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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>KERN CALIF CMNTY COLLEGE DIST</name>
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        <name>SAN BERNARDINO CALIF CITY UNI SCH DIST</name>
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        <name>CALIFORNIA MUN FIN AUTH</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA CMNTY CHOICE FING AUTH</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TAHOE FOREST CALIF HOSP DIST</name>
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          <isin value="US873822FW52"/>
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        <fairValLevel>2</fairValLevel>
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        <name>SAN JOAQUIN HILLS CALIF TRANSN CORRIDOR AGY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SUNOL GLEN UNI SCH DIST CALIF</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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        <name>RIVERSIDE CNTY CALIF TRANSN COMMN</name>
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        <name>ELK GROVE CALIF FIN AUTH</name>
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          <isin value="US287254HT63"/>
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        <name>CALIFORNIA SCH FIN AUTH</name>
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        <name>LOS ANGELES CALIF DEPT ARPTS</name>
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        <name>LOS ANGELES CALIF UNI SCH DIST</name>
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        <name>INDIO CALIF CMNTY FACS DIST</name>
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        <name>Goldman Sachs Trust</name>
        <lei>S2FHCT8U6D2VORP0J605</lei>
        <title>Goldman Sachs Trust SQR TRY IN FST</title>
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          <ticker value="FTIXX"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>EL CENTRO CALIF SCH DIST</name>
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        <name>TURLOCK CALIF IRR DIST</name>
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        <name>BAKERSFIELD CALIF CITY SCH DIST</name>
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        <name>MOUNTAIN HSE CMNTY FACS DIST CALIF</name>
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        <name>MERCED CALIF UN HIGH SCH DIST</name>
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        <name>FRUITVALE CALIF SCH DIST</name>
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        <name>FOOTHILL-DE ANZA CALIF CMNTY COLLEGE DIST</name>
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        <name>ALAMEDA CORRIDOR TRANSN AUTH CALIF</name>
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        <name>GUAM GOVT WTRWKS AUTH</name>
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        <name>OXNARD CALIF SCH DIST</name>
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        <name>INDIO CALIF CMNTY FACS DIST</name>
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        <title>CA INDFAC 5 09/01/2035</title>
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        <name>EAST BAY CALIF REGL PK DIST</name>
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        <name>TRANSBAY JT PWRS AUTH CALIF</name>
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      <invstOrSec>
        <name>UNIVERSITY CALIF</name>
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        <name>ORCUTT CALIF UN SCH DIST</name>
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        <name>CALIFORNIA MUN FIN AUTH</name>
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        <name>CALIFORNIA MUN FIN AUTH</name>
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        <cusip>13048VPV4</cusip>
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        <name>GUAM GOVT</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA CMNTY CHOICE FING AUTH</name>
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        <title>CA CCEDEV 02/01/2055</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA CASMFH 08/01/2059</title>
        <cusip>130483JB7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>GUAM PWR AUTH</name>
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        <name>PALM DESERT CALIF</name>
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        <name>BEAUMONT CALIF PUB IMPT AUTH</name>
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        <name>LOS ANGELES CALIF UNI SCH DIST</name>
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        <name>CSCDA CMNTY IMPT AUTH CALIF</name>
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        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA CASPOL 07/01/2051</title>
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        <name>EL MONTE CALIF UN HIGH SCH DIST</name>
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        <title>CA EMNSCD 5.25 06/01/2045</title>
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        <name>LONG BEACH CALIF UNI SCH DIST</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>AMADOR WTR AGY CALIF</name>
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        <name>EL MONTE CALIF CITY SCH DIST</name>
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        <name>CALIFORNIA ST PUB WKS BRD</name>
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        <name>PUERTO RICO SALES TAX FINANCING CORP</name>
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        <name>LOS ANGELES CALIF DEPT ARPTS</name>
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        <name>CALIFORNIA CMNTY CHOICE FING AUTH</name>
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        <name>MENIFEE CALIF UN SCH DIST</name>
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        <name>CALIFORNIA MUN FIN AUTH</name>
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        <name>CALIFORNIA PUB FIN AUTH</name>
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        <name>LOS ANGELES CALIF UNI SCH DIST</name>
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        <name>CALIFORNIA POLLUTION CTL FING AUTH</name>
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        <name>CALIFORNIA HEALTH FACS FING AUTH</name>
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        <name>CALIFORNIA MUN FIN AUTH</name>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH</name>
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        <name>CALIFORNIA MUN FIN AUTH</name>
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        <name>SACRAMENTO (CA), COUNTY OF</name>
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        <name>CONTRA COSTA TRANSPORTATION AUTHORITY (CA)</name>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH</name>
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        <name>TRACY CALIF UNI SCH DIST SCH FACS IMPT DIST NO 3</name>
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        <name>LONG BEACH CALIF UNI SCH DIST</name>
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        <name>RIVERSIDE CALIF UNI SCH DIST</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MATCHING FD SPL PURP SECURITIZATION CORP VIRGIN IS</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ROMOLAND SCH DIST CALIF</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <lei>N/A</lei>
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          <isin value="US786089HY19"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-09-01</maturityDt>
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      <invstOrSec>
        <name>CARLSBAD CALIF UNI SCH DIST</name>
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          <isin value="US142665GV45"/>
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        <curCd>USD</curCd>
        <valUSD>176888.11000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA CASPOL 10/01/2045</title>
        <cusip>13048RAH0</cusip>
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          <isin value="US13048RAH03"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LOS ANGELES CNTY CALIF PUB WKS FING AUTH</name>
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        <cusip>54473EXS8</cusip>
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          <isin value="US54473EXS89"/>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>BEAUMONT CALIF</name>
        <lei>N/A</lei>
        <title>CA BEAFAC 5 09/01/2035</title>
        <cusip>074434BQ3</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>INGLEWOOD CALIF JT PWRS AUTH</name>
        <lei>N/A</lei>
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        <cusip>45710PAY6</cusip>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>SACRAMENTO CALIF CITY UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>CA SACSCD 4 08/01/2048</title>
        <cusip>785870N85</cusip>
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          <isin value="US785870N858"/>
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        <balance>100000.00000000</balance>
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        <valUSD>97108.26000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA POLLUTION CTL FING AUTH</name>
        <lei>N/A</lei>
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        <cusip>13053CAD4</cusip>
        <identifiers>
          <isin value="US13053CAD48"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>GUAM INTL ARPT AUTH</name>
        <lei>N/A</lei>
        <title>GU GMSAPT 5 10/01/2033</title>
        <cusip>40064RGG8</cusip>
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          <isin value="US40064RGG83"/>
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        <balance>100000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>BAY AREA TOLL AUTH CALIF</name>
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        <title>CA BAYTRN 04/01/2056</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>LOS ANGELES CNTY CALIF PUB WKS FING AUTH</name>
        <lei>N/A</lei>
        <title>CA LOSFAC 7.49 08/01/2033</title>
        <cusip>54473ENT7</cusip>
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          <isin value="US54473ENT72"/>
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        <name>CALIFORNIA ST UNIV</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>SACRAMENTO CALIF</name>
        <lei>N/A</lei>
        <title>CA SACGEN 5.38 09/01/2052</title>
        <cusip>786071RQ5</cusip>
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          <isin value="US786071RQ58"/>
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        <name>TOBACCO SECURITIZATION AUTH SOUTHN CALIF</name>
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        <title>CA TOBGEN 5 06/01/2026</title>
        <cusip>888804CB5</cusip>
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          <isin value="US888804CB50"/>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY ARPTS COMMN</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>CA SFOAPT 5 05/01/2037</title>
        <cusip>79766DTB5</cusip>
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          <isin value="US79766DTB54"/>
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        <balance>130000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CA CASDEV 5 09/02/2034</title>
        <cusip>13078YPL3</cusip>
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        <name>ALVORD CALIF UNI SCH DIST</name>
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        <name>SCHOOLS INFRASTRUCTURE FING AGY CALIF</name>
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        <name>CALIFORNIA HEALTH FACS FING AUTH</name>
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        <name>CALIFORNIA HEALTH FACS FING AUTH</name>
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        <name>EL RANCHO CALIF UNI SCH DIST</name>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH</name>
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        <name>CALIFORNIA HEALTH FACS FING AUTH</name>
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        <name>CHINO CALIF CMNTY FACS DIST</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUERTO RICO SALES TAX FINANCING CORP</name>
        <lei>549300EIUFISISP8X671</lei>
        <title>PR PRCGEN 4.33 07/01/2040</title>
        <cusip>74529JRJ6</cusip>
        <identifiers>
          <isin value="US74529JRJ69"/>
        </identifiers>
        <balance>197000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>197407.47000000</valUSD>
        <pctVal>0.125322356382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.32900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAN DIEGO CNTY CALIF REGL ARPT AUTH</name>
        <lei>N/A</lei>
        <title>CA SDGAPT 4 07/01/2051</title>
        <cusip>79739GNW2</cusip>
        <identifiers>
          <isin value="US79739GNW23"/>
        </identifiers>
        <balance>945000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>859298.33000000</valUSD>
        <pctVal>0.545517814251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PALM DESERT CALIF</name>
        <lei>N/A</lei>
        <title>CA PDTGEN 4 09/01/2036</title>
        <cusip>696627EP9</cusip>
        <identifiers>
          <isin value="US696627EP96"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>256020.28000000</valUSD>
        <pctVal>0.162532171509</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOBACCO SECURITIZATION AUTH SOUTHN CALIF</name>
        <lei>N/A</lei>
        <title>CA TOBGEN 5 06/01/2035</title>
        <cusip>888804CL3</cusip>
        <identifiers>
          <isin value="US888804CL33"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>536781.05000000</valUSD>
        <pctVal>0.340770620521</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EAST SIDE UN HIGH SCH DIST CALIF</name>
        <lei>549300FHNKBG2V8ZLG85</lei>
        <title>CA ESDSCD 3.75 08/01/2038</title>
        <cusip>275282KU4</cusip>
        <identifiers>
          <isin value="US275282KU41"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>400124.72000000</valUSD>
        <pctVal>0.254015578829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA SCH FIN AUTH</name>
        <lei>N/A</lei>
        <title>CA CASSCD 5 07/01/2040</title>
        <cusip>13059THL6</cusip>
        <identifiers>
          <isin value="US13059THL61"/>
        </identifiers>
        <balance>545000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>565622.36000000</valUSD>
        <pctVal>0.359080266708</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUERTO RICO SALES TAX FINANCING CORP</name>
        <lei>549300EIUFISISP8X671</lei>
        <title>PR PRCGEN 4.55 07/01/2040</title>
        <cusip>74529JPV1</cusip>
        <identifiers>
          <isin value="US74529JPV16"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1006700.90000000</valUSD>
        <pctVal>0.639095009730</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA ST ENTERPRISE DEV AUTH</name>
        <lei>549300544P6FSHU1HB46</lei>
        <title>CA CASHSG 5 08/01/2040</title>
        <cusip>13069BAM8</cusip>
        <identifiers>
          <isin value="US13069BAM81"/>
        </identifiers>
        <balance>575000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>601383.82000000</valUSD>
        <pctVal>0.381783107867</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GUAM PWR AUTH</name>
        <lei>549300IPOV320QCKW060</lei>
        <title>GU GMSPWR 5 10/01/2031</title>
        <cusip>400653JW2</cusip>
        <identifiers>
          <isin value="US400653JW21"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>219936.36000000</valUSD>
        <pctVal>0.139624619521</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-04-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Goldman Sachs ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Allison Frachiolla</ncom:signature>
      <ncom:signerName>Allison Frachiolla</ncom:signerName>
      <ncom:title>Vice President Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
