# EDGAR Filing Document

**Accession Number:** 0001479026
**File Stem:** 0001752724-25-174074
**Filing Date:** 2025-7
**Character Count:** 74085
**Document Hash:** eaa818b3e6e728544bb2cebfe0efdf4f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-174074.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001752724-25-174074

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Goldman Sachs ETF Trust
- **CENTRAL INDEX KEY:** 0001479026

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23013
- **FILM NUMBER:** 251141111

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282-2198
- **BUSINESS PHONE:** (312) 655-4400

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282-2198

## Series and Classes Contracts Data

### Goldman Sachs Ultra Short Municipal Income ETF (Series ID: S000085808)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000251203 | Goldman Sachs Ultra Short Municipal Income ETF | GUMI            |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-23013

- **c. CIK number of Registrant:** 0001479026

- **d. LEI of Registrant:** 549300VEZF7K2ES5WL82

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

  - **Street Address 1:** 200 West Street

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10282

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

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

- **a. Name of Series:** Goldman Sachs Ultra Short Municipal Income ETF

- **b. EDGAR series identifier (if any):** S000085808

- **c. LEI of Series:** 9845007D7FAFEAB3FE70

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $12125061.07

**Total Liabilities:** $817323.73

**Net Assets:** $11307737.34

**Delayed Delivery Securities:** $303489.00

**Cash Not Reported:** $28382.40

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 236.58000000 | **1-Year:** 397.77000000 | **5-Year:** 53.26000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 5.71000000 | **1-Year:** 55.00000000 | **5-Year:** 0.29000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000251203 | 0.24%                | 0.13%                | 0.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-3062.79                                  |
| Month 2  | $-2362.52                | $-10114.55                                 |
| Month 3  | $4.00                    | $10960.30                                  |

### Schedule of Portfolio Investments

| Name                                | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALBUQUERQUE NM MUNI SCH DIST #      | Albuquerque Municipal School District No 12                                      | CUSIP: 013595VM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75230.80     | 0.67%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HOSP REVENU      | County of Montgomery OH                                                          | CUSIP: 613520NJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100239.59    | 0.89%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTAGE MI PUBLIC SCHS              | Portage Public Schools                                                           | CUSIP: 735779MU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10192.84     | 0.09%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA HOSP REVE      | District of Columbia                                                             | CUSIP: 254764JQ7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55594.53     | 0.49%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                      | State of Connecticut                                                             | CUSIP: 20772KZT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41439.30     | 0.37%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI      | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88035MCB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.88%             | 2053-11-15      | Variable      | 2.05%                 | No            |                  2 | On Loan: No      |
| PENNSBURY PA SCH DIST               | Pennsbury School District                                                        | CUSIP: 708553ZD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40052.58     | 0.35%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA CNTY OK FIN AUTH EDUC      | Oklahoma County Finance Authority                                                | CUSIP: 67868UFW8<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160793.46    | 1.42%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPE CORAL FL WTR & SWR REVENU      | City of Cape Coral FL Water & Sewer Revenue                                      | CUSIP: 139372QX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40235.50     | 0.36%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEDFORD OR HOSP FACS AUTH REVE      | Medford Hospital Facilities Authority                                            | CUSIP: 584283GJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81605.01     | 0.72%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE           | North Texas Tollway Authority                                                    | CUSIP: 66285WWX0<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15172.61     | 0.13%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOSP REVENU      | Public Finance Authority                                                         | CUSIP: 74442CAL8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.40%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAYETTE CNTY KY SCH DIST FIN C      | Fayette County School District Finance Corp                                      | CUSIP: 312432C54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $74756.30     | 0.66%             | 2027-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHARLESTON CNTY SC SCH DIST         | Charleston County School District                                                | CUSIP: 160075B97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $239742.37    | 2.12%             | 2026-05-07      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS TEXAS 06/02/2025             | HARRIS TEXAS 06/02/2025                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100000.00    | 0.88%             | 2025-06-02      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RGTS ST UNIV SY      | Arizona Board of Regents                                                         | CUSIP: 04048RPZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60866.37     | 0.54%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEACON NY CITY SCH DIST             | Beacon City School District                                                      | CUSIP: 073671VE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75031.97     | 0.66%             | 2025-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST                        | State of Wisconsin                                                               | CUSIP: 97705MM44<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30590.97     | 0.27%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST UNIV SYS FING REVENUE      | Texas State University System                                                    | CUSIP: 88278PUJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25035.18     | 0.22%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA DEV AUTH                 | Atlanta Development Authority/The                                                | CUSIP: 04780NLB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115157.24    | 1.02%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA      | Chicago O'Hare International Airport                                             | CUSIP: 1675935K4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102514.39    | 0.91%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST TURNPIKE AUTH            | State of Florida Department of Transportation Turnpike System Revenue            | CUSIP: 3431367H4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45068.92     | 0.40%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI      | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88035JW99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.88%             | 2047-05-01      | Variable      | 2.09%                 | No            |                  2 | On Loan: No      |
| LINDEN NJ                           | City of Linden NJ                                                                | CUSIP: 535392VQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65073.60     | 0.58%             | 2025-07-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA CNTY OK FIN AUTH EDUC      | Oklahoma County Finance Authority                                                | CUSIP: 67868UFX6<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40886.22     | 0.36%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RGTS COPS            | Arizona Board of Regents                                                         | CUSIP: 04048PLC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 1.33%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                         | State of Illinois                                                                | CUSIP: 452152S44<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75658.41     | 0.67%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN      | City of Minneapolis MN/St Paul Housing & Redevelopment Authority                 | CUSIP: 603695HY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10075.79     | 0.09%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE        | Illinois Finance Authority                                                       | CUSIP: 45204ETN8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50171.15     | 0.44%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST DEPT OF ADMIN SVCS COP      | State of Ohio Department of Administrative Services                              | CUSIP: 67755NHR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60248.02     | 0.53%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI      | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88035MSH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.88%             | 2040-10-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE        | Illinois Finance Authority                                                       | CUSIP: 45204EKD9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50565.19     | 0.45%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEMPHIS TN                          | City of Memphis TN                                                               | CUSIP: 586145F41<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75115.01     | 0.66%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA DEV FIN AUTH LEASE RE      | Oklahoma Development Finance Authority                                           | CUSIP: 67884F4H6<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |     26000 | PA      | $26000.00     | 0.23%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM      | North Carolina Medical Care Commission                                           | CUSIP: 65821DUH2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.44%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL SCH DIST #100 BER      | Cook County School District No 100 South Berwyn                                  | CUSIP: 214399TT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75677.87     | 0.67%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW BRAUNFELS TX UTILITY REVEN      | City of New Braunfels TX Utility System Revenue                                  | CUSIP: 642577TG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5006.84      | 0.04%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURLESON TX                         | City of Burleson TX                                                              | CUSIP: 121385XL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55068.31     | 0.49%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FA      | Pennsylvania Higher Educational Facilities Authority                             | CUSIP: 70917SRX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20076.32     | 0.18%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST WTR DEV AUTH       | West Virginia Water Development Authority                                        | CUSIP: 956695G46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35250.54     | 0.31%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEWISVILLE TX INDEP SCH DIST        | Lewisville Independent School District                                           | CUSIP: 5288287Y6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25095.40     | 0.22%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE      | Port Authority of New York & New Jersey                                          | CUSIP: 73358XNE8<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100341.11    | 0.89%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YUMA AZ MUNI PROPERTY CORP EXC      | City of Yuma Municipal Property Corp                                             | CUSIP: 98851UAL1<br>LEI: 549300FYH11KOMXWJA47 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20012.74     | 0.18%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KINGS OH LOCAL SCH DIST             | Kings Local School District                                                      | CUSIP: 496026NC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25034.41     | 0.22%             | 2025-07-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON       | Metropolitan Government of Nashville & Davidson County TN                        | CUSIP: 592112TW6<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10235.48     | 0.09%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY SWR & STORM WTR      | Nassau County Sewer & Storm Water Finance Authority                              | CUSIP: 63166QBZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15004.77     | 0.13%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL SCH DIST #81 SCHI      | Cook County School District No 81 Schiller Park                                  | CUSIP: 214057GS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30113.97     | 0.27%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WAUKEE IA CMNTY SCH DIST SCH I      | Waukee Community School District Infrastructure Sales Services & Use Tax         | CUSIP: 94283NDF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.66%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANE CNTY IL SCH DIST #129 AUR      | Kane County School District No 129 West Aurora                                   | CUSIP: 483890RA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75837.56     | 0.67%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA      | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009LQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40222.22     | 0.36%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST INFRASTRUCTURE AGY LAY      | Utah Infrastructure Agency                                                       | CUSIP: 917462AE3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25061.04     | 0.22%             | 2025-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD REVENUE                | City of Baltimore MD                                                             | CUSIP: 059231ZL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30042.21     | 0.27%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH HOSP R      | Idaho Health Facilities Authority                                                | CUSIP: 45129UCB8<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100051.57    | 0.88%             | 2048-12-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| TEMPLE UNIV PA OF THE CMWLTH S      | Temple University-of The Commonwealth System of Higher Education                 | CUSIP: 880178CJ5<br>LEI: 549300SCHVPNNFRR3L71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25873.19     | 0.23%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE        | Illinois Finance Authority                                                       | CUSIP: 45203HN57<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60045.83     | 0.53%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MTGE CORP MF      | FHLMC Multifamily VRD Certificates                                               | CUSIP: 31350AAZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $345000.00    | 3.05%             | 2038-09-15      | Variable      | 0.10%                 | No            |                  2 | On Loan: No      |
| CLEVELAND CNTY OK EDUCTNL FACS      | Cleveland County Educational Facilities Authority                                | CUSIP: 18604TDV7<br>LEI: 549300XEV4DVO42DUA84 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 1.33%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULSA CNTY OK INDL AUTH EDUCTN      | Tulsa County Industrial Authority                                                | CUSIP: 89952PEB7<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20094.92     | 0.18%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV SCH DIST              | Clark County School District                                                     | CUSIP: 181059TC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35355.29     | 0.31%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EL PASO TX                          | City of El Paso TX                                                               | CUSIP: 283734WR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40160.85     | 0.36%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S FL WTR MGMT DIST COPS             | South Florida Water Management District                                          | CUSIP: 83786PCK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10164.00     | 0.09%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY NE SCH DIST #1         | Omaha School District                                                            | CUSIP: 259291MK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45074.59     | 0.40%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX INDEP SCH DIST           | Houston Independent School District                                              | CUSIP: 442403RE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31108.32     | 0.28%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUT      | Allegheny County Hospital Development Authority                                  | CUSIP: 01728A3L8<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35472.92     | 0.31%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA      | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712DJV9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    170000 | PA      | $170134.93    | 1.50%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST CMWLTH UNIV HLTH S      | Virginia Commonwealth University Health System Authority                         | CUSIP: 92778LBR0<br>LEI: 07ROV40HIZGU2Q6OXJ58 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20406.52     | 0.18%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP DIS      | City of Phoenix Civic Improvement Corp                                           | CUSIP: 71884WAP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20039.72     | 0.18%             | 2025-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING       | Pennsylvania Economic Development Financing Authority                            | CUSIP: 708692BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200038.68    | 1.77%             | 2038-08-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| TULSA CNTY OK INDL AUTH EDUCTN      | Tulsa County Industrial Authority                                                | CUSIP: 89952PEA9<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125566.60    | 1.11%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE          | Port of Seattle WA                                                               | CUSIP: 735389B56<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    110000 | PA      | $113220.18    | 1.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE      | New Jersey Economic Development Authority                                        | CUSIP: 64577BKK9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    120000 | PA      | $120036.40    | 1.06%             | 2026-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SIOUX FALLS SD SALES TAX REVEN      | City of Sioux Falls SD Sales Tax Revenue                                         | CUSIP: 829594JR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $49899.92     | 0.44%             | 2026-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO      | California Municipal Finance Authority                                           | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $249846.40    | 2.21%             | 2041-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI      | Pennsylvania Turnpike Commission                                                 | CUSIP: 709224LK3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35329.50     | 0.31%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA PUBLIC FACS FING       | San Diego Public Facilities Financing Authority                                  | CUSIP: 79730AJC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20016.58     | 0.18%             | 2026-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV      | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182KZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $132747.69    | 1.17%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| W HARRIS CNTY TX REGL WTR AUTH      | West Harris County Regional Water Authority                                      | CUSIP: 95308RJE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15121.05     | 0.13%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSONVILLE FL TRANSIT REVENU      | City of Jacksonville FL                                                          | CUSIP: 469495DF9<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35229.99     | 0.31%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N SUMTER CNTY FL UTILITY DEPEN      | North Sumter County Utility Dependent District                                   | CUSIP: 66272RBS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $71468.24     | 0.63%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLICFINAUTHWICTFS                 | PublicFinanceAuthority                                                           | CUSIP: 74448XAK8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    275000 | PA      | $275000.00    | 2.43%             | 2053-02-15      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| TULSA CNTY OK INDL AUTH EDUCTN      | Tulsa County Industrial Authority                                                | CUSIP: 89952PEU5<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100395.92    | 0.89%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENN IN HIGH SCH BLDG CORP          | Penn High School Building Corp                                                   | CUSIP: 707533LP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75050.61     | 0.66%             | 2025-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MACOMB CNTY MI                      | County of Macomb MI                                                              | CUSIP: 554885L76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19993.96     | 0.18%             | 2027-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| WAYNE WESTLAND MI CMNTY SCHS        | Wayne-Westland Community Schools                                                 | CUSIP: 946498HC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25187.22     | 0.22%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA      | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712DQF6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45842.15     | 0.41%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA FE NM CMNTY CLG DIST          | Santa Fe Community College District                                              | CUSIP: 801901KV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60177.65     | 0.53%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE AK                        | Municipality of Anchorage AK                                                     | CUSIP: 033161U57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30023.69     | 0.27%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TEX UTIL SYS REV 2.9 16JUN25 | AUSTIN TEX UTIL SYS REV 2.9 16JUN25                                              | CUSIP: 05248NXD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99994.00     | 0.88%             | 2025-06-16      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| TULSA OK PUBLIC FACS AUTH           | Tulsa Public Facilities Authority                                                | CUSIP: 899673CU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.44%             | 2025-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RENO CNTY KS                        | County of Reno KS                                                                | CUSIP: 759744TD7<br>LEI: 549300JTKVH2NPNMK627 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115195.68    | 1.02%             | 2025-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                         | State of Illinois                                                                | CUSIP: 452153BC2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    135000 | PA      | $138866.45    | 1.23%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL       | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DEN8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25028.43     | 0.22%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX FLOOD CONTROL D      | Harris County Flood Control District                                             | CUSIP: 4140187N5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30795.02     | 0.27%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HLTH FAC FING AUTH       | Indiana Health Facility Financing Authority                                      | CUSIP: 454798TW9<br>LEI: 549300P2SI60HN6M7V39 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35092.18     | 0.31%             | 2025-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEN CNTY OH HOSP FACS REVENU      | County of Allen OH Hospital Facilities Revenue                                   | CUSIP: 01757LGQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100839.63    | 0.89%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV SCH DIST              | Clark County School District                                                     | CUSIP: 181059TY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30304.53     | 0.27%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MUNI PWR AGY      | North Carolina Municipal Power Agency No 1                                       | CUSIP: 6582034K7<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10193.53     | 0.09%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYNE MI ST UNIV REVENUES           | Wayne State University                                                           | CUSIP: 946303ZE7<br>LEI: 549300GWQMQVAS66E613 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5038.39      | 0.04%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALBUQUERQUE NM MUNI SCH DIST #      | Albuquerque Municipal School District No 12                                      | CUSIP: 013595YQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35107.71     | 0.31%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST HOSP EQUIPMENT&      | Mississippi Hospital Equipment & Facilities Authority                            | CUSIP: 605360TN6<br>LEI: 549300DW2GVUIGE04396 | Long             | DBT              | MUN               | US        |     55000 | PA      | $56081.59     | 0.50%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARASOTA CNTY FL UTILITY SYS R      | County of Sarasota FL Utility System Revenue                                     | CUSIP: 803321NG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40665.92     | 0.36%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YAVAPAI CNTY AZ INDL DEV AUTH       | Industrial Development Authority of the County of Yavapai/The                    | CUSIP: 985900EM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $116926.51    | 1.03%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCK ISLAND CNTY IL SCH DIST #      | Rock Island County School District No 41 Rock Island/Milan                       | CUSIP: 772436EA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120479.48    | 1.07%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TULSA OK PUBLIC FACS AUTH           | Tulsa Public Facilities Authority                                                | CUSIP: 899673CV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24835.93     | 0.22%             | 2026-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX INDEP SCH DIST         | Arlington Independent School District/TX                                         | CUSIP: 0418264R6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207524.38    | 1.84%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FULTON CNTY GA                      | County of Fulton GA                                                              | CUSIP: 360046V94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55346.18     | 0.49%             | 2025-12-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST UNIV & AGRIC & ME      | Louisiana State University & Agricultural & Mechanical College                   | CUSIP: 546540PR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76172.06     | 0.67%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RAHWAY NJ                           | City of Rahway NJ                                                                | CUSIP: 750667VL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30046.88     | 0.27%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN      | Indiana Finance Authority                                                        | CUSIP: 45471APX4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30784.04     | 0.27%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUVAL CNTY FL SCH BRD COPS          | Duval County Public Schools                                                      | CUSIP: 267169FU9<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75108.71     | 0.66%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM      | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 546282P32<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 1.33%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UPTON CNTY TX                       | County of Upton TX                                                               | CUSIP: 916813BK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50622.32     | 0.45%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS MO ARPT REVENUE         | City of St Louis MO Airport Revenue                                              | CUSIP: 791638F53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50057.28     | 0.44%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAYTON TX INDEP SCH DIST            | Dayton Independent School District                                               | CUSIP: 240091KK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50077.23     | 0.44%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP              | Alaska Housing Finance Corp                                                      | CUSIP: 011839FW2<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.35%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI      | Dallas Fort Worth International Airport                                          | CUSIP: 23503CAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30212.27     | 0.27%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNT VERNON IL                     | City of Mount Vernon IL                                                          | CUSIP: 623385EX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101061.64    | 0.89%             | 2026-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA MET TRANSP      | Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue       | CUSIP: 54466HEM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115178.02    | 1.02%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUT      | Allegheny County Hospital Development Authority                                  | CUSIP: 01728A4K9<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30051.47     | 0.27%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE        | Michigan Finance Authority                                                       | CUSIP: 59447TAL7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25028.70     | 0.22%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH WASHINGTON CNTY MN INDEP      | South Washington County Independent School District No 833/MN                    | CUSIP: 840610SS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $69824.78     | 0.62%             | 2026-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC      | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60637APF3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    120000 | PA      | $121468.42    | 1.07%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHNS CNTY FL TRANSPRTN       | County of St Johns FL                                                            | CUSIP: 790235BJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50087.55     | 0.44%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METRO OR                            | Metro/OR                                                                         | CUSIP: 59163PLV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5002.17      | 0.04%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPLING CNTY GA DEV AUTH            | Development Authority of Appling County                                          | CUSIP: 038315EX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 2.65%             | 2038-01-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEV FIN AUTH REVENUE      | Kansas Development Finance Authority                                             | CUSIP: 48542RLG7<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55441.46     | 0.49%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE        | Illinois Finance Authority                                                       | CUSIP: 45204ES82<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103041.77    | 0.91%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL SCH BRD COP      | Palm Beach County School District                                                | CUSIP: 696550G22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90291.92     | 0.80%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH      | Maricopa County Industrial Development Authority                                 | CUSIP: 56678PCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.88%             | 2054-12-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| VIA MET TRANSIT AUTH TX FAREBO      | Via Metropolitan Transit                                                         | CUSIP: 92555HAN8<br>LEI: 549300JAPHDC9HLZQY91 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15010.29     | 0.13%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PEORIA CNTY IL                      | County of Peoria IL                                                              | CUSIP: 712855KH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45504.52     | 0.40%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN      | City of St Cloud MN                                                              | CUSIP: 78916VDK3<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76218.55     | 0.67%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE            | Iowa Finance Authority                                                           | CUSIP: 46246K5A6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95950.66     | 0.85%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &       | Chattanooga Health Educational & Housing Facility Board                          | CUSIP: 162410CB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.88%             | 2039-05-01      | Variable      | 2.03%                 | No            |                  2 | On Loan: No      |
| UNIV OF ILLINOIS IL REVENUES        | University of Illinois                                                           | CUSIP: 9143536R3<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |    110000 | PA      | $113861.96    | 1.01%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A      | Greater Orlando Aviation Authority                                               | CUSIP: 392274K96<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30147.78     | 0.27%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY MO COPS               | County of Franklin MO                                                            | CUSIP: 352875EF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20288.01     | 0.18%             | 2027-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LENOIR CITY TN ELEC SYS REVENU      | City of Lenoir City TN Electric System Revenue                                   | CUSIP: 526138LN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $204680.71    | 1.81%             | 2026-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WAGONER CNTY OK INDEP SCH DIST      | Wagoner County Independent School District No 17 Coweta                          | CUSIP: 930546DU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35461.34     | 0.31%             | 2026-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST TURNPIKE AUTH ECON      | Kentucky Turnpike Authority                                                      | CUSIP: 491552E43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55079.72     | 0.49%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSONVILLE FL SPL REVENUE         | City of Jacksonville FL                                                          | CUSIP: 469487SF0<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30181.60     | 0.27%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEI      | Tender Option Bond Trust Receipts/Certificates                                   | CUSIP: 88035G5B0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 1.77%             | 2048-07-01      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| BRUSHY CREEK TX REGL UTILITY A      | Brushy Creek Regional Utility Authority Inc                                      | CUSIP: 117467EK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50070.69     | 0.44%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL                  | County of Miami-Dade FL                                                          | CUSIP: 59333FF39<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30680.62     | 0.27%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX INDEP SCH DIST       | San Antonio Independent School District/TX                                       | CUSIP: 796269VP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60091.24     | 0.53%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN       | State of Maryland Department of Transportation                                   | CUSIP: 574204A29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $89914.84     | 0.80%             | 2026-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BREVARD CNTY FL SCH BRD COPS        | Brevard County School District                                                   | CUSIP: 107431KL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15021.74     | 0.13%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS MO MUNI FIN CORP S      | St Louis Municipal Finance Corp                                                  | CUSIP: 79165NBG8<br>LEI: 549300CR13DAYKUKQN03 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25286.85     | 0.22%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A      | Metropolitan Washington Airports Authority Aviation Revenue                      | CUSIP: 592647JV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $112191.97    | 0.99%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C      | Kentucky State Property & Building Commission                                    | CUSIP: 49151FNJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15106.13     | 0.13%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV SCH DIST              | Clark County School District                                                     | CUSIP: 181059TD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100884.02    | 0.89%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL       | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20774YGM3<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50029.20     | 0.44%             | 2025-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI      | Pennsylvania Turnpike Commission                                                 | CUSIP: 709224NY1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.44%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP R      | Monroe County Industrial Development Corp/NY                                     | CUSIP: 61075TLW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15016.61     | 0.13%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE        | Illinois Finance Authority                                                       | CUSIP: 45203HN65<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50036.97     | 0.44%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALL IN ST UNIV UNIV REVENUE        | Ball State University                                                            | CUSIP: 058508LF7<br>LEI: 549300PJHK1SF4O5E481 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50073.71     | 0.44%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST TRANSPRTN BRD HIGHW      | Arizona Department of Transportation State Highway Fund Revenue                  | CUSIP: 040654WV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10235.48     | 0.09%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OLDHAM KY SCH DIST FIN CORP         | Oldham County School District Finance Corp                                       | CUSIP: 680454YU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20218.37     | 0.18%             | 2026-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PIGEON FORGE TN                     | City of Pigeon Forge TN                                                          | CUSIP: 721014PA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.44%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE         | Indiana Finance Authority                                                        | CUSIP: 45506DXC4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50535.10     | 0.45%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL       | Philadelphia Authority for Industrial Development                                | CUSIP: 71779QAJ1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60462.36     | 0.53%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEN CNTY OH HOSP FACS REVENU      | County of Allen OH Hospital Facilities Revenue                                   | CUSIP: 01757LFR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45934.83     | 0.41%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT OSAGE MO REORG SCH DIST #      | Fort Osage School District No R-1                                                | CUSIP: 348199AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180033.59    | 1.59%             | 2027-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN      | New Jersey Higher Education Student Assistance Authority                         | CUSIP: 646080YZ8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    300000 | PA      | $303763.71    | 2.69%             | 2056-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LANE CNTY OR SCH DIST #4J EUGE      | Lane County School District No 4J Eugene                                         | CUSIP: 515300RK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24588.72     | 0.22%             | 2026-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CHAMPAIGN COLES ET AL CNTYS IL      | Champaign Coles Et Al Counties Community College District No 505                 | CUSIP: 158168HA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56445.75     | 0.50%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS CNTY TX UTILITY & RECLA      | Dallas County Utility & Reclamation District                                     | CUSIP: 234839PJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101279.56    | 0.90%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEDHAM MA                           | Town of Dedham MA                                                                | CUSIP: 243667N24<br>LEI: 549300T2RPE961NCRY75 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40028.52     | 0.35%             | 2027-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE         | City of Houston TX Airport System Revenue                                        | CUSIP: 442349AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155161.01    | 1.37%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-22

**Name of Applicant:** Goldman Sachs ETF Trust

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President Assistant Treasurer