Goldman Sachs Dynamic Municipal Income Fund Class P GAJPX Strategy

The investment seeks a high level of current income that is exempt from regular federal income tax. The fund invests, under normal market conditions, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities issued by or on behalf of states, territories and possessions of the United States and the political subdivisions, agencies and instrumentalities thereof, the interest on which is exempt from regular federal income tax (i.e., excluded from gross income for federal income tax purposes). A fixed income security is a debt instrument issued by a company, government or other entity to borrow money.