       5.000   07/01/2026   597,501
    350,000       5.000   07/01/2027   376,882

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Guam – (continued)

Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-) – (continued)

$

     370,000       5.000 %    07/01/2028   $       395,036
    725,000       5.000   07/01/2029   770,725
    700,000       5.000   07/01/2030   741,245
    700,000       5.000   07/01/2031   738,974
    700,000       5.000   07/01/2032   737,207

Guam Waterworks Authority Water and Wastewater System RB Series 2013 (CASH) (Baa2\A-)(b)

    1,450,000       5.500   07/01/2023   1,501,462

Port Authority of Guam Private Activity RB Series 2018 B (AMT) (Baa2/A)

    400,000       5.000   07/01/2029   432,225
    600,000       5.000   07/01/2031   643,042
    250,000       5.000   07/01/2033   266,006
    225,000       5.000   07/01/2034   238,990
    425,000       5.000   07/01/2036   450,140

Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Ba1/NR)

    300,000       5.000   11/01/2027   314,906
    450,000       5.000   11/01/2028   472,872
    450,000       5.000   11/01/2029   473,428
    375,000       5.000   11/01/2030   394,011
       

 

  57,809,707

 

Hawaii – 0.7%

City & County Honolulu RB for Wastewater System Series 2018 A (Aa2/NR)

    8,000,000       4.000   07/01/2042   7,958,410

Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (AMT) (Baa1/NR)

    5,025,000       4.000   03/01/2037   4,864,007

Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Baa1/NR)

    9,055,000       3.200   07/01/2039   7,526,037

Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui’ula Development Series 2019 (NR/NR)

    30,000       4.000   05/15/2026   30,357
    75,000       5.000   05/15/2029   79,273
    35,000       5.000   05/15/2030   36,759
    150,000       5.000   05/15/2031   156,627
    180,000       5.000   05/15/2032   187,204
    60,000       3.000   05/15/2033   50,579
    100,000       3.000   05/15/2034   83,012
    150,000       3.000   05/15/2035   122,620
    670,000       3.250   05/15/2039   535,801
    575,000       5.000   05/15/2044   584,215

State of Hawaii Airports System RB Refunding Series 2018 D (A1/A+)

    20,865,000       5.000   07/01/2034   23,216,792

State of Hawaii Airports System RB Series 2022A (AMT) (A1\A+)

    11,650,000       5.000   07/01/2047   12,317,593
       

 

  57,749,286

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Idaho – 0.0%

Nez Perce County PCRB Refunding for Potlatch Corp. Project Series 2016 (Baa3/BBB-)

$

     2,000,000       2.750 %    10/01/2024   $    1,984,491

 

Illinois – 10.5%

Barrington Community Unit School District GO School Bonds Series 2021 (AAA/NR)

    2,255,000       5.000   12/01/2029   2,601,923

Berwyn Municipal Securitization Corp. RB Refunding Series 2019 (AGM-CR) (NR/AA)

    7,200,000       5.000   01/01/2035   7,996,970

Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Ba2/AA)

    625,000       4.000   10/01/2043   593,024

Carol Stream Park District GO Refunding Bonds Series 2016 (BAM) (NR/AA)(b)

    6,155,000       5.000   01/01/2037   6,637,573

Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (NR/AA)

    350,000       0.000 (g)    01/01/2026   315,532
    165,000       0.000 (g)    01/01/2027   143,481
    240,000       0.000 (g)    01/01/2028   200,770
    300,000       5.000   01/01/2029   338,680
    175,000       5.000   01/01/2030   196,912
    665,000       5.000   01/01/2031   745,404
    1,875,000       5.000   01/01/2032   2,095,409
    765,000       5.000   01/01/2033   852,664
    1,115,000       5.000   01/01/2034   1,240,109

Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (Ba3/BB)

    555,000       5.382   12/01/2023   559,836
    2,250,000       5.482   12/01/2024   2,267,696

Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR)

    3,550,000       6.000   04/01/2046   3,745,291

Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (NR/NR)

    760,000       5.000   04/01/2034   772,642
    575,000       5.000   04/01/2035   584,045
    525,000       5.000   04/01/2036   532,438
    490,000       5.000   04/01/2037   496,492

Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)(g)

    2,225,000       0.000   12/01/2026   1,894,710
    1,125,000       0.000   12/01/2027   916,102
    3,095,000       0.000   12/01/2029   2,290,867
    2,660,000       0.000   12/01/2030   1,873,360

Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)(g)

    965,000       0.000     12/01/2027   785,812
    1,040,000       0.000   12/01/2028   807,672
    645,000       0.000   12/01/2030   454,255

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (Ba1/BBB+)(g)

$

     670,000       0.000 %    01/01/2031   $       456,909

Chicago Illinois Board of Education GO Bonds Series 2015 C (NR/BB)

    2,500,000       6.000   12/01/2035   2,610,401

Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)(g)

    4,705,000       0.000   12/01/2031   3,151,069

Chicago Illinois Board of Education GO Refunding Bonds for School Reform Series 1999 A (NATL) (Baa2/BB)

    4,725,000       5.500   12/01/2026   5,069,877

Chicago Illinois Board of Education GO Refunding Bonds Series 1999 A (NATL) (Baa2/BB)(g)

    3,485,000       0.000   12/01/2023   3,341,604

Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba3/BB)

    2,500,000       5.500   12/01/2026   2,719,342
    6,330,000       5.500   12/01/2027   6,965,936
    3,000,000       5.500   12/01/2028   3,329,525
    2,115,000       5.500   12/01/2029   2,366,224

Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (NR/BB)

    1,020,000       5.250   12/01/2039   1,040,357

Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2012 A (Ba3/BB)

    5,225,000       5.000   12/01/2042   5,225,157

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba3/BB)

    10,380,000       6.038   12/01/2029   10,601,632
    2,500,000       6.138   12/01/2039   2,534,765

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB)

    5,160,000       7.000   12/01/2044   5,589,901

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB)

    7,125,000       6.500   12/01/2046   7,694,252

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA)

    1,825,000       5.000   12/01/2025   1,946,876
    2,250,000       5.000   12/01/2026   2,422,704
    2,375,000       5.000   12/01/2027   2,576,224
    10,095,000       5.000   12/01/2028   10,989,454
    1,500,000       5.000   12/01/2030   1,601,898
    3,350,000       5.000   12/01/2031   3,565,189
    2,550,000       5.000   12/01/2032   2,705,677
    2,800,000       5.000   12/01/2033   2,963,439
    600,000       5.000   12/01/2034   633,904

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (NR/AA)

    5,000,000       5.000   12/01/2027   5,423,629
    8,685,000       5.000   12/01/2028   9,454,523
    7,950,000       5.000   12/01/2029   8,541,798
    4,690,000       5.000     12/01/2030   5,008,600

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 A (NR/BB)

$

     2,000,000       0.000 %(g)    12/01/2025   $    1,760,265
    2,000,000       0.000 (g)    12/01/2026   1,684,802
    300,000       0.000 (g)    12/01/2027   241,333
    2,500,000       4.000   12/01/2027   2,480,748
    4,000,000       5.000   12/01/2028   4,196,791
    5,000,000       5.000   12/01/2029   5,251,008
    5,000,000       5.000   12/01/2030   5,200,473

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 B (NR/BB)

    750,000       5.000   12/01/2022   756,515
    1,200,000       5.000   12/01/2023   1,225,440
    1,250,000       5.000   12/01/2024   1,287,617
    1,200,000       5.000   12/01/2025   1,245,280
    1,000,000       5.000   12/01/2026   1,043,723
    1,000,000       5.000   12/01/2027   1,048,150
    1,000,000       5.000   12/01/2028   1,049,198
    1,000,000       5.000   12/01/2029   1,050,202
    1,000,000       5.000   12/01/2030   1,040,226
    1,000,000       5.000   12/01/2031   1,036,102
    1,000,000       5.000   12/01/2032   1,032,771
    1,000,000       5.000   12/01/2033   1,030,118

Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (AGM-CR NATL) (A2/AA)(g)

    1,465,000       0.000     01/01/2030   1,100,937

Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (NATL) (Baa2/BBB+)(g)

    1,200,000       0.000     01/01/2028   968,234

Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Ba1/BBB+)(g)

    750,000       0.000   01/01/2032   483,866

Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (Ba1/WR/BBB+)

    330,000       5.500   01/01/2037   340,037
    3,020,000       5.500   01/01/2040   3,110,030

Chicago Illinois GO Bonds Project Refunding Series 2014 A (Ba1/BBB+)

    1,500,000       5.250   01/01/2033   1,524,897
    630,000       5.000   01/01/2034   637,846
    11,590,000       5.000   01/01/2036   11,724,371

Chicago Illinois GO Bonds Series 2010 B (Ba1/BBB+)

    1,130,000       7.517   01/01/2040   1,297,213

Chicago Illinois GO Bonds Series 2015 A (NR/BBB+)

    1,320,000       5.500   01/01/2039   1,360,081

Chicago Illinois GO Bonds Series 2015 B (NR/BBB+)

    13,893,000       7.375   01/01/2033   15,683,465

Chicago Illinois GO Bonds Series 2019 (NR/BBB+)

    3,760,000       5.000   01/01/2028   3,994,283
    4,890,000       5.000   01/01/2029   5,186,066
    2,720,000       5.000   01/01/2031   2,854,192

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

Chicago Illinois GO Refunding Bonds Series 2012 B (Ba1/BBB+)

$

     2,385,000       5.432 %    01/01/2042   $    2,217,392

Chicago Illinois GO Refunding Bonds Series 2015 C (NR/BBB+)

    2,575,000       5.000   01/01/2024   2,641,449
    4,435,000       5.000   01/01/2025   4,604,560
    5,600,000       5.000   01/01/2038   5,728,465

Chicago Illinois Midway Airport RB Refunding Second Lien Series 2013 A (AMT) (A3/A-)

    4,235,000       5.500   01/01/2029   4,280,746

Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2018 B (NR/A)

    7,040,000       5.000   01/01/2039   7,497,448
    8,355,000       5.000   01/01/2048   8,721,163

Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2015 A (AMT) (NR/A)

    2,605,000       5.000   01/01/2023   2,642,186
    4,760,000       5.000   01/01/2024   4,937,243

Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (NR/A)

    9,105,000       5.000   01/01/2037   9,508,324

Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 D (NR/A)

    8,045,000       5.250   01/01/2035   8,610,142

Chicago Illinois Sales Tax Refunding Series 2002 (ETM) (NR/NR)

    1,105,000       5.000   01/01/2025   1,179,761

Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (NR/AA)

    475,000       5.250   01/01/2042   506,849
    1,330,000       4.000   01/01/2052   1,302,921

Chicago Illinois Water RB Refunding for Second Lien Project Series 2017-2 (AGM) (NR/AA)

    2,200,000       5.000   11/01/2033   2,373,737

Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (NR/A/NR)

    1,645,000       5.000   11/01/2026   1,758,465

Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (Baa2/A)

    15,475,000       5.000   11/01/2042   15,553,522

Chicago Park District GO LT Refunding Bonds Series 2021C (AA-/AA-)

    4,400,000       4.000   01/01/2035   4,258,880

Chicago Transit Authority Capital Grant Receipts RB Refunding Series 2021 (NR/A)

    1,550,000       5.000   06/01/2029   1,715,528

City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR)

    725,000       3.250   07/01/2029   643,716

City of Chicago Board of Education UT GO Refunding Bonds Series 2017C (BB/NR)

    2,000,000       5.000   12/01/2025   2,075,468

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (AGM) (AA/NR)

$

     1,000,000       5.000 %    12/01/2029   $    1,074,440

City of Chicago Board of Education UT GO Refunding Bonds Series 2022B (NR\BB)

    2,250,000       4.000   12/01/2037   2,098,348

City of Chicago GO Bonds Series 2021A (BBB+/BBB-)

    1,000,000       5.000   01/01/2028   1,062,309

City of Chicago GO Bonds Series 2021B (BBB+/BBB-)

    5,579,000       4.000   01/01/2030   5,504,386
    2,956,000       4.000   01/01/2038   2,762,850
    5,330,000       4.000   01/01/2044   4,770,689

City of Chicago GO Refunding Bonds Series 2020 A (NR/BBB+)

    2,745,000       5.000   01/01/2025   2,849,947
    3,430,000       5.000   01/01/2027   3,627,302
    10,115,000       5.000   01/01/2028   10,745,260
    8,480,000       5.000   01/01/2029   8,993,423
    9,315,000       5.000   01/01/2030   9,831,890
    430,000       5.000   01/01/2031   451,127

City of Chicago IL GO Bonds Series 2019 (BBB+/NR)

    3,500,000       5.500   01/01/2049   3,669,932

City of Chicago IL Waterworks Revenue RB Series 1999 (A/NR/Baa2/WR)

    1,560,000       5.000   11/01/2028   1,649,260
    1,780,000       5.000   11/01/2029   1,872,519
    1,000,000       5.000   11/01/2030   1,047,000

City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2014A (AMT) (A-/A3)

    1,000,000       5.000   01/01/2031   1,022,734

City of Chicago Second Lien Wastewater Transmission Revenue Refunding Bonds Series 2008C (A/NR)

    2,015,000       5.000   01/01/2034   2,093,680

City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (A2/AA)

    265,000       5.432   01/01/2042   270,773

City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (A2/AA)

    5,650,000       6.314   01/01/2044   6,352,596

City of Peoria GO Refunding Bonds Series 2019 (AGM) (A2/AA)

    880,000       5.000   01/01/2029   993,955
    1,470,000       5.000   01/01/2031   1,644,887

Cook County Community School District No. 97 Oak Park GO Bonds Series 2020 (Aa2/NR)

    155,000       4.000   01/01/2025   161,138
    195,000       4.000   01/01/2026   204,897
    115,000       4.000   01/01/2027   121,933
    200,000       4.000   01/01/2028   213,361
    200,000       4.000   01/01/2029   213,689
    145,000       4.000   01/01/2030   153,529

Cook County High School District No. 209 Proviso Township GO Bonds Limited Tax School Series 2018 B (AGM) (NR/AA)

    10,350,000       5.500   12/01/2036   11,836,278

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (Aa2/NR)

$

     840,000       4.000 %    12/01/2023   $          862,428

County of Cook Sales Tax RB Refunding Series 2021 A (NR/AA-)

    600,000       5.000   11/15/2029   679,116
    2,330,000       5.000   11/15/2032   2,619,028
    1,025,000       5.000   11/15/2036   1,111,909
    1,445,000       5.000   11/15/2037   1,554,587
    2,080,000       5.000   11/15/2038   2,218,782
    5,155,000       4.000   11/15/2039   4,885,476
    3,540,000       4.000   11/15/2041   3,297,755

County of Will Illinois GO Bonds Series 2019 (Aa1/AA+)

    1,500,000       4.000   11/15/2047   1,486,102

Illinois Finance Authority RB for Columbia College Chicago Series 2019 (NR/BBB+)

    605,000       5.000   12/01/2034   644,987
    775,000       5.000   12/01/2039   817,190
    1,000,000       5.000   12/01/2044   1,042,754

Illinois Finance Authority RB for Cook County School District No. 73 East Prairie Series 2018 (BAM) (A1/AA)

    2,325,000       4.000   12/01/2036   2,369,723
    1,420,000       4.000   12/01/2037   1,432,320
    4,230,000       4.000   12/01/2042   4,234,572

Illinois Finance Authority RB for Cook County School District No. 95 Brookfield Series 2018 (Aa2/NR)

    500,000       4.000   12/01/2038   498,396
    400,000       4.000   12/01/2040   395,012
    1,085,000       4.000   12/01/2042   1,059,620

Illinois Finance Authority RB for DuPage County Community High School District No. 99 Downers Grove Series 2020 A (NR/AA+)

    815,000       4.000   12/15/2031   844,730
    1,300,000       4.000   12/15/2032   1,334,113
    3,740,000       4.000   12/15/2033   3,802,594
    1,700,000       4.000   12/15/2034   1,713,913
    1,395,000       4.000   12/15/2035   1,403,924
    2,750,000       3.000   12/15/2036   2,525,214
    2,000,000       3.000   12/15/2037   1,824,605

Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligation Group Series 2017 A (Aa2/AA+)

    19,555,000       4.000   07/15/2047   18,839,328

Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)(f)

    5,600,000       6.125   04/01/2049   5,826,247

Illinois Finance Authority RB Refunding for Christian Homes, Inc. Obligated Group Series 2021 B (NR/NR)

    2,280,000       3.250   05/15/2027   2,175,762

Illinois Finance Authority RB Refunding for Edward Elmhurst Healthcare Obligation Group Series 2018 A (NR/A)(b)

    4,000,000       4.250   01/01/2028   4,357,314

Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (NR/NR)

    1,425,000       4.000   05/15/2027   1,427,289

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Baa3/NR)

$

     750,000       5.000 %    09/01/2026   $          794,275
    500,000       5.000   09/01/2027   532,390
    500,000       5.000   09/01/2028   533,362
    1,600,000       5.000   09/01/2030   1,695,832
    1,000,000       5.000   09/01/2031   1,052,461
    1,000,000       5.000   09/01/2032   1,046,505
    1,035,000       5.000   09/01/2033   1,077,200
    1,150,000       5.000   09/01/2034   1,190,232

Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa2/A-)

    900,000       4.000   09/01/2041   839,720
    3,875,000       5.000   09/01/2046   3,934,942

Illinois Finance Authority RB Refunding for Lawndale Educational & Regional Network Charter School Obligated Group Series 2021 (NR/BBB)

    650,000       4.000   11/01/2041   590,665

Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR)

    375,000       5.000   05/15/2041   348,973

Illinois Finance Authority RB Refunding for University of Chicago Series 2018 A (Aa2/AA-)

    2,100,000       5.000   10/01/2041   2,271,912

Illinois Finance Authority RB Refunding for University of Chicago Series 2021 A (Aa2/AA-)

    1,380,000       5.000   10/01/2037   1,588,081
    4,400,000       5.000   10/01/2038   5,075,466

Illinois Finance Authority RB Series 2021 (NR\BB+)(f)

    375,000       4.000   10/01/2042   319,211

Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (NR/AA-)

    3,350,000       5.000   01/01/2028   3,679,940
    3,515,000       5.000   01/01/2029   3,893,193
    1,130,000       5.000   01/01/2036   1,232,189
    5,290,000       4.000   01/01/2038   5,105,726

Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 A (BAM-TCRS) (NR/AA)

    5,300,000       5.000   01/01/2038   5,674,585

Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (NR/AA-)

    10,685,000       5.000   01/01/2026   11,448,747
    8,170,000       5.000   01/01/2027   8,877,402
    15,355,000       5.000   01/01/2028   16,867,306
    11,790,000       5.000   01/01/2029   13,058,532

Illinois Sport Facilities Authority Sport Facilities Refunding Bonds Series 2021 (NR\BB+)

    1,500,000       5.000   06/15/2030   1,530,739
    575,000       5.000   06/15/2031   584,401

Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (NR/AA)

    4,160,000       5.000   06/15/2027   4,343,887

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

Illinois State GO Bonds Series 2013 (Baa2/BBB)

$

     5,000,000       5.500 %    07/01/2024   $       5,139,651
    4,000,000       5.500   07/01/2025   4,101,755
    3,165,000       5.500   07/01/2027   3,237,818
    5,500,000       5.250   07/01/2028   5,617,886
    9,490,000       5.500   07/01/2038   9,688,659

Illinois State GO Bonds Series 2016 (BAM-TCRS) (NR/AA)

    2,725,000       4.000   06/01/2041   2,566,164

Illinois State GO Bonds Series 2017 A (Baa2/BBB)

    375,000       4.500   12/01/2041   369,958

Illinois State GO Bonds Series 2017 C (Baa2/BBB)

    19,265,000       5.000   11/01/2029   20,507,828

Illinois State GO Bonds Series 2017 D (Baa2/BBB)

    53,565,000       5.000   11/01/2024   56,047,593
    2,000,000       5.000   11/01/2025   2,117,672
    9,450,000       5.000   11/01/2026   10,120,223
    24,005,000       5.000   11/01/2028   25,726,245

Illinois State GO Bonds Series 2018 A (Baa2/BBB)

    16,380,000       5.000   05/01/2031   17,340,140
    2,435,000       5.000   05/01/2042   2,498,090
    1,760,000       5.000   05/01/2043   1,802,546

Illinois State GO Bonds Series 2019 A (Baa2/BBB)

    8,000,000       5.000   11/01/2024   8,370,778

Illinois State GO Bonds Series 2019 C (Baa2/BBB)

    9,175,000       4.000   11/01/2042   8,409,361

Illinois State GO Bonds Series 2020 (Baa2/BBB)

    1,525,000       5.500   05/01/2039   1,635,702
    4,100,000       5.750   05/01/2045   4,462,686

Illinois State GO Refunding Bonds Series 2016 (AGM) (A2/AA)

    3,960,000       4.000   02/01/2030   4,006,137
    1,185,000       4.000   02/01/2031   1,192,496

Illinois State GO Refunding Bonds Series 2018 B (Baa2/BBB)

    2,340,000       5.000   10/01/2031   2,474,469

Illinois State Toll Highway Authority Toll Highway Senior RB 2019 Series C (AA-/Aa3)

    9,395,000       5.000   01/01/2025   10,016,510

Kane County School District No. 131 Aurora East Side GO Refunding Bonds Series 2020 B (AGM) (A1/AA)

    410,000       5.000   12/01/2026   450,325
    405,000       4.000   12/01/2028   431,587

Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/BBB+)(g)

    5,600,000       0.000     12/15/2032   3,618,654

Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/BBB+)(g)

    2,690,000       0.000   12/15/2031   1,830,102

Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+)

    2,000,000       5.000   12/15/2028   2,122,041
    300,000       5.000   12/15/2032   310,761
    600,000       5.000   12/15/2033   619,123

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+) – (continued)

$

     500,000       5.000 %    12/15/2034   $          515,105
    1,260,000       0.000 (c)    12/15/2037   745,189
    3,500,000       0.000 (c)    12/15/2042   2,011,571
    3,850,000       0.000 (c)    12/15/2047   2,135,247

Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (NR/BBB+)

    1,620,000       4.000   06/15/2050   1,401,547
    3,760,000       5.000   06/15/2050   3,794,223

Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (A-/Baa3)(g)

    2,000,000       0.000   12/15/2034   1,168,993

Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (A-/NR)

    5,355,000       4.000   06/15/2052   4,609,623

Regional Transportation Authority Illinois GO Refunding Bonds Series 2017 A (NR/AA)

    4,430,000       5.000   07/01/2029   4,927,241

Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (AA-/NR)

    1,275,000       5.000   01/01/2026   1,366,135
    4,000,000       5.000   01/01/2027   4,344,587

South Sangamon Water Commission GO Refunding Bonds for Alternative Revenue Source Series 2020 (AGM) (Baa1/AA)

    875,000       4.000   01/01/2032   911,298
    450,000       4.000   01/01/2033   466,828
    475,000       4.000   01/01/2034   491,198
    420,000       4.000   01/01/2035   433,329
    470,000       4.000   01/01/2037   482,382

Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (NR/AA)(g)

    6,055,000       0.000     12/01/2025   5,437,312

Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (A2/AA)

    4,000,000       3.500   03/01/2030   4,035,928

State of Illinois GO Bonds Series 2014 (Baa2/BBB)

    570,000       5.000   02/01/2024   589,821

State of Illinois GO Bonds Series 2016 (Baa2/BBB)

    2,820,000       4.000   06/01/2032   2,792,917

State of Illinois GO Bonds Series 2017 A (Baa2/BBB)

    3,455,000       5.000   12/01/2027   3,725,354
    875,000       4.250   12/01/2040   839,422

State of Illinois GO Bonds Series 2017 D (Baa2/BBB)

    925,000       3.250   11/01/2026   925,800

State of Illinois GO Refunding Bonds Series 2016 (Baa2/BBB)

    3,800,000       5.000   02/01/2028   4,071,992

State of Illinois GO Refunding Bonds Series 2018 A (Baa2/BBB)

    500,000       5.000   10/01/2028   540,732

State of Illinois GO Unlimited Bonds Series 2017 A (Baa2/BBB)

    1,500,000       4.000   12/01/2033   1,458,568
    5,000,000       4.250   12/01/2037   4,885,653

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

State of Illinois GO Unlimited Refunding Bonds Series 2018 B (Baa2/BBB)

$

     5,100,000       5.000 %    10/01/2027   $       5,500,376

State of Illinois RB Refunding Series 2016 C (BAM-TCRS) (NR/AA)

    5,580,000       4.000   06/15/2028   5,778,955

Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR)(f)

    375,000       4.000   01/01/2031   342,257
    335,000       5.000   01/01/2045   301,565

Village of Hillside Illinois Tax Increment RB Refunding Series 2018 (NR/NR)

    450,000       5.000   01/01/2024   453,314
    2,690,000       5.000   01/01/2030   2,695,337

Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR)

    1,500,000       4.250   01/01/2029   1,404,649

Village of Romeoville GO Refunding Bonds Series 2019 (Aa2/NR)

    3,055,000       5.000   12/30/2027   3,439,612
    3,235,000       5.000   12/30/2028   3,686,715

Village of Romeoville RB Refunding for Lewis University Series 2018 B (NR/BBB)

    210,000       4.125   10/01/2041   200,306
    420,000       4.125   10/01/2046   390,701

Will County Community High School District No. 210 Lincoln-Way GO Refunding Bonds Series 2020 (AGM) (Baa1/AA)

    650,000       4.000   01/01/2034   659,973
       

 

  903,716,291

 

Indiana – 0.8%

City of Mishawaka RB for Sewerage Works Series 2018 (AGM) (NR/AA)

    1,845,000       2.000   09/01/2038   1,442,816

City of Whiting Environmental Facilities RB Series 2015 (A-/NR) (PUTABLE)(a)(b)(d)

    3,000,000       5.000   11/01/2022   3,024,443

City of Whiting Environmental Facilities Refunding RB Series 2019A (A-/NR) (PUTABLE)(a)(b)(d)

    11,500,000       5.000   06/05/2026   12,374,530

Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (NR/BBB)

    540,000       5.000   09/15/2034   568,108
    680,000       5.000   09/15/2039   707,507
    445,000       4.000   09/15/2044   401,275

Indiana Finance Authority First Lien Wastewater Utility RB Series 2015A (AA/NR)

    16,825,000       5.000   10/01/2045   17,360,045

Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/A-)(a)(b)

    2,300,000       2.100   11/01/2026   2,235,360

Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (Ba1/NR)

    185,000       4.000   07/01/2030   180,669
    300,000       5.000     07/01/2040   302,468

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Indiana – (continued)

Indiana Finance Authority RB for WVB East End Partners LLC Series 2013 A (NR/BBB+)(b)

$

     6,000,000       5.250 %   07/01/2023   $      6,189,327

Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2010 A (Baa3/NR)

    2,930,000       3.000   11/01/2030   2,650,627

Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Ba1/NR)

    2,110,000       3.000   11/01/2030   1,908,813

Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Ba1/NR)

    2,350,000       3.000   11/01/2030   2,125,929

Indiana Finance Authority RB Refunding for BHI Senior Living Obligated Group Series 2021 B (NR/NR)

    300,000       1.670   11/15/2022   297,832
    300,000       1.720   11/15/2023   290,101
    350,000       1.990   11/15/2024   330,691
    360,000       2.450   11/15/2025   334,872
    465,000       2.520   11/15/2026   427,234
    610,000       2.920   11/15/2027   554,818
    850,000       3.210   11/15/2028   767,089
    880,000       3.260   11/15/2029   788,070
    670,000       3.300   11/15/2030   596,413

Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (Aa3/AA-)(b)(e)

   

(SIFMA Municipal Swap Index Yield + 0.55%)

    3,690,000       1.330   11/01/2023   3,693,645

Indianapolis Local Public Improvement Bond Bank RB Refunding Series 2019 D (AMT) (A1/NR)

    2,275,000       5.000   01/01/2029   2,498,771

Purdue University RB Series 2007 A (Aaa/AAA)

    3,045,000       5.250   07/01/2029   3,478,091

Town of Upland RB Refunding for Taylor University, Inc. Series 2021 (NR/A-)

    1,225,000       4.000   09/01/2031   1,257,077
       

 

  66,786,621

 

Iowa – 0.4%

City of Coralville GO Annual Appopriation Refunding Bonds Series 2022C (NR/NR)

    11,195,000       5.000   05/01/2042   10,881,313

City of Davenport GO Corporate Bonds Series 2019 IA (Aa3/AA)

    1,060,000       4.000   06/01/2031   1,109,004

Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (BBB-/NR)(a)(b)

    5,800,000       4.000   12/01/2032   5,780,272

Iowa Finance Authority RB for Gevo NW Iowa RNG LLC Series 2021 (AMT) (Aa3/VMIG1/NR)(a)(b)

    5,500,000       1.500   04/01/2024   5,466,554

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		    

Maturity

Date

   Value
Municipal Bonds – (continued)

Iowa – (continued)

Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (NR/NR)

$

     1,700,000       4.000 %    05/15/2055   $       1,247,026
    2,300,000       5.000   05/15/2055   2,116,119

Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (BBB+/NR)(h)

    925,000       5.375   10/01/2052   953,812

Iowa Tobacco Settlement Authority RB Refunding Series 2021 B-1 (NR/BBB)

    6,995,000       4.000   06/01/2049   6,743,297
       

 

  34,297,397

 

Kansas – 0.1%

City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR)

    825,000       4.000   06/01/2036   735,364

City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR)

    1,300,000       4.000   05/15/2023   1,294,729
    1,015,000       4.000   05/15/2024   1,004,565
    1,060,000       5.000   05/15/2025   1,067,513
    1,165,000       5.000   05/15/2027   1,163,934
       

 

  5,266,105

 

Kentucky – 1.4%

City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR)(f)

    1,925,000       4.450   01/01/2042   1,807,815

City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR)(f)

    2,250,000       3.700   01/01/2032   2,157,580

County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A1/A)

    4,525,000       2.125   10/01/2034   3,665,589

County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A1/A)

    6,100,000       2.000   02/01/2032   5,116,852

Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-)

    180,000       4.000   03/01/2046   161,503
    110,000       4.000   03/01/2049   97,527

Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A2/AA)

    1,200,000       4.000   06/01/2037   1,192,441
    400,000       4.000   06/01/2045   377,665

Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 B (AGM) (A2/AA)

    1,030,000       4.000   06/01/2037   1,023,512

 

Principal

Amount

     Interest
Rate		    

Maturity

Date

   Value
Municipal Bonds – (continued)

Kentucky – (continued)

Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-)

$

     1,000,000       5.000 %    08/01/2035   $       1,050,317
    1,000,000       5.000   08/01/2036   1,046,852

Kentucky Public Energy Authority Gas Supply RB 2018 Series B
(NR/NR)(a)(b)

    25,000,000       4.000   01/01/2025   25,299,920

Kentucky Public Energy Authority Gas Supply RB Series 2019 A-1 (A1/NR)(a)(b)

    22,955,000       4.000   06/01/2025   23,261,022

Kentucky State Property & Building Commission RB Refunding Project No. 112 Series 2016 B (ST APPROP) (A1/A-)

    8,145,000       5.000   11/01/2025   8,777,718

Kentucky State University COPS Series 2021 (BAM) (NR/AA)

    400,000       4.000   11/01/2046   397,807

Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2016 A (NR/A)

    2,000,000       4.000   10/01/2034   1,966,462

Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (NR/A)

    1,500,000       4.000   10/01/2039   1,420,562
    1,100,000       4.000   10/01/2040   1,036,788

Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 C (NR/A)(a)(b)

    5,000,000       5.000   10/01/2026   5,335,900

Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2003 A (A1/A)

    17,250,000       2.000   10/01/2033   13,869,740

Louisville & Jefferson County Metropolitan Sewer District RB Refunding for Kentucky Sewer & Drainage System Series 2018 A (Aa3/AA)

    10,000,000       4.000   05/15/2038   10,219,638

Public Energy Authority of Kentucky Gas Supply RB 2018 Series A (NR/NR)(a)(b)

    5,500,000       4.000   04/01/2024   5,552,182

University of Kentucky General Receipts Refunding Bonds Series 2015 A (ST INTERCEPT) (Aa2/AA+)

    3,260,000       4.000   04/01/2026   3,394,636
       

 

  118,230,028

 

Louisiana – 1.7%

Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (NR/BB)

    815,000       4.000   12/01/2022   820,191
    1,135,000       4.000   12/01/2023   1,152,335
    1,150,000       4.000   12/01/2024   1,168,692
    1,385,000       5.000   12/01/2025   1,454,986
    1,455,000       5.000   12/01/2026   1,542,677
    1,530,000       5.000   12/01/2027   1,633,052
    1,605,000       5.000   12/01/2028   1,719,562
    1,000,000       5.000   12/01/2029   1,075,179

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Louisiana – (continued)

City of New Orleans Sewerage Service RB Series 2020 B (AGM) (NR/AA)

$

     275,000       4.000 %    06/01/2035   $          287,201
    310,000       4.000   06/01/2036   321,022
    285,000       4.000   06/01/2037   292,450
    310,000       4.000   06/01/2038   315,239
    355,000       4.000   06/01/2039   357,906
    310,000       4.000   06/01/2040   311,893

City of New Orleans Sewerage Service RB Series 2020 B (NR/A)

    1,325,000       5.000   06/01/2045   1,455,547

Juban Trails Community Development District Special Assessment RB Series 202 (NR\NR)

    1,135,000       4.250   06/01/2051   911,265

Lake Charles Harbor & Terminal District RB Series 2021 (AMT) (NR/NR) (PUTABLE)(a)(b)(d)

    17,000,000       1.000   12/01/2024   16,006,231

Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)(f)

    630,000       3.625   06/01/2024   625,231
    2,540,000       3.750   06/01/2030   2,390,126
    5,070,000       4.375   06/01/2048   4,445,488

Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR)

    485,000       2.375   06/01/2026   446,976

Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+)(f)

    7,520,179       5.000   04/01/2035   7,620,278

Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Ragin Cajun Facilities, Inc. Series 2017 (AGM) (NR/AA)

    1,230,000       5.000   10/01/2026   1,342,653
    2,750,000       5.000   10/01/2027   3,043,843

Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (Baa2/BBB)

    14,185,000       3.500   11/01/2032   13,325,546

Louisiana Local Government Environmental Facilities & Community Development Authority Subordinate Lien RB for East Baton Rouge Sewerage Commission Projects Series 2014 A (WR/A+)(b)

    6,250,000       4.375   02/01/2024   6,491,957

Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. – Student Housing & Parking Project Series 2017 (AGM) (NR/AA)

    900,000       2.750   10/01/2023   908,762
    670,000       5.000   10/01/2023   694,878

Louisiana Public Facilities Authority RB for Lincoln Prepatory School Project Series 2022A (NR/NR)(f)(h)

    300,000       6.125   06/01/2037   299,543

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Louisiana – (continued)

Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (AGM) (NR/AA)

$

     3,530,000       3.000 %    06/01/2050   $       2,585,977

Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (NR/A+)

    1,295,000       4.000   06/01/2050   1,211,171

Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A3/NR)

    900,000       4.000   07/01/2044   828,130
    900,000       4.000   07/01/2049   808,020

Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB)

    545,000       5.000   10/01/2032   586,133
    690,000       5.000   10/01/2034   734,811
    885,000       5.000   10/01/2035   939,761
    1,435,000       4.000   10/01/2036   1,377,358
    885,000       4.000   10/01/2037   843,442
    1,530,000       4.000   10/01/2039   1,437,386
    550,000       4.000   10/01/2041   510,446

Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A3/A)

    3,695,000       4.000   05/15/2042   3,587,172
    3,000,000       5.000   05/15/2046   3,094,361

Louisiana Public Facilities Authority RB Series 2021A (NR/NR)(f)

    580,000       4.000   06/01/2031   541,476
    1,235,000       4.000   06/01/2041   1,052,615

Louisiana Public Facilities Authority RB Series 2021C (NR/NR)(f)

    490,000       4.000   06/01/2031   457,454
    785,000       4.000   06/01/2041   669,071

New Orleans Aviation Board GARB Series 2015 B (AMT) (A2/A-)

    3,750,000       5.000   01/01/2034   3,848,580

New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A2/A-)

    1,000,000       5.000   01/01/2048   1,025,392

Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (Baa3/BBB-) (PUTABLE)(a)(b)(d)

    11,300,000       2.000   04/01/2023   11,165,839

Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-3 (Baa3/BBB-) (PUTABLE)(a)(b)(d)

    21,235,000       2.200   07/01/2026   19,741,853

Parish of St. John The Baptist Revenue Refunding Bonds Series 2017 (NON-AMT) Sub-Series 2017A-2 (BBB-/BBB-) (PUTABLE)(a)(b)(d)

    15,505,000       2.100   07/01/2024   14,992,995

Port of New Orleans Board of Commissioners RB Refunding Series 2013 B (A2/A)(b)

    500,000       5.000   04/01/2023   510,724
       

 

  145,010,876

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Maine – 0.5%

City of Portland General Airport RB Refunding Green Bonds Series 2019 (Baa1/BBB+)

$

     505,000       3.000 %    01/01/2025   $       509,693
    800,000       3.000   01/01/2026   804,387
    800,000       3.000   01/01/2027   800,751
    300,000       5.000   01/01/2028   329,547
    225,000       5.000   01/01/2029   248,514
    270,000       5.000   01/01/2030   299,451
    370,000       5.000   01/01/2031   407,037
    810,000       5.000   01/01/2032   887,618
    890,000       5.000   01/01/2033   971,933
    620,000       5.000   01/01/2034   675,195

Finance Authority of Maine RB Refunding for Supplemental Education Loan Series 2019 A-1 (AMT) (AGM) (A2/AA)

    400,000       5.000   12/01/2022   405,460
    500,000       5.000   12/01/2023   519,178
    500,000       5.000   12/01/2024   527,788
    450,000       5.000   12/01/2025   480,805
    1,530,000       5.000   12/01/2026   1,647,439
    1,500,000       5.000   12/01/2027   1,627,089
    1,000,000       5.000   12/01/2028   1,081,711

Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2020 A (A1/A+)

    4,655,000       4.000   07/01/2045   4,466,330
    2,355,000       4.000   07/01/2050   2,209,598

Maine Health & Higher Educational Facilities Authority RB Refunding for Northern Light Health Obligated Group Series 2021 A (AGM ST INTRCPT ST RES BD GTY) (A1/AA)

    500,000       2.500   07/01/2029   483,813
    1,000,000       4.000   07/01/2035   1,002,357

Maine State Housing Authority RB Refunding Series 1 (Aa3/A+)

    3,445,000       5.000   06/15/2036   3,888,987
    3,345,000       5.000   06/15/2037   3,761,190

Maine Turnpike Authority RB Refunding Series 2015 (Aa3/AA-)

    1,575,000       5.000   07/01/2026   1,699,563

State of Maine GO Bonds Series 2018 D (Aa2/AA)

    9,765,000       5.000   06/01/2024   10,325,167
       

 

        40,060,601

 

Maryland – 1.1%

Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)

    425,000       4.000   09/01/2027   420,495
    650,000       4.500   09/01/2033   633,271

City of Annapolis GO Refunding Bonds for Public Improvements Series 2015 B (Aa1/AA+)

    1,725,000       4.000   08/01/2027   1,857,868

City of Baltimore Tax Allocation Refunding for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)(f)

    150,000       2.700   06/01/2023   147,719
    100,000       2.750   06/01/2024   97,058
    140,000       3.000   06/01/2024   136,011

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Maryland – (continued)

City of Baltimore Tax Allocation Refunding for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)(f) – (continued)

$

     125,000       2.800 %    06/01/2025   $       119,600
    135,000       2.850   06/01/2026   127,448
    175,000       2.950   06/01/2027   162,972
    190,000       3.050   06/01/2028   173,240
    200,000       3.150   06/01/2029   180,502
    300,000       3.375   06/01/2029   271,787
    200,000       3.200   06/01/2030   177,545
    200,000       3.250   06/01/2031   175,082
    250,000       3.300   06/01/2032   215,570
    270,000       3.350   06/01/2033   229,292

City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR)

    685,000       3.000   07/01/2024   673,578
    945,000       4.000   07/01/2029   924,132

County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR)

    440,000       4.000   01/01/2038   446,245
    525,000       4.000   01/01/2039   531,158
    1,125,000       4.000   01/01/2040   1,135,956

County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR)

    615,000       4.000   01/01/2032   635,821
    530,000       4.000   01/01/2033   544,255
    600,000       4.000   01/01/2034   614,777
    1,065,000       4.000   01/01/2035   1,086,189
    1,170,000       4.000   01/01/2036   1,191,165
    1,310,000       4.000   01/01/2037   1,327,235
    1,240,000       4.000   01/01/2038   1,254,368
    2,430,000       4.000   01/01/2039   2,453,767
    1,530,000       4.000   01/01/2040   1,541,925

Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (AGC) (NR/AA)

    510,000       5.700   07/01/2029   511,159

Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR)

    1,410,000       3.750   07/01/2039   1,179,835

Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR)

    285,000       4.000   07/01/2040   256,778

Hagerstown Stadium Authority Multi-Use Sports and Events Facility Lease RB Series 2022A (Aa2\NR)

    1,990,000       5.000   06/01/2040   2,243,498
    2,085,000       5.000   06/01/2041   2,345,716
    2,190,000       5.000   06/01/2042   2,459,382

Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa3/NR)

    1,000,000       5.000   06/01/2044   1,034,236

Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Baa3/NR)

    5,595,000       3.997   04/01/2034   4,924,626

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Maryland – (continued)

Maryland Economic Development Corp. RB Refunding for Potomac Electric Power Co. Project Series 2019 (Baa1/A-)

$

     6,620,000       1.700 %    09/01/2022   $      6,619,334

Maryland Health & Higher Educational Facilities Authority RB for Adventist Healthcare Obligated Group Series 2016 A (Baa3/NR)

    10,000,000       5.500   01/01/2046   10,342,670

Maryland Health & Higher Educational Facilities Authority RB Refunding for Frederick Health, Inc. Obligated Group Series 2020 (Baa1/NR)

    800,000       3.250   07/01/2039   671,834
    350,000       4.000   07/01/2040   334,443
    750,000       4.000   07/01/2045   700,835

Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (NR/BBB)

    305,000       4.000   10/01/2026   314,737
    425,000       4.000   10/01/2027   438,930
    440,000       4.000   10/01/2028   453,175
    355,000       4.000   10/01/2029   364,205
    475,000       4.000   10/01/2030   484,235
    795,000       3.000   10/01/2034   697,701
    475,000       4.000   10/01/2040   463,605

Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR)(f)

    650,000       5.500   05/01/2042   643,755

Maryland Health and Higher Educational Facilities Authority RB University of Maryland Medical System Issue Series 2020B-1
(A/A2)(a)(b)

    3,325,000       5.000   07/01/2025   3,514,314

Prince George’s County GO Bonds Consolidated Public Improvement Bonds Series 2014A (AAA/Aaa)

    4,010,000       4.000   09/01/2032   4,095,600
    1,545,000       4.000   09/01/2033   1,573,069

State of Maryland Department of Transportation RB Series 2015 (Aa1/AAA)

    15,780,000       4.000   02/01/2030   16,003,967

State of Maryland GO Bonds State and Local Facilities Loan of 2022 1st Series A Tax Exempt Bonds (AAA/Aaa)

    10,000,000       5.000   06/01/2034   11,791,377
       

 

        93,949,047

 

Massachusetts – 0.6%

Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (Aaa/AAA)

    5,000,000       5.000   07/15/2036   5,834,979

Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR)(f)

    885,000       4.000   11/15/2023   895,266
    1,200,000       5.000   11/15/2028   1,295,299

Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (NR/A-)

    225,000       4.000   12/01/2042   210,987
    245,000       5.000     12/01/2042   252,868

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Massachusetts – (continued)

Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BB+)(f)

$

     115,000       5.000 %   07/15/2022   $      115,088
    125,000       5.000   07/15/2024   129,607
    125,000       5.000   07/15/2025   131,098

Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA)

    350,000       5.000   10/01/2026   378,989
    495,000       5.000   10/01/2027   541,825
    500,000       5.000   10/01/2028   550,765
    425,000       5.000   10/01/2029   471,183
    325,000       5.000   10/01/2030   361,997
    450,000       5.000   10/01/2031   496,609
    400,000       5.000   10/01/2032   436,812
    500,000       5.000   10/01/2033   542,327
    450,000       5.000   10/01/2034   485,362

Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB+)

    825,000       5.000   07/01/2038   866,898
    1,850,000       5.000   07/01/2039   1,940,965

Massachusetts School Building Authority RB Series 2018 B (Aa3/AA)

    10,735,000       4.000   02/15/2039   10,710,899

Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL) (Aa1/AA)(e)

    (3M USD LIBOR + 0.57%)      
    1,970,000       1.432   05/01/2037   1,853,881

Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR FGIC) (Aa1/AA+)(e)

    (3M USD LIBOR + 0.57%)      
    1,735,000       1.432   05/01/2037   1,632,732

Massachusetts State GO Bonds Consolidated Loan Series 2018 D (Aa1/AA)

    4,030,000       4.000   05/01/2039   4,036,388

Massachusetts Transportation Trust Fund Metropolitan Highway System Senior RB Refunding Series 2019 A (A2/A+)

    10,000,000       5.000   01/01/2027   11,065,391

Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Refunding Series 2019 A (Aa2/AA)(a)(b)

    5,525,000       5.000   01/01/2023   5,607,672
       

 

        50,845,887

 

Michigan – 2.5%

City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)(a)

    50,843,183       4.000   04/01/2044   40,663,259

City of Detroit GO Bonds Series 2020 (Ba3/BB-)

    245,000       5.000   04/01/2023   249,364
    265,000       5.000   04/01/2024   274,421
    275,000       5.000   04/01/2025   288,123
    290,000       5.000   04/01/2026   307,392

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Michigan – (continued)

City of Detroit GO Bonds Series 2020 (Ba3/BB-) – (continued)

$

     615,000       5.000 %    04/01/2027   $       655,842
    645,000       5.000   04/01/2028   691,616
    455,000       5.000   04/01/2029   488,697
    710,000       5.000   04/01/2030   764,960

City of Detroit GO Bonds Series 2021 A (Ba3/BB-)

    1,365,000       5.000   04/01/2030   1,470,663
    1,100,000       5.000   04/01/2032   1,172,360
    1,540,000       5.000   04/01/2034   1,622,340
    2,280,000       5.000   04/01/2036   2,383,741
    1,900,000       5.000   04/01/2038   1,976,167
    1,750,000       5.000   04/01/2039   1,816,580

City of Detroit GO Bonds Series 2021 B (Ba3/BB-)

    365,000       2.017   04/01/2023   359,694
    400,000       2.189   04/01/2024   385,429
    500,000       2.511   04/01/2025   472,943
    675,000       2.711   04/01/2026   627,424

City of Grand Rapids RB Refunding for Sanitary Sewerage System Series 2020 (Aa2/AA)

    1,000,000       5.000   01/01/2045   1,089,216

Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA)

    1,075,000       5.000   07/01/2026   1,128,012
    1,130,000       5.000   07/01/2027   1,185,499
    1,000,000       5.000   07/01/2028   1,048,915
    1,000,000       5.000   07/01/2029   1,048,717
    3,435,000       5.000   07/01/2033   3,599,610
    3,330,000       5.000   07/01/2036   3,486,933

Detroit Financial Recovery Bonds LT Series B-2 (NR/NR)(a)

    2,556,114       4.000   04/01/2044   2,044,324

Great Lakes Water Authority Sewage Disposal System RB Refunding for Second Lien Series 2016 C (A2/A+)

    3,000,000       5.000   07/01/2035   3,195,089

Great Lakes Water Authority Water Supply System Refunding Senior Lien RB Series 2016C (A1/AA-)

    8,300,000       5.250   07/01/2033   8,950,240
    17,775,000       5.250   07/01/2034   19,144,340

Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR)

    475,000       4.000   11/15/2031   440,820

Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR\BBB-)

    645,000       4.000   02/01/2042   579,349

Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A2/A)

    1,850,000       5.000   11/15/2048   1,911,642
    3,700,000       4.000   11/15/2050   3,376,237

Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (A1/NR)

    1,300,000       4.000   02/15/2047   1,224,388
    19,450,000       4.000   02/15/2050   18,197,712

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Michigan – (continued)

Michigan Finance Authority Hospital Revenue Refunding Bonds for Henry Ford Health System Series 2016 (A2\A)

$

     1,500,000       5.000 %    11/15/2032   $       1,582,114

Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (NR/BB+)

    1,000,000       3.875   10/01/2023   1,008,953

Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 D-4 (A1/AA-)

    1,000,000       5.000   07/01/2034   1,032,180

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (NATL) (A2/A+)

    650,000       5.000   07/01/2036   672,312

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (A1/AA)

    325,000       5.000   07/01/2032   337,429
    250,000       5.000   07/01/2033   259,316

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A2/A+)

    1,945,000       5.000   07/01/2033   2,036,729

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (A1/AA)

    400,000       5.000   07/01/2035   414,356

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (A1/AA-)

    1,000,000       5.000   07/01/2029   1,056,207

Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (NR/BB)

    1,240,000       3.500   09/01/2030   1,100,506

Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/A-)

    450,000       4.000   09/01/2045   416,169
    475,000       4.000   09/01/2050   430,443

Michigan Finance Authority RB Senior Lien Series 2014 C-1 (NR/NR)(b)

    1,000,000       5.000   07/01/2022   1,000,000

Michigan Finance Authority RB Senior Lien Series 2014 C-2 (AMT) (NR/NR)(b)

    5,015,000       5.000   07/01/2022   5,015,000

Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (BBB+/NR)

    6,600,000       5.000   06/01/2040   6,953,538

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Michigan – (continued)

Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB-)

$

     1,570,000       5.000 %    06/01/2049   $       1,586,027

Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)(g)

    101,825,000       0.000   06/01/2065   9,286,196

Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A2/AA)

    15,000,000       4.250   12/31/2038   14,363,378

Michigan Strategic Fund RB Refunding for DTE Electric Co. Series 1995 (Aa3/A)

    7,500,000       1.450   09/01/2030   6,299,680

Michigan Strategic Fund RB Refunding for DTE Electric Co. Series 2008 (Aa3/A)

    7,175,000       1.350   08/01/2029   6,094,666

Michigan Strategic Fund Variable Rate Limited Obligation Green RB Series 2021 (Ba2\BB) (PUTABLE)(a)(b)(d)

    4,700,000       4.000   10/01/2026   4,651,021

Universal Academy RB Refunding Series 2021 (NR/BBB-)

    425,000       2.000   12/01/2026   385,820
    450,000       4.000   12/01/2031   431,550

Van Buren Public Schools Michigan GO Unlimited Refunding Bonds Series 2019 (Q-SBLF) (NR/AA)

    2,485,000       4.000   11/01/2026   2,624,726
    2,585,000       4.000   11/01/2027   2,747,913

Warren Consolidated School District Unlimited Tax GO Refunding Bonds for School Building and Site Bonds Series 2016 (Q-SBLF) (NR/AA)

    3,705,000       5.000   05/01/2027   4,078,880

Warren Consolidated Schools GO Bonds Series 2016 (Q-SBLF) (AA/NR)

    1,145,000       5.000   05/01/2025   1,224,541
    1,215,000       5.000   05/01/2026   1,322,704

Washtenaw County Ypsilanti Community Schools GO Refunding Bonds Series 2020 (Q-SBLF) (NR/AA)

    580,000       2.019   05/01/2025   554,761

Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (AMT) (A1/A-)

    400,000       5.000   12/01/2033   423,669
    1,065,000       5.000   12/01/2034   1,123,640
    650,000       5.000   12/01/2035   683,265
    800,000       5.000   12/01/2036   839,816
    880,000       5.000   12/01/2037   920,778

Wayne County Airport Authority RB Series 2021A (NON-AMT) (NR/A)

    2,200,000       5.000   12/01/2037   2,405,892
    1,605,000       5.000   12/01/2039   1,747,008
    875,000       5.000   12/01/2041   948,335
       

 

        216,381,576

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Minnesota – 0.3%

City of Independence RB for Global Academy, Inc. Series 2021 A (NR/BB)

$

     1,315,000       4.000 %    07/01/2031   $       1,230,684

City of Minneapolis GO Green Bonds Series 2019 (NR/AAA)

    2,390,000       2.000   12/01/2029   2,231,112
    2,940,000       2.000   12/01/2030   2,703,258

City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (A2/NR)

    3,300,000       5.000   05/01/2048   3,411,323

City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BBB-)

    440,000       3.000   12/01/2030   396,670

Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (NR/A-)

    2,160,000       4.250   02/15/2048   2,024,975

Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke’s Hospital Series 2022 (NR/BBB-)

    325,000       5.000   06/15/2027   348,730
    460,000       5.000   06/15/2028   495,360
    400,000       5.000   06/15/2029   432,253
    425,000       5.000   06/15/2030   459,921
    450,000       5.000   06/15/2031   486,979

Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR)

    370,000       3.000   07/01/2024   365,984
    400,000       3.000   07/01/2025   391,923
    360,000       3.000   07/01/2026   348,525

Duluth Independent School District No.709 COPS Refunding Series 2019 A (Ba2/NR)

    630,000       3.000   03/01/2023   626,668
    650,000       3.250   03/01/2024   643,062

Duluth Independent School District No.709 COPS Refunding Series 2019 B (SD CRED PROG) (Aa2/NR)

    380,000       5.000   02/01/2023   387,110
    400,000       5.000   02/01/2024   418,069
    375,000       5.000   02/01/2025   400,209
    1,105,000       5.000   02/01/2027   1,219,413
    350,000       5.000   02/01/2028   390,418

Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (NR/BB+)

    500,000       5.000   05/01/2047   495,040

Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR)

    165,000       4.000   12/01/2026   169,485
    165,000       4.000   12/01/2027   169,220
    205,000       4.000   12/01/2028   209,459
    125,000       4.000   12/01/2029   127,292
    250,000       4.000   12/01/2030   252,634
    170,000       4.000   12/01/2031   170,884

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Minnesota – (continued)

Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (Aa1/AAA)

$

     1,680,000       3.000 %    10/01/2029   $       1,711,899

State of Minnesota GO State Various Purpose Bonds Series 2015A (AAA/Aa1)

    5,500,000       5.000   08/01/2035   5,926,384
       

 

        28,644,943

 

Mississippi – 0.2%

Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (NON-AMT) (Baa2\BBB) (PUTABLE)(a)(b)(d)

    9,125,000       2.650   04/01/2027   8,736,121

Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)(f)

    400,000       5.000   10/01/2022   402,308
    415,000       5.000   10/01/2023   424,953
    440,000       5.000   10/01/2024   456,011
    660,000       5.000   10/01/2025   690,517
    750,000       5.000   10/01/2026   791,565
    800,000       5.000   10/01/2027   850,150
    850,000       5.000   10/01/2028   906,063
    875,000       5.000   10/01/2029   935,749
    1,225,000       5.000   10/01/2030   1,312,573

Mississippi State GO Bonds Series 2015 F (Aa2/AA)(b)

    1,000,000       4.000   11/01/2025   1,058,476

Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2018 (BBB/NR) (PUTABLE)(a)(b)(d)

    2,700,000       2.900   09/01/2023   2,711,459
       

 

        19,275,945

 

Missouri – 1.1%

Branson IDA Tax Increment RB Refunding for Branson Shoppes Redevelopment Project Series 2017 A (NR/NR)

    350,000       4.000   11/01/2022   349,543

Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (Ba1/BBB-)

    1,200,000       4.000   03/01/2041   1,052,738

City of Poplar Bluff COPS Series 2021 (NR/BBB+)

    875,000       2.500   10/01/2041   598,577
    1,060,000       2.625   10/01/2046   682,463

I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)(f)

    900,000       4.500   12/01/2029   892,143

Industrial Development Authority of The City of St Louis Missouri
(The)(h)

    1,650,000       5.000   05/15/2041   1,650,837

Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 A (AMT) (A2/A-)

    4,200,000       5.000   03/01/2030   4,577,147
    4,410,000       5.000   03/01/2031   4,771,717
    4,630,000       5.000   03/01/2032   4,978,735
    4,865,000       5.000   03/01/2033   5,206,293

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Missouri – (continued)

Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 C (A2/A-)

$

     2,000,000       5.000 %    03/01/2033   $       2,185,792
    3,200,000       5.000   03/01/2034   3,485,202

Metropolitan St Louis Sewer District RB Refunding Series 2021 A (NR/AAA)

    1,760,000       5.000   05/01/2032   2,022,088

Metropolitan St. Louis Sewer District RB Refunding Series 2017 A (Aa1/AAA)

    19,880,000       5.000   05/01/2047   21,284,089

Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (NR/A-)

    830,000       5.000   09/01/2038   876,677

Missouri Health & Educational Facilities Authority RB Refunding for Bethesda Health Group, Inc. Obligated Group Series 2021 (NR/NR)

    370,000       4.000   08/01/2036   347,177
    475,000       4.000   08/01/2041   433,969

Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR)

    320,000       5.000   09/01/2025   334,040
    860,000       5.000   09/01/2027   911,558
    1,355,000       5.000   09/01/2028   1,440,057

Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (A1/NR)

    420,000       4.000   02/15/2037   419,227
    675,000       4.000   02/15/2038   672,604
    500,000       4.000   02/15/2039   497,677
    1,850,000       4.000   02/15/2044   1,810,946

Missouri Southern State University Auxiliary Enterprise System RB Refunding Series 2021 (NR/NR)

    875,000       3.000   10/01/2026   809,484
    875,000       4.000   10/01/2031   787,340

Missouri Southern State University Auxiliary System RB Series 2019 A (AGM) (NR/AA)

    275,000       5.000   10/01/2030   306,499

Missouri Southern State University RB Series 2019 A (AGM) (NR/AA)

    210,000       5.000   10/01/2026   228,618
    210,000       5.000   10/01/2029   235,404
    150,000       5.000   10/01/2032   165,954
    240,000       4.000   10/01/2034   244,588
    125,000       4.000   10/01/2035   127,160
    150,000       4.000   10/01/2036   152,335
    170,000       4.000   10/01/2037   172,272
    145,000       4.000   10/01/2038   146,260
    110,000       4.000   10/01/2039   110,418

Plaza at Noah’s Ark Community Improvement District RB Refunding Series 2021 (NR/NR)

    350,000       3.000   05/01/2024   342,334
    250,000       3.000   05/01/2026   237,715

Springfield Public Utility RB Refunding Series 2015 (NR/AA+)

    15,750,000       3.250   08/01/2027   16,083,591

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Missouri – (continued)

St Louis Land Clearance for Redevelopment Authority RB City of St Louis Series 2018 A (NR/A)

$

     1,100,000       5.000 %    04/01/2048   $       1,173,362

St Louis Municipal Finance Corp. RB for City of St Louis Series 2020 (AGM) (A2/AA)

    1,000,000       5.000   10/01/2040   1,108,089
    5,300,000       5.000   10/01/2045   5,785,673

State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (A/NR) (PUTABLE)(a)(b)(d)

    4,000,000       3.500   07/01/2025   4,012,501
       

 

  93,710,893

 

Montana – 0.0%

City of Billings RB for Sewer System Series 2017 (Aa3/NR)

    575,000       5.000   07/01/2029   642,980

 

Nebraska – 0.2%

Central Plans Energy Project Gas Supply Revenue Refunding Bonds Series 2019 (NR/AA-)(a)(b)

    12,000,000       4.000   08/01/2025   12,327,295

Nebraska Educational Health Cultural & Social Services Finance Authority RB Refunding for Immanuel Retirement Communities Obligated Group Series 2019 A (NR/NR)

    415,000       4.000   01/01/2033   416,478
    1,000,000       4.000   01/01/2034   1,002,747
    1,000,000       4.000   01/01/2035   1,002,639
    1,250,000       4.000   01/01/2036   1,252,765
    1,185,000       4.000   01/01/2037   1,180,291
    1,500,000       4.000   01/01/2038   1,493,040
    2,000,000       4.000   01/01/2039   1,983,682
       

 

  20,658,937

 

Nevada – 1.4%

City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR)

    200,000       3.500   06/01/2025   195,964
    185,000       3.500   06/01/2026   179,605
    200,000       3.500   06/01/2027   191,484
    150,000       3.500   06/01/2028   141,561
    170,000       3.500   06/01/2029   157,674
    170,000       3.250   06/01/2030   151,880
    310,000       3.250   06/01/2031   273,507
    410,000       3.500   06/01/2032   366,298
    465,000       3.500   06/01/2033   411,177
    985,000       3.500   06/01/2034   861,476

City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR)

    415,000       2.750   06/01/2033   325,064
    730,000       2.750   06/01/2036   540,051

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Nevada – (continued)

City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR)

$

     240,000       4.250 %   06/01/2034   $         232,848
    285,000       4.500     06/01/2039   276,464
    235,000       4.625   06/01/2043   225,075
    375,000       4.625   06/01/2049   350,190

City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Ba2/NR)(f)

    325,000       2.500   06/15/2024   314,312
    1,505,000       2.750   06/15/2028   1,348,135

Clark County Airport System Subordinate Lien Refunding RB Series 2019D (NON-AMT) (Aa3\A)

    6,925,000       5.000   07/01/2026   7,595,388

Clark County Jet Aviation Fuel Tax Refunding RB Series 2013A (AMT) (A+/A1)

    2,250,000       5.000   07/01/2026   2,279,816

Clark County LT GO Stadium Improvement Bonds Series 2018A (AA+/NR)

    15,000,000       5.000   05/01/2048   16,090,654

Clark County School District Building GO Bonds Series 2018 A (A1/A+)

    7,335,000       5.000   06/15/2033   8,080,952

Clark County School District Building GO Bonds Series 2019 B (AGM) (A1/AA)

    8,540,000       5.000   06/15/2030   9,670,830

Clark County School District GO Bonds Series 2018 A (A1/A+)

    5,000,000       5.000   06/15/2030   5,574,642
    11,180,000       5.000   06/15/2031   12,419,511

Clark County School District GO Bonds Series 2020 A (AGM) (A1/AA)

    880,000       5.000   06/15/2028   992,844
    880,000       5.000   06/15/2029   1,001,781
    770,000       5.000   06/15/2030   882,104
    705,000       5.000   06/15/2031   803,869
    795,000       5.000   06/15/2032   903,186
    725,000       5.000   06/15/2033   815,220
    835,000       5.000   06/15/2034   936,767
    880,000       5.000   06/15/2035   985,265
    835,000       4.000   06/15/2036   866,524
    900,000       4.000   06/15/2037   925,516
    855,000       4.000   06/15/2038   868,344
    950,000       4.000   06/15/2039   956,524
    700,000       4.000   06/15/2040   700,979

Henderson Nevada Local Improvement District No. T-18 (Inspirada) Special Assessment Refunding Limited Obligation Series 2016 (NR/NR)

    1,285,000       4.000   09/01/2025   1,287,173

Las Vegas Convention & Visitors Authority RB Refunding Series 2016 C (Aa3/A)

    1,250,000       5.000   07/01/2026   1,361,074

Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/A)

    715,000       5.000   07/01/2026   778,534

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Nevada – (continued)

Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (Aa3/A)

$

     605,000       5.000 %    07/01/2035   $         664,664

Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/A)

    2,685,000       5.000   07/01/2043   2,905,140
    23,350,000       4.000   07/01/2049   23,037,017

Las Vegas Convention & Visitors Authority RB Series 2019 B (Aa3/A)

    1,050,000       5.000   07/01/2027   1,158,567

State of Nevada GO Refunding Bonds for Capital Improvements & Cultural Affairs Series 2015 B (Aa1/AA+)

    5,000,000       5.000   11/01/2026   5,381,382

Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR)

    1,700,000       5.000   07/01/2040   1,717,946
       

 

  118,184,978

 

New Hampshire – 0.8%

National Finance Authority Hospital RB Series 2021B (AGM) (AA/NR)

    3,500,000       3.000   08/15/2046   2,768,566

National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (AMT) (NR/A-)

    8,235,000       4.000   12/01/2028   8,241,176

New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR)

    5,450,000       4.000   01/01/2041   4,809,413

New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (Baa1/A-) (PUTABLE)(a)(b)(d)

    2,695,000       2.800   10/02/2023   2,710,651

New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (NR/A)

    8,965,000       5.000   08/01/2032   9,507,723
    3,880,000       5.000   08/01/2033   4,104,236
    4,075,000       5.000   08/01/2034   4,293,099
    4,290,000       5.000   08/01/2035   4,502,132
    4,505,000       5.000   08/01/2036   4,721,903
    4,735,000       5.000   08/01/2037   4,955,683
    4,980,000       5.000   08/01/2038   5,203,486
    5,235,000       5.000   08/01/2039   5,462,557
    5,505,000       5.000   08/01/2040   5,735,767
       

 

  67,016,392

 

New Jersey – 4.2%

Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA)

    300,000       5.000   03/01/2024   313,523
    250,000       5.000   03/01/2026   271,496

Atlantic County Improvement Authority RB for Stockton University Series 2021 A (AGM) (A2/AA)

    3,925,000       4.000   07/01/2047   3,689,220

Borough of Stone Harbor GO Bonds Series 2018 (NR/AA+)

    1,345,000       4.000   11/01/2026   1,417,501

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New Jersey – (continued)

City of Hoboken GO Bonds for Open Space Bonds and General Improvement Bonds and Parking Utility Bonds Series 2022 (NR\AA+)

$

     1,455,000       3.000 %    02/15/2049   $       1,156,399
    1,455,000       3.000   02/15/2050   1,147,951

Essex County Improvement Authority RB for Friends of TEAM Academy Charter School Obligated Group Series 2021 (NR/BBB)

    470,000       4.000   06/15/2038   439,861

Essex County Improvement Authority RB for New Jersey Institute of Technology Series 2021 A (BAM) (A1/AA)

    1,175,000       4.000   08/01/2046   1,109,737
    1,450,000       4.000   08/01/2051   1,331,285

Hawthorne School District GO Bonds Series 2019 (BAM SCH BD RES FD) (NR/AA)

    1,100,000       3.000   09/01/2034   1,018,511
    1,350,000       3.000   09/01/2035   1,230,438
    1,350,000       3.000   09/01/2036   1,209,015
    1,350,000       3.000   09/01/2037   1,189,670
    1,350,000       3.000   09/01/2038   1,177,288
    1,100,000       3.000   09/01/2039   950,124

New Jersey Economic Development Authority RB Series 2005 (AMBAC) (BBB/Baa1)

    2,680,000       5.500   09/01/2024   2,840,267

New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/B)

    500,000       5.000   07/01/2032   491,518

New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (Baa1/BBB)

    4,000,000       5.500   06/15/2033   4,258,932

New Jersey Economic Development Authority RB for School Facilities Construction Series 2018 EEE (Baa1/BBB)

    5,805,000       5.000   06/15/2028   6,302,119
    10,295,000       5.000   06/15/2029   11,164,916

New Jersey Economic Development Authority RB Refunding for Provident Group - Montclair Properties L.L.C. - Montclair University Student Housing Project Series 2017 (AGM) (A2/AA)

    1,300,000       5.000   06/01/2042   1,387,874

New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (Baa1/BBB)

    9,340,000       5.000   06/15/2029   10,129,220

New Jersey Economic Development Authority RB Refunding for The Seeing Eye, Inc. Project Series 2017 (NR/A)

    785,000       3.000   06/01/2032   734,235
    1,545,000       5.000   06/01/2032   1,636,703

New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (BBB+/A3)(b)

    5,900,000       5.500   12/15/2026   6,706,352

New Jersey Economic Development Authority Special Facility Revenue and Refunding Bonds Series 2017 (Baa2\NR)

    10,000,000       5.000   10/01/2047   10,225,683

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New Jersey – (continued)

New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (Baa1/BBB)

$

     5,380,000       5.000 %    06/15/2037   $       5,629,661

New Jersey Economic Development Authority Tax Exempt Private Activity Bonds Series 2013 (BBB/NR)

    10,325,000       5.375   01/01/2043   10,488,191

New Jersey Educational Facilities Authority RB Series 2020 (BBB+/NR)

    2,200,000       5.000   07/01/2037   2,329,653

New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Ba2/BB+)

    1,600,000       4.000   07/01/2042   1,292,753

New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (NR/BBB+)

    1,090,000       5.000   07/01/2034   1,160,968
    1,130,000       5.000   07/01/2035   1,201,174
    1,095,000       5.000   07/01/2036   1,162,063
    1,980,000       5.000   07/01/2038   2,089,226
    1,610,000       5.000   07/01/2045   1,677,915

New Jersey Educational Facilities Authority RB Refunding for Princeton University Series 2017 I (Aaa/AAA)

    2,675,000       5.000   07/01/2033   2,945,302

New Jersey Educational Facilities Authority RB Refunding for The College of New Jersey Series 2016 F (A2/A)

    1,250,000       3.000   07/01/2040   1,014,921

New Jersey Health Care Facilities Financing Authority RB for St.. Joseph’s Healthcare System Obligated Group Issue Series 2016 (BBB-/Baa3)

    1,000,000       5.000   07/01/2041   1,015,322

New Jersey Health Care Facilities Financing Authority Revenue Refunding Bonds for RWJ Barnabas Health Obligated Group Issue Series 2019B-2 (AA-/Aa3)(a)(b)

    5,700,000       5.000   07/01/2025   6,070,789

New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (AA-/NR)

    1,320,000       0.650   05/01/2024   1,279,216
    2,555,000       0.750   11/01/2024   2,455,312
    1,910,000       0.900   11/01/2025   1,803,452

New Jersey State Turnpike Authority RB Series 2014 A (A2/A+)

    8,095,000       5.000   01/01/2027   8,508,232

New Jersey State Turnpike Authority RB Series 2015 E (A2/A+)

    8,945,000       5.000   01/01/2032   9,438,655
    7,385,000       5.000   01/01/2045   7,688,214

New Jersey Transportation Trust Fund Authority RB Series 2018 (BBB/Baa1)

    8,320,000       5.000   12/15/2033   8,828,943

New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (Baa1/BBB)

    24,175,000       0.000 (g)    12/15/2035   13,519,605

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New Jersey – (continued)

New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)(g)

$

     10,025,000       0.000 %    12/15/2026   $       8,613,361
    3,530,000       0.000   12/15/2029   2,646,390
    1,325,000       0.000   12/15/2031   898,945
    5,000,000       0.000   12/15/2036   2,596,432
    1,495,000       0.000     12/15/2037   734,332

New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (Baa1/BBB)

    755,000       5.000   06/15/2046   770,022

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)(g)

    7,530,000       0.000   12/15/2027   6,246,468
    18,565,000       0.000   12/15/2031   12,759,682

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2011 B (AMBAC) (Baa1/BBB)

    1,705,000       5.250   12/15/2022   1,733,375

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (Baa1/BBB)(g)

    25,925,000       0.000   12/15/2036   13,462,500
    42,640,000       0.000     12/15/2037   20,944,444

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (Baa1/BBB)(g)

    10,000,000       0.000   12/15/2038   4,627,989

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (Baa1/BBB)

    1,390,000       4.000   12/15/2039   1,358,697
    1,620,000       5.000   12/15/2039   1,707,469

New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (Baa1/A+)

    2,330,000       5.000   06/15/2030   2,482,249
    1,825,000       5.000   06/15/2031   1,937,969

New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (Baa1/BBB)

    2,905,000       4.000   12/15/2031   2,951,414
    2,000,000       5.000   12/15/2032   2,132,939
    7,775,000       5.000   12/15/2034   8,213,202
    2,770,000       5.000   12/15/2035   2,913,571
    3,455,000       5.000   12/15/2036   3,628,571
    2,410,000       4.250   12/15/2038   2,425,461

New Jersey Transportation Trust Fund Authority RB Series 2020 AA (Baa1/BBB)

    120,000       3.000   06/15/2050   88,627

New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2020 Series AA (BBB+/A3)

    4,600,000       4.000   06/15/2045   4,262,766

New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2014 BB-1 (Baa1/BBB)

    7,000,000       5.000   06/15/2029   7,591,492
    6,155,000       5.000   06/15/2030   6,628,184
    3,000,000       5.000   06/15/2032   3,203,505

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New Jersey – (continued)

New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (Baa1/BBB)

$

     3,060,000       5.000 %    06/15/2034   $       3,235,207
    10,000,000       5.000   06/15/2037   10,503,890
    3,000,000       5.250   06/15/2043   3,155,091
    10,000,000       4.500   06/15/2049   9,990,740

New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (Baa1/BBB)

    2,000,000       4.000   06/15/2044   1,862,334

New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (Baa1/BBB)(g)

    8,320,000       0.000   12/15/2032   5,359,815

New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (BBB+/A3)

    1,000,000       5.000   12/15/2028   1,089,444

New Jersey Transportation Trust Fund Authority Transportation System RB Series 2006 A (AGM-CR) (A2/AA)

    3,200,000       5.500   12/15/2022   3,255,775

New Jersey Turnpike Authority Turnpike RB Series 2021 A (A1\AA-)

    3,500,000       4.000   01/01/2042   3,496,167

South Jersey Port Corp. RB Refunding for Marine Terminal Series 2012 R (AMT) (Baa1/BB+)

    1,670,000       4.000   01/01/2023   1,689,685
    730,000       4.000   01/01/2024   737,216

South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (Baa1/NR)

    1,000,000       5.000   01/01/2037   1,042,540

South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (AMT) (NR/Baa1)

    1,585,000       5.000   01/01/2048   1,601,636

South Jersey Transportation Authority RB Refunding Series 2019 A (AGM) (A2/AA)

    1,000,000       5.000   11/01/2029   1,118,235
    1,500,000       5.000   11/01/2030   1,658,544
    1,000,000       5.000   11/01/2031   1,101,299
    1,000,000       5.000   11/01/2032   1,097,592
    725,000       5.000   11/01/2033   793,404

Tobacco Settlement Financing Corp. RB Refunding Series 2018 A (NR/BBB+)

    2,200,000       5.000   06/01/2046   2,254,107
    2,250,000       5.250   06/01/2046   2,340,113

Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BB+)

    2,000,000       5.000   06/01/2046   1,999,906

Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BBB+)

    5,000       3.200   06/01/2027   5,000

Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)(f)

    6,455,000       6.750   12/01/2041   5,580,808

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New Jersey – (continued)

Union County Utilities Authority RB Refunding for Covanta Union LLC Series 2011 A (AMT) (CNTY GTD) (NR/AA+)

$

     4,730,000       5.250 %    12/01/2031   $       4,738,837
       

 

  362,396,846

 

New Mexico – 0.1%

City of Farmington Pollution Control Refunding RB 2005 Series A (NON-AMT) (A-/BBB+)

    8,400,000       1.800   04/01/2029   7,242,787

Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-)

    175,000       5.000   09/01/2027   192,557
    200,000       5.000   09/01/2029   224,048
    450,000       5.000   09/01/2030   507,812
    300,000       5.000   09/01/2031   337,006
    350,000       5.000   09/01/2032   391,726

Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Recepits Tax Increment Bonds Series 2022 (NR\NR)(f)

    637,000       3.750   05/01/2028   593,200
    1,035,000       4.000   05/01/2033   915,787
       

 

  10,404,923

 

New York – 7.0%

Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (NR/NR)

    4,065,000       1.625   11/01/2025   3,785,382

Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-)

    100,000       4.000   06/15/2026   100,893
    100,000       4.000   06/15/2027   100,608
    100,000       4.000   06/15/2028   99,926

Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)(f)

    1,425,000       5.000   12/01/2041   1,419,605

Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR)

    300,000       4.000   06/15/2031   280,008
    425,000       4.000   06/15/2041   361,710

Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR)(f)

    2,465,000       4.000   06/15/2027   2,297,635

Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR)(f)

    260,000       6.500   07/01/2032   273,550
    2,500,000       6.500   07/01/2042   2,558,943
    850,000       6.500   07/01/2052   862,139

Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR)(f)

    900,000       9.750   07/01/2032   901,361

City of New Rochelle RB for Iona College Project Series 2015 A (Baa2/BBB)

    325,000       5.000   07/01/2025   341,462
    335,000       5.000   07/01/2026   351,098
    425,000       5.000     07/01/2027   445,319

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New York – (continued)

City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (AA/Aa2)

$

     2,500,000       5.500 %   05/01/2046   $         2,855,391
    3,900,000       4.500   05/01/2049   4,020,945

Dormitory Authority of the State of New York Personal Income Tax RB Series 2017A (NR\AA+)

    9,115,000       5.000   02/15/2031   9,910,922

Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BB+)(f)

    900,000       5.000   07/01/2040   911,226

Empire State Urban Development Corp. State Personal Income Tax RB Series 2020E (AA+/NR)

    12,500,000       4.000   03/15/2039   12,366,691

Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)(f)

    29,200,000       0.000 (g)    06/01/2060   1,540,577

Essex County IDA Environmental Improvement Revenue Refunding Bonds Series 2019A (AMT) (BBB/NR) (PUTABLE)(a)(b)(d)

    500,000       2.100   10/01/2024   491,375

Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A (Aaa/NR)(e)(f)

   

(1M USD LIBOR + 0.50%)

      
    6,926,800       2.133   01/25/2033   6,898,449

Huntington Local Development Corp. RB for Gurwin Independent Housing Obligated Group Series 2021 C (NR/NR)

    1,725,000       3.000   07/01/2025   1,646,418

Long Island Power Authority Electic System General RB Series 2019B (A/A)(a)(b)

    12,825,000       1.650   09/01/2024   12,592,994

Long Island Power Authority RB Refunding Series 2014 C (A2/A)(b)(e)

   

(1M USD LIBOR + 0.75%)

      
    9,000,000       1.949   10/01/2023   8,997,852

Metropolitan Tranportation Authority Transportation Revenue Green Bonds Subseries 2021A-1 (A3\BBB+)

    2,500,000       4.000   11/15/2047   2,220,838

Metropolitan Transportation Authority RB Green Bond Series 2015 A-2 (A3/NR)(a)(b)

    2,500,000       5.000   05/15/2030   2,727,908

Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/BBB+)

    625,000       5.000   11/15/2027   668,902
    850,000       5.000   11/15/2028   903,331

Metropolitan Transportation Authority RB Green Bond Series 2019 C (AGM-CR) (A2/AA)

    10,015,000       5.000   11/15/2041   10,634,625

Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/BBB+)

    5,175,000       4.750   11/15/2045   5,235,627
    3,250,000       5.000   11/15/2050   3,347,387
    1,800,000       5.250   11/15/2055   1,870,501

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New York – (continued)

Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+)

$

     3,000,000       5.000 %    11/15/2028   $       3,239,909
    3,450,000       5.000   11/15/2029   3,741,104
    1,675,000       5.000   11/15/2030   1,817,690

Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 A-2 (A3/BBB+)

    1,340,000       5.000   11/15/2027   1,438,902

Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/BBB+)

    2,465,000       4.000   11/15/2032   2,395,550

Metropolitan Transportation Authority RB Refunding Series 2002 D-1 (A3/WR/BBB+)

    4,545,000       5.000   11/01/2025   4,583,726

Metropolitan Transportation Authority RB Refunding Series 2016 B (A3/BBB+)

    520,000       5.000   11/15/2027   559,927

Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/BBB+)

    735,000       5.000   11/15/2029   779,110
    755,000       5.250   11/15/2031   803,618

Metropolitan Transportation Authority RB Refunding Series 2017 D (A3/BBB+)

    1,075,000       5.000   11/15/2027   1,155,546

Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (A3/NR/BBB+)(b)(e)

   

(1M USD LIBOR + 0.55%)

      
    7,465,000       1.698   11/01/2022   7,439,002

Metropolitan Transportation Authority RB Refunding Subseries 2015 C-1 (A3/BBB+)

    4,250,000       5.250   11/15/2028   4,525,630

Metropolitan Transportation Authority RB Series 2011 B
(A3/WR/BBB+)(b)(e)

   

(1M USD LIBOR + 0.55%)

      
    7,510,000       1.698   11/01/2022   7,483,857

Metropolitan Transportation Authority RB Series 2013 B (A3/BBB+)

    2,530,000       5.000   11/15/2022   2,559,375

Metropolitan Transportation Authority RB Series 2016 C-1 (A3/BBB+)

    580,000       5.000   11/15/2028   619,648

Metropolitan Transportation Authority RB Subseries 2015 A-1 (A3/BBB+)

    475,000       5.000   11/15/2025   502,627

Metropolitan Transportation Authority Transportation RB Series 2015B (BBB+/A3)

    2,000,000       5.250   11/15/2055   2,052,696

Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AGM) (AA/A3)

    4,980,000       4.000   11/15/2047   4,596,181

Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3\BBB+)

    5,675,000       4.000   11/15/2045   5,092,740

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

MTA Hudson Rail Yards Trust Obligations Series 2016A (NR/A3)

$

     2,500,000       5.000 %    11/15/2056   $       2,569,188

Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR)(g)

    82,790,000       0.000   06/01/2060   4,162,441

New York City GO Bonds Series 2018 E-1 (Aa2/AA)

    9,725,000       5.000   03/01/2044   10,319,192

New York City Housing Development Corp Multi-Family RB 2018 Series L-1 & 2018 Series L-2 (AA+/NR)(a)(b)

    3,500,000       2.750   12/29/2023   3,504,320

New York City IDA Pilot Revenue Refunding Bonds Series 2020A (AGM) (AA/BBB+)

    1,000,000       5.000   03/01/2030   1,100,896

New York City Industrial Development Agency RB for Churchill School & Center for Learning Disabilities, Inc. Series 1999 (AGC) (NR/AA)(a)

    1,245,000       2.250   10/01/2029   1,145,504

New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A2/AA)

    3,540,000       3.000   01/01/2039   2,962,619

New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A2/AA)

    2,290,000       3.000   03/01/2036   2,023,750
    2,555,000       3.000   03/01/2040   2,132,799
    1,875,000       4.000   03/01/2045   1,768,378

New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR)

    2,125,000       4.000   03/01/2045   1,947,002

New York City Transitional Finance Authority Building Aid RB Fiscal 2015 Series S-1 (ST AID WITHHLDG) (AA/Aa2)

    5,000,000       5.000   07/15/2033   5,266,946

New York City Water & Sewer System RB for Second General Resolution Series 2018 BB (Aa1/AA+)

    5,250,000       5.000   06/15/2046   5,625,459

New York Convention Center Development Corp. RB Refunding Series 2015 (A2/NR)

    3,755,000       5.000   11/15/2030   4,004,421

New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)(g)

    143,440,000       0.000   06/01/2060   6,850,910

New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (NR/BBB-)

    4,840,000       3.500   02/15/2048   4,743,827

New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)(f)

    18,685,000       5.000   11/15/2044   18,169,107

New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A2/NR)

    855,000       2.625   09/15/2069   770,152

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa2/NR)

$

     1,070,000       2.800 %    09/15/2069   $       966,634

New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 A (Aa2/AA+)

    1,435,000       5.000   02/15/2027   1,568,540

New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (Aa2/AA+)

    6,235,000       5.000   02/15/2027   6,815,223

New York State Dormitory Authority Personal Income Tax RB Series 2021E (AA+/AA+)

    18,000,000       4.000   03/15/2038   17,770,642

New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (Aa2/AA+)

    5,275,000       5.000   03/15/2026   5,792,943

New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (Baa1/NR)

    1,400,000       5.000   07/01/2033   1,467,675

New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (Baa1/NR)

    100,000       3.560   07/01/2026   97,582
    100,000       3.670   07/01/2027   97,215
    40,000       3.760   07/01/2028   38,733
    200,000       3.820   07/01/2029   191,607

New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph’s College Series 2020 A (NR/NR)

    1,070,000       5.000   07/01/2027   1,146,083
    1,130,000       5.000   07/01/2028   1,213,940
    1,185,000       5.000   07/01/2029   1,278,557
    745,000       5.000   07/01/2030   803,131
    100,000       4.000   07/01/2031   98,549

New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (Ba2/BB+)

    540,000       5.000   07/01/2032   536,661
    465,000       5.000   07/01/2034   458,068
    1,005,000       5.000   07/01/2035   997,555
    440,000       5.000   07/01/2036   435,055
    545,000       4.000   07/01/2040   441,454
    590,000       5.000   07/01/2041   573,422
    2,315,000       4.000   07/01/2045   1,777,390

New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-)

    530,000       4.000   09/01/2036   488,887
    500,000       4.000   09/01/2037   458,441
    575,000       4.000   09/01/2038   524,245
    615,000       4.000   09/01/2039   558,006
    750,000       4.000   09/01/2040   676,190

New York State Dormitory Authority RB Refunding for St. John’s University Series 2021 A (A3/A-)

    5,300,000       4.000   07/01/2048   4,889,239

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Revenue Series 2021 A (NR/AA+)

$

     4,400,000       4.000 %    03/15/2041   $    4,311,602

New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (Aa2/NR)

    4,350,000       3.000   03/15/2038   3,780,953

New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2021 (NR/AA+)

    5,010,000       5.000   03/15/2049   5,458,148

New York State Dormitory Authority RB Refunding Series 2018 C (ETM) (NR/NR)

    5,000       5.000   03/15/2024   5,256

New York State Dormitory Authority RB Series 2020 B (Aa2/NR)

    1,100,000       3.000   04/01/2042   901,318
    1,550,000       3.000   04/01/2048   1,159,090

New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (Aa2/AA+)

    425,000       4.900   03/15/2023   430,249

New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (Baa1/A-)(a)

    5,350,000       2.300   07/01/2034   5,350,000

New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B/NR) (PUTABLE)(a)(b)(d)(f)

    1,440,000       2.875   12/03/2029   1,249,133

New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B2/B)(a)(b)

    750,000       2.750   09/02/2025   710,885

New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (NR/NR)(a)(b)

    3,050,000       1.100   05/01/2027   2,746,273

New York State Thruway Authority Personal Income Tax RB Series 2021a-1 Bidding Group 5 (NR\AA+)

    11,580,000       4.000   03/15/2045   11,294,522

New York State Urban Development Corp State Personal Income Tax RB Series 2020C (NR/AA+)

    2,500,000       5.000   03/15/2038   2,744,374

New York State Urban Development Corp. General Purpose Personal Income Tax RB Series 2014 A (Aa2/AA+)

    5,000,000       5.000   03/15/2031   5,230,337

New York State Urban Development Corp. RB for State of New York Personal Income Tax Revenue Series 2020 A (Aa2/NR)

    7,000,000       3.000   03/15/2050   5,564,937

New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (AA/NR)

    1,000,000       4.000   12/01/2040   989,811

New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR)

    9,545,000       5.000   01/01/2023   9,616,982
    2,000,000       5.000   01/01/2027   2,060,091
    1,170,000       5.000   01/01/2029   1,199,310

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) – (continued)

$

     1,000,000       5.000 %    01/01/2031   $    1,020,634
    8,150,000       5.000   01/01/2033   8,272,075
    5,000,000       5.000   01/01/2034   5,064,199
    14,460,000       4.000   01/01/2036   13,428,503

New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (Baa3/NR)

    2,450,000       4.000   10/01/2030   2,377,739
    4,795,000       5.000   10/01/2035   4,849,381
    4,500,000       5.000   10/01/2040   4,527,258
    11,100,000       4.375   10/01/2045   10,151,432

New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR)

    1,225,000       2.500   10/31/2031   1,022,306
    575,000       4.000   10/31/2034   531,624
    4,285,000       4.000   10/31/2041   3,750,432

New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM-CR) (A2/AA)

    1,500,000       4.000   07/01/2046   1,375,101

New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR)

    500,000       5.000   12/01/2027   529,646
    500,000       5.000   12/01/2028   530,133
    500,000       5.000   12/01/2029   530,304
    600,000       5.000   12/01/2036   623,880

New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR)

    1,150,000       5.000   12/01/2027   1,235,051
    970,000       5.000   12/01/2028   1,032,980
    1,105,000       5.000   12/01/2029   1,185,862
    885,000       5.000   12/01/2030   948,611
    1,060,000       5.000   12/01/2031   1,140,646
    1,235,000       5.000   12/01/2032   1,307,671
    1,370,000       5.000   12/01/2033   1,443,052
    1,920,000       5.000   12/01/2034   2,027,640
    1,680,000       5.000   12/01/2035   1,770,779
    2,745,000       5.000   12/01/2036   2,885,725
    2,480,000       5.000   12/01/2037   2,600,128
    4,565,000       5.000   12/01/2038   4,788,059

New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (Baa3\NR)

    2,285,000       5.000   07/01/2046   2,335,047

New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (Baa3/NR)

    31,060,000       5.250   01/01/2050   31,839,823

New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (AMT) (NR/B-)

    2,250,000       5.000   08/01/2031   2,235,344

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

      Interest
Rate		      Maturity
Date		        Value  
Municipal Bonds – (continued)

 

New York – (continued)

 

New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (NR/B-)

 

$

   7,020,000        5.250 %       08/01/2031        $     7,301,313  
  5,675,000        5.375      08/01/2036          6,033,721  

New York Transportation Development Corp. Special Facility RB Series 2021 (NR\NR)

 

  3,760,000        3.000      08/01/2031          3,432,188  

New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (B-/NR)

 

  5,520,000        5.000      08/01/2026          5,485,854  

Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA)

 

  420,000        4.000      12/01/2032          425,024  
  505,000        4.000      12/01/2033          510,843  
  420,000        4.000      12/01/2034          424,800  
  420,000        4.000      12/01/2035          424,585  
  525,000        4.000      12/01/2036          530,449  
  425,000        4.000      12/01/2037          429,158  
  420,000        4.000      12/01/2038          423,999  
  1,260,000        3.000      12/01/2039          1,062,649  
  840,000        3.000      12/01/2040          700,128  
  1,680,000        4.000      12/01/2049          1,624,922  

Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR)

 

  345,000        4.000      07/01/2039          307,331  
  4,225,000        3.000      07/01/2044          2,942,402  

Port Authority of New York & New Jersey Consolidated RB Refunding Series 186 (AMT) (Aa3/A+)

 

  10,000,000        5.000      10/15/2044          10,258,116  

Port Authority of New York & New Jersey Consolidated RB Refunding Series 197 (AMT) (Aa3/A+)

 

  4,000,000        5.000      11/15/2034          4,184,887  

Port Authority of New York & New Jersey Consolidated RB Refunding Series 223 (AMT) (Aa3/A+)

 

  6,335,000        4.000      07/15/2046          5,898,204  

Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (Aa3/A+)

 

  2,500,000        5.000      09/01/2033          2,740,364  
  2,000,000        5.000      09/01/2034          2,181,305  

Port Authority of New York & New Jersey Consolidated RB Series 221 (AMT) (Aa3/A+)

 

  2,000,000        4.000      07/15/2045          1,866,838  
  1,500,000        4.000      07/15/2050          1,386,915  

Port Authorty of New York Consolidated Bonds 227th Series (Aa3/A+)

 

  10,000,000        3.000      10/01/2028          9,883,162  

State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2019B-3 (A-/A3)(a)(b)

 

  2,295,000        5.000      05/01/2026          2,454,360  

 

  

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A-/A3)

$

     6,200,000       4.250 %    05/01/2052   $    5,850,110
    5,225,000       5.000   05/01/2052   5,417,920

State of New York Dormitory Authority Personal Income Tax RB Series 2018A (NR/Aa1)

    10,200,000       4.000   03/15/2048   9,910,827

State of New York Dormitory Authority Personal Income Tax RB Series 2019D (NR/Aa1)

    10,000,000       4.000   02/15/2047   9,726,704

State of New York Dormitory Authority Personal Income Tax RB Series 2021A (AA+/NR)

    8,175,000       4.000   03/15/2040   8,022,966

State of New York Dormitory Authority Personal Income Tax RB Series 2021E (AA+/NR)

    3,550,000       4.000   03/15/2046   3,456,766
    9,200,000       4.000   03/15/2047   8,947,956

Suffolk Tobacco Asset Securitization Corp. RB Series 2021 B-1 (NR/BBB-)

    3,800,000       4.000   06/01/2050   3,496,209

Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (A3/BBB+)

    600,000       5.000   09/01/2038   638,770
    820,000       5.000   09/01/2039   871,942
    805,000       4.000   09/01/2040   748,725

Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (Baa2/BBB-)

    1,000,000       5.000   11/01/2023   1,035,123
    1,000,000       5.000   11/01/2024   1,041,542

Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR)

    200,000       4.000   10/15/2029   190,612

Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB)

    300,000       4.000   10/15/2030   282,766
       

 

    605,353,805

 

North Carolina – 0.5%

Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(d)

    375,000       2.000   10/01/2024   365,852

Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(d)

    400,000       2.000   10/01/2024   390,242

Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (AMT) (Baa2/BBB) (PUTABLE)(a)(b)(d)

    1,750,000       2.100   10/01/2024   1,719,811

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

North Carolina – (continued)

County of Mecklenburg GO Bonds for Public Improvement Series 2018 (Aaa/AAA)

$

     5,250,000       5.000 %    03/01/2029   $       5,947,509

Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (AA/Baa2)

    5,290,000       5.500   07/01/2047   5,797,203

North Carolina Department of Transportation RB for I-77 Mobility Partners LLC Series 2015 (AMT) (NR/NR)

    1,310,000       5.000   12/31/2037   1,328,963

North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR)

    680,000       4.000   09/01/2041   632,489
    325,000       4.000   09/01/2046   293,645

North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR)

    155,000       3.000   03/01/2023   153,765
    190,000       4.000   03/01/2024   188,671
    235,000       4.000   03/01/2025   231,271
    220,000       5.000   03/01/2026   221,592
    270,000       5.000   03/01/2027   270,760
    255,000       5.000   03/01/2028   254,610
    250,000       4.000   03/01/2029   234,227
    260,000       4.000   03/01/2030   239,558
    270,000       4.000   03/01/2031   244,994
    725,000       4.000   03/01/2036   613,391

North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR)

    500,000       5.000   10/01/2040   484,262

North Carolina Medical Care Commission RB for Rex Hospital, Inc. Obligated Group Series 2020 A (A2/AA-)

    5,995,000       3.000   07/01/2045   4,652,287

North Carolina Medical Care Commission RB Refunding for EveryAge Obligated Group Series 2021 A (NR/NR)

    910,000       4.000   09/01/2041   808,934

North Carolina Medical Care Commission RB Refunding for The Presbyterian Home at Charlotte, Inc. Series 2019 A (NR/NR)

    590,000       3.000   07/01/2026   559,458
    1,785,000       3.000   07/01/2027   1,664,258
    1,040,000       4.000   07/01/2030   985,323
    1,080,000       5.000   07/01/2031   1,089,499
    1,110,000       5.000   07/01/2032   1,116,495
    1,375,000       5.000   07/01/2033   1,379,011

North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)(b)

    495,000       4.000   09/01/2022   496,995

North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (NR/AA)

    3,000,000       3.000   01/01/2042   2,465,356
    1,650,000       5.000   01/01/2049   1,802,446

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

North Carolina – (continued)

North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (NR/BBB)

$

     4,500,000       5.000 %    01/01/2043   $       4,638,267
    5,000,000       5.000   01/01/2044   5,141,856
       

 

    46,413,000

 

North Dakota – 0.0%

City of Horace GO Refunding Bonds Series 2021 (Baa2/NR)

    1,100,000       3.000   05/01/2041   879,613
    2,750,000       3.000   05/01/2046   2,082,127
       

 

    2,961,740

 

Ohio – 1.9%

American Municipal Power Prairie State Energy Campus Project RB Refunding Series 2019B (A/A1)

    2,780,000       5.000   02/15/2023   2,835,076
    1,255,000       5.000   02/15/2024   1,313,807

Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/A-)

    440,000       5.000   06/01/2034   471,956
    1,000,000       4.000   06/01/2037   978,942
    920,000       4.000   06/01/2038   896,456
    895,000       4.000   06/01/2039   866,803

Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/BBB+)

    5,070,000       3.000   06/01/2048   3,761,718
    3,835,000       4.000   06/01/2048   3,488,639

Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR)

    24,650,000       5.000   06/01/2055   23,211,157

Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)(g)

    35,885,000       0.000   06/01/2057   4,604,132

Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)

    400,000       5.000   11/01/2022   401,111
    420,000       5.000   11/01/2023   424,577

City of Cleveland RB Refunding for Airport System Series 2019 B
(AMT) (A2/A-)

    1,235,000       5.000   01/01/2023   1,252,630
    1,365,000       5.000   01/01/2024   1,415,827

County of Cuyahoga Hospital RB Series 2017 (Baa3\BBB-)

    1,750,000       5.000   02/15/2052   1,757,103

County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (NR/NR)

    400,000       4.000   09/01/2040   352,658
    625,000       4.000   09/01/2045   529,245
    850,000       5.000   09/01/2049   784,486

County Of Franklin Healthcare Facilities Refunding Rb Series 2022 (NR/BBB) (NR/NR)

    4,225,000       4.000   07/01/2040   3,722,956

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Ohio – (continued)

County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR)

$

     2,480,000       5.250 %    11/15/2040   $    2,425,538

County of Franklin RB Series OH 2019A (Aa3\AA-)

    5,275,000       4.000   12/01/2044   4,984,313

County of Miami Ohio Hospital Facilities Improvement RB Kettering Health Network Series 2019 (A2/A+)

    5,625,000       5.000   08/01/2049   5,860,023

Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa3/BBB-)

    10,000,000       8.223   02/15/2040   12,633,812

Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-)

    2,865,000       5.500   02/15/2057   2,956,562

Cuyahoga Metropolitan Housing Authority RB for Social Bonds Series 2021 (HUD SECT 8) (NR/A+)

    3,400,000       2.000   12/01/2031   2,949,793

Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR)

    2,000,000       3.750   12/01/2038   1,629,182

Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-)

    250,000       5.000   12/01/2025   262,305
    325,000       5.000   12/01/2026   343,632
    325,000       5.000   12/01/2027   345,086
    425,000       5.000   12/01/2028   452,098
    400,000       5.000   12/01/2029   426,088
    680,000       5.000   12/01/2030   718,956
    800,000       5.000   12/01/2031   839,409
    660,000       5.000   12/01/2032   688,899
    1,170,000       5.000   12/01/2033   1,216,256
    1,200,000       5.000   12/01/2035   1,241,290
    650,000       5.000   12/01/2037   668,746
    1,630,000       5.000   12/01/2038   1,667,321

Lakewood City School District GO Refunding Bonds Series 2014 C (Aa2/AA)

    3,215,000       5.000   12/01/2027   3,427,802

Northeast Ohio Medical University RB Refunding Series 2021 A (Baa2/NR)

    250,000       4.000   12/01/2035   244,433

Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(d)

    3,500,000       4.250   06/01/2027   3,543,173

Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (AMT) (BBB+/NR) (PUTABLE)(a)(b)(d)

    14,000,000       4.250   06/01/2027   14,110,544

Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)(f)

    700,000       4.500   01/15/2048   651,740

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Ohio – (continued)

Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Ba1/NR)

$

     925,000       2.875 %    02/01/2026   $       885,818

Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Ba1/NR)

    2,305,000       2.875   02/01/2026   2,207,364

Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (Ba1/NR)

    3,130,000       3.250   09/01/2029   2,932,604

Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014A (BBB+/NR)(a)(b)

    2,500,000       2.400   10/01/2029   2,259,583

Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014B (BBB+/NR)(a)(b)

    3,500,000       2.600   10/01/2029   3,178,156

Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014C (BBB+/NR) (PUTABLE)(a)(b)(d)

    8,000,000       2.100   10/01/2024   7,760,950

Ohio Higher Educational Facility Commission RB for University Circle, Inc. Series 2020 (A3/NR)

    1,250,000       5.000   01/15/2035   1,298,390
    1,645,000       5.000   01/15/2036   1,705,489

Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR)

    1,260,000       5.000   12/01/2042   1,265,952
    1,250,000       5.000   12/01/2045   1,246,521

Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (A3/NR)

    1,260,000       5.000   05/01/2032   1,383,720
    1,045,000       5.000   05/01/2034   1,140,736
    695,000       4.000   05/01/2037   670,331
    1,115,000       4.000   05/01/2038   1,059,787

Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)(f)

    925,000       5.000   12/01/2033   876,496
    1,795,000       5.000   12/01/2038   1,642,878
    2,725,000       5.000   12/01/2048   2,365,101

Ohio State Water Development Authority RB for Waste Management, Inc. Project Series 2002 (NR/A-/A-2)(a)

    2,800,000       3.250   11/01/2022   2,811,505

Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR)(a)(b)

    1,500,000       4.375   06/15/2026   1,388,873

Port of Greater Cincinnati Development Authority RB Series 2021
(NR/NR)(f)

    390,000       3.750   12/01/2031   343,541

Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)(f)

    4,375,000       7.000   12/01/2042   3,785,180

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Ohio – (continued)

Toledo-Lucas County Port Authority Parking System RB Series 2021 (NR/NR)

$

     3,500,000       4.000 %   01/01/2038   $       3,098,006
    960,000       4.000     01/01/2041   827,290
       

 

        163,490,551

 

Oklahoma – 0.3%

City of Tulsa GO Bonds Series 2021 (AA/NR)

    3,800,000       2.000   11/01/2029   3,463,120

Cleveland County Educational Facilities Authority RB for Norman Public Schools Project Series 2019 (NR/A+)

    4,250,000       5.000   06/01/2024   4,485,602

Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (Baa1/A-)

    925,000       4.000   09/01/2045   817,612

Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A2/AA)

    3,670,000       4.000   08/15/2048   3,464,689

Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Baa3/BB+)

    2,150,000       5.000   08/15/2029   2,116,048
    8,125,000       5.500   08/15/2057   7,369,758

Oklahoma Municipal Power Authority RB Refunding Series 2021 B (AGM) (NR/AA)

    640,000       1.602   01/01/2027   586,184

Oklahoma Turnpike Authority RB Second Senior Series 2017 C (Aa3/AA-)

    1,400,000       4.000   01/01/2042   1,389,108

Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (NR/B-)(a)(b)

    3,285,000       5.000   06/01/2025   3,357,702
       

 

  27,049,823

 

Oregon – 0.5%

Clackamas County Hospital Facility Authority RB Refunding for Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR)

    240,000       5.125   11/15/2040   234,816
    120,000       5.250   11/15/2050   113,407

Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (NR/BBB-)

    1,385,000       3.500   03/01/2029   1,310,630
    1,540,000       3.750   03/01/2032   1,426,284

Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+)

    500,000       5.000   08/15/2028   549,861
    500,000       5.000   08/15/2029   550,864
    600,000       5.000   08/15/2030   662,414
    1,775,000       5.000   08/15/2045   1,855,694

Oregon State Facilities Authority RB Refunding for Reed College Project Series 2017 A (Aa2/AA-)(b)

    8,895,000       5.000   07/01/2027   9,995,505

Oregon State Facilities Authority RB Refunding for Samaritan Health Services, Inc. Obligated Group Series 2020 A (NR/BBB+)

    270,000       5.000   10/01/2028   293,274
    525,000       5.000   10/01/2029   571,815
    225,000       5.000     10/01/2035   238,947

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Oregon – (continued)

Port of Portland RB for International Airport Series 2019 25-B (AMT) (NR/A+)

$

     2,665,000       5.000 %   07/01/2032   $       2,874,996
    2,365,000       5.000   07/01/2033   2,543,049
    1,000,000       5.000   07/01/2034   1,073,154
    1,000,000       5.000   07/01/2035   1,071,237

Portland Oregon Community College District GO Bonds Series 2013 (Aa1/AA+)(b)

    2,050,000       5.000   06/15/2023   2,114,489

Portland Oregon Water System RB Refunding First Lien Series 2016 A (Aa1/NR)

    7,090,000       4.000   04/01/2029   7,447,640

State of Oregon GO Refunding Bonds for Higher Education Series 2021 H (Aa1/AA+)

    1,175,000       1.250   08/01/2027   1,083,919
    860,000       1.375   08/01/2028   775,236
    875,000       1.500   08/01/2029   776,735

Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (A3/NR)(f)

    190,000       5.000   11/01/2034   209,721
    500,000       5.000   11/01/2036   550,418

Washington County School District No. 1 GO Bonds Series 2017 (SCH BD GTY) (Aa1/NR)

    4,155,000       5.000   06/15/2029   4,626,368

Yamhill County Hospital Authority RB Refunding for Friendsview Manor Obligated Group Series 2021 A (NR/NR)

    850,000       1.750   11/15/2026   787,368

Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR)

    1,625,000       5.000   11/15/2051   1,358,914
       

 

        45,096,755

 

Pennsylvania – 3.8%

Allegheny County Airport Authority RB Series 2021 A (AMT) (A2/NR)

    2,325,000       4.000   01/01/2039   2,214,553
    1,900,000       4.000   01/01/2040   1,805,941

Allegheny County Airport Authority RB Series 2021 B (A2/NR)

    1,505,000       5.000   01/01/2034   1,648,536

Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (BBB-/NR)

    1,000,000       5.250   09/01/2035   1,007,688

Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (NR/A)

    4,000,000       5.000   04/01/2030   4,312,825
    18,400,000       4.000   04/01/2044   17,403,743

Allegheny County Hospital Development Authority UPMC RB Series 2019A (A/A2)

    6,230,000       4.000   07/15/2038   6,063,974

Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B1/BB-)

    1,850,000       4.875   11/01/2024   1,878,888
    1,350,000       5.125     05/01/2030   1,402,419

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR)

$

     1,525,000       1.830 %   05/01/2023   $       1,488,594
    1,560,000       2.100   05/01/2024   1,487,627
    150,000       5.000   05/01/2024   155,755
    480,000       5.000   05/01/2026   507,814
    600,000       5.000   05/01/2027   639,765
    600,000       5.000   05/01/2028   641,595
    625,000       5.000   05/01/2029   670,732
    700,000       5.000   05/01/2030   754,819
    700,000       5.000   05/01/2031   756,227

Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR)(f)

    2,420,000       5.000   05/01/2027   2,493,846
    1,600,000       5.000   05/01/2032   1,623,839

Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR)(f)

    200,000       5.000   05/01/2023   202,275
    750,000       5.000   05/01/2028   770,872

Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/BB+)

    325,000       5.000   07/01/2025   340,422
    420,000       5.000   07/01/2026   443,451
    425,000       5.000   07/01/2027   451,215
    450,000       5.000   07/01/2028   477,948
    475,000       5.000   07/01/2029   504,685
    650,000       5.000   07/01/2030   689,246

Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR)

    100,000       5.000   10/01/2031   105,016
    390,000       5.000   10/01/2032   408,433
    410,000       5.000   10/01/2033   428,786

Chester County IDA RB Series 2021 (Aa2\NR)

    10,000,000       4.000   12/01/2046   9,541,394

City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa2/BBB+)

    500,000       4.000   05/01/2036   476,970
    425,000       4.000   05/01/2041   392,326
    280,000       5.000   05/01/2047   289,083

City of Philadelphia Airport RB Refunding Series 2020 C (AMT) (A2/NR)

    1,250,000       5.000   07/01/2030   1,379,158

City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (BBB-/NR)

    2,075,000       4.000   03/01/2042   1,755,138

Coatesville School District GO Refunding Bonds Series 2017 (AGM ST AID WITHHLDG) (A1/AA)

    1,000,000       5.000   08/01/2025   1,079,376

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (A1/AA)

$

     24,905,000       4.000 %    06/01/2039   $     23,959,780

Commonwealth of Pennsylvania COPS Series 2018 A (A2/A)

    1,250,000       4.000   07/01/2046   1,177,191

Commonwealth of Pennsylvania GO Bonds 1st Series 2015 (A+/Aa3)

    6,500,000       5.000   03/15/2033   6,818,372

Commonwealth of Pennsylvania GO Bonds Series 2015 (Aa3/A+)

    3,925,000       5.000   08/15/2025   4,252,086

Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB)(f)

    2,000,000       5.875   10/15/2040   2,122,966
    6,375,000       6.250   10/15/2053   6,823,895

Delaware County Authority RB for Villanova University Series 2015 (A1/AA-)

    4,945,000       5.000   08/01/2045   5,172,638

Doylestown Hospital Authority RB Taxable Refunding Series 2019 B (Ba1/BBB-)

    1,025,000       3.950   07/01/2024   982,889

Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR)

    750,000       5.000   12/01/2038   707,454

Geisinger Authority Health System RB for Geisinger Health System Series 2007 (A1/AA-)(e)

   

(3M USD LIBOR + 0.77%)          

    15,800,000       1.632   05/01/2037   14,044,622

General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (Aa3/NR)

    725,000       4.000   06/01/2044   710,592
    1,300,000       5.000   06/01/2044   1,370,607
    3,325,000       4.000   06/01/2049   3,140,209
    2,350,000       5.000   06/01/2049   2,465,560

Lancaster County Hospital Authority RB for Brethren Village Project Series 2017 (NR/NR)

    900,000       5.000   07/01/2022   900,000

Lancaster County Hospital Authority RB Refunding for St. Anne’s Retirement Community Obligated Group Series 2020 (NR/NR)

    900,000       5.000   03/01/2040   850,480

Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-)

    80,000       5.000   03/01/2024   82,248
    150,000       5.000   03/01/2025   155,520
    185,000       5.000   03/01/2026   192,681
    150,000       5.000   03/01/2027   156,692
    135,000       5.000   03/01/2028   140,918
    160,000       5.000   03/01/2029   166,621
    150,000       5.000   03/01/2030   155,232
    285,000       5.000   03/01/2032   292,606

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A2/A)

$

     850,000       4.000 %   09/01/2037   $          845,523
    850,000       4.000     09/01/2038   841,920
    850,000       4.000   09/01/2039   838,702

Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communitiies Obligated Group Series 2020C (NR/NR)

    900,000       5.000   11/15/2045   938,027

Montgomery County Industrial Development Authority RB ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 C (NR/NR)

    600,000       4.000   11/15/2043   549,041

Montgomery County Industrial Development Authority RB Refunding for The Public School of Germantown Series 2021 A (NR/BBB+)

    400,000       4.000   10/01/2036   375,439
    400,000       4.000   10/01/2041   362,169

North Penn Water Authority RB Refunding Series 2019 (Aa3/NR)(e)

            (SIFMA Municipal Swap Index Yield + 0.46%)
    1,600,000       1.240   11/01/2023   1,599,586

Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (NR/NR)

    1,000,000       5.000   11/01/2039   969,500

Northeastern Pennsylvania Hospital & Education Authority RB for King’s College Project Series 2019 (NR/BBB+)

    50,000       5.000   05/01/2023   50,859
    100,000       5.000   05/01/2024   103,009

Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (NR/BBB)

    750,000       5.000   06/30/2042   758,138

Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (A1/A+)

    8,250,000       3.000   04/01/2039   7,097,232

Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR)

    3,000,000       4.000   07/01/2033   2,873,575
    1,800,000       4.000   07/01/2041   1,638,638

Pennsylvania Economic Development Financing Authority RB Refunding for UPMC Obligated Group Series 2021 A (A2/A)

    1,175,000       4.000   10/15/2039   1,138,072
    1,050,000       4.000   10/15/2040   1,007,905

Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (A-/A-2/NR)(a)(b)

    6,050,000       1.100   11/02/2026   5,332,830

Pennsylvania Higher Educational Facilities Authority Duquesne University of the Holy Spirit RB Series 2019 A (A2/A)

    350,000       4.000   03/01/2037   341,391
    675,000       5.000   03/01/2038   723,824
    500,000       5.000   03/01/2039   535,320

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC) (WR/AA)(e)

   

(3M USD LIBOR + 0.60%)          

$

     1,095,000       2.126 %    07/01/2027   $       1,073,013

Pennsylvania Higher Educational Facilities Authority RB Refunding for Drexel University Series 2020 A (AGM) (A2/AA)

    2,500,000       4.000   05/01/2040   2,395,439
    8,500,000       5.000   05/01/2046   9,240,959

Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (AGM-CR) (Aa3/AA)

    4,000,000       5.000   09/15/2025   4,349,763

Pennsylvania State GO Bonds Consolidated Loan of 2018 Series 2018 A (Aa3/A+)

    6,675,000       5.000   08/15/2023   6,918,587

Pennsylvania Turnpike Commission RB Series 2013 C (A1/A+)(b)

    1,720,000       5.500   12/01/2023   1,808,106

Pennsylvania Turnpike Commission RB Series 2018 A (Aa3/NR)

    30,675,000       5.250   12/01/2044   33,844,117

Pennsylvania Turnpike Commission RB Series 2018 A-2 (A1/NR) (Series A-2)

    4,740,000       5.000   12/01/2043   5,057,254

Pennsylvania Turnpike Commission RB Series 2018 B (A1/NR)(e)

(SIFMA Municipal Swap Index Yield + 0.70%)

    6,050,000       1.480   12/01/2023   6,053,419

Pennsylvania Turnpike Commission RB Series 2019 A (A3/NR)

    4,250,000       5.000   12/01/2036   4,634,442
    4,275,000       5.000   12/01/2038   4,600,267
    21,160,000       5.000   12/01/2044   22,519,790

Pennsylvania Turnpike Commission RB Subordinate Series 2017 A (A3/NR)

    3,500,000       5.500   12/01/2042   3,720,441

Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A3/NR)

    10,000,000       5.250   06/01/2047   10,529,290

Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR)

    350,000       4.000   06/15/2029   343,129
    1,000,000       5.000   06/15/2039   1,001,943

Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (NR/BBB-)

    450,000       5.000   08/01/2030   464,671
    290,000       5.000   08/01/2040   294,823

Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+)(f)

    900,000       5.000   06/15/2040   889,473

Philadelphia Hospitals and Higher Education Facilities Authority RB for Temple University Health System Obligated Group Series 2012 A (Baa3/BBB)(b)

    1,760,000       5.625   07/01/2022   1,760,000

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (Baa3/BBB)

$

     4,500,000       5.000 %    07/01/2028   $       4,810,866

Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (A2/AA)

    850,000       5.000   09/01/2034   950,391
    1,755,000       5.000   09/01/2035   1,958,783
    1,700,000       5.000   09/01/2036   1,894,374
    1,700,000       5.000   09/01/2037   1,895,807

Pittsburgh Water & Sewer Authority Subordinate RB Refunding Series 2019 B (AGM) (NR/AA)

    2,125,000       4.000   09/01/2034   2,205,448
    425,000       4.000   09/01/2035   438,750

Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BB+)

    450,000       5.000   11/15/2028   438,971

State Public School Building Authority RB Refunding for Philadelphia School District Project Series 2016 A (AGM ST AID WITHHLDG) (A1/AA)

    2,525,000       5.000   06/01/2031   2,750,286

Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (Baa3/NR)

    1,100,000       5.000   01/01/2035   1,132,765

The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+)

    200,000       4.000   10/01/2023   199,416
    750,000       4.000   10/01/2029   716,281
    425,000       5.000   10/01/2039   411,606

The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/BB-)

    4,100,000       5.000   11/01/2044   3,697,362

The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B-2 (NR/BB-)(a)(b)

    1,915,000       5.000   02/01/2027   1,879,774

The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B-3 (NR/BB-)(a)(b)

    2,800,000       5.000   02/01/2030   2,672,576

Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa1/NR)

    620,000       5.000   07/01/2028   669,521
    1,725,000       5.000   07/01/2029   1,873,354
    440,000       5.000   07/01/2030   479,701
       

 

  327,032,491

 

Puerto Rico – 5.2%

Puerto Rico Aqueduct & Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR)(f)

    3,230,000       4.000   07/01/2047   2,759,625

Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR\NR)(f)

    4,350,000       5.000   07/01/2035   4,412,907

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Puerto Rico – (continued)

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)(f)

$

     9,575,000       5.000 %    07/01/2047   $       9,612,482

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR)(f)

    6,895,000       5.000   07/01/2033   7,058,068

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (WR/NR)

    1,570,000       6.125   07/01/2024   1,607,166

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (WR/NR)

    515,000       4.250   07/01/2025   515,000
    1,000,000       5.000   07/01/2033   1,000,000
    6,100,000       5.125   07/01/2037   6,100,000
    1,060,000       5.750   07/01/2037   1,060,000

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 B (NR/NR)(f)

    2,750,000       5.000   07/01/2033   2,811,725

Puerto Rico Commonwealth GO Bonds (NR\NR)*(a)(c)(i)

    18,570,358       0.000   11/01/2043   9,238,753

Puerto Rico Commonwealth GO Clawback Bonds (NR/NR)*(a)(c)(i)

    1,672,500       0.000   11/01/2051   719,175

Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR)

    432       5.250   07/01/2023   440
    1,895,024       0.000 (g)    07/01/2024   1,734,340
    4,102,896       5.375   07/01/2025   4,259,972
    4,065,734       5.625   07/01/2027   4,324,985
    3,999,774       5.625   07/01/2029   4,294,789
    3,884,948       5.750   07/01/2031   4,242,614
    9,712,616       0.000 (g)    07/01/2033   5,455,430
    5,933,951       4.000   07/01/2033   5,436,872
    3,311,382       4.000   07/01/2035   2,965,550
    7,727,039       4.000   07/01/2037   6,836,389
    8,414,086       4.000   07/01/2041   7,278,208
    8,793,596       4.000   07/01/2046   7,377,759

Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (A3/AA)

    930,000       5.250   07/01/2041   936,904

Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (WR/NR)

    9,440,000       5.250   07/01/2038   9,440,606

Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (A2/AA)

    3,425,000       5.250   07/01/2033   3,495,823
    165,000       5.250   07/01/2034   168,366
    5,430,000       5.250   07/01/2036   5,530,933

Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM-CR) (A2/AA)

    40,000       5.500   07/01/2031   41,595

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Puerto Rico – (continued)

Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR)*

$

     8,215,000       6.750 %    07/01/2036   $       7,229,200

Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR)*

    196,972       10.000   07/01/2022   180,968

Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR)*

    1,050,000       5.250   07/01/2031   889,875

Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR)

    590,915       10.000   01/01/2021   536,255

Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR)*

    590,915       10.000   07/01/2021   536,255

Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR)*

    196,972       10.000   01/01/2022   178,752

Puerto Rico Electric Power Authority Power RB Series TT (NR/NR)*

    1,100,000       5.000   07/01/2032   932,250

Puerto Rico Electric Power Authority Power RB Series WW (NR/NR)*

    735,000       5.500   07/01/2038   625,669

Puerto Rico Electric Power Authority Power RB Series XX (NR/NR)*

    10,325,000       5.250   07/01/2040   8,750,438

Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)*

    1,000,000       5.250   07/01/2019   847,500

Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A2/AA)(e)

   

(3M USD LIBOR + 0.52%)          

    21,915,000       2.046   07/01/2029   22,675,019

Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL) (Baa2/NR)

    350,000       5.250   07/01/2029   356,610
    215,000       5.250   07/01/2030   216,766
    1,150,000       5.250   07/01/2032   1,168,058

Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (AGC) (A3/AA)

    60,000       5.250   07/01/2041   60,445

Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (NATL) (Baa2/NR)

    7,175,000       5.250   07/01/2035   7,245,601

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGC) (A3/AA)

    165,000       5.500   07/01/2031   171,578

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (A2/AA)

    600,000       5.250   07/01/2032   612,455

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM-CR) (A2/AA)

    90,000       5.500   07/01/2029   93,946

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC FGIC) (A3/AA)

    180,000       5.250   07/01/2039   182,380

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (A3/AA)

    355,000       5.250   07/01/2034   362,242
    23,140,000       5.250   07/01/2036   23,569,215

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Puerto Rico – (continued)

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR AGC) (A2/AA)

$

     2,165,000       5.500 %    07/01/2029   $       2,259,925
    2,230,000       5.250   07/01/2034   2,275,491

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR AGC-ICC) (A2/AA)

    295,000       5.500   07/01/2026   310,605

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (WR/NR)

    2,925,000       5.250   07/01/2030   2,952,860
    2,970,000       5.250   07/01/2031   2,999,698

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NATL) (Baa2/NR)

    1,240,000       5.250   07/01/2032   1,259,471
    1,760,000       5.250   07/01/2033   1,784,034

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (WR/NR)*

    3,000,000       5.500   07/01/2026   1,650,000

Puerto Rico Highway & Transportation Authority RB Series 1998 A (NATL-IBC) (Baa2/NR)

    5,265,000       4.750   07/01/2038   5,275,414

Puerto Rico Highway & Transportation Authority RB Series 2007 N (AMBAC-TCRS-BNY) (WR/NR)

    160,000       5.500   07/01/2026   163,568

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructed Bonds Series 2019A-2B (NR/NR) (NR/NR)

    10,435,000       4.550   07/01/2040   10,051,555

Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)(g)

    426,000       0.000   07/01/2024   396,076
    16,610,000       0.000   07/01/2027   13,748,060
    3,658,000       0.000   07/01/2029   2,756,715
    25,338,000       0.000   07/01/2031   17,158,932
    21,539,000       0.000   07/01/2033   12,953,382
    12,234,000       0.000   07/01/2046   3,290,218
    43,112,000       0.000   07/01/2051   8,572,817

Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)

    75,734,000       4.329   07/01/2040   71,119,527
    143,000       4.536   07/01/2053   133,452
    5,654,000       4.784   07/01/2058   5,400,525

Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)

    19,288,000       4.500   07/01/2034   19,370,688
    1,555,000       4.550   07/01/2040   1,497,860
    19,950,000       4.750   07/01/2053   19,168,253
    44,086,000       5.000   07/01/2058   43,335,638
       

 

  448,022,717

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Rhode Island – 0.0%

Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (AGM MUN GOVT GTD) (Aa3/AA)

$

     500,000       5.000 %    05/15/2024   $          526,455

 

South Carolina – 0.3%

Clemson University Athletic Facilities RB Series 2015 (Aa3/NR)

    1,385,000       4.000   05/01/2025   1,447,915
    1,570,000       4.000   05/01/2026   1,637,227

Lexington County School District No. 1/SC GO Refunding Bonds Series 2019 A (SCSDE) (Aa1/AA)

    2,495,000       5.000   02/01/2031   2,810,434

Lexington County School District No. 2 GO Bonds Series 2017 C (SCSDE) (Aa1/AA)

    4,530,000       5.000   03/01/2031   4,976,095
    1,615,000       4.000   03/01/2032   1,681,672

Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR)(f)

    905,000       3.000   11/01/2026   819,290
    900,000       3.625   11/01/2031   753,581
    1,170,000       3.750   11/01/2036   916,063

South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR)(f)

    1,920,000       5.125   06/15/2042   1,730,173

South Carolina Ports Authority RB Series 2018 (AMT) (A1/A+)

    3,750,000       5.000   07/01/2037   3,981,478

South Carolina Public Service Authority Santee Cooper RB Refunding Series 2014 D (A2/A)

    875,000       3.056   12/01/2023   868,865

Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A3/AA)

    500,000       5.000   04/15/2032   561,574
    500,000       5.000   04/15/2033   559,565
    500,000       5.000   04/15/2034   558,181
    450,000       5.000   04/15/2035   501,353
    425,000       4.000   04/15/2036   424,168
    550,000       4.000   04/15/2037   547,757
    525,000       4.000   04/15/2038   519,487
    700,000       4.000   04/15/2039   689,998
    750,000       4.000   04/15/2040   736,006
       

 

  26,720,882

 

South Dakota – 0.1%

County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-)

    650,000       4.000   08/01/2041   579,111
    1,200,000       4.000   08/01/2051   1,001,516

Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/AA+)

    630,000       5.000   01/01/2024   659,124
    1,075,000       5.000   01/01/2025   1,149,892
    730,000       5.000     01/01/2026   797,415
       

 

  4,187,058

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Tennessee – 0.6%

Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (Baa1/A-)

$

     1,300,000       5.000 %   08/01/2035   $       1,365,412

City of Clarksville RB for Water Sewer & Gas Series 2021 A (Aa2/NR)

    12,950,000       4.000   02/01/2051   12,718,400

City of Johnson GO Refunding Bonds Series 2019 B (Aa2/NR)

    1,225,000       4.000   06/01/2037   1,233,318

Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A3/A-)

    6,020,000       5.000   07/01/2034   6,109,872
    1,800,000       4.000   07/01/2040   1,715,670

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (A3/NR)

    400,000       5.000   07/01/2040   420,953
    700,000       5.000   07/01/2046   732,260

Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (NR/NR)

    55,000       3.000   10/01/2024   54,076

Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)(f)

    650,000       4.500   06/01/2028   657,815

Tennergy Corp. Gas Supply RB Series 2021A (A1\NR)(a)(b)

    12,275,000       4.000   09/01/2028   12,343,257

Tennergy Corp. RB for Gas Supply Revenue Series 2019 A (Aa2/NR)(a)(b)

    11,325,000       5.000   10/01/2024   11,812,634
       

 

  49,163,667

 

Texas – 8.2%

Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR)

    1,425,000       5.625   08/15/2052   1,348,960

Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB)

    60,000       5.000   08/15/2022   60,094
    155,000       5.000   08/15/2023   157,049
    195,000       5.000   08/15/2024   199,219
    180,000       5.000   08/15/2025   184,732
    190,000       5.000   08/15/2026   195,532
    200,000       5.000   08/15/2027   206,261
    80,000       5.000   08/15/2028   82,285
    80,000       4.000   08/15/2029   76,458
    80,000       4.000   08/15/2030   75,533
    90,000       4.000   08/15/2031   83,912

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 B (NR/BB)

$

     155,000       2.950 %    08/15/2022   $          154,644

Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (NR/BB+)

    1,355,000       5.000   01/01/2029   1,410,541

Austin Independent School District UT Refunding Bonds Series 2022B (Aaa\NR)

    3,000,000       5.000   08/01/2030   3,497,036

Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A3/A-)

    530,000       5.000   01/01/2026   567,884
    595,000       5.000   01/01/2027   646,518
    620,000       5.000   01/01/2028   678,766
    650,000       5.000   01/01/2029   712,741
    690,000       5.000   01/01/2030   758,069
    1,010,000       5.000   01/01/2032   1,099,849
    1,115,000       5.000   01/01/2034   1,205,150
    585,000       5.000   01/01/2035   629,849
    610,000       5.000   01/01/2036   655,223
    645,000       5.000   01/01/2037   689,981
    675,000       5.000   01/01/2038   720,533
    1,420,000       5.000   01/01/2039   1,512,206

Central Texas Regional Mobility Authority RB Series 2021 C (Baa1/BBB+)

    5,000,000       5.000   01/01/2027   5,331,041

Central Texas Regional Mobility Authority Senior Lien Revenue Refunding Bonds Series 2021D (A-/NR)

    1,100,000       4.000   01/01/2040   1,055,923

City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)(f)

    250,000       5.750   09/01/2029   252,642

City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)(f)

    377,000       3.250   09/15/2026   339,902

City of Arlington Special Tax for Senior Lien Series 2018 A (AGM) (A1/AA)

    1,325,000       5.000   02/15/2037   1,453,955

City of Austin RB for Airport System Series 2019 B (AMT) (A1/A)

    1,700,000       5.000   11/15/2032   1,842,301
    2,000,000       5.000   11/15/2033   2,155,780

City of Austin RB Refunding for Airport System Series 2019 (AMT) (A1/A)

    1,510,000       5.000   11/15/2022   1,526,633
    1,950,000       5.000   11/15/2023   2,018,802
    4,845,000       5.000   11/15/2024   5,115,749
    1,150,000       5.000   11/15/2025   1,235,553

City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)(f)

    710,000       4.000   11/01/2023   707,346
    900,000       4.500   11/01/2024   893,494
    2,815,000       4.000   11/01/2028   2,684,418

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR)(f)

$

     495,000       2.500 %    09/01/2025   $          464,645
    140,000       3.125   09/01/2030   124,147
    180,000       3.250   09/01/2030   157,371
    355,000       4.000   09/01/2040   310,908

City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR)(f)

    174,000       2.500   09/01/2026   158,648
    158,000       3.000   09/01/2031   133,753
    329,000       3.375   09/01/2041   257,725

City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR)(f)

    430,000       4.625   09/01/2032   409,513
    704,000       4.875   09/01/2042   649,140

City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR)(f)

    285,000       2.750   09/01/2027   248,890
    432,000       3.125   09/01/2032   347,313

City of Celina Special Assessment RB Series 2022 (NR/NR)(f)

    215,000       2.875   09/01/2027   189,849
    250,000       3.250   09/01/2032   203,991
    1,175,000       3.500   09/01/2042   876,635

City of Celina Special Assessment RB Series 2022 (NR\NR)(f)

    227,000       3.250   09/01/2027   204,152
    235,000       3.625   09/01/2032   200,604

City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1 Project Series 2016 (NR/NR)

    220,000       4.200   09/01/2027   217,624
    575,000       4.800   09/01/2037   553,210
    650,000       5.250   09/01/2046   651,583

City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)(f)

    75,000       4.375   09/01/2023   75,087
    300,000       5.375   09/01/2038   304,923

City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR)

    151,000       4.625   09/01/2023   151,464
    370,000       5.000   09/01/2028   377,409

City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)(f)

    190,000       3.250   09/01/2026   173,835
    185,000       3.750   09/01/2031   157,591

City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(f)

    314,000       3.375   09/15/2026   285,900
    410,000       4.000   09/15/2031   362,786

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Dallas Fort Worth International Airport Joint Revenue Refunding Bonds Series 2021A (NON-AMT) (A1/NR)

$

     3,975,000       4.000 %    11/01/2039   $       3,960,854

City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR)(f)

    268,000       4.875   09/01/2032   258,819
    765,000       5.125   09/01/2042   727,130

City of Denton Independent School District Variable Rate UT Bonds Series 2014-B (NR\AAA)(a)(b)

    3,460,000       2.000   08/01/2024   3,417,960

City of Denton Independent School District Variable Rate UT Building Bonds Series 2014-B (CASH) (NR\NR) (PUTABLE)(a)(b)(d)

    540,000       2.000   08/01/2024   535,161

City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR)(f)

    695,000       2.875   09/01/2026   619,137
    398,000       3.375   09/01/2031   321,994
    1,206,000       3.750   09/01/2041   903,569

City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)(f)

    388,000       2.625   08/15/2025   364,130
    171,000       3.375   08/15/2030   148,931

City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR)(f)

    497,000       2.750   08/15/2026   450,788
    612,000       3.375   08/15/2031   520,703
    846,000       3.750   08/15/2041   690,009

City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)(f)

    150,000       3.125   08/15/2024   146,314
    340,000       3.500   08/15/2029   319,020
    1,905,000       4.000   08/15/2039   1,703,769
    1,825,000       4.250   08/15/2049   1,593,559

City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR)(f)

    295,000       4.000   08/15/2032   273,635
    1,129,000       4.250   08/15/2042   1,009,010

City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (NR/AA)

    150,000       4.000   08/15/2025   153,780
    155,000       4.000   08/15/2026   159,207
    160,000       4.000   08/15/2027   164,507
    165,000       4.000   08/15/2028   168,856
    170,000       4.000   08/15/2029   173,284
    925,000       3.000   08/15/2034   819,486

City of Fort Worth Water & Sewer System RB Refunding & Improvement Series 2015 A (Aa1/AA+)

    8,245,000       5.000   02/15/2024   8,654,193

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR)(f)

$

     344,000       3.625 %    09/15/2027   $          323,895
    409,000       3.875   09/15/2032   370,885

City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR)

    400,000       4.125   09/01/2027   396,458
    1,350,000       4.625   09/01/2037   1,294,538

City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)

    100,000       3.250   09/01/2022   99,849
    570,000       4.500   09/01/2027   573,292
    1,800,000       4.500   09/01/2037   1,711,546

City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-)

    425,000       4.000   09/01/2024   433,108
    440,000       4.000   09/01/2025   449,577
    460,000       4.000   09/01/2026   470,392
    480,000       4.000   09/01/2027   490,290

City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR)(f)

    256,000       3.250   09/01/2031   211,280
    1,271,000       3.625   09/01/2041   971,951

City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)(f)

    150,000       3.250   09/01/2024   145,754
    290,000       3.625   09/01/2029   271,159
    785,000       4.125   09/01/2039   705,112

City of Horseshoe Bay Special Assessment Refunding Bonds for Public Improvement District Series 2020 (NR/NR)

    895,000       3.000   10/01/2025   854,509
    645,000       3.000   10/01/2030   556,930
    440,000       3.250   10/01/2033   374,628

City of Houston GO Bonds Refunding Series 2019 A (Aa3/AA)

    5,000,000       5.000   03/01/2029   5,726,250

City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(f)

    233,000       2.625   09/01/2026   209,818
    206,000       3.250   09/01/2031   170,849

City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR)(f)

    939,000       3.500   09/01/2041   718,569

City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) (NR/NR)(f)

    360,000       3.125   09/01/2031   297,754

City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR)(f)

    375,000       2.750   09/01/2026   339,725
    392,000       3.500   09/01/2031   331,963
    900,000       3.875   09/01/2041   713,721

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+)

$

     130,000       5.000 %    08/15/2024   $          135,354
    130,000       5.000   08/15/2025   137,218
    150,000       5.000   08/15/2026   160,092
    100,000       5.000   08/15/2027   107,764
    125,000       5.000   08/15/2028   135,371
    150,000       5.000   08/15/2029   163,182
    200,000       5.000   08/15/2030   216,322
    280,000       5.000   08/15/2032   299,738
    300,000       5.000   08/15/2034   319,504
    175,000       5.000   08/15/2035   185,936
    250,000       5.000   08/15/2036   264,735
    250,000       5.000   08/15/2037   263,961
    300,000       5.000   08/15/2038   315,163
    300,000       5.000   08/15/2039   314,640

City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR)(f)

    525,000       2.500   09/01/2026   478,125
    768,000       3.000   09/01/2031   656,228
    1,537,000       3.375   09/01/2041   1,223,242

City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR)(f)

    390,000       2.625   09/15/2026   349,164
    230,000       3.125   09/15/2031   187,128

City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR)(f)

    431,000       3.375   09/01/2031   359,827
    628,000       3.750   09/01/2041   488,463

City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)(f)

    600,000       3.875   09/01/2024   592,033
    1,180,000       4.750   09/01/2044   1,081,914

City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR)(f)

    210,000       2.625   09/01/2025   194,345
    610,000       3.125   09/01/2030   515,760

City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR)(f)

    1,000,000       4.125   09/01/2041   890,061

City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)(f)

    425,000       4.250   09/01/2029   415,500
    1,000,000       4.875   09/01/2044   926,828

City of Kyle Special Assessment RB Series 2022 (NR/NR)

    481,000       4.375   09/01/2027   472,703
    535,000       4.750   09/01/2032   516,974

City of Lago Vista Tessera on Lake Travis Public Improvement District Special Assessment Refunding Bond Series 2010 (NR/NR)

    620,000       2.750   09/01/2025   591,375
    430,000       3.125   09/01/2030   384,540

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA)

$

     2,055,000       3.000 %    09/15/2036   $       1,795,766

City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)(f)

    125,000       3.500   09/15/2024   122,631
    250,000       3.750   09/15/2029   234,259

City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)(f)

    155,000       4.375   09/15/2029   152,924

City of Lavon Special Assessment RB Series 2022 (NR\NR)(f)

    600,000       3.500   09/15/2027   549,473
    305,000       3.750   09/15/2027   276,531
    1,000,000       3.875   09/15/2032   870,842
    455,000       4.125   09/15/2032   404,025

City of Lewisville Texas Combination Contract & Special Assessment RB Refunding for Lewisville Castle Hills Public Improvement District No. 3 Project Series 2015 (AGM) (NR/NR)(b)

    1,415,000       4.000   09/01/2023   1,449,870

City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR)(f)

    470,000       2.500   09/01/2025   440,415
    330,000       3.125   09/01/2030   285,233
    845,000       4.000   09/01/2040   738,429

City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR)(f)

    750,000       2.625   09/01/2027   681,426
    750,000       3.125   09/01/2032   643,664
    1,772,000       3.375   09/01/2042   1,397,269

City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(f)

    310,000       2.500   09/15/2026   272,811
    210,000       3.125   09/15/2026   186,468
    250,000       3.125   09/15/2031   204,447
    310,000       3.750   09/15/2031   259,136

City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)(f)

    210,000       3.750   09/15/2025   204,898

City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(f)

    350,000       3.375   09/01/2026   322,441
    350,000       3.875   09/01/2031   305,132

City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)(f)

    150,000       3.500   09/15/2024   147,759
    280,000       3.750   09/15/2029   266,744

City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR)(f)

    205,000       2.625   09/15/2026   183,013
    480,000       3.125   09/15/2031   393,148

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR)(f)

$

     400,000       5.375 %    09/15/2032   $          389,716

City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)(f)

    200,000       5.000   09/15/2024   199,846
    400,000       5.250   09/15/2029   396,405

City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)(f)

    405,000       4.250   09/15/2024   402,650
    375,000       5.125   09/15/2024   374,902
    795,000       4.500   09/15/2029   779,117
    775,000       5.375   09/15/2029   769,195

City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)(f)

    410,000       3.500   09/15/2031   348,790
    1,000,000       3.875   09/15/2041   804,736

City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)(f)

    159,000       4.500   09/01/2025   157,036
    130,000       4.875   09/01/2025   128,893
    254,000       4.875   09/01/2030   241,796
    265,000       5.250   09/01/2030   255,593
    381,000       5.250   09/01/2040   350,837
    310,000       5.625   09/01/2040   290,390
    815,000       4.125   09/01/2049   697,767

City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR)(f)

    325,000       2.500   09/01/2025   303,973
    455,000       3.250   09/01/2030   399,711

City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2019 (NR/NR)(f)

    75,000       3.125   09/01/2024   73,375
    140,000       3.500   09/01/2029   131,576
    360,000       4.000   09/01/2039   325,790

City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR)(f)

    360,000       2.375   09/01/2026   326,051

City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)(f)

    250,000       4.000   09/01/2028   247,248
    1,585,000       4.500   09/01/2048   1,453,952

City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR)(f)

    404,000       4.875   09/15/2027   398,872
    350,000       5.250   09/15/2032   343,211
    245,000       5.750   09/15/2032   240,355

City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR)(f)

    366,000       4.875   09/15/2027   361,355
    300,000       5.250   09/15/2032   294,181

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR)(f)

$

     2,127,000       5.500 %    09/15/2048   $       2,103,527

City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)(f)

    2,875,000       4.375   09/15/2051   2,266,087

City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)(f)

    1,969,000       4.000   09/15/2051   1,544,424

City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR)(f)

    700,000       4.250   09/01/2042   628,015

City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR)(f)

    96,000       3.500   09/01/2024   94,576
    321,000       3.750   09/01/2029   303,611
    852,000       4.250   09/01/2039   782,052

City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)(f)

    180,000       3.375   09/01/2030   160,811

City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)

    215,000       4.000   09/01/2024   214,113
    415,000       4.250   09/01/2029   408,442
    655,000       4.875   09/01/2039   630,987
    1,000,000       5.000   09/01/2049   956,987

City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)(f)

    299,000       3.375   09/01/2041   229,632

City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)(f)

    185,000       3.750   09/01/2024   181,864
    365,000       4.000   09/01/2029   347,280
    580,000       5.000   09/01/2029   575,492

City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR)(f)(h)

    480,000       4.250   09/01/2027   481,151
    460,000       4.750   09/01/2032   462,438

City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)(f)

    305,000       3.250   09/01/2030   270,339

City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)(f)

    313,000       2.375   09/01/2026   282,870
    469,000       3.250   09/01/2041   351,913

City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR)(f)

    350,000       2.625   09/15/2026   313,735
    355,000       3.125   09/15/2031   292,788

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)(f)

$

     535,000       2.625 %    09/15/2025   $         503,276
    405,000       3.375   09/15/2030   355,257

City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR)(f)

    225,000       3.625   09/15/2030   201,126
    210,000       4.375   09/15/2030   196,392
    500,000       4.125   09/15/2040   438,649
    400,000       4.875   09/15/2040   360,171

City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)(f)

    180,000       3.750   09/15/2024   177,995
    370,000       4.125   09/15/2029   362,000
    1,050,000       4.625   09/15/2039   999,596

City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)(f)

    575,000       2.500   09/15/2025   537,233
    305,000       3.250   09/15/2030   262,370

City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015A (A+/AA-)(a)(b)

    26,495,000       1.750   12/01/2024   26,094,205

City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015C (A+/AA-)(a)(b)

    30,610,000       1.750   12/01/2024   29,985,369

City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2018 (A+/AA-)(a)(b)

    2,800,000       2.750   12/01/2022   2,805,956

City of San Antonio RB Refunding for Electric & Gas Systems Series 2019 (Aa1/AA-)

    2,000,000       4.000   02/01/2030   2,131,902

City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR)

    355,000       4.375   09/01/2025   355,721
    500,000       4.875   09/01/2030   486,945
    635,000       5.375   09/01/2040   618,867

City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR)(f)

    300,000       3.750   09/01/2027   282,729
    425,000       4.000   09/01/2032   386,354
    1,221,000       4.250   09/01/2042   1,027,052

City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR)(f)

    233,000       4.375   09/01/2027   225,566

City of Sinton Special Assessment RB Series 2022 (NR\NR)(f)

    382,000       4.375   09/01/2027   361,531
    659,000       4.750   09/01/2032   607,357

City of Venus Special Assessment RB for Patriot Estates Public Improvement Project Series 2021 (NR/NR)(f)

    1,110,000       3.375   09/15/2041   849,983

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR)(f)

$

     1,125,000       5.500 %    08/15/2052   $       1,123,283

Clifton Higher Education Finance Corp. RB for IDEA Public Schools Series 2019 (PSF-GTD) (NR/AAA)

    2,900,000       4.000   08/15/2030   3,118,188

Clifton Higher Education Finance Corp. RB for YES Prep Public Schools, Inc. Series 2020 (PSF-GTD) (Aaa/NR)

    635,000       5.000   04/01/2028   706,639
    465,000       5.000   04/01/2029   522,992
    365,000       5.000   04/01/2030   414,427
    700,000       4.000   04/01/2031   751,102
    575,000       4.000   04/01/2035   604,237
    1,345,000       4.000   04/01/2037   1,402,575

Clifton Higher Education Finance Corp. RB Refunding for IDEA Public Schools Series 2017 (PSF-GTD) (NR/AAA)

    4,370,000       4.000   08/15/2036   4,542,412
    3,875,000       4.000   08/15/2037   4,013,244

Club Municipal Management District Special Assessment RB Series 2021 (NR/NR)(f)

    470,000       3.000   09/01/2031   392,316
    961,000       3.250   09/01/2041   731,032

Comal Independent School District GO Refunding Bonds Series 2017 (PSF-GTD) (Aaa/NR)

    1,970,000       5.000   02/01/2025   2,111,115
    2,095,000       5.000   02/01/2026   2,292,194

Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BBB-)

    475,000       2.500   10/01/2031   394,258

Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (NR/BB-)

    325,000       3.500   10/01/2031   272,531

Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR)

    75,000       5.000   10/01/2028   83,693
    90,000       5.000   10/01/2029   101,260
    95,000       5.000   10/01/2030   107,786
    75,000       5.000   10/01/2031   85,342
    75,000       5.000   10/01/2032   84,738
    145,000       5.000   10/01/2033   162,972
    160,000       5.000   10/01/2034   179,390
    175,000       5.000   10/01/2035   195,637
    175,000       5.000   10/01/2036   195,389
    450,000       4.000   10/01/2041   455,351
    650,000       4.000   10/01/2046   641,488

County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR)(f)

    350,000       2.500   09/15/2025   327,155
    350,000       3.250   09/15/2030   301,356

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)(f)

$

     335,000       3.500 %    09/01/2026   $         301,986
    395,000       4.125   09/01/2031   350,346

Dallas Area Rapid Transit RB Refunding Series 2016 A (Aa2/AA+)(b)

    8,325,000       5.000   12/01/2025   9,098,635

Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 A (AMT) (NR/A)

    2,500,000       5.250   11/01/2030   2,567,061

Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)(f)

    125,000       3.750   08/15/2024   121,877
    235,000       4.000   08/15/2029   218,705
    775,000       4.500   08/15/2035   695,187
    575,000       5.000   08/15/2044   508,911

Edinburg Economic Development Corp. Sales Tax RB Series 2021 A (NR/NR)

    1,175,000       3.125   08/15/2036   920,260
    950,000       3.250   08/15/2041   710,210

Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)(f)

    395,000       5.000   09/01/2027   385,977
    225,000       5.000   09/01/2032   210,985
    330,000       5.125   09/01/2037   300,148

Grand Parkway Transportation Corp. System RB Subordinate Tier Series 2018 A (NR/AA+)

    18,225,000       5.000   10/01/2037   19,785,771

Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+) (c)

    2,950,000       0.000   10/01/2046   3,096,423
    4,075,000       0.000   10/01/2047   4,282,920

Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (NR/AA)

    400,000       4.000   09/01/2026   415,643
    470,000       5.000   09/01/2027   510,580
    500,000       5.000   09/01/2028   543,954
    745,000       5.000   09/01/2029   814,571
    465,000       4.000   09/01/2031   475,240
    415,000       4.000   09/01/2033   421,039
    650,000       4.000   09/01/2034   657,955
    580,000       4.000   09/01/2036   584,846

Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2019 B-2 (A1/A+)(a)(b)

    7,750,000       5.000   12/01/2024   8,195,596

Harris County Cultural Education Facilities Finance Corp. RB Refunding for Baylor College of Medicine Series 2019 A (NR/A)(b)(e)

    (1M USD LIBOR + 0.65%)  
    7,050,000       1.849   07/01/2024   7,070,479

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2019 A (A1/A+)

$

     4,700,000       5.000 %    12/01/2024   $       4,963,463

Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A1/A+)(e)

    (SIFMA Municipal Swap Index Yield + 0.95%)
    6,770,000       1.730   06/01/2023   6,774,650

Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Series 2019 A (A1/AA-)

    1,400,000       5.000   05/15/2030   1,536,479

Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (Aa1/AA-)(e)

    (3M USD LIBOR + 0.67%)  
    19,920,000       1.616   08/15/2035   18,294,104

Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)(f)

    745,000       4.000   09/01/2029   730,157

Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-)

    95,000       3.000   09/01/2024   94,552
    100,000       3.500   09/01/2025   99,975
    100,000       3.500   09/01/2026   99,304
    105,000       3.500   09/01/2027   102,793

Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (NR/B)

    3,295,000       5.000   07/15/2028   3,323,942

Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (AMT) (NR/NR)

    830,000       5.000   07/01/2027   841,772

Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (NR/NR)

    2,480,000       5.000   07/15/2027   2,514,745

Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (NR/NR)

    4,250,000       5.000   07/15/2027   4,309,543

Houston Airport System RB Refunding Subordinate Lien Series 2018 B (A1/NR)

    360,000       5.000   07/01/2031   393,925
    325,000       5.000   07/01/2032   353,702

Houston Airport System RB Refunding Subordinate Lien Series 2018 D (A1/NR)

    2,000,000       5.000   07/01/2029   2,212,319
    2,175,000       5.000   07/01/2030   2,394,822
    2,185,000       5.000   07/01/2031   2,390,905

Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (NR/BBB-)

    440,000       3.375   10/01/2037   381,992

Houston Independent School District Limited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (Aaa/AAA)

    3,425,000       4.000   02/15/2042   3,456,773

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)(f)

$

     1,315,000       5.000 %    09/01/2038   $       1,284,996

Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR)

    145,000       2.000   09/01/2024   140,034
    150,000       2.000   09/01/2025   141,631
    150,000       2.000   09/01/2026   137,788
    150,000       2.000   09/01/2027   134,133
    155,000       2.000   09/01/2028   133,970
    160,000       2.000   09/01/2029   134,845

Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)(b)(g)

    3,550,000       0.000   08/15/2024   1,638,114
    14,400,000       0.000   08/15/2024   5,022,192
    15,565,000       0.000   08/15/2024   4,813,219

Love Field Airport Modernization Corp. RB Refunding Series 2021 (AMT) (NR/A-)

    3,615,000       5.000   11/01/2026   3,896,093

Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (NR/A)

    2,000,000       5.000   05/15/2030   2,265,574
    1,520,000       5.000   05/15/2031   1,711,553

Lubbock Independent School District GO Bonds Series 2019 (PSF-GTD) (Aaa/AAA)

    1,250,000       4.000   02/15/2040   1,282,900

Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 2001 A (Baa2/A-)

    6,350,000       2.600   11/01/2029   5,612,715

Memorial-Heights Redevelopment Authority RB for City of Houston Reinvestment Zone No. 5 Series 2021 (AGM) (NR/AA)

    2,500,000       3.000   09/01/2043   2,081,411
    1,500,000       3.000   09/01/2048   1,195,531

Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (NR/BB-)(f)

    5,575,000       4.625   10/01/2031   5,665,797

Mitchell County Hospital District GO Bonds Series 2020 (NR/NR)

    795,000       5.250   02/15/2030   793,826
    405,000       5.375   02/15/2035   404,890

Montgomery County Toll Road Authority Senior Lien RB Series 2018 (NR/BBB-)

    1,370,000       5.000   09/15/2032   1,405,613
    710,000       5.000   09/15/2033   727,375
    750,000       5.000   09/15/2034   767,613
    790,000       5.000   09/15/2035   807,626

New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (BB+/NR)(f)

    1,585,000       4.000   08/15/2036   1,425,842

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

New Hope Cultural Education Facilities Finance Corp. RB for CHF-Collegiate Housing College Station I LLC Series 2014 A (AGM) (A2/AA)

$

     250,000       5.000 %    04/01/2046   $         256,195

New Hope Cultural Education Facilities Finance Corp. RB Refunding for Wichita Falls Retirement Foundation Obligated Group Series 2021 (NR/NR)

    675,000       2.000   01/01/2026   613,929
    1,200,000       4.000   01/01/2031   1,096,762

New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2021 (NR\NR)

    1,500,000       4.000   11/01/2055   1,232,660

New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR)

    3,025,000       5.500   01/01/2057   2,574,503

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-)(f)

    335,000       4.000   08/15/2029   323,702
    610,000       5.000   08/15/2039   611,603

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (ETM) (WR/NR)

    765,000       5.000   04/01/2027   852,221

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station I, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2014 A (NR/NR)(b)

    1,000,000       5.000   04/01/2024   1,050,172

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (ETM) (WR/NR)

    320,000       4.000   04/01/2023   325,480
    275,000       4.000   04/01/2024   284,363
    365,000       4.000   04/01/2025   382,108
    375,000       4.000   04/01/2026   397,136

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (WR/NR)(b)

    250,000       5.000   04/01/2025   269,014

North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (NR/NR)(b)(c)

    1,000,000       0.000   09/01/2031   1,227,691

North Texas Tollway Authority RB for Second Tier Series 2021 B (A2/A)

    1,725,000       4.000   01/01/2040   1,701,698
    1,725,000       4.000   01/01/2041   1,695,047

North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (A1/A+)

    1,300,000       5.000   01/01/2037   1,392,822
    2,750,000       5.000   01/01/2038   2,961,402

North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A2/A)

    2,000,000       5.000   01/01/2032   2,153,534
    1,500,000       5.000     01/01/2048   1,574,853

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (A1/A+)(b)

$

     6,000,000       6.500 %   01/01/2025   $       6,633,555

Pasadena Independent School District Variable Rate UT School Building Bonds (PSF-GTD) (AAA/NR)(a)(b)

    3,280,000       1.500   08/15/2024   3,234,124

Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)(f)

    750,000       1.875   01/01/2026   690,737
    550,000       2.000   01/01/2027   494,879
    575,000       2.125   01/01/2028   505,628
    800,000       2.250   01/01/2029   687,808
    850,000       2.500   01/01/2030   722,916
    800,000       2.625   01/01/2031   669,374

Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 A (AMT) (NR/NR)(f)

    3,470,000       3.625   01/01/2035   3,053,616

Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR)(f)

    3,690,000       6.000   01/01/2025   3,719,249

Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR)(f)

    13,100,000       4.100   01/01/2028   11,743,027

Round Rock Independent School District GO Refunding Bonds Series 2019 A (PSF-GTD) (Aaa/NR)

    4,630,000       4.000   08/01/2032   4,933,866

Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)(f)

    175,000       3.250   09/15/2024   169,971
    355,000       3.625   09/15/2029   331,714
    1,250,000       4.125   09/15/2039   1,122,600

Southwest Houston Redevelopment Authority RB for City of Houston TX Reinvestment Zone No. 20 Series 2020 (AGM) (NR/AA)

    285,000       5.000   09/01/2027   310,882
    335,000       5.000   09/01/2029   368,509
    395,000       4.000   09/01/2032   403,574
    395,000       4.000   09/01/2034   400,111
    615,000       4.000   09/01/2036   620,997
    1,040,000       2.625   09/01/2038   818,533
    1,230,000       2.750   09/01/2039   972,905
    1,200,000       2.750   09/01/2040   938,064

State of Texas College Student Loan GO Unlimited Bonds Series 2019 (AMT) (Aaa/AAA)

    3,005,000       4.000   08/01/2025   3,138,527
    5,905,000       5.000   08/01/2026   6,450,383
    4,590,000       5.000   08/01/2027   5,080,624
    5,010,000       5.000   08/01/2028   5,586,831
    6,835,000       5.000     08/01/2029   7,642,769

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

Tarrant County Cultural Education Facilities Finance Corporation Christus Health Obligation Group RB Series 2018 B (A1/A+)

$

     13,655,000       5.000 %   07/01/2036   $     14,481,930

Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A2/A-)(e)

    (3M USD LIBOR + 0.70%)  
    4,320,000       1.925   12/15/2026   4,258,146

Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A2/A-)

    3,695,000       6.250   12/15/2026   3,952,139

Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A2/A-)(e)

    (SIFMA Municipal Swap Index Yield + 0.55%)
    2,515,000       1.330   09/15/2027   2,471,504

Texas Municipal Gas Acquisition & Supply Corp. III RB Refunding Series 2021 (A3/BBB+)

    17,500,000       5.000   12/15/2032   18,650,825

Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A2/A-)(e)

    (3M USD LIBOR + 0.69%)  
    75,000,000       1.897   09/15/2027   73,130,310

Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (Baa2/NR)

    7,200,000       5.000   12/31/2030   7,604,425
    10,000,000       5.000   12/31/2031   10,507,827
    7,040,000       5.000   12/31/2032   7,367,695
    5,000,000       5.000   12/31/2034   5,194,984
    4,000,000       5.000   12/31/2035   4,148,869
    4,030,000       5.000   12/31/2036   4,172,440

Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (Baa3/NR)

    9,840,000       5.000   12/31/2055   9,883,877

Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (Baa3/NR)

    7,215,000       5.000   06/30/2058   7,143,553

Texas Transportation Commission Central Texas Turnpike System RB Second Tier Revenue Refunding Bonds Series 2015-C (A-/Baa1)

    1,525,000       5.000   08/15/2028   1,575,809

Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (Baa1/A-)

    1,380,000       5.000   08/15/2042   1,403,748

Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR)(f)

    139,000       3.250   09/01/2027   125,434
    205,000       3.500   09/01/2032   171,501

Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR)(f)

    831,000       4.000   09/01/2047   684,807

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases 2-3 Project Series 2018 (NR/NR)(f)

$

     95,000       4.750 %    09/01/2023   $            95,313
    360,000       5.250   09/01/2028   369,256

Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)(f)

    265,000       4.500   09/01/2027   265,137

University Houston Consolidated RB Refunding Series 2017 C (Aa2/AA)

    8,500,000       3.250   02/15/2041   7,398,441

University of Texas System Revenue Financing System RB Refunding Series 2017 C (Aaa/AAA)

    5,865,000       5.000   08/15/2026   6,514,800

Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR)

    655,000       5.000   09/01/2031   697,818
    320,000       4.000   09/01/2033   306,063
    950,000       3.000   09/01/2034   823,880

Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR)

    255,000       2.375   12/01/2025   236,005
    308,000       2.875   12/01/2030   260,219

Viridian Municipal Management District Tarrant County Special Assessment RB Series 2018 (NR/NR)

    178,000       4.000   12/01/2023   177,881
    520,000       4.250   12/01/2029   509,867
    1,159,000       4.625   12/01/2035   1,112,892
    1,604,000       5.000   12/01/2045   1,562,900

Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (NR/NR)

    325,000       3.000   08/15/2034   279,256
    345,000       3.000   08/15/2036   287,438
    745,000       3.000   08/15/2039   593,560
       

 

  703,356,688

 

Utah – 0.9%

Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)(f)

    1,675,000       3.250   03/01/2031   1,461,092
    1,875,000       3.500   03/01/2036   1,550,633
    1,900,000       3.750   03/01/2041   1,521,672

Jordan School District GO School Building Bonds Series 2019 B (SCH BD GTY) (Aaa/NR)

    2,175,000       5.000   06/15/2023   2,243,711
    2,355,000       5.000   06/15/2024   2,492,221
    2,400,000       5.000   06/15/2025   2,596,011
    2,750,000       5.000   06/15/2027   3,093,273

Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR)(f)

    3,875,000       5.250   02/01/2040   3,370,004

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Utah – (continued)

Salt Lake City Corporation Airport RB Series 2018 A (AMT) (A2/A)

$

     18,635,000       5.000 %    07/01/2037   $     19,632,381

Salt Lake City International Aiport RB Series 2018A (AMT) (A/A2)

    17,350,000       5.250   07/01/2048   18,211,363

Salt Lake City RB for International Airport Series 2018 A (AMT) (A2/A)

    5,000,000       5.000   07/01/2029   5,459,263
    5,500,000       5.000   07/01/2030   5,962,101

Utah Charter School Finance Authority Charter School RB Series 2022A (BB+/NR)(f)

    1,610,000       5.625   06/15/2042   1,626,363

Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR\BB)(f)

    500,000       4.000   07/15/2037   424,882
    3,485,000       4.250   07/15/2050   2,765,495

Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022B (NR\BB)(f)

    155,000       5.750   07/15/2026   151,612

Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR)(f)

    890,000       4.000   06/15/2041   702,929

Utah Charter School Finance Authority RB Refunding for Summit Academy, Inc. Series 2019 A (UT CSCE) (NR/AA)

    700,000       5.000   04/15/2039   758,509
    625,000       5.000   04/15/2044   671,394
    1,150,000       5.000   04/15/2049   1,229,418

Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (Aa2/AA)(b)

    3,065,000       4.000   06/15/2025   3,228,795
       

 

  79,153,122

 

Vermont – 0.1%

University of Vermont State Agricultural College GO Bonds Series 2017 (A+/Aa3)

    1,290,000       5.000   10/01/2043   1,381,704

Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR)

    745,000       5.000   05/01/2025   759,470
    585,000       5.000   05/01/2026   597,189

Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B/NR)(a)(b)(f)

    2,175,000       5.000   06/01/2027   2,171,157
       

 

  4,909,520

 

Virgin Islands – 0.1%

Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (Caa2/NR)(b)

    700,000       5.000   10/01/2022   706,025

Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR)

    4,700,000       5.000   10/01/2039   4,332,116

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Virgin Islands – (continued)

Virgin Islands Public Finance Authority RB Series 2014 A (AGM-CR) (A2/AA)(f)

$

     5,000,000       5.000 %    10/01/2034   $       5,162,526
       

 

    10,200,667

 

Virginia – 1.7%

City of Chesapeake IDA Pollution Control Refunding RB Series 2008A (Non-Amt) (BBB+/A) (PUTABLE)(a)(b)(d)

    1,700,000       1.900   06/01/2023   1,687,314

City of Newport News GO Refunding Bonds Series 2021 (Aa1/AA+)

    1,895,000       3.000   02/01/2030   1,918,229
    1,885,000       3.000   02/01/2031   1,899,711
    1,890,000       4.000   02/01/2033   2,059,789

County of Arlington GO Bonds for Public Improvement Series 2019 (Aaa/AAA)

    6,990,000       5.000   06/15/2030   7,991,215

County of Fairfax Sewer RB Refunding Series 2021 B (Aaa/AAA)

    3,195,000       4.000   07/15/2040   3,251,001
    3,370,000       4.000   07/15/2041   3,419,719
    3,545,000       4.000   07/15/2042   3,585,701

County of Fairfax Sewer RB Series 2021 A (Aaa/AAA)

    18,500,000       4.000   07/15/2051   18,504,312

Fairfax County Economic Development Authority Residential Care Facilities Mortgage RB Refunding for Goodwin House Incorporated Series 2016 A (NR/NR)(b)

    1,250,000       4.000   10/01/2024   1,320,449

Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (NR/BBB-)

    3,000,000       5.000   01/01/2040   3,026,546

Halifax County IDA Recovery Zone Facility RB Series 2010A (NON-AMT) (A2\BBB+) (PUTABLE)(a)(b)(d)

    4,375,000       1.650   05/31/2024   4,259,332

Peninsula Ports Authority of Virginia Coal Terminal Revenue Refunding Bonds Series 2003 (BBB/NR) (PUTABLE)(a)(b)(d)

    2,250,000       1.700   10/01/2022   2,248,470

Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (NR/BBB+)

    305,000       5.000   04/01/2026   323,512
    305,000       5.000   04/01/2027   326,770
    350,000       5.000   04/01/2028   376,989
    405,000       5.000   04/01/2029   438,505
    305,000       5.000   04/01/2030   330,949
    650,000       5.000   04/01/2031   701,476
    265,000       5.000   04/01/2032   285,102
    570,000       5.000   04/01/2033   611,465
    345,000       5.000   04/01/2034   368,697
    775,000       5.000   04/01/2035   826,578
    375,000       5.000   04/01/2036   399,028
    905,000       5.000   04/01/2037   959,324
    410,000       4.000   04/01/2039   389,369
    265,000       4.000   04/01/2040   250,183

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Virginia – (continued)

Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B3/B-)

$

     8,860,000       6.706 %    06/01/2046   $       8,229,699

Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-)(g)

    122,865,000       0.000   06/01/2047   31,359,559

Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-)(g)

    13,500,000       0.000   06/01/2047   2,486,256

Town of Louisa IDA Pollution Control Refunding RB Series 2008A (BBB+/A) (PUTABLE)(a)(b)(d)

    1,000,000       1.900   06/01/2023   992,538

Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-)

    275,000       5.000   06/01/2028   294,134
    325,000       5.000   06/01/2029   348,688
    300,000       5.000   06/01/2030   321,654
    275,000       5.000   06/01/2031   294,581
    850,000       4.000   06/01/2036   805,441

Virginia Housing Development Authority RB for Rental Housing Series 2019 E (Aa1/AA+)

    4,345,000       1.400   12/01/2023   4,302,364

Virginia Housing Development Authority RB Series 2019 E (Aa1/AA+)

    5,000,000       3.100   12/01/2045   4,239,459

Virginia Port Authority Commonwealth Port Fund RB Series 2015 (AMT) (AA+/Aa1)(b)

    5,000,000       5.000   07/01/2025   5,356,476

Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (WR/A)(b)

    2,750,000       5.000   07/01/2025   2,941,962

Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (Baa3/NR)

    2,580,000       5.000   12/31/2047   2,635,524
    4,950,000       5.000   12/31/2049   5,045,463
    2,835,000       5.000   12/31/2056   2,876,382

Virginia Small Business Financing Authority Senior Lien RB for Elizabeth River Crossings Opco, LLC Project Series 2012 (NR/BBB)(b)

    750,000       5.500   07/01/2022   750,000

Virginia Small Business Financing Authority Senior Lien Revenue and Refunding Bonds Series 2022 (AMT) (Baa1\NR)

    1,875,000       5.000   12/31/2047   1,944,971

Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (AMT) (NR\BBB-)

    5,700,000       4.000   01/01/2048   5,063,685

Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (B/NR)(a)(b)(f)

    300,000       5.000   07/01/2038   292,901

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Virginia – (continued)

York County Economic Development Authority Pollution Control Refunding RB Series 2009A (NON-AMT) (BBB+/A)
(PUTABLE)(a)(b)(d)

$

     3,200,000       1.900 %    06/01/2023   $       3,176,121
       

 

    145,517,593

 

Washington – 2.3%

City of Seattle Drainage and Wastewater System Improvement and Refunding RB Series 2022 (AA+/Aa1)

    2,525,000       4.000   09/01/2036   2,641,073
    2,590,000       4.000   09/01/2037   2,689,347

City of Seattle Limited Tax GO Improvement & Refunding Bonds Series 2015 A (Aaa/AAA)

    5,000,000       5.000   06/01/2026   5,402,440

City of Seattle RB for Municipal Light & Power Improvement Series 2018 A (Aa2/AA)

    3,340,000       4.000   01/01/2033   3,475,704
    6,715,000       4.000   01/01/2034   6,955,519
    11,655,000       4.000   01/01/2043   11,651,975

City of Seattle RB Refunding for Drainage & Wastewater Series 2014 (Aa1/AA+)

    13,715,000       4.000   05/01/2044   13,714,707

City of Seattle RB Refunding for Drainage & Wastewater Series 2017 (Aa1/AA+)

    6,555,000       4.000   07/01/2035   6,816,956

City of Seattle RB Refunding for Municipal Light & Power Series 2021 A (Aa2/AA)

    10,295,000       4.000   07/01/2036   10,686,300
    10,500,000       4.000   07/01/2037   10,790,422

Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (AMT) (NR/BB)

    6,710,000       5.000   04/01/2030   6,736,868

Port of Seattle Intermediate Lien RB Series 2019 (AMT) (A1/A+)

    9,295,000       5.000   04/01/2038   9,855,350

Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1\A+)

    10,000,000       4.000   08/01/2041   9,246,813

Port of Seattle RB Refunding for Intermediate Lien Series 2021 C (AMT) (A1/A+)

    15,000,000       5.000   08/01/2039   16,133,370

Port of Seattle WA RB Series 2018 (A+/A1)

    5,000,000       5.000   05/01/2043   5,322,239

State of Washington GO Bonds Various Purpose Series 2014 D (Aaa/AA+)

    15,055,000       5.000   02/01/2026   15,727,906

State of Washington Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2015B (AA+/Aaa)

    4,085,000       5.000   07/01/2025   4,319,945

State of Washington Various Purpose GO Refunding Bonds Series R-2022C (AA+/Aaa)

    14,500,000       4.000   07/01/2026   15,469,564

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Washington – (continued)

University of Washington RB Refunding Series 2012 A (Aaa/AA+)(b)

$

     2,500,000       5.000 %    07/01/2022   $       2,500,000

Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-)

    1,200,000       5.000   08/01/2036   1,256,222
    2,000,000       5.000   08/01/2037   2,086,210
    2,000,000       5.000   08/01/2038   2,078,281

Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-)

    1,525,000       5.000   08/01/2035   1,601,733
    3,250,000       5.000   08/01/2036   3,402,268

Washington Health Care Facilities Authority RB Refunding for Providence St. Joseph Health Obligated Group Series 2021 B (Aa3/AA-)(a)(b)

    5,000,000       4.000   10/01/2030   5,136,546

Washington Health Care Facilities Authority RB Series 2019A-2 (A-/Baa1)

    3,260,000       5.000   08/01/2025   3,436,370

Washington Healthcare Facilities Authority RB Series 2019B-1
(A-/BBB+)(a)(b)

    5,400,000       5.000   08/01/2024   5,588,623

Washington Higher Education Facilities Authority RB for Seattle University Series 2020 (NR/A)

    1,000,000       4.000   05/01/2045   925,287

Washington State Convention Center Public Facilities District RB Series 2018 (Baa1/BBB-)

    320,000       5.000   07/01/2029   344,526
    6,825,000       5.000   07/01/2048   7,049,121

Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR)(f)

    745,000       5.000   01/01/2034   722,208
    1,400,000       5.000   01/01/2039   1,324,740

Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (Aaa/AA+) (g)

    6,855,000       0.000     06/01/2028   5,575,927
       

 

    200,664,560

 

West Virginia – 0.5%

County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (NR/BBB-)

    770,000       3.000   03/01/2035   619,755
    2,165,000       3.000   03/01/2037   1,694,485
    1,635,000       3.250   03/01/2041   1,259,197

State of West Virginia GO Bonds for State Road Series 2019 A (Aa2/AA-)

    6,145,000       5.000   06/01/2035   6,863,191

State of West Virginia GO Bonds Series 2018 B (Aa2/AA-)

    8,740,000       5.000   06/01/2035   9,681,332

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

   Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

West Virginia – (continued)

West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (AMT) (B2/B)(a)(b)

$

   1,575,000     5.000 %    07/01/2025   $       1,601,496

West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/A-) (PUTABLE)(a)(b)(d)

  9,150,000     3.000   06/18/2027   8,953,109

West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa1/BBB+)

  770,000     5.000   01/01/2033   804,347
  910,000     5.000   01/01/2034   945,652
  1,095,000     5.000   01/01/2035   1,135,899
  2,330,000     5.000   01/01/2036   2,413,356

West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (Baa1/NR)

  2,325,000     5.000   09/01/2029   2,531,374
  2,645,000     5.000   09/01/2030   2,839,124
  2,100,000     5.000   09/01/2031   2,240,978
  1,700,000     5.000   09/01/2032   1,808,184
       

 

    45,391,479

 

Wisconsin – 1.3%

Public Finance Authority Charter School RB Series 2021A (NR/NR)(f)

  165,000     4.250   06/15/2031   143,672

Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR)(f)

  1,060,000     5.375   06/15/2042   1,035,258

Public Finance Authority Education RB Series 2022 (NR\NR)(f)

  900,000     5.000   01/01/2042   837,439

Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (Baa3/BBB)

  1,000,000     4.300   11/01/2030   1,009,427

Public Finance Authority RB for Appalachian Regional Healthcare System Obligated Group Series 2021 A (NR/BBB)

  265,000     5.000   07/01/2035   281,590
  310,000     5.000   07/01/2036   328,386
  265,000     5.000   07/01/2037   279,687
  310,000     5.000   07/01/2038   325,959
  310,000     5.000   07/01/2039   324,883
  285,000     5.000   07/01/2040   297,639
  310,000     5.000   07/01/2041   323,162

Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A2/AA)

  220,000     4.000   07/01/2026   229,236
  220,000     4.000   07/01/2027   230,053
  220,000     4.000   07/01/2028   230,139
  220,000     4.000   07/01/2029   228,582
  265,000     4.000   07/01/2030   273,901
  355,000     4.000   07/01/2031   364,605
  420,000     4.000   07/01/2032   428,985
  175,000     4.000   07/01/2033   178,223

 

Principal

Amount

   Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Wisconsin – (continued)

Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A2/AA) – (continued)

$

   130,000     4.000 %    07/01/2034   $          131,810
  155,000     4.000   07/01/2035   156,907
  220,000     4.000   07/01/2036   221,827
  220,000     4.000   07/01/2037   220,855
  265,000     4.000   07/01/2038   265,551
  265,000     4.000   07/01/2039   265,162
  265,000     4.000   07/01/2040   264,358

Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba1/NR)(f)

  1,760,000     5.000   12/01/2035   1,756,512
  1,950,000     5.000   12/01/2045   1,858,056

Public Finance Authority RB for Coral Academy Of Science Las Vegas Series 2021 A (NR/BBB-)

  875,000     4.000   07/01/2041   750,651
  1,000,000     4.000   07/01/2051   800,179

Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR)(f)

  470,000     4.000   06/15/2030   447,187
  815,000     5.000   06/15/2040   796,105

Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)(f)

  1,650,000     4.000   03/01/2030   1,540,035

Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-1 (NR/NR)*(f)

  24,345     5.500   12/01/2048   12,173

Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-2 (NR/NR)*(f)

  51,733     7.250   12/01/2048   25,866

Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR)(f)

  6,950,000     5.625   06/01/2050   5,340,650

Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR)(f)

  7,575,000     6.500   06/01/2045   6,038,023

Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR)

  500,000     5.200   12/01/2037   525,009

Public Finance Authority RB for Providence St. Joseph Health Obligated Group Series 2021 (Aa3/AA-)(a)(b)

  4,400,000     4.000   10/01/2030   4,500,586

Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB+)(f)

  2,470,000     6.000   07/01/2031   2,234,929

Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (NR/BB)(f)

  325,000     3.000   04/01/2025   319,032
  500,000     5.000   04/01/2030   519,445
  510,000     5.000   04/01/2040   515,505

Public Finance Authority RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)(f)

  1,180,000     4.500   01/01/2035   1,067,452

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Wisconsin – (continued)

Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A3/A)

$

     635,000       5.000 %    01/01/2028   $          691,842
    750,000       5.000   01/01/2029   822,853
    1,000,000       5.000   01/01/2030   1,100,726
    1,400,000       5.000   01/01/2032   1,505,532
    950,000       5.000   01/01/2033   1,014,296
    900,000       5.000   01/01/2036   952,314
    500,000       5.000   01/01/2037   526,903
    1,400,000       5.000   01/01/2039   1,469,637
    500,000       5.000   01/01/2040   523,868

Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)(f)

    370,000       5.000   06/01/2029   377,858
    710,000       5.000   06/01/2039   715,492

Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (NR/NR)

    1,000,000       4.000   01/01/2030   987,891
    8,955,000       4.000   01/01/2046   7,849,085

Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)(f)

    545,000       4.000   09/01/2029   493,235
    770,000       5.000   09/01/2039   689,672

Public Finance Authority RB Refunding for Renown Regional Medical Center Series 2020 B (AGM) (NR/AA)

    5,000,000       3.090   06/01/2050   3,655,369

Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB+)(f)

    5,900,000       4.500   07/01/2048   5,060,043

Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB)(f)

    2,770,000       6.125   10/01/2049   2,663,433

Public Finance Authority RB Refunding for Waste Management, Inc. Project Series 2016 A-2 (AMT) (NR/A-/A-2)

    2,000,000       2.875   05/01/2027   1,917,415

Public Finance Authority Retirement Communities RB for Acts Retirement-Life Communities Obligated Group Series 2020A (NR/NR)

    3,000,000       5.000   11/15/2041   3,152,478

Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (NR/NR)

    425,000       5.000   11/15/2044   430,983
    570,000       5.000   11/15/2049   574,504

Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Infrastructure Properties LLC Obligated Group Series 2012 B (AMT) (NR/BBB+)

    6,000,000       5.250   07/01/2028   6,007,448

Public Finance Authority Student Housing RB Series 2021A-1 (NR/NR)(f)

    630,000       4.000   07/01/2041   574,262
    2,725,000       4.000   07/01/2051   2,343,722

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Wisconsin – (continued)

Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (Baa3/NR)(g)

$

     9,655,000       0.000 %    12/15/2027   $       7,062,695

Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (NR/BBB)

    350,000       4.000   03/15/2030   337,605
    345,000       4.000   03/15/2040   305,930

Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (Baa1/NR)

    1,185,000       3.000   02/01/2042   946,243
    390,000       4.000   02/01/2045   375,998

Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR)

    565,000       3.000   12/01/2031   486,788
    775,000       4.000   12/01/2041   668,998

Wisconsin Health & Educational Facilities Authority Refunding RB Series 2021B (NR/BBB-)

    475,000       4.000   09/15/2036   432,522
    460,000       4.000   09/15/2041   404,664
    425,000       4.000   09/15/2045   360,273

Wisconsin Health & Educational Facilities Authority Refunding RB Series 2022 (NR/BBB-)(h)

    700,000       4.000   09/15/2036   628,162
    680,000       4.000   09/15/2041   587,428
    575,000       4.000   09/15/2045   477,648

Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3\AA)(b)(e)

(SIFMA Municipal Swap Index Yield + 0.18%)

    2,775,000       0.960   07/01/2026   2,775,000

Wisconsin Housing & Economic Development Authority Home Ownership RB 2021 Series D (GNMA/FHLMC/FNMA COLL) (AA/NR)(b)(e)

(SIFMA Municipal Swap Index Yield + 0.15%)

    5,500,000       0.930   12/02/2024   5,462,902

Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/(P)BBB-)

    3,800,000       5.000   02/01/2042   3,887,488

Wisconsin State Health & Educational Facilities Authority RB for Saint John’s Communities, Inc. Project Series 2018 A (NR/NR)(b)

    225,000       4.000   09/15/2022   226,165
    250,000       4.000   09/15/2023   255,976
    365,000       4.000   09/15/2023   373,638
       

 

    110,081,675

 

Wyoming – 0.2%

County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A3/A)

    22,700,000       3.625   07/15/2039   20,881,396

 

TOTAL MUNICIPAL BONDS

(Cost $8,861,607,441)

   $8,383,907,066

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Bonds – 0.6%

Healthcare – Services – 0.1%

Prime Healthcare Foundation Inc Series (NR/NR)

$

     4,975,000       7.000 %    12/01/27   $       4,946,855

Tower Health Series (BB-/NR)

    3,060,000       4.451   02/01/50   2,056,320
       

 

    7,003,175

 

Leisure Time – 0.0%

YMCA of Greater New York Series (BBB/Baa2)

    4,300,000       2.303   08/01/26   3,938,712

 

Real Estate – 0.5%

Benloch Ranch Improvement Association No. 1 Series 2020 (NR/NR)(j)

    4,432,797       9.750   12/01/39   4,288,465

Benloch Ranch Improvement Association No. 1 Series 2021 (NR/NR)(f)(j)

    2,572,163       9.750   12/01/39   2,488,414

Benloch Ranch Improvement Association No. 2 (NR/NR)(f)(j)

    14,700,000       10.000   12/01/51   13,532,967

Brixton Park Improvement Association No. 1 Series (NR/NR)(f)(j)

    20,500,000       6.875   12/01/51   18,214,250
       

 

    38,524,096

 

TOTAL CORPORATE BONDS

(Cost $53,500,876)

   $     49,465,983

 

TOTAL INVESTMENTS – 98.1%

(Cost $8,915,108,317)

   $8,433,373,049

 

OTHER ASSETS IN EXCESS OF
LIABILITIES – 1.9%

   164,625,622

 

NET ASSETS – 100.0%

   $8,597,998,671

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Security is currently in default and/or non-income producing.
(a)   Variable Rate Demand Instruments - rate shown is that which is in effect on June 30, 2022. Certain variable rate securities are not based on published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(b)   Pre-refunded security. Maturity date disclosed is pre-refunding date.
(c)   Zero coupon bond until next reset date.
(d)   Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rates disclosed is that which is in effect on June 30, 2022.
(e)   Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2022.
(f)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)   When-issued security.
(i)   Contingent value instrument that only pays out if a portion of the territory’s Sales and Use Tax outperforms the projections in the Oversight Board’s Certified Fiscal Plan.
(j)   Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

 

 

Investment Abbreviations:
ABS   

— Asset-Backed Security

AGC   

— Insured by Assured Guaranty Corp.

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

COPS   

— Certificates of Participation

ETM   

— Escrowed to Maturity

FGIC   

— Insured by Financial Guaranty Insurance Co.

FHLMC   

— Insured by Federal Home Loan Mortgage Corp.

FNMA   

— Insured by Federal National Mortgage Association

GARB   

— General Airport Revenue Bond

GNMA   

— Insured by Government National Mortgage Association

GO   

— General Obligation

HUD SECT 8   

— Hud Section 8

IDA   

— Industrial Development Agency

LIBOR   

— London Interbank Offered Rates

LP   

— Limited Partnership

LT   

— Limited Tax

MTA   

— Metropolitan Transportation Authority

MUN GOVT GTD   

— Municipal Government Guaranteed NATL

NR   

— Not Rated

PCRB   

— Pollution Control Revenue Bond

PSF-GTD   

— Guaranteed by Permanent School Fund

Q-SBLF   

— Qualified School Bond Loan Fund

RB   

— Revenue Bond

RMKT   

— Remarketed

SCH BD GTY   

— School Bond Guaranty

SCH BD RES FED   

— School Board Reserve Fund

SCSDE   

— South Carolina State Department of Education

SD CRED PROG   

— School District Credit Program

SIFMA   

— Securities Industry and Financial Markets Association

SONYMA   

— State of New York Mortgage Agency

ST AID WITHHLDG   

— State Aid Withholding

ST APPROP   

— State Appropriation

TCRS   

— Transferable Custody Receipts

USD   

— United States Dollar

UT   

— Unlimited Tax

UPMC   

— University of Pittsburgh Medical Center

WR   

— Withdrawn Rating

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FUTURES CONTRACTS — At June 30, 2022, the Fund had the following futures contracts:

 

Description      Number of
Contracts		      Expiration
Date		      Notional
Amount		      Unrealized
Appreciation/
(Depreciation)		  

 

  

Short position contracts:

                  

U.S. Treasury 10 Year Ultra Note

      (4,187)      09/21/22      $ (541,018,624 )     $ 9,335,046  

U.S. Treasury Ultra Bond

      (1,209)      09/21/22        (190,646,727 )       5,405,258  

 

  

Total Futures Contracts

 

    $ 14,740,304  

 

  

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

SWAP CONTRACTS — At June 30, 2022, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

 

Reference
Obligation/Index(a)		   Financing Rate
Received (Paid) by
the Fund		     Credit
Spread
at June 30,
2022(b)		     Counterparty   Termination
Date		    

Notional

Amount

(000’s)

     Value     Upfront
Premium
(Received)
Paid		    

Unrealized
Appreciation/

(Depreciation)

  

 

  

Protection Sold:

    
California State Various Purpose GO Bonds Series 2003, 5.000%, 03/20/2023     1.000%       0.542%     JPMorgan Chase Bank NA     03/20/2023     USD   1,000     $ 5,699     $ (3,561 )    $ 9,261  
California State Various Purpose GO Bonds Series 2003, 5.000%, 03/20/2023     1.000          0.542        Bank of America NA     03/20/2023       1,000       5,700       (3,562 )      9,261  

 

  
TOTAL             $ 11,399     $ (7,123 )    $ 18,522  

 

  

 

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – 97.7%

Alabama – 1.8%

Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 A (NR/NR)(a)

$

     5,720,000       6.000 %    07/01/2045   $       4,700,533

Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 B (NR/NR)(a)

    2,880,000       8.000   07/01/2028   2,781,606

Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B1/BB-)

    19,250,000       5.750   10/01/2049   20,185,155

Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (NR/BBB+)

    2,625,000       5.000   10/01/2030   2,740,831

Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (A2/AA)

    2,205,000       5.500   10/01/2053   2,315,071

Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (A2/AA)(b)

    5,750,000       0.000   10/01/2038   5,837,298
    6,000,000       0.000   10/01/2042   6,089,043

Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB)

    8,300,000       6.000   10/01/2042   9,006,795
    19,850,000       7.000   10/01/2051   21,769,888
    81,815,000       6.500   10/01/2053   89,221,147

Midcity Improvement District Special Assessment RB Series 2022 (NR\NR)

    1,085,000       4.500   11/01/2042   871,293
    1,000,000       4.750   11/01/2049   786,066
       

 

        166,304,726

 

American Samoa – 0.0%

American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR)(a)

    2,085,000       3.720   09/01/2027   1,984,083

American Samoa Economic Development Authority RB Series 2021 A (Ba3/NR)(a)

    1,400,000       5.000   09/01/2038   1,499,658
       

 

        3,483,741

 

Arizona – 1.6%

Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)(c)

   

(3M USD LIBOR + 0.81%)

  
    43,640,000       2.336   01/01/2037   41,035,569

Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-)

    665,000       4.000   07/01/2047   630,855

Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (NR/A)

    1,500,000       4.000   11/01/2049   1,340,917

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Arizona – (continued)

Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+)

$

     1,000,000       5.000 %    01/01/2043   $          711,883
    5,250,000       4.500   01/01/2049   3,300,901
    3,300,000       5.000   01/01/2054   2,198,155

Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/CCC+)

    275,000       5.000   01/01/2037   197,476
    200,000       5.000   01/01/2038   141,678
    650,000       5.000   01/01/2043   435,643
    3,450,000       5.000   01/01/2049   2,211,449
    1,100,000       5.125   01/01/2054   703,259

Arizona Industrial Development Authority RB for Kipp New York, Inc. Macombs Facility Series 2021 A (NR/BBB-)

    3,750,000       4.000   07/01/2061   2,940,008

Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Baa3/NR)

    1,000,000       5.000   05/01/2038   861,001
    2,780,000       5.000   05/01/2043   2,304,794
    3,450,000       5.000   05/01/2048   2,784,200
    2,000,000       5.000   05/01/2051   1,590,319

Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB)(a)

    925,000       4.000   12/15/2041   792,215
    2,115,000       4.000   12/15/2051   1,688,714

Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A
(Ba1/NR)(a)

    470,000       4.000   07/15/2051   369,485
    445,000       4.000   07/15/2056   341,114

Arizona Industrial Development Authority RB Refunding for Pinecrest Academy of Nevada Series 2020 A-1 (NR/BB+)(a)

    10,845,000       5.000   07/15/2053   10,627,076

City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A1/A)

    1,625,000       3.000   07/01/2049   1,255,079

City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A1/A)

    3,540,000       5.000   07/01/2044   3,699,367
    2,710,000       3.250   07/01/2049   2,061,098
    1,625,000       5.000   07/01/2049   1,689,810

County of Maricopa IDA Education RB Series 2021A (BB+/NR)(a)

    1,625,000       4.000   07/01/2051   1,273,747
    1,250,000       4.000   07/01/2056   950,568

County of Maricopa IDA Education RB Taxable Convertible Series 2021B (BB+/NR)(a)

    3,400,000       5.000   07/01/2044   3,361,172

County of Maricopa IDA Exempt Facilities RB for Commercial Metals Company Project Series 2022 (Ba2\BB+)(a)

    8,400,000       4.000   10/15/2047   7,137,373

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Arizona – (continued)

Equitable School Revolving Fund National Charter School Revolving Loan Fund RB (A/NR)

$

     4,325,000       4.000 %    11/01/2051   $       3,822,529

Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR)

    625,000       3.500   07/01/2029   568,909
    595,000       4.100   07/01/2034   537,642
    1,869,000       4.750   07/01/2043   1,629,242

Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR)

    6,600,000       5.000   05/15/2056   6,181,433

La Paz County Industrial Development Authority RB for American Fiber Optics LLC Series 2018 A (NR/NR)*(a)

    3,100,000       6.000   08/01/2028   1,860,000
    16,130,000       6.250   08/01/2040   9,678,000

La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB)

    580,000       4.000   02/15/2051   481,695

Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB)(a)

    700,000       5.000   07/01/2050   648,417
    1,340,000       5.000   07/01/2054   1,215,429

Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)(a)

    1,885,000       5.250   10/01/2040   1,938,143
    1,885,000       5.500   10/01/2051   1,942,717

Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-)

    1,500,000       5.000   07/01/2049   1,571,801
    1,650,000       5.000   07/01/2054   1,722,184

Maricopa County Pollution Control Corp Pollution Control Revenue Refunding Bonds Series A (A-/BBB+)

    4,700,000       2.400   06/01/2035   3,644,871

Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR)(a)

    250,000       5.500   05/01/2040   238,776
    950,000       5.750   05/01/2050   905,640

Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2013 A (A3/A-)

    3,390,000       4.000   09/01/2029   3,418,747

Tempe Industrial Development Authority RB for Tempe Life Care Village Obligated Group Series 2019 (NR/NR)

    1,520,000       5.000   12/01/2050   1,371,072
    1,900,000       5.000   12/01/2054   1,694,090

The Industrial Development Authority of the City of Phoenix RB Refunding for Downtown Phoenix Student Housing LLC Series 2018 (Baa3/NR)

    850,000       5.000   07/01/2037   865,392
    1,000,000       5.000   07/01/2042   1,010,297
       

 

        145,581,951

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Arkansas – 0.2%

Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (NR/A)

$

     2,235,000       5.000 %    12/01/2047   $       2,307,669
    5,370,000       3.200   12/01/2049   4,080,323

Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR)

    1,300,000       4.250   07/01/2041   1,189,511
    775,000       3.500   07/01/2046   578,816
    500,000       4.000   07/01/2052   406,158

Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR)

    5,090,000       3.500   07/01/2038   5,015,361
       

 

        13,577,838

 

California – 9.6%

ABC Unified School District GO Bonds Series 2001 C (NATL)
(Aa2/AA-)(d)

    1,600,000       0.000   08/01/2026   1,427,860

Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA)(d)

    4,995,000       0.000   08/01/2037   2,763,383

Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (A2/AA)(d)

    1,850,000       0.000   08/01/2036   999,423

Atwater Wastewater RB Refunding Series 2017 A (AGM) (NR/AA)

    465,000       5.000   05/01/2040   498,261
    1,000,000       5.000   05/01/2043   1,066,353

Bay Area Toll Authority RB Refunding for San Francisco Bay Area Series 2019 S-8 (A1/AA-)

    2,350,000       3.000   04/01/2054   1,803,552

Beaumont Community Facilities District No. 93-1 Special Tax for Improvement Area No 8F Series 2020 (NR/NR)

    2,750,000       4.000   09/01/2050   2,413,972

Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (A2/AA)(d)

    1,055,000       0.000   08/01/2025   962,531

California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (NR/BB)

    2,755,000       5.250   05/01/2048   2,627,560
    2,850,000       5.250   05/01/2053   2,688,178

California Community Housing Agency Aster Apartments RB Series 2021 A-1 (NR/NR)(a)

    2,875,000       4.000   02/01/2056   2,455,005

California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR)(a)

    6,450,000       4.000   02/01/2056   5,507,750

California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-2 (NR/NR)(d)

    12,620,000       0.000   06/01/2055   2,368,123

California County Tobacco Securitization Agency RB Refunding for Merced County Tobacco Funding Corp. Series 2020 B (NR/NR)

    1,350,000       5.000   06/01/2050   1,363,782

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB-)

$

     730,000       5.000 %    06/01/2049   $          746,558

California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)(d)

    7,375,000       0.000   06/01/2055   1,383,907

California County Tobacco Securitization Agency RB Refunding Series 2020 A (NR/BBB+)

    875,000       4.000   06/01/2049   755,597

California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB-)

    485,000       5.000   06/01/2049   495,458

California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR)(d)

    102,910,000       0.000   06/01/2055   16,771,335

California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR)(d)

    145,220,000       0.000   06/01/2055   15,289,299

California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC - M@College Project Series 2020 A (Baa3/NR)

    565,000       5.000   08/01/2050   567,587
    775,000       5.000   08/01/2055   775,990
    425,000       5.000   08/01/2057   422,608

California Enterprise Development Authority RB Refunding for Rocklin Academy Obligated Group Series 2021 A (NR/BB+)(a)

    625,000       4.000   06/01/2051   499,990
    595,000       4.000   06/01/2061   453,895

California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (A1/AA)

    1,500,000       5.000   02/01/2042   1,580,770
    4,000,000       5.000   02/01/2047   4,181,056

California Health Facilities Financing Authority RB for Lucile Salter Packard Children’s Hospital Series 2017 A (A1/A+)

    8,100,000       5.000   11/15/2056   8,411,982

California Infrastructure & Economic Development Bank RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)(a)

    1,000,000       5.000   01/01/2055   912,047

California Municipal Finance Authority Charter School Leave Revenue Refunding Bonds Series 2022 (BB+/NR)

    750,000       5.000   07/01/2052   724,024
    3,725,000       5.000   07/01/2062   3,464,613

California Municipal Finance Authority RB for CHF-Riverside II LLC UCR North District Phase 1 Student Housing Project Series 2019 (Baa3/NR)

    1,400,000       5.000   05/15/2049   1,438,956
    950,000       5.000   05/15/2052   974,642

California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/A-)

    1,800,000       5.000   02/01/2042   1,870,049
    17,675,000       5.000   02/01/2047   18,273,034

California Municipal Finance Authority RB for LAX Integrated Express Solutions LLC Senior Lien Series 2018 A (AMT) (NR/NR)

    4,405,000       5.000   12/31/2043   4,443,075

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

California Municipal Finance Authority RB for P3 Claremont Holdings LLC Series 2020 A (NR/NR)(a)

$

     1,135,000       5.000 %    07/01/2052   $       1,045,846

California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-)

    1,510,000       4.000   07/01/2051   1,301,488
    1,035,000       4.000   07/01/2055   873,090

California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR)

    250,000       5.000   10/01/2034   263,303
    250,000       5.000   10/01/2036   262,377
    300,000       5.000   10/01/2037   314,267
    300,000       5.000   10/01/2038   313,862

California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR)(a)

    1,090,000       5.000   10/01/2049   1,050,659
    1,740,000       5.000   10/01/2054   1,659,606

California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (NR/NR)

    3,200,000       5.000   12/31/2037   3,270,248

California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (B+/NR)

    3,875,000       4.000   07/15/2029   3,652,077

California Pollution Control Financing Authority RB for Mission Rock Utilities, Inc. Series 2020 (NR/NR)(a)

    8,900,000       4.000   11/01/2023   8,601,418

California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)(a)

    6,300,000       6.750   12/01/2028   4,887,024
    45,930,000       7.500   12/01/2040   29,848,621

California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR)(a)

    15,850,000       5.000   11/21/2045   16,219,968

California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)(a)

    1,540,000       5.000   06/15/2050   1,451,611
    1,030,000       5.000   06/15/2055   959,385

California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (BB-/NR)(a)

    4,605,000       6.375   04/01/2062   4,646,354

California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (BBB-/NR)(a)

    2,055,000       5.000   10/01/2052   2,064,771
    3,250,000       5.000   10/01/2061   3,200,653

California School Finance Authority Charter School RB for River Springs Charter School Series 2022A (NR/BB)(a)

    1,330,000       5.000   07/01/2052   1,223,711
    4,190,000       5.000   07/01/2061   3,732,921

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

California School Finance Authority Charter School RB for Valley International Prepatory High School Project Series 2022A (NR\NR)(a)

$

     1,230,000       5.250 %    03/01/2062   $          999,625

California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-)(a)

    3,300,000       5.000   10/01/2050   3,314,650

California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-)(a)

    1,450,000       4.000   10/01/2046   1,241,091

California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+)(a)

    1,700,000       5.000   07/01/2050   1,682,297
    1,000,000       5.000   07/01/2058   972,333

California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (ST INTERCEPT) (NR/NR)(a)

    600,000       5.000   06/01/2051   569,250
    1,220,000       5.000   06/01/2061   1,120,641

California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+)(a)

    820,000       5.000   07/01/2045   800,294
    1,240,000       5.000   07/01/2055   1,176,757

California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR)(a)

    600,000       4.000   06/01/2041   515,209
    700,000       4.000   06/01/2051   561,463
    1,220,000       4.000   06/01/2061   930,200

California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 A (NR/BB+)(a)

    2,420,000       5.000   07/01/2059   2,310,320

California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 B (NR/BB+)(a)

    975,000       4.000   07/01/2045   882,239

California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)

    825,000       5.000   09/01/2030   853,459
    885,000       5.000   09/01/2037   909,189

California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR)(a)

    2,880,000       7.250   09/01/2050   2,790,725

California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR)

    3,245,000       4.000   09/01/2051   2,751,135

California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR)

    850,000       4.000   09/02/2044   776,398
    685,000       5.000   09/02/2049   707,314

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR)

$

     1,495,000       5.000 %    09/02/2038   $       1,561,654
    575,000       5.000   09/02/2043   593,344
    1,785,000       5.000   09/02/2048   1,831,397

California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 A (NR/NR)

    1,345,000       5.000   09/02/2039   1,403,386
    895,000       5.000   09/02/2044   921,598
    945,000       5.000   09/02/2048   968,892

California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 B (NR/NR)

    950,000       5.000   09/02/2039   989,456
    1,080,000       5.000   09/02/2044   1,109,436
    1,570,000       5.000   09/02/2049   1,604,727

California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)(a)

    375,000       5.000   06/01/2034   384,441
    475,000       5.000   06/01/2039   483,580
    1,340,000       5.000   06/01/2051   1,344,594

California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR)

    1,875,000       5.875   11/01/2043   1,916,798

California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (NR/BB-)(a)

    950,000       5.250   12/01/2043   951,295
    9,000,000       5.500   12/01/2058   9,058,358

California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (NR/BBB+)

    500,000       5.000   08/01/2038   519,912
    3,000,000       4.000   08/01/2045   2,680,243

California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B)(a)

    2,350,000       5.250   07/01/2039   2,152,122
    3,125,000       5.250   07/01/2049   2,709,029
    1,450,000       5.250   07/01/2052   1,244,209

California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR)(a)

    475,000       3.000   11/01/2022   474,976
    935,000       5.000   11/01/2032   978,459
    1,875,000       5.000   11/01/2041   1,942,148

California Statewide Communities Development Authority RB Refunding for Enloe Medical Center Series 2015 (CA MTG INS) (NR/AA-)

    2,875,000       5.000   08/15/2038   3,053,035

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-)

$

     1,200,000       5.000 %    04/01/2047   $       1,235,662

California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB-)

    10,800,000       5.500   12/01/2054   10,927,899

California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR)

    1,230,000       4.000   09/02/2050   1,047,801
    945,000       5.000   09/02/2050   963,000

California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR)

    2,220,000       5.000   09/02/2038   2,312,857
    2,500,000       5.000   09/02/2048   2,556,886

California Statewide Communities Development Authority Special Assessment Series 2021 A (NR/NR)

    2,000,000       4.000   09/02/2051   1,645,865

California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR)(e)

    1,525,000       5.250   09/01/2052   1,535,709

California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (Baa1/NR)

    3,750,000       5.000   05/15/2042   3,873,820
    5,750,000       5.000   05/15/2047   5,904,267
    5,640,000       5.000   05/15/2050   5,783,867

California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR)(d)

    36,600,000       0.000   06/01/2046   5,247,327

Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL) (Baa2/NR)(d)

    7,000,000       0.000   09/01/2033   4,407,402

Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)

    190,000       3.000   09/01/2037   155,235
    195,000       3.000   09/01/2038   157,101
    205,000       3.000   09/01/2039   163,313
    210,000       3.000   09/01/2040   163,306
    715,000       3.125   09/01/2044   540,628

City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2020 (NR/NR)

    1,250,000       4.000   09/01/2050   1,071,418

City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR)

    2,100,000       4.000   09/01/2051   1,815,003

City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)(a)

    1,500,000       4.000   09/01/2051   1,275,748

City of Calimesa CA Community Facilities District No. 2018-1 Special Tax Series 2020 (NR/NR)

    865,000       4.000   09/01/2045   771,226

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR)

$

     515,000       4.000 %    09/01/2040   $          473,104
    1,500,000       4.000   09/01/2045   1,337,386
    2,500,000       4.000   09/01/2050   2,153,034

City of Dublin Community Facilities District No. 2015-1 Special Tax Bonds for Improvement Area No. 3 Series 2021 (NR/NR)

    740,000       4.000   09/01/2051   627,111

City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR)(a)

    2,850,000       5.000   09/01/2050   2,935,403

City of Fontana Community Facilities District No. 90 Special Tax for Summit at Rosena Phase One Series 2021 (NR/NR)

    425,000       4.000   09/01/2046   378,606
    500,000       4.000   09/01/2051   434,946

City of Fremont Community Facilities District No. 1 Special Tax for Pacific Commons Series 2015 (NR/NR)

    3,000,000       5.000   09/01/2045   3,052,436

City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR)

    950,000       4.000   09/01/2050   815,391

City of Oroville RB for Oroville Hospital Series 2019 (NR/B+)

    1,900,000       5.250   04/01/2034   1,956,312
    3,565,000       5.250   04/01/2039   3,640,036
    7,730,000       5.250   04/01/2049   7,767,494
    6,645,000       5.250   04/01/2054   6,524,242

City of Palm Desert Community Facilities District No. 2021-1 Special Tax Refunding Bonds Series 2021 (NR/NR)

    640,000       3.000   09/01/2031   560,612
    450,000       4.000   09/01/2041   407,032
    550,000       4.000   09/01/2051   470,031

City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR)

    1,200,000       4.000   09/02/2037   1,140,046

City of Palo Alto Limited Obligation Refunding Improvement Bonds for University Avenue Area Off-Street Parking Assessment District Series 2012 (NR/A-)

    600,000       5.000   09/02/2030   602,588

City of Roseville Special Tax for SVSP Westpark-Federico Community Facilities District No. 1 Series 2019 (NR/NR)

    500,000       5.000   09/01/2044   518,881
    700,000       5.000   09/01/2049   722,796

City of Roseville Special Tax The Ranch at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR)

    325,000       4.000   09/01/2035   311,708
    375,000       4.000   09/01/2040   344,494
    425,000       4.000   09/01/2045   377,288
    950,000       4.000   09/01/2050   827,297

City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR)

    475,000       4.000   09/01/2045   424,732
    640,000       4.000   09/01/2050   557,337

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

City of Sacramento Greenbriar Community Facilities District No. 2018-03 Special Tax Bonds for Improvement Area No. 1 Series 2021 (NR/NR)

$

     1,125,000       4.000 %    09/01/2046   $          992,121
    1,400,000       4.000   09/01/2050   1,212,118

City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)(a)

    280,000       5.000   09/01/2032   293,911
    700,000       5.000   09/01/2037   729,089
    1,745,000       5.000   09/01/2047   1,790,411

City of San Luis Obispo Community Facilities District No. 2019-1 Special Tax Bonds Series 2021 (NR/NR)

    500,000       4.000   09/01/2046   440,188
    650,000       4.000   09/01/2051   559,076

City of Santa Paula Special Tax for Harvest Community Facilities District No. 1 Series 2020 (NR/NR)

    1,100,000       4.000   09/01/2045   992,175
    1,500,000       4.000   09/01/2050   1,320,927

City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR)

    405,000       5.000   09/01/2044   419,538
    535,000       5.000   09/01/2049   551,101

CMFA Special Finance Agency Essential Housing RB Seres 2021A-1 (NR/NR)(a)

    4,465,000       3.000   12/01/2056   2,878,162

CMFA Special Finance Agency VIII Essential Housing RB 2021A-1 (NR/NR)(a)

    5,500,000       3.000   08/01/2056   3,926,411

County of El Dorado CA Community Facilities District No. 2018-1 Bass Lake Hills Special Tax Bonds Series 2019 (NR/NR)

    1,225,000       5.000   09/01/2044   1,266,282
    200,000       4.000   09/01/2045   179,353
    1,420,000       5.000   09/01/2049   1,461,384

County of Los Angeles CA Community Facilities District NO 2021-01(e)

    2,775,000       5.000   09/01/2052   2,790,328

County of Madera Community Facilities District No. 2017-1 Special Tax Series 2020 (NR/NR)

    1,985,000       4.000   09/01/2040   1,795,894

County of San Diego Community Facilities District No. 2008-01 Special Tax Series 2020 A (NR/NR)

    695,000       3.000   09/01/2050   473,625
    1,875,000       4.000   09/01/2050   1,619,903

CSCDA Community Improvement Authority Essential Housing RB Series 2021A-2 (NR/NR)(a)

    13,500,000       3.000   12/01/2056   9,694,396

CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR\NR)(a)

    4,675,000       3.600   05/01/2047   3,778,546

Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL) (Baa2/A-)(d)

    1,305,000       0.000   08/01/2027   1,105,449

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR)

$

     2,285,000       5.000 %    09/01/2037   $       2,381,035
    6,680,000       5.000   09/01/2047   6,866,236

East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR)

    455,000       3.125   09/01/2044   341,109

Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (A/Baa2)

    2,500,000       4.000   01/15/2046   2,297,438

El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL) (Baa2/NR)(d)

    5,400,000       0.000   08/01/2032   3,705,409

Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (AGC) (WR/AA)(d)

    4,180,000       0.000   04/01/2029   3,338,141

Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL) (Aa2/AA-)(d)

    3,460,000       0.000   10/01/2032   2,338,407

Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (A2/AA)(d)

    12,000,000       0.000   01/15/2035   7,204,213

Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa2/A-)(f)

    37,510,000       3.950   01/15/2053   33,310,523

Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (AGM) (A2/AA)(b)

    1,000,000       0.000   01/15/2032   1,073,745

Golden State Securitization Settlement Corp ABS Bond Series 2021
2021B-1 (BBB-/NR)

    22,000,000       3.850   06/01/2050   19,824,636

Golden State Tobacco Securitization Settlement Corp ABS Bond Series 2021B-2 (NR/NR)(d)

    44,805,000       0.000   06/01/2066   4,391,849

Golden Valley Unified School District Financing Authority RB for Golden Valley Unified School District Community Facilities District No. 2017-1 Series 2021 A (NR/NR)

    225,000       4.000   09/01/2046   196,790
    470,000       4.000   09/01/2051   401,091
    705,000       4.000   09/01/2056   595,177

Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA)(a)

    1,825,000       4.000   06/01/2046   1,755,464
    1,250,000       4.000   06/01/2051   1,196,877

Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC)(d)

    100,945,000       0.000   06/01/2036   40,785,404

Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-2 (NR/CCC)(d)

    51,235,000       0.000   06/01/2047   9,806,978

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 D (NR/CCC)(d)

$

     260,660,000       0.000 %    06/01/2057   $     13,160,880

Irvine Community Facilities District No. 2013-3 Special Tax Series 2018 (AGM) (NR/AA)

    1,150,000       5.000   09/01/2051   1,240,765

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)

    1,655,000       5.000   09/01/2047   1,697,302
    1,925,000       5.000   03/01/2057   1,967,019

Lammersville Joint Unified School District Special Tax Bonds for Community Facilities District No. 2007-1 Series 2013 (NR/NR)

    2,750,000       6.000   09/01/2043   2,808,775

Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (NR/A-)

    215,000       6.625   08/01/2024   215,640

Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (Aa2/AA-)(d)

    49,925,000       0.000   08/01/2050   13,162,057

Lynwood Redevelopment Agency Tax Allocation for Housing Projects Series 2011 A (NR/A)

    1,625,000       6.750   09/01/2026   1,629,627
    1,500,000       7.000   09/01/2031   1,504,501
    875,000       7.250   09/01/2038   877,771

Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR)(d)

    3,760,000       0.000   08/01/2035   2,272,127

M-S-R Energy Authority Gas RB Series 2009 A (NR/BBB+)

    14,850,000       6.500   11/01/2039   18,337,631

M-S-R Energy Authority Gas RB Series 2009 B (NR/BBB+)

    2,000,000       6.500   11/01/2039   2,469,715

M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+)

    9,410,000       6.125   11/01/2029   10,500,337
    21,765,000       6.500   11/01/2039   26,876,669

Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (Aa3/AA)(b)

    7,000,000       0.000   08/01/2030   7,578,474

New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (AGC) (Aa3/AA)(d)

    860,000       0.000   08/01/2025   788,194
    1,105,000       0.000   08/01/2026   978,231
    5,550,000       0.000   08/01/2030   4,177,128
    7,855,000       0.000   08/01/2032   5,395,329
    7,000,000       0.000   08/01/2034   4,375,312

Orange County California Community Facilities District No. 2015-1 Village of Esencia Special Tax Bonds Series 2015 A (NR/NR)

    2,925,000       5.250   08/15/2045   3,004,227

Orange County California Community Facilities District No. 2017-1 Village of Esencia Special Tax Bonds Series 2018 A (NR/NR)

    250,000       5.000   08/15/2027   270,265
    200,000       5.000   08/15/2028   217,282
    2,900,000       5.000   08/15/2047   2,994,008

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

Orange County Community Facilities District Special Tax RB Series 2020 A (NR/NR)

$

     1,015,000       4.000 %    08/15/2040   $          937,592

Oxnard School District GO Bonds Series B (BAM) (AA/NR)(f)

    7,800,000       4.000   08/01/2047   7,928,989

Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (A2/AA)

    15,815,000       5.000   11/01/2047   16,582,078

Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A2/AA)

    10,750,000       7.000   08/01/2038   12,646,315

Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL) (Aa2/AA)(d)

    1,840,000       0.000   08/01/2025   1,686,880

Poway Unified School District GO Bonds Capital Appreciation for School Facility Improvement Series 2011 B (Aa2/AA-)(d)

    1,300,000       0.000   08/01/2040   624,422

Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)

    500,000       4.000   09/01/2030   495,265
    650,000       4.000   09/01/2031   639,962
    900,000       3.000   09/01/2032   807,350
    820,000       3.000   09/01/2033   725,603
    750,000       3.000   09/01/2034   655,600

Rancho Cordova Community Facilities District No. 2018-1 Special Tax for Grantline 208 Series 2019 (NR/NR)

    400,000       5.000   09/01/2049   412,779

Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (Aa3/AA)(d)

    6,200,000       0.000   08/01/2036   3,357,982

River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax Refunding Bonds Series 2015 A-1 (NR/NR)

    4,835,000       5.375   09/01/2031   4,941,414
    880,000       5.250   09/01/2034   898,990
    6,815,000       5.500   09/01/2045   6,960,873

River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR)

    610,000       4.000   09/01/2046   507,339
    1,400,000       4.000   09/01/2051   1,128,281

River Islands Public Financing Authority Special Tax for Community Facilities District No. 2003-1 Series 2015 B (NR/NR)

    22,500,000       5.500   09/01/2045   22,970,372

Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A)(d)

    2,220,000       0.000   10/01/2033   1,421,971
    2,220,000       0.000   10/01/2035   1,293,037
    1,840,000       0.000   10/01/2037   972,789
    5,100,000       0.000   10/01/2038   2,563,722
    8,425,000       0.000   10/01/2039   4,026,914
    13,395,000       0.000   10/01/2040   6,078,859
    7,275,000       0.000   10/01/2041   3,134,154
    6,360,000       0.000   10/01/2042   2,600,449

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

Riverside County Transportation Commission Toll Revenue Senior Lien Bonds Series 2013 A (NR/A)(g)

$

     2,000,000       5.750 %    06/01/2023   $       2,074,311

Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR)

    395,000       4.000   09/01/2045   347,811
    835,000       4.000   09/01/2050   720,429

Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)

    770,000       5.000   09/01/2029   818,339
    1,865,000       5.000   09/01/2033   1,950,984
    2,250,000       5.000   09/01/2035   2,344,968

Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR)

    1,000,000       5.000   09/01/2049   1,026,402

San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL) (A1/A+)(d)

    1,420,000       0.000   08/01/2025   1,294,756

San Diego County Regional Airport Authority RB Refunding Series 2019 B (AMT) (NR/A-)

    1,000,000       4.000   07/01/2044   949,597

San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-)(d)

    10,000,000       0.000   07/01/2030   7,486,997
    3,005,000       0.000   07/01/2031   2,147,022

San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (Ba1/NR)

    1,370,000       4.000   08/01/2032   1,307,035
    1,560,000       4.000   08/01/2033   1,473,293
    1,680,000       4.000   08/01/2034   1,575,378
    1,810,000       4.000   08/01/2035   1,685,468
    1,945,000       4.000   08/01/2036   1,799,083

San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL) (Aa2/A+)(d)

    1,580,000       0.000   08/01/2024   1,498,696
    1,595,000       0.000   08/01/2025   1,465,373

San Mateo Special Tax Bonds for Community Facilities District No. 2008-1 Bay Meadows Series 2013 (NR/NR)(g)

    2,000,000       5.000   09/01/2022   2,011,626

San Mateo Special Tax Bonds for Community Facilities District No. 2008-1 Bay Meadows Series 2014 (NR/NR)(g)

    2,000,000       5.500   09/01/2022   2,013,172

Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (NR/AA)

    2,000,000       5.000   07/01/2042   2,004,829

Silicon Valley Tobacco Securitization Authority Tobacco Settlement Asset Backed RB Series 2007 C (NR/NR)(d)

    91,400,000       0.000   06/01/2056   7,678,925

Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements Series 2012 B (NR/NR)

    4,000,000       5.250   09/01/2042   4,023,858

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Series 2020 (NR/NR)

$

     4,650,000       4.000 %    09/01/2050   $       4,042,964

Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-2 (NR/NR)(d)

    16,700,000       0.000   06/01/2060   2,403,432

Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (NR/BBB-)

    3,245,000       5.000   06/01/2048   3,157,548

Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)(d)

    9,510,000       0.000   06/01/2054   1,668,010

Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR)

    995,000       5.000   10/01/2045   1,069,604
    1,090,000       2.400   10/01/2049   1,015,073
    1,045,000       5.000   10/01/2049   1,120,198

Tustin California Community Facilities District No. 2014-1 Tustin Legacy/Standard Pacific Special Tax Bonds Series 2015 A (NR/NR)

    750,000       5.000   09/01/2040   766,428
    1,000,000       5.000   09/01/2045   1,017,774

William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR)

    1,400,000       5.000   09/01/2047   1,429,979

William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (Aa2/AA)(d)

    8,360,000       0.000   08/01/2034   5,401,623

Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (Aa2/AA-)(b)

    19,135,000       0.000   08/01/2042   15,420,604
       

 

  869,674,572

 

Colorado – 5.5%

Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR)

    1,575,000       4.700   12/01/2047   1,325,934

Amber Creek Metropolitan District GO Refunding & Improvement Bonds Series 2017 A (NR/NR)

    610,000       5.000   12/01/2037   588,562
    613,000       5.125   12/01/2047   565,637

Aurora Crossroads Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)

    1,480,000       5.000   12/01/2040   1,415,300
    2,610,000       5.000   12/01/2050   2,320,811

Aurora Crossroads Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR)

    4,000,000       7.750   12/15/2050   3,582,416

Banning Lewis Ranch Metropolitan District No. 8 GO Bonds Series 2021 (NR/NR)(a)

    4,000,000       4.875   12/01/2051   3,153,040

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Colorado – (continued)

Banning Lewis Ranch Regional Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR)

$

     4,690,000       5.750 %    12/01/2051   $       3,998,511

Belford North Metropolitan District GO Bonds Series 2020 A (NR/NR)

    3,250,000       5.500   12/01/2050   2,827,275

Belford North Metropolitan District GO Bonds Series 2020 B (NR/NR)

    6,000,000       8.500   12/15/2050   5,414,369

Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR)(a)(b)

    1,930,000       0.000   12/01/2049   1,552,202

Bent Grass Metropolitan District Refunding GO Bonds Series 2020 (NR/NR)(a)

    1,185,000       5.250   12/01/2049   1,114,554

Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Subordinate Series 2017 B (NR/NR)

    670,000       7.000   12/15/2047   604,258

Brighton Crossing Metropolitan District No. 6 GO Bonds Series 2020 A (NR/NR)

    1,500,000       5.000   12/01/2050   1,339,526

Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)(a)

    1,300,000       5.000   12/01/2049   1,203,280

Bromley Park Metropolitan District No. 2 GO Bonds Subordinate Series 2018 B (NR/NR)

    1,000,000       6.375   12/15/2047   964,108

Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR)

    2,250,000       5.375   12/01/2048   2,137,480

Canyon Pines Metropolitan District Special Improvement District No. 1 Special Assessment Bond Series 2021 A-2 (NR/NR)

    9,500,000       3.750   12/01/2040   7,218,262

Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)

    1,750,000       6.000   12/01/2037   1,696,916
    4,000,000       6.125   12/01/2047   3,867,380

Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)

    2,000,000       6.125   12/01/2047   1,933,690

Cascade Ridge Metropolitan District GO Bonds Series 2021 (NR/NR)

    2,500,000       5.000   12/01/2051   2,032,602

Castleview Metropolitan District LT GO Bonds Series 2021A3 (NR/NR)

    4,220,000       5.000   12/01/2050   3,472,621

Chambers Highpoint Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR)

    835,000       5.000   12/01/2051   720,887

Cherry Creek South Metropolitan District Lt Go Bonds Series 2021 (NR/NR)

    9,400,000       6.000   12/01/2051   7,991,429

Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR)

    2,575,000       5.350   12/01/2050   2,284,126

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Colorado – (continued)

Clear Creek Station Metropolitan District No. 2 GO Bonds Subordinate Series 2017 B (NR/NR)

$

     500,000       7.375 %    12/15/2047   $          457,091

Clear Creek Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)

    762,000       4.375   12/01/2032   718,262

Clear Creek Transit Metropolitan District No. 2 GO Bonds Series 2021 A (NR/NR)

    580,000       5.000   12/01/2041   527,648
    1,000,000       5.000   12/01/2050   866,368

Cloverleaf Metropolitan District GO LT Bonds Series 2022A (NR/NR)

    1,825,000       6.000   12/01/2051   1,831,825

Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (NR/NR)

    2,075,000       4.000   10/01/2061   1,587,214

Colorado Educational & Cultural Facilities Authority RB for Aspen View Academy, Inc. Series 2021 (Baa3/NR)

    475,000       4.000   05/01/2051   385,656
    550,000       4.000   05/01/2061   426,901

Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR)(a)

    900,000       5.000   02/01/2051   788,739
    2,335,000       5.000   02/01/2061   1,985,520

Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR)(a)

    6,000,000       5.000   10/01/2049   5,741,581

Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2013 A (NR/NR)(g)

    3,000,000       5.750   12/01/2023   3,164,036

Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Baa1/NR)

    2,650,000       4.000   09/01/2050   2,363,758

Colorado Health Facilities Authority RB Refunding for Christian Living Neighborhoods Obligated Group Series 2021 (NR/NR)

    950,000       4.000   01/01/2042   777,935

Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-)

    7,580,000       5.000   08/01/2044   7,743,289
    2,135,000       3.250   08/01/2049   1,578,370

Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (NR/A+)

    2,045,000       4.000   11/01/2039   1,963,647
    2,300,000       5.000   11/01/2049   2,377,824

Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (NR/NR)

    965,000       5.000   12/31/2047   972,598
    965,000       5.000   12/31/2051   971,437
    2,980,000       5.000   12/31/2056   2,997,277

Colorado Springs Urban Renewal Authority RB for Canyon Creek Project Series 2018 A (NR/NR)

    3,000,000       5.750   12/01/2047   2,708,055

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Colorado – (continued)

Conestoga Metropolitan District LT GO Refunding & Improvement Bonds Series 2021A3 (NR/NR)

$

     850,000       5.250 %    12/01/2051   $          734,220

Constitution Heights Metropolitan District GO Refunding Bonds Series 2020 (NR/NR)

    1,760,000       5.000   12/01/2049   1,626,726

Copper Ridge Metropolitan District RB Series 2019 (NR/NR)

    4,240,000       5.000   12/01/2039   3,907,890
    1,750,000       5.000   12/01/2043   1,579,513

Copperleaf Metropolitan District GO LT Bonds Series 2021 (NR/NR)

    3,600,000       4.875   12/01/2051   2,852,112

Copperleaf Metropolitan District No. 3 GO Bonds Series 2017 A
(NR/NR)(g)

    500,000       5.000   12/01/2022   522,086
    700,000       5.125   12/01/2022   731,274

Copperleaf Metropolitan District No. 3 GO Bonds Subordinate Series 2017 B (NR/NR)(g)

    506,000       7.625   12/15/2022   534,191

Copperleaf Metropolitan District No. 6 Arapoe County Subordinate LT GO Bonds Series 2022B (NR\NR)

    725,000       6.000   12/15/2041   681,511

Copperleaf Metropolitan District No. 6 GO Bonds Series 2018 A
(NR/NR)(g)

    2,000,000       5.250   12/01/2023   2,149,656

Copperleaf Metropolitan District No. 6 GO Bonds Subordinate Series 2018 B (NR/NR)(g)

    820,000       7.500   12/15/2023   904,906

Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)

    1,000,000       5.125   12/01/2037   975,062
    2,100,000       5.250   12/01/2047   1,995,174

Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR)

    3,835,000       5.000   12/01/2049   3,515,284

Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Senior Bonds Series 2021A (NR/NR) (NR/NR)(a)

    2,045,000       5.500   12/01/2039   1,758,390
    5,790,000       5.750   12/01/2049   4,839,585

Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Subordinate Bonds Series 2021B (NR/NR) (NR/NR)(a)

    2,350,000       8.000   12/15/2049   2,045,450

Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)(a)

    5,490,000       5.500   12/01/2039   4,770,678
    10,900,000       5.750   12/01/2049   9,178,642

Creekwalk Marketplace Business Improvement District RB Series 2019 B (NR/NR)(a)

    2,370,000       8.000   12/15/2049   2,083,749

Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (NR/B)

    17,970,000       5.000   10/01/2032   17,911,659

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Colorado – (continued)

Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB)(a)

$

     5,555,000       5.000 %    12/01/2028   $       5,957,415
    7,200,000       5.000   12/01/2034   7,517,843
    4,800,000       4.000   12/01/2035   4,562,402
    4,800,000       4.000   12/01/2036   4,532,782

Denver Connection West Metropolitan District GO Bonds Series 2017 A (NR/NR)(g)

    2,470,000       5.375   12/01/2022   2,581,792

Denver Connection West Metropolitan District GO Bonds Subordinate Series 2017 B (NR/NR)(g)

    1,223,000       8.000   12/15/2022   1,292,549

Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-)

    665,000       5.000   12/01/2030   693,373
    2,500,000       5.000   12/01/2032   2,581,347

Denver Health & Hospital Authority COPS Series 2018 (NR/BBB)

    425,000       5.000   12/01/2032   448,727
    1,825,000       4.000   12/01/2038   1,686,486
    1,690,000       5.000   12/01/2048   1,737,379

Denver Health & Hospital Authority RB Series 2019 A (NR/BBB)

    1,185,000       4.000   12/01/2038   1,092,260
    1,900,000       4.000   12/01/2039   1,737,143
    950,000       4.000   12/01/2040   861,066

Dinosaur Ridge Metropolitan District RB Refunding and Improvement Bonds Series 2019 A (NR/NR)

    3,715,000       5.000   06/01/2049   3,373,820

E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL) (A2/A) (d)

    3,000,000       0.000   09/01/2039   1,297,265

E-470 Public Highway Authority RB Series 2004 A (NATL) (A2/A)(d)

    15,000,000       0.000   09/01/2028   12,126,915
    4,100,000       0.000   09/01/2034   2,484,589

E-470 Public Highway Authority RB Series 2010 A (A2/A)(d)

    20,000,000       0.000   09/01/2040   8,775,704

Eagle Brook Meadows Metropolitan District No. 3 GO Bonds Series 2021 (NR/NR)

    1,600,000       5.000   12/01/2051   1,346,493

El Paso County Waterview II Metropolitan LT GO Bonds Series 2022A (NR\NR)

    2,000,000       5.000   12/01/2051   1,717,808

Fiddler’s Business Improvement District GO Refunding Bonds Series 2022 (NR/NR)(a)

    2,950,000       5.550   12/01/2047   3,017,412

First Creek Village Metropolitan District GO Bonds Series 2019 A (Ba1/NR)

    1,580,000       5.000   08/01/2049   1,488,046

First Creek Village Metropolitan District GO Bonds Series 2019 B (NR/NR)

    515,000       6.750   08/01/2049   508,654

Glen Metropolitan District GO LT Bonds Series 2021 (NR/NR)

    2,370,000       4.250   12/01/2051   1,788,213

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Colorado – (continued)

Green Gables Metropolitan District No. 2 GO Bonds Senior Series 2018 A (NR/NR)

$

     4,500,000       5.750 %    12/01/2048   $       4,457,491

Greenspire Metropolitan District GO LT Bonds Series 2022 (NR/NR)

    1,430,000       5.125   12/01/2051   1,271,517

Greenways Metropolitan District No. 1 GO Bonds Series 2021 A (NR/NR)

    1,080,000       4.625   12/01/2051   840,473

Haskins Station Metropolitan District GO Bonds Series 2019 A (NR/NR)

    650,000       5.000   12/01/2039   618,440
    925,000       5.000   12/01/2049   835,700

Hidden Creek Metropolitan District GO Bonds Series 2021 A (NR/NR)(a)

    1,140,000       4.625   12/01/2045   895,080

High Plains Metropolitan District GO Refunding Bonds Series 2017 (NATL) (A2/NR)

    3,930,000       4.000   12/01/2047   3,856,886

Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR)

    570,000       5.000   12/01/2051   472,103

Horizon Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR)(a)

    1,187,000       4.500   12/01/2051   829,157

Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR)

    2,000,000       5.000   12/01/2049   1,848,552

Jay Grove Metropolitan District GO Bonds Series 2021 (NR/NR)

    1,225,000       4.250   12/01/2051   929,101

Jefferson Center Metropolitan District No. 1 RB Series 2020 A-2 (Ba2/NR)

    580,000       4.125   12/01/2040   507,308
    900,000       4.375   12/01/2047   773,250

Johnstown Farms East Metropolitan District GO LT Bonds Series 2021 (NR/NR)

    1,000,000       5.000   12/01/2051   820,677

Johnstown Plaza Metropolitan District LT GO Refunding and Improvement Bonds Series 2022 (NR/NR)

    9,525,000       4.250   12/01/2046   7,969,806

Johnstown Village Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)

    1,980,000       5.000   12/01/2050   1,749,367

Jones District Community Authority Board RB for Convertible Capital Appreciation Bonds Series 2020 (NR/NR)(b)

    7,800,000       0.000   12/01/2050   6,377,865

Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)

    4,190,000       5.000   12/01/2049   3,888,673

Lanterns Metropolitan District No. 1 GO Bonds Series 2019 B (NR/NR)

    683,000       7.750   12/15/2049   620,652

Lanterns Metropolitan District No. 2 GO Bonds Series 2021 A (NR/NR)

    2,830,000       4.500   12/01/2050   2,117,221

Lochbuie Station Residential Metropolitan District GO Bonds Series 2020 A (NR/NR)

    1,180,000       5.750   12/01/2050   1,130,707

Loretto Heights Community Authority RB Series 2021 (NR/NR)

    4,500,000       4.875   12/01/2051   3,574,371

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Colorado – (continued)

Meadowlark Metropolitan District GO Bonds Series 2020 A (NR/NR)

$

     525,000       4.875 %    12/01/2040   $          472,488
    750,000       5.125   12/01/2050   662,507

Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)

    2,665,000       5.000   12/01/2049   2,394,139

Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR)

    1,473,000       7.375   12/15/2049   1,307,042

Morgan Hill Metropolitan District GO LT Refunding & Improvement Bonds Senior Series 2021A (NR/NR)

    2,900,000       4.000   12/01/2051   2,294,536

Mountain Sky Metropolitan District GO Bonds Series 2020 A (NR/NR)

    980,000       5.000   12/01/2049   889,416

Muegge Farms Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR)

    3,225,000       5.000   12/01/2051   2,593,521

Murphy Creek Metropolitan District GO LT Bonds Series 2021 (NR/NR)

    12,788,000       5.000   12/01/2051   10,451,551

Nexus North at DIA Metropolitan District GO Bonds Series 2021 (NR/NR)

    520,000       5.000   12/01/2041   466,758
    570,000       5.000   12/01/2051   488,880

North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)

    1,260,000       5.500   12/01/2048   1,216,554

North Range Metropolitan District No. 2 GO Refunding Bonds Series 2017 A (NR/NR)

    3,270,000       5.625   12/01/2037   3,298,187
    5,380,000       5.750   12/01/2047   5,405,772

Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-)

    330,000       4.000   12/01/2032   316,594
    320,000       4.000   12/01/2033   309,200
    190,000       4.000   12/01/2034   182,245
    550,000       4.000   12/01/2036   523,461
    215,000       4.000   12/01/2038   203,799

Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2019 (NR/NR)

    4,711,000       7.250   12/15/2049   4,200,538

Palisade Park West Metropolitan District GO Bonds Series 2019 A (NR/NR)

    1,500,000       5.125   12/01/2049   1,396,727

Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 A (NR/NR)

    2,140,000       5.000   12/01/2040   2,012,292
    3,335,000       5.250   12/01/2050   3,002,561

Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 B (NR/NR)

    1,924,000       7.750   12/15/2050   1,725,508

Patriot Park Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR)

    550,000       4.300   12/01/2050   442,074

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Colorado – (continued)

Peak Metropolitan District No. 1 GO Bonds Series 2021 A (NR/NR)(a)

$

     1,150,000       5.000 %    12/01/2051   $       1,006,246

Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)

    1,200,000       5.000   12/01/2050   1,072,007

Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR)(a)

    1,000,000       5.000   12/01/2040   966,211

Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR)

    800,000       5.000   12/01/2049   742,606

Powhaton Community Authority LT Supported RB Series 2021 (NR/NR)

    5,460,000       5.000   12/01/2051   4,506,649

Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)

    2,000,000       5.625   12/01/2048   1,966,131

Prairie Center Metropolitan District No. 3 Limited Property Tax Supported RB Refunding Series 2017 A (NR/NR)(a)

    3,000,000       5.000   12/15/2041   2,848,226

Prairie Center Metropolitan District No. 7 GO Bonds Series 2020 (NR/NR)

    840,000       4.125   12/15/2036   750,786
    725,000       4.875   12/15/2044   640,813

Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A2/A-)

    4,200,000       6.500   11/15/2038   5,159,245

Pueblo Urban Renewal Authority Tax Allocation Series 2021 A
(NR/NR)(a)

    5,400,000       4.750   12/01/2045   4,837,228

Pueblo Urban Renewal Authority Tax Allocation Series 2021 B
(NR/NR)(a)(d)

    150,000       0.000   12/01/2025   124,487

Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)

    9,930,000       5.000   12/01/2049   9,035,207

Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR)

    1,750,000       4.000   12/01/2051   1,329,994

Reunion Metropolitan District RB Series 2021 A (NR/NR)

    2,250,000       3.625   12/01/2044   1,667,728

Ridgeline Vista Metropolitan District GO Bonds Series 2021 A (NR/NR)

    1,000,000       5.250   12/01/2060   963,116

Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR)

    1,150,000       5.000   12/01/2049   1,073,646

Riverview Metropolitan District GO Refunding Bonds Series 2021 (NR/NR)

    500,000       5.000   12/01/2051   432,705

RRC Metropolitan District LT GO Bonds Series 2021 (NR/NR)

    5,125,000       5.250   12/01/2051   4,184,056

Sabell Metropolitan District GO Bonds Series 2020 A (NR/NR)(a)

    1,055,000       5.000   12/01/2050   914,601

Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR)

    3,450,000       5.000   12/01/2039   3,313,372
    5,695,000       5.000     12/01/2049   5,220,220

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Colorado – (continued)

Senac South Metropolitan District GO LT Bonds Series 2021A3 (NR/NR)

$

     9,375,000       5.250 %   12/01/2051   $       7,861,322

Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)(g)

    550,000       5.125   12/01/2023   590,207
    1,000,000       5.125   12/01/2023   1,073,104

Serenity Ridge Metropolitan District No. 2 Subordinated GO Limited Tax Bonds Series 2018 B (NR/NR)(g)

    635,000       7.250   12/15/2023   699,993

Settler’s Crossing Metropolitan District No. 1 GO Bonds Series 2020 A (NR/NR)(a)

    1,000,000       5.000   12/01/2040   947,403
    1,625,000       5.125   12/01/2050   1,450,334

Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR)

    1,460,000       5.000   12/01/2049   1,462,218

South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA)

    375,000       4.000   12/01/2039   379,588
    750,000       4.000   12/01/2044   749,027
    2,210,000       3.000   12/01/2049   1,682,051

South Timnath Metropolitan District No. 1 GO Limited Subordinate Tax Bonds Series 2019 B (NR/NR)

    2,208,000       8.000   12/15/2048   2,008,338

South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR)

    500,000       5.500   12/01/2048   461,096

St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)

    2,550,000       5.125   12/01/2047   2,494,423

Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A3/NR)

    650,000       5.000   12/01/2039   689,453

Sterling Ranch Community Authority Board Limited Tax Special Senior RB Series 2017 A (NR/NR)

    8,920,000       5.000   12/01/2038   8,821,226
    18,750,000       5.000   12/01/2047   17,744,113

Sterling Ranch Community Authority Board RB for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 B (NR/NR)

    720,000       7.125   12/15/2050   647,383

Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR)

    2,500,000       4.250   12/01/2050   2,037,969

Stone Creek Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)

    2,000,000       5.625   12/01/2047   1,966,791

Takoda Metropolitan District Limited Tax GO Refunding Bonds Series 2018 (Baa3/NR)

    8,000,000       6.000   12/01/2050   8,617,163

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Colorado – (continued)

The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR)

$

     1,100,000       5.000 %    12/01/2040   $       1,079,193
    1,750,000       5.000   12/01/2049   1,684,259

Timberleaf Metropolitan District GO Bonds Series 2020 A (NR/NR)

    1,730,000       5.750   12/01/2050   1,664,415

Timnath Ranch Metropolitan District No. 4 Limited Tax GO Refunding Improvement Bonds Series 2018 A (NR/NR)

    815,000       5.250   12/01/2037   802,280
    2,400,000       5.375   12/01/2047   2,286,565

Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (NR/AA)

    805,000       5.000   12/01/2050   875,205

Village at Dry Creek Metropolitan District No. 2 GO Bonds for Thornton Adams Series 2019 (NR/NR)

    1,570,000       4.375   12/01/2044   1,351,261

Villages at Johnstown Metropolitan District No. 3 GO Bonds Series 2020 A (NR/NR)

    580,000       5.000   12/01/2040   539,053
    1,020,000       5.000   12/01/2050   891,301

Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR)

    1,500,000       5.000   12/01/2050   1,291,688

Westerly Metropolitan District No. 4 GO Bonds Series 2021 A-2
(NR/NR)(b)

    1,000,000       0.000   12/01/2050   785,697

Westerly Metropolitan District No. 4 GO Bonds Series 2021 B-3 (NR/NR)

    4,238,000       8.000   12/15/2050   3,765,077

Westown Metropolitan District GO Bonds Series 2017 A (NR/NR)(g)

    863,000       5.000   12/01/2022   900,574

Whispering Pines Metropolitan District No. 1 GO Bonds Subordinated Series 2017 B (NR/NR)

    1,467,000       7.375   12/15/2047   1,319,704

Whispering Pines Metropolitan District No. 1 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)

    1,000,000       5.000   12/01/2037   979,168
    2,500,000       5.000   12/01/2047   2,339,592

Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 A (NR/NR)(a)

    980,000       5.000   12/01/2050   883,981

Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 B (NR/NR)

    181,000       7.750   12/15/2050   165,564

Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)

    3,470,000       5.375   12/01/2048   3,344,299

Willow Bend Metropolitan District GO Bonds Series 2019 A (NR/NR)

    1,000,000       5.000   12/01/2049   921,636

Windler Public Improvement Authority RB Series 2021 A-1 (NR/NR)

    12,250,000       4.125   12/01/2051   9,110,920

Windler Public Improvement Authority RB Series 2021 A-2 (NR/NR)(b)

    9,400,000       0.000   12/01/2051   4,936,601

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Colorado – (continued)

Windshire Park Metropolitan District No. 2 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)

$

     1,500,000       6.500 %    12/01/2047   $       1,476,076

Winsome Metropolitan District No. 3 GO Bonds Series 2021 A (NR/NR)(a)

    2,184,000       5.125   12/01/2050   1,780,925

Woodmen Heights Metropolitan District No. 2 GO Refunding Bonds Series 2020 B-1 (NR/NR)

    1,825,000       6.250   12/15/2040   1,792,885
       

 

        503,512,596

 

Connecticut – 0.4%

City of New Haven CT GO Bonds Series 2018 (BBB+/NR)

    410,000       5.500   08/01/2038   449,316

City of New Haven GO Bonds Series 2018 A (NR/BBB+)

    900,000       5.500   08/01/2034   1,002,840
    500,000       5.500   08/01/2035   554,824
    420,000       5.500   08/01/2036   464,223
    400,000       5.500   08/01/2037   440,276

Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR)(a)

    1,150,000       5.000   01/01/2045   1,149,941
    1,650,000       5.000   01/01/2055   1,611,142

Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BBB-)

    1,015,000       4.000   07/01/2039   899,894
    3,500,000       4.000   07/01/2044   2,966,294
    3,500,000       4.000   07/01/2049   2,871,385

Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/CCC+)(a)

    20,100,000       7.000   02/01/2045   20,372,958

State of Connecticut GO Bonds Series 2018 C (Aa3/A+)

    450,000       5.000   06/15/2032   495,895

State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/A+)

    500,000       4.000   04/15/2037   501,259

Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)(a)

    1,125,000       4.000   04/01/2051   911,769

Town of Hamden GO Refunding Bonds Series 2013 (AGM) (A2/AA)

    500,000       5.000   08/15/2023   516,560
       

 

        35,208,576

 

Delaware – 0.2%

Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR\BB)

    1,075,000       4.000   06/01/2052   878,917
    1,125,000       4.000   06/01/2057   899,606

Delaware Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 B (NR/NR)

    3,785,000       5.000   11/15/2048   3,899,026

Delaware Health Facilities Authority RB Refunding for Bayhealth Medical Center Obligated Group Series 2017 A (NR/AA-)

    3,130,000       4.000   07/01/2043   3,081,085

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Delaware – (continued)

Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (NR/BBB-)

$

     855,000       5.000 %    08/01/2049   $          829,986
    795,000       5.000   08/01/2054   762,000

Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (NR/BBB+)

    1,900,000       5.000   09/01/2050   1,936,183

Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR)

    5,200,000       4.000   07/01/2035   4,858,723
       

 

  17,145,526

 

District of Columbia – 1.0%

District of Columbia RB for International School Series 2019 (NR/BBB)

    1,275,000       5.000   07/01/2049   1,270,799

District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+)

    655,000       4.000   07/01/2044   594,355
    1,300,000       4.000   07/01/2049   1,150,313

District of Columbia RB for Rocketship DC Obligated Group Series 2021 A (NR/NR)(a)

    600,000       5.000   06/01/2061   581,972

District of Columbia RB for Rocketship DC Obligated Group Series 2021A (NR/NR)(a)

    445,000       5.000   06/01/2051   443,151

Metropolitan Washington Airports Authority Dulles Toll Road RB Second Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2010 B (Baa1/A-)

    37,100,000       6.500   10/01/2044   42,045,189

Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A2/AA)

    7,065,000       3.000   10/01/2050   5,368,392
    3,570,000       4.000   10/01/2053   3,287,655

Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (Baa2/A-)

    815,000       4.000   10/01/2044   744,274
    1,075,000       5.000   10/01/2047   1,105,239
    1,610,000       4.000   10/01/2049   1,434,958
    1,115,000       4.000   10/01/2053   979,617

Metropolitan Washington Airports Authority Dulles Toll Road Revenue (NR/NR)

    25,000,000       6.500   10/01/2041   29,296,160
       

 

  88,302,074

 

Florida – 15.0%

Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    1,385,000       5.500   06/15/2052   1,393,382

Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR)

    3,595,000       4.750   05/01/2036   3,523,401

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Aberdeen Community Development District Special Assessment Series 2018 (NR/NR)

$

     625,000       5.000 %    05/01/2039   $          613,800
    1,025,000       5.100   05/01/2049   988,646

Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    1,580,000       3.625   05/01/2040   1,298,589
    5,755,000       4.000   05/01/2051   4,711,497

Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    500,000       3.750   05/01/2029   477,653

Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-)

    1,715,000       3.500   05/01/2031   1,635,322

Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (NR/AA)

    3,970,000       3.500   05/01/2032   3,989,498
    6,700,000       3.700   05/01/2036   6,724,317

Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)

    730,000       4.625   05/01/2028   730,910
    1,795,000       5.000   05/01/2036   1,769,183

Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-1 (NR/NR)

    3,305,000       6.900   05/01/2036   3,204,604

Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-2 (NR/NR)

    860,000       6.900   05/01/2036   822,337

Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR)

    500,000       4.000   11/01/2040   438,933
    3,155,000       4.000   11/01/2050   2,591,599

Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)(a)

    1,845,000       5.100   05/01/2039   1,812,171
    3,080,000       5.200   05/01/2049   2,997,256

Artisan Lakes East Community Development District Special Assessment Bond Series 2021-2 (NR/NR)(a)

    270,000       2.750   05/01/2031   224,650
    515,000       3.125   05/01/2041   385,691

Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)(a)

    500,000       3.200   05/01/2041   384,162
    1,025,000       4.000   05/01/2052   842,065

Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)(a)

    775,000       3.200   05/01/2041   599,115

Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR)

    660,000       4.375   11/01/2049   584,315

Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)

    740,000       5.750   05/01/2048   747,902

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR)

$

     250,000       3.375 %    05/01/2041   $          197,725
    475,000       4.000   05/01/2051   391,981

Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR)

    1,810,000       6.000   05/01/2048   1,876,876

Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR)

    650,000       3.125   05/01/2041   492,605

Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR)

    580,000       3.750   05/01/2040   482,416
    880,000       4.000   05/01/2051   720,437

Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)(a)

    900,000       4.500   06/01/2039   850,436
    1,630,000       4.625   06/01/2049   1,492,595

Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR)

    550,000       4.000   05/01/2051   450,558

Babcock Ranch Community Independent Special District Special Assessment Area 3A Series 2020 (NR/NR)

    1,000,000       4.000   05/01/2050   822,734

Babcock Ranch Community Independent Special District Special Assessment Area 3B Series 2020 (NR/NR)

    390,000       4.000   05/01/2051   319,487

Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR)

    910,000       4.750   11/01/2026   926,367
    700,000       5.000   11/01/2031   703,675
    6,005,000       5.250   11/01/2046   6,029,936

Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)(a)

    935,000       5.000   11/01/2049   902,431
    750,000       5.125   11/01/2049   732,146

Babcock Ranch Community Independent Special District Special Assessment RB Series 2022 (NR/NR)

    3,500,000       5.000   05/01/2042   3,384,979
    4,250,000       5.000   05/01/2053   3,979,613

Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR)

    1,880,000       4.000   05/01/2052   1,532,542

Balm Grove Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    1,575,000       4.000   11/01/2042   1,362,586
    1,575,000       4.125   11/01/2051   1,314,336

Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)

    215,000       4.500   11/01/2025   216,587
    955,000       5.000   11/01/2036   949,194
    1,055,000       5.000   11/01/2048   1,020,109

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Bannon Lakes Community Development District Special Assessment RB Series 2022 (NR\NR)

$

     2,160,000       4.000 %    05/01/2053   $       1,753,388

Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR)(a)

    705,000       3.500   05/01/2041   559,117
    775,000       4.000   05/01/2051   634,476

Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A-)

    1,840,000       4.250   05/01/2029   1,893,546

Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR)

    905,000       5.000   05/01/2035   905,679

Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (NR/BBB+)

    890,000       3.750   05/01/2031   849,938
    1,025,000       4.000   05/01/2037   981,033

Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (NR/A+)

    1,610,000       4.250   05/01/2031   1,614,533
    2,810,000       4.250   05/01/2037   2,729,580

Beaumont Community Development District Special Assessment Bonds for Assessment Area Two-Commercial Project Series 2019 (NR/NR)(a)

    1,300,000       6.375   11/01/2049   1,302,108

Bellagio Community Development District Special Assessment Bonds Series 2013 (NR/BBB)

    465,000       6.000   11/01/2027   498,734
    490,000       3.750   11/01/2031   460,971
    2,975,000       6.500   11/01/2043   3,324,688
    1,495,000       4.125   11/01/2046   1,324,445

Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    1,045,000       4.000   05/01/2040   920,863
    1,630,000       4.000   05/01/2051   1,334,447

Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR)

    770,000       6.125   11/01/2033   815,979
    1,000,000       6.500   11/01/2043   1,069,911

Belmont II Community Development District Special Assessment Series 2020 (NR/NR)

    1,285,000       3.625   12/15/2040   1,048,586
    1,000,000       4.000   12/15/2050   821,049

Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR)

    1,250,000       3.625   05/01/2041   997,992
    1,500,000       4.000   05/01/2051   1,226,801

Bexley Community Development District Special Assessment Bonds Series 2016 (NR/NR)

    400,000       4.100   05/01/2026   399,001
    1,680,000       4.700   05/01/2036   1,636,236
    3,200,000       4.875   05/01/2047   3,059,994

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR)

$

     325,000       3.750 %    06/15/2040   $          270,911
    950,000       4.000   06/15/2050   781,330

Black Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    975,000       5.625   06/15/2052   974,261

Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    900,000       4.250   06/15/2039   835,253

Boggy Branch Community Development District Special Assessment Series 2021 (NR/NR)

    1,165,000       3.500   05/01/2041   916,705
    1,360,000       4.000   05/01/2051   1,114,044

Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    565,000       3.625   05/01/2040   461,841
    1,590,000       4.000   05/01/2050   1,308,202

Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR\NR)

    1,650,000       4.000   06/15/2052   1,344,304

Bridgewater Community Development District Special Assessment Refunding Bonds for Assessment Area Two Series 2015 (NR/NR)

    6,370,000       5.750   05/01/2035   6,473,208

Bridgewater North Community Development District Capital Improvement RB Series 2022 (NR\NR)

    1,610,000       4.000   05/01/2052   1,312,464

Brightwater Community Development District Special Assessment Bonds for Assessment Area One Series 2021 (NR/NR)

    1,000,000       3.150   05/01/2041   758,826

Brookstone Community Development District Special Assessment RB Series 2018 (NR/NR)(a)

    210,000       3.875   11/01/2023   208,488

Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    1,000,000       4.000   12/15/2039   885,698
    1,350,000       4.000   12/15/2049   1,113,356

Capital Trust Agency Educational Facilities RB Series 2021A (NR/NR)(a)

    2,210,000       5.000   12/01/2056   1,741,350

Capital Trust Agency Student Housing RB for American Eagle Obligated Group Series 2018 A-1 (NR/NR)*

    31,390,000       5.875   07/01/2054   28,251,000

Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR)(a)

    61,455,000       5.250   12/01/2058   57,419,846

Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR)(a)

    595,000       4.000   07/01/2056   429,939

Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR)(a)

    3,030,000       5.000   06/01/2056   2,672,049

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (Ba1/NR)(a)

$

     1,155,000       5.000 %    12/15/2049   $       1,097,144
    1,075,000       5.000   12/15/2054   1,008,783

Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (Baa3/NR)

    275,000       5.000   08/01/2040   282,730
    750,000       5.000   08/01/2055   756,949

Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR)(a)

    2,025,000       5.250   12/01/2043   1,969,102

Carlton Lakes Community Development District Special Assessment RB Series 2018 (NR/NR)

    150,000       4.000   05/01/2024   150,201
    495,000       5.125   05/01/2038   490,936
    1,000,000       5.250   05/01/2049   982,869

Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR)

    850,000       4.000   05/01/2051   695,623

Centre Lake Community Development District Special Assessment Series 2016 (NR/NR)

    375,000       4.125   12/15/2027   372,953
    500,000       4.500   12/15/2032   489,158
    975,000       4.700   12/15/2037   951,955

Century Parc Community Development District Special Assessment Refunding Series 2012 (NR/A)

    215,000       3.875   11/01/2022   215,346
    25,000       4.000   11/01/2023   25,038
    1,705,000       4.500   11/01/2031   1,706,079

Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    630,000       3.750   05/01/2040   525,531
    705,000       4.000   05/01/2050   580,052

CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    820,000       3.350   05/01/2041   633,140
    1,165,000       4.000   05/01/2051   954,310

Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)(a)

    730,000       3.375   05/01/2041   575,626
    1,055,000       4.000   05/01/2052   873,662

Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)(a)

    1,720,000       3.700   05/01/2040   1,420,232
    3,010,000       4.000   05/01/2051   2,464,224

Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR)

    1,510,000       4.375   05/01/2050   1,321,575

Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR)

    1,055,000       4.000   05/01/2052   859,415

Charlotte County IDA Utility System RB Series 2021A (NR/NR)(a)

    3,750,000       4.000   10/01/2051   2,772,351

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)(a)

$

     800,000       5.500 %    10/01/2036   $          805,066

Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)(a)

    5,900,000       5.000   10/01/2049   5,554,930

City of Cape Coral Water & Sewer RB Refunding Series 2015 (A1/A+)

    1,750,000       4.000   10/01/2034   1,789,655

City of Gainsville Variable Rate Utility System RB 2012 Series B (NR/Aa3)(f)

    11,345,000       0.370   10/01/2042   11,345,000

City of Jacksonville RB Refunding for Genesis Health, Inc. Obligated Group Series 2020 (NR/A-)

    5,000,000       5.000   11/01/2050   5,196,833

City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/NR)

    975,000       5.250   06/01/2052   962,013
    1,750,000       5.375   06/01/2057   1,732,392
    1,375,000       5.625   06/01/2062   1,382,381

City of Tampa RB for H Lee Moffitt Cancer Center & Research Institute Obligated Group Series 2020 B (A2/A-)

    1,495,000       4.000   07/01/2045   1,411,390
    1,740,000       5.000   07/01/2050   1,813,830

City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (NR/NR)

    480,000       5.000   01/01/2037   473,672
    1,725,000       5.000   01/01/2047   1,627,397
    1,615,000       5.000   01/01/2052   1,504,481

CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A2/AA)(b)

    25,620,000       0.000   05/01/2046   23,353,785

CityPlace Community Development District Special Assessment RB Refunding Series 2012 (NR/NR)

    2,350,000       5.000   05/01/2026   2,462,346

Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR)(a)

    500,000       4.750   06/15/2039   485,590
    1,000,000       5.000   06/15/2049   956,116

Coddington Community Development District Capital Improvement RB Series 2022 (NR/NR)(a)(e)

    900,000       5.750   05/01/2052   938,247

Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (NR/A)

    2,990,000       3.500   05/01/2032   2,829,408
    1,500,000       3.625   05/01/2035   1,404,248
    1,750,000       3.750   05/01/2046   1,554,021

Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)*

    3,305,000       5.850   05/01/2035   33

Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR)*

    3,980,000       5.000   05/01/2011   40

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)

$

     1,030,000       5.850 %    05/01/2035   $          976,290

Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR)*(d)

    2,939,931       0.000   05/01/2017   1,558,163

Copper Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)(a)

    135,000       3.875   11/01/2024   133,215
    270,000       4.000   11/01/2029   262,300
    500,000       4.750   11/01/2038   487,325
    1,000,000       5.000   11/01/2049   944,547

Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    425,000       4.000   12/15/2039   375,768
    1,000,000       4.250   12/15/2049   860,338

Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    535,000       4.000   05/01/2040   471,328
    760,000       4.000   05/01/2050   625,304

Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(a)

    2,200,000       5.125   11/01/2050   2,055,216

Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (NR/BBB)

    782,000       4.000   05/01/2031   754,789
    1,407,000       4.250   05/01/2038   1,317,910

Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (NR/AA)

    940,000       3.750   05/01/2029   943,400

County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A1/A)

    4,310,000       4.000   09/01/2044   3,953,250

County of Lake RB Refunding for Waterman Communities, Inc. Series 2020 A (NR/NR)

    4,000,000       5.750   08/15/2050   3,691,839
    2,000,000       5.750   08/15/2055   1,811,830

County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+)

    1,610,000       4.000   10/01/2054   1,378,605

Covington Park Community Development District Special Assessment RB for Capital Improvement Series 2018 (NR/BBB)

    500,000       4.000   05/01/2038   477,320
    1,175,000       4.125   05/01/2048   1,102,803

Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)(a)

    1,570,000       4.700   11/01/2039   1,518,584
    2,495,000       4.750   11/01/2049   2,327,884

Creek Preserve Community Development District Special Assessment RB Series 2020 (NR/NR)(a)

    175,000       3.625   11/01/2040   142,631
    375,000       4.000   11/01/2050   308,008

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

  

Value

Municipal Bonds – (continued)

Florida – (continued)

Creekview Community Development District Special Assessment RB Series 2022 (NR/NR)

$

     3,845,000       4.750 %    05/01/2053   $       3,497,470

Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    1,675,000       4.500   05/01/2052   1,487,484

Crossings Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    1,825,000       5.125   05/01/2052   1,797,435

Crystal Cay Community Development District Special Assessment for 2021 Project Series 2021 (NR/NR)

    1,000,000       4.000   05/01/2051   818,679

Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR)(a)

    1,175,000       3.800   05/01/2050   926,265

Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR)

    525,000       4.000   06/15/2040   461,566
    1,500,000       4.000   06/15/2050   1,232,449

Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)(a)

    1,175,000       3.875   05/01/2040   1,005,880
    1,210,000       4.000   05/01/2051   990,601

Cypress Park Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    570,000       5.000   05/01/2042   543,085
    1,150,000       5.125   05/01/2052   1,084,639

Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)

    3,170,000       5.125   11/01/2048   3,096,338

Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)

    1,580,000       5.400   05/01/2039   1,546,512
    2,645,000       5.500   05/01/2044   2,580,323

Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR)

    2,655,000       5.400   05/01/2049   2,629,213

DG Farms Community Development District Special Assessment Series 2020 (NR/NR)

    775,000       4.000   05/01/2051   631,565

Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)

    1,000,000       4.750   12/15/2038   973,790
    2,995,000       5.000   12/15/2048   2,869,403

Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (NR/AA)

    3,090,000       3.750   05/01/2034   3,109,631
    4,260,000       4.000   05/01/2037   4,303,119

DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)(a)

    1,035,000       3.375   05/01/2041   818,033
    700,000       4.000   05/01/2051   577,450

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

  

Value

Municipal Bonds – (continued)

Florida – (continued)

Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR)(e)

$

     2,555,000       5.375 %    05/01/2052   $       2,578,068

Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR)(a)

    950,000       4.125   05/01/2040   851,965
    3,785,000       4.125   05/01/2051   3,168,802

East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)

    785,000       4.000   05/01/2051   643,033

East Bonita Beach Road Community Development District Special Assessment Bonds for Assessment Area Two Series 2021 (NR/NR)

    980,000       3.250   05/01/2041   749,627
    750,000       4.000   05/01/2051   614,009

East Bonita Beach Road Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)

    1,000,000       5.000   11/01/2048   967,387

East Homestead Community Development District Special Assessment Expansion Area Bonds Project Series 2019 (NR/NR)

    500,000       4.750   11/01/2039   485,030
    920,000       5.000   11/01/2049   877,775

Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    805,000       4.000   05/01/2042   697,126
    1,490,000       4.125   05/01/2052   1,240,698

Eden Hills Community Development District Special Assessment Series 2020 (NR/NR)

    190,000       4.000   05/01/2040   167,556
    500,000       4.125   05/01/2051   417,859

Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR)

    1,425,000       3.600   05/01/2041   1,162,508
    2,675,000       4.000   05/01/2051   2,189,967

Edgewater East Community Development District Special Assessment RB Series 2022 (NR\NR)

    1,975,000       4.000   05/01/2042   1,713,017
    6,720,000       4.000   05/01/2052   5,474,187

Enbrook Community Development District Special Assessment Series 2020 (NR/NR)(a)

    1,145,000       4.000   05/01/2051   937,387

Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)(a)

    1,100,000       4.000   05/01/2052   896,515

Epperson North Community Development District Capital Improvement RB Series 2021A (NR/NR)

    1,400,000       4.000   11/01/2051   1,144,262

Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR)

    455,000       3.500   05/01/2041   361,135
    1,135,000       4.000   05/01/2051   929,201

Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (BBB+/Baa2)

    12,710,000       4.000   08/15/2045   11,415,891

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

  

Value

Municipal Bonds – (continued)

Florida – (continued)

Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (AGM) (A2/AA)

$

     4,745,000       3.000 %    08/15/2050   $       3,464,232

Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR)

    985,000       4.000   11/01/2040   866,636
    3,560,000       4.125   11/01/2050   2,989,506

Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR)

    115,000       4.000   11/01/2040   101,181
    1,780,000       4.125   11/01/2050   1,494,753

Estancia at Wiregrass Community Development District Capital Improvement RB Series 2013 (NR/NR)

    685,000       6.375   11/01/2026   716,506
    3,235,000       7.000   11/01/2045   3,466,003

Estancia at Wiregrass Community Development District Capital Improvement RB Series 2015 (NR/NR)

    855,000       5.250   11/01/2035   861,415
    1,305,000       5.375   11/01/2046   1,309,192

Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)(a)

    1,245,000       5.000   11/01/2039   1,217,921
    1,800,000       5.125   11/01/2049   1,732,165

Fallschase Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    1,445,000       3.375   05/01/2041   1,127,180
    5,645,000       4.000   05/01/2052   4,598,633

Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)

    2,475,000       5.000   05/01/2035   2,494,881

Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)

    185,000       4.000   05/01/2040   163,004
    500,000       4.200   05/01/2050   425,783

Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (NR/A-)

    1,465,000       4.375   05/01/2034   1,466,003

Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA)

    1,250,000       3.000   11/01/2041   980,898

Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)(a)(f)(g)

    1,160,000       6.250   01/01/2024   1,148,205
    14,940,000       6.375   01/01/2026   14,560,980
    34,195,000       6.500   01/01/2029   32,698,709

Florida Development Finance Corp. Educational Facilities RB Series 2022A (NR/Ba2)(a)

    5,000,000       5.500   07/01/2052   4,582,885
    3,825,000       5.625   07/01/2056   3,509,717

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

  

Value

Municipal Bonds – (continued)

Florida – (continued)

Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)(a)

$

     1,650,000       5.000 %    06/01/2040   $       1,569,317
    2,595,000       5.000   06/01/2055   2,344,050

Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR)(a)

    4,650,000       5.000   12/15/2049   4,657,769

Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)(a)

    2,005,000       5.250   06/01/2050   1,917,298
    3,560,000       5.250   06/01/2055   3,368,346

Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (Baa3/NR)

    600,000       4.000   07/01/2045   508,454
    800,000       4.000   07/01/2055   639,831

Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR)

    830,000       5.000   06/01/2040   780,362
    1,850,000       5.000   06/01/2050   1,658,202

Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)(a)

    13,530,000       7.375   01/01/2049   13,512,604

Florida Development Finance Corp. RB Refunding for Glenridge on Palmer Ranch Obligated Group Series 2021 (NR/NR)

    1,875,000       5.000   06/01/2051   1,531,122

Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (Ba2/NR)(a)

    830,000       4.000   06/30/2046   655,899
    2,580,000       4.000   06/30/2056   1,901,532

Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)(a)

    1,190,000       4.000   06/01/2055   875,536

Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-1 (NR/NR)(a)

    735,000       2.375   06/01/2027   666,916

Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR)(a)

    2,085,000       5.000   09/15/2050   2,047,725

Florida Development Finance Corp. RB Series 2021A-1 (NR\NR)(a)(f)

    29,000,000       6.750   08/15/2023   28,664,174

Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)(a)

    1,750,000       4.750   06/01/2038   1,689,278
    3,000,000       5.000   06/01/2048   2,902,555

Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (NR/BBB-)

    2,580,000       5.000   03/01/2044   2,519,791
    5,805,000       5.000   03/01/2049   5,581,518

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB)

$

     6,060,000       5.000 %    03/01/2047   $       6,102,462

Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)

    725,000       5.000   11/01/2047   702,678

Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)

    885,000       4.125   11/01/2039   796,992

Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (NR/BBB+)

    700,000       4.000   05/01/2031   682,486
    1,000,000       4.125   05/01/2038   946,909

Forest Brooke Community Development District Special Assessment Bonds Series 2019 A-1 (NR/A+)

    1,850,000       3.250   11/01/2049   1,459,330

Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR)

    250,000       4.000   11/01/2049   206,166

Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    1,400,000       4.000   05/01/2052   1,150,394

Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR)

    1,100,000       4.250   05/01/2040   1,002,150
    1,375,000       4.500   05/01/2052   1,218,512

Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR)

    1,105,000       4.000   11/01/2051   903,673

Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    750,000       4.000   05/01/2051   611,192

Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR)

    3,165,000       5.000   11/15/2026   3,198,536
    5,000,000       5.000   11/15/2036   5,023,101

Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A1/A)

    3,540,000       5.000   10/01/2047   3,663,533

Grove Resort Community Development District Special Assessment RB Series 2022 (NR\NR)

    585,000       4.000   05/01/2052   476,889

Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)

    3,000,000       4.375   11/01/2049   2,636,060

Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)

    1,515,000       4.500   05/01/2036   1,457,204
    2,275,000       4.625   05/01/2046   2,103,249

Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    670,000       4.700   05/01/2042   629,607
    2,130,000       5.000   05/01/2052   1,987,863

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR)

$

     540,000       4.000 %    05/01/2040   $          475,152
    860,000       4.000   05/01/2051   704,064

Hammock Reserve Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR)

    525,000       3.375   05/01/2041   405,083
    640,000       4.000   05/01/2051   523,955

Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)

    920,000       3.750   05/01/2034   819,555

Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR)

    2,060,000       3.875   05/01/2039   1,795,874
    1,400,000       4.100   05/01/2048   1,185,602

Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)(a)

    1,725,000       4.000   05/01/2031   1,718,100
    1,335,000       4.250   05/01/2035   1,327,950
    1,810,000       4.250   05/01/2039   1,763,507

Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR)

    640,000       3.875   11/01/2039   551,901
    1,150,000       4.000   11/01/2051   948,903

Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR)

    200,000       4.000   11/01/2039   178,041
    500,000       4.250   11/01/2051   430,669

Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR)

    700,000       5.000   05/01/2034   703,863
    2,170,000       5.125   05/01/2045   2,148,752

Heritage Harbour South Community Development District RB Refunding for Senior Lien Capital Improvement Series 2013 A-1 (NR/A)

    500,000       5.050   05/01/2031   506,961
    500,000       5.150   05/01/2034   506,349

Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR)

    1,720,000       5.700   05/01/2036   1,724,757

Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (NR/BBB)

    2,200,000       4.200   05/01/2031   2,170,569
    2,000,000       4.350   05/01/2036   1,949,318

Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)

    475,000       3.625   05/01/2040   391,098
    665,000       4.000   05/01/2050   547,141

Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)(a)

    1,000,000       4.875   12/15/2038   982,001
    1,000,000       5.000   12/15/2048   955,617

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Highlands Community Development District Special Assessment Refunding Series 2016 (NR/BBB)

$

     1,000,000       4.250 %    05/01/2031   $       1,000,167
    2,150,000       4.250   05/01/2036   2,073,707

Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR)

    590,000       4.375   11/01/2050   516,427

Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)

    2,295,000       5.000   11/01/2048   2,251,376

Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)(a)

    1,065,000       4.000   05/01/2040   939,194
    2,375,000       4.000   05/01/2050   1,954,844

Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR)

    180,000       5.000   11/01/2041   173,987
    520,000       5.000   11/01/2050   495,813

Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)(a)

    430,000       5.125   11/01/2049   413,059

Islands at Doral III Community Development District Special Assessment Refunding Series 2013 (NR/A-)

    2,500,000       4.125   05/01/2035   2,480,580

Isles Bartram Park Community Development District Special Assessment Bonds Series 2017 (NR/NR)

    985,000       5.000   11/01/2047   937,743

K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    955,000       3.125   05/01/2041   714,122
    2,605,000       4.000   05/01/2051   2,132,659

Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR)

    290,000       3.500   05/01/2040   237,235
    470,000       3.750   05/01/2050   370,808

Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR)

    2,000,000       5.000   05/01/2048   1,933,918

Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    1,340,000       4.000   06/15/2040   1,180,412
    1,060,000       4.000   06/15/2050   872,413

Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    700,000       4.000   06/15/2051   572,908

Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 A-1 (NR/NR)

    265,000       4.100   05/01/2051   220,354

Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-1 (NR/NR)

    325,000       4.300   05/01/2051   276,234

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-2 (NR/NR)

$

     900,000       4.125 %    05/01/2031   $          827,382

Lakewood Park Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)

    325,000       3.625   05/01/2041   257,583
    500,000       4.000   05/01/2052   405,661

Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR)

    600,000       4.000   05/01/2040   529,023
    1,900,000       4.000   05/01/2050   1,563,259

Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR)

    525,000       3.200   05/01/2030   462,277
    525,000       3.750   05/01/2040   437,222
    670,000       3.900   05/01/2050   535,804

Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)(a)

    1,085,000       3.625   05/01/2040   890,200
    2,500,000       3.875   05/01/2051   1,978,066

Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR)

    250,000       3.850   05/01/2039   212,148
    575,000       4.000   05/01/2049   474,875

Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Project - Phase 2C Series 2020 (NR/NR)

    1,275,000       4.000   05/01/2050   1,044,756

Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2013 A (NR/NR)

    1,735,000       6.700   05/01/2033   1,758,170
    4,710,000       7.000   05/01/2043   4,776,156

Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2014 (NR/NR)

    6,295,000       5.600   05/01/2044   6,333,197

Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR)

    530,000       4.400   05/01/2039   494,696
    1,615,000       4.500   05/01/2049   1,449,769

Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)(a)

    1,000,000       5.000   05/01/2037   994,755
    2,365,000       5.125   05/01/2047   2,319,887

Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)(a)

    575,000       3.750   05/01/2039   485,775
    555,000       4.000   05/01/2049   458,358

Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR)

    690,000       4.400   05/01/2039   644,082
    795,000       4.500   05/01/2049   713,664

Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)

    1,125,000       4.625   05/01/2027   1,136,114
    2,500,000       5.250   05/01/2037   2,512,483
    5,815,000       5.375     05/01/2047   5,772,768

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1A Series 2018 (NR/NR)

$

     1,175,000       5.000 %   05/01/2038   $       1,157,603
    2,545,000       5.100   05/01/2048   2,476,787

Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1B Series 2018 (NR/NR)

    3,760,000       5.450   05/01/2048   3,724,095

Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)

    925,000       4.250   05/01/2026   927,074
    5,215,000       5.000   05/01/2036   5,211,722
    13,120,000       5.125   05/01/2046   12,861,429

Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA)

    1,735,000       2.500   05/01/2033   1,440,589
    1,685,000       2.625   05/01/2037   1,341,007

Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR) (NR/NR)

    585,000       4.000   05/01/2052   476,548

Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR)(a)

    2,100,000       3.750   05/01/2040   1,746,490
    1,250,000       4.000   05/01/2050   1,028,460

Lakewood Ranch Stewardship District Special Assessment The Isles at Lakewood Ranch Project Series 2021 (NR/NR)

    650,000       3.125   05/01/2041   485,763
    925,000       4.000   05/01/2051   757,278

Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR)

    1,160,000       4.700   05/01/2039   1,122,107
    2,250,000       4.875   05/01/2049   2,140,951

Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (NR/A)

    1,930,000       3.000   05/01/2035   1,643,793
    1,990,000       3.000   05/01/2038   1,635,256

Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR)

    645,000       3.375   05/01/2030   578,065
    895,000       4.000   05/01/2038   801,513

Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    450,000       5.000   05/01/2042   429,278
    1,400,000       5.125   05/01/2052   1,322,383

Lee County IDA Healthcare Facilities RB for Cypress Cover at Healthpark Project Series 2022A Tax Exempt Fixed Rate Bonds (NR/NR)

    955,000       5.250   10/01/2052   895,907
    4,250,000       5.250   10/01/2057   3,912,222

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)

$

     1,430,000       4.000 %    05/01/2031   $       1,414,871
    1,860,000       4.000   05/01/2036   1,798,594

Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR)

    1,610,000       4.400   05/01/2040   1,494,311
    2,840,000       4.600   05/01/2051   2,579,205

Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)

    985,000       5.125   05/01/2048   959,474
    1,775,000       5.125   05/01/2049   1,723,247

Longleaf Community Development District (NR/NR)

    1,109,000       5.375   05/01/2030   1,085,046

Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR)

    2,940,000       5.400   05/01/2030   2,620,866

LT Ranch Community Development District Special Assessment Series 2019 (NR/NR)

    3,800,000       4.000   05/01/2050   3,126,785

LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR)

    2,650,000       3.250   05/01/2031   2,271,251

LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR)

    835,000       3.450   05/01/2041   663,609

Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    855,000       4.625   05/01/2039   819,828
    1,340,000       4.750   05/01/2050   1,247,884

Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    1,755,000       4.000   06/15/2039   1,555,973
    2,920,000       4.375   06/15/2049   2,565,918

Marshall Creek Community Development District Special Assessment Refunding Series 2015 A (NR/NR)

    1,650,000       5.000   05/01/2032   1,642,899

McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)

    2,800,000       5.125   11/01/2038   2,812,032
    4,750,000       5.250   11/01/2049   4,675,118

Meadow Pointe IV Community Development District RB for Capital Improvement Series 2005 (NR/NR)*

    880,000       5.250   05/01/2015   21,120

Meadow Pointe IV Community Development District RB for Capital Improvement Series 2007 B (NR/NR)*

    1,380,000       6.150   11/01/2014   33,120

Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 A (NR/NR)

    500,000       7.250   05/01/2035   512,048

Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)*

    1,075,000       5.250   05/01/2015   25,800

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR)

$

     530,000       3.750 %    05/01/2052   $          403,730
    900,000       4.000   05/01/2052   733,150

Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR)

    1,000,000       4.750   05/01/2037   982,186
    1,700,000       5.000   05/01/2048   1,644,268

Miami Beach Health Facilities Authority Hospital RB Refunding for Mount Sinai Medical Center of Florida Series 2014 (Baa1/NR)

    1,500,000       5.000   11/15/2039   1,524,998

Miami RB Refunding for Miami Tunnel Project Series 2012 (Aa3/NR)(a)

    1,165,000       5.000   03/01/2030   1,189,496

Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)

    315,000       4.000   11/01/2023   315,708
    600,000       4.750   11/01/2027   612,539
    4,000,000       5.125   11/01/2039   4,052,335
    4,135,000       5.250   11/01/2049   4,151,812

Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (NR/Ba2)(a)

    1,585,000       5.250   07/01/2052   1,458,589
    2,000,000       5.500   07/01/2061   1,838,745

Midtown Miami Community Development District Special Assessment RB Refunding for Parking Garage Project Series 2014 A (NR/NR)

    3,440,000       5.000   05/01/2029   3,457,934
    3,515,000       5.000   05/01/2037   3,518,218

Mirada Community Development District Capital Improvement RB Series 2021 (NR/NR)

    2,925,000       3.250   05/01/2032   2,457,826

Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    1,875,000       3.500   05/01/2041   1,471,964
    2,455,000       4.000   05/01/2051   2,004,722

Miranda II Community Development District Capital Improvement RB Series 2022 (NR/NR)

    1,090,000       5.600   05/01/2042   1,096,449
    1,725,000       5.750   05/01/2053   1,735,126

Miromar Lakes Community Development District RB Refunding for Capital Improvement Series 2015 (NR/NR)

    1,550,000       5.000   05/01/2028   1,567,715
    1,200,000       5.000   05/01/2035   1,193,717

Monterra Community Development District Special Assessment Refunding Bonds Series 2015 (AGM) (NR/AA)

    1,820,000       3.500   05/01/2036   1,804,257

Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR)

    740,000       5.250   11/01/2035   746,538
    1,230,000       5.625   11/01/2045   1,242,065

Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)

    1,185,000       5.125   11/01/2048   1,150,908

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR)

$

     1,250,000       3.875 %    05/01/2041   $       1,013,331
    2,250,000       4.125   05/01/2052   1,870,105

New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/BBB)(a)

    815,000       3.500   05/01/2038   716,798

New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)(a)

    30,000       3.500   05/01/2031   26,538
    100,000       4.000   05/01/2038   89,531

New River Community Development District Special Assessment Series 2006 B (NR/NR)*

    3,260,000       5.000   05/01/2013   33

North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR)

    1,200,000       3.375   11/01/2041   926,825
    2,350,000       4.000   11/01/2051   1,922,446

North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR)(a)

    1,800,000       5.625   05/01/2052   1,722,245

North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR)

    470,000       3.625   05/01/2040   383,646

North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (NR/A)

    3,000,000       5.000   10/01/2049   3,272,905
    6,580,000       5.000   10/01/2054   7,084,170

Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    345,000       4.000   06/15/2040   304,083

Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    2,200,000       4.850   05/01/2039   2,160,839
    3,625,000       5.000   05/01/2049   3,506,164

Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (NR/NR)

    1,680,000       5.000   04/01/2024   1,694,402
    1,765,000       5.000   04/01/2025   1,766,613
    1,005,000       5.000   04/01/2026   1,005,843

Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    840,000       4.000   05/01/2040   741,034
    905,000       4.000   05/01/2050   744,605

Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)

    1,680,000       5.375   11/01/2038   1,679,950
    3,300,000       5.500   11/01/2049   3,281,445

Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR)(a)

    410,000       4.000   05/01/2051   334,118

Palm Beach County Health Facilities Authority Hospital RB for Jupiter Medical Center Project 2022 Series A (BBB-/NR)(e)

    1,700,000       5.000   11/01/2047   1,724,723
    2,575,000       5.000     11/01/2052   2,601,860

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (NR/NR)

$

     2,700,000       4.000 %   05/15/2053   $       2,002,344
    2,175,000       5.000   05/15/2053   2,011,152

Palm Beach County Health Facilities Authority Revenue Refunding Bonds Series 2022 (NR/NR)

    1,650,000       4.000   06/01/2036   1,431,920
    2,200,000       4.250   06/01/2056   1,739,957

Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR)

    1,175,000       4.300   05/01/2050   1,018,211

Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (NR/A)

    400,000       4.000   11/01/2038   381,912
    3,290,000       4.200   11/01/2048   3,085,021

Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (NR/A)

    3,155,000       3.750   05/01/2031   3,015,928
    2,040,000       4.000   05/01/2036   1,972,652

Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (NR/BBB-)

    595,000       4.000   05/01/2027   592,141
    2,380,000       5.000   05/01/2039   2,380,821

Panther Trace II Community Development District Special Assessment RB Refunding Series 2014 (AGM) (NR/AA)

    530,000       4.125   05/01/2035   541,423

Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR)

    1,855,000       5.250   05/01/2039   1,842,777
    5,095,000       5.375   05/01/2050   4,976,708

Parkland Preserve Community Development District Special Assessment RB Series 2019 B (NR/NR)

    440,000       5.500   11/01/2032   436,790

Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR)

    800,000       4.000   05/01/2051   654,943

Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (NR/A-)

    2,285,000       4.700   05/01/2049   2,199,755

Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/BBB)

    800,000       4.375   05/01/2031   773,037
    1,065,000       4.500   05/01/2034   1,022,663

Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    795,000       3.500   05/01/2041   625,040
    1,370,000       4.000   05/01/2052   1,116,817

Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR)

    1,400,000       4.000   05/01/2052   1,135,851

Paseo Community Development District Capital Improvement RB Refunding Series 2018 (NR/A-)

    3,190,000       4.375   05/01/2036   3,091,852

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR)(a)

$

     1,000,000       3.250 %    12/15/2041   $          763,052

Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR)

    650,000       3.300   05/01/2030   570,355
    695,000       3.750   05/01/2037   588,270

Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR)

    2,260,000       5.000   07/01/2039   2,279,878

Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR)

    555,000       3.625   05/01/2040   453,405

Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR)

    1,915,000       3.500   05/01/2037   1,586,040

Portofino Isles Community Development District Special Assessment RB Refunding Series 2013 (NR/BBB)

    2,795,000       4.750   05/01/2033   2,800,285

Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR)

    1,045,000       5.375   11/01/2049   1,028,071

Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)

    250,000       4.000   11/01/2039   221,115
    1,205,000       4.000   11/01/2050   990,435

Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR)

    750,000       3.500   05/01/2041   593,667
    1,000,000       4.000   05/01/2051   819,099

Reunion East Community Development District (NR/NR)*

    2,170,000       7.200   05/01/2022   22

Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR)

    1,935,000       5.000   05/01/2025   1,995,112
    6,825,000       5.000   05/01/2033   6,968,487

Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR)

    470,000       4.500   05/01/2039   444,031
    1,520,000       4.625   05/01/2050   1,388,653

Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    825,000       4.500   05/01/2040   785,136
    825,000       4.750   05/01/2050   777,992

Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    1,000,000       4.000   05/01/2052   821,710

Ridge at Apopka Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    850,000       5.375   05/01/2042   834,686
    2,150,000       5.500   05/01/2052   2,097,515

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

River Glen Community Development District Special Assessment Bond for Assessment Area Two Series 2021 (NR/NR)

$

     1,000,000       3.375 %    05/01/2041   $          786,002
    2,400,000       4.000   05/01/2051   1,964,830

River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)

    1,030,000       3.625   05/01/2040   846,761
    1,000,000       3.875   05/01/2051   794,613

River Landing Community Development District Special Assessment Series 2020 A (NR/NR)

    1,100,000       4.350   05/01/2051   955,086

River Landing Community Development District Special Assessment Series 2020 B (NR/NR)

    1,140,000       4.250   11/01/2035   1,016,525

Rivers Edge II Community Development District Special Assessment Bond Series 2021 (NR/NR)

    1,040,000       3.500   05/01/2041   815,239
    910,000       4.000   05/01/2051   744,259

Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR)(a)

    775,000       3.500   05/01/2041   609,649
    905,000       4.000   05/01/2051   740,170

Rustic Oaks Community Development District Capital Improvement RB Series 2022 (NR\NR)

    2,435,000       3.450   05/01/2042   1,924,420
    2,200,000       4.000   05/01/2052   1,782,054

Rutland Ranch Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    650,000       4.000   11/01/2051   530,734

Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    320,000       4.000   06/15/2040   282,049
    780,000       4.000   06/15/2050   641,513

Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    1,315,000       4.000   12/15/2051   1,074,142

San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)(a)

    1,410,000       4.125   06/15/2039   1,274,577
    2,280,000       4.250   06/15/2049   1,967,857

Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR)

    700,000       4.000   11/01/2051   571,731

Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)(a)

    230,000       2.625   05/01/2025   218,235
    375,000       3.125   05/01/2030   328,547
    980,000       3.625   05/01/2040   810,130
    950,000       3.750   05/01/2050   743,607

Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (NR/A1)

    4,350,000       4.000   07/01/2048   4,081,652

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR)

$

     2,880,000       4.125 %    05/01/2041   $       2,564,787
    2,555,000       4.250   05/01/2053   2,180,895

Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR)

    620,000       3.750   05/01/2040   503,979
    1,250,000       4.000   05/01/2051   1,018,653

Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    1,585,000       4.500   05/01/2042   1,459,711
    3,155,000       4.625   05/01/2053   2,832,483

Seminole County Industrial Development Authority RB for The Galileo School Foundation, Inc. Series 2021 A (Ba1/NR)(a)

    315,000       4.000   06/15/2036   279,556
    425,000       4.000   06/15/2041   361,255
    1,195,000       4.000   06/15/2051   942,629
    1,105,000       4.000   06/15/2056   843,123

Seminole Improvement District Utilities RB Series 2022 (NR/NR)(e)

    900,000       5.300   10/01/2037   900,000

Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)(a)

    2,200,000       5.250   11/01/2039   2,177,495
    2,815,000       5.375   11/01/2049   2,769,397

Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)

    3,800,000       5.250   11/01/2049   3,708,154

Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    4,000,000       5.000   05/01/2049   3,881,318

Siena North Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    650,000       4.000   06/15/2052   529,312

Silver Palms West Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    3,150,000       4.000   06/15/2052   2,578,605

Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR)

    1,800,000       4.000   05/01/2052   1,460,380

Six Mile Creek Community Development District Capital Improvement RB Series 2021 (NR/NR)

    655,000       4.000   05/01/2052   531,416

Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR)

    1,325,000       3.500   05/01/2041   1,033,884
    1,125,000       4.000   05/01/2051   916,556

Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR)

    310,000       4.125   11/01/2040   277,467
    950,000       4.250   11/01/2050   814,852

South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)(a)

    2,100,000       5.125   11/01/2039   2,060,851
    3,480,000       5.250   11/01/2049   3,405,598

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)

$

     1,310,000       5.000 %    05/01/2038   $       1,294,279
    2,505,000       5.375   05/01/2049   2,482,305

South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB)

    1,345,000       4.250   11/01/2037   1,278,434
    330,000       4.125   11/01/2040   311,537

South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (NR/A)

    770,000       3.500   05/01/2032   728,644
    485,000       3.625   05/01/2035   455,567
    1,695,000       3.750   05/01/2038   1,560,266

South Village Community Development District Capital Improvement and Special Assessment Refunding Subordinate Lien Series 2016 A-2 (NR/NR)

    190,000       4.350   05/01/2026   190,895
    475,000       4.875   05/01/2035   471,485
    95,000       5.000   05/01/2038   95,074

South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR)

    2,010,000       5.250   05/01/2034   2,038,835

Southern Groves Community Development District No. 5 Special Assessment Bond Series 2021 (NR/NR)

    1,350,000       3.125   05/01/2041   1,002,519
    940,000       4.000   05/01/2048   780,633

Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR)

    365,000       3.600   05/01/2034   317,624
    600,000       4.000   05/01/2043   515,902

Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR)

    435,000       4.300   05/01/2040   398,848
    250,000       4.500   05/01/2046   226,878

Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)*

    3,395,000       5.800   05/01/2035   3,167,264

Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)*

    2,640,000       5.800   05/01/2035   1,822,084

Spencer Creek Community Development District Special Assessment RB Series 2019 (NR/NR)

    145,000       3.750   05/01/2024   143,879
    425,000       4.375   05/01/2029   423,822
    1,000,000       5.000   05/01/2039   980,557
    1,750,000       5.250   05/01/2049   1,718,735

Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(a)

    1,245,000       5.125   11/01/2037   1,236,425
    1,785,000       5.250   11/01/2047   1,757,824

Spring Ridge Community Development District Special Assessment RB Series A-1 (NR/NR)

    1,030,000       4.800   05/01/2035   838,193

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR)

$

     700,000       4.000 %    12/15/2041   $          552,133
    475,000       4.000   12/15/2046   355,952
    700,000       4.000   12/15/2050   509,313

St. Johns County Industrial Development Authority RB Refunding for Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (NR/NR)

    7,475,000       4.000   08/01/2055   7,483,089

Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR)

    2,220,000       4.000   05/01/2052   1,808,437

Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR)*

    418,112       5.500   11/01/2010   225,781

Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR)(a)

    625,000       3.500   06/15/2041   499,148
    1,650,000       4.000   06/15/2051   1,350,326

Stonegate Community Development District Special Assessment Refunding Bonds Series 2013 (NR/NR)

    2,150,000       5.000   05/01/2034   2,155,000

Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR) (NR/NR)(a)

    900,000       4.000   11/01/2051   735,597

Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    1,100,000       4.500   06/15/2039   1,039,350
    2,600,000       4.625   06/15/2049   2,377,729

Stoneybrook South Community Development District Special Assessment Bonds Refunding for Assessment Area Two-A Project Series 2014 (NR/NR)

    1,750,000       5.125   11/01/2034   1,769,511
    3,495,000       5.500   11/01/2044   3,528,235

Stoneybrook South Community Development District Special Assessment RB Refunding for Assessment Area One Project Series 2013 (NR/NR)

    2,435,000       6.500   05/01/2039   2,473,405

Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR)(a)

    1,500,000       3.750   12/15/2050   1,162,624

Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR)

    420,000       4.000   12/15/2039   372,703
    860,000       4.125   12/15/2049   727,616

Storey Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR)(a)(e)

    575,000       5.200   06/15/2042   577,629
    925,000       5.375   06/15/2052   929,192

Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    1,000,000       4.000   06/15/2052   851,057

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)(a)

$

     325,000       3.300 %    06/15/2041   $          251,538
    575,000       4.000   06/15/2051   470,568

Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR)(a)

    400,000       3.750   06/15/2029   378,025

Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    925,000       4.000   05/01/2052   749,959

Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR)

    910,000       3.750   05/01/2040   754,666
    1,205,000       4.000   05/01/2050   991,966

Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR)

    510,000       3.400   05/01/2041   393,377
    350,000       4.000   05/01/2051   285,172

Summerstone Community Development District Special Assessment Series 2020 (NR/NR)

    705,000       3.750   05/01/2040   596,578
    875,000       4.000   05/01/2051   716,702

Sunbridge Stewardship District Special Assessment RB Series 2022 (NR/NR)(a)

    1,550,000       5.500   05/01/2052   1,563,919

Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR)

    1,630,000       4.000   05/01/2038   1,496,609

Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR)

    785,000       3.750   05/01/2026   765,777
    1,550,000       4.000   05/01/2033   1,446,194

Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR)

    1,370,000       5.250   11/01/2034   1,379,368
    2,350,000       6.000   11/01/2044   2,385,620

Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    715,000       3.375   05/01/2041   560,395
    635,000       4.000   05/01/2051   519,865

Tampa-Hillsborough County Expressway Authority RB Series 2017 C (A2/A+)

    2,050,000       5.000   07/01/2048   2,188,489

Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)

    360,000       4.250   05/01/2026   360,885
    1,110,000       4.800   05/01/2036   1,095,258
    1,715,000       5.000   05/01/2046   1,659,674

Tern Bay Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    3,250,000       4.000   06/15/2042   2,816,528
    6,000,000       4.000   06/15/2052   4,885,961

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR)

$

     2,050,000       3.300 %    12/15/2041   $       1,581,031
    1,875,000       4.000   12/15/2051   1,532,353

Timber Creek Southwest Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    1,000,000       4.000   06/15/2040   880,002
    1,000,000       4.000   06/15/2050   822,453

Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (NR/A+)

    690,000       3.375   05/01/2032   649,882
    1,345,000       3.600   05/01/2037   1,249,353

Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR)

    615,000       4.000   05/01/2051   503,777

Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (NR/AA)

    1,630,000       3.500   05/01/2032   1,633,727
    1,760,000       3.750   05/01/2040   1,724,322

Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)(a)

    375,000       5.625   05/01/2040   379,544

Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)

    300,000       5.125   05/01/2039   300,869

Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)

    1,160,000       4.250   05/01/2037   1,078,822

Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)(a)

    8,310,000       4.400   05/01/2040   7,725,841

Toscana Isles Community Development District Special Assessment RB Series 2014 (NR/NR)

    265,000       5.750   11/01/2027   274,307
    1,955,000       6.250   11/01/2044   2,058,469

Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR)

    2,650,000       5.375   11/01/2039   2,661,248
    5,390,000       5.500   11/01/2049   5,385,270

Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)

    1,560,000       4.625   06/15/2038   1,502,892
    2,440,000       4.750   06/15/2048   2,283,914

Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    550,000       4.000   12/15/2040   483,913
    1,145,000       4.125   12/15/2049   965,447

Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (Baa1/A-)

    13,300,000       5.000   04/01/2048   13,960,755

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR)

$

     1,085,000       4.625 %    05/01/2050   $          990,163

Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)(a)

    525,000       3.625   05/01/2040   426,393
    1,000,000       4.000   05/01/2051   818,679

Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR)

    1,700,000       3.000   05/01/2041   1,260,426
    1,300,000       4.000   05/01/2052   1,058,995

Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR)(a)

    1,000,000       5.375   11/01/2049   976,885

Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)(a)

    875,000       3.750   05/01/2040   720,361
    750,000       4.000   05/01/2051   613,354

Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR)

    700,000       3.500   11/01/2041   550,682
    700,000       4.000   11/01/2050   574,949

Triple Creek Community Development District Special Assessment Series 2017 A (NR/NR)

    1,105,000       5.250   11/01/2027   1,120,642
    2,735,000       6.125   11/01/2046   2,790,944

Triple Creek Community Development District Special Assessment Series 2018 A (NR/NR)(a)

    785,000       4.700   11/01/2029   787,202
    1,525,000       5.125   11/01/2038   1,498,560
    2,170,000       5.375   11/01/2048   2,117,590

Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR)

    1,000,000       4.625   05/01/2039   958,863
    1,995,000       4.750   05/01/2050   1,855,096

TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR)(a)

    4,625,000       4.750   11/01/2048   4,329,322

TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR)

    1,200,000       5.000   11/01/2039   1,176,887
    1,850,000       5.125   11/01/2049   1,788,379

TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR)

    1,340,000       4.000   11/01/2027   1,327,282
    3,160,000       4.625   11/01/2037   3,061,545
    2,790,000       4.750   11/01/2047   2,618,595

TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR)

    1,695,000       4.000   11/01/2040   1,491,399
    900,000       4.000   11/01/2050   739,922

TSR Community Development District Special Assessment RB for Village 4 Project Series 2015 A (NR/NR)

    2,425,000       5.625   11/01/2045   2,446,199

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR\NR)

$

     1,400,000       4.000 %    05/01/2052   $       1,139,462

Tuckers Pointe Community Development District Special Assessment Revenue Note Series 2022 (NR\NR)

    4,200,000       3.625   05/01/2032   3,618,486

Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (NR/A)

    2,245,000       4.375   05/01/2035   2,240,842

Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (NR/A)

    1,700,000       3.500   05/01/2032   1,615,620
    2,545,000       3.625   05/01/2037   2,366,535

Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR)

    615,000       4.750   05/01/2037   601,320

Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR)

    2,300,000       3.750   12/15/2039   1,947,574
    3,505,000       4.000   12/15/2049   2,888,331

Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)(a)

    395,000       3.250   12/15/2022   394,193
    2,000,000       4.000   12/15/2028   1,975,839
    1,000,000       5.000   12/15/2032   1,002,875
    1,705,000       5.000   12/15/2037   1,682,400
    5,330,000       5.000   12/15/2047   5,164,073

Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    1,850,000       5.250   05/01/2052   1,766,799

Two Rivers West Community Development District Special Assessment Bond Anticipation Note Series 2022 (NR\NR)

    1,700,000       3.000   01/15/2023   1,688,426

Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017 A-1 (NR/NR)(a)

    2,420,000       5.500   11/01/2047   2,426,322

University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA)

    2,800,000       3.375   05/01/2045   2,460,543

V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)(a)

    1,400,000       4.000   05/01/2051   1,146,151

V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)

    2,760,000       4.000   05/01/2052   2,239,249

Venetian Parc Community Development District Special Assessment Area One Project Series 2013 (NR/NR)

    370,000       6.000   11/01/2027   389,467
    2,050,000       6.500   11/01/2043   2,277,662

Venetian Parc Community Development District Special Assessment Area Two Project Series 2013 (NR/NR)

    530,000       6.375   11/01/2027   546,800
    2,295,000       7.125   11/01/2044   2,406,094

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)(a)

$

     140,000       4.000 %    05/01/2024   $          140,084
    4,655,000       5.125   05/01/2049   4,503,966

Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR)

    1,000,000       5.000   11/01/2039   981,616
    1,700,000       5.125   11/01/2049   1,657,344

Veranda Community Development District II Special Assessment Area 2 Preserve West Project Series 2018 A (NR/NR)

    980,000       5.000   11/01/2039   961,984
    1,600,000       5.125   11/01/2049   1,559,853

Veranda Community Development District II Special Assessment Area 3 4 & 5 Series 2018 B (NR/NR)

    1,265,000       5.875   11/01/2032   1,278,773

Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR)(a)

    350,000       3.600   05/01/2041   280,073
    470,000       4.000   05/01/2051   385,000

Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)(a)

    580,000       3.600   05/01/2041   464,121
    940,000       4.000   05/01/2051   770,001

Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)

    1,995,000       3.750   05/01/2026   1,940,292
    4,360,000       4.000   05/01/2031   4,114,286
    1,700,000       4.125   05/01/2034   1,589,851
    1,000,000       4.250   05/01/2037   930,013

Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB)(a)

    1,980,000       4.000   05/01/2031   1,908,819
    2,940,000       4.000   05/01/2037   2,810,800

Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)

    735,000       5.125   11/01/2035   733,381
    990,000       5.250   11/01/2046   970,077

Verano No 3 Community Development District Special Assessment for Phase 1 Assessment Area Series 2021 (NR/NR)

    750,000       3.375   05/01/2041   590,679
    1,700,000       4.000   05/01/2051   1,391,754

Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR)

    265,000       4.000   05/01/2040   233,696
    1,700,000       4.000   05/01/2050   1,398,825

Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR)

    370,000       4.000   05/01/2040   326,293
    2,015,000       4.000   05/01/2050   1,657,878

Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR)

    265,000       4.000   05/01/2040   233,696
    1,740,000       4.000   05/01/2050   1,431,617

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA)

$

     1,625,000       2.600 %    05/01/2034   $       1,312,408

Viera Stewardship District Special Assessment RB Series 2021 (NR/NR)

    1,630,000       3.125   05/01/2041   1,228,227
    1,590,000       4.000   05/01/2053   1,291,834

Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)

    1,000,000       3.750   05/01/2037   860,435

Village Community Development District No. 10 Special Assessment RB Series 2014 (NR/NR)

    3,905,000       6.000   05/01/2044   3,959,370

Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)(a)

    6,815,000       4.375   05/01/2050   6,628,119

Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)

    9,675,000       3.700   05/01/2050   7,821,796

Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)(a)

    4,200,000       3.250   05/01/2040   3,364,764
    9,325,000       3.500   05/01/2051   7,177,387

Village Community Development District No. 5 Special Assessment RB Refunding Phase I Series 2013 (NR/NR)

    1,340,000       4.000   05/01/2033   1,295,790

Village Community Development District No. 5 Special Assessment RB Refunding Phase II Series 2013 (NR/NR)

    1,095,000       4.000   05/01/2034   1,057,583

Village Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR)

    5,350,000       3.250   05/01/2052   3,966,733

Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR)

    1,150,000       5.250   05/01/2053   1,110,760

Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR\NR)

    1,130,000       4.000   05/01/2052   927,053

Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    885,000       4.625   05/01/2039   848,594
    1,360,000       4.875   05/01/2050   1,289,867

Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    555,000       3.750   05/01/2040   460,249
    1,000,000       4.000   05/01/2051   818,679

Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (NR/BBB-)

    1,000,000       3.750   11/01/2031   949,365
    1,000,000       4.000   11/01/2036   955,277
    1,300,000       4.125   11/01/2046   1,212,753

Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)

    2,560,000       5.500   05/01/2034   2,579,174
    3,815,000       5.750     05/01/2044   3,846,097

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Watergrass Community Development District II Special Assessment Bonds Series 2018 (NR/NR)

$

     4,040,000       5.250 %   05/01/2049   $       3,965,560

Waters Edge Community Development District Pasco County Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/BBB+)

    3,230,000       4.200   05/01/2036   3,092,618

Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)

    270,000       4.000   11/01/2024   269,928
    1,640,000       5.125   11/01/2038   1,619,532
    2,800,000       5.250   11/01/2049   2,744,055

Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)

    1,210,000       5.125   11/01/2035   1,212,927
    1,945,000       5.500   11/01/2045   1,949,442

Wesbridge Community Development District Special Assessment Series 2019 (NR/NR)

    1,215,000       4.250   11/01/2049   1,045,612

West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR)(a)

    570,000       3.625   05/01/2041   456,428
    1,545,000       4.000   05/01/2051   1,265,587

West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)

    1,445,000       3.400   05/01/2041   1,119,180
    1,265,000       4.000   05/01/2051   1,031,368

West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR)

    2,340,000       4.750   05/01/2039   2,277,400
    3,790,000       5.000   05/01/2050   3,635,880

West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR)

    1,855,000       4.000   05/01/2051   1,531,744

Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR)(a)

    480,000       5.000   05/01/2038   473,599
    600,000       5.200   05/01/2048   588,165

Westside Community Development District Special Assessment RB for Solara Phase 2 Assessment Area Series 2019 (NR/NR)

    990,000       4.625   05/01/2039   949,275
    1,590,000       4.850   05/01/2049   1,505,624

Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)(a)

    800,000       4.100   05/01/2037   731,493
    795,000       4.125   05/01/2038   723,165

Westside Community Development District Special Assessment RB Series 2019 (NR/NR)

    1,200,000       5.000   05/01/2039   1,176,668
    2,000,000       5.200   05/01/2050   1,928,649

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)

$

     1,650,000       4.000 %    05/01/2052   $       1,351,158

Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)

    1,175,000       4.000   05/01/2052   953,304

Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)

    970,000       5.000   11/01/2049   909,630

Winding Cypress Community Development District Special Assessment Phase 1 and Phase 2 Assessment Area Series 2015 (NR/NR)

    330,000       4.375   11/01/2025   331,960
    1,770,000       5.000   11/01/2045   1,710,250

Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR\NR)

    1,260,000       4.250   05/01/2052   1,072,809

Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR)

    1,600,000       4.400   11/01/2035   1,481,487
    625,000       4.250   05/01/2040   569,403
    500,000       4.500   05/01/2051   442,550

Wiregrass Community Development District Capital Improvement RB Series 2014 (NR/NR)

    380,000       5.375   05/01/2035   383,990
    3,025,000       5.625   05/01/2045   3,052,643

Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)

    780,000       4.875   05/01/2036   777,386
    1,445,000       5.000   05/01/2047   1,409,185

Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR)

    1,585,000       3.700   05/01/2040   1,310,594
    1,960,000       3.875   05/01/2050   1,548,544

Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR)

    585,000       3.375   05/01/2041   456,833
    915,000       4.000   05/01/2051   761,348
       

 

  1,365,808,574

 

Georgia – 1.2%

Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 A-1 (A1/A)

    1,500,000       5.250   07/01/2040   1,574,788

Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 B (A2/A-)

    1,000,000       4.000   07/01/2040   1,001,420

Burke County Development Authority Pollution Control RB Fifth Series 1995 (BBB+/A-2/A-)

    1,875,000       2.200   10/01/2032   1,743,770

Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (NR/NR)

    900,000       5.125   03/01/2052   639,706

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Georgia – (continued)

George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-)

$

     7,695,000       4.000 %    01/01/2054   $       6,396,820

George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/NR)(a)

    940,000       3.625   01/01/2031   829,304
    940,000       5.000   01/01/2036   888,714
    1,880,000       5.000   01/01/2054   1,608,477

Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR)

    6,650,000       5.000   05/15/2043   6,879,025
    24,850,000       5.000   05/15/2049   26,142,463

Main Street Natural Gas, Inc. Gas Supply RB Series 2022C
(NR\BBB-)(a)(f)(g)

    20,740,000       4.000   11/01/2027   20,398,059

Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (Baa1/A)

    2,200,000       5.000   01/01/2034   2,336,398
    6,000,000       5.000   01/01/2039   6,252,337
    29,610,000       5.000   01/01/2049   30,485,428

Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)(a)

    3,500,000       4.000   01/01/2038   3,189,288
       

 

  110,365,997

 

Guam – 0.6%

Antonio B Won Pat International Airport Authority RB Refunding Series 2013 C (AMT) (AGM) (Baa2/NR)

    1,265,000       6.125   10/01/2043   1,315,141

Antonio B Won Pat International Airport Authority RB Refunding Series 2013 C (AMT) (Baa2/NR)(g)

    2,560,000       6.375   10/01/2023   2,673,999

Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR)

    1,500,000       3.839   10/01/2036   1,321,315
    1,925,000       4.460   10/01/2043   1,664,928

Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba2/B+)

    6,240,000       5.000   02/01/2040   6,218,803

Guam Government Limited Obligation RB Section 30 Series 2016 A (NR/BB)

    500,000       5.000   12/01/2031   530,192
    4,515,000       5.000   12/01/2046   4,700,124

Guam Government RB Refunding Series 2021 F (Ba1/NR)

    9,975,000       4.000   01/01/2042   8,800,891

Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (Baa2/A-)

    9,675,000       5.000   01/01/2046   10,012,068

Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (Baa2/A-)

    9,810,000       5.000   01/01/2050   10,226,249

Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-)

    1,165,000       5.000   07/01/2033   1,224,486
    960,000       5.000   07/01/2035   1,007,073
    1,920,000       5.000     07/01/2036   2,012,829
    1,365,000       5.000   07/01/2037   1,429,542

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Guam – (continued)

Port Authority of Guam RB Series 2018 A (Baa2/A)

$

     2,500,000       5.000 %   07/01/2048   $       2,635,945

Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Ba1/NR)

    1,350,000       5.000   11/01/2035   1,398,938
    1,400,000       5.000   11/01/2040   1,435,140
       

 

  58,607,663

 

Hawaii – 0.2%

Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Baa1/NR)

    12,170,000       3.200   07/01/2039   10,115,060

Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui’ula Development Series 2019 (NR/NR)

    675,000       5.000   05/15/2044   685,818
    2,750,000       5.000   05/15/2049   2,778,682
       

 

  13,579,560

 

Illinois – 9.3%

Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (Ba3/BB)

    1,400,000       5.382   12/01/2023   1,412,199
    5,440,000       5.482   12/01/2024   5,482,784

Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR)

    16,000,000       6.000   04/01/2046   16,880,184

Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (NR/NR)

    1,700,000       5.000   04/01/2042   1,713,844
    1,625,000       5.000   04/01/2046   1,630,418

Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)(d)

    4,415,000       0.000   12/01/2027   3,595,190
    685,000       0.000   12/01/2028   531,977
    9,125,000       0.000   12/01/2029   6,754,173
    6,905,000       0.000   12/01/2030   4,862,988

Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)(d)

    125,000       0.000   12/01/2029   92,523
    775,000       0.000   12/01/2030   545,810

Chicago Illinois Board of Education GO Bonds Series 2017 A (NR/BB)(a)

    5,500,000       7.000   12/01/2046   6,116,736

Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)(d)

    22,095,000       0.000   12/01/2031   14,797,636

Chicago Illinois Board of Education GO Refunding Bonds for School Reform Series 1999 A (NATL) (Baa2/BB)

    5,000,000       5.500   12/01/2026   5,364,949

Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba3/BB)

    8,965,000       5.500   12/01/2029   10,029,879

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (NR/BB)

$

     20,125,000       5.250 %    12/01/2035   $     20,381,374
    10,410,000       5.250   12/01/2039   10,617,764

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (Ba3/BB)

    5,555,000       5.500   12/01/2030   6,256,627

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba3/BB)

    13,525,000       6.038   12/01/2029   13,813,783

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2012 B (Ba3/BB)

    9,025,000       4.000   12/01/2035   8,513,669

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB)

    54,375,000       7.000   12/01/2044   58,905,204

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB)

    61,035,000       6.500   12/01/2046   65,911,391

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA)

    1,250,000       5.000   12/01/2030   1,334,915
    1,025,000       5.000   12/01/2031   1,090,841
    1,000,000       5.000   12/01/2032   1,061,050
    1,250,000       5.000   12/01/2034   1,320,634
    1,000,000       5.000   12/01/2035   1,054,889

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (NR/AA)

    6,535,000       5.000   12/01/2029   7,021,465
    1,000,000       5.000   12/01/2030   1,067,932

Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Ba1/BBB+)(d)

    11,545,000       0.000   01/01/2032   7,448,308

Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (Ba1/WR/BBB+)

    1,800,000       5.500   01/01/2037   1,854,751

Chicago Illinois GO Bonds Project Refunding Series 2014 A (Ba1/BBB+)

    8,375,000       5.250   01/01/2033   8,514,007
    6,295,000       5.000   01/01/2034   6,373,395
    10,500,000       5.000   01/01/2036   10,621,734

Chicago Illinois GO Bonds Series 2010 B (Ba1/BBB+)

    3,145,000       7.517   01/01/2040   3,610,385

Chicago Illinois GO Bonds Series 2015 A (NR/BBB+)

    4,180,000       5.500   01/01/2039   4,306,924

Chicago Illinois GO Bonds Series 2015 B (NR/BBB+)

    14,603,000       7.375   01/01/2033   16,484,966

Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 E (Ba1/WR/BBB+)

    3,775,000       5.500   01/01/2042   3,883,084

Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 F (Ba1/WR/BBB+)

    2,500,000       5.500   01/01/2042   2,571,579

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

Chicago Illinois GO Refunding Bonds Series 2012 B (Ba1/BBB+)

$

     6,615,000       5.432 %    01/01/2042   $       6,150,125

Chicago Illinois GO Refunding Bonds Series 2014 A (Ba1/BBB+)

    7,255,000       5.000   01/01/2035   7,341,998

Chicago Illinois GO Refunding Bonds Series 2015 C (NR/BBB+)

    14,455,000       5.000   01/01/2038   14,786,601

Chicago Illinois GO Refunding Bonds Series 2017 A (NR/BBB+)

    2,660,000       6.000   01/01/2038   2,855,517

Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2018 B (NR/A)

    11,630,000       4.000   01/01/2044   11,145,944

Chicago Illinois Second Lien RB Refunding for Wastewater Transmission RMKT 10/19/15 Series 2008 C (NR/A)

    1,500,000       5.000   01/01/2039   1,549,259

Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (NR/AA)

    1,950,000       5.250   01/01/2042   2,080,751
    5,460,000       4.000   01/01/2052   5,348,833

Chicago Park District GO Bonds Limited Tax Series 2018 A (NR/AA-)

    2,585,000       4.000   01/01/2041   2,444,044

City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR)

    915,000       3.750   07/01/2041   734,064

City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (AGM) (AA/NR)

    1,500,000       5.000   12/01/2029   1,611,660

City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (BB/NR)

    6,270,000       5.000   12/01/2025   6,506,591

City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (Ba1/WR/BBB+)

    2,685,000       5.500   01/01/2037   2,766,670

City of Chicago GO Refunding Bonds Series 2020 A (NR/BBB+)

    485,000       5.000   01/01/2031   508,829

City of Chicago IL GO Bonds Series 2019 (BBB+/NR)

    28,265,000       5.000   01/01/2044   28,924,694
    20,105,000       5.500   01/01/2049   21,081,138

City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (A2/AA)

    735,000       5.432   01/01/2042   751,013

City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (A2/AA)

    7,350,000       6.314   01/01/2044   8,263,997

Cortland Illinois Special Service Area No. 9 Special Tax Bonds for Richland Trails Project Series 2007-1 (NR/NR)

    1,818,000       5.800   03/01/2037   1,612,290

County of Will Illinois GO Bonds Series 2019 (Aa1/AA+)

    2,500,000       4.000   11/15/2047   2,476,836

Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR)

    1,166,000       5.625   03/01/2036   1,131,274

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

Illinois Finance Authority Charter School RB Series 2021A (NR/NR)(a)

$

     2,250,000       5.000 %    07/01/2051   $       1,832,003
    2,250,000       5.000   07/01/2056   1,797,479

Illinois Finance Authority Multifamily Housing RB Series 2018A-1 (NR/NR)*

    653,503       5.000   12/01/2053   7

Illinois Finance Authority RB for Columbia College Chicago Series 2019 (NR/BBB+)

    715,000       5.000   12/01/2034   762,257
    920,000       5.000   12/01/2039   970,083
    1,175,000       5.000   12/01/2044   1,225,237

Illinois Finance Authority RB for Lake Forest College Series 2022A (BBB-/NR)(e)

    2,250,000       5.500   10/01/2047   2,265,780
    1,925,000       5.250   10/01/2052   1,860,002

Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)(a)

    12,425,000       6.125   04/01/2049   12,926,985

Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+)

    950,000       4.000   10/01/2040   862,707
    950,000       4.000   10/01/2050   816,415

Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (NR/NR)

    1,645,000       4.000   05/15/2027   1,647,643
    2,825,000       5.000   05/15/2037   2,874,795
    1,055,000       5.000   05/15/2047   1,061,717

Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Baa3/NR)

    1,500,000       4.000   09/01/2035   1,401,597
    1,725,000       5.000   09/01/2036   1,779,413
    2,000,000       4.000   09/01/2037   1,843,936
    1,620,000       5.000   09/01/2038   1,663,947
    2,000,000       4.000   09/01/2039   1,816,836
    1,500,000       5.000   09/01/2040   1,535,313
    1,500,000       4.000   09/01/2041   1,341,111

Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa2/A-)

    500,000       5.000   09/01/2036   515,486
    3,470,000       5.000   09/01/2046   3,523,677

Illinois Finance Authority RB Refunding for Lawndale Educational & Regional Network Charter School Obligated Group Series 2021 (NR/BBB)

    900,000       4.000   11/01/2051   772,529
    700,000       4.000   11/01/2056   584,734

Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR)

    950,000       5.000   05/15/2051   842,849
    765,000       5.000   05/15/2056   668,557

Illinois Finance Authority RB Series 2013 A (NR/NR)

    3,935,000       5.250   05/15/2047   3,949,519

Illinois Finance Authority RB Series 2021 (NR\BB+)(a)

    2,125,000       4.000   10/01/2042   1,808,865

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

Illinois Finance Authority RB Series 2022A (NR/NR)

$

     5,500,000       5.500 %    06/01/2057   $       5,238,087

Illinois State GO Bonds Series 2013 (Baa2/BBB)

    5,050,000       5.500   07/01/2038   5,155,714

Illinois State GO Bonds Series 2014 (AGM-CR) (A2/AA)

    20,000,000       5.000   02/01/2039   20,455,094

Illinois State GO Bonds Series 2014 (Baa2/BBB)

    2,525,000       5.000   05/01/2029   2,595,483
    10,000,000       5.000   05/01/2030   10,258,572
    5,000,000       5.000   05/01/2031   5,102,973
    5,000,000       5.000   05/01/2039   5,056,041

Illinois State GO Bonds Series 2017 A (Baa2/BBB)

    9,500,000       5.000   12/01/2035   9,861,124
    1,770,000       4.500   12/01/2041   1,746,201
    4,730,000       5.000   12/01/2042   4,844,876

Illinois State GO Bonds Series 2017 C (Baa2/BBB)

    44,385,000       5.000   11/01/2029   47,248,374

Illinois State GO Bonds Series 2017 D (Baa2/BBB)

    3,845,000       5.000   11/01/2025   4,071,224
    24,325,000       5.000   11/01/2028   26,069,190

Illinois State GO Bonds Series 2018 A (Baa2/BBB)

    350,000       5.000   05/01/2032   367,804
    1,940,000       5.000   05/01/2033   2,033,731
    5,280,000       5.000   05/01/2042   5,416,803
    5,280,000       5.000   05/01/2043   5,407,638

Illinois State GO Bonds Series 2019 A (Baa2/BBB)

    2,000,000       5.000   11/01/2024   2,092,695

Illinois State GO Bonds Series 2019 C (Baa2/BBB)

    10,825,000       4.000   11/01/2042   9,921,671

Illinois State GO Bonds Series 2020 (Baa2/BBB)

    1,575,000       5.500   05/01/2039   1,689,332
    4,250,000       5.750   05/01/2045   4,625,955

Illinois State GO Bonds Series 2020 C (Baa2/BBB)

    6,965,000       4.250   10/01/2045   6,506,778

Illinois State GO Refunding Bonds Series 2016 (AGM) (A2/AA)

    20,175,000       4.000   02/01/2030   20,410,051

Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR)

    1,658,000       6.250   03/01/2034   1,592,942

Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/BBB+)(d)

    15,690,000       0.000   12/15/2032   10,138,694

Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL) (NR/NR) (d)

    530,000       0.000   06/15/2030   416,765

Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (NR/BBB+)(d)

    9,370,000       0.000   06/15/2030   6,860,800

Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A2/AA)(d)

    6,455,000       0.000   06/15/2044   2,280,187

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (NR/BBB+)(d)

$

     66,700,000       0.000 %    12/15/2056   $     11,232,233

Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A2/AA)(d)

    18,400,000       0.000   12/15/2056   3,404,097

Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+)(d)

    70,000,000       0.000   12/15/2054   13,155,478

Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (NR/BBB+)

    1,335,000       4.000   06/15/2050   1,154,979
    1,340,000       5.000   06/15/2050   1,352,196

Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (A-/NR)

    5,125,000       4.000   06/15/2052   4,411,637

Plano Special Service Area No. 5 (NR/NR)*

    2,322,000       6.000   03/01/2036   1,892,430

Quad Cities Regional Economic Development Authority RB for Augustana College Series 2012 (Baa1/NR)

    840,000       4.750   10/01/2029   841,756
    1,010,000       4.750   10/01/2032   1,011,569

Regional Transportation Authority Illinois GO Bonds Series 2016 A (A1/AA)

    7,730,000       4.000   06/01/2046   7,663,439

Southwestern Illinois Development Authority Health Facility RB for Memorial Group, Inc. Series 2013 (NR/NR)(g)

    5,000,000       7.625   11/01/2023   5,370,752

State of Illinois GO Bonds Series 2017 A (Baa2/BBB)

    9,500,000       4.250   12/01/2040   9,113,726

State of Illinois GO Bonds Series 2017 D (Baa2/BBB)

    4,910,000       3.250   11/01/2026   4,914,246

State of Illinois GO Refunding Bonds Series 2018 A (Baa2/BBB)

    3,000,000       5.000   10/01/2027   3,235,515
    8,230,000       5.000   10/01/2028   8,900,447

State of Illinois GO Unlimited Bonds Series 2017 A (Baa2/BBB)

    2,750,000       4.000   12/01/2033   2,674,042
    7,950,000       4.250   12/01/2037   7,768,188

Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR)(a)

    380,000       5.000   01/01/2045   342,074
    900,000       5.000   01/01/2055   777,683

Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR)

    2,000,000       5.000   01/01/2039   1,790,479

Village of Romeoville RB Refunding for Lewis University Series 2018 B (NR/BBB)

    540,000       4.125   10/01/2041   515,073
    1,080,000       4.125   10/01/2046   1,004,659
       

 

  848,847,065

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Indiana – 0.3%

Gary/Chicago International Airport Authority Airport Development Zone RB Series 2014 (AMT) (NR/BBB+)

$

     1,300,000       5.000 %    02/01/2029   $       1,318,972
    1,250,000       5.250   02/01/2034   1,268,313
    1,500,000       5.000   02/01/2039   1,511,021

Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (NR/BBB)

    400,000       4.000   09/15/2049   351,532

Indiana Finance Authority Midwestern Disaster Relieft RB Series 2012A (NR/NR)

    4,500,000       4.250   11/01/2030   4,431,903

Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (Ba1/NR)

    865,000       5.000   07/01/2055   849,898

Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2010 A (Baa3/NR)

    3,110,000       3.000   11/01/2030   2,813,464

Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Ba1/NR)

    2,250,000       3.000   11/01/2030   2,035,465

Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Ba1/NR)

    2,500,000       3.000   11/01/2030   2,261,627

Indiana Finance Authority Tax Exempt Private Activity Bonds Series 2013 A (NR/NR)(g)

    6,250,000       5.000   07/01/2023   6,431,993

Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (WR/NR)*

    7,520,823       6.500   11/15/2031   75

Town of Upland RB Refunding for Taylor University, Inc. Series 2021 (NR/A-)

    3,300,000       2.500   09/01/2050   2,182,516
       

 

  25,456,779

 

Iowa – 0.3%

Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (BBB-/NR)

    18,500,000       5.000   12/01/2050   18,738,909

Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (NR/NR)

    2,050,000       4.000   05/15/2055   1,503,767
    2,700,000       5.000   05/15/2055   2,484,139

Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (BBB+/NR)(e)

    975,000       5.375   10/01/2052   1,005,370

Tobacco Settlement Authority Asset Backed Bonds Class 1 Senior Current Interest Bonds Series 2021A-2 (NR/BBB+)

    3,000,000       4.000   06/01/2049   2,527,476
       

 

  26,259,661

 

Kansas – 0.1%

City of Manhattan Health Care Facilities RB Series 2022A (NR\NR)

    2,070,000       4.000   06/01/2052   1,626,934

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Kansas – (continued)

City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR)

$

     1,075,000       4.000 %    06/01/2046   $          875,471

City of Prairie Village Special Obligation Tax Increment Revenue Refunding Bonds Series 2021 (NR/NR)

    765,000       2.875   04/01/2030   639,828
    940,000       3.125   04/01/2036   719,388

City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR)

    1,155,000       5.000   05/15/2028   1,147,985
    1,215,000       5.000   05/15/2029   1,199,671
    2,850,000       5.000   05/15/2034   2,710,160
    1,190,000       5.000   05/15/2050   1,041,380
       

 

  9,960,817

 

Kentucky – 0.5%

City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR)(a)

    4,405,000       4.700   01/01/2052   4,093,407

City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR)(a)

    3,150,000       4.450   01/01/2042   2,958,242
    3,375,000       4.700   01/01/2052   3,136,265

County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A1/A)

    5,000,000       2.125   10/01/2034   4,050,374

County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A1/A)

    6,825,000       2.000   02/01/2032   5,725,002

Kentucky Bond Development Corp. RB for Centre College of Kentucky Series 2021 (A3/A)

    700,000       4.000   06/01/2046   627,769
    1,175,000       4.000   06/01/2051   1,033,395

Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-)

    205,000       4.000   03/01/2046   183,934
    130,000       4.000   03/01/2049   115,259

Kentucky Economic Development Finance Authority Hospital RB Refunding for Louisville Arena Authority, Inc. Series 2017 A (AGM) (A2/AA)

    900,000       4.000   12/01/2041   901,916

Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A2/AA)

    3,300,000       4.000   06/01/2037   3,279,213
    2,925,000       4.000   06/01/2045   2,761,677

Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 B (AGM) (A2/AA)

    1,000,000       4.000   06/01/2037   993,701

Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-)

    2,430,000       5.000   08/01/2049   2,470,075

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Kentucky – (continued)

Kentucky Public Energy Authority Gas Supply RB Series 2019 A-1 (A1/NR)(f)(g)

$

     1,275,000       4.000 %    06/01/2025   $       1,291,998

Kentucky State University COPS Series 2021 (BAM) (NR/AA)

    800,000       4.000   11/01/2056   785,396

Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2013 A (NR/A)

    5,000,000       5.750   10/01/2042   5,165,767

Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (NR/A)

    6,000,000       3.000   10/01/2043   4,541,296
       

 

  44,114,686

 

Louisiana – 1.4%

Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (NR/BB)

    2,125,000       5.000   12/01/2034   2,218,283
    2,375,000       5.000   12/01/2039   2,443,205

City of New Orleans Sewerage Service RB Series 2020 B (NR/A)

    1,125,000       4.000   06/01/2050   1,089,072

Lakeshore Villages Master Community Development District Special Assessment RB Series 2022 (NR/NR)(a)

    1,410,000       5.500   06/01/2052   1,421,706

Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)(a)

    1,900,000       4.125   06/01/2039   1,713,720
    2,300,000       4.375   06/01/2048   2,016,691

Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR)

    1,810,000       3.200   06/01/2041   1,439,190

Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+)(a)

    8,474,664       5.000   04/01/2035   8,587,467

Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. – Student Housing & Parking Project Series 2017 (AGM) (NR/AA)

    2,600,000       5.000   10/01/2039   2,800,758
    4,850,000       4.000   10/01/2041   4,859,945

Louisiana Public Facilities Authority RB for Lincoln Prepatory School Project Series 2022A (NR/NR)(a)(e)

    900,000       6.375   06/01/2052   899,331
    1,850,000       6.500   06/01/2062   1,836,802

Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (AGM) (NR/AA)

    4,710,000       3.000   06/01/2050   3,450,411

Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (NR/A+)

    1,380,000       4.000   06/01/2050   1,290,669

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Louisiana – (continued)

Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A3/NR)

$

     9,770,000       5.000 %    07/01/2059   $     10,018,874

Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A3/A)

    12,725,000       4.000   05/15/2042   12,353,657
    21,250,000       5.000   05/15/2046   21,918,393

Louisiana Public Facilities Authority RB Series 2021A (NR/NR)(a)

    2,470,000       4.000   06/01/2051   1,951,628
    2,070,000       4.000   06/01/2056   1,592,467

Louisiana Public Facilities Authority RB Series 2021C (NR/NR)(a)

    1,640,000       4.000   06/01/2051   1,295,818
    1,065,000       4.000   06/01/2056   819,313

New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (AMT) (A2/A-)

    32,395,000       5.000   01/01/2045   32,910,375

New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A2/A-)

    4,850,000       5.000   01/01/2048   4,973,153

Parish of St. James RB for NuStar Logistics LP Series 2008 (Ba3/BB-) (PUTABLE)(a)(f)(g)(h)

    1,400,000       6.100   06/01/2030   1,546,580

Parish of St. James RB for NuStar Logistics LP Series 2010 (Ba3/BB-)(a)

    2,375,000       6.350   07/01/2040   2,629,494

Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (Baa3/BBB-) (PUTABLE)(f)(g)(h)

    235,000       2.000   04/01/2023   232,210

Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-3 (Baa3/BBB-) (PUTABLE)(f)(g)(h)

    950,000       2.200   07/01/2026   883,200

Port of New Orleans Board of Commissioners RB Series 2018 A (AGM) (A2/AA)

    2,000,000       5.000   04/01/2048   2,131,007
       

 

  131,323,419

 

Maine – 0.2%

City of Portland General Airport RB Refunding Green Bonds Series 2019 (Baa1/BBB+)

    1,000,000       4.000   01/01/2035   971,860
    1,355,000       4.000   01/01/2036   1,308,200
    850,000       4.000   01/01/2037   842,021
    1,030,000       4.000   01/01/2038   989,613
    800,000       4.000   01/01/2039   758,397
    1,400,000       4.000   01/01/2040   1,316,029

Finance Authority of Maine RB Series 2021 (NR/NR) (NR/NR)(a)

    1,875,000       8.000   12/01/2051   1,496,285

Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2018 A (A1/A+)

    4,000,000       5.000   07/01/2043   4,158,890
    5,250,000       5.000   07/01/2048   5,430,787
       

 

  17,272,082

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Maryland – 0.7%

Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)

$

     2,950,000       4.500 %    09/01/2033   $       2,874,073
    1,500,000       5.000   09/01/2038   1,513,464

City of Baltimore RB Refunding for Baltimore Hotel Corp. Series 2017 (NR/CCC)

    1,400,000       5.000   09/01/2028   1,390,827
    860,000       5.000   09/01/2039   809,086
    6,135,000       5.000   09/01/2046   5,608,478

City of Baltimore Tax Allocation for Harbor Point Special Taxing District Project Series 2019 B (NR/NR)(a)

    325,000       3.550   06/01/2034   276,351
    200,000       3.700   06/01/2039   164,246
    300,000       3.875   06/01/2046   238,745

City of Baltimore Tax Allocation Refunding Senior Lien for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)(a)

    290,000       3.400   06/01/2034   243,739
    310,000       3.450   06/01/2035   259,305
    550,000       3.500   06/01/2039   446,759
    1,650,000       3.625   06/01/2046   1,291,967

City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR)

    1,450,000       5.000   07/01/2036   1,474,889

County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR)

    1,660,000       4.000   01/01/2045   1,657,863
    2,370,000       4.000   01/01/2050   2,333,016

County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR)

    4,980,000       4.000   01/01/2045   4,958,962
    5,690,000       4.000   01/01/2050   5,582,777

County of Prince George’s Special Obligation Bonds for Westphalia Town Center Project Series 2018 (NR/NR)(a)

    1,885,000       5.250   07/01/2048   1,849,089

Frederick County Urbana Community Development Authority Special Tax Series 2020 C (NR/NR)

    3,765,000       4.000   07/01/2050   3,236,468

Maryland Economic Development Corp. RB for Baltimore City Project Series 2018 A (NR/BB)

    2,375,000       5.000   06/01/2058   2,264,655

Maryland Economic Development Corp. RB for Morgan State University Project Series 2020 (NR/BBB-)

    925,000       4.000   07/01/2040   820,121
    1,400,000       4.250   07/01/2050   1,208,709
    1,175,000       5.000   07/01/2050   1,176,602
    2,265,000       5.000   07/01/2056   2,265,133

Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa3/NR)

    3,050,000       5.000   06/01/2049   3,139,097

Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Baa3/NR)

    6,220,000       3.997   04/01/2034   5,474,741

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Maryland – (continued)

Maryland Health & Higher Educational Facilities Authority RB Refunding for Frederick Health, Inc. Obligated Group Series 2020 (Baa1/NR)

$

     1,000,000       4.000 %    07/01/2050   $          917,896

Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (NR/BBB)

    840,000       3.000   10/01/2034   737,194
    500,000       4.000   10/01/2040   488,005

Maryland Health & Higher Educational Facilities Authority RB Refunding for Stevenson University, Inc. Series 2021 A (NR/BBB-)

    650,000       4.000   06/01/2046   570,173
    2,000,000       4.000   06/01/2051   1,713,105

Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR)(a)

    1,355,000       5.500   05/01/2052   1,310,579

Maryland State Health & Higher Educational Facilities Authority RB for Mercy Medical Center Series 2012 (Baa1/BBB+)

    2,100,000       5.000   07/01/2031   2,100,000
       

 

  60,396,114

 

Massachusetts – 0.2%

Commonwealth of Massachusetts GO Limited Bonds Series 2016 E (Aa1/AA)

    2,130,000       3.000   04/01/2044   1,775,863

Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR)(a)

    1,000,000       5.000   11/15/2033   1,062,037
    900,000       5.000   11/15/2038   932,634
    2,350,000       5.125   11/15/2046   2,432,265

Massachusetts Development Finance Agency RB for Merrimack College Series 2021 B (NR/BBB-)

    1,660,000       4.000   07/01/2050   1,455,494

Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (Baa1/BBB+)

    1,950,000       5.000   10/01/2036   2,016,859

Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (NR/A-)

    260,000       4.000   12/01/2042   243,808
    280,000       5.000   12/01/2042   288,992

Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BB+)(a)

    1,000,000       5.000   07/15/2046   984,140

Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA)

    2,125,000       4.000   10/01/2045   2,014,208

Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB+)

    2,125,000       5.000   07/01/2044   2,211,047

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Massachusetts – (continued)

Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR FGIC) (Aa1/AA+)(c)

(3M USD LIBOR + 0.57%)

$

     1,040,000       1.432 %    05/01/2037   $          978,698
       

 

  16,396,045

 

Michigan – 2.7%

City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)(f)

    106,985,536       4.000   04/01/2044   85,564,678

City of Detroit GO Bonds Series 2020 (Ba3/BB-)

    465,000       5.500   04/01/2031   512,367
    370,000       5.500   04/01/2033   404,773
    280,000       5.500   04/01/2034   305,560
    300,000       5.500   04/01/2035   326,741
    345,000       5.500   04/01/2036   375,129
    365,000       5.500   04/01/2037   395,887
    395,000       5.500   04/01/2038   427,501
    555,000       5.500   04/01/2039   599,609
    590,000       5.500   04/01/2040   636,187
    1,360,000       5.500   04/01/2045   1,458,166
    1,940,000       5.500   04/01/2050   2,070,014

City of Detroit GO Bonds Series 2021 A (Ba3/BB-)

    2,440,000       4.000   04/01/2040   2,200,603
    660,000       4.000   04/01/2042   586,516
    7,200,000       5.000   04/01/2050   7,293,526

City of Detroit GO Bonds Series 2021 B (Ba3/BB-)

    1,145,000       2.960   04/01/2027   1,048,285
    950,000       3.110   04/01/2028   852,419
    450,000       3.244   04/01/2029   397,463
    125,000       3.344   04/01/2030   109,059
    475,000       3.644   04/01/2034   405,412

City of Detroit MI GO Bonds Series 2020 (BB-/Ba3)

    495,000       5.500   04/01/2032   543,414

City of Detroit MI GO Bonds Series 2021 (BB-/Ba3)

    9,125,000       5.000   04/01/2046   9,275,955

Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA)

    3,495,000       5.000   07/01/2037   3,659,016
    15,335,000       5.000   07/01/2048   16,009,085

Detroit Financial Recovery Bonds LT Series B-2 (NR/NR)(f)

    3,401,333       4.000   04/01/2044   2,720,311

Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (A1/AA)(c)

   

(3M USD LIBOR + 0.60%)

    4,675,000       2.094   07/01/2032   4,563,106

Grand Rapids Charter Township Economic Development Corp. RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR)

    3,200,000       5.000   05/15/2037   3,108,315
    1,400,000       5.000   05/15/2044   1,321,697

Karegnondi Water Authority Water Supply System RB Refunding for Karegnondi Water Pipeline Series 2018 (NR/A)

    1,425,000       5.000   11/01/2045   1,503,199

Kentwood Economic Development Corp. RB for Holland Home Obligated Group Series 2021 (NR/NR)

    475,000       4.000   11/15/2045   380,833

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Michigan – (continued)

Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR)

$

     1,725,000       4.000 %    11/15/2043   $       1,419,069

Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A2/A)

    2,800,000       5.000   11/15/2048   2,893,296
    975,000       4.000   11/15/2050   889,684

Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (A1/NR)

    2,700,000       4.000   02/15/2047   2,542,961
    6,550,000       4.000   02/15/2050   6,128,278

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (A1/AA)

    2,175,000       5.000   07/01/2032   2,258,180
    1,750,000       5.000   07/01/2033   1,815,209

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A2/A+)

    355,000       5.000   07/01/2033   371,742

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (A1/AA)

    2,600,000       5.000   07/01/2035   2,693,316

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-1 (A1/AA-)

    1,250,000       5.000   07/01/2034   1,309,678

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D-2 (A2/A+)

    2,100,000       5.000   07/01/2034   2,197,211

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (A1/AA-)

    750,000       5.000   07/01/2035   784,936

Michigan Finance Authority Public School Academy Limited Obligation Revenue & Revenue Refunding Bonds Series 2021 (BB+/NR)

    800,000       4.000   12/01/2041   660,418
    1,230,000       4.000   12/01/2051   937,659

Michigan Finance Authority Public School Academy Limited Obligation Revenue Refunding Bonds Series 2021 (NR/NR)

    1,525,000       4.250   12/01/2039   1,227,755
    1,190,000       5.000   12/01/2046   993,243

Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (NR/BB)

    1,000,000       5.000   09/01/2040   946,260

Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/A-)

    475,000       4.000   09/01/2045   439,290
    500,000       4.000     09/01/2050   453,098

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Michigan – (continued)

Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (NR/A-)

$

     7,225,000       3.267 %   06/01/2039   $       6,119,266

Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB-)

    1,695,000       5.000   06/01/2049   1,712,304

Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR) (d)

    207,725,000       0.000   06/01/2065   18,944,021

Michigan Mathematics & Science Initiative RB Refunding Series 2021 (NR/BB+)

    995,000       4.000   01/01/2031   950,731
    1,115,000       4.000   01/01/2041   977,801
    1,695,000       4.000   01/01/2051   1,387,939

Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A2/AA)

    22,545,000       4.125   06/30/2035   21,831,401

Michigan Strategic Fund RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR)

    1,875,000       5.000   05/15/2037   1,821,278
    1,400,000       5.000   05/15/2044   1,321,697

Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (NR/CCC-)(d)

    42,935,000       0.000   06/01/2052   4,503,474

Star International Academy RB Refunding Series 2020 (NR/BBB)

    2,000,000       5.000   03/01/2030   2,057,513
    3,480,000       5.000   03/01/2033   3,542,587

Tipton Academy Michigan Public School Academy RB Series 2021 (NR/BB)

    5,155,000       4.000   06/01/2051   3,719,919

Universal Academy RB Refunding Series 2021 (NR/BBB-)

    1,035,000       4.000   12/01/2040   935,690
       

 

  249,841,730

 

Minnesota – 0.5%

City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (A2/NR)

    5,725,000       5.000   05/01/2048   5,918,128

City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BBB-)

    365,000       4.000   12/01/2040   330,019
    425,000       4.000   12/01/2050   360,026

Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (NR/A-)

    3,265,000       4.250   02/15/2048   3,060,900
    23,575,000       5.250   02/15/2053   24,644,914

Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR)

    1,425,000       4.000   07/01/2031   1,365,665
    1,400,000       4.000   07/01/2036   1,288,176
    875,000       4.000     07/01/2041   775,399

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Minnesota – (continued)

Duluth Independent School District No.709 COPS Refunding Series 2019 A (Ba2/NR)

$

     640,000       3.250 %   03/01/2025   $          626,578
    660,000       4.000   03/01/2026   655,099
    755,000       4.000   03/01/2029   732,614
    1,260,000       4.000   03/01/2032   1,174,444
    685,000       4.200   03/01/2034   636,997

Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (NR/BB+)

    2,400,000       5.000   05/01/2047   2,376,194

Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR)

    425,000       4.000   12/01/2034   422,075
    650,000       4.000   12/01/2040   629,456
       

 

  44,996,684

 

Mississippi – 0.2%

Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa1/A)

    6,400,000       2.375   06/01/2044   4,311,377

Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)(a)

    1,300,000       5.000   10/01/2031   1,395,469
    1,430,000       5.000   10/01/2032   1,506,300
    1,430,000       5.000   10/01/2033   1,500,766
    850,000       4.000   10/01/2034   793,188
    700,000       4.000   10/01/2035   648,622
    750,000       4.000   10/01/2036   690,192
    3,000,000       4.000   10/01/2041   2,662,000
       

 

  13,507,914

 

Missouri – 0.3%

Branson Regional Airport Transport Development District Series 2018A, B, & C (NR/NR)(a)(f)

    531,967       5.000   04/01/2043   47,830

Branson Regional Airport Transport Development District Series 2018B & C (NR/NR) (a)(f)

    2,685,845       5.000   04/01/2043   241,488

Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (Ba1/BBB-)

    2,825,000       3.000   03/01/2046   1,961,524
    950,000       4.000   03/01/2046   803,767

Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (Ba1/BBB-)

    1,925,000       5.000   03/01/2036   1,996,402

I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)(a)

    4,750,000       5.250   12/01/2048   4,770,125

Industrial Development Authority of The City of St Louis Missouri
(The)(e)

    2,550,000       5.000   05/15/2041   2,551,293

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Missouri – (continued)

Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR)

$

     610,000       3.500 %    11/01/2040   $          521,133
    1,150,000       4.250   11/01/2050   937,700

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)(a)

    1,000,000       5.000   04/01/2036   923,968
    1,150,000       5.000   04/01/2046   998,782

Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (NR/A-)

    2,430,000       5.000   09/01/2043   2,527,422
    2,470,000       5.000   09/01/2048   2,555,648

Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR)

    1,495,000       5.000   09/01/2030   1,584,543
    1,065,000       5.000   09/01/2031   1,122,219
    1,330,000       5.000   09/01/2033   1,390,890

Missouri Southern State University RB Series 2019 A (AGM) (NR/AA)

    400,000       3.000   10/01/2044   320,125
    500,000       3.125   10/01/2049   391,478

Plaza at Noah’s Ark Community Improvement District RB Refunding Series 2021 (NR/NR)

    475,000       3.125   05/01/2035   394,166

St Louis Land Clearance for Redevelopment Authority RB City of St Louis Series 2018 A (NR/A)

    1,195,000       5.000   04/01/2048   1,274,698

St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR)

    1,900,000       4.750   11/15/2047   1,534,710

Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)*

    1,250,000       5.750   04/01/2027   325,000
       

 

  29,174,911

 

Nevada – 0.5%

City of Henderson Local Improvement District No. T-21 Local Improvement Bonds Series 2022 (NR\NR)

    700,000       3.500   09/01/2045   513,840
    470,000       4.000   09/01/2051   373,893

City of Las Vegas Special Improvement District No. 607 for Local Improvement Refunding Series 2013 (NR/NR)

    220,000       5.000   06/01/2023   223,295
    200,000       4.250   06/01/2024   202,642
    95,000       5.000   06/01/2024   97,673

City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR)

    290,000       4.250   06/01/2037   274,821
    415,000       4.375   06/01/2042   386,982
    480,000       4.500   06/01/2047   442,324

City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR)

    490,000       4.000   06/01/2039   446,559
    1,385,000       4.000   06/01/2044   1,210,047
    1,360,000       4.000     06/01/2049   1,163,856

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Nevada – (continued)

City of Las Vegas Special Improvement District No. 815 Special Assessment Series 2020 (NR/NR)

$

     950,000       5.000 %   12/01/2049   $          927,788

City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR)

    600,000       3.000   06/01/2041   428,773
    1,275,000       3.125   06/01/2051   836,885

City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR)

    330,000       4.250   06/01/2034   320,165
    440,000       4.500   06/01/2039   426,822
    330,000       4.625   06/01/2043   316,063
    575,000       4.625   06/01/2049   536,958

City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Ba2/NR)(a)

    375,000       2.500   06/15/2024   362,668
    1,745,000       2.750   06/15/2028   1,563,120

Clark County Pollution Control Refunding RB 2010 Series (A-/BBB+)

    3,290,000       2.100   06/01/2031   2,713,764

Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR)

    2,110,000       5.125   03/01/2025   1,915,170

Henderson Local Improvement District No. T-18 Limited Obligation Series 2016 (NR/NR)

    2,200,000       4.000   09/01/2035   2,029,450

Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/A)

    700,000       5.000   07/01/2030   773,065

Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (Aa3/A)

    635,000       5.000   07/01/2035   697,623

Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/A)

    2,795,000       5.000   07/01/2043   3,024,159
    16,275,000       4.000   07/01/2049   16,056,850

Las Vegas Convention & Visitors Authority RB Series 2019 B (Aa3/A)

    1,325,000       5.000   07/01/2029   1,491,204

Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR)

    2,635,000       5.000   07/01/2045   2,635,204
    2,825,000       5.000   07/01/2051   2,796,485
       

 

  45,188,148

 

New Hampshire – 1.0%

New Hampshire Business Finance Authority RB for Casella Waste Systems, Inc. Series 2013 (B2/B)(a)(f)

    1,800,000       2.950   04/01/2029   1,587,208

New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 A (B1/B)(a)(f)(g)

    2,820,000       3.625   07/02/2040   2,279,334

New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 B (AMT) (B1/B)(a)(f)(g)

    4,890,000       3.750   07/02/2040   3,978,461

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New Hampshire – (continued)

New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR)

$

     12,450,000       4.000 %    01/01/2051   $     10,210,500

New Hampshire Health and Education Facilities Authority RB for Dartmouth-Hitchcock Obligation Group Series 2020 A (NR/A)

    5,000,000       5.000   08/01/2059   5,449,326

New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (NR/A)

    6,595,000       5.000   08/01/2033   6,976,143
    6,930,000       5.000   08/01/2034   7,300,903
    7,290,000       5.000   08/01/2035   7,650,476
    7,660,000       5.000   08/01/2036   8,028,808
    8,055,000       5.000   08/01/2037   8,430,417
    8,470,000       5.000   08/01/2038   8,850,106
    8,900,000       5.000   08/01/2039   9,286,869
    9,360,000       5.000   08/01/2040   9,752,366
       

 

  89,780,917

 

New Jersey – 6.0%

Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA)

    750,000       5.000   03/01/2032   820,101
    1,010,000       5.000   03/01/2037   1,093,175
    1,205,000       5.000   03/01/2042   1,285,278

New Jersey Economic Development Authority Energy Facilities RB for UMM Energy Partners, LLC Project Series 2012 A (AMT) (Baa2/NR)

    1,000,000       4.750   06/15/2032   1,000,454
    1,000,000       5.000   06/15/2037   1,000,779
    1,000,000       5.125   06/15/2043   1,000,694

New Jersey Economic Development Authority Motor Vehicle Surcharges RB Refunding Subordinate Series 2017 A (Baa3/BB+)

    3,500,000       4.000   07/01/2032   3,514,797

New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (NR/B)

    500,000       5.000   07/01/2037   485,118
    1,150,000       5.000   07/01/2047   1,065,045

New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (Baa1/BBB)

    4,500,000       5.000   06/15/2041   4,656,364

New Jersey Economic Development Authority RB Refunding for New Jersey Natural Gas Co. Series 2011 C (AMT) (A1/NR)

    4,725,000       3.000   08/01/2041   3,815,280

New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (Ba3/B+)

    8,500,000       5.250   09/15/2029   8,597,832

New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (Ba3/B+)

    5,000,000       5.625   11/15/2030   5,075,185

New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (Ba3/B+)

    5,000,000       5.625   11/15/2030   5,075,185

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New Jersey – (continued)

New Jersey Economic Development Authority Special Facility Revenue and Refunding Bonds Series 2017 (Baa2\NR)

$

     5,550,000       5.000 %    10/01/2047   $       5,675,254

New Jersey Economic Development Authority State Lease RB for Health Department Project Series 2018 A (Baa1/BBB)

    2,470,000       5.000   06/15/2047   2,554,884

New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (Baa1/BBB)

    5,000,000       5.000   06/15/2042   5,200,628

New Jersey Economic Development Authority Tax Exempt Private Activity Bonds Series 2013 (BBB/NR)

    1,000,000       5.375   01/01/2043   1,015,805

New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Ba2/BB+)

    3,450,000       4.000   07/01/2042   2,787,499

New Jersey Educational Facilities Authority RB for Seton Hall University Series 2020 C (AGM) (A2/AA)

    1,110,000       3.250   07/01/2049   904,945

New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (NR/BBB+)

    3,350,000       3.000   07/01/2050   2,356,165

New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (Baa2/BBB)(g)

    1,000,000       5.000   07/01/2026   1,091,633
    1,000,000       5.000   07/01/2026   1,091,633
    900,000       5.000   07/01/2026   982,470

New Jersey Health Care Facilities Financing Authority RB Refunding for University Hospital Series 2015 A (AGM) (A2/AA)

    9,700,000       4.125   07/01/2038   9,725,472
    5,600,000       5.000   07/01/2046   5,720,995

New Jersey Transportation Trust Fund Authority RB Series 2016 (A+/Baa1)

    3,335,000       5.000   06/15/2030   3,552,919

New Jersey Transportation Trust Fund Authority RB Series 2018 (BBB/Baa1)

    7,180,000       5.000   12/15/2033   7,619,208

New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC)
(Baa1/BBB)(d)

    134,205,000       0.000   12/15/2035   75,052,684
    63,415,000       0.000   12/15/2036   33,588,243

New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (Baa1/BBB)(d)

    41,545,000       0.000   12/15/2035   22,809,692
    46,515,000       0.000   12/15/2038   21,527,091

New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)(d)

    12,000,000       0.000   12/15/2026   10,310,257
    9,240,000       0.000   12/15/2029   6,927,094
    1,900,000       0.000   12/15/2034   1,101,118

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New Jersey – (continued)

New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (Baa1/BBB)

$

     26,100,000       5.000 %    06/15/2038   $     26,550,817

New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (Baa1/BBB)

    2,525,000       5.250   06/15/2041   2,602,200
    5,075,000       5.000   06/15/2045   5,179,600
    1,750,000       5.000   06/15/2046   1,784,819

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (A2/AA)(d)

    11,150,000       0.000   12/15/2033   7,158,295
    25,400,000       0.000   12/15/2034   15,531,137

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)(d)

    5,000,000       0.000   12/15/2027   4,147,722
    24,445,000       0.000   12/15/2030   17,645,200

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (Baa1/BBB)(d)

    52,985,000       0.000   12/15/2036   27,514,390

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (Baa1/BBB)(d)

    2,625,000       0.000   12/15/2033   1,604,122
    1,565,000       0.000   12/15/2036   812,683
    36,240,000       0.000   12/15/2038   16,771,832
    16,135,000       0.000   12/15/2039   7,031,630

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2010 A (Baa1/BBB)(d)

    7,095,000       0.000   12/15/2040   2,905,730

New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (Baa1/A+)

    5,765,000       5.000   06/15/2030   6,141,702
    4,600,000       5.000   06/15/2031   4,884,743

New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (Baa1/BBB)

    6,120,000       4.000   12/15/2031   6,217,781
    6,070,000       5.000   12/15/2035   6,384,612
    7,585,000       5.000   12/15/2036   7,966,052
    5,275,000       4.250   12/15/2038   5,308,840

New Jersey Transportation Trust Fund Authority RB Series 2020 AA (Baa1/BBB)

    935,000       3.000   06/15/2050   690,550

New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (Baa1/BBB)

    5,675,000       5.000   06/15/2034   5,999,935
    20,000,000       5.250   06/15/2043   21,033,938

New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (Baa1/BBB)

    6,000,000       5.000   06/15/2044   6,220,862

South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (AMT) (NR/Baa1)

    27,340,000       5.000   01/01/2048   27,626,958

Tobacco Settlement Financing Corp. RB Refunding Series 2018 A (NR/BBB+)

    2,650,000       5.000   06/01/2046   2,715,174

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New Jersey – (continued)

$

     2,750,000       5.250 %    06/01/2046   $       2,860,139

Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BB+)

    33,620,000       5.000   06/01/2046   33,618,413

Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)(a)

    10,055,000       6.750   12/01/2041   8,693,264
       

 

  543,684,116

 

New Mexico – 0.1%

City of Santa Fe RB for El Castillo Retirement Residences Obligated Group Project Series 2019 A (NR/NR)

    500,000       5.000   05/15/2044   450,760
    1,000,000       5.000   05/15/2049   879,379

Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-)

    450,000       4.000   09/01/2033   463,560
    375,000       4.000   09/01/2034   385,417
    300,000       4.000   09/01/2035   307,707
    1,125,000       4.000   09/01/2040   1,126,583

Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Recepits Tax Increment Bonds Series 2022 (NR\NR)(a)

    2,250,000       4.250   05/01/2040   1,898,195
       

 

  5,511,601

 

New York – 6.1%

Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A2/AA)

    1,240,000       3.000   07/15/2043   945,433

Brooklyn Arena Local Development Corp. RB for Brooklyn Events Center LLC Series 2009 (Ba1/NR)(d)

    1,175,000       0.000   07/15/2046   305,189

Brooklyn Arena Local Development Corp. RB Refunding for Brooklyn Events Center LLC 2016 A (Ba1/NR)

    2,750,000       5.000   07/15/2025   2,829,236
    2,575,000       5.000   07/15/2026   2,662,140
    2,125,000       5.000   07/15/2028   2,187,344
    3,105,000       5.000   07/15/2042   3,121,177

Broome County Local Development Corp. RB Refunding for United Health Services Hospitals Obligated Group Series 2020 (AGM) (NR/AA)

    2,820,000       4.000   04/01/2050   2,589,077

Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)(a)

    3,875,000       5.000   12/01/2051   3,758,541
    2,180,000       5.000   12/01/2055   2,094,332

Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR)

    590,000       4.000   06/15/2051   466,118
    450,000       4.000   06/15/2056   346,718

Build NYC Resource Corp. RB for Shefa School Series 2021 A
(NR/NR)(a)

    850,000       2.500   06/15/2031   722,549
    4,965,000       5.000   06/15/2051   4,927,295

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR)(a)

$

     6,125,000       6.500 %    07/01/2042   $       6,269,411
    1,900,000       6.500   07/01/2052   1,927,134
    1,850,000       6.500   07/01/2057   1,859,416

Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR)(a)

    1,900,000       9.750   07/01/2032   1,902,872

City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (AA/Aa2)

    4,100,000       4.500   05/01/2049   4,227,147

Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BB+)(a)

    4,290,000       5.000   07/01/2045   4,303,985
    7,650,000       5.000   07/01/2051   7,615,131

Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)(a)(d)

    66,000,000       0.000   06/01/2060   3,482,127

Hempstead Town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (NR/BBB)

    645,000       5.000   07/01/2030   680,899
    865,000       5.000   07/01/2033   904,773
    815,000       5.000   07/01/2035   850,084
    640,000       5.000   07/01/2036   666,820
    455,000       5.000   07/01/2038   472,669

Huntington Local Development Corp. RB for Gurwin Independent Housing Obligated Group Series 2021 A (NR/NR)

    2,100,000       5.250   07/01/2056   1,897,856

Metropolitan Transportation Authority RB 2013 B (A3/BBB+)

    800,000       5.000   11/15/2038   808,134

Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/BBB+)

    645,000       5.000   11/15/2027   690,306
    880,000       5.000   11/15/2028   935,214

Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/BBB+)

    5,450,000       4.750   11/15/2045   5,513,849
    5,835,000       5.000   11/15/2050   6,009,846
    17,780,000       5.250   11/15/2055   18,476,394

Metropolitan Transportation Authority RB Green Bond Series 2020 D-1 (A3/BBB+)

    26,150,000       5.000   11/15/2044   27,121,376

Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (A3/BBB+)

    46,815,000       4.000   11/15/2050   41,055,837

Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+)

    4,705,000       5.000   11/15/2033   4,968,770

Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 B (A3/BBB+)

    1,655,000       5.000   11/15/2025   1,757,404

Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/BBB+)

    2,555,000       4.000   11/15/2032   2,483,015
    950,000       4.000   11/15/2035   904,157

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-2 (A3/BBB+)(d)

$

     650,000       0.000 %    11/15/2040   $          287,165

Metropolitan Transportation Authority RB Refunding Series 2016 B (A3/BBB+)

    545,000       5.000   11/15/2027   586,846

Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/BBB+)

    740,000       5.000   11/15/2029   784,410

Metropolitan Transportation Authority RB Refunding Subseries 2015 C-1 (A3/BBB+)

    3,635,000       5.000   11/15/2029   3,818,319
    1,850,000       5.250   11/15/2031   1,943,987

Metropolitan Transportation Authority RB Series 2013 A (A3/BBB+)

    4,320,000       5.000   11/15/2043   4,355,335

Metropolitan Transportation Authority RB Series 2013 E (A3/BBB+)

    2,120,000       5.000   11/15/2038   2,149,103

Metropolitan Transportation Authority RB Series 2014 A-1 (A3/BBB+)

    505,000       5.250   11/15/2039   513,818
    1,895,000       5.000   11/15/2044   1,914,849

Metropolitan Transportation Authority RB Series 2016 C-1 (A3/BBB+)

    595,000       5.000   11/15/2028   635,673
    7,120,000       5.000   11/15/2034   7,432,557

Metropolitan Transportation Authority RB Subseries 2014 D-1 (A3/BBB+)

    2,115,000       5.000   11/15/2039   2,158,976

Metropolitan Transportation Authority RB Subseries 2015 A-1 (A3/BBB+)

    490,000       5.000   11/15/2025   518,499

Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AA/A3)

    1,785,000       4.000   11/15/2048   1,644,105

Metropolitan Transportation Authority Transportation Revenue Green Bonds Subseries 2020A-1 (AA/A3)

    14,715,000       4.000   11/15/2050   13,502,006

Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3\BBB+)

    9,415,000       4.000   11/15/2045   8,449,012

Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) (d)

    202,665,000       0.000   06/01/2060   10,189,408

New York City Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 F (NR/NR)

    2,000,000       4.500   02/15/2048   1,991,062

New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A2/AA)

    10,925,000       3.000   01/01/2046   8,425,347

New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A2/AA)

    2,545,000       3.000   03/01/2049   1,900,820

New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR)

    1,975,000       3.000   03/01/2049   1,381,326

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

New York City Resource Corp. RB Refunding for YMCA of Greater New York Project Series 2015 (Baa2/BBB)(g)

$

     1,000,000       5.000 %    08/01/2025   $       1,080,922

New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)(d)

    178,305,000       0.000   06/01/2060   8,516,114

New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)(a)

    35,220,000       5.000   11/15/2044   34,247,576

New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A2/NR)

    1,250,000       2.625   09/15/2069   1,125,953

New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa2/NR)

    1,430,000       2.800   09/15/2069   1,291,857

New York State Dormitory Authority RB for Brooklyn St. Joseph’s College Series 2021 (NR/NR)

    750,000       5.000   07/01/2051   774,584

New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (Baa1/NR)

    150,000       3.560   07/01/2026   146,373
    150,000       3.670   07/01/2027   145,823
    60,000       3.760   07/01/2028   58,099
    300,000       3.820   07/01/2029   287,411

New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph’s College Series 2020 A (NR/NR)

    615,000       4.000   07/01/2031   606,079
    870,000       4.000   07/01/2032   852,468
    925,000       4.000   07/01/2033   900,522
    845,000       4.000   07/01/2035   813,566

New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (AGM) (A2/AA)

    6,645,000       3.000   09/01/2050   4,904,900

New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-)

    6,485,000       4.000   09/01/2045   5,626,114
    6,170,000       4.000   09/01/2050   5,189,522

New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B/NR) (PUTABLE)(a)(f)(g)(h)

    1,685,000       2.875   12/03/2029   1,461,660

New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B2/B)(f)(g)

    2,905,000       2.750   09/02/2025   2,753,495

New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (AA/NR)

    975,000       4.000   12/01/2040   965,066

New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR)

    1,245,000       5.000   01/01/2029   1,276,189
    7,050,000       5.000   01/01/2030   7,222,642
    5,250,000       5.000   01/01/2033   5,328,637
    5,565,000       4.000   01/01/2036   5,168,023
    10,000,000       5.000     01/01/2036   10,099,799

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (Baa3/NR)

$

     6,820,000       4.000 %   10/01/2030   $       6,618,848
    7,580,000       5.000   10/01/2035   7,665,967
    15,705,000       5.000   10/01/2040   15,800,130
    20,505,000       4.375   10/01/2045   18,752,713

New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR)

    21,505,000       4.000   04/30/2053   17,506,457

New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR)

    845,000       5.000   12/01/2033   883,973
    750,000       5.000   12/01/2035   781,364
    660,000       5.000   12/01/2037   685,363
    660,000       4.000   12/01/2039   613,021
    950,000       4.000   12/01/2042   862,365

New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (Baa3\NR)

    10,000,000       4.000   07/01/2046   8,731,487
    12,250,000       5.000   07/01/2046   12,518,303

New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (AGM) (A2/AA)

    5,010,000       4.000   07/01/2035   4,916,099

New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (Baa3/NR)

    9,480,000       4.000   07/01/2033   9,092,635
    5,025,000       5.000   07/01/2034   5,164,849
    2,500,000       4.000   07/01/2041   2,262,684
    22,400,000       5.250   01/01/2050   22,962,397

New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (NR/B-)

    7,655,000       5.250   08/01/2031   7,961,759
    5,990,000       5.375   08/01/2036   6,368,632

New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (B-/NR)

    5,600,000       5.000   08/01/2026   5,565,359

New York Transportational Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (AMT) (NR/NR)

    4,540,000       5.000   07/01/2041   4,648,187

Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA)

    590,000       4.000   12/01/2033   596,826
    490,000       4.000   12/01/2034   495,600
    505,000       4.000   12/01/2035   510,513
    610,000       4.000   12/01/2036   616,332
    740,000       4.000   12/01/2037   747,240
    490,000       4.000   12/01/2038   494,665

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) (continued)

$

     1,470,000       3.000 %    12/01/2039   $       1,239,757
    980,000       3.000   12/01/2040   816,816
    1,960,000       4.000   12/01/2049   1,895,742

Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR)

    405,000       4.000   07/01/2039   360,780
    4,835,000       3.000   07/01/2044   3,367,222

Port Authority of New York & New Jersey Consolidated RB Series 221 (AMT) (Aa3/A+)

    4,735,000       4.000   07/15/2055   4,311,328

State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A-/A3)

    6,510,000       4.250   05/01/2052   6,142,615
    5,490,000       5.000   05/01/2052   5,692,705

State of New York Dormitory Authority Personal Income Tax RB Series 2021E (AA+/NR)

    2,750,000       4.000   03/15/2047   2,674,661

Suffolk Tobacco Asset Securitization Corp. RB Series 2021 B-2 (NR/NR) (d)

    15,000,000       0.000   06/01/2066   1,541,479

Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (A3/BBB+)

    700,000       5.000   09/01/2038   745,232
    955,000       5.000   09/01/2039   1,015,494
    945,000       4.000   09/01/2040   878,938

Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (Baa2/BBB-)

    4,375,000       5.000   11/01/2046   4,375,313

Western Regional Off-Track Betting Corp. RB Refunding Series 2021 (NR/NR)(a)

    1,785,000       4.125   12/01/2041   1,407,687

Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR)

    475,000       5.000   10/15/2039   464,748
    610,000       5.000   10/15/2049   574,498
    530,000       5.000   10/15/2054   492,395

Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB)

    725,000       5.000   10/15/2040   707,134
    1,325,000       5.000   10/15/2050   1,243,028
       

 

  553,937,132

 

North Carolina – 0.6%

Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AA/Baa2)

    2,000,000       5.500   07/01/2052   2,181,457

North Carolina Department of Transportation RB for I-77 Mobility Partners LLC Series 2015 (AMT) (NR/NR)

    1,370,000       5.000   12/31/2037   1,389,831

North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR)

    365,000       4.000   09/01/2046   329,786

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

North Carolina – (continued)

North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR)

$

     1,000,000       4.000 %    03/01/2041   $          802,274
    5,575,000       4.000   03/01/2051   4,088,026

North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR)

    950,000       5.000   10/01/2045   885,675
    1,310,000       5.000   10/01/2050   1,204,244

North Carolina Medical Care Commission RB for Rex Hospital, Inc. Obligated Group Series 2020 A (A2/AA-)

    6,325,000       3.000   07/01/2045   4,908,376

North Carolina Medical Care Commission RB Refunding for The Presbyterian Home at Charlotte, Inc. Series 2019 A (NR/NR)

    1,500,000       4.000   07/01/2039   1,272,855
    1,650,000       5.000   07/01/2039   1,609,424
    1,035,000       4.000   07/01/2044   824,841
    1,160,000       5.000   07/01/2044   1,104,991
    2,000,000       5.000   07/01/2049   1,868,189

North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)(g)

    1,000,000       4.500   09/01/2022   1,004,802
    2,000,000       5.000   09/01/2024   2,119,513

North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (NR/AA)

    10,350,000       5.000   01/01/2049   11,306,251
    4,250,000       4.000   01/01/2055   4,007,101

North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (NR/BBB)

    12,500,000       5.000   01/01/2049   12,795,870
       

 

  53,703,506

 

Ohio – 3.4%

Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/BBB+)

    7,530,000       3.000   06/01/2048   5,586,930

Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR)

    57,245,000       5.000   06/01/2055   53,903,558

Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)(d)

    121,740,000       0.000   06/01/2057   15,619,534

Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)

    2,400,000       5.250   11/01/2037   2,369,990
    2,700,000       5.250   11/01/2047   2,551,782
    2,320,000       5.250   11/01/2050   2,177,022

Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/B)

    22,500,000       5.375   09/15/2027   22,522,117

Cleveland-Cuyahoga County Port Authority Tax Allocation for Flats East Bank TIF District Series 2021 B (NR/NR)(a)

    1,150,000       4.500   12/01/2055   952,267

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Ohio – (continued)

Cleveland-Cuyahoga County Port Authority Tax Allocation Refunding for Flats East Bank TIF District Series 2021 A (NR/BB)(a)

$

     1,445,000       4.000 %    12/01/2055   $       1,142,853

County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network Series 2022A (NR/NR)

    1,800,000       5.000   05/15/2032   1,812,397
    2,775,000       5.375   05/15/2037   2,805,502
    3,910,000       5.500   05/15/2042   3,951,222

County of Cuyahoga Hospital RB Series 2017 (Baa3\BBB-)

    6,250,000       5.000   02/15/2037   6,395,131

County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (NR/NR)

    550,000       4.000   09/01/2040   484,905
    825,000       4.000   09/01/2045   698,604
    1,075,000       5.000   09/01/2049   992,144

County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR)

    8,280,000       5.250   11/15/2055   7,737,619

Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa3/BBB-)

    29,500,000       8.223   02/15/2040   37,269,745

Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-)

    7,500,000       5.000   02/15/2042   7,629,829
    7,500,000       4.750   02/15/2047   7,175,890
    1,500,000       5.000   02/15/2057   1,501,797
    1,000,000       5.500   02/15/2057   1,031,958

Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-)

    10,975,000       5.000   12/01/2051   10,996,861

Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (NR/NR)

    2,000,000       5.000   01/01/2042   1,932,336
    1,610,000       5.000   01/01/2046   1,535,137

Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (Ba2/BB+)

    8,000,000       5.000   02/15/2048   7,751,665

Northeast Ohio Medical University RB Refunding Series 2021 A (Baa2/NR)

    450,000       3.000   12/01/2040   356,487
    200,000       4.000   12/01/2045   183,476

Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)(a)

    1,775,000       3.750   01/15/2028   1,801,715
    2,880,000       4.250   01/15/2038   2,701,948
    18,110,000       4.500   01/15/2048   16,861,451

Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (Ba1/NR)

    4,140,000       3.250   09/01/2029   3,878,908

Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR)

    4,790,000       5.000   12/01/2050   4,718,312

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Ohio – (continued)

Ohio State Higher Education Facilities RB Series 2020 (NR/NR)

$

     9,635,000       5.000 %    01/15/2050   $       9,761,471

Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)(a)

    1,075,000       5.000   12/01/2033   1,018,631
    2,085,000       5.000   12/01/2038   1,908,301
    5,000,000       5.000   12/01/2048   4,339,634

Ohio State RB Refunding for University Hospitals Health System, Inc. Obligated Group Series 2020 A (A2/A)

    6,650,000       3.000   01/15/2045   5,114,310

Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR)(f)(g)

    2,750,000       4.375   06/15/2026   2,546,268

Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR)(a)

    2,095,000       4.250   12/01/2050   1,695,055

Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)(a)

    4,725,000       6.500   12/01/2030   4,304,874
    10,000,000       7.000   12/01/2042   8,651,841

State of Ohio Hospital RB for University Hospital Health System Series 2021A (A/A2)

    22,915,000       4.000   01/15/2046   21,498,821

State of Ohio Hospital RB Series 2020A (A2/A)

    5,745,000       4.000   01/15/2050   5,358,470

Toledo-Lucas County Port Authority Parking System RB Series 2021 (NR/NR)

    1,475,000       4.000   01/01/2043   1,248,547
    950,000       4.000   01/01/2046   782,952
    950,000       4.000   01/01/2051   748,419
    2,520,000       4.000   01/01/2057   1,938,502
       

 

  309,947,188

 

Oklahoma – 0.7%

Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (Baa1/A-)

    1,075,000       4.000   09/01/2045   950,198

Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A2/AA)

    2,400,000       4.000   08/15/2052   2,237,038
    2,000,000       4.125   08/15/2057   1,898,851

Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Baa3/BB+)

    25,710,000       5.500   08/15/2057   23,320,181

Tulsa Authority for Economic Opportunity Increment District No. 8 Tax Allocation for Santa Fe Square Project Series 2021 (NR/NR)(a)

    2,470,000       4.375   12/01/2041   1,893,487

Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 A (AMT) (NR/NR)

    2,680,000       5.500   12/01/2035   2,714,585

Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR)

    24,300,000       5.500   12/01/2035   24,613,589

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Oklahoma – (continued)

Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (NR/B-)(f)(g)

$

     9,070,000       5.000 %    06/01/2025   $       9,270,735
       

 

  66,898,664

 

Oregon – 0.1%

Clackamas County Hospital Facility Authority RB Refunding for Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR)

    130,000       5.250   11/15/2050   122,858
    225,000       5.375   11/15/2055   214,443

Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+)

    3,850,000       4.000   08/15/2050   3,599,827

Oregon State Facilities Authority RB Refunding for Samaritan Health Services, Inc. Obligated Group Series 2020 A (NR/BBB+)

    1,750,000       5.000   10/01/2040   1,840,441

Oregon State Facilities Authority RB Refunding for Willamette University Series 2021 A (Baa2/BBB)

    4,700,000       4.000   10/01/2051   4,195,623

Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (A3/NR)(a)

    860,000       5.000   11/01/2039   940,464

Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR)

    1,825,000       5.000   11/15/2051   1,526,165
       

 

  12,439,821

 

Pennsylvania – 3.2%

Allegheny County GO Notes Series C-59B (AGM) (AA/WD)(c)

   

(3M USD LIBOR + 0.55%)

    550,000       1.412   11/01/2026   549,798

Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A (NR/BBB-)(g)

    1,500,000       5.000   09/01/2022   1,508,648
    1,000,000       5.000   09/01/2022   1,005,766

Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (NR/A)

    32,000,000       4.000   04/01/2044   30,267,379

Allegheny County IDA Penn Hills Charter School of Entrepeneurship Series A (BB/NR)

    1,305,000       4.000   06/15/2041   1,096,784
    975,000       4.000   06/15/2051   764,361
    1,070,000       4.000   06/15/2056   811,151

Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B1/BB-)

    3,900,000       4.875   11/01/2024   3,960,898
    2,500,000       5.125   05/01/2030   2,597,073

Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR)

    850,000       5.000   05/01/2033   914,456
    950,000       5.000   05/01/2034   1,019,880
    850,000       5.000   05/01/2035   910,336
    950,000       5.000   05/01/2036   1,015,395
    7,875,000       5.000   05/01/2042   8,236,471

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

Allentown Neighborhood Improvement Zone Development Authority Subordinate Tax RB for City Center Project Series 2022 (NR/NR)(a)

$

     6,375,000       5.250 %    05/01/2042   $       6,398,785

Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR)(a)

    2,000,000       5.000   05/01/2027   2,061,030
    1,400,000       5.000   05/01/2032   1,420,859
    6,950,000       5.000   05/01/2042   6,949,466

Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR)(a)

    250,000       5.000   05/01/2028   256,957
    1,000,000       5.000   05/01/2033   1,014,959
    2,750,000       5.000   05/01/2042   2,749,960

Berks County IDA Health System RB for Tower Health Project Series 2017 (BB-/NR)

    8,745,000       5.000   11/01/2050   7,683,495

Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (WR/BB-)

    950,000       5.000   11/01/2029   948,205
    1,745,000       5.000   11/01/2030   1,754,676
    1,425,000       5.000   11/01/2034   1,365,419
    7,850,000       4.000   11/01/2047   5,919,340

Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (BB+/NR)

    11,200,000       4.000   07/01/2051   8,352,923

Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/BB+)

    4,005,000       5.000   07/01/2054   3,768,452

Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR)

    1,150,000       5.000   10/01/2037   1,196,079

Chester County IDA Student Housing RB for University Student Housing, LLC Project West Chester University Series 2013 A (Ba2/NR)

    500,000       5.000   08/01/2035   500,497
    1,000,000       5.000   08/01/2045   966,716

Clairton Municipal Authority Sewer RB Series 2012 B (NR/BBB+)

    1,000,000       5.000   12/01/2042   1,004,366

Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A1/A)

    1,900,000       5.000   06/01/2034   2,042,881
    1,900,000       5.000   06/01/2035   2,039,689

Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (A1/AA)

    6,000,000       4.000   06/01/2039   5,772,282

Cumberland County Municipal Authority RB Refunding Series 2015 (NR/NR)(g)

    145,000       5.000   01/01/2025   154,992

Cumberland County Municipal Authority RB Series 2015 (CASH/ US GOVT SECURITIES) (NR\NR)(g)

    610,000       5.000   01/01/2025   652,037

Cumberland County Municipal Authority RB Series 2015 (NR\NR)

    745,000       5.000   01/01/2038   760,531

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB)(a)

$

     5,100,000       5.875 %    10/15/2040   $       5,413,564
    17,325,000       6.250   10/15/2053   18,544,938

Doylestown Hospital Authority RB Series 2019 A (Ba1/BBB-)

    1,250,000       4.000   07/01/2045   978,704
    2,375,000       5.000   07/01/2049   2,196,791

Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR)

    1,100,000       5.000   12/01/2043   1,014,355
    900,000       5.000   12/01/2048   808,835
    1,750,000       5.000   12/01/2053   1,548,600

Geisinger Authority Health System RB for Geisinger Health System Series 2007 (A1/AA-)(c)

   

(3M USD LIBOR + 0.77%)

    52,950,000       1.632   05/01/2037   47,067,260

General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (Aa3/NR)

    2,300,000       5.000   06/01/2044   2,424,920
    5,700,000       4.000   06/01/2049   5,383,216
    4,225,000       5.000   06/01/2049   4,432,761

Lancaster County Hospital Authority RB Refunding for St. Anne’s Retirement Community Obligated Group Series 2020 (NR/NR)

    750,000       5.000   03/01/2045   694,393

Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-)

    300,000       5.000   03/01/2033   307,256
    315,000       5.000   03/01/2034   321,703
    450,000       4.000   03/01/2035   410,585
    465,000       4.000   03/01/2036   419,567
    275,000       4.000   03/01/2037   245,693
    335,000       4.000   03/01/2039   293,671
    250,000       4.000   03/01/2040   217,461
    250,000       4.000   03/01/2041   215,100
    625,000       4.000   03/01/2046   515,019
    675,000       4.000   03/01/2051   539,075

Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communitiies Obligated Group Series 2020C (NR/NR)

    2,365,000       5.000   11/15/2045   2,464,927

Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (NR/NR)

    1,900,000       5.000   11/01/2044   1,797,245
    2,100,000       5.000   11/01/2049   1,946,696

Northeastern Pennsylvania Hospital & Education Authority RB for King’s College Project Series 2019 (NR/BBB+)

    945,000       5.000   05/01/2044   953,707
    1,245,000       5.000   05/01/2049   1,250,456

Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR)

    2,250,000       4.000   07/01/2046   1,974,769

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC)
(WR/AA)(c)

   

(3M USD LIBOR + 0.60%)

$

     8,480,000       2.126 %    07/01/2027   $       8,309,729
    10,850,000       2.176   07/01/2039   9,406,727

Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (NR/BB)

    5,645,000       5.000   05/01/2042   5,248,497

Pennsylvania Higher Educational Facilities Authority Student Housing RB Refunding for University Properties, Inc. Student Housing Project Series 2016 A (Baa3/NR)

    365,000       5.000   07/01/2031   369,865
    400,000       5.000   07/01/2035   402,438

Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A3/NR)

    3,875,000       5.250   06/01/2047   4,080,100

Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR)

    2,225,000       5.000   06/15/2050   2,147,035

Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (NR/BBB-)

    310,000       5.000   08/01/2040   315,156
    975,000       5.000   08/01/2050   977,847

Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+)(a)

    2,860,000       5.000   06/15/2050   2,720,244

Philadelphia Hospitals and Higher Education Facilities Authority RB for Temple University Health System Obligated Group Series 2012 A (Baa3/BBB)(g)

    2,000,000       5.625   07/1/2022   2,000,000

Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (Baa3/BBB)

    500,000       5.000   07/01/2028   534,541
    2,000,000       5.000   07/01/2029   2,125,198
    3,000,000       5.000   07/01/2030   3,175,364
    2,615,000       5.000   07/01/2031   2,753,302
    1,000,000       5.000   07/01/2032   1,045,755
    4,425,000       5.000   07/01/2033   4,616,254

Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BB+)

    2,450,000       5.000   11/15/2028   2,389,951

Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (Baa3/NR)

    1,100,000       5.000   01/01/2035   1,132,766
    2,325,000       5.000   01/01/2038   2,382,044

The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+)

    475,000       5.000   10/01/2039   460,029
    1,125,000       5.000   10/01/2049   1,039,998

The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/BB-)

    4,600,000       5.000   11/01/2044   4,148,260

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

Washington County Redevelopment Authority RB Refunding for Victory Center Tax Increment Financing Project Series 2018 (NR/BB)

$

     1,000,000       5.000 %    07/01/2028   $       1,006,986
    1,000,000       5.000   07/01/2035   987,777

Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa1/NR)

    1,320,000       4.000   07/01/2037   1,235,498
       

 

  289,785,620

 

Puerto Rico – 8.6%

Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR\NR)(a)

    20,000,000       5.000   07/01/2035   20,289,226

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)(a)

    15,750,000       5.000   07/01/2047   15,811,655

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2021 C (NR/NR)(a)

    14,100,000       2.750   07/01/2023   13,909,981
    9,400,000       3.500   07/01/2026   9,025,199
    9,400,000       3.750   07/01/2027   9,020,944

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR)(a)

    9,400,000       5.000   07/01/2033   9,622,312
    9,400,000       5.000   07/01/2037   9,547,743
    9,400,000       4.000   07/01/2042   8,263,751

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (WR/NR)

    115,000       4.500   07/01/2027   115,000

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 A (NR/NR)(a)

    320,000       5.000   07/01/2022   320,000
    315,000       5.000   07/01/2025   323,522
    850,000       5.000   07/01/2033   869,079
    450,000       5.000   07/01/2037   456,505
    1,000,000       4.000   07/01/2042   879,134

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 B (NR/NR)(a)

    495,000       5.000   07/01/2025   508,388
    1,355,000       5.000   07/01/2033   1,385,414
    7,550,000       5.000   07/01/2037   7,659,151
    23,435,000       4.000   07/01/2042   20,601,423

Puerto Rico Commonwealth GO Bonds (NR\NR)*(b)(f)(i)

    27,206,062       0.000   11/01/2043   13,535,016

Puerto Rico Commonwealth GO Clawback Bonds (NR/NR)*(b)(f)(i)

    5,401,530       0.000   11/01/2051   2,322,658

Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR)

    782       5.250   07/01/2023   796
    2,797,919       0.000 (d)    07/01/2024   2,560,676
    1,057,750       5.375   07/01/2025   1,098,245
    6,002,883       5.625   07/01/2027   6,385,657
    5,905,496       5.625   07/01/2029   6,341,073

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Puerto Rico – (continued)

Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR) – (continued)

$

     3,735,960       5.750 %    07/01/2031   $       4,079,910
    12,254,090       0.000 (d)    07/01/2033   6,882,937
    7,839,196       4.000   07/01/2033   7,182,517
    4,889,113       4.000   07/01/2035   4,378,507
    9,271,482       4.000   07/01/2037   8,202,813
    15,080,158       4.000   07/01/2041   13,044,379
    19,649,454       4.000   07/01/2046   16,485,741

Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (A3/AA)

    360,000       5.250   07/01/2041   362,672

Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (WR/NR)

    28,730,000       5.250   07/01/2038   28,731,844

Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (A2/AA)

    1,860,000       5.250   07/01/2033   1,898,461
    680,000       5.250   07/01/2034   693,872
    6,675,000       5.250   07/01/2036   6,799,075

Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2003 (WR/NR)*

    215,000       5.000   07/01/2028   33,862

Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR)*

    1,905,000       4.800   07/01/2029   1,607,344
    15,600,000       5.000   07/01/2042   13,221,000

Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR)*

    715,000       7.250   07/01/2030   632,775
    5,210,000       7.000   07/01/2033   4,597,825
    2,610,000       6.750   07/01/2036   2,296,800
    6,190,000       7.000   07/01/2040   5,462,675

Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR)*

    1,678,950       10.000   07/01/2022   1,542,535

Puerto Rico Electric Power Authority Power RB Series A-4 (NR/NR)*

    747,236       10.000   07/01/2019   678,117

Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR)*

    130,000       5.250   07/01/2023   110,175
    3,420,000       5.250   07/01/2031   2,898,450

Puerto Rico Electric Power Authority Power RB Series B-4 (NR/NR)*

    747,235       10.000   07/01/2019   678,116

Puerto Rico Electric Power Authority Power RB Series BBB (NR/NR)*

    90,000       5.400   07/01/2028   70,875

Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR)*

    80,000       5.000   07/01/2022   68,000
    90,000       4.250   07/01/2023   75,938
    60,000       4.500   07/01/2023   50,625
    50,000       4.600   07/01/2024   42,187
    210,000       4.625   07/01/2025   177,187
    900,000       5.000   07/01/2025   762,750
    25,000       5.000   07/01/2026   21,188
    40,000       4.800   07/01/2027   33,750

Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR)

    5,036,850       10.000   01/01/2021   4,570,941

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Puerto Rico – (continued)

Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR)*

$

     5,036,850       10.000 %    07/01/2021   $       4,570,941

Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR)*

    1,678,950       10.000   01/01/2022   1,523,647

Puerto Rico Electric Power Authority Power RB Series EEE (NR/NR)*

    1,175,000       5.950   07/01/2030   937,070
    4,620,000       6.050   07/01/2032   3,701,783
    115,000       6.250   07/01/2040   92,144

Puerto Rico Electric Power Authority Power RB Series SS (NR/NR)*

    130,000       4.625   07/01/2030   109,687

Puerto Rico Electric Power Authority Power RB Series TT (NR/NR)*

    300,000       4.200   07/01/2019   250,875
    4,795,000       5.000   07/01/2032   4,063,762
    1,385,000       5.000   07/01/2037   1,173,788

Puerto Rico Electric Power Authority Power RB Series WW (NR/NR)*

    2,000,000       5.500   07/01/2020   1,702,500
    3,765,000       5.250   07/01/2033   3,190,838

Puerto Rico Electric Power Authority Power RB Series XX (NR/NR)*

    20,000       4.875   07/01/2027   16,875
    12,290,000       5.250   07/01/2040   10,415,775

Puerto Rico Electric Power Authority Power RB Series YY (NR/NR)*

    2,130,000       6.125   07/01/2040   1,706,663

Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)*

    65,000       3.700   07/01/2017   51,919
    1,230,000       5.000   07/01/2017   1,042,425
    145,000       4.250   07/01/2018   121,256
    3,130,000       5.000   07/01/2019   2,652,675
    260,000       4.250   07/01/2020   217,425
    25,000       5.250   07/01/2020   21,188
    80,000       4.375   07/01/2021   67,500
    100,000       4.375   07/01/2022   84,625
    65,000       5.000   07/01/2022   55,250
    190,000       4.500   07/01/2023   160,312
    90,000       4.625   07/01/2025   75,938

Puerto Rico Electric Power Authority Power Revenue Refunding Bonds Series DDD (NR/NR)*

    215,000       3.300   07/01/2019   171,732
    80,000       3.500   07/01/2020   63,900
    155,000       3.625   07/01/2021   123,806
    60,000       3.750   07/01/2022   48,075
    390,000       3.875   07/01/2023   312,000

Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A2/AA)(c)

   

(3M USD LIBOR + 0.52%)

    52,372,000       2.046   07/01/2029   54,188,277

Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL) (Baa2/NR)

    1,250,000       5.250   07/01/2032   1,269,628
    435,000       5.250   07/01/2035   439,680

Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (WR/NR)*

    126,000       5.000   07/01/2024   106,785

Puerto Rico Electric Power Authority RB Series 2010 AAA (WR/NR)*

    1,489,000       5.250   07/01/2027   1,261,927
    2,119,000       5.250     07/01/2028   1,795,853

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Puerto Rico – (continued)

Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (AGC) (A3/AA)

$

     2,000,000       5.250 %   07/01/2041   $       2,014,847

Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (NATL) (Baa2/NR)

    2,395,000       5.250   07/01/2035   2,418,567

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGC) (A3/AA)

    185,000       5.500   07/01/2031   192,375

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (A2/AA)

    470,000       5.250   07/01/2032   479,756

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM-CR) (A2/AA)

    100,000       5.500   07/01/2029   104,385

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (A3/AA)

    320,000       5.250   07/01/2034   326,528
    27,260,000       5.250   07/01/2036   27,765,635

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR AGC) (A2/AA)

    2,455,000       5.500   07/01/2029   2,562,640

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR AGC-ICC) (A2/AA)

    330,000       5.500   07/01/2026   347,457

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (WR/NR)

    3,825,000       5.250   07/01/2031   3,863,247

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NATL) (Baa2/NR)

    1,570,000       5.250   07/01/2033   1,591,440

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (WR/NR)*

    3,400,000       5.500   07/01/2024   1,870,000
    5,565,000       5.500   07/01/2026   3,060,750

Puerto Rico Highway & Transportation Authority RB Series 1998 A (NATL-IBC) (Baa2/NR)

    4,920,000       4.750   07/01/2038   4,929,731

Puerto Rico Highway & Transportation Authority RB Series 1998 A (WR/NR)*

    420,000       5.000   07/01/2038   231,000

Puerto Rico Highway & Transportation Authority RB Series 2003 G (WR/NR)*

    1,705,000       5.000   07/01/2042   937,750

Puerto Rico Highway & Transportation Authority RB Series 2005 K (WR/NR)*

    1,900,000       5.000   07/01/2024   1,045,000
    9,425,000       5.000   07/01/2030   5,183,750

Puerto Rico Highway & Transportation Authority RB Series 2007 M (WR/NR)*

    445,000       4.125   07/01/2019   244,750
    940,000       5.000   07/01/2025   517,000
    1,470,000       5.000   07/01/2026   808,500

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Puerto Rico – (continued)

Puerto Rico Highway & Transportation Authority RB Series 2007 M (WR/NR)* – (continued)

$

     1,850,000       5.000 %    07/01/2027   $       1,017,500
    2,825,000       5.000   07/01/2037   1,553,750

Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)(d)

    4,313,000       0.000   07/01/2031   2,920,770
    5,295,000       0.000   07/01/2033   3,184,371
    110,457,000       0.000   07/01/2046   29,706,361
    191,395,000       0.000   07/01/2051   38,058,876

Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)

    88,106,000       4.329   07/01/2040   82,737,701
    562,000       4.536   07/01/2053   524,476
    10,379,000       4.784   07/01/2058   9,913,698

Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)

    3,939,000       4.500   07/01/2034   3,955,887
    3,447,000       4.550   07/01/2040   3,320,336
    45,055,000       4.750   07/01/2053   43,289,506
    106,409,000       5.000   07/01/2058   104,597,876
       

 

  782,293,131

 

Rhode Island – 0.2%

Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (NR/CCC-)(d)

    124,220,000       0.000   06/01/2052   16,029,585

 

South Carolina – 0.3%

Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR)

    2,819,000       6.875   11/01/2035   2,820,606

South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR)(a)

    6,160,000       5.250   06/15/2052   5,412,851
    5,615,000       5.250   06/15/2057   4,827,995

South Carolina Jobs-Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 C (NR/NR)

    2,365,000       5.000   11/15/2047   2,437,569

South Carolina Jobs-Economic Development Authority RB for Kiawah Life Plan Village, Inc. Project Series 2021 A (NR/NR)(a)

    910,000       8.750   07/01/2025   905,965

South Carolina Public Service Authority Revenue Obligations 2015 Tax Exempt Series E (A/NR)

    7,790,000       5.250   12/01/2055   7,992,187

Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A3/AA)

    2,250,000       4.000   04/15/2045   2,146,578
    2,000,000       3.000   04/15/2049   1,486,802
       

 

  28,030,553

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

South Dakota – 0.0%

County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-)

$

     1,050,000       4.000 %    08/01/2056   $          849,901
    1,450,000       4.000   08/01/2061   1,140,497
       

 

  1,990,398

 

Tennessee – 0.3%

County of Shelby Health Educational and Housing Facility Board Variable Rate RB Series 2008B (AA/A1)(f)

    13,600,000       0.360   06/01/2042   13,600,000

Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A3/A-)

    5,230,000       4.000   07/01/2040   4,984,974

Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment RB Series 2021A (NR/NR)(a)

    1,150,000       4.000   06/01/2051   934,435

Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment Revenue Capital Appreciation Bonds Series 2021B (NR/NR)(a) (d)

    2,825,000       0.000   06/01/2043   872,455

Johnson City Health & Educational Board Retirement Facilities RB for Mountain States Health Alliance Series 2012 A (A3/A-)

    1,500,000       5.000   08/15/2042   1,505,041

Memphis-Shelby County Industrial Development Board Tax Allocation Refunding Bonds Series 2017 A (NR/NR)

    100,000       4.750   07/01/2027   86,139
    150,000       5.625   01/01/2046   108,148

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (A3/NR)

    2,500,000       5.000   07/01/2040   2,630,955

Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (NR/NR)

    315,000       5.000   10/01/2029   324,648
    230,000       5.000   10/01/2034   234,943
    375,000       5.000   10/01/2039   379,322
    450,000       5.000   10/01/2048   447,313

Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)(a)

    850,000       5.125   06/01/2036   866,647
       

 

  26,975,020

 

Texas – 6.4%

Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR)(a)

    410,000       4.250   09/01/2023   410,470
    500,000       4.625   09/01/2028   503,360
    2,340,000       5.125   09/01/2038   2,345,559
    2,580,000       5.250   09/01/2047   2,582,668

Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR)

    1,495,000       5.625   08/15/2052   1,415,224
    1,780,000       5.750     08/15/2057   1,687,664

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB)

$

     305,000       4.000 %   08/15/2036   $        270,676
    560,000       4.000   08/15/2041   473,761
    810,000       4.000   08/15/2046   655,263

Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (NR/BB+)

    1,480,000       5.000   01/01/2029   1,540,664

Board of Managers, Joint Guadalupe County – City of Seguin Hospital Mortgage Improvement RB Refunding Bonds Series 2015 (NR/BB)

    1,950,000       5.250   12/01/2035   1,995,686
    2,435,000       5.000   12/01/2040   2,444,030

Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities RB for Aleon Renewable Metals Project (NR/NR)(a)(f)

    5,750,000       10.000   06/01/2042   5,613,095

Cedar Bayou Navigation District Special Assessment Series 2020 (NR/NR)

    9,415,000       6.000   09/15/2051   8,590,236

City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)(a)

    2,190,000       6.500   09/01/2048   2,198,441

City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)(a)

    867,000       4.000   09/15/2041   717,549
    1,271,000       4.250   09/15/2051   1,011,826

City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)(a)

    4,150,000       5.125   11/01/2033   3,967,964

City of Bee Cave Special Assessment RB Series 2021 (NR/NR) (NR/NR)(a)

    563,000       4.750   09/01/2031   506,762
    1,540,000       5.000   09/01/2041   1,331,253
    1,907,000       5.250   09/01/2051   1,610,348

City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR)(a)

    430,000       3.750   09/01/2040   354,198
    1,451,000       4.000   09/01/2050   1,184,494

City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)(a)

    450,000       4.250   09/01/2041   379,713
    550,000       4.500   09/01/2050   454,167

City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR)(a)

    1,021,000       5.000   09/01/2051   936,127

City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR)(a)

    812,000       3.375   09/01/2042   596,856
    3,549,000       4.000   09/01/2052   2,794,094

City of Celina Special Assessment RB for Parks At Wilson Creek Series 2021 (NR/NR)(a)

    120,000       2.750   09/01/2026   108,673
    221,000       3.500   09/01/2026   206,247
    240,000       3.250   09/01/2031   204,977

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Celina Special Assessment RB for Parks At Wilson Creek Series 2021 (NR/NR)(a) – (continued)

$

     446,000       4.000 %    09/01/2031   $          403,559
    1,134,000       3.500   09/01/2041   908,990
    959,000       4.250   09/01/2041   813,324
    1,916,000       4.000   09/01/2051   1,534,839
    1,410,000       4.500   09/01/2051   1,164,801

City of Celina Special Assessment RB Series 2022 (NR\NR)(a)

    910,000       4.000   09/01/2043   758,931
    933,000       4.125   09/01/2051   753,181

City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)(a)

    400,000       5.500   09/01/2046   406,012

City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR)

    1,125,000       5.625   09/01/2038   1,153,395
    1,700,000       5.750   09/01/2047   1,734,836

City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#2-3 Project Series 2019 (NR/NR)(a)

    2,330,000       4.250   09/01/2049   1,977,404

City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#4 Project Series 2020 (NR/NR)(a)

    1,800,000       4.125   09/01/2050   1,467,466

City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Major Improvement Area Project Series 2015 (NR/NR)

    3,765,000       7.500   09/01/2045   3,806,778

City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Area #1 Project Series 2015 (NR/NR)

    1,655,000       6.250   09/01/2045   1,632,918

City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)(a)

    215,000       4.750   09/01/2031   199,137
    370,000       5.250   09/01/2041   330,763
    500,000       5.500   09/01/2050   442,874

City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(a)

    242,000       4.125   09/15/2026   230,235
    261,000       4.750   09/15/2031   236,013
    900,000       4.250   09/15/2041   756,261
    500,000       5.000   09/15/2041   434,625
    1,400,000       4.500   09/15/2051   1,141,850
    650,000       5.250   09/15/2051   552,081

City of Dayton Junior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022B (NR/NR)(a)

    1,364,000       5.750   09/01/2052   1,287,656

City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR)(a)

    1,413,000       5.250   09/01/2052   1,329,551

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR)(a)

$

     1,071,000       4.000 %    09/01/2051   $          822,660

City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)(a)

    692,000       3.875   08/15/2040   563,231
    994,000       4.125   08/15/2050   812,356

City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR)(a)

    925,000       3.750   08/15/2041   754,442
    1,656,000       4.000   08/15/2051   1,339,165

City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)(a)

    1,360,000       4.250   08/15/2049   1,187,529

City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Series 2018 (NR/NR)(a)

    910,000       4.350   08/15/2039   828,600
    1,920,000       4.500   08/15/2048   1,699,090

City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR)(a)

    1,000,000       4.375   08/15/2052   864,910

City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (NR/AA)

    2,050,000       3.250   08/15/2043   1,706,799

City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR)(a)

    961,000       4.125   09/15/2042   844,220
    617,000       4.250   09/15/2047   533,607

City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR)

    4,345,000       5.000   09/01/2047   4,248,172

City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)

    1,390,000       4.500   09/01/2037   1,321,694
    2,435,000       5.000   09/01/2044   2,394,568

City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-)

    2,235,000       4.500   09/01/2032   2,202,861
    4,715,000       4.500   09/01/2038   4,485,386

City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR) (NR/NR)(a)

    1,852,000       4.000   09/01/2051   1,456,166

City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)(a)

    2,450,000       4.375   09/01/2049   2,138,114

City of Houston Airport System Special Facilities RB Series 2021B-1 (AMT) (NR\NR)

    8,625,000       4.000   07/15/2041   7,346,649

City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(a)

    1,000,000       4.000   09/01/2056   769,324

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR)(a)

$

     2,491,000       4.000 %    09/01/2051   $       1,966,126

City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR)(a)

    2,329,000       4.000   09/01/2056   1,805,954

City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+)

    1,500,000       5.000   08/15/2043   1,558,848

City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR)(a)

    2,051,000       4.000   09/01/2051   1,680,353

City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR)(a)

    575,000       3.625   09/15/2041   433,267
    445,000       4.000   09/15/2050   347,242

City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR)(a)

    700,000       3.750   09/01/2041   544,466
    900,000       4.000   09/01/2046   733,126

City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)(a)

    1,405,000       4.625   09/01/2039   1,313,795
    900,000       4.750   09/01/2044   825,189

City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR)(a)

    1,310,000       3.625   09/01/2040   1,041,410
    400,000       4.000   09/01/2046   328,806

City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Project Series 2022 (NR/NR)(a)

    212,000       4.125   09/01/2027   203,975
    501,000       4.625   09/01/2041   454,696

City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)(a)

    1,225,000       4.875   09/01/2044   1,135,364

City of Kyle Special Assessment RB Series 2022 (NR/NR)

    1,950,000       5.000   09/01/2042   1,866,306

City of Lago Vista Tessera on Lake Travis Public Improvement District Special Assessment Refunding Bond Series 2010 (NR/NR)

    990,000       3.750   09/01/2042   812,430

City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)(a)

    580,000       4.250   09/15/2039   522,728
    2,415,000       4.500   09/15/2049   2,114,149

City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)(a)

    850,000       5.000   09/15/2049   778,034

City of Lavon Special Assessment RB Series 2022 (NR\NR)(a)

    2,123,000       4.000   09/15/2042   1,807,753
    900,000       4.375   09/15/2042   764,691
    4,978,000       4.125   09/15/2052   4,050,197
    1,396,000       4.500   09/15/2052   1,145,325

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR)(a)

$

     1,890,000       4.000 %    09/01/2054   $       1,510,734

City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR)(a)

    225,000       3.500   09/01/2027   209,442
    275,000       3.875   09/01/2032   244,821
    550,000       4.125   09/01/2042   467,822
    2,100,000       4.000   09/01/2052   1,721,080
    900,000       4.375   09/01/2052   749,627

City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(a)

    700,000       3.500   09/15/2041   528,694
    830,000       4.125   09/15/2041   692,216
    900,000       4.000   09/15/2051   724,285
    1,125,000       4.375   09/15/2051   901,659

City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)(a)

    295,000       4.500   09/15/2040   268,284
    525,000       4.625   09/15/2049   462,553

City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(a)

    150,000       4.125   09/01/2026   141,703
    150,000       4.625   09/01/2031   134,165
    900,000       4.125   09/01/2041   760,680
    450,000       4.875   09/01/2041   385,682
    1,370,000       4.375   09/01/2051   1,107,511
    520,000       5.125   09/01/2051   440,388

City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)(a)

    780,000       4.250   09/15/2039   715,536
    2,950,000       4.375   09/15/2049   2,589,749

City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR)(a)

    585,000       3.625   09/15/2041   443,672
    820,000       4.000   09/15/2051   637,845

City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR)(a)

    2,430,000       5.750   09/15/2052   2,322,705

City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)(a)

    1,155,000       5.750   09/15/2039   1,112,194
    2,055,000       6.000   09/15/2049   1,949,488

City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)(a)

    2,405,000       5.875   09/15/2039   2,329,611
    5,200,000       5.125   09/15/2048   4,888,338
    3,830,000       6.125   09/15/2048   3,649,200

City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)(a)

    130,000       4.125   09/15/2031   116,921
    420,000       4.500   09/15/2041   359,857
    1,540,000       4.125   09/15/2051   1,242,446
    510,000       4.750     09/15/2051   422,621

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

City of New Braunfels Special Assessment RB for Solms Landing Public Improvement Project Series 2021 (NR/NR)(a)

$

     220,000       3.625 %   09/01/2026   $          203,614
    320,000       4.250   09/01/2031   287,808
    782,000       4.500   09/01/2041   656,197
    1,355,000       4.750   09/01/2051   1,108,609

City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)(a)

    361,000       5.250   09/01/2040   332,421
    355,000       5.625   09/01/2040   332,543
    560,000       4.125   09/01/2049   479,447
    932,000       5.375   09/01/2050   835,239

City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR)(a)

    1,175,000       3.750   09/01/2040   974,298
    1,060,000       4.000   09/01/2050   872,711

City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)(a)

    1,355,000       4.125   09/01/2048   1,175,843
    1,465,000       4.500   09/01/2048   1,343,873

City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR)(a)

    600,000       5.500   09/15/2042   582,161
    1,350,000       5.625   09/15/2052   1,302,421
    1,928,000       6.125   09/15/2052   1,856,055

City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR)(a)

    550,000       5.500   09/15/2042   533,647
    1,200,000       5.625   09/15/2052   1,157,708

City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR)(a)

    3,701,000       6.000   09/15/2052   3,644,798
    1,480,000       6.500   09/15/2052   1,458,641

City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR)(a)

    1,040,000       4.375   09/01/2052   904,949

City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2018 (NR/NR)(a)

    2,465,000       4.875   09/01/2048   2,335,389

City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR)(a)

    1,035,000       4.375   09/01/2049   914,998

City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)(a)

    126,000       3.875   09/01/2040   104,780
    175,000       4.125   09/01/2050   146,449

City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)

    400,000       4.875   09/01/2039   385,336
    835,000       5.000   09/01/2049   799,084

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)(a)

$

     401,000       4.000 %    09/01/2051   $          327,554

City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)(a)

    2,205,000       4.500   09/01/2039   2,038,942
    1,185,000       5.500   09/01/2039   1,164,262
    1,490,000       4.750   09/01/2049   1,349,713
    2,140,000       5.750   09/01/2049   2,090,958

City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR)(a)(e)

    912,000       5.125   09/01/2042   916,755
    2,050,000       5.250   09/01/2052   2,060,631

City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)(a)

    750,000       3.750   09/01/2040   610,887
    1,250,000       4.000   09/01/2050   1,019,319

City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)(a)

    1,462,000       4.000   09/01/2051   1,193,651

City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR)(a)

    809,000       3.375   09/15/2041   610,983
    565,000       4.000   09/15/2051   455,948

City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)(a)

    1,195,000       3.875   09/15/2040   986,034
    1,780,000       4.125   09/15/2050   1,474,427

City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR)(a)

    110,000       4.375   09/15/2030   102,872
    500,000       4.125   09/15/2040   438,649
    1,520,000       4.375   09/15/2050   1,300,609
    600,000       5.125   09/15/2050   526,690

City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)(a)

    1,760,000       4.750   09/15/2049   1,637,679

City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)(a)

    1,070,000       3.750   09/15/2040   855,640
    1,490,000       4.000   09/15/2050   1,208,061

City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR)

    665,000       5.375   09/01/2040   648,104
    1,500,000       5.625   09/01/2050   1,456,374

City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR) (NR/NR)(a)

    1,522,000       4.500   09/01/2051   1,245,170

City of Shenandoah Special Assessment RB for Metropark Public Improvement District Series 2018 (NR/NR)

    105,000       4.500   09/01/2023   105,099
    780,000       5.000   09/01/2028   786,518
    2,035,000       5.600   09/01/2038   2,065,485
    2,470,000       5.700   09/01/2047   2,490,257

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Sinton Special Assessment RB Series 2022 (NR\NR)(a)

$

     900,000       5.125 %    09/01/2042   $          805,931
    1,150,000       5.250   09/01/2051   989,920

City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR)(a)

    1,171,000       5.500   08/15/2052   1,169,213

Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BBB-)

    1,175,000       4.000   10/01/2050   969,646

Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (NR/BB-)

    1,100,000       5.000   10/01/2050   916,682

Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR)

    575,000       4.000   10/01/2050   563,039

County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR)(a)

    800,000       3.750   09/15/2040   639,640
    1,200,000       4.000   09/15/2050   962,496

County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)(a)

    985,000       4.500   09/01/2041   818,623
    765,000       4.750   09/01/2050   628,500

Dallas County Flood Control District No. 1 Unlimited Tax GO Refunding Bonds Series 2015 (NR/NR)(a)

    3,250,000       5.000   04/01/2032   3,253,814

Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)(a)

    195,000       3.750   08/15/2024   190,128
    350,000       4.000   08/15/2029   325,730
    1,150,000       4.500   08/15/2035   1,031,568
    875,000       5.000   08/15/2044   774,430

Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 A (Baa2/NR)

    1,545,000       4.750   05/01/2038   1,548,219

Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 B (Baa2/NR)

    5,685,000       4.750   11/01/2042   5,691,597

Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)(a)

    1,290,000       5.000   09/01/2027   1,260,533
    895,000       5.000   09/01/2032   839,250
    1,315,000       5.125   09/01/2037   1,196,044

Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+)(b)

    15,140,000       0.000   10/01/2046   15,891,474
    11,100,000       0.000   10/01/2047   11,666,357

Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (Aa1/AA-)(c)

   

(3M USD LIBOR + 0.67%)

  
    13,855,000       1.616   08/15/2035   12,724,137

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Harris County-Houston Sports Authority RB Refunding Series 2004 A (NATL) (Baa2/BB)(d)

$

     5,525,000       0.000 %    11/15/2036   $       2,434,855

Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)(a)

    1,340,000       4.500   09/01/2039   1,293,595

Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-)

    595,000       3.750   09/01/2032   562,714
    510,000       3.875   09/01/2037   472,086
    930,000       4.000   09/01/2047   864,517

Hidalgo County Regional Mobility Authority Junior Lien Toll and Vehicle Registration Fee Revenue and Refunding Bonds Series 2022B (Baa3\BB+)(d)

    6,105,000       0.000   12/01/2049   1,192,027
    6,365,000       0.000   12/01/2050   1,164,445
    6,760,000       0.000   12/01/2051   1,158,294
    6,925,000       0.000   12/01/2052   1,107,628
    7,155,000       0.000   12/01/2053   1,070,920
    7,300,000       0.000   12/01/2054   1,022,056

Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (NR/B)

    15,835,000       5.000   07/15/2028   15,974,087

Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (AMT) (NR/NR)

    875,000       5.000   07/01/2027   887,410

Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (NR/NR)

    2,750,000       5.000   07/15/2027   2,788,528

Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (NR/NR)

    2,780,000       5.000   07/15/2027   2,818,948

Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (Ba3/B)

    10,000,000       6.625   07/15/2038   10,018,502

Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (Ba3/B)

    9,250,000       5.000   07/01/2029   9,265,053

Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (NR/B)

    10,500,000       5.000   07/15/2035   10,322,365

Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (NR/BBB-)

    1,035,000       4.000   10/01/2051   857,875

Joint Guadalupe County RB Refunding and Improvement Bonds for City of Seguin Hospital Mortgage Series 2015 (NR/BB)

    1,950,000       5.000   12/01/2045   1,944,917

Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)(a)

    265,000       4.500   09/01/2023   265,599
    785,000       5.000   09/01/2028   797,939
    1,170,000       5.375   09/01/2038   1,168,033

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)(a) – (continued)

$

     1,930,000       5.125 %    09/01/2047   $       1,841,984
    1,500,000       5.500   09/01/2047   1,479,768

Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR)

    165,000       2.375   09/01/2031   135,998
    165,000       2.375   09/01/2032   133,209
    175,000       2.375   09/01/2033   138,587
    175,000       2.500   09/01/2034   137,962
    365,000       2.500   09/01/2036   278,266
    385,000       2.625   09/01/2038   290,439
    370,000       3.000   09/01/2041   281,683
    520,000       3.000   09/01/2046   371,338
    1,265,000       3.000   09/01/2051   872,115

Lake Houston Redevelopment Authority RB Refunding for City of Houston Reinvestment Zone No. 10 Series 2021 (NR/BBB-)

    480,000       2.500   09/01/2041   330,405
    590,000       3.000   09/01/2044   437,248
    650,000       3.000   09/01/2047   466,870

Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (NR/BB-)(a)

    19,675,000       4.625   10/01/2031   19,995,437

Mitchell County Hospital District GO Bonds Series 2020 (NR/NR)

    705,000       5.500   02/15/2040   708,042
    1,325,000       5.250   02/15/2045   1,285,901
    780,000       4.000   02/15/2051   609,776

Montgomery County Toll Road Authority Senior Lien RB Series 2018 (NR/BBB-)

    1,850,000       5.000   09/15/2043   1,875,367
    2,800,000       5.000   09/15/2048   2,829,357

New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (BB+/NR)(a)

    3,120,000       4.000   08/15/2041   2,683,392
    2,850,000       4.000   08/15/2046   2,349,329
    8,205,000       4.000   08/15/2056   6,359,926

New Hope Cultural Education Facilities Finance Corp. RB Refunding for Wichita Falls Retirement Foundation Obligated Group Series 2021 (NR/NR)

    1,630,000       4.000   01/01/2036   1,404,886
    1,600,000       4.000   01/01/2041   1,307,502

New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB for Army Retirement Residence Foundation Project Series 2022 (NR/NR)(e)

    2,325,000       5.750   07/15/2052   2,244,555
    3,055,000       6.000   07/15/2057   3,011,008

New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2021 (NR\NR)

    1,400,000       4.000   11/01/2055   1,150,483

New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR)

    8,100,000       5.500   01/01/2057   6,893,711

New Hope Cultural Education Facilities Finance Corp. Senior Living RB Series 2021B (NR\NR)

    3,250,000       7.000   01/01/2057   2,627,999

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-)(a)

$

     1,465,000       5.000 %    08/15/2051   $       1,422,156

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC – Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (WR/NR)(g)

    335,000       5.000   04/01/2026   366,698
    300,000       5.000   04/01/2026   328,387

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (WR/NR)(g)

    1,000,000       5.000   04/01/2025   1,076,058

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Texas A&M University at Galveston Collegiate Housing Project Series 2014 A (WR/NR)(g)

    1,385,000       4.750   04/01/2024   1,446,907

New Hope Cultural Educiation Facilities Finance Corp. Retirement Facility RB for The Outlook at Windhaven Project Series 2022B-3 (NR/NR)(e)

    4,700,000       4.250   10/01/2026   4,700,000

North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR)(a)

    1,395,000       4.000   09/15/2041   1,196,209
    6,110,000       5.000   09/15/2051   5,618,221

North Parkway Municipal Management Special Assessment RB for Major Improvements Project Series 2021 (NR/NR)(a)

    940,000       3.625   09/15/2026   903,747
    1,553,000       4.250   09/15/2031   1,464,600
    4,700,000       4.750   09/15/2041   4,342,583

North Texas Tollway Authority RB for Second Tier Series 2021 B (A2/A)

    19,475,000       3.000   01/01/2046   15,420,874

North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A2/A)

    8,500,000       5.000   01/01/2048   8,924,169

Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)(a)

    1,650,000       2.750   01/01/2036   1,248,146
    3,675,000       2.875   01/01/2041   2,560,858
    11,125,000       3.000   01/01/2050   7,264,425

Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 A (AMT) (NR/NR)(a)

    9,995,000       4.000   01/01/2050   8,187,792

Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR)(a)

    4,125,000       6.000   01/01/2025   4,157,697

Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B
(NR/NR)(a)

    29,500,000       4.100   01/01/2028   26,444,222

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Rowlett Special Assessment RB for Bayside Public Improvement District North Improvement Area Project Series 2016 (NR/NR)

$

     175,000       5.750 %    09/15/2036   $          165,327
    460,000       6.000   09/15/2046   417,282

Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)(a)

    825,000       4.125   09/15/2039   740,916
    3,275,000       4.375   09/15/2049   2,857,798

Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (NR/NR)

    7,300,000       5.000   05/15/2045   6,946,306

Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A2/A-)(c)

   

(3M USD LIBOR + 0.70%)

  
    4,965,000       1.925   12/15/2026   4,893,911

Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (Baa3/NR)

    3,900,000       5.000   12/31/2050   3,920,398
    3,900,000       5.000   12/31/2055   3,917,390

Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2013 (AMT) (Baa3/NR)

    5,000,000       6.750   06/30/2043   5,145,411

Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (Baa3/NR)

    13,190,000       5.000   06/30/2058   13,059,385

Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (Baa1/A-)

    2,850,000       5.000   08/15/2042   2,899,045

Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR)(a)

    1,500,000       4.000   09/01/2043   1,223,997

Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR)(a)

    429,000       3.750   09/01/2042   333,904
    410,000       4.000   09/01/2051   321,099

Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases #2-3 Project Series 2018 (NR/NR)(a)

    1,353,000       5.875   09/01/2047   1,382,176

Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)(a)

    1,400,000       5.000   09/01/2047   1,363,989

Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR)

    1,630,000       3.000   09/01/2036   1,379,232
    860,000       3.000   09/01/2037   717,959
    625,000       3.000   09/01/2039   502,177
    600,000       3.000   09/01/2040   475,758

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR)

$

     390,000       3.125 %   12/01/2035   $          315,491
    457,000       3.375     12/01/2040   352,946
    786,000       3.500   12/01/2047   581,445

Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR)

    500,000       4.000   12/01/2027   495,375
    1,545,000       4.750   12/01/2035   1,534,271
       

 

  583,089,761

 

Utah – 0.7%

Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)(a)

    2,010,000       3.750   03/01/2041   1,609,769
    7,125,000       4.000   03/01/2051   5,509,776

Black Desert Public Infrastructure District GO Bonds Series 2021 B (NR/NR)(a)

    5,000,000       7.375   09/15/2051   4,151,589

Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (NR/NR)

    5,695,000       7.100   08/15/2023   5,711,079

Coral Junction Public Infrastructure District Special Assessment Bonds Series 2022A-2 (NR/NR)(a)

    2,350,000       5.500   06/01/2041   2,235,902

Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR)(a)

    10,250,000       5.500   02/01/2050   8,781,921

Medical School Campus Public Infrastructure District GO Bonds Series 2020 B (NR/NR)(a)

    1,954,000       7.875   08/15/2050   1,645,737

Military Installation Development Authority RB Series 2021 A-1 (NR/NR)

    1,500,000       4.000   06/01/2036   1,274,087
    800,000       4.000   06/01/2041   650,233
    13,950,000       4.000   06/01/2052   10,531,300

Military Installation Development Authority RB Series 2021 A-2 (NR/NR)

    2,500,000       4.000   06/01/2036   2,101,954
    2,500,000       4.000   06/01/2041   1,980,382

Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR)(a)

    1,180,000       3.625   02/01/2035   964,430
    500,000       4.125   02/01/2041   401,614
    500,000       4.375   02/01/2051   387,883

Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 B (NR/NR)(a)

    600,000       7.375   08/15/2051   487,441

ROAM Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR)(a)

    1,625,000       4.250   03/01/2051   1,244,026

Utah Charter School Finance Authority Charter School RB Series 2022A (BB+/NR)(a)

    6,365,000       5.750   06/15/2052   6,429,367

Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR\BB)(a)

    3,630,000       4.250   07/15/2050   2,880,559

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Utah – (continued)

Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR) (NR/NR)(a)

$

     1,220,000       4.250 %    06/15/2051   $          914,955

Utah Charter School Finance Authority RB for Technology Academy Project Series 2021A (NR/NR) (NR/NR)(a)

    6,600,000       4.000   10/15/2061   4,607,859
       

 

  64,501,863

 

Vermont – 0.0%

Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR)

    1,000,000       5.000   05/01/2047   935,222

Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B/NR)(a)(f)(g)

    2,250,000       5.000   06/01/2027   2,246,024
       

 

  3,181,246

 

Virgin Islands – 0.2%

Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (Caa2/NR)(g)

    6,080,000       5.000   10/01/2022   6,132,335

Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR)

    9,850,000       5.000   10/01/2039   9,079,009

Virgin Islands Public Finance Authority RB Refunding Series 2014 C (AGM-CR) (A2/AA)

    3,515,000       5.000   10/01/2039   3,625,997
       

 

  18,837,341

 

Virginia – 1.4%

Ablemarle County Economic Development Authority Residential Care Facility Revenue Refunding Bonds Series 2022B (NR\NR)(e)

    4,000,000       4.000   06/01/2054   3,295,967

Alexandria City IDA for Residential Care Facilities Mortgage RB for Goodwin House, Inc. Series 2015 (NR/NR)(g)

    2,700,000       5.000   10/01/2025   2,922,988

Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (NR/BBB-)

    5,000,000       5.000   01/01/2050   4,952,024
    5,000,000       5.000   01/01/2059   4,861,086

James City County Economic Development Authority RB Refunding for Virginia United Methodist Homes, Inc. Obligated Group Series 2021 A (NR/NR)

    580,000       4.000   06/01/2041   471,419
    940,000       4.000   06/01/2047   719,458

Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (NR/BBB+)

    710,000       4.000   04/01/2045   650,397
    880,000       5.000   04/01/2049   914,702

Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B3/B-)

    10,940,000       6.706   06/01/2046   10,161,727

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Virginia – (continued)

Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-)(d)

$

     236,845,000       0.000 %    06/01/2047   $     60,451,347

Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-)(d)

    34,250,000       0.000   06/01/2047   6,307,723

Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-)

    1,525,000       3.000   06/01/2041   1,157,052
    1,050,000       4.000   06/01/2046   929,182

Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (Baa3/NR)

    1,375,000       5.000   12/31/2047   1,404,591
    520,000       5.000   12/31/2052   528,476
    26,545,000       5.000   12/31/2056   26,932,467

Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (B/NR)(a)(f)(g)

    1,000,000       5.000   07/01/2038   976,337
       

 

  127,636,943

 

Washington – 1.1%

Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (AMT) (NR/BB)

    7,355,000       5.000   04/01/2030   7,384,451

Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-)

    4,000,000       5.000   08/01/2049   4,065,967

Washington Higher Education Facilities Authority RB for Seattle University Series 2020 (NR/A)

    1,125,000       4.000   05/01/2050   1,019,922

Washington State Convention Center Public Facilities District RB Series 2018 (Baa1/BBB-)

    16,450,000       5.000   07/01/2048   16,990,189
    37,700,000       4.000   07/01/2058   33,381,902
    35,975,000       5.000   07/01/2058   37,082,634

Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR)(a)

    1,350,000       5.000   01/01/2049   1,213,129
    3,800,000       5.000   01/01/2055   3,352,608
       

 

  104,490,802

 

West Virginia – 0.5%

City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 A (NR\NR)(a)

    1,345,000       4.250   06/01/2042   1,077,583
    2,350,000       4.500   06/01/2050   1,825,351

City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 B (NR\NR)(a)

    2,450,000       5.500   06/01/2032   2,190,107
    2,725,000       6.000   06/01/2037   2,362,054

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

West Virginia – (continued)

County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (NR/BBB-)

$

     955,000       3.000 %    03/01/2035   $          768,657
    2,685,000       3.000   03/01/2037   2,101,474
    2,020,000       3.250   03/01/2041   1,555,706

Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR)(a)

    2,725,000       4.125   06/01/2043   2,424,349

Monongalia County Commission Excise Tax District RB Series 2021 B (NR/NR)(a)

    1,650,000       4.875   06/01/2043   1,451,864

West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (AMT) (B2/B)(f)(g)

    3,250,000       5.000   07/01/2025   3,304,674

West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B2/B)(f)(g)

    4,850,000       4.125   07/01/2025   4,815,679

West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa1/BBB+)

    6,120,000       5.000   01/01/2043   6,180,099
    13,000,000       4.125   01/01/2047   11,460,892

West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (Baa1/NR)

    1,650,000       5.000   09/01/2038   1,733,829
    1,525,000       5.000   09/01/2039   1,599,802
       

 

  44,852,120

 

Wisconsin – 2.0%

Public Finance Authority Beyond Boone LLC-Appalachian State University Project RB Bonds Series 2019 A (AGM) (A2/AA)

    900,000       5.000   07/01/2044   961,404
    2,350,000       4.125   07/01/2049   2,294,825
    1,300,000       5.000   07/01/2054   1,377,901
    1,600,000       5.000   07/01/2058   1,695,878

Public Finance Authority Charter School RB Series 2021A (NR/NR)(a)

    1,250,000       5.000   06/15/2051   977,239

Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR)(a)

    1,630,000       5.500   06/15/2052   1,567,551
    2,700,000       5.750   06/15/2062   2,609,881

Public Finance Authority Education RB for North Carolina Leadership Charter Academy, Inc. Series 2019 A (NR/NR)(a)

    250,000       4.000   06/15/2029   239,870
    385,000       5.000   06/15/2039   377,659
    495,000       5.000   06/15/2049   466,373
    430,000       5.000   06/15/2054   400,241

Public Finance Authority Education RB for Uwharrie Charter Academy Project Series 2022A (NR/Ba2)(a)

    1,400,000       5.000   06/15/2052   1,305,510
    1,850,000       5.000   06/15/2057   1,691,023
    1,850,000       5.000   06/15/2062   1,657,421

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Wisconsin – (continued)

Public Finance Authority Education RB Series 2022 (NR\NR)(a)

$

     3,925,000       5.000 %    01/01/2057   $       3,411,988

Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (Baa3/BBB)

    5,900,000       4.300   11/01/2030   5,955,622

Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A2/AA)

    760,000       4.000   07/01/2045   736,775
    950,000       4.000   07/01/2050   906,083
    1,185,000       4.000   07/01/2055   1,120,778
    1,520,000       4.000   07/01/2059   1,433,431

Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba1/NR)(a)

    5,650,000       5.000   12/01/2055   5,260,765

Public Finance Authority RB for Coral Academy Of Science Las Vegas Series 2021 A (NR/BBB-)

    4,115,000       4.000   07/01/2061   3,133,702

Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR)(a)

    1,300,000       5.000   06/15/2054   1,211,883

Public Finance Authority RB for Founders Academy of Las Vegas Series 2020 A (NR/BB-)(a)

    520,000       4.000   07/01/2030   493,988
    700,000       5.000   07/01/2040   691,817
    1,875,000       5.000   07/01/2055   1,762,787

Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR)(a)

    300,000       5.000   06/01/2036   288,639
    900,000       5.000   06/01/2051   803,046
    1,075,000       5.000   06/01/2061   932,392

Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)(a)

    3,100,000       5.250   03/01/2045   2,957,624
    7,110,000       5.250   03/01/2055   6,627,755

Public Finance Authority RB for McLemore Resort Manager LLC Series 2021 A (NR/NR)(a)

    10,400,000       4.500   06/01/2056   7,757,043

Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-1 (NR/NR)*(a)

    41,995       5.500   12/01/2048   20,997

Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-2 (NR/NR)*(a)

    85,207       7.250   12/01/2048   42,604

Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR)(a)

    12,925,000       5.625   06/01/2050   9,932,071

Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR)(a)

    14,840,000       6.500   06/01/2045   11,828,946

Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR)

    2,600,000       5.200   12/01/2037   2,730,048
    1,525,000       5.350   12/01/2045   1,572,592

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Wisconsin – (continued)

Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB+)(a)

$

     4,470,000       6.000 %    07/01/2031   $       4,044,589

Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (NR/BB)(a)

    565,000       5.000   04/01/2040   571,099
    2,000,000       5.000   04/01/2050   1,996,865

Public Finance Authority RB for The Foundation of The University of North Carolina at Charlotte, Inc. Series 2021 A (NR/NR)(a)

    2,825,000       4.000   09/01/2051   2,150,278
    1,875,000       4.000   09/01/2056   1,391,142

Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A3/A)

    1,425,000       4.000   01/01/2045   1,323,655
    1,900,000       3.000   01/01/2050   1,393,376

Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)(a)

    1,950,000       5.000   06/01/2050   1,926,771

Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (NR/NR)

    12,080,000       4.000   01/01/2052   10,227,090

Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)(a)

    1,450,000       5.000   09/01/2049   1,219,371
    1,360,000       5.000   09/01/2054   1,122,254

Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB+)(a)

    9,950,000       4.500   07/01/2048   8,533,462

Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB)(a)

    3,205,000       6.125   10/01/2049   3,081,698

Public Finance Authority RB Refunding for UMA Education, Inc. Series 2019 A (NR/BB)(a)

    1,020,000       5.000   10/01/2034   1,046,071
    350,000       5.000   10/01/2039   357,001

Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (NR/NR)

    575,000       5.000   11/15/2044   583,095
    765,000       5.000   11/15/2049   771,045

Public Finance Authority Revenue and Revenue Refunding Bonds Series 2022 (NR\BB)(a)

    900,000       4.000   04/01/2042   768,342
    1,400,000       4.000   04/01/2052   1,117,836

Public Finance Authority Senior RB for Fargo-Moorhead Metropolitan Area Flood Risk Management Project Series 2021 (AMT) (NR/NR)

    3,800,000       4.000   03/31/2056   2,973,239

Public Finance Authority Student Housing RB for CHF-Cullowhee, LLC-Western Carolina University Project Series 2015 A (NR/BBB-)

    3,250,000       5.250   07/01/2047   3,256,202

Public Finance Authority Student Housing RB Series 2021A-1 (NR/NR)(a)

    4,315,000       4.000   07/01/2061   3,571,441

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Wisconsin – (continued)

Public Finance Authority Student Housing RB Subordinate Series 2021B (NR/NR)(a)

$

     1,875,000       5.250 %    07/01/2061   $       1,542,160

Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (NR/BBB)

    385,000       4.000   03/15/2040   341,400
    1,115,000       5.000   03/15/2050   1,115,970

Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (Baa1/NR)

    1,315,000       3.000   02/01/2042   1,050,050
    435,000       4.000   02/01/2045   419,383

Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR)

    950,000       4.000   12/01/2051   764,582
    950,000       4.000   12/01/2056   746,740

Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022B (NR/NR)(a)

    32,525,000       6.000   02/01/2062   31,617,497
       

 

  180,259,856

 

Wyoming – 0.3%

County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A3/A)

    32,340,000       3.625   07/15/2039   29,749,091

 

TOTAL MUNICIPAL BONDS
(Cost $9,359,240,420)		   $8,891,495,724

 

       
Corporate Bonds – 1.0%

Healthcare – Services – 0.2%

Prime Healthcare Foundation Inc Series (NR/NR)

$

     16,525,000       7.000 %   12/01/27   $     16,431,514

Tower Health Series (BB-/NR)

    7,080,000       4.451   02/01/50   4,757,760
       

 

  21,189,274

 

Real Estate – 0.8%

Benloch Ranch Improvement Association No. 1 Series 2020 (NR/NR)(j)

    9,257,506       9.750   12/01/39   8,956,081

Benloch Ranch Improvement Association No. 1 Series 2021 (NR/NR)(a)(j)

    5,707,463       9.750   12/01/39   5,521,628

Benloch Ranch Improvement Association No. 2 (NR/NR)(a)(j)

    29,700,000       10.000   12/01/51   27,342,117

Brixton Park Improvement Association No. 1 Series (NR/NR)(a)(j)

    34,713,000       6.875   12/01/51   30,842,501
       

 

  72,662,327

 

TOTAL CORPORATE BONDS

(Cost $100,822,501)

   $     93,851,601

 

TOTAL INVESTMENTS – 98.7%

(Cost $9,460,062,921)

   $8,985,347,325

 

OTHER ASSETS IN EXCESS OF
    LIABILITIES – 1.3%		   118,962,619

 

NET ASSETS – 100.0%   $9,104,309,944

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

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)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)   Zero coupon bond until next reset date.
(c)   Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2022.
(d)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(e)   When-issued security.
(f)   Variable Rate Demand Instruments - rate shown is that which is in effect on June 30, 2022. Certain variable rate securities are not based on published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(g)   Pre-refunded security. Maturity date disclosed is pre-refunding date.
(h)   Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rates disclosed is that which is in effect on June 30, 2022.
(i)   Contingent value instrument that only pays out if a portion of the territory’s Sales and Use Tax outperforms the projections in the Oversight Board’s Certified Fiscal Plan.
(j)   Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
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.

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

CA MTG INS  

— Insured by California Mortgage Association

COPS  

— Certificates of Participation

ETM  

— Escrowed to Maturity

FGIC  

— Insured by Financial Guaranty Insurance Co.

GO  

— General Obligation

IDA  

— Industrial Development Agency

LIBOR  

— London Interbank Offered Rates

LP  

— Limited Partnership

LT  

— Limited Tax

MUN GOVT GTD  

— Municipal Government Guaranteed NATL

NR  

— Not Rated

RB  

— Revenue Bond

RMKT  

— Remarketed

SD CRED PROG  

— School District Credit Program

ST AID WITHHLDG  

— State Aid Withholding

USD  

— United States Dollar

UT  

— Unlimited Tax

WR  

— Withdrawn Rating

 

 

GOLDMAN SACHS HiGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FUTURES CONTRACTS — At June 30, 2022, the Fund had the following futures contracts:

 

Description      Number of
Contracts		      Expiration
Date		      Notional
Amount		      Unrealized
Appreciation/
(Depreciation)		  

 

  

Short position contracts:

                  

U.S. Treasury 10 Year Ultra Note

      (2,819)      09/21/22      $ (364,253,142 )     $ 6,284,189  

U.S. Treasury Ultra Bond

      (1,093)      09/21/22        (172,354,650 )       4,886,556  

 

  

Total Futures Contracts

 

    $ 11,170,745  

 

  

SWAP CONTRACTS — At June 30, 2022, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

 

Reference
Obligation/Index(a)		   Financing Rate
Received (Paid) by
the Fund		   Credit
Spread
at June 30,
2022(b)		   Counterparty   Termination
Date		   Notional
Amount
(000’s)		     Value     Upfront
Premium
(Received)
Paid		     Unrealized
Appreciation/
(Depreciation)		  

 

  

Protection Sold:

    
California State Various Purpose GO Bonds Series 2003, 5.000%, 03/20/2023   1.000%   0.542%   JPMorgan Chase Bank NA   03/20/2023     USD    9,000     $ 51,296     $ (32,054 )    $ 83,350  
California State Various Purpose GO Bonds Series 2003, 5.000%, 03/20/2023   1.000      0.542      Bank of America NA   03/20/2023     4,000       22,798       (14,246 )      37,044  
California State Various Purpose GO Bonds Series 2003, 5.000%, 09/20/2023 (NR/NR)   1.000      0.893      JPMorgan Chase Bank NA   09/20/2023     15,000       138,127       (85,313 )      223,440  
California State Various Purpose GO Bonds Series 2003, 5.000%, 12/20/2023 (NR/NR)   1.000      1.076      Morgan Stanely Co., Inc.   12/20/2023     10,000       110,343       (41,689 )      152,032  
Illinois State GO Bonds, Series A, 5.000%, 12/20/2023   1.000      0.223      Morgan Stanely Co., Inc.   12/20/2023     10,000       (19,560 )      (112,847 )      93,287  

 

  
TOTAL             $ 303,004     $ (286,149 )    $ 589,153  

 

  

 

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – 97.9%

Alabama – 1.3%

Black Belt Energy Gas District Gas Supply RB Series 2021A
(Aa1/NR)(a)(b)

$

     365,000       4.000 %    12/01/2031   $       370,140

Black Belt Energy Gas District Gas Supply RB Series 2022 (NR/NR)(a)(b)

    750,000       4.000   06/01/2027   772,232

County of Jefferson AL Sewer Revenue (NR/NR)(c)

    125,000       0.000   10/01/2050   126,488

Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B1/BB-)

    200,000       5.750   10/01/2049   209,716

Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (NR/BBB+)

    125,000       5.000   10/01/2030   130,516

Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (A2/AA)

    200,000       5.500   10/01/2053   209,984

Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB)

    30,000       6.500   10/01/2053   32,716

Midcity Improvement District Special Assessment RB Series 2022 (NR\NR)

    100,000       3.875   11/01/2027   89,568
    100,000       4.250   11/01/2032   85,082

Southeast Energy Authority Commodity Supply RB Series 2021 B (A1\NR)(a)(b)

    700,000       4.000   12/01/2031   696,897
       

 

        2,723,339

 

Alaska – 0.1%

Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB-)

    100,000       4.000   06/01/2050   100,142

Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB+)

    5,000       0.500   06/01/2031   4,970
       

 

        105,112

 

American Samoa – 0.1%

American Samoa Economic Development Authority RB Refunding Series 2021 B (Ba3/NR)(d)

    100,000       2.470   09/01/2024   97,465

American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR)(d)

    100,000       3.720   09/01/2027   95,160
       

 

        192,625

 

Arizona – 1.3%

Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)(e)

   

(3M USD LIBOR + 0.81%)

  
    495,000       2.336   01/01/2037   465,459

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Arizona – (continued)

Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-)

$

     25,000       3.375 %    07/01/2041   $         22,004

Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+)

    180,000       4.500   01/01/2049   113,174

Arizona Industrial Development Authority RB for Kipp New York, Inc. Macombs Facility Series 2021 A (NR/BBB-)

    65,000       4.000   07/01/2051   53,246

Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB)(d)

    25,000       4.000   12/15/2051   19,961

Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A
(Ba1/NR)(d)

    265,000       4.000   07/15/2041   224,303

City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A1/A)

    250,000       5.000   07/01/2049   259,971

City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (A3/BBB+)

    100,000       5.000   07/01/2045   106,554

County of Maricopa IDA Education RB Series 2021A (BB+/NR)(d)

    75,000       4.000   07/01/2041   63,576

County of Maricopa IDA Education RB Taxable Convertible Series 2021B (BB+/NR)(d)

    50,000       4.000   07/01/2026   49,440
    150,000       4.375   07/01/2031   148,329
    150,000       5.000   07/01/2044   148,287

Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR)

    99,000       4.750   07/01/2043   86,300

Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR)

    100,000       5.000   05/15/2041   98,197

Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (NR/NR)

    140,000       5.000   11/15/2042   146,468

La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB)

    50,000       4.000   02/15/2046   42,649

Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB)(d)

    40,000       4.000   07/01/2051   29,817

Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)(d)

    25,000       5.125   10/01/2030   25,959

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Arizona – (continued)

Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/BBB+)

$

     425,000       5.000 %    12/01/2037   $       456,433
       

 

        2,560,127

 

Arkansas – 0.1%

Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR)

    50,000       4.250   07/01/2041   45,750
    25,000       3.500   07/01/2046   18,672

Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR)

    100,000       3.500   07/01/2038   98,534

Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (NR/BBB-)

    50,000       5.000   06/01/2027   53,655
       

 

        216,611

 

California – 9.5%

Airport Commission of San Francisco International Airport RB Series 2018D (A/A1)

    175,000       5.000   05/01/2048   181,051

Airport Commission of San Francisco International Airport RB Series 2019E (AMT) (A/A1)

    315,000       5.000   05/01/2050   327,048

Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (A2/AA) (f)

    200,000       0.000   08/01/2036   108,046

Bay Area Toll Authority Bridge RB 2021 Series D (AA/AA)(b)(e)

   

(SIFMA Municipal Swap Index Yield + 0.30%)

    500,000       1.080   04/01/2027   483,381

Bay Area Toll Authority Bridge RB 2021 Series E (AA/AA)(b)(e)

   

(SIFMA Municipal Swap Index Yield + 0.41%)

    350,000       1.190   04/01/2028   338,289

California Community Choice Financing Authority Clean Energy Project RB Series 2022A (NR/NR)(a)(b)(g)

    575,000       4.000   08/01/2028   581,449

California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR)(d)

    150,000       4.000   02/01/2056   128,087

California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (NR/BBB-)

    30,000       4.000   06/01/2049   29,770

California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/BBB+)

    50,000       4.000   06/01/2049   43,177

California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB-)

    20,000       5.000   06/01/2049   20,454

California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) (f)

    250,000       0.000   06/01/2055   46,912

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB-)

$

     60,000       5.000 %    06/01/2049   $         61,294

California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR)(f)

    400,000       0.000   06/01/2055   42,113

California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC – M@College Project Series 2020 A (Baa3/NR)

    50,000       5.000   08/01/2045   50,461

California Health Facilities Financing Authority RB Series 2017A (BBB+/Baa2)

    250,000       5.000   08/15/2042   256,809

California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-)

    100,000       4.000   07/01/2041   91,091

California Municipal Finance Authority RB Refunding for Eisenhower Medical Center Series 2017 A (Baa2/NR)

    150,000       5.000   07/01/2047   151,790

California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (NR/NR)

    825,000       5.000   12/31/2037   843,111

California Municipal Finance Authority Senior Lien RB Series 2018A (NR/NR)

    125,000       5.000   12/31/2038   127,520

California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-1 (NR\NR)

    50,000       2.750   11/15/2027   45,226

California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-2 (NR\NR)

    75,000       2.125   11/15/2026   68,968

California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (B+/NR)

    150,000       4.000   07/15/2029   141,371

California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)(d)

    55,000       5.000   06/15/2040   53,537

California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (BB-/NR)(d)

    250,000       6.250   04/01/2052   252,257

California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (BBB-/NR)(d)

    100,000       5.000   10/01/2042   101,935

California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-)(d)

    35,000       3.000   10/01/2031   31,240

California School Finance Authority RB for Classical Academy Obligated Group Series 2021 B (NR/BBB-)(d)

    25,000       2.250   10/01/2023   24,847

California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+)(d)

    365,000       3.000   07/01/2030   322,944

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR)(d)

$

     260,000       4.000 %    06/01/2031   $       249,579

California School Finance Authority RB Refunding Series 2016 (NR/BBB)(d)

    125,000       5.000   08/01/2046   127,398

California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR)

    125,000       4.000   09/01/2051   105,747

California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 A (NR/NR)

    50,000       5.000   09/02/2048   51,264

California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (NR/BB-)(d)

    50,000       5.250   12/01/2043   50,068

California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB-)

    550,000       5.500   12/01/2054   556,513

California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR)(g)

    50,000       5.125   09/01/2042   50,417

California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (NON-AMT) (A-/BBB+)

    190,000       1.750   09/01/2029   161,461

City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2020 (NR/NR)

    200,000       4.000   09/01/2050   171,427

City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR)

    50,000       4.000   09/01/2041   45,401

City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)(d)

    50,000       4.000   09/01/2036   46,808

City of Calimesa CA Community Facilities District No. 2018-1 Special Tax Series 2020 (NR/NR)

    185,000       4.000   09/01/2033   178,359

City of Chula Vista CA Community Facilities District No. 16-1 Special Tax for Improvement Area No. 2 Series 2021 (NR/NR)

    250,000       4.000   09/01/2046   220,094

City of Dublin Community Facilities District No. 2015-1 Special Tax Bonds for Improvement Area No. 3 Series 2021 (NR/NR)

    50,000       4.000   09/01/2045   43,671
    50,000       4.000   09/01/2051   42,372

City of Fontana Community Facilities District No. 90 Special Tax for Summit at Rosena Phase One Series 2021 (NR/NR)

    25,000       4.000   09/01/2041   22,908

City of Los Angeles Department of Airports International Airport Subordinate RB 2022 Series A (AMT) (Aa3\AA-)

    400,000       5.000   05/15/2030   448,950

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR)

$

     25,000       3.000 %    09/01/2039   $         19,504

City of Ontario Community Facilities District No. 53 Special Tax Bonds Series 2021 (NR/NR)

    650,000       4.000   09/01/2042   586,543

City of Oroville RB for Oroville Hospital Series 2019 (NR/B+)

    250,000       5.250   04/01/2049   251,213

City of Palm Desert Community Facilities District No. 2005-1 Special Tax Refunding Bonds Series 2021 A (NR/NR)

    25,000       4.000   09/01/2036   23,880

City of Palm Desert Community Facilities District No. 2021-1 Special Tax Refunding Bonds Series 2021 (NR/NR)

    100,000       3.000   09/01/2031   87,596

City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR)

    500,000       4.000   09/02/2037   475,019

City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR)

    100,000       5.000   09/01/2030   103,570

City of Roseville Special Tax The Ranch at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR)

    250,000       4.000   09/01/2033   242,528

City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR)

    25,000       4.000   09/01/2040   23,111

City of Sacramento Greenbriar Community Facilities District No. 2018-03 Special Tax Bonds for Improvement Area No. 1 Series 2021 (NR/NR)

    25,000       4.000   09/01/2050   21,645

City of San Luis Obispo Community Facilities District No. 2019-1 Special Tax Bonds Series 2021 (NR/NR)

    25,000       4.000   09/01/2041   22,908

CMFA Special Finance Agency VIII Essential Housing RB 2021A-1 (NR/NR)(d)

    150,000       3.000   08/01/2056   107,084

County of Los Angeles CA Community Facilities District NO 2021-01(g)

    100,000       5.000   09/01/2047   100,955

County of Madera Community Facilities District No. 2017-1 Special Tax Series 2020 (NR/NR)

    100,000       4.000   09/01/2040   90,473

Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (A/Baa2)

    750,000       4.000   01/15/2046   689,231

Golden State Securitization Settlement Corp ABS Bond Series 2021
2021B-1 (BBB-/NR)

    700,000       3.850   06/01/2050   630,784

Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)(b)

    300,000       5.000   06/01/2028   341,679

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

Inland Empire Tobacco Securitization Authority RB Turbo Asset Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC)(f)

$

     250,000       0.000 %   06/01/2036   $       101,009

Los Angeles Department of Airports Subordinated RB Refunding Series 2021 B (Aa3/AA-)

    225,000       5.000     05/15/2038   249,058
    225,000       5.000   05/15/2039   248,557

Los Angeles Department of Airports Subordinated RB Series 2018 C (AMT) (Aa3/AA-)

    60,000       5.000   05/15/2030   65,204

Modesto Financing Authority Domestic Project RB 2007F (NATL) (AA-/AA-)(e)

   

(3M USD LIBOR + 0.63%)

  
    525,000       1.689   09/01/2037   502,561

Needles Unified School District GO Bonds 2011 B (AGM) (A2/AA)(c)

    865,000       0.000   08/01/2041   675,288

Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A2/AA) (f)

    800,000       0.000   08/01/2031   557,543
    50,000       0.000   08/01/2033   32,014

Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)

    125,000       3.000   09/01/2034   109,267

River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR)

    35,000       4.000   09/01/2046   29,110

Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2021 (NR/NR)

    25,000       2.500   09/01/2037   18,057
    125,000       4.000   09/01/2041   112,918
    425,000       4.000   09/01/2050   365,436

Sacramento County Financing Authority RB Series 2007B (NATL) (AA-/Aa3)(e)

   

(3M USD LIBOR + 0.55%)

  
    1,200,000       1.609   06/01/2034   1,111,932

San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2\NR)

    740,000       4.000   07/01/2040   707,108

San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-) (f)

    300,000       0.000   07/01/2031   214,345

San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 B (A1/A)

    400,000       5.000   05/01/2049   421,642

San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 E (AMT) (A1/A)

    500,000       4.000   05/01/2050   461,639

San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Series 2020 A (AMT) (A1/A)

    200,000       4.000   05/01/2040   193,324

San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Series 2020 B (A1/A)

    225,000       4.000   05/01/2038   224,191

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (Ba1/NR)

$

     100,000       4.000 %    08/01/2032   $         95,404

Santa Monica-Malibu Unified School District GO Bonds for School Facilities Improvement District No. 1 Series 2018 B (Aa1/AA+)

    100,000       4.000     08/01/2044   97,579
    450,000       4.000   08/01/2050   438,487

Santa Monica-Malibu Unified School District GO Bonds for School Facilities Improvement Discrict No. 2 Series 2018 B (Aa1/AA+)

    550,000       4.000   08/01/2050   535,928

Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Series 2020 (NR/NR)

    100,000       4.000   09/01/2050   86,945

Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-1 (NR/BBB-)

    65,000       4.000   06/01/2049   65,136

Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-2 (NR/NR) (f)

    300,000       0.000   06/01/2060   43,175

Town of Tiburon Special Assessment for Assessment District No. 2017-1 Series 2021 A (NR/NR)

    50,000       2.500   09/02/2046   32,369

William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR)

    25,000       5.000   09/01/2047   25,535
       

 

        19,165,099

 

Colorado – 3.0%

Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR)

    125,000       5.350   12/01/2050   110,880

Citadel on Colfax Business Improvement District Senior RB Series 2020 B (NR/NR)

    100,000       7.875   12/15/2050   89,583

City of Denver Participation Notes Series 2008A1 (AA+/Aa1)(a)

    700,000       0.370   12/01/2029   700,000

Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (NR/NR)

    100,000       4.000   10/01/2056   78,777

Colorado Educational and Cultural Facilities Authority Charter School RB for STEM School Project Series 2019 (NR/Baa3)

    90,000       5.000   11/01/2049   89,962

Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Baa1/NR)

    200,000       4.000   09/01/2050   178,397

Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (Aa2/AA)

    100,000       4.000   11/15/2043   98,696

Colorado Health Facilities Authority RB Refunding for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (Aa3/AA-)

    100,000       4.000   01/01/2036   99,577

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Colorado – (continued)

Colorado Health Facilities Authority RB Series 2019A-2 (A-/Baa1)

$

     885,000       4.000 %    08/01/2049   $       792,841

Denver City & County Airport RB Refunding Series 2018 A (AMT) (A2/A)

    250,000       5.000     12/01/2038   262,977
    75,000       5.250   12/01/2048   78,860

Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (NR/B)

    350,000       5.000   10/01/2032   348,864

Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds Series 2016 (BBB-/Baa2)

    225,000       5.000   12/01/2033   231,172

Denver Health & Hospital Authority RB Refunding Series 2019 A (NR/BBB)

    500,000       5.000   12/01/2033   533,780

E-470 Public Highway Authority RB Series 2004 A (NATL) (A2/A) (f)

    20,000       0.000   09/01/2034   12,120

E-470 Public Highway Authority RB Series 2004 B (NATL) (A2/A) (f)

    110,000       0.000   09/01/2030   81,198

Fiddler’s Business Improvement District GO Refunding Bonds Series 2022 (NR/NR)(d)

    150,000       5.000   12/01/2032   153,580

Johnstown Plaza Metropolitan District LT GO Refunding and Improvement Bonds Series 2022 (NR/NR)

    500,000       4.250   12/01/2046   418,362

Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR)

    500,000       4.000   12/01/2041   411,197

Senac South Metropolitan District GO LT Bonds Series 2021A3 (NR/NR)

    915,000       5.250   12/01/2051   767,265

South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA)

    65,000       5.000   12/01/2026   70,687

Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR)

    575,000       3.375   12/01/2030   498,529
       

 

        6,107,304

 

Connecticut – 0.4%

City of New Haven GO Bonds Series 2018 A (NR/BBB+)

    25,000       5.500   08/01/2029   28,290

South Central Connecticut Regional Authority Water System RB 36 Series A-1 (AA-/NR)

    200,000       4.000   08/01/2038   202,725

State of Connecticut Health & Educational Facilities Authority RB Series E (NR/BBB) (NR/NR)

    230,000       4.000   07/01/2041   205,389

State of Connecticut Special Tax Obligation Bonds for Transportation Insfrastructure 2021 Series D (Aa3\AA-)

    375,000       4.000   11/01/2038   375,256

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Connecticut – (continued)

Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)(d)

$

     100,000       4.000 %    04/01/2041   $         86,384
       

 

        898,044

 

Delaware – 0.1%

Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR\BB)

    50,000       3.000   06/01/2032   42,720
    50,000       4.000   06/01/2042   43,625

Delaware Economic Development Authority Charter Schools RB Series 2021 (BBB+/NR)

    75,000       4.000   09/01/2041   67,576

Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR)

    100,000       4.000   07/01/2030   96,382
       

 

        250,303

 

District of Columbia – 1.4%

District of Columbia Private Activity RB Series 2022A (NR/NR)

    100,000       5.500   02/28/2037   107,226

District of Columbia RB Refunding for KIPP DC Obligated Group Series 2017 B (NR/BBB+)

    125,000       5.000   07/01/2037   130,002

District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A3/A-)

    55,000       6.500   05/15/2033   56,965

District of Columbia Water and Sewer Authority Public Utility Subordinate Lien Multimodel RB Series 2022E (Aa2\AA+)(a)(b)

    150,000       3.000   10/01/2027   147,923

Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2019A (AMT) (AA-/Aa3)

    1,500,000       5.000   10/01/2044   1,583,859

Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A2/A)

    565,000       5.000   10/01/2039   614,797

Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A2/AA)

    125,000       3.000   10/01/2050   94,982
       

 

        2,735,754

 

Florida – 14.2%

Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    200,000       5.000   06/15/2032   200,389

Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    100,000       3.250   05/01/2031   87,218

AH at Turnpike South Community Development District Special Assessment Phase 3 Project Series 2021 (NR/NR)

    500,000       4.000   05/01/2051   409,340

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/BBB) (NR/NR)

$

     250,000       4.000 %    10/01/2046   $       206,814

Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    55,000       3.750   05/01/2029   52,542

Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)(d)

    55,000       3.200   05/01/2041   42,258

Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)(d)

    20,000       2.500   05/01/2026   18,422
    50,000       3.200   05/01/2041   38,653

Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR)

    125,000       2.375   05/01/2026   114,171

Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR)

    25,000       3.125   05/01/2041   18,946

Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)(d)

    40,000       3.625   06/01/2024   39,602

Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR)

    660,000       2.875   05/01/2031   552,991

Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR)(d)

    200,000       3.000   05/01/2031   169,998

Bellagio Community Development District Special Assessment Bonds Series 2013 (NR/BBB)

    40,000       6.000   11/01/2027   42,902

Belmont II Community Development District Special Assessment Series 2020 (NR/NR)

    100,000       3.625   12/15/2040   81,602

Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR)

    500,000       3.125   05/01/2031   426,262

Black Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    250,000       4.800   06/15/2027   250,866

Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR\NR)

    100,000       3.250   06/15/2042   75,868

Capital Trust Agency Student Housing RB for American Eagle Obligated Group Series 2018 A-1 (NR/NR)*

    95,000       5.875   07/01/2054   85,500

Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR)(d)

    625,000       5.250   12/01/2058   583,962

Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR)(d)

    100,000       4.000   07/01/2051   73,764

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (Baa3/NR)

$

     200,000       4.000 %    08/01/2030   $       199,427

Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR)(d)

    100,000       4.000   12/01/2028   94,258
    300,000       5.250   12/01/2043   291,719

Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR)

    235,000       2.750   05/01/2031   195,472

Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (NR/BBB)

    30,000       4.250   05/01/2037   28,580

CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    100,000       3.350   05/01/2041   77,212

Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)(d)

    100,000       3.375   05/01/2041   78,853

Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)(d)

    100,000       3.700   05/01/2040   82,572

Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR)

    200,000       2.400   05/01/2026   181,255

Charlotte County IDA Utility System RB Series 2021A (NR/NR)(d)

    200,000       4.000   10/01/2051   147,859

City of Gainsville Variable Rate Utility System RB 2012 Series B
(NR/Aa3)(a)

    520,000       0.370   10/01/2042   520,000

City of Jacksonville RB Refunding for Genesis Health, Inc. Obligated Group Series 2020 (NR/A-)

    145,000       4.000   11/01/2039   136,301

City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/NR)

    100,000       5.125   06/01/2042   100,039

City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR)

    125,000       3.250   09/01/2025   121,844

City of Tampa RB for H Lee Moffitt Cancer Center & Research Institute Obligated Group Series 2020 B (A2/A-)

    200,000       5.000   07/01/2050   208,486

Coddington Community Development District(d)(g)

    260,000       5.000   05/01/2032   265,640

Copper Oaks Community Development District Special Assesstment Refunding and Improvement Bonds Series 2021 (NR/NR)

    175,000       3.000   05/01/2031   148,386
    175,000       3.000   05/01/2035   140,300

Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    100,000       3.500   12/15/2029   92,302

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR)

$

     170,000       3.125 %    05/01/2030   $       148,905

County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A1/A)

    40,000       5.000   09/01/2035   43,549

Creekview Community Development District Special Assessment RB Series 2022 (NR/NR)

    50,000       3.875   05/01/2027   47,590
    50,000       4.250   05/01/2032   47,525
    270,000       4.625   05/01/2042   251,392

Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    340,000       4.250   05/01/2042   305,245

Crossings Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    200,000       4.250   05/01/2027   199,990
    260,000       4.750   05/01/2032   260,201

Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR)(d)

    190,000       2.700   05/01/2025   180,612
    310,000       3.125   05/01/2030   271,720

Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)(d)

    80,000       2.625   05/01/2025   76,226

DG Farms Community Development District Special Assessment Series 2020 (NR/NR)

    345,000       3.750   05/01/2040   280,440

DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)(d)

    50,000       3.375   05/01/2041   39,519

Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR)(g)

    235,000       4.875   05/01/2032   236,522

East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)

    50,000       3.300   05/01/2041   38,870

Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    75,000       3.625   05/01/2032   65,100

Eden Hills Community Development District Special Assessment Series 2020 (NR/NR)

    100,000       4.000   05/01/2040   88,187

Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR)

    130,000       3.600   05/01/2041   106,053

Edgewater East Community Development District Special Assessment RB Series 2022 (NR\NR)

    125,000       3.375   05/01/2032   108,423

Enbrook Community Development District Special Assessment Series 2020 (NR/NR)(d)

    135,000       4.000   05/01/2040   118,898

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)(d)

$

     265,000       2.125 %    05/01/2026   $       241,361

Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (BBB+/Baa2)

    760,000       4.000   08/15/2045   682,618

Eureka Grove Community Development District Special Assessment Bonds for 2021 Project Series 2021 (NR/NR)

    685,000       3.500   05/01/2041   540,948

Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)(d)

    100,000       5.000   11/01/2039   97,825

Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)

    195,000       5.000   05/01/2035   196,566

Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)(a)(b)(d)

    100,000       6.375   01/01/2026   97,463

Florida Development Finance Corp. Educational Facilities RB Series 2022A (NR/Ba2)(d)

    100,000       5.000   07/01/2032   96,270
    135,000       5.375   07/01/2042   127,045

Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)(d)

    100,000       4.000   06/01/2030   94,093

Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)(d)

    100,000       5.125   06/01/2040   95,977

Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-2 (NR/NR)(d)

    100,000       1.750   06/01/2026   91,699

Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR)

    100,000       4.000   06/01/2030   93,532

Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)(d)

    100,000       7.375   01/01/2049   99,871

Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (Ba2/NR)(d)

    100,000       4.000   06/30/2041   82,875

Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (Baa1/A-)

    100,000       5.000   04/01/2028   109,233

Florida Development Finance Corporation RB Series 2021A-1
(NR\NR)(a)(b)(d)

    400,000       6.750   08/15/2023   395,368

Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB)

    150,000       5.000   03/01/2047   151,051

Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)

    110,000       3.700   11/01/2029   103,726

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Forest Lake Community Development District Special Assessment Bonds Series 2022 (NR/NR)(d)

$

     110,000       4.750 %    05/01/2027   $       110,026
    200,000       5.000   05/01/2032   197,847

Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    165,000       2.950   05/01/2031   139,936
    75,000       3.350   05/01/2041   58,435

Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR)

    100,000       4.000   05/01/2030   95,268

Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR)

    35,000       3.750   11/01/2024   34,447
    50,000       4.750   11/01/2039   48,365

Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR)

    60,000       3.500   11/01/2041   47,090

Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    710,000       3.750   05/01/2041   571,407

Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR)

    50,000       5.000   11/15/2036   50,231

Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)

    100,000       3.500   11/01/2030   88,739
    50,000       4.375   11/01/2049   43,934

Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    45,000       4.200   05/01/2027   43,923

Hawkstone Community Development District Special Assessment RB Series 2021 (NR/NR)

    125,000       3.450   05/01/2041   99,506

Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA)

    60,000       3.000   05/01/2036   54,528

Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)

    60,000       2.875   05/01/2025   57,423

Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)

    95,000       5.000   11/01/2048   93,194

Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)(d)

    25,000       3.500   05/01/2031   22,154

Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2021 (NR/NR)

    180,000       2.375   05/01/2026   162,922

Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR)

    125,000       3.000   05/01/2037   96,896

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR)

$

     100,000       3.125 %    05/01/2041   $       74,777

Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR)

    100,000       3.500   05/01/2040   81,805

Kindred Community Development District II Special Assessment Bonds Series 2021 (NR/NR)

    100,000       2.700   05/01/2031   83,479

Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    50,000       3.600   06/15/2041   40,582

Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR)

    85,000       3.400   05/01/2030   76,491

Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR)

    100,000       3.200   05/01/2030   88,053

Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)(d)

    100,000       2.500   05/01/2025   94,794

Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR)

    125,000       3.250   05/01/2029   113,434

Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)(d)

    100,000       4.000   05/01/2049   82,587

Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA)

    60,000       2.000   05/01/2028   54,119
    70,000       2.000   05/01/2029   61,557

Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR)

    185,000       2.300   05/01/2026   169,442

Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)(d)

    100,000       4.750   11/01/2048   93,635

Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019
A-2 (NR/NR)

    75,000       4.000   05/01/2038   67,166

Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    100,000       4.750   05/01/2032   97,617
    50,000       5.000   05/01/2042   47,697

Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR)

    110,000       3.125   05/01/2025   105,954

LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR)

    75,000       3.250   05/01/2031   64,281

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR)

$

     50,000       3.450 %    05/01/2041   $         39,737

Mangrove Point Community Development District Capital Improvement RB Series 2022 (NR/NR)

    75,000       4.250   05/01/2042   67,334

Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    160,000       3.250   05/01/2041   121,573

Miami RB Refunding Parking System Series 2019 (BAM) (A2/AA)

    100,000       4.000   10/01/2038   100,813

Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (NR/Ba2)(d)

    100,000       5.000   07/01/2037   95,529
    100,000       5.250   07/01/2042   94,786

Mirada Community Development District Capital Improvement RB Series 2021 (NR/NR)

    100,000       3.250   05/01/2032   84,028

Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    100,000       3.500   05/01/2041   78,505
    100,000       4.000   05/01/2051   81,659

North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR)

    200,000       3.375   11/01/2041   154,471

North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR)(d)

    280,000       4.750   05/01/2027   277,014

North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR)

    100,000       3.625   05/01/2040   81,627

Ocala Preserve Community Development District Capital Improvement RB Series 2021 (NR/NR)

    200,000       2.375   11/01/2026   178,963
    330,000       2.875   11/01/2031   274,578

Palm Beach County Health Facilities Authority Revenue Refunding Bonds Series 2022 (NR/NR)

    175,000       4.000   06/01/2036   151,870

Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)(d)

    30,000       3.250   05/01/2024   29,517

Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (NR/A)

    100,000       4.000   05/01/2036   96,699

Park East Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    50,000       3.150   11/01/2041   38,466

Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR)

    155,000       3.750   05/01/2040   128,723

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR)

$

     100,000       3.550 %    05/01/2041   $         78,159

Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR)(d)

    200,000       4.000   12/15/2051   163,534

Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (NR/AA)

    210,000       2.625   05/01/2034   170,890

Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR)

    125,000       3.500   05/01/2037   103,527

Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)

    100,000       3.500   11/01/2030   89,317

Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR)

    250,000       3.000   05/01/2031   212,189

Preston Cove Community Development District Special Assessment RB Series 2022 (NR\NR)

    675,000       3.600   05/01/2032   582,908

Quail Roost Community Development District Special Assessment for Expansion Area Project Series 2021 (NR/NR)

    50,000       2.200   12/15/2026   44,859

Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR\NR)

    100,000       3.000   05/01/2036   79,358

Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    90,000       3.300   05/01/2042   69,383

Rolling Hills Community Development District Capital Improvement RB Series 2022A-1 (NR\NR)

    310,000       3.125   05/01/2027   281,364
    365,000       3.400   05/01/2032   309,334

Rutland Ranch Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    200,000       2.450   11/01/2026   180,112

Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA)

    100,000       2.625   05/01/2040   79,589

Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    85,000       3.300   11/01/2041   65,387

Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)(d)

    55,000       2.625   05/01/2025   52,187

Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (NR/A1)

    250,000       4.000   07/01/2048   234,578

Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    100,000       3.750   05/01/2031   90,664

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR)

$

     50,000       3.750 %    05/01/2040   $         40,643

Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    50,000       4.125   05/01/2032   47,247
    75,000       4.500   05/01/2042   69,072

Seminole Improvement District Utilities RB Series 2022 (NR/NR)(g)

    100,000       5.000   10/01/2032   100,000

Siena North Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    50,000       4.000   06/15/2042   43,324

Silver Palms West Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    100,000       3.000   06/15/2032   83,859
    100,000       3.250   06/15/2042   79,581

Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR)

    235,000       4.000   05/01/2052   190,661

Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR)

    200,000       3.500   05/01/2041   156,058

Somerset Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR)

    435,000       4.000   05/01/2023   436,204

South Creek Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)

    25,000       3.250   06/15/2041   19,401

South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB)

    25,000       4.000   11/01/2031   24,290

St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR)

    100,000       4.000   12/15/2036   84,027

St. Johns County Industrial Development Authority RB Refunding for Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (NR/NR)

    150,000       4.000   08/01/2055   150,162

Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    470,000       3.000   05/01/2031   391,567

Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR)(d)

    50,000       3.500   06/15/2041   39,932

Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR)(d)

    130,000       3.000   11/01/2032   107,558

Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR) (NR/NR)(d)

    50,000       3.300   11/01/2041   38,346

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)

$

     50,000       4.500 %    06/15/2039   $         47,243

Storey Creek Community Development District(g)

    240,000       5.000   06/15/2032   243,933

Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR\NR)

    100,000       3.000   06/15/2032   85,735

Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)(d)

    25,000       2.875   06/15/2031   20,982

Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR)(d)

    60,000       3.750   06/15/2029   56,704

Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    75,000       3.450   05/01/2041   58,201

Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR)

    80,000       3.750   05/01/2040   66,344

Summerstone Community Development District Special Assessment Series 2020 (NR/NR)

    100,000       2.500   05/01/2025   94,930

Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR)

    50,000       4.000   05/01/2033   46,651

Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR)

    50,000       3.375   05/01/2041   39,188

Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR)

    50,000       3.300   12/15/2041   38,562

Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR)

    85,000       2.500   05/01/2026   77,911

Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)(d)

    75,000       3.625   05/01/2040   60,913

Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR)

    540,000       2.700   05/01/2031   447,202

Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)(d)

    100,000       3.250   05/01/2030   87,165

Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR)(d)

    390,000       2.375   11/01/2026   349,117

Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR)

    40,000       2.500   11/01/2026   36,287
    50,000       3.000   11/01/2031   42,061
    40,000       3.500   11/01/2041   31,468
    50,000       4.000     11/01/2050   41,068

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR)

$

     100,000       3.375 %   11/01/2030   $         89,027

Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR\NR)

    75,000       4.000   05/01/2042   65,030

Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR)

    100,000       5.125   05/01/2042   97,085

Two Rivers West Community Development District Special Assessment Bond Anticipation Note Series 2022 (NR\NR)

    100,000       3.000   01/15/2023   99,319

University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA)

    85,000       3.375   05/01/2045   74,695

V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)

    250,000       3.625   05/01/2041   203,173

Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)(d)

    25,000       3.600   05/01/2041   20,005

Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)

    50,000       4.125   05/01/2034   46,760

Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)

    100,000       3.750   05/01/2037   86,044

Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)

    50,000       2.625   05/01/2024   48,796

Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)(d)

    35,000       1.875   05/01/2025   32,846
    50,000       2.625   05/01/2030   43,561
    50,000       3.000   05/01/2035   41,624

Village Community Development District Special Assessment RB Series 2021 (NR/NR)

    50,000       2.550   05/01/2031   42,113
    100,000       2.850   05/01/2036   80,372
    100,000       3.000   05/01/2041   76,914

Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR)

    100,000       5.125   05/01/2042   97,442

Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR\NR)

    45,000       3.450   05/01/2042   34,358

Villamar Community Development District Special Assessment Bonds for Phase 4 Project Series 2022 (NR\NR)

    670,000       4.000   05/01/2042   580,250

Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR)

    100,000       3.750   05/01/2040   82,928

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)(d)

$

     125,000       4.000 %    05/01/2040   $       110,179
    100,000       4.000   05/01/2051   81,868

West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)

    100,000       2.400   05/01/2026   90,881
    25,000       3.000   05/01/2031   21,068

West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR)

    50,000       4.750   05/01/2039   48,662

West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR)

    60,000       3.500   05/01/2041   47,948

West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR)

    100,000       3.500   05/01/2041   79,913

Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)

    100,000       3.250   05/01/2041   78,583

Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)(d)

    150,000       4.250   06/15/2039   139,185

Willow Walk Community Development District Special Assessment Series 2017 (NR/NR)

    25,000       3.500   05/01/2023   24,875

Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)

    50,000       2.400   05/01/2026   45,256
    150,000       2.950   05/01/2031   124,761
    75,000       3.350   05/01/2041   57,134

Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR\NR)

    100,000       4.000   05/01/2042   86,712

Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR)

    100,000       3.700   05/01/2040   82,687

Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR)

    25,000       3.375   05/01/2041   19,523
       

 

        28,827,209

 

Georgia – 0.4%

George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-)

    35,000       2.375   01/01/2031   30,181
    50,000       4.000   01/01/2036   45,731
    80,000       4.000   01/01/2054   66,503

Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR)

    75,000       5.000   05/15/2049   78,901

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Georgia – (continued)

Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3\NR)(a)(b)

$

     500,000       4.000 %    12/01/2029   $         496,210

Private Colleges & Universities Authority RB Refunding for Agnes Scott College, Inc. Series 2021 (NR/A-)

    150,000       4.000   06/01/2045   139,940
       

 

        857,466

 

Guam – 0.8%

Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR)

    50,000       4.460   10/01/2043   43,245

Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba2/B+)

    25,000       3.625   02/01/2025   24,046
    60,000       4.250   02/01/2030   58,271

Guam Government Business Privilege Tax Revenue Refunding Bonds 2015D (BB/NR)

    5,000       5.000   11/15/2022   5,055

Guam Government Business Privilege Tax Revenue Refunding Bonds 2015D (NR/NR)

    65,000       5.000   11/15/2022   65,837

Guam Government RB Refunding Series 2021 E (Ba1/NR)

    275,000       3.250   11/15/2026   263,518

Guam Government RB Refunding Series 2021 F (Ba1/NR)

    100,000       5.000   01/01/2029   105,411
    600,000       4.000   01/01/2042   529,377

Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (Baa2/A-)

    370,000       5.000   01/01/2050   385,700

Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-)

    75,000       5.000   07/01/2037   78,546

Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Ba1/NR)

    50,000       5.000   11/01/2035   51,813
       

 

        1,610,819

 

Hawaii – 0.6%

State of Hawaii Airports System RB Refunding Series 2018 D (A1/A+)

    1,000,000       5.000   07/01/2034   1,112,715

 

Idaho – 0.1%

City of Boise Airport RB Refunding for Public Parking Facilities Project Series 2021 A (A1/NR)

    155,000       5.000   09/01/2046   165,975

 

Illinois – 10.7%

Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Ba2/AA)

    25,000       4.000   10/01/2043   23,721

Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB) (f)

    175,000       0.000     12/01/2027   142,505
    220,000       0.000     12/01/2030   154,939

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)(f)

$

     245,000       0.000 %    12/01/2029   $         181,345
    215,000       0.000   12/01/2030   151,418

Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)(f)

    100,000       0.000   12/01/2031   66,973

Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba3/BB)

    30,000       5.500   12/01/2026   32,632

Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL)
(Baa2/BB)(f)

    295,000       0.000   12/01/2025   261,819

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba3/BB)

    500,000       6.038   12/01/2029   510,676

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB)

    100,000       7.000   12/01/2044   108,331

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB)

    100,000       6.500   12/01/2046   107,990

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA)

    455,000       5.000   12/01/2026   489,925
    200,000       5.000   12/01/2028   217,721
    100,000       5.000   12/01/2031   106,423
    100,000       5.000   12/01/2032   106,105

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (NR/AA)

    200,000       5.000   12/01/2028   217,721

Chicago Illinois GO Refunding Bonds Series 2017 A (NR/BBB+)

    875,000       6.000   01/01/2038   939,315

Chicago Illinois GO Refunding Bonds Series 2020 A (NR/BBB+)

    600,000       5.000   01/01/2032   627,065

Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (NR/A)

    55,000       5.000   01/01/2037   57,436

Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 D (NR/A)

    910,000       5.250   01/01/2035   973,925

Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (Baa2/A)

    55,000       5.000   11/01/2042   55,279

City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR)

    35,000       3.750   07/01/2041   28,079

City of Chicago Board of Education UT GO Refunding Bonds Series 2017C (BB/NR)

    500,000       5.000   12/01/2025   518,867

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (AGM) (AA/NR)

$

     450,000       5.000 %    12/01/2029   $         483,498

City of Chicago Board of Education UT GO Refunding Bonds Series 2022B (NR\BB)

    750,000       4.000   12/01/2037   699,449

City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (Ba1/WR/BBB+)

    200,000       5.500   01/01/2037   206,083

City of Chicago GO Bonds Series 2021A (BBB+/BBB-)

    50,000       5.000   01/01/2028   53,116

City of Chicago GO Bonds Series 2021B (BBB+/BBB-)

    301,000       4.000   01/01/2028   299,230
    826,000       4.000   01/01/2049   726,987

City of Chicago GO Refunding Bonds Series B (Ba1\BBB+)

    1,000,000       5.765   01/01/2028   1,014,740

City of Chicago IL GO Bonds Series 2019 (BBB+/NR)

    250,000       5.000   01/01/2044   255,835

City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 (NR\NR)

    270,000       3.040   12/01/2028   245,756

Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)(d)

    100,000       6.125   04/01/2049   104,040

Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+)

    305,000       5.000   10/01/2033   324,380

Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa2/A-)

    200,000       5.000   09/01/2046   203,094

Illinois Finance Authority RB Refunding for Lawndale Educational & Regional Network Charter School Obligated Group Series 2021 (NR/BBB)

    50,000       4.000   11/01/2051   42,918

Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR)

    25,000       5.000   05/15/2041   23,265

Illinois Finance Authority RB Series 2015A (NR/NR)

    1,060,000       5.000   05/15/2028   1,073,737

Illinois Finance Authority RB Series 2021 (NR\BB+)(d)

    250,000       4.000   10/01/2042   212,808

Illinois State GO Bonds Series 2016 (BAM-TCRS) (NR/AA)

    100,000       4.000   06/01/2041   94,171

Illinois State GO Bonds Series 2017 A (Baa2/BBB)

    35,000       4.500   12/01/2041   34,529

Illinois State GO Bonds Series 2017 C (Baa2/BBB)

    400,000       5.000   11/01/2029   425,805

Illinois State GO Bonds Series 2017 D (Baa2/BBB)

    1,000,000       5.000   11/01/2027   1,078,283
    600,000       5.000   11/01/2028   643,022

Illinois State GO Bonds Series 2018 A (Baa2/BBB)

    750,000       5.000   05/01/2032   788,150
    500,000       5.000   05/01/2042   512,955

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

Illinois State GO Bonds Series 2020 (Baa2/BBB)

$

     1,000,000       5.500 %    05/01/2030   $    1,105,497
    50,000       5.500   05/01/2039   53,630
    290,000       5.750   05/01/2045   315,653

Illinois State GO Bonds Series 2020 C (Baa2/BBB)

    1,000,000       4.000   10/01/2041   923,253
    175,000       4.250   10/01/2045   163,487

Illinois State GO Refunding Bonds Series 2018 B (Baa2/BBB)

    375,000       5.000   10/01/2031   396,550

Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/BBB+)(f)

    135,000       0.000   12/15/2032   87,236

Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+)(f)

    35,000       0.000     12/15/2054   6,578

Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (NR/BBB+)

    35,000       4.000   06/15/2050   30,280
    785,000       5.000   06/15/2050   792,145

Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (A-/Baa3)(f)

    1,000,000       0.000   12/15/2034   584,496

Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (A-/NR)

    30,000       4.000   06/15/2052   25,824

State of Illinois GO Bonds Series 2016 (BBB/Baa2)

    1,000,000       4.000   06/01/2033   975,754

State of Illinois GO Bonds Series 2017 A (Baa2/BBB)

    580,000       4.250   12/01/2040   556,417

State of Illinois GO Bonds Series 2017 D (Baa2/BBB)

    30,000       3.250   11/01/2026   30,026
       

 

        21,672,887

 

Indiana – 0.4%

Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (NON-AMT) (BB-/NR)

    250,000       4.125   12/01/2026   248,201

Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/A-)(a)(b)

    35,000       2.100   11/01/2026   34,016

Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2010 A (Baa3/NR)

    100,000       3.000   11/01/2030   90,465

Indiana Finance Authority RB Refunding for BHI Senior Living Obligated Group Series 2021 B (NR/NR)

    50,000       2.520   11/15/2026   45,939
    50,000       2.920   11/15/2027   45,477
    50,000       3.210   11/15/2028   45,123
    50,000       3.260   11/15/2029   44,777
    50,000       3.300   11/15/2030   44,508

Indiana Municipal Power Agency RB Refunding Series 2016 A (A1/A+)

    160,000       5.000   01/01/2042   169,914

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Indiana – (continued)

Town of Upland RB Refunding for Taylor University, Inc. Series 2021 (NR/A-)

$

     50,000       4.000 %    09/01/2031   $         51,309
       

 

        819,729

 

Iowa – 0.6%

City of Coralville GO Annual Appopriation Refunding Bonds Series 2022C (NR/NR)

    575,000       5.000   05/01/2042   558,888

Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (BBB-/NR)(a)(b)

    300,000       4.000   12/01/2032   298,980

Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (BBB+/NR)(g)

    310,000       5.000   10/01/2034   325,203
       

 

        1,183,071

 

Kansas – 0.0%

City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR)

    50,000       4.000   06/01/2036   44,568

 

Kentucky – 1.2%

City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR)(d)

    200,000       4.450   01/01/2042   187,825

County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A1/A)

    150,000       2.125   10/01/2034   121,511

County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A1/A)

    150,000       2.000   02/01/2032   125,824

County of Trimble RB for Louisville Gas and Electric Co. Series 2016 A (AMT) (A1/A/A-2) (PUTABLE)(a)(b)(h)

    250,000       1.300   09/01/2027   210,038

Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-)

    100,000       4.000   03/01/2046   89,724
    90,000       4.000   03/01/2049   79,795

Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A2/AA)

    75,000       4.000   06/01/2045   70,812

Kentucky Public Energy Authority Gas Supply RB 2018 Series C-1 (NR/A)(a)(b)

    1,000,000       4.000   06/01/2025   1,013,331

Kentucky State University COPS Series 2021 (BAM) (NR/AA)

    40,000       4.000   11/01/2046   39,781

Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (NR/A)

    100,000       4.000   10/01/2040   94,254

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Kentucky – (continued)

Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2003 A (A1/A)

$

     500,000       2.000 %    10/01/2033   $       402,021
       

 

        2,434,916

 

Louisiana – 1.2%

Lakeshore Villages Master Community Development District Special Assessment RB Series 2022 (NR/NR)(d)

    275,000       4.450   06/01/2027   276,224
    250,000       5.000   06/01/2032   252,628

Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR)

    695,000       2.875   06/01/2031   594,847

Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+)(d)

    250,000       5.000   04/01/2035   253,328

Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (Baa2/BBB)

    125,000       3.500   11/01/2032   117,426

Louisiana Public Facilities Authority RB for Lincoln Prepatory School Project Series 2022A (NR/NR)(d)(g)

    100,000       6.125   06/01/2037   99,848

Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB)

    100,000       4.000   10/01/2039   93,947
    100,000       4.000   10/01/2041   92,808

Louisiana Public Facilities Authority RB Series 2021A (NR/NR)(d)

    100,000       4.000   06/01/2041   85,232

Louisiana Public Facilities Authority RB Series 2021C (NR/NR)(d)

    100,000       4.000   06/01/2041   85,232

New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A2/A-)

    200,000       5.000   01/01/2048   205,078

Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 B-1 (Baa3/BBB-) (PUTABLE)(a)(b)(h)

    250,000       2.125   07/01/2024   241,863
       

 

        2,398,461

 

Maine – 0.7%

Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2020 A (A1/A+)

    400,000       4.000   07/01/2045   383,788

Maine Health & Higher Educational Facilities Authority RB Refunding for Northern Light Health Obligated Group Series 2021 A (AGM ST INTRCPT ST RES BD GTY) (A1/AA)

    300,000       5.000   07/01/2034   325,570

Maine Health and Higher Education Facilities Authority RB Series 2021A (AA/A1)

    375,000       4.000   07/01/2037   373,890
    325,000       4.000     07/01/2041   316,334
       

 

        1,399,582

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Maryland – 1.3%

City of Gaithersburg Economic Development Project RB Series 2022 (NR/NR)

$

     75,000       5.000 %   01/01/2037   $         73,411
    100,000       5.125   01/01/2042   97,770

County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR)

    50,000       4.000   01/01/2040   50,487

County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR)

    250,000       4.000   01/01/2039   252,445

Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR)

    95,000       4.000   07/01/2040   85,593

Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Baa3/NR)

    200,000       3.997   04/01/2034   176,037

Maryland Health & Higher Educational Facilities Authority RB for Adventist Healthcare Obligated Group Series 2016 A (Baa3/NR)

    850,000       5.500   01/01/2046   879,127

Maryland Health & Higher Educational Facilities Authority RB Refunding for Adventist Healthcare Obligated Group Series 2020 (Baa3/NR)

    865,000       4.000   01/01/2038   823,855

Maryland Health & Higher Educational Facilities Authority RB Refunding for Stevenson University, Inc. Series 2021 A (NR/BBB-)

    100,000       4.000   06/01/2046   87,719

Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR)(d)

    100,000       5.500   05/01/2042   99,039
       

 

        2,625,483

 

Massachusetts – 0.3%

Massachusetts Development Finance Agency RB for Merrimack College Series 2021 B (NR/BBB-)

    55,000       4.000   07/01/2050   48,224

Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BB+)(d)

    120,000       5.000   07/15/2023   122,786

Massachusetts Port Authority RB Series 2019-C (AMT) (AA-/AA)

    375,000       5.000   07/01/2034   405,300

Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL) (Aa1/AA)(e)

   

(3M USD LIBOR + 0.57%)

    30,000       1.432   05/01/2037   28,232
       

 

        604,542

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Michigan – 2.2%

City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)(a)

$

     1,665,000       4.000 %    04/01/2044   $    1,331,630

City of Detroit GO Bonds Series 2020 (Ba3/BB-)

    205,000       5.500   04/01/2045   219,797
    205,000       5.500   04/01/2050   218,739

City of Detroit GO Bonds Series 2021 A (Ba3/BB-)

    45,000       5.000   04/01/2030   48,483
    40,000       5.000   04/01/2032   42,631
    45,000       5.000   04/01/2034   47,406
    60,000       5.000   04/01/2036   62,730
    50,000       5.000   04/01/2038   52,005

City of Detroit GO Bonds Series 2021 B (Ba3/BB-)

    50,000       2.711   04/01/2026   46,476

Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA)

    250,000       5.000   07/01/2048   260,989

Detroit Financial Recovery Bonds LT Series B-2 (NR/NR)(a)

    400,000       4.000   04/01/2044   319,911

Grand Rapids Charter Township Economic Development Corp. RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR)

    100,000       5.000   05/15/2037   97,135

Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR)

    25,000       4.000   11/15/2031   23,201

Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR\BBB-)

    100,000       4.000   02/01/2042   89,822

Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A2/A)

    100,000       5.000   11/15/2048   103,332

Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (BBB+/NR)

    225,000       5.000   06/01/2040   237,052

Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (NR/A-)

    325,000       3.267   06/01/2039   275,261

Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB-)

    60,000       5.000   06/01/2049   60,613

Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR) (f)

    4,505,000       0.000   06/01/2065   410,845

Michigan Strategic Fund Variable Rate Limited Obligation Green RB Series 2021 (Ba2\BB) (PUTABLE)(a)(b)(h)

    300,000       4.000   10/01/2026   296,874

Star International Academy RB Refunding Series 2020 (NR/BBB)

    100,000       5.000   03/01/2030   102,876
    100,000       5.000   03/01/2033   101,798

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Michigan – (continued)

Universal Academy RB Refunding Series 2021 (NR/BBB-)

$

     50,000       4.000 %    12/01/2031   $         47,950
       

 

    4,497,556

 

Minnesota – 0.6%

City of Independence RB for Global Academy, Inc. Series 2021 A (NR/BB)

    75,000       4.000   07/01/2031   70,191

Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (NR/A-)

    100,000       4.250   02/15/2048   93,749

Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke’s Hospital Series 2022 (NR/BBB-)

    380,000       4.000   06/15/2037   356,663
    390,000       4.000   06/15/2038   363,445
    250,000       4.000   06/15/2039   231,496

Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR)

    100,000       4.000   07/01/2031   95,836

Duluth Independent School District No.709 COPS Refunding Series 2019 A (Ba2/NR)

    25,000       4.000   03/01/2032   23,303
       

 

    1,234,683

 

Mississippi – 0.4%

Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (NON-AMT) (Baa2\BBB) (PUTABLE)(a)(b)(h)

    375,000       2.650   04/01/2027   359,019

Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa1/A)

    200,000       2.375   06/01/2044   134,731

Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)(d)

    100,000       5.000   10/01/2033   104,949
    200,000       4.000   10/01/2041   177,466

Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE)(a)(b)(h)

    75,000       1.600   06/16/2025   71,836
       

 

    848,001

 

Missouri – 0.3%

Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (Ba1/BBB-)

    50,000       4.000   03/01/2041   43,864

Industrial Development Authority of The City of St Louis Missouri
(The)(g)

    100,000       5.000   05/15/2041   100,051

Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR)

    25,000       3.500   11/01/2040   21,358
    25,000       4.250   11/01/2050   20,385

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Missouri – (continued)

Missouri Health & Educational Facilities Authority RB Refunding for Bethesda Health Group, Inc. Obligated Group Series 2021 (NR/NR)

$

     25,000       4.000 %    08/01/2036   $         23,458
    25,000       4.000   08/01/2041   22,840

St Louis Land Clearance for Redevelopment Authority RB City of St Louis Series 2018 A (NR/A)

    100,000       5.000   04/01/2048   106,669

State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (A/NR) (PUTABLE)(a)(b)(h)

    250,000       3.500   07/01/2025   250,781
       

 

    589,406

 

Nebraska – 0.4%

Central Plans Energy Project Gas Supply Revenue Refunding Bonds Series 2019 (NR/AA-)(a)(b)

    700,000       4.000   08/01/2025   719,092

 

Nevada – 0.7%

City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR)

    50,000       3.125   06/01/2051   32,819

Clark County LT GO Stadium Improvement Bonds Series 2018A (AA+/NR)

    500,000       5.000   05/01/2048   536,355

Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (Aa3/A)

    300,000       5.000   07/01/2037   328,593

Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/A)

    460,000       4.000   07/01/2049   453,834

Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR)

    100,000       5.000   07/01/2040   101,056
       

 

    1,452,657

 

New Hampshire – 0.8%

National Finance Authority Hospital RB Series 2021B (AGM) (AA/NR)

    500,000       3.000   08/15/2046   395,509

National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (AMT) (NR/A-)

    400,000       4.000   12/01/2028   400,300

New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR)

    225,000       4.000   01/01/2041   198,554

New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (Baa1/A-) (PUTABLE)(a)(b)(h)

    40,000       2.800   10/02/2023   40,232

New Hampshire Health and Educational Facilities Authority RB Series 2005A-2 (A+/Aa3)(a)

    510,000       0.370   07/01/2035   510,000
       

 

    1,544,595

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New Jersey – 3.9%

Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA)

$

     40,000       5.000 %    03/01/2032   $         43,739

Atlantic County Improvement Authority RB for Stockton University Series 2021 A (AGM) (A2/AA)

    125,000       4.000   07/01/2047   117,491

Essex County Improvement Authority RB for New Jersey Institute of Technology Series 2021 A (BAM) (A1/AA)

    25,000       4.000   08/01/2046   23,612
    50,000       4.000   08/01/2051   45,906

New Jersey Economic Development Authority Motor Vehicle Surcharges RB Refunding Subordinate Series 2017 A (Baa3/BB+)

    100,000       4.000   07/01/2032   100,423

New Jersey Economic Development Authority RB Series 2021 QQQ (Baa1/BBB)

    450,000       4.000   06/15/2046   414,531

New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (BBB+/A3)(b)

    300,000       5.500   12/15/2026   341,001

New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (Ba3/B+)

    200,000       5.250   09/15/2029   202,302

New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (Ba3/B+)

    100,000       5.625   11/15/2030   101,504

New Jersey Economic Development Authority Transit Project Bonds 2020 Series A (BBB/BBB+)

    1,455,000       4.000   11/01/2038   1,431,750

New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (NR/BBB+)

    25,000       5.000   07/01/2035   26,575
    100,000       5.000   07/01/2045   104,218

New Jersey Health Care Facilities Financing Authority RB for St.. Joseph’s Healthcare System Obligated Group Issue Series 2016 (BBB-/Baa3)

    325,000       5.000   07/01/2041   329,979

New Jersey Transportation Trust Fund Authority RB Series 2018 (BBB/Baa1)

    215,000       5.000   12/15/2033   228,152

New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (Baa1/BBB) (f)

    1,000,000       0.000     12/15/2035   549,036

New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB) (f)

    200,000       0.000   12/15/2026   171,838
    120,000       0.000   12/15/2032   77,305

New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (Baa1/BBB)

    20,000       5.000   06/15/2046   20,398

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New Jersey – (continued)

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (A2/AA)(f)

$

     1,000,000       0.000 %    12/15/2032   $       673,892

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)(f)

    190,000       0.000   12/15/2027   157,613
    240,000       0.000     12/15/2030   173,240

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (Baa1/BBB)(f)

    155,000       0.000   12/15/2033   94,719
    235,000       0.000   12/15/2038   108,758
    40,000       0.000   12/15/2039   17,432

New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (Baa1/BBB)

    90,000       4.000   12/15/2031   91,438
    140,000       5.000   12/15/2032   149,306

New Jersey Transportation Trust Fund Authority RB Series 2020 AA (Baa1/BBB)

    75,000       3.000   06/15/2050   55,392

New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (Baa1/BBB)

    400,000       3.500   06/15/2046   332,811

New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (Baa1/BBB)(f)

    110,000       0.000   12/15/2032   70,863

New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (BBB+/A3)

    1,000,000       5.000   12/15/2028   1,089,444

South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (Baa1/NR)

    20,000       5.000   01/01/2037   20,851

South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (AMT) (NR/Baa1)

    100,000       5.000   01/01/2048   101,049

Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BB+)

    250,000       5.000   06/01/2046   249,988

Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)(d)

    200,000       6.750   12/01/2041   172,914
       

 

    7,889,470

 

New Mexico – 0.4%

City of Farmington Pollution Control Refunding RB 2005 Series A (NON-AMT) (A-/BBB+)

    400,000       1.800   04/01/2029   344,895

Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Recepits Tax Increment Bonds Series 2022 (NR\NR)(d)

    500,000       4.250   05/01/2040   421,821
       

 

    766,716

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value

Municipal Bonds – (continued)

New York – 10.5%

Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (NR/NR)

$

     125,000       1.625 %    11/01/2025   $       116,402

Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-)

    110,000       4.000   06/15/2029   108,988

Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)(d)

    100,000       5.000   12/01/2041   99,621

Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR)

    100,000       4.000   06/15/2041   85,108

Build NYC Resource Corp. RB for Shefa School Series 2021 B
(NR/NR)(d)

    100,000       4.000   06/15/2027   93,210

Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR)(d)

    100,000       6.500   07/01/2032   105,211
    150,000       6.500   07/01/2042   153,537
    100,000       6.500   07/01/2052   101,428

Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR)(d)

    100,000       9.750   07/01/2032   100,151

City of New York GO Bonds Fiscal 2014 Series I Subseries I-2
(AA/Aa2)(a)

    600,000       0.350   03/01/2040   600,000

Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BB+)(d)

    100,000       5.000   07/01/2040   101,248
    100,000       5.000   07/01/2051   99,544

Empire State Urban Development Corp. State Personal Income Tax RB Series 2020E (AA+/NR)

    500,000       4.000   03/15/2039   494,668

Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)(d) (f)

    800,000       0.000     06/01/2060   42,208

Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (BBB+/NR)

    250,000       5.000   12/01/2041   257,867

Metropolitan Tranportation Authority Transportation Revenue Green Bonds Subseries 2021A-1 (A3\BBB+)

    500,000       4.000   11/15/2047   444,167

Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/BBB+)

    1,415,000       5.250   11/15/2056   1,452,134

Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/BBB+)

    75,000       4.750   11/15/2045   75,879
    75,000       5.000   11/15/2050   77,247
    75,000       5.250   11/15/2055   77,938

Metropolitan Transportation Authority RB Green Bond Series 2020 D-1 (A3/BBB+)

    100,000       5.000   11/15/2044   103,715

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (A3/BBB+)

$

     185,000       4.000 %    11/15/2050   $       162,241

Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+)

    100,000       5.000   11/15/2028   107,997
    100,000       5.000   11/15/2029   108,438
    100,000       5.000   11/15/2030   108,519

Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/BBB+)

    175,000       5.250   11/15/2031   186,269

Metropolitan Transportation Authority RB Refunding Series 2017 D (A3/BBB+)

    250,000       5.000   11/15/2032   262,957

Metropolitan Transportation Authority RB Refunding Subseries 2015 C-1 (A3/BBB+)

    200,000       5.250   11/15/2028   212,971

Metropolitan Transportation Authority RB Series 2012 B (A3/BBB+)

    200,000       4.000   11/15/2029   200,175

Metropolitan Transportation Authority RB Series 2013 B (A3/BBB+)

    100,000       5.000   11/15/2022   101,161

Metropolitan Transportation Authority RB Series 2019 D-1 (MIG2/SP-2)

    500,000       5.000   09/01/2022   502,687

Metropolitan Transportation Authority Transportation RB Series 2015B (BBB+/A3)

    340,000       5.250   11/15/2055   348,958

Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3\BBB+)

    325,000       4.000   11/15/2045   291,655

Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) (f)

    2,255,000       0.000   06/01/2060   113,375

New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A2/AA)

    275,000       3.000   01/01/2046   212,080

New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A2/AA)

    75,000       3.000   03/01/2036   66,280
    50,000       4.000   03/01/2045   47,157

New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR)

    50,000       4.000   03/01/2045   45,812

New York City Water & Sewer System RB for Second General Resolution Series 2018 BB (Aa1/AA+)

    200,000       5.000   06/15/2046   214,303

New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)(f)

    3,500,000       0.000   06/01/2060   167,165

New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (NR/BBB-)

    100,000       3.500   02/15/2048   98,013

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)(d)

$

     1,090,000       5.000 %    11/15/2044   $    1,059,905

New York State Dormitory Authority Personal Income Tax RB Series 2021E (AA+/AA+)

    1,000,000       4.000   03/15/2038   987,258

New York State Dormitory Authority RB for Brooklyn St. Joseph’s College Series 2021 (NR/NR)

    200,000       4.000   07/01/2035   192,560
    225,000       4.000   07/01/2040   210,197

New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph’s College Series 2020 A (NR/NR)

    100,000       4.000   07/01/2031   98,549

New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (Ba2/BB+)

    200,000       5.000   07/01/2035   198,518

New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-)

    250,000       4.000   09/01/2037   229,220

New York State Dormitory Authority RB Refunding for St. John’s University Series 2021 A (A3/A-)

    200,000       4.000   07/01/2048   184,500

New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (Aa2/NR)

    100,000       3.000   03/15/2038   86,918

New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B2/B)(a)(b)

    250,000       2.750   09/02/2025   236,962

New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (NR/NR)(a)(b)

    150,000       1.100   05/01/2027   135,063

New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (AA/NR)

    75,000       4.000   12/01/2040   74,236

New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR)

    25,000       5.000   01/01/2023   25,188
    150,000       5.000   01/01/2027   154,507
    200,000       5.000   01/01/2028   206,107
    45,000       5.000   01/01/2029   46,127
    200,000       5.000   01/01/2030   204,898
    545,000       5.000   01/01/2031   556,246

New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (Baa3/NR)

    130,000       4.000   10/01/2030   126,166
    20,000       5.000   10/01/2035   20,227
    585,000       5.000   10/01/2040   588,543
    845,000       4.375   10/01/2045   772,789

New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR)

    25,000       2.500   10/31/2031   20,864
    25,000       4.000   10/31/2034   23,114
    135,000       4.000     10/31/2041   118,158

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR)

$

     490,000       5.000 %   12/01/2026   $       519,116

New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR)

    25,000       5.000   12/01/2034   26,401
    25,000       5.000   12/01/2035   26,351
    75,000       5.000   12/01/2036   78,845
    50,000       5.000   12/01/2037   52,422
    95,000       5.000   12/01/2038   99,642

New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (Baa3/NR)

    1,390,000       5.250   01/01/2050   1,424,899

New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (NR/B-)

    210,000       5.250   08/01/2031   218,415
    15,000       5.375   08/01/2036   15,948

New York Transportation Development Corp. Special Facility RB Series 2021 (NR\NR)

    550,000       3.000   08/01/2031   502,049

New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (B-/NR)

    500,000       5.000   08/01/2026   496,907

Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR)

    135,000       3.000   07/01/2044   94,017

Port Authority of New York & New Jersey Consolidated RB Refunding Series 223 (AMT) (Aa3/A+)

    500,000       4.000   07/15/2051   461,633

Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (Aa3/A+)

    130,000       5.000   09/01/2034   141,785

State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2019B-3 (A-/A3)(a)(b)

    500,000       5.000   05/01/2026   534,719

State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A-/A3)

    325,000       4.250   05/01/2052   306,659
    285,000       5.000   05/01/2052   295,523

State of New York Dormitory Authority Personal Income Tax RB Series 2021E (AA+/NR)

    1,000,000       4.000   03/15/2047   972,604

Suffolk Tobacco Asset Securitization Corp. RB Series 2021 B-1 (NR/BBB-)

    200,000       4.000   06/01/2050   184,011
       

 

    21,357,250

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

North Carolina – 0.4%

Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (NR/BBB) (PUTABLE)(a)(b)(h)

$

     75,000       1.375 %    06/16/2025   $         70,890

Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (AA/Baa2)

    275,000       5.500   07/01/2047   301,367

North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR)

    50,000       4.000   09/01/2041   46,506

North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR)

    75,000       4.000   03/01/2036   63,454
    100,000       4.000   03/01/2051   73,328

North Carolina Medical Care Commission RB Refunding for EveryAge Obligated Group Series 2021 A (NR/NR)

    50,000       4.000   09/01/2041   44,447

North Carolina Turnpike Authority RB Refunding Series 2018 (AGM) (NR/AA)

    225,000       5.000   01/01/2035   248,375
       

 

    848,367

 

Ohio – 2.6%

Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/A-)

    50,000       4.000   06/01/2039   48,425

Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR)

    1,355,000       5.000   06/01/2055   1,275,907

Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR) (f)

    1,800,000       0.000   06/01/2057   230,944

County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network Series 2022A (NR/NR)

    310,000       5.375   05/15/2037   313,408

County of Cuyahoga Hospital RB Series 2017 (Baa3\BBB-)

    250,000       5.000   02/15/2052   251,015

County Of Franklin Healthcare Facilities Refunding Rb Series 2022 (NR/BBB) (NR/NR)

    200,000       4.000   07/01/2040   176,235

County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR)

    100,000       5.250   11/15/2040   97,804

County of Franklin RB Series OH 2019A (Aa3\AA-)

    225,000       4.000   12/01/2044   212,601

County of Miami Ohio Hospital Facilities Improvement RB Kettering Health Network Series 2019 (A2/A+)

    375,000       5.000   08/01/2049   390,668

Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-)

    20,000       5.000   02/15/2042   20,346
    20,000       5.500   02/15/2057   20,639

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Ohio – (continued)

Cuyahoga Metropolitan Housing Authority RB for Social Bonds Series 2021 (HUD SECT 8) (NR/A+)

$

     150,000       2.000 %    12/01/2031   $       130,138

Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR)

    170,000       3.750   12/01/2038   138,480

Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-)

    175,000       5.000   12/01/2035   181,021
    125,000       5.000   12/01/2051   125,249

Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(h)

    250,000       4.250   06/01/2027   253,084

Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (AMT) (BBB+/NR) (PUTABLE)(a)(b)(h)

    750,000       4.250   06/01/2027   755,922

Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR)

    100,000       5.000   12/01/2042   100,472
    100,000       5.000   12/01/2045   99,722

Ohio State Higher Education Facilities RB Series 2020 (NR/NR)

    100,000       5.000   01/15/2050   101,313

Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR)(a)(b)

    100,000       4.375   06/15/2026   92,592

Port of Greater Cincinnati Development Authority RB Series 2021
(NR/NR)(d)

    100,000       4.250   12/01/2050   80,910

Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)(d)

    100,000       6.500   12/01/2030   91,108

Toledo-Lucas County Port Authority Parking System RB Series 2021 (NR/NR)

    175,000       4.000   01/01/2038   154,900
       

 

    5,342,903

 

Oklahoma – 0.3%

Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Baa3/BB+)

    35,000       5.000   08/15/2038   32,543
    425,000       5.500   08/15/2057   385,495

Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (NR/B-)(a)(b)

    100,000       5.000   06/01/2025   102,213
       

 

    520,251

 

Oregon – 0.4%

City of Medford Asante Health System Obligated Group Hospital Facilities Authority Revenue Refunding Bond Series 2020A (A+/NR)

    500,000       5.000   08/15/2025   533,888

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Oregon – (continued)

Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+)

$

     175,000       4.000 %    08/15/2050   $       163,628

Yamhill County Hospital Authority RB Refunding for Friendsview Manor Obligated Group Series 2021 A (NR/NR)

    25,000       1.750   11/15/2026   23,158

Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR)

    125,000       5.000   11/15/2051   104,532
       

 

    825,206

 

Pennsylvania – 1.6%

Allegheny County Airport Authority RB Series 2021 A (AMT) (A2/NR)

    125,000       4.000   01/01/2039   119,062
    100,000       4.000   01/01/2040   95,050

Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (BBB-/NR)

    90,000       5.250   09/01/2035   90,692

Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR)

    100,000       1.830   05/01/2023   97,613
    100,000       2.100   05/01/2024   95,360
    75,000       5.000   05/01/2029   80,488
    50,000       5.000   05/01/2030   53,916
    50,000       5.000   05/01/2031   54,016

Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (WR/BB-)

    100,000       4.000   11/01/2047   75,406

Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (BB+/NR)

    275,000       4.000   07/01/2051   205,094

City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa2/BBB+)

    100,000       5.000   05/01/2047   103,244

City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (BBB-/NR)

    100,000       4.000   03/01/2042   84,585

Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB)(d)

    100,000       5.875   10/15/2040   106,148
    200,000       6.250   10/15/2053   214,083

Lancaster County Hospital Authority RB Refunding for St. Anne’s Retirement Community Obligated Group Series 2020 (NR/NR)

    100,000       5.000   03/01/2040   94,498

Lancaster County Hospital Authority RB Series 2020 (NR\NR)

    250,000       5.000   03/01/2050   227,057

Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-)

    250,000       4.000   03/01/2038   221,553

Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communitiies Obligated Group Series 2020C (NR/NR)

    100,000       5.000   11/15/2045   104,225

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR)

$

     100,000       4.000 %    07/01/2033   $         95,786
    55,000       4.000   07/01/2041   50,069

Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (A-/A-2/NR)(a)(b)

    260,000       1.100   11/02/2026   229,179

Pennsylvania Turnpike Commission RB Series 2018 A (Aa3/NR)

    80,000       5.250   12/01/2044   88,265

Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+)(d)

    140,000       5.000   06/15/2030   141,863

Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (Baa3/BBB)

    95,000       5.000   07/01/2033   99,106

The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+)

    100,000       5.000   10/01/2049   92,444

The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/BB-)

    290,000       5.000   11/01/2040   268,042

Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa1/NR)

    50,000       5.000   07/01/2030   54,511
       

 

    3,241,355

 

Puerto Rico – 8.4%

Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR\NR)(d)

    250,000       5.000   07/01/2035   253,615

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)(d)

    850,000       5.000   07/01/2047   853,327

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (WR/NR)

    25,000       4.250   07/01/2025   25,000
    130,000       5.125   07/01/2037   130,000
    60,000       5.750   07/01/2037   60,000
    85,000       5.250   07/01/2042   85,000

Puerto Rico Commonwealth GO Bonds (NR\NR)*(a)(c)(i)

    734,631       0.000   11/01/2043   365,479

Puerto Rico Commonwealth GO Clawback Bonds (NR/NR)*(a)(c)(i)

    148,470       0.000   11/01/2051   63,842

Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR)

    339,454       5.250   07/01/2023   345,605
    75,744       0.000 (f)    07/01/2024   69,322
    163,993       5.375   07/01/2025   170,271
    162,509       5.625   07/01/2027   172,871
    159,871       5.625   07/01/2029   171,663

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Puerto Rico – (continued)

Puerto Rico Commonwealth GO Restructured Bonds Series 2022
A-1 (NR\NR) – (continued)

$

     155,281       5.750 %    07/01/2031   $       169,577
    514,493       0.000 (f)    07/01/2033   288,983
    322,248       4.000   07/01/2033   295,254
    132,356       4.000   07/01/2035   118,533
    223,596       4.000   07/01/2037   197,823
    479,448       4.000   07/01/2041   414,724
    435,624       4.000   07/01/2046   365,485

Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (WR/NR)

    670,000       5.250   07/01/2038   670,043

Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (A2/AA)

    275,000       5.250   07/01/2036   280,112

Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR)*

    250,000       5.050   07/01/2042   211,875

Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR)*

    150,000       7.000   07/01/2040   132,375

Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR)*

    100,000       5.250   07/01/2031   84,750

Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR)*

    165,000       5.000   07/01/2028   139,838

Puerto Rico Electric Power Authority Power RB Series TT (NR/NR)*

    100,000       5.000   07/01/2032   84,750

Puerto Rico Electric Power Authority Power RB Series XX (NR/NR)*

    300,000       5.250   07/01/2040   254,250

Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)*

    145,000       4.250   07/01/2020   121,256

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (A2/AA)

    115,000       5.250   07/01/2032   117,387

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (A3/AA)

    200,000       5.250   07/01/2034   204,080

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR AGC) (A2/AA)

    250,000       5.500   07/01/2029   260,961

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR AGC-ICC) (A2/AA)

    435,000       5.500   07/01/2026   458,011

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (WR/NR)*

    165,000       5.500   07/01/2026   90,750

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructed Bonds Series 2019A-2B (NR/NR) (NR/NR)

    325,000       4.550   07/01/2040   313,058

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructed Bonds Series A-2 (NR/NR)

    70,000       4.329   07/01/2040   65,735

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Puerto Rico – (continued)

Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)(f)

$

     16,000       0.000 %    07/01/2024   $         14,876
    27,000       0.000     07/01/2027   22,348
    91,000       0.000   07/01/2029   68,579
    525,000       0.000   07/01/2033   315,731
    57,000       0.000   07/01/2046   15,330
    2,243,000       0.000   07/01/2051   446,020

Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)

    2,906,000       4.329   07/01/2040   2,728,937
    15,000       4.536   07/01/2053   13,998
    15,000       4.784   07/01/2058   14,328

Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)

    245,000       4.500   07/01/2034   246,050
    37,000       4.550   07/01/2040   35,641
    2,025,000       4.750   07/01/2053   1,945,650
    3,085,000       5.000   07/01/2058   3,032,492
       

 

    17,005,585

 

South Carolina – 0.5%

Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR)(d)

    100,000       3.625   11/01/2031   83,731
    100,000       3.750   11/01/2036   78,296

South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR)(d)

    100,000       5.125   06/15/2042   90,113

Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A3/AA)

    75,000       5.000   04/15/2035   83,559
    175,000       4.000   04/15/2036   174,657
    795,000       3.000   04/15/2049   591,004
       

 

    1,101,360

 

South Dakota – 0.0%

County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-)

    50,000       4.000   08/01/2051   41,730

 

Tennessee – 0.3%

City of Clarksville RB for Water Sewer & Gas Series 2021 A (Aa2/NR)

    400,000       4.000   02/01/2051   392,846

Tennergy Corp. Gas Supply RB Series 2021A (A1\NR)(a)(b)

    255,000       4.000   09/01/2028   256,418
       

 

    649,264

 

Texas – 7.4%

Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR)

    100,000       5.625   08/15/2052   94,664

Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB)

    25,000       5.000   08/15/2025   25,657

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 B (NR/BB)

$

     25,000       2.950 %    08/15/2022   $         24,943

Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (NR/B)

    35,000       5.000   01/01/2023   35,196

Central Texas Regional Mobility Authority RB for Senior Lien Series 2020 E (A3/A-)

    550,000       5.000   01/01/2035   592,166

Central Texas Regional Mobility Authority RB Series 2021 C (Baa1/BBB+)

    360,000       5.000   01/01/2027   383,835

City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)(d)

    301,000       3.750   09/15/2031   251,613
    157,000       4.500   09/15/2031   141,509

City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR)(d)

    50,000       3.375   09/01/2041   39,168

City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)(d)

    50,000       4.250   09/01/2041   42,190
    55,000       4.500   09/01/2050   45,417

City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR)(d)

    100,000       4.875   09/01/2042   92,207

City of Celina Special Assessment RB Series 2022 (NR\NR)(d)

    100,000       3.625   09/01/2032   85,363

City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR)(d)

    428,000       4.625   09/01/2027   419,522

City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)(d)

    100,000       3.375   08/15/2030   87,094

City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR)(d)

    100,000       3.375   08/15/2031   85,082

City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR)(d)

    75,000       4.250   08/15/2042   67,029

City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR)(d)

    100,000       3.625   09/15/2027   94,156

City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR)(d)

    100,000       2.625   09/01/2026   90,001

City of Houston Airport System Special Facilities RB Series 2021B-1 (AMT) (NR\NR)

    300,000       4.000   07/15/2041   255,536

City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(d)

    519,000       3.625   09/01/2041   398,594

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR)(d)

$

     100,000       3.500 %    09/01/2041   $         76,525

City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR)(d)

    100,000       3.875   09/01/2041   79,302

City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR)(d)

    100,000       3.375   09/01/2031   83,486

City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR)(d)

    200,000       4.125   09/01/2041   178,012

City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA)

    500,000       2.500   09/15/2039   368,431

City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR)(d)

    430,000       5.000   09/15/2027   424,559

City of Mclendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (NR/AA)

    50,000       2.500   09/15/2035   39,052

City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)(d)

    100,000       3.875   09/15/2041   80,474

City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR)(d)

    265,000       2.750   09/01/2031   219,195

City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR)(d)

    100,000       5.750   09/15/2032   98,104
    100,000       5.500   09/15/2042   97,027

City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR)(d)

    100,000       5.500   09/15/2042   97,027

City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR)(d)

    350,000       5.375   09/15/2027   348,718
    410,000       5.625   09/15/2032   407,452

City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)(d)

    125,000       4.375   09/15/2051   98,526

City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)(d)

    125,000       4.000   09/15/2051   98,046

City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR)(d)

    52,000       4.250   09/01/2042   46,653

City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)(d)

    129,000       2.875   09/01/2025   123,412

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)

$

     100,000       4.875 %    09/01/2039   $         96,334

City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)(d)

    25,000       3.375   09/01/2041   19,200

City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)(d)

    230,000       2.750   09/01/2025   219,072
    100,000       3.750   09/01/2040   81,452

City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)(d)

    50,000       3.250   09/01/2041   37,517

City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR)(d)

    409,000       3.375   09/15/2041   308,890

City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)(d)

    100,000       2.625   09/15/2025   94,070
    50,000       3.375   09/15/2030   43,859

City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)(d)

    100,000       3.250   09/15/2030   86,023

City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR)(d)

    291,000       4.625   09/01/2032   275,598

City of Venus Special Assessment RB for Patriot Estates Public Improvement Project Series 2021 (NR/NR)(d)

    234,000       2.625   09/15/2026   210,362

City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR)(d)

    302,000       5.125   08/15/2032   301,747

Club Municipal Management District Special Assessment RB Series 2021 (NR/NR)(d)

    50,000       3.250   09/01/2041   38,035

Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BBB-)

    25,000       2.500   10/01/2031   20,750

Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (NR/BB-)

    100,000       3.500   10/01/2031   83,856

Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR)

    50,000       4.000   10/01/2041   50,595
    50,000       4.000   10/01/2046   49,345

County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)(d)

    100,000       4.500   09/01/2041   83,109

Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)(d)

    100,000       5.000   08/15/2044   88,506

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Edinburg Economic Development Corp. Sales Tax RB Series 2021 A (NR/NR)

$

     75,000       3.125 %    08/15/2036   $         58,740
    70,000       3.250   08/15/2041   52,331

Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Series 2019 A (A1/AA-)

    175,000       5.000   05/15/2030   192,060

Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (NR/B)

    200,000       5.000   07/15/2028   201,757

Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (NR/NR)

    100,000       5.000   07/15/2027   101,401

Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (NR/NR)

    150,000       5.000   07/15/2027   152,102

Houston Airport System Subordinate Lien RB Series 2020 A (AMT) (A1/A)

    540,000       4.000   07/01/2047   505,228

Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR)

    320,000       2.250   09/01/2030   268,119

Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (NR/A)

    35,000       5.000   05/15/2030   39,648

Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (NR/BB-)(d)

    100,000       4.625   10/01/2031   101,629

Mitchell County Hospital District GO Bonds Series 2020 (NR/NR)

    100,000       5.250   02/15/2030   99,852

New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (BB+/NR)(d)

    75,000       4.000   08/15/2036   67,469

New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2021 (NR\NR)

    100,000       4.000   11/01/2055   82,177

New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR)

    225,000       5.500   01/01/2057   191,492

North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR)(d)

    200,000       3.000   09/15/2026   186,523
    300,000       3.625   09/15/2031   264,267

North Texas Tollway Authority RB for Second Tier Series 2021 B (A2/A)

    50,000       4.000   01/01/2040   49,324
    50,000       4.000   01/01/2041   49,132

North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (A1/A+)

    345,000       5.000   01/01/2037   369,634

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)(d)

$

     100,000       1.875 %    01/01/2026   $         92,098
    150,000       2.500   01/01/2030   127,574
    175,000       3.000   01/01/2050   114,272

Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR)(d)

    500,000       4.100   01/01/2028   448,207

Texas Municipal Gas Acquisition & Supply Corp. III RB Refunding Series 2021 (A3/BBB+)

    535,000       5.000   12/15/2032   570,182

Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (Baa3/NR)

    200,000       5.000   12/31/2055   200,892

Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (Baa3/NR)

    600,000       5.000   06/30/2058   594,058

Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR)(d)

    820,000       2.625   09/01/2026   731,623

Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR)(d)

    281,000       2.875   09/01/2031   226,951

Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR)

    100,000       3.000   09/01/2034   86,724

Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR)

    50,000       2.875   12/01/2030   42,243

Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (NR/NR)

    285,000       2.000   08/15/2028   253,018
       

 

    15,023,990

 

Utah – 1.3%

Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)(d)

    500,000       3.500   03/01/2036   413,502

Salt Lake City International Aiport RB Series 2018A (AMT) (A/A2)

    500,000       5.250   07/01/2048   524,823

Salt Lake City International Airport RB Series 2021A (AMT’) (A/NR)

    1,500,000       4.000   07/01/2051   1,393,712

Utah Charter School Finance Authority Charter School RB Series 2022A (BB+/NR)(d)

    250,000       5.750   06/15/2052   252,528

 

Principal
Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Utah – (continued)

Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR\BB)(d)

$

     100,000       4.000 %    07/15/2037   $         84,977
       

 

        2,669,542

 

Vermont – 0.1%

Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B/NR)(a)(b)(d)

    150,000       5.000   06/01/2027   149,735

 

Virginia – 0.5%

Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-)(f)

    300,000       0.000   06/01/2047   76,571

Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-)

    25,000       4.000   06/01/2036   23,689

Virginia Housing Development Authority RB Series 2019 E (Aa1/AA+)

    250,000       3.100   12/01/2045   211,973

Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (Baa3/NR)

    50,000       5.000   12/31/2049   50,964
    200,000       5.000   12/31/2056   202,919

Virginia Small Business Financing Authority Senior Lien Revenue and Refunding Bonds Series 2022 (AMT) (Baa1\NR)

    125,000       5.000   12/31/2047   129,665

Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (AMT) (NR\BBB-)

    300,000       4.000   01/01/2048   266,510
       

 

        962,291

 

Washington – 2.2%

City of Seattle Drainage and Wastewater System Improvement and Refunding RB Series 2022 (AA+/Aa1)

    125,000       4.000   09/01/2036   130,746
    150,000       4.000   09/01/2037   155,754

King County Multi-Modal LT GO Refunding Bonds (AAA/Aaa)(a)

    1,000,000       0.370   01/01/2046   1,000,000

Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (AMT) (NR/BB)

    1,000,000       5.000   04/01/2030   1,004,004

Port of Seattle Intermediate Lien RB Series 2019 (AMT) (A1/A+)

    200,000       5.000   04/01/2038   212,057

Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1\A+)

    700,000       4.000   08/01/2041   647,277

Port of Seattle WA RB Series 2018 (A+/A1)

    220,000       5.000   05/01/2043   234,179

State of Washington Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2015B (AA+/Aaa)

    200,000       5.000   07/01/2025   211,503

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Washington – (continued)

State of Washington Various Purpose GO Refunding Bonds Series R-2022C (AA+/Aaa)

$

     750,000       4.000 %    07/01/2026   $       800,150

Washington State Convention Center Public Facilities District Lodging Tax RB Series 2018 (BAM-TCRS) (Baa3/AA)

    120,000       4.000   07/01/2058   106,255
       

 

  4,501,925

 

West Virginia – 0.4%

Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR)(d)

    100,000       4.125   06/01/2043   88,967

West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B2/B)(a)(b)

    100,000       4.125   07/01/2025   99,292

West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/A-) (PUTABLE)(a)(b)(h)

    500,000       3.000   06/18/2027   489,241

West Virginia GO Bonds Bid Group 2 Series 2019 A (Aa2/AA-)

    100,000       5.000   12/01/2043   108,924
       

 

  786,424

 

Wisconsin – 1.5%

Public Finance Authority Charter School RB Series 2021A (NR/NR)(d)

    510,000       5.000   06/15/2041   429,771

Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR)(d)

    360,000       5.000   06/15/2032   352,540

Public Finance Authority Education RB Series 2022 (NR\NR)(d)

    100,000       5.000   01/01/2042   93,049

Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (Baa3/BBB)

    190,000       4.300   11/01/2030   191,791

Public Finance Authority RB for Appalachian Regional Healthcare System Obligated Group Series 2021 A (NR/BBB)

    25,000       5.000   07/01/2038   26,287
    25,000       5.000   07/01/2041   26,061

Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba1/NR)(d)

    50,000       5.000   12/01/2045   47,642

Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR)(d)

    100,000       5.000   06/01/2061   86,734

Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)(d)

    100,000       4.000   03/01/2030   93,335

Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR)(d)

    250,000       5.625   06/01/2050   192,110

Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR)(d)

    290,000       6.500   06/01/2045   231,159

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Wisconsin – (continued)

Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB+)(d)

$

     100,000       6.000 %    07/01/2031   $         90,483

Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (NR/BB)(d)

    100,000       5.000   04/01/2040   101,080

Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB+)(d)

    150,000       4.500   07/01/2048   128,645

Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB)(d)

    25,000       6.125   10/01/2049   24,038

Public Finance Authority Retirement Communities RB for Acts Retirement-Life Communities Obligated Group Series 2020A (NR/NR)

    205,000       5.000   11/15/2041   215,419

Public Finance Authority Student Housing RB Series 2021A-1 (NR/NR)(d)

    50,000       4.000   07/01/2041   45,577
    150,000       4.000   07/01/2051   129,012

Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR)

    50,000       3.000   12/01/2031   43,078
    75,000       4.000   12/01/2041   64,742

Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3\AA)(b)(e)

(SIFMA Municipal Swap Index Yield + 0.18%)

    175,000       0.960   07/01/2026   175,000

Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/(P)BBB-)

    200,000       5.000   02/01/2042   204,605
       

 

  2,992,158

 

TOTAL MUNICIPAL BONDS

(Cost $219,927,635)

   $198,273,253

 

       
Corporate Bonds – 0.8%

Real Estate – 0.8%

Benloch Ranch Improvement Association No. 1 Series 2020 (NR/NR)(j)

$

     76,100       9.750 %   12/01/39   $         73,621

Benloch Ranch Improvement Association No. 1 Series 2021 (NR/NR)(d)(j)

    76,100       9.750   12/01/39   73,622

Benloch Ranch Improvement Association No. 2 (NR/NR)(d)(j)

    700,000       10.000   12/01/51   644,427

Brixton Park Improvement Association No. 1 Series (NR/NR)(d)(j)

    1,000,000       6.875   12/01/51   888,500
       

 

  1,680,170

 

TOTAL CORPORATE BONDS

(Cost $1,820,321)

   $    1,680,170

 

TOTAL INVESTMENTS – 98.7%

(Cost $221,747,956)

   $199,953,423

 

OTHER ASSETS IN EXCESS OF
    LIABILITIES – 1.3%		   2,581,283

 

NET ASSETS – 100.0%   $202,534,706

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Security is currently in default and/or non-income producing.
(a)   Variable Rate Demand Instruments – rate shown is that which is in effect on June 30, 2022. Certain variable rate securities are not based on published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(b)   Pre-refunded security. Maturity date disclosed is pre-refunding date.
(c)   Zero coupon bond until next reset date.
(d)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)   Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2022.
(f)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)   When-issued security.
(h)   Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rates disclosed is that which is in effect on June 30, 2022.
(i)   Contingent value instrument that only pays out if a portion of the territory’s Sales and Use Tax outperforms the projections in the Oversight Board’s Certified Fiscal Plan.
(j)   Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
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.

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.

COPS  

— Certificates of Participation

GO  

— General Obligation

HUD SECT 8  

— Hud Section 8

IDA  

— Industrial Development Agency

LIBOR  

— London Interbank Offered Rates

LT  

— Limited Tax

NR  

— Not Rated

RB  

— Revenue Bond

SD CRED PROG  

— School District Credit Program

SIFMA  

— Securities Industry and Financial Markets Association

SONYMA  

— State of New York Mortgage Agency

ST AID WITHHLDG  

— State Aid Withholding

TCRS  

— Transferable Custody Receipts

USD  

— United States Dollar

UT  

— Unlimited Tax

WR  

— Withdrawn Rating

 

 

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FUTURES CONTRACTS – At June 30, 2022, the Fund had the following futures contracts:

 

Description      Number of
Contracts		      Expiration
Date		      Notional
Amount		      Unrealized
Appreciation/
(Depreciation)		  

 

  

Short position contracts:

                  

U.S. Treasury 10 Year Ultra Note

      (82)      09/21/22      $ (10,595,215 )     $ 182,496  

U.S. Treasury Ultra Bond

      (29)      09/21/22        (4,572,211 )       128,867  

 

  

Total Futures Contracts

                   $ 311,363  

 

  

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – 98.9%

Alabama – 1.1%

Alabama Public School & College Authority RB Refunding for Capital Improvement Series 2015 A (Aa1/AA)

$

     3,385,000       5.000 %    05/01/2023   $       3,478,129

Black Belt Energy Gas District RB Project 4 Series 2019 A-1
(A1/NR)(a)(b)

    44,135,000       4.000   12/01/2025   44,748,106

Chatom Industrial Development Board RB Refunding for PowerSouth Energy Cooperative Series 2020 (AGM) (A2/AA)

    190,000       5.000   08/01/2022   190,423
    225,000       5.000   08/01/2023   231,862
    485,000       5.000   08/01/2024   511,790

Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (NR/BBB+)

    85,000       4.000   10/01/2022   85,454

Independent Development Board City of Prattville International Paper Company Project Environmental Improvement Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(c)

    225,000       2.000   10/01/2024   219,511

Industrial Development Board City of Prattville International Paper Company Project Recovery Zone Facility Revenue Refunding Bonds Series 2019C (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(c)

    675,000       2.000   10/01/2024   658,533

Industrial Development Board City of Selma Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(c)

    6,500,000       1.375   06/16/2025   6,143,811

Industrial Development Board City of Selma International Paper Company Project Gulf Opportunity Zone Revenue Refunding Bonds Series 2019A (BBB/NR) (PUTABLE)(a)(b)(c)

    1,875,000       2.000   10/01/2024   1,829,259

Industrial Development Board of the City of Mobile Alabama RB for Alabama Power Co. Series 2007 A (A1/A-) (PUTABLE)(a)(b)(c)

    3,335,000       1.000   06/26/2025   3,176,029

Jacksonville State University RB Refunding Series 2020 (A2/A-)

    475,000       3.000   12/01/2022   477,603
    315,000       3.000   12/01/2023   317,846
    275,000       4.000   12/01/2024   283,912
    375,000       4.000   12/01/2025   389,827
    550,000       4.000   12/01/2026   574,819

Jefferson County RB Refunding Warrants Series 2017 (NR/AA)

    1,225,000       5.000   09/15/2022   1,233,329
    2,000,000       5.000   09/15/2023   2,071,463

Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (A2/AA)

    6,780,000       5.500   10/01/2053   7,118,449

Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB)

    1,745,000       5.000   10/01/2022   1,758,790
    3,825,000       6.500   10/01/2053   4,171,251

The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A1/NR)(b)(d)

(1M USD LIBOR + 0.85%)

    25,105,000       1.998   06/01/2024   24,738,226

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Alabama – (continued)

Troy University Facilities RB Series 2019-A (BAM) (AA/NR)

$

     850,000       4.000 %    11/01/2022   $          857,047
       

 

        105,265,469

 

Alaska – 0.2%

Alaska Municipal Bond Bank Authority RB Refunding Series 2020 ONE (A1/A+)

    640,000       5.000   12/01/2022   648,998

Borough of North Slope GO Bonds for General Purpose Series 2019 A (Aa2/AA)

    10,225,000       5.000   06/30/2023   10,558,647

Borough of North Slope GO Bonds for Schools Series 2019 B (Aa2/AA)

    990,000       5.000   06/30/2023   1,022,304

Municipality of Anchorage AK GO Bonds Series 2018 (AA+/NR)

    5,025,000       4.000   09/01/2022   5,046,363

Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 A-1 (NR/A)

    1,000,000       5.000   06/01/2025   1,049,326
    1,100,000       5.000   06/01/2026   1,163,646
       

 

        19,489,284

 

Arizona – 1.9%

Arizona Department of Transportation State Highway RB Series 2013 A (Aa2/AA+)(b)

    14,290,000       5.000   07/01/2022   14,290,000

Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)(d)

   

(3M USD LIBOR + 0.81%)

  
    83,860,000       2.336   01/01/2037   78,855,244

Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (NR/A)

    250,000       5.000   11/01/2022   252,488
    755,000       5.000   11/01/2023   781,017
    1,055,000       5.000   11/01/2024   1,104,381
    340,000       5.000   11/01/2025   360,832

Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+)

    600,000       5.000   01/01/2023   591,937
    575,000       5.000   01/01/2024   552,382

Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/CCC+)

    505,000       5.000   01/01/2023   496,926
    560,000       5.000   01/01/2024   533,858

City of Chandler IDA Industrial Development RB Series 2019 (A+/NR)(a)(b)

    20,365,000       5.000   06/03/2024   21,312,251

City of Phoenix Civic Improvement Corporation Junior Lien Airport Revenue Refunding Bonds Series 2015B (NON-AMT) (A1\A)

    1,740,000       5.000   07/01/2034   1,819,577

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Arizona – (continued)

County of Pinal IDA Correctional Facility Contract Refunding Bonds Series 2020A (BBB/NR)

$

     3,900,000       2.000 %    10/01/2024   $       3,788,230
    1,540,000       2.000   10/01/2025   1,467,702

Glendale City GO Refunding Bonds Series 2015 (AGM) (A1/AA)

    1,665,000       5.000   07/01/2022   1,665,000

Maricopa County Community College District GO Refunding Bonds Series 2016 (Aaa/AAA)

    16,400,000       5.000   07/01/2023   16,938,143

Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-)

    125,000       4.000   07/01/2023   127,028
    135,000       4.000   07/01/2024   137,811

Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB)
(PUTABLE)(a)(b)(c)

    3,750,000       0.875   10/01/2026   3,375,243

Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 B (Baa2/BBB)
(PUTABLE)(a)(b)(c)

    1,790,000       0.875   10/01/2026   1,611,116

Maricopa County Pollution Control Revenue Refunding Bonds 2003 Series A (NON-AMT) (BBB/NR)(a)(b)

    10,000,000       3.000   06/01/2024   10,051,716

Water Infrastructure Finance Authority of Arizona Water Quality Revenue Refunding Bonds Series 2014A (AAA/Aaa)

    10,000,000       5.000   10/01/2026   10,615,288
       

 

        170,728,170

 

Arkansas – 0.0%

Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (NR/BBB+)

    275,000       5.000   08/01/2022   275,629
    235,000       5.000   08/01/2023   241,660
    400,000       5.000   08/01/2024   419,025

Fort Smith School District No. 100 GO Bonds for Arkansas Construction Series 2018 A (ETM) (ST AID WITHHLDG) (Aa2/NR)

    1,510,000       3.000   02/01/2023   1,522,604
       

 

        2,458,918

 

California – 7.9%

Atwater Wastewater RB Refunding Series 2017 A (AGM) (NR/AA)

    300,000       5.000   05/01/2023   307,754
    265,000       5.000   05/01/2024   277,967

Bay Area Toll Authority RB Refunding for San Francisco Bay Area Series 2021 C (Aa3/AA)(b)(d)

   

(SIFMA Municipal Swap Index Yield + 0.45%)

    7,000,000       1.230   04/01/2026   6,857,395

Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 05/01/13 Series 2006 C-1 (Aa3/WR/AA)(b)(d)

   

(SIFMA Municipal Swap Index Yield + 0.90%)

    10,000,000       1.680   05/01/2023   10,011,839

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 06/03/13 Series 2006 C-1 (Aa3/AA)(b)(d)

   

(SIFMA Municipal Swap Index Yield + 0.90%)

$

     7,000,000       1.680 %    05/01/2023   $       7,008,287

Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (NR/AA)(b)(d)

   

(SIFMA Municipal Swap Index Yield + 1.25%)

    15,000,000       2.030   04/01/2027   15,112,422

California Community Choice Financing Authority Clean Energy Project RB Series 2022A (NR/NR)(a)(b)(e)

    19,150,000       4.000   08/01/2028   19,364,775

California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (NR/BB)

    1,000,000       5.000   05/01/2023   1,006,340
    535,000       5.000   05/01/2024   540,623

California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/A)

    450,000       5.000   06/01/2026   478,298

California County Tobacco Securitization Agency RB Refunding Senior Series 2020 A (NR/A)

    700,000       5.000   06/01/2025   735,223

California Health Facilities Financing Authority RB for Sutter Health Series 2016A (STATE AND LOCAL GOVT SERIES) (A1\A)(b)

    15,305,000       5.000   11/15/2025   16,729,646

California Health Facilities Financing Authority RB Refunding for Lucile Salter Packard Children’s Hospital Series 2022 A (A1/A+)

    795,000       5.000   05/15/2026   863,278
    285,000       5.000   05/15/2027   314,301

California Health Facilities Financing Authority Refunding RB for Sutter Health Series 2015A (A1/A)(b)

    8,810,000       5.000   08/15/2025   9,550,925

California Infrastructure & Economic Development Bank RB Refunding for California Academy of Sciences Series 2018 B (A2/NR)(b)(d)

(SIFMA Municipal Swap Index Yield + 0.35%)

    32,000,000       1.130   08/01/2024   31,616,285

California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR)(a)(b)

    20,000,000       1.200   06/01/2028   17,477,042

California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 B (A3/NR)(b)(d)

   

(SIFMA Municipal Swap Index Yield + 0.70%)

    5,000,000       1.480   06/01/2026   4,930,172

California Infrastructure & Economic Development Bank RB Series 2021B 2021B-2 (AAA/NR)(a)(b)

    3,250,000       3.000   10/01/2026   3,298,134

California Municipal Finance Authority RB for Waste Management, Inc. Series 2009 A (NR/A-/A-2) (PUTABLE)(a)(b)(c)(f)

    1,800,000       1.300   02/03/2025   1,711,721

California Municipal Finance Authority RB for Waste Management, Inc. Series 2017 A (AMT) (NR/A-/A-2) (PUTABLE)(a)(b)(c)

    17,860,000       0.700   12/01/2023   17,310,616

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR)

$

     250,000       5.000 %   10/01/2022   $          251,927
    225,000       5.000     10/01/2023   232,484
    275,000       5.000   10/01/2024   286,701
    275,000       5.000   10/01/2025   290,306

California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (NR/NR)

    860,000       5.000   12/31/2023   891,382
    685,000       5.000   06/30/2024   711,434
    800,000       5.000   12/31/2024   837,079
    1,000,000       5.000   06/30/2025   1,053,239
    1,790,000       5.000   12/31/2025   1,897,156
    1,385,000       5.000   06/30/2026   1,464,934
    2,570,000       5.000   12/31/2026   2,731,321
    2,005,000       5.000   06/30/2027   2,130,525
    3,005,000       5.000   12/31/2027   3,191,572

California Pollution Control Financing Authority RB for American Water Capital Corp. Project Series 2020 (Baa1/A) (PUTABLE)(a)(b)(c)

    2,490,000       0.600   09/01/2023   2,444,966

California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR)(f)

    3,500,000       5.000   11/21/2045   3,508,162

California Public Finance Authority RB Refunding for Henry Mayo Newhall Hospital Obligated Group Series 2021 A (NR/BBB-)

    240,000       4.000   10/15/2022   241,411
    290,000       4.000   10/15/2023   296,046
    380,000       4.000   10/15/2024   387,926
    390,000       4.000   10/15/2025   399,122
    415,000       4.000   10/15/2026   424,469

California State University RB Refunding Series 2016 B-2 (Aa2/AA-)(a)(b)

    12,100,000       0.550   11/01/2026   10,587,861

California Statewide Communities Development Authority RB for Methodist Hospital of Southern California Obligated Group Series 2018 (NR/BBB+)

    500,000       5.000   01/01/2023   507,506

California Statewide Community Development Authority Pollution Control Refunding RB 2006 Series B (NON-AMT) (A-/BBB+)

    8,500,000       1.450   04/01/2028   7,376,631

Campbell Union High School District GO Bonds 2016 Series B (AAA/Aa1)(b)

    5,500,000       4.000   08/01/2026   5,880,244

Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)

    205,000       3.000   09/01/2022   205,236
    210,000       3.000   09/01/2023   210,628
    215,000       3.000   09/01/2024   214,786
    225,000       4.000   09/01/2025   230,441

Chula Vista Elementary School District GO Bonds Anticipation Notes Series 2019 (NR/AA-)(g)

    2,515,000       0.000     08/01/2023   2,457,541

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

City of Los Angeles 2022 Tax and Revenue Anticipation Notes
(SP-1+/MIG 1)(e)

$

     17,000,000       4.000 %    06/29/2023   $     17,344,250

City of Los Angeles Department of Airports International Airports Senior Refunding RB 2018 Series B (AMT) (AA/Aa2)

    4,340,000       5.000   05/15/2026   4,714,403

City of Los Angeles Department of Airports Senior RB Series 2015 (NON-AMT) (AA-/Aa3)

    1,000,000       5.000   05/15/2028   1,064,546

City of Los Angeles Department of Airports Subordinate RB 2022 Series A (AMT) (AA-/Aa3)

    7,415,000       5.000   05/15/2026   8,054,677

City of Montebello RB Series 2020 (AGM) (NR/AA)

    1,000,000       2.403   06/01/2024   980,687
    1,000,000       2.503   06/01/2025   971,829

City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR)

    170,000       4.000   09/01/2024   173,315
    250,000       4.000   09/01/2026   255,940

Coachella Valley Water District Drinking Water System Revenue Notes Series 2022A (NR\AA+)

    12,015,000       1.375   06/01/2025   11,595,043

County of Riverside 2022 Tax and Revenue Anticipation Note (NR/NR)

    13,000,000       5.000   06/30/2023   13,377,489

El Dorado Irrigation District Refunding RB Series 2014A (AA/Aa3)(b)

    5,000,000       5.250   03/01/2024   5,276,609

Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2017 A-1 (NR/NR)

    6,000,000       5.000   06/01/2023   6,174,400

Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (A+/Aaa)(b)

    4,555,000       5.000   06/01/2025   4,922,962

Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (NR/Aaa)(b)

    6,070,000       5.000   06/01/2025   6,569,276

Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (A+/Aa3)(b)

    1,840,000       5.000   06/01/2025   1,991,346

Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (US TREASURY OBLIGATIONS) (Aa3\AA)(b)

    1,150,000       5.000   06/01/2025   1,244,591

Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (US TREASURY OBLIGATIONS) (NR\A+)(b)

    12,235,000       5.000   06/01/2025   13,241,365

Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2017A-1 (NR/NR)

    11,505,000       5.000   06/01/2024   12,164,983

Golden State Tobacco Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB+/NR)

    3,615,000       1.850   06/01/2031   3,537,940

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA)(f)

$

     555,000       4.000 %    06/01/2027   $          580,903

Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (NR/A-)

    2,810,000       3.678   06/01/2038   2,661,831

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)

    1,765,000       5.000   09/01/2022   1,773,048
    1,135,000       5.000   09/01/2023   1,167,567

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)

    600,000       4.000   09/01/2023   608,707

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)

    520,000       4.000   09/01/2023   527,546

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)

    255,000       3.000   09/01/2022   255,293
    415,000       4.000   09/01/2023   421,023

Kern Community College District Facilities Improvement District No. 1 GO Bonds Series 2020 (MIG1/SP-1+)(g)

    5,190,000       0.000     08/01/2023   5,035,079

Long Beach California Natural Gas Finance Authority RB Series 2007A (A-/NR)

    7,000,000       5.000   11/15/2024   7,296,243

Los Angeles Community College 2008 GO Bonds Series G (US TREASURY OBLIGATIONS) (Aaa\AA+)(b)

    1,630,000       4.000   08/01/2024   1,696,652

Los Angeles Unified School District GO Bonds for Qualified School Construction Series 2010 J-2 (Aa3/A+)

    27,900,000       5.720   05/01/2027   30,097,061

Modesto Financing Authority Domestic Project RB 2007F (NATL) (AA-/AA-)(d)

   

(3M USD LIBOR + 0.63%)

    7,000,000       1.689   09/01/2037   6,700,815

Mountain View Whisman School District 2012 GO Bonds Series B (US TREASURY STRIPS/ US TREASUR) (Aaa\AA+)(b)

    12,000,000       4.000   09/01/2026   12,842,498

Newark Unified School District GO Bonds 2011 Series B (US GOVT SECURITIES) (NR\AA-)(b)

    6,000,000       5.000   08/01/2024   6,356,499

Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/BBB+)(d)

   

(3M USD LIBOR + 0.72%)

    9,120,000       2.246   07/01/2027   8,919,847

Ohlone Community College District Election of 2010 GO Bonds Series B (Aa1/AA+)(b)

    29,150,000       4.000   08/01/2024   30,341,964

Orange County Transportation Authority Bond Anticipation Notes Series 2021 (Aa3\AA)

    14,000,000       5.000   10/15/2024   14,945,239

Pasadena Unified School District GO Bonds Series B (NR/NR)

    3,770,000       1.000   08/01/2024   3,651,867

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)

$

     380,000       4.000 %    09/01/2022   $          381,046

Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR)

    180,000       4.000   09/01/2022   180,470
    195,000       4.000   09/01/2024   198,597
    205,000       4.000   09/01/2025   209,524
    210,000       4.000   09/01/2026   214,990

Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)

    800,000       5.000   09/01/2022   803,445
    1,835,000       5.000   09/01/2023   1,883,835

Sacramento City Financing Authority RB Series 2007B (NATL)
(AA-/WD)(d)

   

(3M USD LIBOR + 0.57%)

    10,000,000       1.629   06/01/2039   8,865,902

Sacramento City Unified School District 2021 GO Refunding Bonds (BBB/BBB+)

    26,940,000       4.000   07/01/2029   26,950,485

Sacramento County Financing Authority RB Series 2007B (NATL) (AA-/Aa3)(d)

   

(3M USD LIBOR + 0.55%)

    14,610,000       1.609   06/01/2034   13,537,769

San Diego Community College District 2016 GO Refunding Bonds (US TREASURY OBLIGATIONS) (Aaa\AAA)(b)

    7,500,000       4.000   08/01/2026   8,018,515

San Diego Community College District GO Bonds Series 2013
(AAA/NR)(b)(h)

    42,620,000       0.000   08/01/2023   23,934,079

San Diego County Regional Airport Authority Senior RB Series 2013B (AMT) (A1/A)(b)

    7,000,000       5.000   07/01/2023   7,212,903

San Diego County Regional Airport Subordinate RB Series 2021B (AMT) (NR/A+)

    2,000,000       5.000   07/01/2026   2,151,009

San Gorgonio Memorial Healthcare District 2020 GO Refunding Bonds (NR/NR)

    360,000       4.000   08/01/2022   360,362
    385,000       4.000   08/01/2023   387,699
    855,000       4.000   08/01/2024   861,314
    930,000       4.000   08/01/2025   935,105
    1,020,000       3.000   08/01/2026   983,307

San Joaquin Hills Transportation Corridor Agency Toll Road Revenue Junior Lien RB (AA+/Aaa) (g)

    20,000,000       0.000     01/01/2024   19,428,128

Santa Monica Community College District GO Bonds 2014 Series B (US TREASURY OBLIGATIONS) (Aa2\AA+)(b)

    31,715,000       4.000   08/01/2024   33,011,849

Sierra View Local Health Care District RB Refunding for Tulare County Series 2020 (NR/NR)

    230,000       4.000   07/01/2022   230,000
    260,000       4.000   07/01/2023   264,935
    240,000       4.000   07/01/2024   246,168
    300,000       4.000     07/01/2025   309,043
    320,000       4.000   07/01/2026   331,234

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

California – (continued)

Southern California Tobacco Securitization Settlement Asset Backed Refunding Bonds Series 2019 (A/NR)

$

     1,750,000       5.000 %   06/01/2024   $       1,810,077

State of California Public Works Board Lease RB 2013 Series I (Aa3/A+)

    1,825,000       5.000   11/01/2025   1,897,122

State of California Tax Exempt Various Purpose GO Refunding Bonds (AA-/Aa2)

    30,000,000       5.000   10/01/2023   31,223,097

State of California Various Purpose GO Bonds (AA-/Aa2)

    5,000,000       5.000   11/01/2024   5,337,470
    8,500,000       5.000   11/01/2026   9,455,722

State of California Various Purpose GO Refunding Bonds (AA-/Aa2)

    38,235,000       5.000   10/01/2024   40,734,678
    11,655,000       4.000   11/01/2024   12,175,856

Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR)

    1,200,000       5.000   10/01/2026   1,316,970

Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (NR/NR)

    200,000       5.000   07/01/2022   200,000
    175,000       5.000   07/01/2023   179,887
    200,000       5.000   07/01/2024   208,712
    225,000       5.000   07/01/2025   238,573
    250,000       5.000   07/01/2026   268,487

Yosemite Community College District 2015 GO Refunding Bonds (US TREASURY OBLIGATIONS) (Aa2\AA-)(b)

    645,000       5.000   08/01/2025   700,598
       

 

        724,020,374

 

Colorado – 2.8%

City of Aurora COPS Refunding Series 2019 (Aa1/AA)

    375,000       5.000   12/01/2022   380,426
    285,000       5.000   12/01/2023   297,144
    875,000       5.000   12/01/2024   934,192

City of Denver GO Better Denver and Zoo Refunding Bonds Series 2019B (AAA/Aaa)

    9,225,000       5.000   08/01/2025   10,020,173

City of Denver GO Evelvate Denver Bonds Series 2019A (AAA/Aaa)

    9,195,000       5.000   08/01/2025   9,987,587

Colorado Bridge Enterprise Senior RB Series 2017 (AMT) (NR/A-)

    1,580,000       4.000   06/30/2025   1,634,922

Colorado Health Facilities Authority RB Refunding for Boulder Community Health Obligated Group Series 2020 (A3/A-)

    450,000       5.000   10/01/2022   453,808
    300,000       5.000   10/01/2024   315,562
    475,000       5.000   10/01/2027   516,573

Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-)

    3,965,000       5.000   08/01/2025   4,179,511

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Colorado – (continued)

Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-)

$

     4,335,000       5.000 %    08/01/2025   $       4,569,528

Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (NR/A+)

    1,825,000       5.000   11/01/2022   1,846,686
    1,730,000       5.000   11/01/2023   1,801,144
    1,275,000       5.000   11/01/2024   1,346,158

Colorado Health Facilities Authority RB Refunding for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (Aa3/AA-)

    810,000       5.000   01/01/2023   823,717
    1,500,000       5.000   01/01/2024   1,567,987

Colorado Health Facilities Authority RB Series 2013A (AA+/Aa3)

    5,200,000       5.000   01/01/2034   5,346,370

Colorado Health Facilities Authority RB Series 2019B Series 2019B-1 (A-/BBB+)(a)(b)

    29,475,000       5.000   08/01/2025   30,801,799

Colorado Health Facilities Authority Taxable RB Refunding for Sanford Obligated Group Series 2019 B (NR/A+)

    1,275,000       2.237   11/01/2022   1,273,795
    1,250,000       2.396   11/01/2023   1,233,276

Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (NR/NR)

    17,500,000       5.000   12/31/2056   17,601,456

Denver City & County School District No. 1 GO Bonds Series 2012 B (ST AID WITHHLDG) (Aa1/AA+)(b)

    14,395,000       5.000   12/01/2022   14,604,482
    10,000,000       5.000   12/01/2022   10,145,524

Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB)(f)

    4,315,000       5.000   12/01/2022   4,368,589
    4,530,000       5.000   12/01/2023   4,696,082
    4,760,000       5.000   12/01/2024   4,994,983

Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-)

    2,970,000       5.000   12/01/2024   3,096,905
    1,100,000       5.000   12/01/2025   1,160,658

Denver Health & Hospital Authority COPS Series 2018 (NR/BBB)

    300,000       5.000   12/01/2022   303,726

E-470 Public Highway Authority RB Refunding Series 2020 A (A2/A)

    450,000       5.000   09/01/2024   476,793
    2,800,000       5.000   09/01/2040   2,922,683

E-470 Public Highway Authority RB Refunding Series 2021 B (A2/A)(b)(d)

(SOFR + 0.35%)

    7,250,000       1.382   09/01/2024   7,149,707

E-470 Public Highway Authority RB Series 2004 A (NATL) (A2/A)(g)

    20,115,000       0.000   09/01/2028   16,262,193

E-470 Public Highway Authority Senior RB Series 2000 B (A/A2) (g)

    9,000,000       0.000   09/01/2025   8,190,987

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Muanicipal Bonds – (continued)

Colorado – (continued)

Jefferson County School District R-1 GO Bonds Series 2012 (ST AID WITHHLDG) (Aa1/AA)(b)

$

     2,065,000       4.000 %   12/15/2022   $       2,088,640
    1,000,000       4.000     12/15/2022   1,011,448
    2,860,000       4.000   12/15/2022   2,892,741
    2,040,000       5.000   12/15/2022   2,072,540
    10,000,000       5.000   12/15/2022   10,159,512

Regional Tranportation District Tax Exempt NON-AMT Private Activity Bonds Series 2020A Taxable Private Activity Bonds Series 2020B (NR/A-)

    50,000       3.000   07/15/2023   50,458
    385,000       5.000   01/15/2024   399,922
    325,000       5.000   07/15/2024   335,168
    325,000       5.000   01/15/2025   336,714
    400,000       5.000   07/15/2025   416,350
    350,000       3.000   01/15/2026   342,665

Regional Tranportation District Tax Exempt Private Activity Bonds Series 2020 (NR/NR)

    250,000       5.000   07/15/2026   262,137
    500,000       5.000   01/15/2027   525,786
    500,000       5.000   07/15/2027   527,395

South Sloan Lake Metropolitan District LT GO Refunding & Improvement Bonds Series 2019 (AGM) (AA/NR)

    50,000       5.000   12/01/2022   50,641
    150,000       5.000   12/01/2024   158,337

University of Colorado Hospital Authority Refunding RB Series 2019C (AA/AA)(a)(b)

    23,765,000       5.000   11/15/2024   24,897,778

University of Colorado Regents Enterprise Refunding RB Series 2021C3A (NR/AA+) (PUTABLE)(a)(b)(c)

    4,225,000       2.000   10/15/2025   4,126,150

University of Colorado Regents Enterprise Refunding RB Series 2021C3B (NR/AA+) (PUTABLE)(a)(b)(c)

    5,000,000       2.000   10/15/2026   4,819,891

University of Colorado Regents Enterprise Revenue & Refunding RB Series 2019C (NR/AA+) (PUTABLE)(a)(b)(c)

    21,205,000       2.000   10/15/2024   20,918,754

Vauxmont Metropolitan District Senior LT GO & Special Revenue Refunding Bonds Series 2020 (AGM) (AA/NR)

    165,000       5.000   12/01/2022   167,164
    195,000       5.000   12/01/2023   202,755
    200,000       5.000   12/01/2024   212,318
    180,000       5.000   12/01/2025   194,755
       

 

        252,475,145

 

Connecticut – 1.9%

City of New Haven GO Bonds Series 2018 A (NR/BBB+)

    1,000,000       5.000   08/01/2023   1,031,575
    945,000       5.000   08/01/2024   993,271
    600,000       5.000   08/01/2025   642,461

City of New Haven GO Bonds Series 2019 A (AGM) (A2/AA)

    1,500,000       5.000   08/01/2023   1,547,687

City of West Haven GO Bonds 2017 Series A (BBB/NR)

    415,000       5.000   11/01/2022   419,646
    400,000       5.000   11/01/2023   415,487

City of West Haven GO Bonds 2017 Series B (BBB/NR)

    790,000       5.000   11/01/2022   798,844

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Connecticut – (continued)

Connecticut State GO Bonds Series 2013 A (Aa3/A+)

$

     5,355,000       5.000 %    10/15/2023   $       5,568,822

Connecticut State GO Bonds Series 2013 E (Aa3/A+)

    10,000,000       5.000   08/15/2031   10,276,234

Connecticut State GO Bonds Series 2015 F (Aa3/A+)

    5,695,000       5.000   11/15/2022   5,769,188
    4,545,000       5.000   11/15/2023   4,736,536

Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BBB-)

    400,000       5.000   07/01/2022   400,000
    415,000       5.000   07/01/2023   424,125
    375,000       5.000   07/01/2024   385,973

Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2015 A (Aaa/AAA) (PUTABLE)(a)(b)(c)

    47,125,000       0.375   07/12/2024   45,094,063

State of Connecticut Health & Educational Facilities Authority RB Series 2017C-2 (AAA/NR) (PUTABLE)(a)(b)(c)

    49,775,000       5.000   02/01/2023   50,631,653

State of Connecticut Health and Educational Facilities Authority for Yale University Issue RB Series U-2 (Aaa/WR\AAA) (PUTABLE)(a)(b)(c)

    21,750,000       1.100   02/11/2025   20,876,450

State of Connecticut Special Tax Obligation Bonds for Transportation Infrastructure 2013 Series A (AA-/Aa3)

    1,035,000       5.000   10/01/2029   1,068,011

State of Connecticut Special Tax Obligation Bonds Series 2020 A (NR/AA-)

    1,025,000       5.000   05/01/2024   1,079,677

State on Connecticut Health & Educational Facilities Authority RB Series B (AA-/AA-)(a)(b)

    15,245,000       1.800   07/01/2024   15,040,781

Town of Greenwich GO Bonds Issue 2022 (Aaa\AAA)

    5,130,000       5.000   01/15/2027   5,745,632
       

 

        172,946,116

 

Delaware – 0.4%

Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2020 (A2/A) (PUTABLE)(a)(b)(c)

    5,425,000       1.050   07/01/2025   5,148,746

Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (NR/BBB)

    475,000       5.000   06/01/2023   486,639
    305,000       5.000   06/01/2024   318,407

Delaware State Economic Development Authority RB Refunding for NRG Energy, Inc. Series 2020 A (NR/BBB-)(a)(b)

    14,650,000       1.250   10/01/2025   13,645,991

Delaware State GO Bonds Series 2018 A (Aaa/AAA)

    1,750,000       5.000   02/01/2023   1,785,072

Delaware State Health Facilities Authority RB Refunding for Christiana Care Health System Obligated Group Series 2020 (Aa2/AA+)

    560,000       1.730   10/01/2022   559,121

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Delaware – (continued)

State of Delaware GO Bonds Series 2022 (Aaa\AAA)

$

     13,395,000       5.000 %    03/01/2025   $     14,430,981
    3,855,000       5.000   03/01/2026   4,244,591
       

 

        40,619,548

 

District of Columbia – 1.6%

District of Columbia Income Tax Secured Revenue Refunding Bonds Series 2020B (AAA/Aa1)

    28,120,000       5.000   10/01/2025   30,589,226

District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+)

    200,000       5.000   07/01/2023   204,594

District of Columbia RB Refunding for National Public Radio, Inc. Series 2020 (A2/A+)

    520,000       1.558   04/01/2023   512,711
    560,000       1.667   04/01/2024   540,400
    735,000       1.817   04/01/2025   694,681
    800,000       2.136   04/01/2026   747,866

District of Columbia RB Refunding Series 2019 A (Aa1/AAA)

    5,000,000       5.000   03/01/2024   5,256,324

District of Columbia RB Refunding Series 2019 C (Aa1/AAA)

    10,000,000       5.000   10/01/2022   10,089,484
    15,745,000       5.000   10/01/2023   16,377,023

District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2019 C (Aa2/AA+)(a)(b)

    12,250,000       1.750   10/01/2024   12,138,497

District of Columbia Water and Sewer Authority Public Utility Subordinate Lien Multimodel RB Series 2022E (Aa2\AA+)(a)(b)

    3,300,000       3.000   10/01/2027   3,254,298

Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2017A (AMT) (AA-/Aa3)

    9,155,000       5.000   10/01/2024   9,654,467
    19,185,000       5.000   10/01/2029   20,818,890

Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2022A (AMT) (NR/Aa3)(e)

    875,000       5.000   10/01/2023   904,517
    1,050,000       5.000   10/01/2024   1,107,146
    760,000       5.000   10/01/2025   815,540
    1,100,000       5.000   10/01/2026   1,197,862
    2,395,000       5.000   10/01/2027   2,637,172

Metropolitan Washington Airports Authority Dulles Toll Road RB 3rd Senior Lien Series 2009C (AA-/Baa1)(b)

    19,985,000       6.500   10/01/2026   23,419,350

Metropolitan Washington Airports Authority RB Refunding Series 2012 A (AMT) (Aa3/A+)(b)

    4,100,000       5.000   10/01/2022   4,134,793

Metropolitan Washington Airports Authority RB Refunding Series 2017 A (AMT) (Aa3/A+)

    2,305,000       5.000   10/01/2026   2,510,319
       

 

        147,605,160

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – 3.5%

Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (NR/AA)

$

     900,000       5.000 %    05/01/2023   $          921,174
    945,000       5.000   05/01/2024   987,956
    990,000       5.000   05/01/2025   1,048,207
    1,045,000       5.000   05/01/2026   1,120,285
    1,095,000       5.000   05/01/2027   1,183,726
    1,155,000       5.000   05/01/2028   1,255,257
    1,195,000       2.375   05/01/2029   1,091,630
    1,225,000       2.625   05/01/2030   1,093,469

Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-)

    350,000       2.500   05/01/2023   350,319

Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (NR/AA)

    1,150,000       2.500   05/01/2023   1,154,412

Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A-)

    455,000       3.250   05/01/2023   459,550

Beach Road Golf Estates Community Development District Special Assessment Series 2015 (NR/NR)

    2,500,000       4.700   11/01/2029   2,515,944

Bonterra Community Development District Special Assessment Bonds Senior Series 2017 A-1 (NR/A-)

    190,000       2.500   05/01/2023   190,652

Broward County School Board COPS Series 2017 C (Aa3/NR)

    2,205,000       5.000   07/01/2023   2,270,965

Cape Coral Florida Water & Sewer Revenue Special Assessment Refunding Various Areas Series 2017 (AGM) (A2/AA)

    1,065,000       2.125   09/01/2022   1,066,408
    1,000,000       2.250   09/01/2023   1,005,532

Caribe Palm Community Development District Special Assessment Refunding Series 2017 (NR/A-)

    87,000       3.500   05/01/2023   88,168
    40,000       4.000   05/01/2024   41,218

Central Florida Expressway Authority RB Refunding Senior Lien Series 2021 (AGM) (NR/AA)

    5,730,000       5.000   07/01/2026   6,337,562

Central Florida Expressway Authority RB Senior Lien Series 2019 A (A1/A+)

    430,000       5.000   07/01/2022   430,000
    1,240,000       5.000   07/01/2023   1,280,689

Central Florida Expressway Authority RB Senior Lien Series 2019 B (A1/A+)

    750,000       5.000   07/01/2022   750,000
    2,265,000       5.000   07/01/2023   2,339,323

Centre Lake Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR)

    210,000       2.750   05/01/2023   208,432

Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (NR/BBB)

    100,000       3.000   11/01/2022   100,225
    105,000       3.000   11/01/2023   105,710
    105,000       3.500     11/01/2024   105,160

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

City of Ft. Lauderdale Special Assessment Bonds for Las Olas Isles Undergrounding Project Series 2022 (NR\NR)(f)

$

     165,000       5.000 %   07/01/2023   $          167,674
    175,000       5.000   07/01/2024   179,560
    180,000       5.000   07/01/2025   185,945
    190,000       5.000   07/01/2026   196,728
    200,000       5.000   07/01/2027   207,589
    210,000       5.000   07/01/2028   218,362

City of Jacksonville Special Revenue Refunding Bonds Series 2022A (NR\AA)(e)

    1,065,000       5.000   10/01/2023   1,106,895
    2,500,000       5.000   10/01/2024   2,651,760
    1,775,000       5.000   10/01/2025   1,921,928
    1,500,000       5.000   10/01/2026   1,646,664
    1,250,000       5.000   10/01/2027   1,393,100

City of Jacksonville Taxable RB Refunding Series 2020 C (NR/AA)

    330,000       0.594   10/01/2023   320,849
    650,000       0.819   10/01/2024   616,503
    690,000       0.939   10/01/2025   640,324

City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR)

    670,000       3.250   09/01/2023   666,150
    1,380,000       3.250   09/01/2024   1,361,299

City of Tallahassee Blueprint Intergovernmental Agency Sale Tax RB Series 2022 (Aa2\NR)

    3,925,000       5.000   10/01/2026   4,324,188
    3,195,000       5.000   10/01/2027   3,574,400

Collier County Educational Facilities Authority RB for Hodges University Project (NR/NR)(b)

    2,035,000       6.125   11/01/2023   2,147,071

Copper Oaks Community Development District Special Assesstment Refunding and Improvement Bonds Series 2021 (NR/NR)

    172,000       3.000   05/01/2023   171,155
    100,000       3.000   05/01/2024   98,460
    183,000       3.000   05/01/2025   177,535

Cordoba Ranch Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR)

    150,000       3.000   05/01/2023   149,118
    325,000       3.000   05/01/2024   319,911
    150,000       3.000   05/01/2025   144,503
    315,000       3.000   05/01/2026   297,792

Country Greens Community Development District Special Assessment RB Refunding Senior Lien Series 2016 A-1 (NR/A+)

    160,000       3.000   05/01/2024   161,348

County of Broward RB for Airport System Series 2015 A (AMT) (A1/A)

    2,250,000       5.000   10/01/2029   2,361,573

County of Broward RB for Airport System Series 2019 A (AMT) (A1/A)

    740,000       5.000   10/01/2022   745,614
    625,000       5.000   10/01/2023   645,788
    945,000       5.000   10/01/2024   995,499

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

County of Broward RB Refunding for Airport System Series 2019 B (AMT) (A1/A)

$

     285,000       5.000 %    10/01/2022   $          287,162
    215,000       5.000   10/01/2023   222,151
    355,000       5.000   10/01/2024   373,971

County of Hillsborough Utility RB Refunding Series 2019 (Aaa/AA+)

    1,615,000       5.000   08/01/2022   1,619,494
    3,750,000       5.000   08/01/2023   3,882,632

County of Miami-Dade Aviation RB Refunding Series 2012 A (AMT) (A2/A-)(b)

    7,530,000       5.000   10/01/2022   7,594,816
    9,015,000       5.000   10/01/2022   9,092,598

County of Miami-Dade Florida Transit System RB Refunding Series 2019 (NR/AA)

    3,505,000       5.000   07/01/2024   3,698,144

Enclave at Black Point Marina Community Development District Special Assessment Refunding & Improvement Series 2017 (NR/BBB)

    130,000       3.000   05/01/2023   130,930

Escambia County International Paper Company Environmental Improvement Revenue Refunding Bonds Series 2019B (BBB/NR) (PUTABLE)(a)(b)(c)

    425,000       2.000   10/01/2024   414,632

Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)

    2,635,000       4.250   05/01/2029   2,644,745

Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA)

    260,000       2.000   11/01/2022   260,065
    265,000       2.000   11/01/2023   264,634
    270,000       2.000   11/01/2024   262,388
    275,000       2.000   11/01/2025   262,413
    280,000       2.000   11/01/2026   261,475
    290,000       2.000   11/01/2027   264,031
    295,000       2.000   11/01/2028   260,561
    300,000       2.000   11/01/2029   258,705
    305,000       2.125   11/01/2030   253,429

Florida Department of Management Services COPS Refunding Series 2018 A (Aa1/AA+)

    10,000,000       5.000   11/01/2022   10,115,881

Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Expansion Project Series 2021A (NR/NR)(a)(b)

    20,000,000       2.900   04/04/2023   19,999,920

Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR)(f)

    275,000       2.625   12/15/2024   268,612

Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (Baa1/A-)

    350,000       5.000   04/01/2023   358,264
    530,000       5.000   04/01/2024   554,733
    200,000       5.000   04/01/2025   211,376

Florida State Board of Education Public Education Capital Outlay Refunding Bonds 2022 Series C (Aaa\AAA)

    28,475,000       5.000   06/01/2025   30,867,507

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (NR/BBB+)

$

     245,000       2.500 %    05/01/2023   $          245,940
    245,000       2.500   05/01/2024   244,291
    255,000       2.750   05/01/2025   250,798
    260,000       3.000   05/01/2026   254,377

Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)(f)

    250,000       3.500   05/01/2023   253,232

Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (NR/AA)

    205,000       4.000   05/01/2023   208,550

Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA)

    230,000       2.500   05/01/2023   230,508
    200,000       2.500   05/01/2024   200,164
    175,000       2.500   05/01/2025   173,643
    200,000       2.500   05/01/2026   196,768

Highlands Community Development District Special Assessment Refunding Series 2016 (NR/BBB)

    305,000       2.500   05/01/2023   305,947
    315,000       2.750   05/01/2024   315,424
    320,000       3.000   05/01/2025   315,382

Hillsborough County Aviation Authority RB Series 2015-A (STATE AND LOCAL GOVT SERIES) (NR\NR)(b)

    3,250,000       5.000   10/01/2024   3,425,127

Hillsborough County Aviation Authority Revenue Refunding Bonds Series 2015-A (AA-/Aa3)(b)

    12,165,000       5.000   10/01/2024   12,820,512

Hillsborough County Aviation Authority Revenue Refunding Bonds Series 2015-A (NR\AA-)

    6,750,000       5.000   10/01/2040   6,908,913

Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR)

    123,000       3.000   05/01/2023   122,351
    130,000       3.000   05/01/2024   127,931
    132,000       3.000   05/01/2025   127,659
    139,000       3.000   05/01/2026   131,540

JEA Water & Sewer System RB Series 2006 B (NATL) (Aa3/AA+)(d)

(MUNI-CPI + 1.00%)

    670,000       8.871   10/01/2022   673,546

Lake Frances Community Development District Special Assessment Refunding Series 2018 (NR/BBB-)

    82,000       3.000   05/01/2023   82,687
    81,000       3.000   05/01/2024   81,452
    84,000       3.000   05/01/2025   82,821

Lakeshore Ranch Community Development District Senior Special Assessment Refunding Series 2019 A-1 (NR/A)

    270,000       3.000   05/01/2023   271,602
    355,000       3.000   05/01/2024   356,982

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA)

$

     460,000       5.000 %   05/01/2023   $          471,470
    485,000       5.000     05/01/2024   506,604
    335,000       5.000   05/01/2025   354,229
    355,000       4.500   05/01/2026   371,985

Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)

    305,000       3.500   05/01/2023   308,818
    320,000       3.500   05/01/2024   326,217

Miami Dade County Expressway Authority Toll System RB Series 2014A (A3\A)

    1,610,000       5.000   07/01/2030   1,691,319
    1,015,000       5.000   07/01/2031   1,064,245

Miami Dade County Expressway Authority Toll System Revenue and Refunding RB Series 2014B (A3\A)

    1,835,000       5.000   07/01/2030   1,927,683
    1,500,000       5.000   07/01/2031   1,578,157

Miami-Dade County Aviation Revenue Refunding Bonds Series 2014A (AMT) (A-/A2)

    20,000,000       5.000   10/01/2035   20,559,236

New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/BBB)(f)

    115,000       3.500   05/01/2023   115,847
    120,000       3.500   05/01/2024   120,856
    125,000       3.500   05/01/2025   124,409

Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (NR/A+)

    185,000       3.750   05/01/2024   188,351

Osceola County Transportation Improvement & Refunding RB Series 2019A-1 (BBB+/BBB-)

    250,000       5.000   10/01/2022   251,446
    640,000       5.000   10/01/2023   655,306
    780,000       5.000   10/01/2024   808,410
    275,000       5.000   10/01/2025   288,038

Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 C (NR/NR)

    1,105,000       4.000   05/15/2026   1,092,888

Palm Glades Community Development District Senior Special Assessment Bonds Series 2018A-1 (A/NR)

    195,000       3.000   11/01/2022   195,772
    205,000       3.000   11/01/2023   207,187
    210,000       3.000   11/01/2024   209,344

Parkway Center Community Development District Special Assessment Bonds Series 2018-2 (A-/NR)

    90,000       3.500   05/01/2023   90,802
    90,000       3.500   05/01/2024   91,137

Parkway Center Community Development District Special Assessment Refunding Bonds Series 2018-1 (BBB/NR)

    235,000       3.500   05/01/2023   236,559
    245,000       3.500   05/01/2024   246,791
    255,000       3.500   05/01/2025   253,456

Paseo Community Development District Capital Improvement Revenue Refunding Bonds Series 2018 (A-/NR)

    425,000       4.000   05/01/2023   430,474

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Pine Ridge Plantation Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021A-1 (AGM) (AA/NR)

$

     500,000       3.000 %    05/01/2024   $          504,214
    515,000       2.000   05/01/2025   496,454
    520,000       2.000   05/01/2026   491,314
    535,000       2.000   05/01/2027   493,207

Polk County School Board Refunding Certificates of Participation Series 2019B (NR/NR)

    1,695,000       5.000   01/01/2025   1,806,705

Reedy Creek Improvement District Ad Valorem Tax Bonds Series 2013A (AA-/Aa3)(b)

    31,045,000       5.000   06/01/2023   31,981,519

Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR\NR)

    195,000       3.000   05/01/2023   194,208
    225,000       3.000   05/01/2024   222,000
    225,000       3.000   05/01/2025   219,049
    285,000       3.000   05/01/2026   271,774
    390,000       3.000   05/01/2027   362,723

River Bend Community Development District Senior Special Assessment Revenue Refunding Bonds Series 2016A-1 (A-/NR)

    395,000       2.500   05/01/2023   396,934
    405,000       2.500   05/01/2024   405,404
    415,000       2.750   05/01/2025   409,460
    425,000       3.000   05/01/2026   418,171

River Glen Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021 (BBB+/NR)

    132,000       2.500   05/01/2023   132,056
    136,000       2.500   05/01/2024   135,171
    139,000       2.500   05/01/2025   135,613
    143,000       2.500   05/01/2026   136,384
    146,000       2.500   05/01/2027   136,830
    148,000       2.500   05/01/2028   135,465
    157,000       2.500   05/01/2030   136,364

River Hall Community Development District Special Assessment Refunding Bonds Series 2021 A-1 (NR/NR)

    175,000       3.000   05/01/2023   174,005
    235,000       3.000   05/01/2024   231,018
    180,000       3.000   05/01/2025   173,809
    225,000       3.000   05/01/2026   212,493

Sarasota National Community Development District Special Assessment Refunding Bonds Series 2020 (NR/NR)

    395,000       3.000   05/01/2023   392,772
    380,000       3.000   05/01/2024   373,659
    240,000       3.000   05/01/2025   231,836

School District of Broward County COPS Series 2012 A (NR/NR)(b)

    7,310,000       5.000   07/01/2022   7,310,000

South Kendall Community Development District Special Assessment Refunding Bonds Series 2016 (BBB/NR)

    335,000       2.250   11/01/2022   335,038

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

South Village Community Development District Capital Improvement Revenue & Refunding Bonds Series 2016A-1 (A/NR)

$

     100,000       2.375 %   05/01/2023   $          100,006
    95,000       2.500     05/01/2024   94,658
    100,000       2.750   05/01/2025   99,041
    95,000       3.000   05/01/2026   93,254

State of Florida Department of Transportation Full Faith and Credit Right of Way Acquisition and Bridge Construction Refunding Bonds Series 2016A (AAA/Aaa)

    15,845,000       5.000   07/01/2026   17,550,641

Summerville Community Development District Special Assessment Refunding Series 2020 (NR/NR)

    118,000       3.000   05/01/2024   115,430
    121,000       3.000   05/01/2025   116,069
    725,000       3.500   05/01/2031   648,379

Tampa Bay Water Utility System Refunding RB Series 2015A (AA+/Aa1)

    12,050,000       4.000   10/01/2028   12,524,145
    4,225,000       4.000   10/01/2029   4,379,554

The Lee County School Board COPS Series 2020 A (Aa3/NR)

    360,000       5.000   08/01/2022   360,988
    420,000       5.000   08/01/2024   444,955

The Miami-Dade County School Board GO Bonds Series 2014 A (Aa3/AA-)

    2,920,000       5.000   03/15/2029   3,035,177

Tolomato Community Development District Special Assessment Refunding Bonds Series 2018A-1 (AGM) (AA/NR)

    1,030,000       2.500   05/01/2023   1,033,616

Tolomato Community Development District Special Assessment Refunding Bonds Series 2022A (NR\AA)

    765,000       3.000   05/01/2025   773,950
    1,605,000       3.000   05/01/2027   1,619,983

Trails at Monterey Community Development District Special Assessment Refunding Bonds Series 2012 (A-/NR)

    125,000       4.000   05/01/2023   125,178
    135,000       4.125   05/01/2024   135,200
    140,000       4.150   05/01/2025   140,160
    145,000       4.250   05/01/2026   145,159

Verano Community Development District Senior Special Assessment Refunding Bonds Series 2017A-1 (BBB/NR)(f)

    335,000       3.100   05/01/2023   337,477

Viera East Community Development District Special Revenue Assessment Bonds Series 2020 (AGM) (AA/NR)

    475,000       2.000   05/01/2023   472,641
    490,000       2.000   05/01/2024   482,967
    500,000       2.000   05/01/2025   477,198
    795,000       2.000   05/01/2026   741,704

Villa Portofino West Community District Special Assessment Refunding Series 2020 (NR/NR)

    165,000       3.000   05/01/2023   163,790
    171,000       3.000   05/01/2024   167,320
    177,000       3.000   05/01/2025   169,852
    973,000       3.500   05/01/2030   872,717

Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (NR/NR)

    350,000       4.000   05/01/2023   355,484
    370,000       4.000   05/01/2024   379,265
    295,000       4.000     05/01/2025   304,560

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Florida – (continued)

Village Community Development District Special Assessment Revenue Refunding Bonds Series 2020 (AGM) (AA/NR)

$

     1,250,000       5.000 %   05/01/2023   $       1,279,718
    1,310,000       5.000   05/01/2024   1,370,847
    1,375,000       5.000   05/01/2025   1,464,299
    1,450,000       5.000   05/01/2026   1,569,183

Vizcaya Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)

    210,000       2.250   11/01/2022   210,125
    215,000       2.500   11/01/2023   214,981

Volusia County School Board Certificates of Participation Series 2019 (NR/NR)

    1,255,000       5.000   08/01/2022   1,258,371
    1,250,000       5.000   08/01/2023   1,292,718

Watergrass Community Development District Special Assessment Revenue Refunding Bonds Series 2021 (NR/NR) (NR/NR)

    470,000       2.000   05/01/2026   421,190
       

 

        323,755,309

 

Georgia – 4.4%

Bartow County Development Authority Pollution Control RB First Series 2013 (BBB+/A-) (PUTABLE)(a)(b)(c)

    6,360,000       1.550   08/19/2022   6,353,246

Brookhaven Development Authority RB for Children’s Healthcare of Atlanta Obligated Group Series 2019 A (Aa2/AA+)

    1,500,000       5.000   07/01/2022   1,500,000
    1,585,000       5.000   07/01/2023   1,635,582
    1,500,000       5.000   07/01/2024   1,583,560

Burke County Development Authority Pollution Control RB (BBB+/A-) (PUTABLE)(a)(b)(c)

    2,115,000       2.250   05/25/2023   2,102,032

Burke County Development Authority Pollution Control RB Fifth Series 1994 (BBB+/A-) (PUTABLE)(a)(b)(c)

    4,055,000       2.150   06/13/2024   3,975,536

Burke County Development Authority Pollution Control RB First Series 2012 (BBB+/A-) (PUTABLE)(a)(b)(c)

    9,870,000       1.550   08/19/2022   9,859,519

Burke County Development Authority Pollution Control RB for Oglethorpe Power Corp. Series 2013 A (Baa1/BBB+)
(PUTABLE)(a)(b)(c)

    2,000,000       1.500   02/03/2025   1,916,772

Burke County Development Authority Pollution Control RB Second Series 2008 (BBB+/A-) (PUTABLE)(a)(b)(c)

    4,700,000       2.925   03/12/2024   4,685,665

Burke County Development Authority Pollution Control RB Series 2017F (A-/BBB)(a)(b)

    29,150,000       3.000   02/01/2023   29,210,819

City of Atlanta Department of Aviation RB Refunding Series 2020 B (AMT) (Aa3/NR)

    2,000,000       5.000   07/01/2025   2,137,227
    2,410,000       5.000   07/01/2026   2,614,636

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Georgia – (continued)

City of Atlanta Tax Allocation Refunding Bonds for Atlantic Station Project Series 2017 (A3/BBB)

$

     500,000       5.000 %    12/01/2022   $          506,312
    500,000       5.000   12/01/2023   518,825

Cobb County Kennestone Hospital Authority RB Refunding for WellStar Health System Obligated Group Series 2021 (A2/A+)

    650,000       5.000   04/01/2024   682,383
    950,000       5.000   04/01/2025   1,008,167

Columbus GO Sales Tax Bonds Series 2022 (Aa2\AA+)

    2,975,000       5.000   01/01/2027   3,318,749

County of DeKalb Water & Sewerage RB Series 2011 (Aa3/A+)

    12,775,000       5.250   10/01/2041   12,794,574

County of Forsyth GO Sales Tax Bonds Series 2019 (Aaa/AAA)

    8,025,000       5.000   09/01/2024   8,536,034

De Kalb County School District GO Sales Tax Bonds Series 2017 (ST AID WITHHLDG) (Aa1/AA+)

    18,845,000       4.000   10/01/2022   18,967,521

De Kalb Private Hospital Authority RB for Children’s Healthcare of Atlanta Obligated Group Series 2019 B (Aa2/AA+)

    1,000,000       5.000   07/01/2023   1,031,913

Development Authority of Bartow County Pollution Control RB 1st Series 2009 (BBB+/NR)(a)(b)

    2,100,000       2.750   03/15/2023   2,098,221

Gwinnett County School District GO Sales Tax Bonds Series 2022B (AAA/Aaa)

    17,500,000       5.000   08/01/2025   19,013,906

Gwinnett County School District GO Sales Tax Bonds Series 2022B (Aaa\AAA)

    25,000,000       5.000   08/01/2026   27,727,555

Henry County School District GO Bonds Series 2018 (ST AID WITHHLDG) (Aa1/AA+)

    5,340,000       5.000   08/01/2022   5,354,702

Main Street Natural Gas Gas Supply RB Series 2019B (NR/NR)(a)(b)

    60,465,000       4.000   12/02/2024   62,165,385

Main Street Natural Gas Gas Supply RB Sub-Series 2018A (NR/NR)(a)(b)

    61,500,000       4.000   09/01/2023   62,577,449

Main Street Natural Gas Supply RB Series 2021A (NR/NR)(a)(b)

    21,495,000       4.000   09/01/2027   22,038,716

Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR)

    1,500,000       5.000   05/15/2023   1,529,230
    1,500,000       5.000   05/15/2024   1,550,677

Main Street Natural Gas, Inc. Gas Supply RB Series 2021 C (A3/NR)

    750,000       4.000   12/01/2024   762,017
    1,000,000       4.000   12/01/2025   1,017,355
    1,240,000       4.000   12/01/2026   1,260,466

Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3\NR)

    1,000,000       4.000   12/01/2023   1,013,340
    1,100,000       4.000   12/01/2024   1,117,624
    1,500,000       4.000   12/01/2025   1,526,033
    2,185,000       4.000   12/01/2026   2,221,063

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Georgia – (continued)

Main Street Natural Gas, Inc. Gas Supply RB Series 2022C (NR\BBB-)(f)

$

     3,255,000       4.000 %   11/01/2023   $       3,286,410
    2,800,000       4.000     11/01/2024   2,823,419
    1,705,000       4.000   11/01/2025   1,712,010
    3,665,000       4.000   11/01/2026   3,655,561
    3,810,000       4.000   11/01/2027   3,765,868

Mercer University RB Project Series 2021 (NR/NR)

    625,000       5.000   10/01/2026   681,195
    535,000       5.000   10/01/2027   589,971

Metropolitan Atlanta Rapid Transit Authority Sales Tax RB Refunding Series 2018 A (Aa2/AA+)

    25,580,000       3.000   07/01/2022   25,580,000

Monroe County Development Authority Pollution Control RB First Series 2009 (BBB+/A-2/A-) (PUTABLE)(a)(b)(c)

    2,275,000       1.000   08/21/2026   2,022,517

Municipal Electric Authority of Georgia RB Refunding for Combined Cycle Project Series 2020 A (A1/A-)

    800,000       4.000   11/01/2025   833,704
    800,000       5.000   11/01/2026   872,361

Municipal Electric Authority of Georgia RB Refunding Series 2020 A (A2/A-)

    2,250,000       5.000   01/01/2024   2,340,499

Municipal Electric Authority RB Refunding Series 2019 A (A2/A-)

    900,000       5.000   01/01/2023   913,378

Savanah Economic Development Authority Recovery Zone Facility Revenune Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(c)

    425,000       2.000   10/01/2024   414,632

Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (Baa2/BBB)

    6,090,000       1.900   08/01/2024   5,984,477

State of Georgia GO Refunding Bonds Series 2022C (AAA/Aaa)(e)

    20,000,000       4.000   07/01/2024   20,795,972

The Dalton City Board of Water Light & Sinking Fund Commissioners RB Series 2020 (A2/A-)

    350,000       5.000   03/01/2024   366,594
    400,000       5.000   03/01/2025   425,163

Thomas County School District GO Sales Tax Bonds Series 2021 (ST INTERCEPT) (AA+/NR)

    785,000       5.000   03/01/2027   878,395
       

 

        405,854,937

 

Guam – 0.3%

A.B. Won Pat International Airport Authority RB Refunding General Series 2019 A (AMT) (ETM) (Baa2/BB)

    1,000,000       5.000   10/01/2022   1,008,049
    825,000       5.000   10/01/2023   853,880

A.B. Won Pat International Airport Authority Taxable Refunding RB General Series 2019 B (ETM) (Baa2/BB)

    2,000,000       3.319   10/01/2025   1,998,609

Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2019 B (Baa2/NR)

    1,100,000       3.133   10/01/2024   1,069,565

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Guam – (continued)

Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2019 B (ETM) (Baa2/NR)

$

     2,250,000       3.133 %    10/01/2024   $       2,237,900

Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR)

    1,120,000       2.499   10/01/2025   1,053,411
    1,650,000       2.899   10/01/2027   1,507,367

Guam Power Authority RB Refunding Series 2012 A (AGM) (A2/AA)

    1,535,000       5.000   10/01/2030   1,547,653

Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (Baa2/A-)

    500,000       5.000   07/01/2022   500,000

Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-)

    400,000       5.000   07/01/2022   400,000
    500,000       5.000   07/01/2023   511,733
    400,000       5.000   07/01/2024   415,926

Guam Waterworks Authority Water and Wastewater System RB Series 2013 (CASH) (Baa2\A-)(b)

    14,455,000       5.500   07/01/2023   14,968,019

Port Authority of Guam Private Activity RB Series 2018 B (AMT) (Baa2/A)

    800,000       5.000   07/01/2022   800,000
    500,000       5.000   07/01/2023   511,733
       

 

        29,383,845

 

Hawaii – 0.3%

City & County Honolulu RB for Wastewater System Series 2019 A (Aa2/NR)

    500,000       5.000   07/01/2022   500,000
    240,000       5.000   07/01/2023   247,803

City & County of Honolulu HI GO Bonds Series 2012 (NR/Aa1)(b)

    3,620,000       5.000   11/01/2022   3,662,186

Hawaii State GO Bonds Series 2013 EH (NR/NR)(b)

    6,125,000       5.000   08/01/2023   6,339,637

Honolulu City & County GO Bonds Series 2012 B (Aa1/NR)

    3,060,000       5.000   11/01/2022   3,096,462

State of Hawaii Airports System Revenue COPS Series 2013 (AMT) (A2/A)

    3,065,000       5.000   08/01/2023   3,151,863

State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (NR/NR)

    10,735,000       3.100   05/01/2026   10,654,304
       

 

        27,652,255

 

Idaho – 0.0%

Idaho Health Facilities Authority RB Refunding for Trinity Health Corp. Obligated Group Series 2015 D (Aa3/AA-)

    1,170,000       5.500   12/01/2026   1,270,461

 

Illinois – 7.2%

Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Ba2/AA)

    325,000       5.000   10/01/2025   347,536
    250,000       5.000   10/01/2026   270,810
    325,000       5.000     10/01/2027    356,404
    325,000       5.000   10/01/2028   359,353

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (NR/AA)(g)

$

     100,000       0.000 %   01/01/2023   $            99,008
    385,000       0.000     01/01/2024   370,920
    480,000       0.000     01/01/2025   447,665

Champaign County Community Unit School District No. 4 Champaign GO Refunding Bonds Series 2020 B (NR/AA)

    550,000       5.000   01/01/2023   558,880
    270,000       5.000   01/01/2024   281,669

Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)(g)

    540,000       0.000     12/01/2026   459,840
    450,000       0.000     12/01/2027   366,441
    460,000       0.000     12/01/2029   340,484

Chicago Illinois Board of Education GO Bonds Series 1999 A (NATL) (Baa2/BB)(g)

    9,285,000       0.000     12/01/2024   8,575,768

Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL) (Baa2/BB)(g)

    4,300,000       0.000     12/01/2022   4,256,413
    550,000       0.000     12/01/2025   488,137

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA)

    500,000       5.000   12/01/2022   506,517
    5,000,000       5.000   12/01/2023   5,188,253
    7,675,000       5.000   12/01/2024   8,092,355
    3,500,000       5.000   12/01/2025   3,733,735
    1,270,000       5.000   12/01/2026   1,367,482

Chicago Illinois Capital Appreciation GO Refunding Bonds and Project Series 2009 C (Ba1/BBB+)(g)

    4,645,000       0.000     01/01/2023   4,578,968

Chicago Illinois Emergency Telephone System GO Refunding Bonds Series 1999 (NATL) (Baa2/BBB+)

    3,560,000       5.500   01/01/2023   3,623,821

Chicago Illinois GO Bonds Project and Refunding RMKT 05/29/15 Series 2003 B (Ba1/WR/BBB+)

    4,995,000       5.000   01/01/2023   5,076,630

Chicago Illinois GO Bonds Series 2019 (NR/BBB+)

    3,775,000       5.000   01/01/2027   3,992,147

Chicago Illinois GO Refunding Bonds Series 2015 C (NR/BBB+)

    2,480,000       5.000   01/01/2024   2,543,997

Chicago Illinois Midway Airport RB Refunding for Second Lien Series 2016 A (AMT) (NR/A-)

    3,240,000       5.000   01/01/2024   3,360,644

Chicago Illinois Midway Airport RB Refunding Second Lien Series 2014 B (A3/A-)

    5,055,000       5.000   01/01/2027   5,218,490

Chicago Illinois O’Hare International Airport RB Refunding Series 2015 A (AMT) (NR/A)

    7,025,000       5.000   01/01/2034   7,226,481

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

Chicago Illinois Wastewater Transmission RB Refunding Second Lien Series 2017 B (NR/A)

$

     100,000       5.000 %    01/01/2023   $          101,383

Chicago O’Hare International Airport Customer Facility Charge RB Series 2013 (Baa1/BBB)

    1,025,000       5.750   01/01/2038   1,034,728

Chicago O’Hare International Airport Passenger Facility Charge RB Refunding Series 2012 A (A2/A)

    1,195,000       5.000   01/01/2026   1,197,431

Chicago O’Hare International Airport Passenger Facility Charge RB Refunding Series 2012 B (AMT) (A2/A)

    5,000,000       5.000   01/01/2026   5,009,912
    2,980,000       4.000   01/01/2027   2,982,414
    5,790,000       5.000   01/01/2030   5,799,736

Chicago O’Hare International Airport RB Refunding Series 2015 A (AMT) (NR/A)

    9,000,000       5.000   01/01/2031   9,292,911
    4,745,000       5.000   01/01/2032   4,892,365

Chicago Park District GO Refunding Bonds Series 2020 F-2 (NR/AA-)

    350,000       5.000   01/01/2025   368,803
    475,000       5.000   01/01/2026   508,136

City of Chicago GO Bonds Series 2015 A (BBB+/BBB-)

    2,700,000       5.250   01/01/2028   2,795,340

City of Chicago GO Bonds Series 2021A (BBB+/BBB-)

    600,000       5.000   01/01/2024   615,483

City of Chicago GO Bonds Series 2021A (BBB+/NR)

    1,260,000       5.000   01/01/2027   1,332,478

City of Chicago GO Refunding Bonds Series 2014 A (Ba1/BBB+)

    500,000       5.000   01/01/2024   512,903

City of Chicago GO Refunding Bonds Series 2016 C (ETM) (NR/NR)

    5,020,000       5.000   01/01/2023   5,102,039

City of Chicago GO Refunding Bonds Series 2016 C (NR/BBB+)

    10,040,000       5.000   01/01/2023   10,204,078

City of Chicago GO Refunding Bonds Series 2020 A (NR/BBB+)

    4,675,000       5.000   01/01/2026   4,900,974

City of Chicago GO Refunding Bonds Series B (Ba1\BBB+)

    23,000,000       5.765   01/01/2028   23,339,027

City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2014A (AMT) (A-/A3)

    16,030,000       5.000   01/01/2029   16,433,661

City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (A/NR/A-)

    2,000,000       5.000   11/01/2025   2,114,104

City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 (NR\NR)

    267,000       1.570   12/01/2022   265,000
    282,000       1.990   12/01/2023   274,671
    319,000       2.270   12/01/2024   305,773
    336,000       2.530   12/01/2025   317,507
    305,000       2.690   12/01/2026   284,142
    255,000       2.870   12/01/2027   234,496

City of Joliet Waterworks and Sewerage Senior Lien RB Anticipation Notes Series 2022 (NR/NR)

    16,750,000       5.000   01/01/2024   17,391,185
    8,245,000       5.000     01/01/2025   8,675,734

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

Cook County Community School District No. 97 Oak Park GO Bonds Series 2020 (Aa2/NR)

$

     190,000       4.000 %   01/01/2024   $         195,609

Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (Aa2/NR)

    800,000       4.000   12/01/2022   808,354

Cook County Township High School District GO LT School Bonds Series 2017C (BAM) (AA/NR)

    2,300,000       5.000   12/01/2025   2,492,450

Cook Kane Lake & McHenry Counties Community College District No. 512 GO Refunding Bonds for William Rainey Harper College Series 2017 B (Aaa/NR)

    9,000,000       5.000   12/01/2022   9,132,822

Illinois Development Finance Authority RB for United Community & Housing Development Corp. Series 1991 A (ETM) (NR/AA+)(g)

    19,705,000       0.000     07/15/2023   19,331,435

Illinois Development Finance Authority Retirement RB for Lincolnwood Regency Park Series 1991 B (REFCORP STRIPS) (NR\AA+)(g)

    14,615,000       0.000     07/15/2025   13,552,245

Illinois Finance Authority Charter School RB Refunding & Improvement Bonds for Chicago International Charter School Project Series 2017 A (NR/BBB)

    300,000       5.000   12/01/2022   302,991
    450,000       5.000   12/01/2023   462,837

Illinois Finance Authority RB for Presbyterian Homes Obligated Group Series 2021 B (NR/NR)(b)(d)

(SIFMA Municipal Swap Index Yield + 0.70%)

    2,250,000       1.480   05/01/2026   2,173,250

Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+)

    250,000       5.000   10/01/2024   262,467
    250,000       5.000   10/01/2025   265,977
    500,000       5.000   10/01/2026   539,134

Illinois Finance Authority RB Refunding for American Water Capital Corp. Project Series 2020 (Baa1/A) (PUTABLE)(a)(b)(c)

    1,890,000       0.700   09/01/2023   1,857,962

Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Baa3/NR)

    1,000,000       5.000   09/01/2024   1,038,074
    600,000       5.000   09/01/2025   629,987

Illinois Finance Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2015 A (NR/NR)

    540,000       5.000   05/15/2026   552,821

Illinois Finance Authority RB Series 2017B (AA+/NR)(a)(b)

    8,390,000       5.000   12/15/2022   8,509,823

Illinois Finance Authority RB Series 2020B-2 (A/A)(a)(b)

    4,500,000       5.000   11/15/2026   4,848,728

Illinois Sports Facilities Authority RB Bonds Series 2001 (AMBAC) (WR/BB+)(g)

    10,665,000       0.000     06/15/2023   10,405,536
    3,235,000       0.000     06/15/2025   2,942,597

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (NR/AA)

$

     10,150,000       5.250 %    06/15/2032   $     10,583,593

Illinois State GO Bonds Series 2013 (Baa2/BBB)

    4,100,000       5.500   07/01/2024   4,214,513
    2,210,000       5.500   07/01/2026   2,267,198
    3,425,000       5.500   07/01/2027   3,503,800

Illinois State GO Bonds Series 2014 (Baa2/BBB)

    3,255,000       5.000   05/01/2024   3,381,070

Illinois State GO Bonds Series 2016 (Baa2/BBB)

    5,000,000       5.000   01/01/2024   5,166,987

Illinois State GO Bonds Series 2017 A (Baa2/BBB)

    1,615,000       5.000   12/01/2025   1,711,802

Illinois State GO Bonds Series 2017 D (Baa2/BBB)

    87,245,000       5.000   11/01/2023   89,892,196
    13,505,000       5.000   11/01/2024   14,130,920
    4,850,000       5.000   11/01/2025   5,135,355
    69,730,000       5.000   11/01/2026   74,675,468

Illinois State GO Bonds Series 2019 A (Baa2/BBB)

    4,000,000       5.000   11/01/2024   4,185,389

Illinois State GO Bonds Series 2020 (Baa2/BBB)

    2,000,000       5.375   05/01/2023   2,046,788
    2,100,000       5.500   05/01/2024   2,199,854

Illinois State GO Bonds Series 2020 D (Baa2/BBB)

    13,000,000       5.000   10/01/2024   13,584,749

Illinois State GO Bonds Series 2021 A (Baa2/BBB)

    2,500,000       5.000   03/01/2024   2,590,326
    5,300,000       5.000   03/01/2025   5,569,222
    2,750,000       5.000   03/01/2026   2,923,476

Illinois State GO Bonds Series 2021 B (Baa2/BBB)

    4,250,000       5.000   03/01/2024   4,403,554
    4,500,000       5.000   03/01/2025   4,728,584
    4,500,000       5.000   03/01/2026   4,783,870

Illinois State GO Bonds Series 2021 C (Baa2/BBB)

    1,500,000       4.000   03/01/2025   1,538,189

Illinois State GO Refunding Bonds Series 2016 (Baa2/BBB)

    2,360,000       5.000   02/01/2023   2,395,382
    10,000,000       5.000   02/01/2025   10,498,159

Illinois State GO Refunding Bonds Series 2018 A (Baa2/BBB)

    2,000,000       5.000   10/01/2024   2,089,961

Illinois State GO Refunding Bonds Series 2019 B (Baa2/BBB)

    7,095,000       5.000   09/01/2025   7,496,625

Illinois State RB Refunding Series 2016 C (NR/BBB+)

    460,000       4.000   06/15/2024   469,888

Illinois State Sales Tax RB for Build Junior Obligation Series 2013 (NR/BBB+)

    1,770,000       5.000   06/15/2023   1,810,376
    115,000       5.000   06/15/2024   117,546

Illinois State Toll Highway Authority RB Refunding Senior Series 2018 A (Aa3/AA-)

    2,250,000       5.000   01/01/2023   2,287,658

Illinois State Toll Highway Authority Toll Highway Senior RB 2019 Series C (AA-/Aa3)

    14,015,000       5.000   01/01/2026   15,240,418

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Illinois – (continued)

Kane County School District No. 131 Aurora East Side GO Refunding Bonds Series 2020 B (AGM) (A1/AA)

$

     440,000       4.000 %    12/01/2022   $          444,325
    520,000       5.000   12/01/2023   539,578

Lake County Community College District No. 532 GO LT Refunding Bodns Series 2021C (Aaa\NR)

    1,470,000       4.000   12/01/2026   1,567,054

McHenry & Kane Counties Community Consolidated School District No. 158 Huntley GO Refunding Bonds Series 2020 (NR/AA)

    400,000       1.045   02/15/2025   376,539

Regional Transportation Authority of Illinois GO Bonds Series 2014A (A1/AA)(b)

    1,500,000       5.000   06/01/2024   1,585,178

Sales Tax Securitization Corp Bonds Series 2017A (AA-/AA-)

    1,500,000       5.000   01/01/2023   1,525,476

Sales Tax Securitization Corp Bonds Series 2018C (AA-/AA-)

    4,180,000       5.000   01/01/2025   4,412,820

Sales Tax Securitization Corp Second Lien Bonds Series 2020A (AA-/AA-)

    2,240,000       5.000   01/01/2025   2,364,765
    4,355,000       5.000   01/01/2026   4,666,288

Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (AA-/NR)

    6,000,000       5.000   01/01/2027   6,519,512

State of Illinois Build Illinois Bonds Junior Obligation Tax Exempt Refunding Series C 2021 (NR\BBB+)

    2,000,000       5.000   06/15/2025   2,107,710

State of Illinois GO Bonds Series 2014 (Baa2/BBB)

    3,300,000       5.000   02/01/2023   3,349,475

State of Illinois GO Bonds Series 2016 (Baa2/BBB)

    15,000,000       5.000   06/01/2023   15,331,637

State of Illinois GO Bonds Series 2017 A (Baa2/BBB)

    10,490,000       5.000   12/01/2023   10,824,410

State of Illinois GO Refunding Bonds Series 2012 (Baa2/BBB)

    6,275,000       5.000   08/01/2023   6,435,075

State of Illinois GO Unlimited Refunding Bonds Series 2018 B (Baa2/BBB)

    2,000,000       5.000   10/01/2025   2,115,451

State of Illinois Sales Tax RB Refunding Series 2016 C (NR/BBB+)

    6,405,000       4.000   06/15/2026   6,600,996

State of Illinois Tax Exempt GO Bonds Refunding Series 2019B (Baa2/BBB)

    8,690,000       5.000   09/01/2023   8,926,001

Western Illinois University Board of Trustees Auxiliary Facilities System Refunding RB Series 2020 (BAM) (AA/NR)

    1,000,000       4.000   04/01/2023   1,015,492
       

 

  665,011,059

 

Indiana – 1.2%

City of Rockport Pollution Control Revenue Refunding Bonds Series 2009 B (NON-AMT) (A-/NR)

    10,000,000       3.050   06/01/2025   10,162,101

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Indiana – (continued)

City of Rockport Pollution Control Revenue Refunding Bonds Series D (A-/A)

$

     11,000,000       0.750 %    04/01/2025   $     10,292,318

City of Whiting Environmental Facilities RB Series 2017 (A-/A-2/NR) (PUTABLE)(a)(b)(c)

    1,250,000       5.000   11/01/2024   1,311,940

City of Whiting Environmental Facilities Refunding RB Series 2019A (A-/NR) (PUTABLE)(a)(b)(c)

    11,990,000       5.000   06/05/2026   12,901,793

Indiana Finance Authority Lease Appropriation Refunding Bonds Series 2022A (Aa2\AA+)

    1,750,000       5.000   02/01/2025   1,867,190
    1,500,000       5.000   02/01/2026   1,630,960
    1,250,000       5.000   02/01/2027   1,382,838

Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 A (A2/A-) (PUTABLE)(a)(b)(c)

    3,000,000       0.750   04/01/2026   2,577,151

Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 B (AMT) (A2/A-) (PUTABLE)(a)(b)(c)

    4,525,000       0.950   04/01/2026   3,932,455

Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2021 (A2/A-)

    3,000,000       0.650   08/01/2025   2,759,443

Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (Aa3/AA-)(b)(d)

   

(SIFMA Municipal Swap Index Yield + 0.55%)

    7,150,000       1.330   11/01/2023   7,157,062

Indiana Finance Authority State Revolving Fund Program Bond Series 2016D (AAA/Aaa)(b)

    8,650,000       5.000   08/01/2026   9,579,492
    9,310,000       5.000   08/01/2026   10,310,412

Indiana Finance Authority State Revolving Fund Program Bonds Series 2015A (AAA/Aaa)(b)

    6,885,000       5.000   02/01/2025   7,381,765

Indiana Finance Authority Tax Exempt Private Activity Bonds Series 2013 A (NR/NR)(b)

    10,000,000       5.000   07/01/2023   10,291,189

Indiana Finance Authority Tax Exempt Private Activity Bonds Series 2013 A (US TREASURY OBLIGATIONS) (NR\NR)(b)

    6,500,000       5.000   07/01/2023   6,689,273

Indianapolis Local Public Improvement Bond Bank Refunding Bonds Series 2019D (AMT) (A1\NR)

    5,625,000       5.000   01/01/2026   6,027,066

Kankakee Valley Middle School Building Corp. Ad Valorem Property Tax Refunding Bonds Series 2017 (ST INTERCEPT) (NR/AA+)

    290,000       5.000   07/15/2022   290,309
    300,000       5.000   01/15/2023   305,589
    375,000       3.000   07/15/2023   379,854
       

 

  107,230,200

 

Iowa – 0.0%

Iowa Finance Authority RB Refunding for Iowa Health System Obligation Group Series 2018 B (A1/NR)

    630,000       5.000   02/15/2023   641,200

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Iowa – (continued)

Iowa Finance Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 A (NR/NR)

$

     2,105,000       4.000 %    05/15/2026   $       2,081,926
       

 

  2,723,126

 

Kansas – 0.4%

City of Manhattan GO Temporary Notes Series 2022-01 (Aa3\NR)

    17,740,000       1.750   06/15/2025   17,212,913

Seward County Unified School District GO Refunding Bonds Series 2017-B (A+/A1)(b)

    1,000,000       5.000   09/01/2025   1,085,603

State of Kansas Department of Transportation RB Refunding Series 2015 A (Aa2/AA)

    15,840,000       2.750   09/01/2023   16,032,366

Wyandotte County Taxable Utility System Refunding RB Series 2020-B (A/A)

    775,000       1.129   09/01/2024   739,475
       

 

  35,070,357

 

Kentucky – 1.8%

City of Owensboro Electric Light & Power System Refunding RB 2019 Series (A-/NR)

    800,000       4.000   01/01/2023   808,841
    1,400,000       5.000   01/01/2024   1,459,037
    2,700,000       4.000   01/01/2025   2,808,292

Commonwealth of Kentucky State Property and Buildings Commission Revenue Refunding Bonds Series B (A-/A1)

    2,900,000       5.000   11/01/2026   3,174,693

County of Boone Pollution Control Revenue Refunding Bonds Series 2008A (NON-AMT) (NR/NR)

    5,000,000       3.700   08/01/2027   5,025,132

County of Owen Water Facilities Refunding RB Series 2020 (NON-AMT) (A/NR) (PUTABLE)(a)(b)(c)

    1,665,000       0.700   09/01/2023   1,636,776

Jefferson County Metro Government Health System RB Series 2020B (A/A+)(a)(b)

    19,530,000       5.000   10/01/2023   20,133,336

Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (Baa2/NR)

    1,000,000       5.000   06/01/2023   1,024,595

Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-)

    685,000       5.000   08/01/2025   722,059

Kentucky Public Energy Authority Gas Supply RB 2018 Series B (NR/NR)(a)(b)

    7,255,000       4.000   01/01/2025   7,342,037

Kentucky Public Energy Authority Gas Supply RB 2018 Series C-1 (NR/A)(b)

    2,420,000       4.000   12/01/2022   2,435,414
    3,765,000       4.000   06/01/2023   3,808,120
    7,385,000       4.000   12/01/2023   7,492,688
    29,535,000       4.000 (a)    06/01/2025   29,928,743

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Kentucky – (continued)

Kentucky Public Energy Authority Gas Supply RB 2020 Series A
(NR/NR)(a)(b)

$

     32,050,000       4.000 %    06/01/2026   $     32,436,414

Kentucky State Turnpike Authority Economic Development Road RB for Revitalization Projects Series 2012 A (Aa3/A-)(b)

    3,560,000       5.000   07/01/2022   3,560,000
    2,000,000       5.000   07/01/2022   2,000,000

Kentucky State Turnpike Authority Economic Development Road RB Refunding for Revitalization Projects Series 2014 A (Aa3/A-)

    2,995,000       5.000   07/01/2023   3,088,484

Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2001 A (A1/A)

    3,800,000       0.900   09/01/2026   3,407,758

Louisville Water Co. RB Refunding Series 2019 (Aaa/AAA)

    9,390,000       5.000   11/15/2023   9,792,186

Public Energy Authority of Kentucky Gas Supply RB 2018 Series A (NR/NR)(a)(b)

    19,790,000       4.000   04/01/2024   19,977,761
       

 

  162,062,366

 

Louisiana – 3.0%

East Baton Rouge Sewerage Commission RB Refunding Series 2019 A (NR/AA-)

    135,000       5.000   02/01/2023   137,721
    465,000       5.000   02/01/2024   487,483

East Baton Rouge Sewerage Commission RB Refunding Series 2019 B (NR/AA-)

    1,530,000       5.000   02/01/2023   1,560,840
    1,570,000       5.000   02/01/2024   1,645,911

Lake Charles Harbor & Terminal District RB Series 2021 (AMT) (NR/NR) (PUTABLE)(a)(b)(c)

    11,800,000       1.000   12/01/2024   11,110,207

Louisiana Local Government Community Development Authority Subordinate Lien Revenue Refunding Bonds Series 2020B (A+/A+)(a)(b)

    35,000,000       0.875   02/01/2025   31,891,549

Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. – Student Housing & Parking Project Series 2017 (AGM) (NR/AA)

    800,000       2.500   10/01/2022   802,025
    950,000       5.000   10/01/2022   958,039

Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB)

    435,000       5.000   10/01/2026   462,805

Louisiana Public Facilities Authority RB Series 2020B (A/NR)(a)(b)

    19,105,000       5.000   05/15/2025   20,256,542

Louisiana Stadium & Exposition District RB Series 2020 (NR/NR)

    15,000,000       5.000   07/03/2023   15,201,332

Louisiana State GO Bonds Series 2012 A (Aa3/NR)

    5,040,000       5.000   08/01/2022   5,053,913

Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (Baa3/BBB-) (PUTABLE)(a)(b)(c)

    12,160,000       2.000   04/01/2023   12,015,628

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Louisiana – (continued)

Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 B-1 (Baa3/BBB-) (PUTABLE)(a)(b)(c)

$

     12,250,000       2.125 %    07/01/2024   $     11,851,292

Parish of St. John The Baptist Revenue Refunding Bonds Series 2017 (NON-AMT) Sub-Series 2017A-2 (BBB-/BBB-) (PUTABLE)(a)(b)(c)

    23,150,000       2.100   07/01/2024   22,385,543

State of Louisiana Gasoline & Fuels Tax RB Refunding First Lien Series 2015 A (Aa2/AA-)(b)

    120,000,000       4.000   05/01/2025   125,518,092

State of Louisiana Gasoline & Fuels Tax RB Refunding Second Lien Series 2017 A (Aa3/NR)(a)(b)

    3,075,000       0.600   05/01/2023   2,998,349

State of Louisiana Gasoline & Fuels Tax RB Refunding Second Lien Series 2017 D-1 (Aa3/NR)(a)(b)

    4,615,000       0.600   05/01/2023   4,499,961

State of Louisiana Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds 2022 Series A (Aa3\AA-)(b)(d)

   

(SOFR + 0.50%)

  
    4,415,000       1.578   05/01/2026   4,238,417
       

 

  273,075,649

 

Maine – 0.0%

State of Maine GO Bonds Series 2018 D (Aa2/AA)

    4,290,000       5.000   06/01/2023   4,420,595

 

Maryland – 1.8%

Anne Arundel County Consolidated General Improvements Series 2019 (Aaa/AAA)

    7,205,000       5.000   10/01/2025   7,854,204

Baltimore Maryland RB Refunding for Convention Center Hotel Project Series 2017 (NR/CCC)

    500,000       5.000   09/01/2022   500,567

City of Baltimore Refunding RB Series 2013B (AA-/Aa2)(b)

    5,000,000       5.000   01/01/2024   5,232,652

County of Baltimore GO Bonds for Consolidated Public Improvement Series 2012 (Aaa/AAA)

    2,025,000       5.000   08/01/2022   2,030,575

County of Baltimore GO Bonds for Consolidated Public Improvement Series 2017 (Aaa/AAA)

    2,825,000       5.000   03/01/2023   2,888,708

County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR)

    815,000       4.000   01/01/2023   821,140
    1,050,000       4.000   01/01/2024   1,072,907
    2,805,000       4.000   01/01/2025   2,898,235

County of Montgomery GO Bonds for Consolidated Public Improvement Series 2013 A (Aaa/AAA)(b)

    14,350,000       5.000   11/01/2023   14,953,584

County of Montgomery GO Refunding Bonds for Consolidated Public Improvement Series 2017 D (Aaa/AAA)

    8,275,000       3.000   11/01/2022   8,320,344

Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR)

    685,000       2.625   07/01/2024   664,765

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Maryland – (continued)

Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 A (NR/A-)

$

     750,000       5.000 %    07/01/2022   $          750,000
    815,000       5.000   07/01/2023   839,788
    1,000,000       5.000   07/01/2024   1,054,304
    750,000       5.000   07/01/2025   806,387
    1,250,000       5.000   07/01/2026   1,366,031
    1,250,000       5.000   07/01/2027   1,388,478

Howard County Consolidated Public Improvement Refunding Bonds 2017 Series D (AAA/Aaa)

    17,825,000       5.000   02/15/2027   19,970,601

Maryland Economic Development Corp. RB Refunding for Potomac Electric Power Co. Project Series 2019 (Baa1/A-)

    8,315,000       1.700   09/01/2022   8,314,163

Maryland Health & Higher Educational Facilities Authority RB Refunding for Adventist Healthcare Obligated Group Series 2020 (Baa3/NR)

    815,000       4.000   01/01/2024   828,471

Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (NR/BBB)

    165,000       4.000   10/01/2022   165,861
    340,000       4.000   10/01/2023   346,761
    350,000       4.000   10/01/2024   358,979
    390,000       4.000   10/01/2025   401,373

Maryland Health & Higher Educational Facilities Authority RB Series 2020B-2 (A/NR)(a)(b)

    7,000,000       5.000   07/01/2027   7,627,628

Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program RB Series 2016 (ST INTERCEPT) (Aa3/AA-)(b)

    1,050,000       5.000   05/01/2026   1,157,174

State of Maryland Department of Transportation Third Issue RB Series 2015 (Aa1/AAA)

    9,855,000       4.000   12/15/2026   10,095,241

State of Maryland GO Bonds State and Local Facilities Loan of 2022 1st Series A (AAA/Aaa)

    25,000,000       5.000   06/01/2028   28,561,845

State of Maryland State and Local Facilities GO Bonds 2020 Series A Tax Exempt Bonds (Aaa\AAA)

    7,180,000       5.000   08/01/2026   7,960,396

Town of Chestertown Economic Development Refunding RB Series 2021A (BBB/NR)

    1,035,000       5.000   03/01/2026   1,113,486
    1,215,000       5.000   03/01/2027   1,321,983

University of Maryland Auxiliary Facility & Tuition RB 2018 Series A (AA+/AA+)

    1,075,000       5.000   04/01/2023   1,101,507

Washington Suburban Sanitary District Consolidated Public Improvement Refunding Bonds Series 2020 (AAA/Aaa)

    9,870,000       5.000   06/01/2025   10,681,836

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Maryland – (continued)

Washington Suburban Sanitary District Consolidated Public Improvement Refunding Bonds Series 2020 (CNTY GTD) (Aaa/AAA)

$

     9,230,000       5.000 %    06/01/2026   $     10,199,504
       

 

    163,649,478

 

Massachusetts – 2.0%

City of Boston GO Bonds 2020 Series B (Aaa\AAA)

    4,490,000       5.000   11/01/2025   4,903,260

Commonwealth of Massachusetts GO Refunding Bonds 2019 Series A (Aa1\AA)

    2,500,000       5.000   01/01/2025   2,680,463

Massachusetts Clean Water Trust RB Refunding Series 2006
(Aaa/AAA)(d)

   

(MUNI-CPI + 0.99%)

  
    2,050,000       5.990   08/01/2023   2,092,533

Massachusetts Clean Water Trust RB State Revolving Green Bonds Series 2017 (Aaa/AAA)

    3,795,000       5.000   02/01/2023   3,874,576

Massachusetts Development Finance Agency Beth Israel Lahey Health Obligated Group RB Refunding Series 2019 K (A3/A)

    750,000       4.000   07/01/2022   750,000
    750,000       5.000   07/01/2023   773,635
    500,000       5.000   07/01/2024   523,464

Massachusetts Development Finance Agency RB for President & Trustees of Williams College Series 2011 (Aa1/AA+)(a)(b)

    3,500,000       0.450   07/01/2025   3,226,007

Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA)

    275,000       5.000   10/01/2022   277,327
    300,000       5.000   10/01/2023   310,914
    350,000       5.000   10/01/2024   368,000
    300,000       5.000   10/01/2025   320,514

Massachusetts Development Finance Agency RB Series 2016A (AAA/Aaa)

    10,000,000       5.000   07/15/2030   10,999,943

Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB+)

    875,000       5.000   07/01/2022   875,000
    725,000       5.000   07/01/2023   745,102

Massachusetts Health and Educational Facilities Authority Variable Rate Demand RB for Umass Series A (Aa2/AA-/NR) (PUTABLE)(a)(b)(c)

    7,000,000       2.450   04/01/2026   6,940,216

Massachusetts Housing Finance Agency RB Refunding Series 2020 216 (GNMA/FNMA/FHLMC) (Aa1/AA+)(a)(b)

    5,250,000       1.850   06/01/2025   5,056,488

Massachusetts School Building Authority Senior Dedicated Sales Tax Refunding Bonds 2015 Series C (Aa2\AA+)

    3,520,000       5.000   08/15/2037   3,718,237

Massachusetts State Development Finance Agency RB Mass General Brigham, Inc. Series 2019 T 1 (Aa3\AA-)(b)(d)(f)

   

(SIFMA Municipal Swap Index Yield
+ 0.60%)

  
    6,250,000       1.380   01/29/2026   6,205,008

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Massachusetts – (continued)

Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL) (Aa1/AA)(d)

   

(3M USD LIBOR + 0.57%)

  

$

     13,055,000       1.432 %    05/01/2037   $     12,285,489

Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR FGIC) (Aa1/AA+)(d)

   

(3M USD LIBOR + 0.57%)

  
    11,560,000       1.432   05/01/2037   10,878,606

Massachusetts State GO Bonds Series 2014 F (Aa1/AA)

    58,940,000       4.000   11/01/2031   59,119,637

Massachusetts State Health and Educational Facilities Authority RB for Umass Memorial Health Care, Inc. Series 1998 B (WR\BBB+)(a)

    3,500,000       2.385   07/01/2023   3,478,125

Massachusetts Transportation Trust Fund Metropolitan Highway System Senior RB Refunding Series 2019 A (A2/A+)

    1,300,000       5.000   01/01/2023   1,320,476

Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Refunding Series 2019 A (Aa2/AA)(a)(b)

    41,255,000       5.000   01/01/2023   41,872,311
       

 

    183,595,331

 

Michigan – 1.4%

Allendale Public School GO Refunding Bonds Series 2016 (Q-SBLF) (NR/AA)

    1,385,000       5.000   11/01/2022   1,401,276

County of Macomb L’Anse Creuse Public School 2015 GO UT Refunding Bonds (US TREASURY OBLIGATIONS / STAT) (NR\AA)(b)

    5,560,000       5.000   05/01/2025   5,993,606

Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA)

    800,000       5.000   07/01/2022   800,000
    900,000       5.000   07/01/2023   926,476
    25,025,000       5.000   07/01/2048   26,125,031

Detroit Downtown Development Authority Subordinate General RB Refunding for Development Area No. 1 Projects Series 2018 B (AGM) (NR/AA)

    1,500,000       5.000   07/01/2022   1,500,000
    1,500,000       5.000   07/01/2023   1,544,126
    500,000       5.000   07/01/2024   526,152
    550,000       5.000   07/01/2025   578,438

Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (A1/AA)(d)

   

(3M USD LIBOR + 0.60%)

  
    28,240,000       2.094   07/01/2032   27,564,087

Great Lakes Water Authority Sewage Disposal System RB Refunding for Second Lien Series 2020 B (A2/A+)

    260,000       1.492   07/01/2022   260,000

Great Lakes Water Authority Sewage Disposal System RB Refunding Series 2020 A (A1/AA-)

    200,000       1.654   07/01/2025   189,186

Lansing Board of Water & Light Utility System RB Series 2021B
(AA-/NR)(a)(b)

    5,000,000       2.000   07/01/2026   4,737,920

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Michigan – (continued)

Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR\BBB-)

$

     185,000       4.000 %    02/01/2027   $          188,561

Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2015B (NR/A1)

    1,215,000       5.000   05/15/2034   1,255,316

Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2022B (AA/Aa3)(b)(d)

   

(SIFMA Municipal Swap Index Yield + 0.75%)

    5,845,000       1.530   04/15/2027   5,844,991

Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (NR/BB+)

    500,000       3.800   10/01/2022   501,325

Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Senior Lien Series 2014 D-1 (AGM) (A1/AA)

    9,225,000       5.000   07/01/2022   9,225,000
    5,000,000       5.000   07/01/2023   5,157,066

Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (NR/A)

    10,000,000       1.476   06/01/2025   9,205,061

Michigan State Hospital Finance Authority Refunding And Project RB Series 2010F-5 (AA+/A-1+/AA+/F1+)(a)(b)

    4,400,000       2.400   03/15/2023   4,413,208

Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (Baa2/NR)

    2,210,000       5.000   12/31/2023   2,301,537
    2,685,000       5.000   06/30/2024   2,767,127
    3,500,000       5.000   12/31/2024   3,627,314

Okemos Public Schools GO Bonds Series 2019 (Q-SBLF) (Aa1/NR)

    2,380,000       5.000   05/01/2023   2,445,479
    2,730,000       5.000   05/01/2024   2,878,648

Star International Academy Refunding Bonds Series 2020 (BBB/NR)

    665,000       4.000   03/01/2023   670,576
    690,000       4.000   03/01/2024   698,917
    720,000       4.000   03/01/2025   721,513
    745,000       4.000   03/01/2026   742,163
    775,000       4.000   03/01/2027   768,457

Wayne County Airport Authority RB Series 2018C (NON-AMT) (A-/A)

    500,000       5.000   12/01/2022   507,050

Western Michigan University Board of Trustees General RB Series 2019A (A/NR)

    1,490,000       5.000   11/15/2022   1,509,410
    160,000       5.000   11/15/2023   166,523
       

 

    127,741,540

 

Minnesota – 0.5%

City of Minneapolis GO Refunding Bonds Series 2020 (NR/AAA)

    5,730,000       2.000   12/01/2029   5,288,326

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Minnesota – (continued)

Duluth Economic Development Authority Health Care Facilities RB for St. Luke’s Hospital Series 2022 (NR/BBB-)

$

     275,000       5.000 %    06/15/2025   $          289,325

Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke’s Hospital Series 2022 (NR/BBB-)

    300,000       5.000   06/15/2023   307,762
    265,000       5.000   06/15/2024   275,282
    360,000       5.000   06/15/2026   382,814

Maple Grove Minnesota Health Care Facilities RB Refunding for Maple Grove Hospital Corp. Series 2017 (Baa1/NR)

    575,000       5.000   05/01/2023   588,909

Metropolitan Council GO Grant Anticipation Notes Series 2021B (Aaa\AAA)

    13,000,000       5.000   12/01/2024   13,911,078

Minneapolis-St. Paul Metropolitan Airports Commission RB Refunding Series 2019 B (AMT) (NR/A)

    2,810,000       5.000   01/01/2024   2,918,824

Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR)

    100,000       3.000   12/01/2022   100,297
    100,000       3.000   12/01/2023   100,462
    100,000       4.000   12/01/2024   102,254
    180,000       4.000   12/01/2025   184,755

Regents of University of Minnesota GO Bonds Series 2013A (AA/Aa1)

    3,185,000       4.000   02/01/2029   3,202,685

State of Minnesota GO State Various Purpose Bonds Series 2015A (AAA/Aa1)

    11,210,000       5.000   08/01/2025   12,193,737

State of Minnesota State Trunk Highway GO Bonds Series 2015 B (Aa1/AAA)

    3,240,000       5.000   08/01/2022   3,249,136
       

 

    43,095,646

 

Mississippi – 0.5%

City of Jackson GO Refunding Bonds Series 2021 (Baa3/A+)

    325,000       5.000   03/01/2023   331,855
    500,000       5.000   03/01/2024   523,539
    1,000,000       5.000   03/01/2025   1,073,576
    830,000       5.000   03/01/2026   909,585

Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (NON-AMT) (Baa2\BBB) (PUTABLE)(a)(b)(c)

    10,500,000       2.650   04/01/2027   10,052,522

Mississippi Business Finance Corp Solid Waste Disposal RB Series 2002 (A-/A-2/NR) (PUTABLE)(a)(b)(c)

    1,000,000       2.200   06/03/2024   976,697

Mississippi Hospital Equipment & Facilities Authority Revenue Refunding Bonds Series 2020A-1 (BBB+/NR)(a)(b)

    7,750,000       5.000   09/01/2025   8,170,320

Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2018 (BBB/NR) (PUTABLE)(a)(b)(c)

    8,225,000       2.900   09/01/2023   8,259,909

Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(c)

    9,085,000       1.375   06/16/2025   8,587,157

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Mississippi – (continued)

Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020C (NON-AMT) (BBB/NR)(a)(b)

$

     9,300,000       1.375 %    06/16/2025   $       8,849,221

Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE)(a)(b)(c)

    1,175,000       1.600   06/16/2025   1,125,436
       

 

    48,859,817

 

Missouri – 0.3%

Kansas City Municipal Assistance Corp. Revenue Leasehold Bonds Series 2004 B-1 (AA-/A2) (g)

    3,720,000       0.000     04/15/2026   3,360,859

Metropolitan St. Louis Sewer District RB Refunding Series 2015 B (Aa1/AAA)

    8,770,000       5.000   05/01/2038   9,428,960

Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR)

    570,000       5.000   09/01/2023   584,907
    600,000       5.000   09/01/2024   619,803

Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (A1/NR)

    575,000       5.000   02/15/2023   586,924
    400,000       5.000   02/15/2024   419,330

Missouri Southern State University RB Series 2019 A (AGM) (NR/AA)

    105,000       5.000   10/01/2024   110,799
    125,000       5.000   10/01/2025   134,110

Southeast Missouri State University System Facilities Refunding RB Series 2020 (A/NR)

    1,410,000       5.000   04/01/2025   1,498,252
    2,795,000       5.000   04/01/2026   3,006,464

State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (A/NR) (PUTABLE)(a)(b)(c)

    4,000,000       3.500   07/01/2025   4,012,501
       

 

    23,762,909

 

Montana – 0.1%

City of Billings RB for Sewer System Series 2017 (Aa3/NR)

    310,000       5.000   07/01/2022   310,000

Forsyth Montana Pollution Control RB Refunding for Northwestern Corp. Colstrip Project Series 2016 (A3/A-)

    8,790,000       2.000   08/01/2023   8,798,572

Gallatin County High School District No. 7 GO Bonds for School Building Series 2017 A (Aa2/NR)

    470,000       5.000   12/01/2022   476,878

Montana Facility Finance Authority RB for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (Aa3/AA-)

    500,000       5.000   01/01/2023   508,468
       

 

    10,093,918

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Nebraska – 0.2%

Central Plans Energy Project Gas Supply Revenue Refunding Bonds Series 2019 (NR/AA-)(a)(b)

$

     12,400,000       4.000 %    08/01/2025   $     12,738,205

Douglas County Hospital Authority No. 2 RB for Children’s Hospital Obligated Group Series 2020 B (A1/NR)(a)(b)

    2,100,000       5.000   11/15/2025   2,259,901

Douglas County Hospital Authority No. 2 RB Refunding for Children’s Hospital Obligated Group Series 2020 A (A1/NR)

    110,000       5.000   11/15/2023   114,318
    175,000       5.000   11/15/2025   187,610

Washington County Wastewater & Solid Waste Disposal Facilities Revenue Refunding Bonds Series 2012 (A/NR) (PUTABLE)(a)(b)(c)

    4,700,000       0.900   09/01/2025   4,410,678
       

 

    19,710,712

 

Nevada – 0.4%

City of North Las Vegas GO Refunding Bonds for Wastewater Reclamation Series 2019 (BAM) (A1/AA)

    1,970,000       5.000   06/01/2024   2,079,208

Clark County Airport System Subordinate Lien Refunding RB Series 2019D (NON-AMT) (Aa3\A)

    8,400,000       5.000   07/01/2026   9,213,178

Clark County School District GO Bonds Series 2020 A (AGM) (A1/AA)

    325,000       3.000   06/15/2025   332,176
    550,000       5.000   06/15/2026   603,857

Clark County School District GO LT Building Bonds Series 2022A
(A+/A1)(e)

    6,875,000       5.000   06/15/2025   7,401,945

Clark County Water Reclamation District GO Refunding Bonds for Water Reclamation Series 2016 (Aa1/AAA)

    3,640,000       5.000   07/01/2022   3,640,000

County of Clark Department of Aviation RB Refunding for Jet Aviation Fuel Tax Series 2013 A (AMT) (A1/A)

    500,000       5.000   07/01/2022   500,000
    1,650,000       5.000   07/01/2025   1,672,749

County of Humboldt Nevada Pollution Control RB Refunding for Idaho Power Co. Series 2003 (A1/A-)

    12,000,000       1.450   12/01/2024   11,666,934

Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/A)

    700,000       5.000   07/01/2025   750,534

Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/A)

    200,000       5.000   07/01/2024   210,461
       

 

    38,071,042

 

New Hampshire – 0.3%

National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-1 (A-/A-2/NR)(a)(b)

    1,250,000       2.150   07/01/2024   1,227,983

National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-2 (A-/A-2/NR)(a)(b)

    5,000,000       2.150   07/01/2024   4,911,894

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New Hampshire – (continued)

National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-3 (A-/A-2/NR)(a)(b)

$

     5,000,000       2.150 %    07/01/2024   $       4,911,894

National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-4 (A-/A-2/NR)(a)(b)

    3,000,000       2.150   07/01/2024   2,947,136

New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR)

    220,000       4.000   01/01/2024   220,693
    285,000       4.000   01/01/2025   285,803
    265,000       4.000   01/01/2026   264,742
    250,000       4.000   01/01/2027   248,680

New Hampshire Housing Finance Authority Multi-Family Housing RB 2022 Series 1 (NON-AMT) (NR/Aaa)(e)

    1,010,000       2.650   08/01/2024   1,010,820
    5,575,000       2.800   02/01/2025   5,581,240

New Hampshire Municipal Bond Bank RB 2021 C (NR/AA+)

    5,440,000       5.000   08/15/2026   6,029,141
       

 

    27,640,026

 

New Jersey – 5.8%

Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA)

    500,000       5.000   03/01/2023   510,215

City of Newark GO Refunding Bonds Series 2020 A (AGM ST AID WITHHLDG) (A2/AA)

    800,000       5.000   10/01/2024   844,004
    650,000       5.000   10/01/2025   698,208
    750,000       5.000   10/01/2026   816,806

City of Newark GO Refunding Bonds Series 2020 A (ST AID WITHHLDG) (Baa1/NR)

    750,000       5.000   10/01/2022   755,800

City of Newark GO Refunding Bonds Series 2020 B (AGM SCH BD RES FD) (A2/AA)

    650,000       5.000   10/01/2024   685,753
    600,000       5.000   10/01/2025   644,499

City of Newark GO Refunding Bonds Series 2020 B (SCH BD RES FD) (A3/NR)

    580,000       5.000   10/01/2022   584,485

County of Cape May GO Bonds Series 2019 (Aa1/NR)

    2,450,000       4.000   10/01/2022   2,465,988
    2,655,000       4.000   10/01/2024   2,771,336

County of Morris GO Bonds for General Improvement and County College Series 2021 (Aaa\AAA)

    4,615,000       2.000   02/01/2027   4,406,591

New Jeresy Transportation Trust Fund Authority Transportation Program Bonds 2014 Series AA (A3\BBB)

    25,000,000       5.000   06/15/2024   26,129,310

New Jersey Economic Development Authority RB Series 2005 (AMBAC) (BBB/Baa1)

    12,350,000       5.500   09/01/2024   13,088,546

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (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/B)

$

     225,000       4.000 %    07/01/2022   $          225,000
    270,000       4.000   01/01/2023   269,287
    275,000       4.000   07/01/2023   273,552
    320,000       4.000   01/01/2024   316,949
    325,000       4.000   07/01/2024   320,908

New Jersey Economic Development Authority RB for School Facilities Construction Series 2014 UU (Baa1/BBB)

    10,070,000       5.000   06/15/2040   10,235,719

New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 A (A1/A+)

    1,375,000       1.000   06/01/2023   1,359,534

New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 B (AMT) (A1/A+) (PUTABLE)(a)(b)(c)

    8,645,000       1.200   06/01/2023   8,554,952

New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 C (AMT) (A1/A+)

    2,550,000       1.150   06/01/2023   2,526,530

New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 E (AMT) (A1/A+)

    3,100,000       0.850   12/01/2025   2,866,568

New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2013 I (ST APPROP) (Baa1/BBB)(d)

   

(SIFMA Municipal Swap Index Yield + 1.25%)

    13,315,000       2.030   09/01/2025   13,465,029

New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2015 XX (Baa1/BBB)

    6,900,000       5.000   06/15/2025   7,271,156

New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (Baa1/BBB)

    2,345,000       5.000   06/15/2023   2,412,366
    6,500,000       5.000   06/15/2024   6,793,620

New Jersey Economic Development Authority RB Series 2021 QQQ (Baa1/BBB)

    250,000       5.000   06/15/2023   257,182
    300,000       5.000   06/15/2024   313,552
    385,000       5.000   06/15/2025   405,709
    555,000       5.000   06/15/2026   592,406
    445,000       5.000   06/15/2027   480,221

New Jersey Economic Development Authority School Facilities Construction Bonds 2016 Series AAA (US TREASURY OBLIGATIONS) (A3\BBB)(b)

    5,000,000       5.500   12/15/2026   5,683,349

New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (BBB+/A3)(b)

    6,470,000       5.500   12/15/2026   7,354,254

New Jersey Economic Development Authority State Lease RB for Health Department and Taxation Division Office Project 2018 Series A (A3/BBB+)

    1,955,000       5.000   06/15/2024   2,043,312

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New Jersey – (continued)

New Jersey Educational Facilities Authority Princeton University RB 2014 Series A (AAA/Aaa)

$

     8,220,000       5.000 %    07/01/2026   $       8,681,209

New Jersey Educational Facilities Authority Princeton University RB 2022 Series A (AAA/Aaa)

    20,870,000       5.000   03/01/2027   23,392,206

New Jersey Educational Facilities Authority RB Refunding for Stevens Institute of Technology Series 2017 A (NR/BBB+)

    440,000       5.000   07/01/2022   440,000

New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (Baa2/BBB)

    1,240,000       5.000   07/01/2022   1,240,000

New Jersey Healthcare Facilities Financing Authority Revenue & Refunding Bonds Series 2019B-1 (AA-/NR)(a)(b)

    24,390,000       5.000   07/01/2024   25,646,222

New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (AA-/NR)

    1,260,000       0.500   11/01/2023   1,232,463
    1,595,000       0.650   05/01/2024   1,545,719
    3,085,000       0.750   11/01/2024   2,964,633
    2,310,000       0.900   11/01/2025   2,181,139

New Jersey Housing and Mortgage Finance Agency Multi-Family RB 2017 Series A (NON-AMT) (NR\AA-)

    1,830,000       2.850   11/01/2025   1,851,691

New Jersey State Turnpike Authority RB Refunding Series 2017 C-3 (A2/A+)(d)

   

(1M USD LIBOR + 0.60%)

  
    15,565,000       1.799   01/01/2023   15,573,130

New Jersey State Turnpike Authority RB Refunding Series 2017 D-1 (A2/A+)(d)

   

(1M USD LIBOR + 0.70%)

  
    5,000,000       1.899   01/01/2024   5,056,907

New Jersey State Turnpike Authority RB Series 2014 A (A2/A+)

    8,650,000       5.000   01/01/2027   9,091,563

New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue Notes 2016 Subseries A-1 (A3\A+)

    4,395,000       5.000   06/15/2027   4,759,891

New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)(g)

    28,575,000       0.000     12/15/2028   22,462,842

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 A (AGM-CR) (A2/AA)

    15,080,000       5.250   12/15/2022   15,326,213

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AMBAC) (Baa1/BBB)(g)

    25,055,000       0.000     12/15/2025   22,490,946

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (BHAC-CR AMBAC) (Aa1/AA+)(g)

    1,130,000       0.000     12/15/2026   1,002,845

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)(g)

    34,235,000       0.000     12/15/2027   28,399,449
    320,000       0.000     12/15/2031   219,935

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New Jersey – (continued)

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2010 D (Baa1/BBB)

$

     3,435,000       5.000 %    12/15/2023   $       3,572,235

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (Baa1/BBB)

    8,105,000       5.000   12/15/2024   8,482,924
    12,905,000       5.000   12/15/2025   13,686,181

New Jersey Transportation Trust Fund Authority RB Refund for Transportation System Bonds Series 2018 A (Baa1/BBB)

    2,000,000       5.000   12/15/2023   2,079,904

New Jersey Transportation Trust Fund Authority RB Refunding for Transportation Systems Series 2010 D (Baa1/BBB)

    27,745,000       5.250   12/15/2023   28,951,561

New Jersey Transportation Trust Fund Authority RB Series 2004 A (NATL) (Baa1/BBB)

    4,920,000       5.750   06/15/2023   5,095,704

New Jersey Transportation Trust Fund Authority RB Series 2006 C (AMBAC) (Baa1/BBB)(g)

    3,500,000       0.000     12/15/2026   3,025,616

New Jersey Transportation Trust Fund Authority RB Subseries 2016 A-1 & Subseries A-2 (Baa1/A+)

    11,250,000       5.000   06/15/2023   11,560,332

New Jersey Transportation Trust Fund Authority Transportation System RB Series 2006 A (AGM-CR) (A2/AA)

    30,330,000       5.500   12/15/2022   30,858,640

State of New Jersey COVID 19 Emergency GO Bonds Series 2020 A (A3/BBB+)

    22,450,000       4.000   06/01/2023   22,861,023
    25,135,000       5.000   06/01/2024   26,407,653
    19,520,000       5.000   06/01/2025   20,863,191
    11,650,000       5.000   06/01/2026   12,654,955
    8,350,000       5.000   06/01/2027   9,206,435

State of New Jersey GO Bonds Series 2021 (A3/BBB+)

    10,000,000       2.000   06/01/2026   9,610,086

Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BBB+)

    25,000       3.200   06/01/2027   25,000

Tobacco Settlement Financing Corp. Tobacco Settlement Bonds Series 2018A (A/NR)

    1,495,000       5.000   06/01/2027   1,602,892

Toms River Regional School District Board of Education Bonds (SCH BD RES FD) (AA-/NR)

    2,695,000       2.000   07/15/2022   2,695,561

Township of Plainsboro General Improvement Bonds Series 2016 (AAA/NR)

    1,050,000       2.000   08/01/2022   1,050,637
       

 

    536,272,229

 

New Mexico – 1.2%

City of Farmington Pollution Control Revenue Refunding Bonds 2010 Series B (NON-AMT) (BBB/NR)(a)(b)

    12,500,000       3.000   06/01/2024   12,569,275

Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB) (PUTABLE)(a)(b)(c)

    3,330,000       0.875   10/01/2026   2,997,216

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New Mexico – (continued)

Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 C (Baa2/BBB) (PUTABLE)(a)(b)(c)

$

     10,000,000       1.150 %    06/01/2024   $       9,634,833

Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 D (Baa2/BBB) (PUTABLE)(a)(b)(c)

    14,760,000       1.100   06/01/2023   14,538,532

Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 E (Baa2/BBB) (PUTABLE)(a)(b)(c)

    11,500,000       1.150   06/01/2024   11,080,058

New Mexico Finance Authority State Transportation Refunding RB Series 2022A (AA+/Aa1)

    16,320,000       5.000   06/15/2025   17,652,876
    11,815,000       5.000   06/15/2026   13,042,281

State of New Mexico Severance Tax Bonds Series 2022A (AA-/Aa2)

    10,000,000       5.000   07/01/2024   10,583,186
    10,000,000       5.000   07/01/2025   10,811,974
    10,000,000       5.000   07/01/2026   11,028,127

Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-)

    100,000       4.000   09/01/2023   101,944
    100,000       4.000   09/01/2024   102,984
    175,000       4.000   09/01/2025   181,847
    150,000       5.000   09/01/2026   162,847
       

 

    114,487,980

 

New York – 15.6%

Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (NR/NR)

    5,400,000       1.625   11/01/2025   5,028,552

Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (Ba1/NR)

    500,000       5.000   07/15/2022   500,192
    500,000       5.000   07/15/2023   506,844

Broome County Local Development Corp. RB Refunding for United Health Services Hospitals Obligated Group Series 2020 (AGM) (NR/AA)

    520,000       5.000   04/01/2025   555,392
    500,000       5.000   04/01/2026   542,825

Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-)

    120,000       4.000   06/15/2023   121,203
    120,000       4.000   06/15/2024   121,586
    110,000       4.000   06/15/2025   111,298

Chautauqua County Capital Resource Corporation Exempt Facilities Revenue Refunding Bonds Series 2020 (NON-AMT) (Baa3\BBB-)(a)(b)

    2,500,000       1.300   04/03/2023   2,468,192

City of New York GO Bonds 2022 Series B and C Tax Exempt Bonds (Aa2/AA)

    25,000,000       5.000   08/01/2024   26,522,098
    10,000,000       5.000   08/01/2025   10,849,534
    7,755,000       5.000   08/01/2026   8,581,940

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

City of New York GO Bonds Fiscal 2014 Series D Subseries D-3 (Aa2/WR/AA)

$

     42,105,000       5.000 %    08/01/2038   $     42,958,961

City of New York GO Bonds Fiscal 2015 Series F Subseries F-5
(AA/Aa2)(a)

    23,650,000       0.300   06/01/2044   23,650,000

City of New York GO Bonds Fiscal Series A Subseries A-3 (AA+/Aa2)(a)

    21,165,000       0.370   10/01/2040   21,165,000

City of New York GO Bonds Series 2012 B (Aa2/AA)

    6,675,000       5.000   08/01/2023   6,693,490

County of Nassau GO Bonds for General Improvement Series 2018 B (AGM) (A2/AA)

    1,000,000       5.000   07/01/2022   1,000,000

County of Nassau GO General Improvement Bonds 2022 Series A (AA-/A1)

    1,175,000       5.000   04/01/2024   1,233,951
    1,080,000       5.000   04/01/2025   1,157,666
    1,000,000       5.000   04/01/2026   1,092,746

County of Suffolk Refunding Serial Bonds 2017 Series A (AGM) (AA/BBB+)

    7,035,000       4.000   02/01/2023   7,125,947

County of Suffolk Refunding Serial Bonds 2017 Series B (AGM) (AA/BBB+)

    6,360,000       4.000   10/15/2023   6,520,171

Dormitory Authority of the State of New York Sales Tax RB Series 2016A (Aa2\AA+)

    2,365,000       5.000   03/15/2030   2,589,617

Dutchess County Local Development Corp. RB for Health QuestSystems Obligated Group Series 2016 B (Baa2/A-)

    24,725,000       5.000   07/01/2046   25,248,322

Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (BBB+/NR)

    125,000       5.000   12/01/2022   126,318
    125,000       5.000   12/01/2023   128,810
    175,000       5.000   12/01/2024   182,560
    200,000       5.000   12/01/2025   210,633
    275,000       5.000   12/01/2026   291,802

Long Island Power Authority Electic System General RB Series 2019B (A/A)(a)(b)

    13,675,000       1.650   09/01/2024   13,427,618

Long Island Power Authority RB Refunding Series 2014 C (A2/A)(b)(d)

   

(1M USD LIBOR + 0.75%)

  
    34,000,000       1.949   10/01/2023   33,991,884

Long Island Power Authority RB Refunding Series 2015 C (A2/A)(b)(d)

   

(1M USD LIBOR + 0.75%)

  
    28,500,000       1.949   10/01/2023   28,493,120

Long Island Power Authority RB Refunding Series 2020 B (A2/A)(a)(b)

    8,000,000       0.850   09/01/2025   7,523,297

Long Island Power Authority RB Refunding Series 2021 B (A2/A)(a)(b)

    15,000,000       1.500   09/01/2026   14,205,099

Long Island Power Authority RB Series 2012 B (A2/A)

    10,000,000       5.000   09/01/2027   10,051,940

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

Long Island Power Authority RB Series 2021 (A2/A)

$

     14,000,000       1.000 %    09/01/2025   $     13,127,569

Metropolitan Transportation Authority Dedicated Tax Fund Refunding Green Bonds Subseries 2017B-2 (AA/NR)

    1,345,000       5.000   11/15/2026   1,484,441

Metropolitan Transportation Authority RB Anticipation Notes Series 2020 A-1 (MIG2/SP-2)

    41,265,000       5.000   02/01/2023   41,967,252

Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+)

    4,250,000       4.000   11/15/2026   4,364,527
    3,750,000       5.000   11/15/2027   4,030,223

Metropolitan Transportation Authority RB Refunding Series 2012 D (A3/BBB+)

    4,750,000       5.000   11/15/2030   4,806,135

Metropolitan Transportation Authority RB Refunding Series 2016 B (A3/BBB+)

    1,040,000       5.000   11/15/2025   1,104,350

Metropolitan Transportation Authority RB Refunding Series 2017 C-1 (A3/BBB+)

    9,000,000       5.000   11/15/2026   9,638,113

Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (A3/NR/BBB+)(b)(d)

   

(1M USD LIBOR + 0.55%)

  
    26,460,000       1.698   11/01/2022   26,367,848

Metropolitan Transportation Authority RB Series 2011 B
(A3/WR/BBB+)(b)(d)

   

(1M USD LIBOR + 0.55%)

  
    26,625,000       1.698   11/01/2022   26,532,316

Metropolitan Transportation Authority RB Series 2012 H (A3/BBB+)

    1,570,000       5.000   11/15/2033   1,585,543
    3,110,000       5.000   11/15/2042   3,140,899

Metropolitan Transportation Authority RB Series 2019 D-1 (MIG2/SP-2)

    9,000,000       5.000   09/01/2022   9,048,363

Metropolitan Transportation Authority RB Subseries 2014 D-2 (A3/BBB+)(b)(d)

   

(SIFMA Municipal Swap Index Yield + 0.45%)

    15,000,000       1.230   11/15/2022   14,957,751

Metropolitan Transportation Authority Transportation RB Series 2012E (A3\BBB+)

    1,895,000       4.000   11/15/2038   1,766,507

Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015D-1 (BBB+/A3)

    10,000,000       5.000   11/15/2033   10,347,664

Metropolitan Transportation Authority Transportation Revenue Variable Rate Bonds for Transportation Revenue Variable Rate Refunding Bonds Subseries 2002G-1H (A3/WR\BBB+)(d)

   

(SOFR + 0.60%)

  
    16,750,000       1.632   11/01/2026   15,810,305

Metropolitan Transportational Authority Revenue Green Bonds Series 2019A (BBB+/A-)(a)(b)

    56,070,000       5.000   11/15/2024   58,551,339

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

Monroe County Industrial Development Corp. RB Refunding for Rochester Regional Health Obligated Group Series 2020 A (NR/BBB+)

$

     300,000       5.000 %    12/01/2022   $          303,849
    250,000       5.000   12/01/2023   259,518
    600,000       5.000   12/01/2024   625,921
    750,000       5.000   12/01/2025   789,873

New York City GO Bonds Subseries 2006 C-4 (AGM) (Aa2/AA)(a)

    300,000       1.340   01/01/2032   300,000

New York City GO Refunding Bonds Fiscal 2018 Series A (Aa2/AA)

    4,175,000       5.000   08/01/2026   4,620,194

New York City GO Refunding Bonds Fiscal 2019 Series A (Aa2/AA)

    27,605,000       5.000   08/01/2024   29,285,700

New York City Housing Development Corp Multi-Family RB 2018 Series L-1 & 2018 Series L-2 (AA+/NR)(a)(b)

    7,010,000       2.750   12/29/2023   7,018,653

New York City Housing Development Corp. RB Green Bond Series 2020 A-3 (Aa2/AA+)(a)(b)

    10,500,000       1.125   11/01/2024   10,098,118

New York City Housing Development Corp. RB Series 2020 D-2 (FHA 542 (C)) (Aa2/AA+)(a)(b)

    2,000,000       0.700   11/01/2024   1,887,251

New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (FGIC) (Baa1/NR)(d)

   

(MUNI-CPI + 0.88%)

  
    2,505,000       9.452   03/01/2025   2,563,518
    2,610,000       9.462   03/01/2026   2,678,266
    2,725,000       9.472   03/01/2027   2,799,001

New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (NATL) (Baa1/NR)(d)

   

(MUNI-CPI + 0.88%)

  
    2,405,000       9.442   03/01/2024   2,449,713

New York City Transitional Finance Authority Building Aid RB Fiscal 2016 Series S-1 (Aa3\AA)

    10,000,000       5.000   07/15/2032   10,713,827

New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2007 C-3 (AGM) (Aa1/AAA)(a)

    200,000       1.340   11/01/2027   200,000

New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2015 B-1 (Aa1/AAA)

    3,825,000       5.000   08/01/2030   4,037,082

New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2019 C-2 (Aa1/AAA)

    23,565,000       2.570   11/01/2023   23,377,375
    25,580,000       2.640   11/01/2024   25,117,048
    17,885,000       2.740   11/01/2025   17,472,930

New York City Transitional Finance Authority Future Tax Secured Tax Exempt Subordinate Bonds 2021 Subseries F-1 (Aa1/AAA)

    15,000,000       5.000   11/01/2023   15,640,983

New York City Transitional Finance Authority Future Tax Secured Tax Exempt Subordinate Bonds Fiscal 2021 Subseries F-1 (AAA/Aa1)

    9,425,000       5.000   11/01/2026   10,427,355

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2016 B (Baa2/NR)

$

     1,370,000       5.000 %    11/15/2022   $       1,385,791
    540,000       5.000   11/15/2023   560,013

New York Convention Center Development Corp. RB Refunding for New York City Hotel Unit Fee Revenue Series 2015 (A2/NR)

    860,000       5.000   11/15/2022   870,888
    25,000       5.000   11/15/2024   26,533
    270,000       5.000   11/15/2025   291,894
    6,000,000       5.000   11/15/2026   6,438,362

New York Convention Center Development Corp. Revenue Refunding Bonds Series 2015 (A2\NR)

    705,000       5.000   11/15/2040   736,861

New York State Dormitory Authority RB for New York State University Series 2013 A (Aa3/A+)(b)

    2,450,000       5.000   07/01/2023   2,530,148

New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (Aa2/AA+)

    62,425,000       5.000   03/15/2023   63,935,916

New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph’s College Series 2020 A (NR/NR)

    925,000       5.000   07/01/2024   961,102
    970,000       5.000   07/01/2025   1,021,113
    1,025,000       5.000   07/01/2026   1,088,903

New York State Dormitory Authority RB Refunding for Northwell Health Obligated Group Series 2019 A (A3/A-)

    1,215,000       5.000   05/01/2023   1,246,305

New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Revenue Series 2015 E (Aa2/AA+)

    30,000,000       3.250   03/15/2035   28,671,561

New York State Dormitory Authority Sales Tax RB Refunding Series 2014 A (Aa2/AA+)

    5,580,000       5.000   03/15/2029   5,842,769

New York State Dormitory Authority Sales Tax RB Refunding Series 2018 E Group 1 (Aa2/AA+)

    31,875,000       5.000   03/15/2023   32,646,493

New York State Dormitory Authority School District Financing RB Series 2020 A (AGM) (A1/AA)

    550,000       5.000   10/01/2022   554,788
    675,000       5.000   10/01/2023   701,332
    815,000       5.000   10/01/2024   864,594

New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (Aa2/AA+)

    730,000       4.900   03/15/2023   739,015

New York State Dormitory Authority State Personal Income Tax RB for General Purpose Series 2019 A (ETM) (Aa2/NR)

    34,055,000       5.000   03/15/2025   36,744,950

New York State Dormitory Authority State Personal Income Tax RB Refunding for General Purpose Series 2012 A (Aa2/AA+)

    5,125,000       5.000   12/15/2029   5,192,224

New York State Energy Research & Development Authority Pollution Control RB 2004 Series C (A-/A-) (PUTABLE)(a)(b)(c)

    17,000,000       2.625   07/03/2023   17,008,527

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (Baa1/A-)(a)

$

     27,750,000       2.300 %    07/01/2034   $     27,750,000

New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (NR/NR)(a)(b)

    3,710,000       1.100   05/01/2027   3,340,549

New York State Housing Finance Agency Affordable Housing 2022 Series D-2 (NR/Aa2)(a)(b)

    22,000,000       3.100   11/01/2027   21,718,039

New York State Housing Finance Agency RB Series 2021 D-2 (SONYMA) (Aa2/NR)(a)(b)

    8,500,000       0.650   11/01/2025   7,856,099

New York State Housing Finance Agency RB Series 2021 E-2 (SONYMA) (Aa2/NR)(a)(b)

    5,000,000       0.650   11/01/2025   4,621,235

New York State Thruway Authority Personal Income Tax RB Series 2021A-1 (AA+/NR)

    9,285,000       5.000   03/15/2025   9,966,366

New York State Urban Development Corp. General Purpose Personal Income Tax RB Refunding Series 2014 A (Aa2/AA+)

    1,120,000       5.000   03/15/2027   1,172,742

New York State Urban Development Corp. Taxable Refunding RB Series 2017 B (Aa2/AA+)

    28,250,000       2.860   03/15/2024   28,008,946

New York State Urban Development Corp. Taxable Refunding RB Series 2017 D-1 (Aa2/AA+)

    20,015,000       2.980   03/15/2025   19,708,056

New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2022 (NR/NR)

    9,000,000       5.000   12/01/2026   9,534,789
    12,000,000       5.000   12/01/2027   12,711,515

New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR)

    5,300,000       5.000   01/01/2023   5,339,969
    13,975,000       5.000   01/01/2024   14,211,823
    8,000,000       5.000   01/01/2025   8,179,738
    3,425,000       5.000   01/01/2026   3,517,103
    3,000,000       5.000   01/01/2028   3,091,599

New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR)

    250,000       5.000   12/01/2022   252,645
    1,500,000       5.000   12/01/2023   1,544,886
    1,850,000       5.000   12/01/2024   1,931,234
    2,315,000       5.000   12/01/2025   2,428,941

New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR)

    850,000       5.000   12/01/2022   859,861
    1,000,000       5.000   12/01/2024   1,052,705
    830,000       5.000   12/01/2025   878,792
    1,000,000       5.000   12/01/2026   1,068,682
    1,100,000       5.000   12/01/2027   1,181,353
    1,000,000       5.000   12/01/2028   1,064,928

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (Baa3\NR)

$

     13,290,000       5.000 %    07/01/2046   $     13,581,082

New York Transportational Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (AMT) (NR/NR)

    6,150,000       5.000   07/01/2041   6,296,553

New Yorl City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2015 Series B Tax Exempt Bonds (AAA/Aa1)

    6,655,000       5.000   08/01/2039   6,975,651

Onondaga County IDA Multifamily Housing RB for Baldwinsville Senior Housing Preservation Project Series 2022 (NR/NR)(a)(b)

    7,087,000       4.000   12/01/2023   7,206,210

Port Authority of New York & New Jersey Consolidated Bonds 177th Series (A+/A+)

    2,715,000       4.000   07/15/2031   2,715,428

Port Authority of New York & New Jersey Consolidated Bonds 223rd Series (A+/A+)

    1,400,000       5.000   07/15/2025   1,499,179

Port Authority of New York & New Jersey Consolidated Bonds 227th Series (A+/A+)

    8,975,000       3.000   10/01/2027   8,973,638

Port Authority of New York & New Jersey Consolidated Bonds 275th Series (A+/A+)

    2,505,000       5.000   09/15/2025   2,690,300

Port Authority of New York & New Jersey Consolidated Bonds Series 186 (A+/A+)

    8,345,000       5.000   10/15/2033   8,597,192

Port Authorty of New York Consolidated Bonds 227th Series (Aa3/A+)

    8,935,000       3.000   10/01/2028   8,830,605

Sales Tax Asset Receivable Corp Sales Tax Asset RB Fiscal 2015 Series A (AA+/AA+)(b)

    1,365,000       5.000   10/15/2024   1,455,755
    20,035,000       4.000   10/15/2024   20,914,120

State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2019B-3 (A-/A3)(a)(b)

    4,080,000       5.000   05/01/2026   4,363,307

State of New York Dormitory Authority Personal Income Tax Tax Exempt RB Series 2020A (Aa2/NR)

    40,000,000       5.000   03/15/2026   43,897,688

State of New York Dormitory Authority Personal Income Tax Tax Exempt RB Series 2022A (NR/AA+)

    7,235,000       5.000   03/15/2027   8,046,945

State of New York Dormitory Authority Wagner College RB Series 2022 (NR/NR)

    675,000       5.000   07/01/2026   713,462
    705,000       5.000   07/01/2027   750,803
    740,000       5.000   07/01/2028   790,040

Suffolk Tobacco Asset Securitization Settlement Asset Backed Bonds Series 2021B-1 (A/NR)

    420,000       0.450   06/01/2031   414,973

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

Town of Oyster Bay Public Improvement Refunding Serial Bonds 2020 (BAM) (AA/NR)

$

     750,000       4.000 %    11/01/2025   $          784,275
    800,000       4.000   11/01/2026   843,326
    675,000       4.000   11/01/2027   715,994

Town of Oyster Bay Public Improvement Refunding Serial Bonds 2021 (AGM) (AA/NR)

    850,000       4.000   03/01/2028   903,347

Triborough Bridge & Tunnel Authority General RB Series 2012A (AA-/AA-)

    5,000,000       4.000   11/15/2036   5,000,216

Triborough Bridge & Tunnel Authority General RB Series 2014A (AA-/AA-)

    20,135,000       5.000   11/15/2039   21,012,264

Triborough Bridge & Tunnel Authority General Revenue Refunding Bonds Series 2018B (AA-/AA-)

    7,610,000       5.000   11/15/2025   8,306,831

Triborough Bridge & Tunnel Authority General Revenue Variable Rate Refunding Bonds Subseries 2005B-4A (AA-/AA-)(b)(d)

(SOFR + 0.38%)

    6,430,000       1.412   02/01/2024   6,287,548

Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Bonds Series 2021B (AA+/AA+)(a)(b)

    47,000,000       5.000   05/15/2026   51,343,782

Triborough Bridge & Tunnel Authority Second Subordinate RB Anticipation Notes Series 2021A (NR/A+)

    14,195,000       5.000   11/01/2025   15,444,303

Triborough Bridge and Tunnel Authority Payroll Mobility Tax Senior Lien Bonds Series 2021C-1B (NR\AA+)(a)(b)

    5,700,000       5.000   05/15/2026   6,224,601

Triborough Bridge and Tunnel Authority Payroll Mobility Tax Senior Lien Refunding Bonds Series 2022B (AA+/NR)(e)

    1,220,000       5.000   05/15/2023   1,249,684
    1,280,000       5.000   05/15/2024   1,345,248
    1,350,000       5.000   05/15/2025   1,445,069
    14,425,000       4.000   05/15/2026   15,238,074

Utility Debt Securitization Authority Restructuring Bonds Series 2013TE (AAA/AAA)

    9,740,000       5.000   12/15/2030   10,156,077

Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2013 (NR/NR)

    1,350,000       5.000   01/01/2028   1,363,146
    2,235,000       5.000   01/01/2034   2,256,764

Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2022B (NR/NR)(e)

    275,000       5.000   01/01/2027   282,659
       

 

    1,428,244,744

 

North Carolina – 1.1%

Charlotte-Mecklenburg Hospital Authority RB Series 2018E (AA-/NR)(a)(b)

    6,500,000       0.800   10/31/2025   6,148,685

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

North Carolina – (continued)

Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(c)

$

     425,000       2.000 %    10/01/2024   $          414,632

Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(c)

    450,000       2.000   10/01/2024   439,022

Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (AMT) (Baa2/BBB) (PUTABLE)(a)(b)(c)

    2,150,000       2.100   10/01/2024   2,112,911

Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (NR/BBB) (PUTABLE)(a)(b)(c)

    4,550,000       1.375   06/16/2025   4,300,668

Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AA/Baa2)

    750,000       5.000   07/01/2027   816,599
    1,000,000       5.000   07/01/2028   1,093,994

North Carolina Capital Facilities Finance Agency RB Refunding for Campbell University, Inc. Series 2021 A (Baa2/NR)

    850,000       5.000   10/01/2025   903,780
    760,000       5.000   10/01/2026   816,038

North Carolina Capital Facilities Finance Agency RB Refunding for High Point University Series 2021 (NR/A-)

    240,000       5.000   05/01/2025   256,198
    275,000       5.000   05/01/2026   297,916

North Carolina Turnpike Authority RB Series 2020 (NR/BBB)

    75,000,000       5.000   02/01/2024   78,079,440

State of North Carolina GO Public Improvement Bonds Series 2018A (Aaa\AAA)

    5,020,000       5.000   06/01/2027   5,655,179
       

 

    101,335,062

 

North Dakota – 0.3%

Cass County Joint Water Resource District GO Bonds Series 2021 A (Aa3/NR)

    18,895,000       0.480   05/01/2024   18,031,451

City of Grand Forks RB Refunding for Altru Health System Obligated Group Series 2021 (Baa2/NR)

    135,000       5.000   12/01/2023   139,513
    125,000       5.000   12/01/2024   131,230
    165,000       5.000   12/01/2025   175,688
    225,000       5.000   12/01/2026   242,366
    1,125,000       5.000   12/01/2027   1,219,157

City of Williston Airport RB Series 2018 (A+/NR)

    1,815,000       5.000   11/01/2022   1,835,320
    1,655,000       5.000   11/01/2023   1,719,740
    2,000,000       4.000   11/01/2024   2,049,531
       

 

    25,543,996

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Ohio – 1.9%

Akron Bath Copley Joint Township Hospital District RB Refunding for Summa Health System Obligated Group Series 2020 (WR/NR)

$

     125,000       5.000 %    11/15/2025   $          133,014
    175,000       5.000   11/15/2026   188,551

American Municipal Power Prairie State Energy Campus Project RB Refunding Series 2019B (A/A1)

    6,965,000       5.000   02/15/2025   7,475,621

American Municipal Power, Inc. RB Refunding for Combined Hydroelectric Project Series 2020 A (A1/A)

    925,000       5.000   02/15/2025   992,814

Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-1 Class 1 (NR/A)

    6,345,000       1.650   06/01/2023   6,228,622
    5,935,000       1.709   06/01/2024   5,683,819
    7,500,000       1.809   06/01/2025   7,000,318

City of Columbus Various Purpose Unlimited Tax Bonds Series 2018 A (Aaa/AAA)

    5,000,000       5.000   04/01/2023   5,122,166

Cleveland GO Bonds Series 2020 A (A1/AA+)

    125,000       2.000   12/01/2022   125,248
    600,000       3.000   12/01/2026   614,428

County of Cuyahoga Hospital RB Series 2017 (Baa3\BBB-)

    2,200,000       5.000   02/15/2037   2,251,086

County of Cuyahoga OH RB Series 2017 (BBB-/Baa3)

    3,000,000       5.000   02/15/2024   3,124,521

County of Montgomery Ohio Hospital Facilities RB Refunding for Miami Valley Hospital Series 2019 A (Baa1/NR)

    1,950,000       5.000   11/15/2024   2,052,548

Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-)

    1,750,000       5.000   02/15/2023   1,781,650
    1,500,000       5.000   02/15/2025   1,582,528

Hamilton County Sewer System RB Refunding Series 2019 A (Aa2/AA+)

    6,450,000       5.000   12/01/2024   6,897,318

Lake County Hospital Facilities Refunding RB Series 2015 (US TREASURY OBLIGATIONS) (WR\NR)(b)

    11,000,000       5.000   08/15/2025   11,880,282

Miami Oxford University RB Refunding Series 2020 A (Aa3/NR)

    340,000       5.000   09/01/2022   342,025

Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (BBB/NR)(a)(b)

    6,500,000       4.000   06/01/2027   6,566,183

Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(c)

    3,750,000       4.250   06/01/2027   3,796,257

Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (AMT) (BBB+/NR) (PUTABLE)(a)(b)(c)

    15,250,000       4.250   06/01/2027   15,370,414

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Ohio – (continued)

Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Ba1/NR)

$

     1,075,000       2.875 %    02/01/2026   $       1,029,465

Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Ba1/NR)

    2,695,000       2.875   02/01/2026   2,580,844

Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2005 A (AMT) (NR/BBB+) (PUTABLE)(a)(b)(c)

    3,750,000       2.100   10/01/2024   3,637,945

Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014D (BBB+/NR) (PUTABLE)(a)(b)(c)

    5,000,000       1.900   10/01/2024   4,834,479

Ohio Higher Educational Facility Commission RB for University of Dayton RMKT 08/04/06 Series 2003 B (FGIC) (A2/A+)(d)

   

(MUNI-CPI + 1.11%)

    155,000       6.490   12/01/2022   156,289
    165,000       6.510   12/01/2023   168,708

Ohio Higher Educational Facility Commission RB for University of Dayton Series 2006 A (AMBAC) (A2/A+)(d)

   

(MUNI-CPI + 1.11%)

      
    710,000       6.490   12/01/2022   715,903
    480,000       6.510   12/01/2023   490,787

Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (A3/NR)

    425,000       5.000   05/01/2023   435,703
    985,000       5.000   05/01/2024   1,030,494
    650,000       5.000   05/01/2026   701,709

Ohio State GO Refunding Bonds for Higher Education Series 2014 B (Aa1/AA+)

    7,485,000       5.000   08/01/2023   7,752,175

Ohio State Infrastructure Improvement GO Bonds Series 2013 A (Aa1/AA+)(b)

    6,505,000       4.000   08/01/2022   6,511,601

Ohio State RB for University Hospitals Health System, Inc. Obligated Group Series 2020 B (A2/A)(a)(b)

    5,335,000       5.000   01/15/2025   5,676,274

Ohio State RB Refunding for Premier Health Partners Obligated Group Series 2020 (Baa1/NR)

    140,000       5.000   11/15/2024   146,936
    280,000       5.000   11/15/2025   298,228

Ohio State Water Development Authority RB for Waste Management, Inc. Project Series 2002 (NR/A-/A-2) (a)(b)

    8,250,000       3.250   11/01/2022   8,283,898

State of Ohio Common Schools GO Bonds Series 2017A (AA+/Aa1)

    6,245,000       5.000   03/15/2037   6,489,217

State of Ohio Higher Educational Facility Revenue Refunding Bonds Series 2021B (AA-/NR)(b)(d)

   

(SIFMA Municipal Swap Index Yield + 0.23%)

    4,400,000       1.010   12/01/2026   4,311,617

State of Ohio Hospital RB Series 2018D (A/NR)(a)(b)

    11,775,000       5.000   09/15/2023   12,204,263

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Ohio – (continued)

State of Ohio Major New Infrastructure Project RB Series 2019-1 (AA/NR)

$

     1,000,000       5.000 %    12/15/2022   $       1,015,674
    1,295,000       5.000   12/15/2023   1,352,968

State of Ohio Turnpike Junior Lien Revenue Refunding Bonds 2022 Series A (Aa3\A+)(e)

    2,500,000       5.000   02/15/2024   2,590,782
    3,000,000       5.000   02/15/2025   3,168,051
    2,250,000       5.000   02/15/2026   2,415,598
    2,255,000       5.000   02/15/2027   2,458,986

Willoughby Eastlake City School District GO UT School Improvement Bonds Series 2016 (US TREASURY STRIPS/ US TREASUR)
(A2\NR)(b)

    1,500,000       5.000   12/01/2025   1,636,812
       

 

  171,304,819

 

Oklahoma – 0.9%

City of Tulsa GO Bonds Series 2021 (AA/NR)

    9,300,000       1.000   11/01/2026   8,466,143

Independent School District Combined Purpose GO Bonds Series 2020B (AA/NR)

    7,300,000       2.000   08/01/2024   7,269,693

Independent School District Combined Purpose GO Bonds Series 2021B (AA/NR)

    13,125,000       1.000   09/01/2025   12,329,529

Independent School District GO Combined Purposed Bonds Series 2020 (AA+/NR)

    7,700,000       2.000   03/01/2023   7,712,600

Independent School District GO Combined Purposed Bonds Series 2021 (AA+/NR)

    8,840,000       1.250   06/01/2026   8,252,417

Oklahoma County Independent School District Combined Purpose GO Bonds Series 2020A (AA/NR)

    16,520,000       1.250   07/01/2024   16,071,340

Oklahoma Development Finance Authority Health System RB Series 2018B (BB+/NR)

    525,000       5.000   08/15/2022   525,517
    500,000       5.000   08/15/2023   502,442
    500,000       5.000   08/15/2024   501,351

Oklahoma Development Finance Authority Limited Obligation RB Series 2020 (NR/NR)

    17,390,000       1.625   07/06/2023   17,102,296

Oklahoma Turnpike Authority System Refunding Second Senior RB Series 2017 (AA-/AA-)

    2,840,000       4.000   01/01/2023   2,874,035
       

 

  81,607,363

 

Oregon – 0.7%

City of Portland Second Lien Sewer System RB 2020 Series A (Aa2/AA)

    5,185,000       5.000   03/01/2025   5,573,452

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Oregon – (continued)

Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (NR/BBB-)

$

     385,000       5.000 %   03/01/2023   $          388,968
    200,000       5.000     03/01/2024   204,484
    200,000       5.000   03/01/2025   206,253

Multnomah County Hospital Facilities Authority Refunding RB for Adventist Health System Series 2019 (A/NR)(a)(b)

    8,845,000       5.000   03/01/2025   9,291,285

Oregon Facilities Authority Revenue Refunding Bonds 2020 Series A (BBB+/NR)

    400,000       5.000   10/01/2024   420,303
    125,000       5.000   10/01/2026   134,991

Oregon Health & Science University RB Series 2019A (AA-/AA-)

    850,000       5.000   07/01/2022   850,000
    950,000       5.000   07/01/2023   979,748

Port of Portland International Airport RB Series 28 (AMT) (NR\AA-)

    2,000,000       5.000   07/01/2024   2,094,651
    3,000,000       5.000   07/01/2025   3,198,711
    5,240,000       5.000   07/01/2026   5,643,824
    6,000,000       5.000   07/01/2027   6,532,790

Portland Community College District GO Bonds Series 2013 (AA+/NR)(b)

    6,930,000       5.000   06/15/2023   7,148,006

State of Oregon Business Development Commission Recovery Zone Facility Bonds Series 232 (A+/NR) (PUTABLE)(a)(b)(c)

    13,050,000       2.400   08/14/2023   13,085,551

State of Oregon GO Bonds 2021 Series H (AA+/AA+)

    1,330,000       1.000   08/01/2026   1,236,130

Washington & Multnomah Counties School District NO 48j Beaverton(e)

    1,000,000       5.000   06/15/2024   1,056,718
    1,555,000       5.000   06/15/2025   1,679,341
    1,285,000       5.000   06/15/2026   1,417,844
       

 

  61,143,050

 

Pennsylvania – 3.6%

Abington School District GO Bonds Series 2017 (ST AID WITHHLDG) (NR/AA)

    1,950,000       5.000   10/01/2022   1,967,022

Allegheny County Higher Education Building Authority for Carnegie Mellon University for RB Series 2022A (NR\AA)(b)(d)

   

(SOFR + 0.29%)

    5,330,000       1.368   08/01/2027   5,144,240

Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (NR/A)

    2,250,000       5.000   04/01/2023   2,302,957
    4,000,000       5.000   04/01/2024   4,195,069

Allegheny County Hospital Development Authority RB Refunding for UPMC Obligated Group Series 2019 A (A2/A)

    1,935,000       5.000   07/15/2022   1,936,823
    1,510,000       5.000   07/15/2023   1,554,696

Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 (NR/Baa3)

    500,000       5.000   05/01/2025   523,850

Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR)

    545,000       5.000   10/01/2022   547,508
    760,000       5.000   10/01/2023   777,569

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

City of Philadelphia Airport Revenue Refunding Bonds Series 2017B (AMT) (A-/A2)

$

     9,290,000       5.000 %    07/01/2025   $       9,864,101

City of Philadelphia Gas Works Revenue Refunding Bonds 13th Series (A/A3)

    2,000,000       5.000   08/01/2030   2,126,913

City of Philadelphia GO Refunding Bonds Series 2015A (A/A2)

    1,905,000       5.000   08/01/2025   2,055,623

Coatesville School District GO Refunding Bonds Series 2017 (AGM ST AID WITHHLDG) (A1/AA)

    1,025,000       5.000   08/01/2022   1,027,671

Coatesville School District GO Refunding Bonds Series 2017 (ETM) (AGM ST AID WITHHLDG) (A1/AA)

    100,000       5.000   08/01/2022   100,271

Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A1/A)

    2,270,000       5.000   06/01/2023   2,330,379

Commonwealth of Pennsylvania GO Bonds First Series 2013 (A+/AA-)

    23,100,000       4.000   04/01/2032   23,233,694

Commonwealth of Pennsylvania GO Refunding Bonds First Refunding Series 2017 (A+/AA-)

    33,465,000       5.000   01/01/2023   34,049,905

County of Lehigh Purpose Authority RB Refunding for Lehigh Valley Health Network Obligated Group Series 2019 A (A2/A+)

    800,000       5.000   07/01/2022   800,000
    925,000       5.000   07/01/2023   954,057
    1,735,000       5.000   07/01/2024   1,822,978

County of Westmoreland GO Bonds Tax Exempt 2013 Series A (NR/NR)

    55,000       5.000   12/01/2024   56,584

Cumberland County Municipal Authority RB Refunding for Messiah College Series 2020 SS3 (NR/A-)

    2,195,000       2.345   11/01/2026   1,991,286

Delaware County Authority RB Refunding for Neumann University Series 2020 (NR/BBB)

    195,000       4.000   10/01/2022   195,877
    235,000       5.000   10/01/2023   241,795

Delaware Valley Regional Finance Authority Local Government RB 2022 Series B (A1\A+)(b)(d)

   

(SIFMA Municipal Swap Index Yield + 0.40%)

    17,860,000       1.180   03/01/2026   17,726,766

Delaware Valley Regional Finance Authority Local Government RB 2022 Series C (NR\A+)(b)(d)

   

(SOFR + 0.49%)

    13,580,000       1.522   03/01/2027   12,904,368

Erie City Water Authority Water RB Series 2016 (A2/NR)(b)

    2,375,000       5.000   12/01/2026   2,647,332

Geisinger Authority Health System RB Refunding for Geisinger Health System Series 2020 B (A1/AA-)(a)(b)

    17,900,000       5.000   02/15/2027   19,369,500

General Authority of Southcentral Pennsylvania RB Series 2019B (NR/AA-)(b)(d)

   

(SIFMA Municipal Swap Index Yield + 0.60%)

    15,000,000       1.380   06/01/2024   14,949,974

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

Hospitals & Higher Education Facilities Authority of Philadelphia Hospital RB Series 2017 (BBB/BBB)

$

     4,000,000       5.000 %    07/01/2022   $       4,000,000
    1,750,000       5.000   07/01/2023   1,790,548

Lancaster School District GO Bonds Series 2016 (NR\AA)

    1,285,000       5.000   06/01/2030   1,379,400

Lehigh County General Purpose Authority RB Refunding for The Good Shepherd Obligated Group Series 2021 A (NR/A-)

    735,000       4.000   11/01/2024   756,188
    525,000       4.000   11/01/2025   541,877
    570,000       4.000   11/01/2026   590,948

Lehigh County IDA Pollution Control Revenue Refunding Bonds Series 2016B (NON-AMT) (A/NR) (PUTABLE)(a)(b)(c)

    9,000,000       1.800   08/15/2022   8,995,037

Monroeville Finance Authority UPMC RB Series 2022B (A/A2)

    400,000       5.000   02/15/2024   416,603

Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A2/A)

    600,000       5.000   09/01/2022   603,297
    550,000       5.000   09/01/2023   569,169
    650,000       5.000   09/01/2024   682,657

Municipal Authority of Westmoreland County Municipal Servce RB Series 2013 (A+/NR)(b)

    1,990,000       5.000   08/15/2023   2,062,231

Pennsylvania Economic Development Financing Authority Pollution Control Revenue Refunding Bonds Series 2008 (NON-AMT) (A/NR)

    25,180,000       0.400   10/01/2023   24,460,678

Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR)

    1,600,000       4.000   07/01/2030   1,574,200

Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2009 (A-/A-2/NR) (PUTABLE)(a)(b)(c)

    14,680,000       0.950   12/01/2026   12,768,301

Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2019A (A-/A-2/NR)(a)(b)

    6,500,000       1.750   08/01/2024   6,228,048

Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (A-/A-2/NR)(a)(b)

    7,440,000       1.100   11/02/2026   6,558,059

Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB Series 2015 (BBB/NR)

    1,800,000       5.000   12/31/2024   1,865,041

Pennsylvania Economic Development Financing Authority UPMC RB Series 2013A (A/A)

    2,040,000       5.000   07/01/2038   2,069,660

Pennsylvania Economic Financing Development Authority Sewage Sludge Disposal Revenue Refunding Bonds Series 2020 (NR/BBB+)

    370,000       3.000   01/01/2023   371,971
    430,000       3.000   01/01/2024   434,078
    505,000       3.000   01/01/2025   505,097
    615,000       4.000     01/01/2026   632,681

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

Pennsylvania Higher Educational Facilities Authority Drexel University RB Series 2020A (AGM) (AA/NR)

$

     500,000       5.000 %   05/01/2023   $          513,548
    300,000       5.000   05/01/2024   314,844
    350,000       5.000   05/01/2025   373,820

Pennsylvania Turnpike Commission Oil Franchise Tax Senior Revenue Refunding Bonds Series 2016A (NR/AA)

    1,000,000       5.000   12/01/2022   1,015,087

Pennsylvania Turnpike Commission RB Series 2018 B (A1/NR)(d)

   

(SIFMA Municipal Swap Index Yield + 0.70%)

    11,750,000       1.480   12/01/2023   11,756,640

Pennsylvania Turnpike Commission Revenue Refunding Bonds Motor License Fund Enhanced Turnpike Subordinate Special Revenue Refunding Bonds 1st Series 2016 (NR/A1)

    1,875,000       5.000   12/01/2026   2,078,364

Pennsylvania Turnpike Commission Turnpike Subordinate RB Series 2009C (A1\AA)

    1,500,000       6.250   06/01/2033   1,691,320

Pennsylvania Turnpike Commission Turnpike Subordinate Revenue Refunding Bonds Series 2016 (NR/A-)

    8,375,000       5.000   06/01/2029   8,932,809

Pennsylvania Turnpike Commission Turnpike Subordinate Revenue Refunding Bonds Series 2020 (NR/A-)

    895,000       2.013   12/01/2024   854,823

Philadelphia Authority for Industrial Development University Refunding RB Series 2020C (A-/NR)

    250,000       4.000   11/01/2022   252,056
    535,000       4.000   11/01/2024   551,277

Philadelphia School District GO Bonds Series 2015A (ST AID WITHHLDG) (NR/A+)

    2,415,000       5.000   09/01/2027   2,606,386

Philadelphia School District GO Bonds Series 2019A (ST AID WITHHLDG) (NR/A+)

    645,000       5.000   09/01/2022   648,596
    845,000       5.000   09/01/2023   873,957

Philadelphia School District GO Refunding Bonds Series 2020 (ST AID WITHHLDG) (NR/A+)

    5,000,000       5.000   09/01/2022   5,027,874
    8,000,000       5.000   09/01/2023   8,274,152

Pittsburgh Water & Sewer Authority System First Lien RB Series 2019A (A/NR)

    250,000       5.000   09/01/2022   251,386
    270,000       5.000   09/01/2023   279,347

Pittsburgh Water & Sewer Authority System First Lien RB Series 2019A (AGM) (AA/NR)

    275,000       5.000   09/01/2024   290,836

Pittsburgh Water & Sewer Authority System First Lien Revenue Refunding Bonds Series 2017C (AGM) (AA/NR)(b)(d)

   

(SIFMA Municipal Swap Index Yield + 0.65%)

    11,605,000       1.430   12/01/2023   11,610,799

Southeastern Pennsylvania Transportation Authority Capital Grant Receipts RB Series 2020 (AA-/NR)

    1,100,000       5.000   06/01/2024   1,151,492
    1,310,000       5.000     06/01/2025   1,397,865

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

Sports And Exhibition Authority of Pittsburgh & Allegheny County Parking System RB Series 2017 (A/NR)

$

     280,000       5.000 %   12/15/2022   $          284,162

Sports and Exhibition Authority of Pittsburgh and Alleghany County Hotel Room Excise Tax RB Refunding Series 2022A (A2\AA)

    1,425,000       4.000   02/01/2024   1,466,323

State of Pennsylvania GO Bonds Series 2015 (AGM-CR) (AA/NR)

    5,000,000       5.000   08/15/2022   5,021,172

Susquehanna Area Regional Airport Authority Airport System RB (NR/Baa3)

    3,050,000       5.000   01/01/2027   3,065,660

The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 A (NR/BB-)

    1,400,000       5.000   02/01/2023   1,412,169
    450,000       5.000   02/01/2024   458,056

Westmoreland County IDA Health System Tax Exempt RB Series 2020A (NR/NR)

    300,000       4.000   07/01/2022   300,000
    350,000       4.000   07/01/2023   354,646
    450,000       4.000   07/01/2024   458,934
    575,000       4.000   07/01/2025   589,348
    625,000       4.000   07/01/2026   642,442

York Suburban School District GO Bonds Series 2019A (BAM ST AID WITHHLDG) (AA/NR)

    2,745,000       4.000   02/15/2023   2,785,306
    2,070,000       4.000   02/15/2024   2,129,032
       

 

  326,969,105

 

Puerto Rico – 1.5%

Puerto Rico Commonwealth GO Bonds (NR\NR)*(a)(h)(i)

    3,154,733       0.000   11/01/2043   1,569,480

Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR)

    507,052       5.250   07/01/2023   516,240
    233,536       0.000 (g)    07/01/2024   213,734
    505,630       5.375   07/01/2025   524,988
    501,051       5.625   07/01/2027   533,000
    492,922       5.625   07/01/2029   529,279
    478,771       5.750   07/01/2031   522,849
    584,255       0.000 (g)    07/01/2033   328,167
    454,000       4.000   07/01/2033   415,969
    408,086       4.000   07/01/2035   365,467
    350,245       4.000   07/01/2037   309,874
    476,200       4.000   07/01/2041   411,914
    495,242       4.000   07/01/2046   415,504

Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A2/AA)(d)

   

(3M USD LIBOR + 0.52%)

    55,400,000       2.046   07/01/2029   57,321,289

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (A2/AA)

    25,000       5.250   07/01/2032   25,519

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Puerto Rico – (continued)

Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)(g)

$

     21,568,000       0.000 %    07/01/2024   $     20,052,982
    34,289,000       0.000     07/01/2027   28,380,930
    15,126,000       0.000     07/01/2029   11,399,144
    484,000       0.000     07/01/2031   327,765
    732,000       0.000     07/01/2033   440,219
    4,705,000       0.000     07/01/2046   1,265,365
    3,833,000       0.000     07/01/2051   762,192

Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)

    1,862,000       4.329   07/01/2040   1,748,548
    56,000       4.536   07/01/2053   52,261
    747,000       4.784   07/01/2058   713,511

Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)

    362,000       4.500   07/01/2034   363,552
    183,000       4.550   07/01/2040   176,275
    1,345,000       4.750   07/01/2053   1,292,296
    3,400,000       5.000   07/01/2058   3,342,131

State of Delaware GO Custodial Receipts Series 2017A (NR/NR)(h)

    1,030,000       0.000   03/15/2049   938,202
       

 

  135,258,646

 

Rhode Island – 0.1%

City of Providence GO Refunding Bonds 2021 Series A (BBB+/NR)

    425,000       5.000   01/15/2023   431,741
    400,000       5.000   01/15/2024   415,748
    440,000       5.000   01/15/2025   465,479
    450,000       5.000   01/15/2026   482,905

Rhode Island Health & Educational Building Corp Higher Education Facilities RB Series 2012 (AA+/NR)

    4,970,000       5.000   09/01/2022   4,999,128
       

 

  6,795,001

 

South Carolina – 0.3%

Berkeley County School District GO Unlimited Bonds Series 2014 A (SCSDE) (Aa1/AA)

    4,950,000       3.000   03/01/2026   5,001,696

Charleston County School District GO Bonds Series 2018 (SCSDE) (Aa1/NR)

    4,015,000       5.000   03/01/2023   4,106,611

Patriots Energy Group Financing Agency Gas Supply RB Series 2018A (NR/NR)(a)(b)

    1,500,000       4.000   02/01/2024   1,527,452

Piedmont Municipal Power Agency Electric RB Refunding Series 2021E (A-/A-)

    500,000       5.000   01/01/2024   520,860

Piedmont Municipal Power Agency Electric RB Series 2015A (A-/A3)

    3,000,000       5.000   01/01/2026   3,184,829

South Carolina Public Service Authority RB Series 2016 D (A2/A)

    6,756,000       2.388   12/01/2023   6,641,880

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

South Carolina – (continued)

South Carolina Public Service Authority Revenue Obligations Tax Exempt Refunding Series 2021A (A/A-)

$

     800,000       5.000 %    12/01/2025   $          854,765
    625,000       5.000   12/01/2026   675,648

South Carolina Public Service Authority Santee Cooper RB Refunding Series 2014 D (A2/A)

    1,050,000       3.056   12/01/2023   1,042,638

Spartanburg Regional Health Services District Hospital RB Series 2020A (AGM) (AA/NR)

    730,000       5.000   04/15/2023   747,967
    835,000       5.000   04/15/2024   875,373
    925,000       5.000   04/15/2025   986,878
    1,010,000       5.000   04/15/2026   1,095,294
    700,000       5.000   04/15/2027   770,028

Spartanburg Regional Health Services District Hospital Revenue Refunding Bonds Series 2022 (A3/A)

    1,200,000       5.000   04/15/2023   1,228,499
       

 

  29,260,418

 

South Dakota – 0.1%

South Dakota Health & Educational Facitlites Authority RB Series 2019A (AA-/NR)(a)(b)

    7,725,000       5.000   07/01/2024   8,085,493

 

Tennessee – 0.9%

Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (Baa1/A-)

    1,000,000       5.000   08/01/2025   1,054,101

City of Memphis GO Bonds Series 2018 (Aa2/AA)

    8,405,000       5.000   06/01/2028   9,182,772

Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2013 A (Aa2/AA)

    9,625,000       5.000   01/01/2023   9,790,848

Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2015 C (Aa2/AA)

    5,500,000       5.000   07/01/2023   5,681,576

Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2018 (Aa2/AA)

    22,625,000       5.000   07/01/2022   22,625,000
    17,965,000       5.000   07/01/2023   18,558,093

Montgomery County GO Bonds Series 2022A (AA/Aa2)

    4,850,000       5.000   04/01/2027   5,423,711

Tennergy Corp. Gas Supply RB Series 2021A (A1\NR)(a)(b)

    9,350,000       4.000   09/01/2028   9,401,993

Williamson County GO Public Improvement and School Bonds Series 2018 (NR/Aaa)

    3,475,000       5.000   04/01/2025   3,747,008
       

 

  85,465,102

 

Texas – 8.2%

Alamo Community College District GO Refunding Bonds Series 2017 (Aaa/AAA)

    6,475,000       3.000   08/15/2022   6,488,113

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Alvin Independent School District GO Bonds RMKT 08/17/20 Series 2014 B (PSF-GTD) (Aaa/NR)(a)(b)

$

     4,250,000       0.450 %    08/15/2023   $       4,189,007

Arlington Higher Education Finance Corp. RB for Riverwalk Education Foundation, Inc. Series 2019 (PSF-GTD) (NR/AAA)

    350,000       5.000   08/15/2022   351,367
    325,000       5.000   08/15/2023   336,348
    325,000       5.000   08/15/2024   343,794
    475,000       5.000   08/15/2025   512,650

Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (NR/B)

    750,000       5.000   01/01/2023   754,205

Baytown Municipal Development District RB for Baytown Convention Center Hotel Series 2021 C (NR/AA-)

    1,515,000       5.000   10/01/2039   1,669,300

Bexar County Housing Finance Corp. RB Refunding for Westcliffe Housing Foundation, Inc. Series 2004 (Aa1/NR)

    180,000       3.750   02/01/2035   180,690

Burleson Independent School District UT Refunding Bonds Series 2022 (NR/Aa3)(e)

    1,880,000       5.000   02/01/2024   1,966,071

Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 B (A3/A-)

    250,000       5.000   01/01/2025   263,677
    240,000       5.000   01/01/2026   257,155

Central Texas Regional Mobility Authority RB Series 2021 C (Baa1/BBB+)

    5,500,000       5.000   01/01/2027   5,864,145

Central Texas Regional Mobility Authority Senior Lien RB Series 2015A (US TREASURY OBLIGATIONS) (A3\A-)(b)

    3,000,000       5.000   07/01/2025   3,245,404
    13,000,000       5.000   07/01/2025   14,063,414

Central Texas Regional Mobility Authority Senior Lien RB Series 2020 F (Baa1/BBB+)

    7,250,000       5.000   01/01/2025   7,560,481

City of Austin RB for Airport System Series 2019 B (AMT) (A1/A)

    1,000,000       5.000   11/15/2023   1,035,283

City of Brownsville Utilities System Revenue Refunding Bonds Series 2013A (FHL BANKS / FARM CREDIT SYSTEM) (A2\A-)(b)

    10,000,000       4.000   09/01/2023   10,258,033

City of Celina Special Assessment Bonds for The Lake at Mustang Ranch Public Improvement District Phase#1 Project Series 2020 (BAM) (NR/AA)

    280,000       4.000   09/01/2023   284,704
    305,000       4.000   09/01/2025   312,837
    320,000       4.000   09/01/2026   328,729
    335,000       4.000   09/01/2027   342,817
    350,000       4.000   09/01/2028   355,061

City of Dallas GO Refunding and Improvement Bonds Series 2014 (A1\AA-)

    7,000,000       5.000   02/15/2028   7,274,891

City of Dallas Waterworks and Sewer System Revenue Refunding Bonds Series 2015A (AAA/Aa2)

    1,750,000       5.000   10/01/2026   1,901,950

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Denton Independent School District Variable Rate UT Bonds Series 2014-B (NR\AAA)(a)(b)

$

     4,320,000       2.000 %    08/01/2024   $       4,267,511

City of Denton Independent School District Variable Rate UT Building Bonds Series 2014-B (CASH) (NR\NR) (PUTABLE)(a)(b)(c)

    680,000       2.000   08/01/2024   673,907

City of El Paso GO Bonds Series 2016 (NR/AA)

    4,000,000       5.000   08/15/2042   4,269,104

City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (NR/AA)

    135,000       4.000   08/15/2023   137,158
    140,000       4.000   08/15/2024   143,183

City of Hackberry Special Assessment & Contract Revenue Road Refunding Bonds for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-)(g)

    280,000       0.000     09/01/2022   279,008

City of Hackberry Special Assessment & Contract Revenue Utility Refunding Bonds for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-)(g)

    405,000       0.000     09/01/2022   403,522

City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)(g)

    70,000       0.000     09/01/2022   69,537
    70,000       0.000     09/01/2023   66,627

City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-)

    405,000       4.000   09/01/2023   413,248

City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+)

    65,000       5.000   08/15/2022   65,203
    75,000       5.000   08/15/2023   76,890

City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA)

    310,000       3.000   09/15/2024   313,045
    320,000       3.000   09/15/2025   322,174

City of Lubbock GO Bonds Series 2013 (Aa2/AA+)(b)

    7,360,000       4.000   02/15/2023   7,471,505

City of Mclendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (NR/AA)

    285,000       4.000   09/15/2025   292,456
    295,000       4.000   09/15/2026   302,496
    305,000       4.000   09/15/2027   312,807
    320,000       4.000   09/15/2028   326,898

City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)(f)

    110,000       2.500   09/01/2026   100,146

City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015A (A+/AA-)(a)(b)

    27,875,000       1.750   12/01/2024   27,453,329

City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015C (A+/AA-)(a)(b)

    36,630,000       1.750   12/01/2024   35,882,525

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2018 (A+/AA-)(a)(b)

$

     5,200,000       2.750 %    12/01/2022   $       5,211,061

City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2020 (A+/AA-)(a)(b)

    10,750,000       1.750   12/01/2025   10,394,315

City of San Antonio Electric and Gas Systems Fixed and Variable Rate Junior Lien Revenue Refunding Bonds Series 2022 (Aa3\A+)(a)(b)

    1,260,000       5.000   02/01/2026   1,372,261
    12,000,000       2.000   12/01/2027   11,366,904

City of San Antonio Water System Variable Rate Junior Lien RB Series 2013F (AA/NR)(a)(b)

    20,000,000       1.000   11/01/2026   18,470,882

City of San Antonio Water System Variable Rate Junior Lien RB Series 2014B (AA/AA)(a)(b)

    5,750,000       2.000   11/01/2022   5,747,182

City of San Antonio Water System Variable Rate Junior Lien RB Series 2019A (AA/AA)(a)(b)

    15,000,000       2.625   05/01/2024   14,981,768

Clear Creek Independent School District GO Bonds RMKT 08/14/20 Series 2013 B (PSF-GTD) (NR/AAA)(a)(b)

    15,000,000       0.500   08/15/2023   14,779,938

Clear Creek Independent School District GO Bonds RMKT 08/16/21 Series 2013 B (PSF-GTD) (NR/AAA)(a)(b)

    5,000,000       0.280   08/15/2024   4,711,927

County of Fort Bend GO Refunding Bonds Series 2015 B (Aa1/NR)

    3,740,000       5.000   03/01/2023   3,825,834

Dallas Independent School District GO Bonds Series 2019 B (PSF-GTD) (Aaa/AAA)

    11,365,000       5.000   02/15/2024   11,934,606

Dickinson Independent School District GO Refunding Bonds RMKT 08/02/21 Series 2013 (PSF-GTD) (Aaa/AAA)(a)(b)

    8,000,000       0.250   08/01/2023   7,872,481

Ector County Hospital District GO Refunding Bonds Series 2020 (Baa2/BBB-)

    400,000       5.000   09/15/2022   402,189
    425,000       5.000   09/15/2023   436,466
    450,000       5.000   09/15/2024   468,056
    450,000       5.000   09/15/2025   473,385
    620,000       5.000   09/15/2026   659,077

Fort Bend Independent School District GO Bonds Series 2020 B (PSF-GTD) (NR/AAA)(a)(b)

    6,205,000       0.875   08/01/2025   5,908,903

Fort Bend Independent School District Variable Rate UT Refunding Bonds Series 2019A (PSF-GTD) (AAA/AAA)(a)(b)

    4,150,000       1.950   08/01/2022   4,150,253

Goose Creek Consolidated Independent School District GO Bonds RMKT 08/16/21 Series 2014 B (PSF-GTD) (Aaa/AAA)(a)(b)

    4,000,000       0.600   08/17/2026   3,675,016

Grand Parkway Transportation Corp. RB Series 2013 (NR/BBB)

    7,110,000       5.000   02/01/2023   7,227,863

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (NR/AA)

$

     270,000       4.000 %    09/01/2022   $          271,050
    300,000       4.000   09/01/2024   308,442

Hale Center Education Facilities Corp. Revenue Improvement and Revenue Refunding Bonds Series 2022 (NR\BBB+)

    500,000       5.000   03/01/2023   508,401
    450,000       5.000   03/01/2024   466,333
    475,000       5.000   03/01/2025   496,406
    675,000       5.000   03/01/2026   710,568
    990,000       5.000   03/01/2027   1,047,548

Harris County Cultural Education Facilities Corp Hospital RB Series 2019B Subseries 1 (A+/NR)(a)(b)

    7,500,000       5.000   09/01/2022   7,543,241

Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2019 B-2 (A1/A+)(a)(b)

    8,000,000       5.000   12/01/2024   8,459,970

Harris County Cultural Education Facilities Finance Corp. RB Refunding for Baylor College of Medicine Series 2020 (NR/A)

    700,000       1.447   11/15/2022   696,896
    500,000       1.841   11/15/2024   477,894

Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2019 A (A1/A+)

    2,000,000       5.000   12/01/2022   2,027,954
    2,500,000       5.000   12/01/2023   2,605,813

Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2020 C-3 (A1/A+)(a)(b)

    8,700,000       5.000   12/01/2026   9,491,308

Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A1/A+)(d)

   

(SIFMA Municipal Swap Index Yield + 1.05%)

    5,685,000       1.830   06/01/2024   5,724,528

Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Children’s Hospital Obligated Group Series 2019 B
(Aa2/AA)(a)(b)

    5,070,000       5.000   10/01/2024   5,360,251

Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Obligated Group Series 2019 B (A1/AA-)(a)(b)

    8,940,000       0.900   05/15/2025   8,789,771

Harris County Toll Road First Lien Revenue Refunding Bonds Series 2022A (NR/Aa2)

    3,000,000       5.000   08/15/2025   3,255,658
    4,500,000       5.000   08/15/2026   4,981,739
    3,000,000       5.000   08/15/2027   3,380,017

Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (Aa1/AA-)(d)

   

(3M USD LIBOR + 0.67%)

    45,255,000       1.616   08/15/2035   41,561,228

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-)

$

     90,000       3.000 %    09/01/2022   $            90,143
    95,000       3.000   09/01/2023   95,825

Houston Independent School District Variable Rate LT Refunding Bonds Series 2012 (PSF-GTD) (AAA/NR) (PUTABLE)(a)(b)(c)

    6,000,000       4.000   06/01/2023   6,107,675

Houston Independent School District Variable Rate LT Schoolhouse Bonds Series 2014A-1B (PSF-GTD) (AAA/NR)(a)(b)

    10,000,000       4.000   06/01/2023   10,179,458

Hunt Memorial Hospital District Charitable Health GO Refunding Bonds Series 2020 (A2/BBB+)

    325,000       5.000   02/15/2023   330,738
    275,000       5.000   02/15/2024   285,218

Kaufman County Fresh Water Supply District No. 1 Refunding for Road Series 2016 C (AGM) (NR/AA)

    330,000       3.000   09/01/2022   330,841

Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (PSF-GTD) (NR/NR)(b) (g)

    18,135,000       0.000     08/15/2024   6,324,822
    12,500,000       0.000     08/15/2024   3,865,419

Love Field Airport Modernization Corp. General Airport Revenue Refunding Bonds Series 2021 (AMT) (NR\A-)

    3,620,000       5.000   11/01/2027   3,924,511

Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 1996 (AMT) (Baa2/A-) (PUTABLE)(a)(b)(c)

    3,375,000       0.900   09/01/2023   3,318,632

Metropolitan Transit Authority of Harris County Sales and Use Tax Contractual Obligations RB Series 2018 (Aa2/AAA)

    3,020,000       5.000   11/01/2022   3,055,985
    1,110,000       5.000   11/01/2023   1,156,688

New Caney Independent School District GO Bonds Series 2018 (PSF-GTD) (Aaa/NR)(a)(b)

    4,725,000       1.250   08/15/2024   4,627,018

North East Independent School District Variable Rate LT Refunding Bonds Series 2017 (PSF-GTD) (NR/AAA)(a)(b)

    5,000,000       2.375   08/01/2022   5,004,123

North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A2/A)

    1,215,000       5.000   01/01/2024   1,233,908

Northside Independent School District UT Refunding Bonds Series 2016 (NR/Aa1)

    2,390,000       5.000   06/15/2027   2,608,955

Northside Independent School District Variable Rate UT School Building Bonds Series 2020 (PSF-GTD) (NR/AAA)(a)(b)

    32,150,000       0.700   06/01/2025   30,452,830

Pasadena Independent School District Variable Rate UT School Building Bonds (PSF-GTD) (AAA/NR)(a)(b)

    3,845,000       1.500   08/15/2024   3,791,222

Pflugerville Independent School District Variable Rate UT School Building Bonds Series 2019B (PSF-GTD) (AAA/NR)(a)(b)

    7,500,000       2.500   08/15/2023   7,560,749

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Round Rock Independent School District UT Refunding Bonds Series 2019B (NR/AAA)

$

     2,485,000       4.000 %    08/01/2023   $       2,546,596

Southwest Houston Redevelopment Authority Tax Increment Contract RB Series 2020 (AGM) (AA/NR)

    300,000       5.000   09/01/2025   320,096

State of Texas Toll Parkway Authority First Tier RB Series 2002-A (AMBAC) (A/A)(g)

    6,950,000       0.000     08/15/2023   6,709,134

Tarrant County College District GO Bonds Series 2022 (AAA/NR)(e)

    1,750,000       5.000   08/15/2024   1,854,178
    3,500,000       5.000   08/15/2025   3,788,435
    3,060,000       5.000   08/15/2026   3,378,087

Tarrant County Cultural Education Facilities Finance Corp Hospital RB Taxable Series 2021 (AGM) (AA/NR)

    700,000       1.356   09/01/2024   662,151
    600,000       1.386   09/01/2025   549,917

Tarrant County Cultural Education Facilities Finance Corp Revenue Refunding Bonds Series 2018A (A+/NR)

    1,795,000       5.000   07/01/2022   1,795,000

Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A2/A-)(d)

   

(3M USD LIBOR + 0.70%)

    8,385,000       1.925   12/15/2026   8,264,943

Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A2/A-)(d)

   

(SIFMA Municipal Swap Index Yield + 0.55%)

    8,595,000       1.330   09/15/2027   8,446,353

Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A2/A-)(d)

   

(3M USD LIBOR + 0.69%)

    125,000,000       1.897   09/15/2027   121,883,850

Texas Municipal Gas Acquisition and Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (A3\BBB+)

    10,250,000       5.000   12/15/2027   10,884,750

Texas Municipal Gas Acqusition & Supply Corp Gas Supply Revenue Refunding Bonds Series 2021 (BBB+/NR)

    670,000       5.000   12/15/2023   689,421
    735,000       5.000   12/15/2024   765,047
    1,000,000       5.000   12/15/2025   1,051,273

Texas Public Finance Authority RB Refunding for Southern University Series 2021 (NR/NR)

    270,000       5.000   05/01/2023   276,867
    350,000       5.000   05/01/2024   365,718
    490,000       5.000   05/01/2025   513,778
    520,000       5.000   05/01/2026   551,090
    640,000       5.000   05/01/2027   684,175

Texas Transportation Commission State Highway Fund First Tier RB Series 2016-B (AAA/NR)

    46,000,000       0.560   04/01/2026   41,671,745

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Texas Water Development Board State Revolving Fund RB Series 2022 (AAA/NR)

$

     1,500,000       5.000 %   08/01/2023   $       1,553,868
    750,000       5.000   08/01/2024   796,293
    700,000       5.000     08/01/2025   760,338
    875,000       5.000   08/01/2026   969,024
    925,000       5.000   08/01/2027   1,042,082

Tomball Independent School District Variable Rate UT School Building Bonds Series 2014B (PSF-GTD) (AAA/NR)(a)(b)

    4,700,000       0.260   08/15/2024   4,389,196

Tomball Independent School District Variable Rate UT School Building Bonds Series 2014B-1 (PSF-GTD) (AAA/NR)(a)(b)

    2,675,000       0.450   08/15/2023   2,636,611

Tomball Independent School District Variable Rate UT School Building Bonds Series 2014B-3 (PSF-GTD) (AAA/NR)(a)(b)

    11,650,000       1.350   08/15/2022   11,650,278

Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) (NR/NR)(f)

    245,000       2.375   09/01/2026   217,268

University of Houston Board of Regents System Consolidated Revenue Refunding Bonds Series 2022A (AA/Aa2)

    500,000       5.000   02/15/2024   523,999
    375,000       5.000   02/15/2025   401,010
    650,000       5.000   02/15/2026   708,162
    600,000       5.000   02/15/2027   664,724
    2,000,000       5.000   02/15/2028   2,245,020

University of Texas Board of Regents System Revenue Financing Series 2017C (AAA/AAA)

    10,620,000       5.000   08/15/2023   11,007,549

Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (NR/NR)

    375,000       2.000   08/15/2022   374,997
    260,000       2.000   08/15/2024   253,673
    270,000       2.000   08/15/2026   252,856
       

 

  748,462,100

 

Utah – 0.7%

Alpine School District Board of Education GO Refunding Bonds Series 2021A (Aaa\NR)

    6,290,000       5.000   03/15/2027   7,043,314

State of Utah GO Refunding Bonds Series 2015 (AAA/Aaa)(b)

    21,970,000       3.500   01/01/2025   22,721,877

University of Utah Board of Regents General Revenue Series 2015B (AA+/NR)

    5,370,000       5.000   08/01/2023   5,557,596

University of Utah Board of Regents General Revenue Series 2016B-1 (AA+/NR)

    2,415,000       5.000   08/01/2023   2,499,366

Utah Board of Higher Education General RB Series 2022B (AA+/Aa1)

    2,210,000       5.000   08/01/2026   2,439,164
    1,430,000       5.000   08/01/2027   1,605,091

Utah County RB Series 2020B-1 (AA+/NR)(a)(b)

    5,715,000       5.000   08/01/2024   6,030,684

Utah County RB Series 2020B-2 (AA+/NR)(a)(b)

    6,000,000       5.000   08/01/2026   6,561,447

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Utah – (continued)

Utah Transit Authority Sales Tax Revenue Refunding Bonds Series 2015A (AA-/Aa3)(b)

$

     5,000,000       5.000 %    06/15/2025   $       5,412,167
       

 

  59,870,706

 

Virgin Islands – 0.0%

Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2012 A (NR/NR)

    170,000       4.000   10/01/2022   169,723

Virgin Islands Public Finance Authority Revenue Refunding Bonds Series 2012A (AGM-CR) (AA/NR)

    100,000       4.000   10/01/2022   100,408
       

 

  270,131

 

Virginia – 3.0%

Chesapeake Bay Bridge & Tunnel District RB First Tier General Resolution Anticipation Notes Series 2019 (Baa2/BBB)

    22,680,000       5.000   11/01/2023   23,437,476

City of Alexandria GO Refunding Bonds Series 2017 D (ST AID WITHHLDG) (Aaa/AAA)

    355,000       5.000   07/01/2022   355,000

City of Chesapeake IDA Pollution Control Refunding RB Series 2008A (Non-Amt) (BBB+/A) (PUTABLE)(a)(b)(c)

    2,250,000       1.900   06/01/2023   2,233,210

City of Salem Economic Development Authority Educational Facilities RB Series 2020 (BBB+/NR)

    250,000       5.000   04/01/2023   255,046
    270,000       5.000   04/01/2024   280,953
    270,000       5.000   04/01/2025   283,537

Commonwealth of Virginia Transportation Board Grant Anticipation Revenue Notes Series 2013A (AA+/AA+)(b)

    5,225,000       5.000   03/15/2023   5,349,780

Commonwealth of Virginia Transportation Board Revenue Refunding Bonds (AA+/AA+)

    2,345,000       5.000   05/15/2023   2,412,429

County of Spotsylvania Economic Development Authority Public Facilities Revenue Refunding Bonds Series 2021 (NR\AA+)

    3,185,000       5.000   06/01/2027   3,556,612

Fairfax County Public Improvement Bonds Series 2022A (Aaa\AAA)

    12,195,000       4.000   10/01/2024   12,732,087
    13,580,000       4.000   10/01/2025   14,363,183
    13,635,000       4.000   10/01/2026   14,595,410

Halifax County IDA Recovery Zone Facility RB Series 2010A (NON-AMT) (A2\BBB+) (PUTABLE)(a)(b)(c)

    5,000,000       1.650   05/31/2024   4,867,808

Hampton Roads Transportation Accountability Commission RB Series 2019 A (Aa3/A+)

    34,395,000       5.000   07/01/2022   34,395,000

Henry County Industrial Development Authority Grant Anticipation RB Series 2019 B (A1/NR)

    8,365,000       2.000   11/01/2023   8,365,592

Loudown County GO Public Improvement Bonds Series 2021A (AAA/Aaa)

    7,555,000       5.000   12/01/2025   8,262,288

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Virginia – (continued)

Louisa Industrial Development Authority RB Virginia Electric and Power Co. Series 2008 B (A2/BBB+) (PUTABLE)(a)(b)(c)

$

     2,500,000       0.750 %    09/02/2025   $       2,303,316

Newport GO Refunding Bonds Series 2021 C (Aa1\AA+)

    2,165,000       3.000   02/01/2027   2,212,039

Peninsula Ports Authority of Virginia Coal Terminal Revenue Refunding Bonds Series 2003 (BBB/NR) (PUTABLE)(a)(b)(c)

    2,400,000       1.700   10/01/2022   2,398,368

Town of Louisa IDA Pollution Control Refunding RB Series 2008A (BBB+/A) (PUTABLE)(a)(b)(c)

    1,325,000       1.900   06/01/2023   1,315,113

University of Virginia Rector & Visitors General Revenue Pledge Refunding Bonds Series 2015A (AAA/AAA)

    20,705,000       5.000   04/01/2045   21,843,518

Virginia College Building Authority Educational Facilities RB for 21st Century College and Equipment Programs Series 2022A (AA+/Aa1)

    13,500,000       5.000   02/01/2025   14,484,589
    16,620,000       5.000   02/01/2026   18,214,346

Virginia College Building Authority Educational Facilities RB Series 2014A (AA+/AA+)(b)

    7,880,000       4.000   02/01/2024   8,139,492

Virginia College Building Authority Educational Facilities RB Series 2021 (BBB-/NR)

    175,000       5.000   06/01/2023   179,209
    250,000       5.000   06/01/2024   259,994
    270,000       5.000   06/01/2025   284,157
    340,000       5.000   06/01/2026   360,632
    300,000       5.000   06/01/2027   320,531

Virginia College Building Authority Educational Facilities Revenue Refunding Bonds Series 2017B (Aa1\AA+)

    20,445,000       5.000   02/01/2025   21,872,353

Virginia Housing Development Authority RB for Rental Housing Series 2019 E (Aa1/AA+)

    4,500,000       1.400   12/01/2023   4,455,843

Virginia Housing Development Authority Rental Housing Bonds 2018 Series E-NON-AMT (AA+/NR)

    5,660,000       2.500   12/01/2022   5,662,356
    11,625,000       0.670   03/01/2025   11,115,089

Virginia Port Authority Commonwealth Port Fund Revenue Refunding Bonds Series 2015A (AMT) (A/NR)(b)

    2,000,000       5.000   07/01/2025   2,139,609

Virginia Small Business Financing Authority RB Refunding National Senior Campuses, Inc. Obligated Group Series 2020 A (NR/NR)

    700,000       5.000   01/01/2025   736,052
    1,250,000       5.000   01/01/2026   1,332,492

Wise County IDA Solid Waste & Sewage Disposal RB Series 2009A (BBB+/NR) (PUTABLE)(a)(b)(c)

    12,500,000       0.750   09/02/2025   11,516,579

Wise County IDA Solid Waste & Sewage Disposal RB Series 2010A (NON-AMT) (BBB+/NR) (PUTABLE)(a)(b)(c)

    6,805,000       1.200   05/31/2024   6,568,856

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Virginia – (continued)

York County Economic Development Authority Pollution Control Refunding RB Series 2009A (NON-AMT) (BBB+/A)
(PUTABLE)(a)(b)(c)

$

     4,250,000       1.900 %    06/01/2023   $       4,218,286
       

 

  277,678,230

 

Washington – 3.6%

City of Seattle Light and Power Improvement and Refunding RB Series 2022 (AA/Aa2)(e)

    18,495,000       5.000   07/01/2024   19,583,786
    19,635,000       5.000   07/01/2025   21,247,157

City of Seattle LT GO Improvement and Refunding Bonds Series 2021A (Aaa/AAA)

    5,035,000       5.000   12/01/2025   5,508,105

City of Seattle Municipal Light & Power Refunding RB 2021 Series B (AA/NR)(b)(d)

   

(SIFMA Municipal Swap Index Yield + 0.25%)

    10,000,000       1.030   11/01/2026   9,883,072

King County Housing Authority RB Refunding Series 2020 (NR/AA)

    225,000       3.000   06/01/2024   227,628
    280,000       3.000   06/01/2025   282,970

King County Junior Lien Sewer RB Refunding Series 2020 A
(Aa2/AA)(a)(b)

    15,845,000       0.625   01/01/2024   15,179,049

King County Junior Lien Sewer Revenue Refunding Bonds 2021 Series A (AA/NR)(b)(d)

   

(SIFMA Municipal Swap Index Yield + 0.23%)

    11,250,000       1.010   01/01/2027   11,018,199

King County LT GO and Refunding Bonds 2022 Series A (Aaa/AAA)

    7,395,000       5.000   07/01/2024   7,833,711

King County Sewer RB Series 2014 A (AGM) (Aa1/AA+)

    29,000,000       5.000   01/01/2047   30,360,929

State of Washington Certificates of Participation Series 2019D (NR/NR)

    3,935,000       5.000   07/01/2024   4,164,484

State of Washington Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2013B (AA+/AA+)

    5,000,000       5.000   07/01/2024   5,000,000

State of Washington Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2015B (AA+/Aaa)

    4,460,000       5.000   07/01/2025   4,716,513

State of Washington MVFT GO Refunding Bonds Series R-2020D (Aaa\AA+)

    21,510,000       5.000   07/01/2024   22,773,091

State of Washington Various Purpose GO Bonds Series 2022C Bid Group 3 (Aaa\AA+)

    17,265,000       5.000   02/01/2025   18,524,180

State of Washington Various Purpose GO Refunding Bonds Series R-2013C (AA+/AA+)

    6,500,000       5.000   07/01/2025   6,700,940

State of Washington Various Purpose GO Refunding Bonds Series R-2015E (AA+/Aaa)

    8,000,000       5.000   07/01/2030   8,477,330

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Washington – (continued)

State of Washington Various Purpose GO Refunding Bonds Series R-2016B (Aaa\AA+)

$

     5,205,000       5.000 %    07/01/2029   $       5,634,671

State of Washington Various Purpose GO Refunding Bonds Series R-2022C (AA+/Aaa)

    49,910,000       5.000   07/01/2024   52,840,770
    16,000,000       4.000   07/01/2026   17,069,864

State of Washington Various Purpose GO Refunding Bonds Series R-2022D (AA+/Aaa)

    25,000,000       4.000   07/01/2028   26,987,692

University of Washington General Revenue Refunding Bonds Series 2022C (Aaa\AA+)(a)(b)

    20,000,000       4.000   08/01/2027   21,275,836

Washington Health Care Facilities Authority RB Series 2019B-3
(A-/Baa1)(a)(b)

    5,025,000       5.000   08/01/2026   5,310,022

Washington Healthcare Facilities Authority RB Series 2019B-1
(A-/BBB+)(a)(b)

    12,295,000       5.000   08/01/2024   12,724,467
       

 

  333,324,466

 

West Virginia – 0.5%

State of West Virginia GO Bonds Series 2019 (AA-/Aa2)

    8,640,000       5.000   06/01/2025   9,330,340
    8,860,000       5.000   12/01/2025   9,668,104

State of West Virginia GO State Road Bonds Series 2019 A (AA-/AA)

    7,830,000       5.000   06/01/2023   8,068,359

West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2010A (A-/A-) (PUTABLE)(a)(b)(c)

    4,645,000       0.625   12/15/2025   4,119,092

West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2011A (A-/A-) (PUTABLE)(a)(b)(c)

    5,650,000       1.000   09/01/2025   5,122,766

West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/A-) (PUTABLE)(a)(b)(c)

    10,350,000       3.000   06/18/2027   10,127,288

West Virginia Hospital Finance Authority Hospital Refunding & Improvement RB 2018 Series A (BBB+/NR)

    550,000       5.000   01/01/2023   557,635
       

 

  46,993,584

 

Wisconsin – 1.5%

County of Dane GO Bonds Series 2020 A (NR/AAA)

    3,290,000       2.000   04/01/2026   3,211,399

Public Finance Authority Healthcare Facilities Revenue & Refunding RB Series 2020A (A/NR)

    300,000       5.000   01/01/2023   305,021
    300,000       5.000   01/01/2024   312,966
    300,000       5.000   01/01/2025   317,007

Public Finance Authority Hospital RB Series 2020A (A+/A+)

    300,000       5.000   06/01/2026   328,212

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Wisconsin – (continued)

Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (NR/NR)

$

     1,925,000       4.000 %    01/01/2026   $       1,949,397
    2,000,000       4.000   01/01/2027   2,021,298
    1,720,000       4.000   01/01/2028   1,724,199
    1,790,000       4.000   01/01/2029   1,785,941

Public Finance Authority Student Housing RB Series 2020A (AGM) (AA/NR)

    160,000       4.000   07/01/2024   164,645
    265,000       4.000   07/01/2025   274,681

Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (Baa3/NR) (g)

    10,091,000       0.000     12/15/2027   7,381,632

State of Wisconsin GO Bonds 2015 Series A (AA+/AA+)(b)

    5,170,000       5.000   05/01/2023   5,313,099
    16,330,000       5.000   05/01/2023   16,781,995
    19,360,000       5.000   05/01/2023   19,895,862

State of Wisconsin GO Bonds 2016 Series A (AA+/Aa1)

    5,000,000       5.000   05/01/2033   5,314,963
    5,000,000       5.000   05/01/2034   5,310,757

State of Wisconsin GO Bonds 2018 Series A (AA+/AA+)

    9,495,000       5.000   05/01/2023   9,760,184

State of Wisconsin GO Refunding Bonds 2021 Series 2 (AA+/Aa1)

    11,485,000       5.000   05/01/2024   12,120,960

Waushara County Note Anticipation Notes Series 2022A (A+/NR)(e)

    5,260,000       4.500   06/01/2027   5,492,325

Wisconsin Health & Educational Facilities Authority RB Series 2018C-1 (AA/AA)(a)(b)

    4,250,000       5.000   07/29/2026   4,611,302

Wisconsin Health & Educational Facilities Authority RB Series 2018C-4 (AA/AA)(b)(d)

   

(SIFMA Municipal Swap Index Yield + 0.65%)

    4,000,000       1.430   07/31/2024   3,984,392

Wisconsin Health & Educational Facilities Authority RB Series 2020 for Hmong American Peace Academy (BBB/NR)

    115,000       4.000   03/15/2023   115,496
    120,000       4.000   03/15/2024   120,477
    125,000       4.000   03/15/2025   124,963

Wisconsin Health & Educational Facilities Authority RB Series 2020B-1 (A-/A-)(a)(b)

    8,500,000       5.000   02/15/2025   8,962,665

Wisconsin Health & Educational Facilities Authority Series 2019A RB (AA+/AA+)

    930,000       5.000   11/15/2022   941,468
    4,455,000       5.000   11/15/2023   4,634,159

Wisconsin Health & Educational Facilities RB Series 2020 (NR/NR)

    290,000       4.000   02/01/2023   292,372

Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3\AA)(b)(d)

   

(SIFMA Municipal Swap Index Yield + 0.18%)

    3,315,000       0.960   07/01/2026   3,315,000

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Wisconsin – (continued)

Wisconsin Housing & Economic Development Authority Home Ownership RB 2021 Series D (GNMA/FHLMC/FNMA COLL) (AA/NR)(b)(d)

   

(SIFMA Municipal Swap Index Yield + 0.15%)

$

     6,755,000       0.930 %    12/02/2024   $       6,709,437
       

 

  133,578,274

 

TOTAL MUNICIPAL BONDS

(Cost $9,234,388,559)

   $9,071,289,261

 

 
Corporate Bonds – 0.0%

Commercial Services – 0.0%

Howard University Series (AA/NR)

$

     2,030,000       2.416 %   10/01/24   $       1,956,977

Howard University Series (BBB-/NR)

    1,500,000       2.738   10/01/22   1,494,607
    1,500,000       2.801   10/01/23   1,485,769
       

 

  4,937,353

 

TOTAL CORPORATE BONDS

(Cost $5,030,000)

   $       4,937,353

 

       
Treasury Note – 0.3%

U.S. Treasury Note (NR/NR)

$

     25,000,000       2.500 %   05/31/24   $     24,778,320

 

TOTAL INVESTMENTS – 99.2%

(Cost $9,264,182,312)

   $9,101,004,934

 

OTHER ASSETS IN EXCESS OF

    LIABILITIES – 0.8%

   74,529,644

 

NET ASSETS – 100.0%

   $9,175,534,578

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Security is currently in default and/or non-income producing.
(a)   Variable Rate Demand Instruments - rate shown is that which is in effect on June 30, 2022. Certain variable rate securities are not based on published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(b)   Pre-refunded security. Maturity date disclosed is pre-refunding date.
(c)   Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rates disclosed is that which is in effect on June 30, 2022.
(d)   Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2022.
(e)   When-issued security.
 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

(f)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)   Zero coupon bond until next reset date.
(i)   Contingent value instrument that only pays out if a portion of the territory’s Sales and Use Tax outperforms the projections in the Oversight Board’s Certified Fiscal Plan.

Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

 

 

Investment Abbreviations:
ABS  

— Asset-Backed Security

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

COPS  

— Certificates of Participation

ETM  

— Escrowed to Maturity

FGIC  

— Insured by Financial Guaranty Insurance Co.

FHA  

— Federal Housing Administration

FHLMC  

— Insured by Federal Home Loan Mortgage Corp.

FNMA  

— Insured by Federal National Mortgage Association

GNMA  

— Insured by Government National Mortgage Association

GO  

— General Obligation

HUD SECT 8  

— Hud Section 8

IDA  

— Industrial Development Agency

LIBOR  

— London Interbank Offered Rates

LP  

— Limited Partnership

LT  

— Limited Tax

NR  

— Not Rated

PCRB  

— Pollution Control Revenue Bond

PSF-GTD  

— Guaranteed by Permanent School Fund

Q-SBLF  

— Qualified School Bond Loan Fund

RB  

— Revenue Bond

RMKT  

— Remarketed

SCH BD RES FED  

— School Board Reserve Fund

SCSDE  

— South Carolina State Department of Education

SD CRED PROG  

— School District Credit Program

SIFMA  

— Securities Industry and Financial Markets Association

SOFR  

— Secured Overnight Financing Rate

SONYMA  

— State of New York Mortgage Agency

ST AID WITHHLDG  

— State Aid Withholding

ST APPROP  

— State Appropriation

USD  

— United States Dollar

UT  

— Unlimited Tax

UPMC  

— University of Pittsburgh Medical Center

WR  

— Withdrawn Rating

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

SWAP CONTRACTS — At June 30, 2022, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

 

Reference
Obligation/
Index(a)		   Financing Rate
Received (Paid) by
the Fund		     Credit
Spread
at June 30,
2022(b)		     Counterparty   Termination
Date		     Notional
Amount
(000’s)		     Value     Upfront
Premium
(Received)
Paid		     Unrealized
Appreciation/
(Depreciation)		  

 

  

Protection Sold:

    
California State Various Purpose GO Bonds Series 2003, 5.000%, 03/20/2023     1.000%       0.542%     JPMorgan Chase Bank NA     03/20/2023     USD   10,000     $ 56,996     $ (35,615 )    $ 92,611  
California State Various Purpose GO Bonds Series 2003, 5.000%, 03/20/2023     1.000          0.542        Bank of America NA     03/20/2023       5,000       28,497       (17,808 )      46,305  

 

  
TOTAL             $ 85,493     $ (53,423 )    $ 138,916  

 

  

 

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

GOLDMAN SACHS MUNICIPAL FUNDS

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS

 

 

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

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

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i. Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). A Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

ii. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

GOLDMAN SACHS MUNICIPAL FUNDS

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

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

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

GOLDMAN SACHS MUNICIPAL FUNDS

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2022:

 

                                                                    
DYNAMIC MUNICIPAL INCOME FUND               
Investment Type      Level 1        Level 2        Level 3  
Assets               

Fixed Income

               

Municipal Bonds

      $ —        $  8,383,907,066        $ —  

Corporate Bonds

        —          10,941,887          38,524,096  
Total      $ —        $ 8,394,848,953        $  38,524,096  
Derivative Type                              
Assets(a)               

Futures Contracts

      $  14,740,304        $ —        $ —  

Credit Default Swap Contracts

        —          18,522          —  
Total      $ 14,740,304        $ 18,522        $ —  
HIGH YIELD MUNICIPAL FUND               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Fixed Income

               

Municipal Bonds

      $ —        $  8,891,495,724        $ —  

Corporate Bonds

        —          21,189,274          72,662,327  
Total      $ —        $ 8,912,684,998        $  72,662,327  
Derivative Type                              
Assets(a)

 

Futures Contracts

      $  11,170,745        $ —        $ —  

Credit Default Swap Contracts

        —          589,153          —  
Total      $ 11,170,745        $ 589,153        $ —  
MUNICIPAL INCOME COMPLETION FUND               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Fixed Income

               

Municipal Bonds

      $ —        $  198,273,253        $ —  

Corporate Bonds

        —          —          1,680,170  
Total      $ —        $ 198,273,253        $ 1,680,170  
Derivative Type                              
Assets(a)

 

Futures Contracts

      $  311,363        $ —        $ —  
SHORT DURATION TAX-FREE FUND               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Fixed Income

               

Municipal Bonds

      $ —        $  9,071,289,261        $ —  

Corporate Bonds

        —          4,937,353          —  

U.S. Treasury Obligations

        24,778,320          —          —  
Total      $  24,778,320        $ 9,076,226,614        $ —  
Derivative Type                              
Assets(a)               

Credit Default Swap Contracts

      $ —        $ 138,916        $ —  

 

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

GOLDMAN SACHS MUNICIPAL FUNDS

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.

On March 5, 2021, the United Kingdom’s Financial Conduct Authority (“FCA”) and ICE Benchmark Authority formally announced that certain LIBOR benchmarks will cease publication after December 31, 2021 while others will cease publication after June 30, 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV.

GOLDMAN SACHS MUNICIPAL FUNDS

 

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

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

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

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

Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. A Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds).

State/Territory Specific Risk — A Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect a Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.

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