Form NPORT-P GOLDMAN SACHS TRUST For: Jun 30

  
    NPORT-P
    false
    
      
      
        
          0000822977
          XXXXXXXX
        
      
      
      
      
        S000064937
        C000210248
      
      
      
    
  
  
    
      Goldman Sachs Trust
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs Municipal Income Completion Fund
      S000064937
      549300M6ZL1A17CEGR25
      2021-03-31
      2020-06-30
      N
    
    
      21136131.36
      1267945.97
      19868185.39
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      1260310.48000000
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Commonwealth of Massachusetts
        5493001N1YCXNI1O7K10
        
        57582PCV0
        
          
        
        30000.00000000
        PA
        USD
        28856.70000000
        0.145240742592
        Long
        STIV
        MUN
        US
        N
        
        2
        
          2037-05-01
          Floating
          1.03000100
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lakewood Ranch Stewardship District
        N/A
        
        51265KDF2
        
          
        
        60000.00000000
        PA
        USD
        60303.60000000
        0.303518408029
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2028-05-01
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Gulfstream Polo Community Development District
        N/A
        
        40275MAG0
        
          
        
        50000.00000000
        PA
        USD
        51035.00000000
        0.256867947415
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-11-01
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Village Community Development District No. 13
        N/A
        
        92708HAA2
        
          
        
        100000.00000000
        PA
        USD
        99546.00000000
        0.501032167991
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2024-05-01
          Fixed
          2.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Harris County Cultural Education Facilities Finance Corp.
        N/A
        
        414009NJ5
        
          
        
        135000.00000000
        PA
        USD
        169959.60000000
        0.855435947791
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2030-05-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Spartanburg Regional Health Services District
        549300CVHLQ72HQF3340
        
        847113DA2
        
          
        
        75000.00000000
        PA
        USD
        93962.25000000
        0.472928192261
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2035-04-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Rancho Cordova CA
        N/A
        
        75211RGY7
        
          
        
        125000.00000000
        PA
        USD
        125322.50000000
        0.630769733319
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2034-09-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New Hampshire Business Finance Authority
        N/A
        
        64468CBR4
        
          
        
        40000.00000000
        PA
        USD
        41908.40000000
        0.210932197265
        Long
        STIV
        MUN
        US
        N
        
        2
        
          2033-10-01
          Variable
          2.79999900
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Houston TX Airport System Revenue
        N/A
        
        4423487W2
        
          
        
        100000.00000000
        PA
        USD
        103522.00000000
        0.521044060984
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2028-07-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Colorado Health Facilities Authority
        5493002JB6DRFRZPEQ21
        
        19648FJE5
        
          
        
        100000.00000000
        PA
        USD
        112174.00000000
        0.564591067569
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2043-11-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chicago Board of Education
        54930099NR6T9V7LVB43
        
        167501XE0
        
          
        
        10000.00000000
        PA
        USD
        7309.40000000
        0.036789469478
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2029-12-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State of Illinois
        54930048FV8RWPR02D67
        
        452152U33
        
          
        
        30000.00000000
        PA
        USD
        30075.60000000
        0.151375676286
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2040-12-01
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kentucky Economic Development Finance Authority
        N/A
        
        49126KKG5
        
          
        
        75000.00000000
        PA
        USD
        81620.25000000
        0.410808779955
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2045-06-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indiana Finance Authority
        549300PS0PAS7NDSSI20
        
        45505VAD8
        
          
        
        100000.00000000
        PA
        USD
        102681.00000000
        0.516811163095
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2030-11-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Miami FL Parking System Revenue
        N/A
        
        593461BV7
        
          
        
        100000.00000000
        PA
        USD
        116157.00000000
        0.584638192768
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2038-10-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State of Illinois
        54930048FV8RWPR02D67
        
        452152U41
        
          
        
        35000.00000000
        PA
        USD
        35897.75000000
        0.180679560288
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2041-12-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Michigan Finance Authority
        54930022O46HOX5J1D14
        
        59447TUH4
        
          
        
        100000.00000000
        PA
        USD
        120193.00000000
        0.604952076098
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2048-11-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        California Statewide Communities Development Authority
        549300KTNI2GCJNX2U48
        
        13078YNX9
        
          
        
        50000.00000000
        PA
        USD
        56883.50000000
        0.286304455507
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2048-09-02
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State of Illinois
        54930048FV8RWPR02D67
        
        4521526L0
        
          
        
        50000.00000000
        PA
        USD
        56260.50000000
        0.283168789175
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2039-05-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Illinois Finance Authority
        549300ZG6UBPNNNRN315
        
        45204EJ33
        
          
        
        100000.00000000
        PA
        USD
        107500.00000000
        0.541066020322
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-04-01
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
        N/A
        
        74529JPU3
        
          
        
        245000.00000000
        PA
        USD
        255184.65000000
        1.284388307190
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2034-07-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Modesto Irrigation District
        S6U6XLZ7IOWYIG8C8H50
        
        607769EL6
        
          
        
        25000.00000000
        PA
        USD
        22807.75000000
        0.114795335116
        Long
        STIV
        MUN
        US
        N
        
        2
        
          2037-09-01
          Floating
          0.86400200
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Benloch Ranch Improvement Association No. 1
        N/A
        
        082148AA5
        
          
        
        100000.00000000
        PA
        USD
        100000.00000000
        0.503317228207
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2039-12-01
          Fixed
          9.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Grand Oaks Community Development District
        N/A
        
        38611CAB0
        
          
        
        50000.00000000
        PA
        USD
        50434.50000000
        0.253845527460
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2024-11-01
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Metropolitan Transportation Authority
        5493000TKYODLXADQD60
        
        59261AJY4
        
          
        
        175000.00000000
        PA
        USD
        201671.75000000
        1.015048662176
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2031-11-15
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lancaster County Hospital Authority PA
        N/A
        
        514045V59
        
          
        
        100000.00000000
        PA
        USD
        100692.00000000
        0.506800183426
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2040-03-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        San Diego Unified School District CA
        N/A
        
        797355Q31
        
          
        
        300000.00000000
        PA
        USD
        247788.00000000
        1.247159693429
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2031-07-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Villa Portofino East Community Development District
        N/A
        
        92703PAH4
        
          
        
        100000.00000000
        PA
        USD
        99239.00000000
        0.499486984100
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2037-05-01
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chicago Board of Education
        54930099NR6T9V7LVB43
        
        167505QY5
        
          
        
        100000.00000000
        PA
        USD
        114863.00000000
        0.578125267835
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2044-12-01
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        E-470 Public Highway Authority
        549300164ZV2301BC703
        
        26822LDW1
        
          
        
        50000.00000000
        PA
        USD
        41935.00000000
        0.211066079648
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2030-09-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Commonwealth Aqueduct & Sewer Authority
        N/A
        
        745160RS2
        
          
        
        35000.00000000
        PA
        USD
        36225.00000000
        0.182326665918
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2037-07-01
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Infrastructure Financing Authority
        549300G1ONPUNRBJUC88
        
        745220ET6
        
          
        
        100000.00000000
        PA
        USD
        45576.00000000
        0.229391859927
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2037-07-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
        N/A
        
        74529JQF5
        
          
        
        25000.00000000
        PA
        USD
        16160.75000000
        0.081339838957
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2033-07-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Portico Community Development District
        N/A
        
        73641TAC2
        
          
        
        125000.00000000
        PA
        USD
        118275.00000000
        0.595298451661
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2037-05-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Metropolitan Pier & Exposition Authority
        254900I3VDCQ58UGBR15
        
        592250DN1
        
          
        
        65000.00000000
        PA
        USD
        61630.40000000
        0.310196421012
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2050-06-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City & County of Denver CO
        MMTY7HA2MSCBUO4F7J71
        
        249271GV3
        
          
        
        100000.00000000
        PA
        USD
        100533.00000000
        0.505999909033
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2032-10-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Territory of Guam
        N/A
        
        40065NBT3
        
          
        
        55000.00000000
        PA
        USD
        57885.30000000
        0.291346687499
        Long
        DBT
        MUN
        GU
        N
        
        2
        
          2022-11-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Virginia Small Business Financing Authority
        N/A
        
        928097AD6
        
          
        
        200000.00000000
        PA
        USD
        219902.00000000
        1.106804651172
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2056-12-31
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Port Authority of New York & New Jersey
        54930006MR4KZ4W74Z83
        
        73358W3D4
        
          
        
        110000.00000000
        PA
        USD
        137781.60000000
        0.693478530099
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2034-09-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Edinburg Economic Development Corp.
        N/A
        
        28078PAH5
        
          
        
        100000.00000000
        PA
        USD
        96332.00000000
        0.484855552276
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2044-08-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Summer Woods Community Development District
        N/A
        
        865657AH3
        
          
        
        80000.00000000
        PA
        USD
        76252.80000000
        0.383793479390
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2040-05-01
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
        N/A
        
        74529JRK3
        
          
        
        15000.00000000
        PA
        USD
        15199.95000000
        0.076503967028
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2053-07-01
          Fixed
          4.53600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pennsylvania Turnpike Commission
        549300J8LLBYEYEXZJ24
        
        709221VE2
        
          
        
        80000.00000000
        PA
        USD
        99449.60000000
        0.500546970183
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2044-12-01
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New Jersey Transportation Trust Fund Authority
        549300YUVD5TEXR6L889
        
        646136WP2
        
          
        
        110000.00000000
        PA
        USD
        68565.20000000
        0.345100464154
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2032-12-15
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Commonwealth Aqueduct & Sewer Authority
        N/A
        
        745160RH6
        
          
        
        25000.00000000
        PA
        USD
        25125.00000000
        0.126458453587
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2025-07-01
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        San Francisco City & County Airport Comm-San Francisco International Airport
        54930055TIDYHNDP4F84
        
        79766DFX2
        
          
        
        150000.00000000
        PA
        USD
        161623.50000000
        0.813478920331
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2022-05-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Commonwealth of Puerto Rico
        549300X44HXPLJU48U63
        
        74514LQF7
        
          
        
        50000.00000000
        PA
        USD
        35000.00000000
        0.176161029872
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2035-07-01
          Fixed
          5.00000000
          Y
          N
          N
        
        
          N
          N
          N
        
      
      
        State of Illinois
        54930048FV8RWPR02D67
        
        452152P54
        
          
        
        100000.00000000
        PA
        USD
        102969.00000000
        0.518260716712
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2021-11-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New Jersey Economic Development Authority
        5493006JS6QWDVU4R678
        
        645913AA2
        
          
        
        50000.00000000
        PA
        USD
        61328.00000000
        0.308674389714
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2029-02-15
          Fixed
          7.42500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
        N/A
        
        74529JRL1
        
          
        
        25000.00000000
        PA
        USD
        25776.25000000
        0.129736307035
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2058-07-01
          Fixed
          4.78400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Main Street Natural Gas, Inc.
        549300NY5M0QVZ6X4U26
        
        56035DBW1
        
          
        
        75000.00000000
        PA
        USD
        103257.75000000
        0.519714045209
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-05-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New Jersey Educational Facilities Authority
        549300UTOO4X537XXG70
        
        6460666J4
        
          
        
        100000.00000000
        PA
        USD
        113114.00000000
        0.569322249514
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2045-07-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        West Villages Improvement District
        N/A
        
        956454BJ0
        
          
        
        50000.00000000
        PA
        USD
        52599.50000000
        0.264742345450
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2039-05-01
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New Jersey Transportation Trust Fund Authority
        549300YUVD5TEXR6L889
        
        646136WU1
        
          
        
        40000.00000000
        PA
        USD
        17572.80000000
        0.088446929878
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2039-12-15
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
        N/A
        
        74529JRH0
        
          
        
        295000.00000000
        PA
        USD
        296365.85000000
        1.491660381572
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2040-07-01
          Fixed
          4.32900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Highway & Transportation Authority
        549300J6QBXVWJXB7Y41
        
        745190UQ9
        
          
        
        390000.00000000
        PA
        USD
        404597.70000000
        2.036409929029
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2038-07-01
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Commonwealth Aqueduct & Sewer Authority
        N/A
        
        745160RB9
        
          
        
        30000.00000000
        PA
        USD
        30600.00000000
        0.154015071831
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2037-07-01
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Metropolitan Pier & Exposition Authority
        254900I3VDCQ58UGBR15
        
        592250CZ5
        
          
        
        35000.00000000
        PA
        USD
        6905.85000000
        0.034758332804
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2054-12-15
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chicago Board of Education
        54930099NR6T9V7LVB43
        
        1675012S3
        
          
        
        30000.00000000
        PA
        USD
        33726.00000000
        0.169748768385
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2026-12-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Metropolitan Transportation Authority
        5493000TKYODLXADQD60
        
        59261AG43
        
          
        
        75000.00000000
        PA
        USD
        85053.75000000
        0.428090176986
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2050-11-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State of Illinois
        54930048FV8RWPR02D67
        
        452152Q53
        
          
        
        30000.00000000
        PA
        USD
        29045.40000000
        0.146190502201
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2026-11-01
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Atlantic City NJ
        N/A
        
        048339VH5
        
          
        
        40000.00000000
        PA
        USD
        48558.00000000
        0.244400779672
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2032-03-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Rocklin CA
        N/A
        
        773747FB1
        
          
        
        100000.00000000
        PA
        USD
        113709.00000000
        0.572316987022
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2030-09-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Metropolitan Transportation Authority
        5493000TKYODLXADQD60
        
        59261AG35
        
          
        
        75000.00000000
        PA
        USD
        83160.75000000
        0.418562381856
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2045-11-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Berks County Municipal Authority (The)
        N/A
        
        08454AAC5
        
          
        
        100000.00000000
        PA
        USD
        100729.00000000
        0.506986410800
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-10-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Grand Oaks Community Development District
        N/A
        
        38611CAD6
        
          
        
        50000.00000000
        PA
        USD
        51976.00000000
        0.261604162532
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2039-11-01
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Inland Empire Tobacco Securitization Corp.
        N/A
        
        45734TAD6
        
          
        
        250000.00000000
        PA
        USD
        88620.00000000
        0.446039727637
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2036-06-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Highway & Transportation Authority
        549300J6QBXVWJXB7Y41
        
        745181C88
        
          
        
        100000.00000000
        PA
        USD
        109075.00000000
        0.548993266666
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2036-07-01
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Palm Glades Community Development District
        N/A
        
        696638AR6
        
          
        
        100000.00000000
        PA
        USD
        109284.00000000
        0.550045199673
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2036-05-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Commonwealth Aqueduct & Sewer Authority
        N/A
        
        745160RC7
        
          
        
        75000.00000000
        PA
        USD
        76500.00000000
        0.385037679578
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2042-07-01
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
        N/A
        
        74529JPV1
        
          
        
        20000.00000000
        PA
        USD
        20390.00000000
        0.102626382831
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2040-07-01
          Fixed
          4.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Escambia County Health Facilities Authority
        N/A
        
        296110GD5
        
          
        
        100000.00000000
        PA
        USD
        107000.00000000
        0.538549434181
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2045-08-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Public Finance Authority
        5493004S6D3NA627K012
        
        74442PMV4
        
          
        
        25000.00000000
        PA
        USD
        22755.00000000
        0.114529835278
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-10-01
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Public Finance Authority
        5493004S6D3NA627K012
        
        74442PPD1
        
          
        
        100000.00000000
        PA
        USD
        101535.00000000
        0.511043147660
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2040-04-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Houston TX Airport System Revenue
        N/A
        
        442349DH6
        
          
        
        100000.00000000
        PA
        USD
        104025.00000000
        0.523575746642
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2027-07-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New Jersey Transportation Trust Fund Authority
        549300YUVD5TEXR6L889
        
        6461364D0
        
          
        
        140000.00000000
        PA
        USD
        158737.60000000
        0.798953688442
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2032-12-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Guam Government Waterworks Authority
        N/A
        
        40065FDD3
        
          
        
        75000.00000000
        PA
        USD
        86541.00000000
        0.435575762462
        Long
        DBT
        MUN
        GU
        N
        
        2
        
          2037-07-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State of Illinois
        54930048FV8RWPR02D67
        
        452227KH3
        
          
        
        145000.00000000
        PA
        USD
        151712.05000000
        0.763592884916
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2022-06-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Texas Private Activity Bond Surface Transportation Corp.
        N/A
        
        882667AM0
        
          
        
        200000.00000000
        PA
        USD
        207562.00000000
        1.044695305211
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2055-12-31
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lakewood Ranch Stewardship District
        N/A
        
        51265KDG0
        
          
        
        70000.00000000
        PA
        USD
        69761.30000000
        0.351120641521
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2029-05-01
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Metropolitan Transportation Authority
        5493000TKYODLXADQD60
        
        59261ASZ1
        
          
        
        250000.00000000
        PA
        USD
        284977.50000000
        1.434340854013
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2032-11-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Princeton TX
        N/A
        
        742400AY0
        
          
        
        152000.00000000
        PA
        USD
        152186.96000000
        0.765983188764
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2025-09-01
          Fixed
          2.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Metropolitan Transportation Authority
        5493000TKYODLXADQD60
        
        59261AG50
        
          
        
        75000.00000000
        PA
        USD
        85868.25000000
        0.432189695809
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2055-11-15
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Commonwealth of Puerto Rico
        549300X44HXPLJU48U63
        
        74514LMK0
        
          
        
        30000.00000000
        PA
        USD
        21075.00000000
        0.106074105844
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2032-07-01
          Fixed
          5.25000000
          Y
          N
          N
        
        
          N
          N
          N
        
      
      
        Landings at Miami Community Development District
        N/A
        
        515028AD0
        
          
        
        100000.00000000
        PA
        USD
        103188.00000000
        0.519362981442
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2048-11-01
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Electric Power Authority
        5493003BRB67HF8ST418
        
        74526QH88
        
          
        
        145000.00000000
        PA
        USD
        99687.50000000
        0.501744361868
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2020-07-01
          Fixed
          4.25000000
          Y
          N
          N
        
        
          N
          N
          N
        
      
      
        New Jersey Educational Facilities Authority
        549300UTOO4X537XXG70
        
        6460666C9
        
          
        
        25000.00000000
        PA
        USD
        29098.00000000
        0.146455247063
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2035-07-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of New Haven CT
        549300U4OHEAZ124LQ06
        
        6450205V6
        
          
        
        25000.00000000
        PA
        USD
        30171.25000000
        0.151857099215
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2029-08-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chicago Board of Education
        54930099NR6T9V7LVB43
        
        167501UL7
        
          
        
        245000.00000000
        PA
        USD
        209242.25000000
        1.053152292938
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2025-12-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Golden State Tobacco Securitization Corp.
        N/A
        
        38122NPD8
        
          
        
        300000.00000000
        PA
        USD
        62730.00000000
        0.315730897254
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2047-06-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
        N/A
        
        74529JQB4
        
          
        
        18000.00000000
        PA
        USD
        16218.36000000
        0.081629800012
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2024-07-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New Jersey Transportation Trust Fund Authority
        549300YUVD5TEXR6L889
        
        646136Y47
        
          
        
        20000.00000000
        PA
        USD
        21148.40000000
        0.106443540690
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2046-06-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mission Economic Development Corp.
        N/A
        
        605156AC2
        
          
        
        100000.00000000
        PA
        USD
        104826.00000000
        0.527607317640
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2031-10-01
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Princeton TX
        N/A
        
        742400AU8
        
          
        
        255000.00000000
        PA
        USD
        255316.20000000
        1.285050421003
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2025-09-01
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Stoneybrook South at Championsgate Community Development District
        N/A
        
        86203JAG7
        
          
        
        50000.00000000
        PA
        USD
        52611.50000000
        0.264802743518
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2039-06-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Palm Glades Community Development District
        N/A
        
        696638BQ7
        
          
        
        60000.00000000
        PA
        USD
        60821.40000000
        0.306124584636
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2024-05-01
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Preserve at South Branch Community Development District
        N/A
        
        74082PAF7
        
          
        
        100000.00000000
        PA
        USD
        98292.00000000
        0.494720569949
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2030-11-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Florida Higher Educational Facilities Financial Authority
        N/A
        
        34073TKB2
        
          
        
        150000.00000000
        PA
        USD
        157728.00000000
        0.793872197706
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2047-03-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Aviary at Rutland Ranch Community Development District
        N/A
        
        05369FAA8
        
          
        
        80000.00000000
        PA
        USD
        81145.60000000
        0.408419784732
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2024-06-01
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Florida Development Finance Corp.
        549300HC854CNBLMWC48
        
        34061YAC4
        
          
        
        100000.00000000
        PA
        USD
        88142.00000000
        0.443633871286
        Long
        STIV
        MUN
        US
        N
        
        2
        
          2049-01-01
          Variable
          6.37499900
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New York City Housing Development Corp.
        549300SQWVHKBRF8D702
        
        64966TFH2
        
          
        
        100000.00000000
        PA
        USD
        100760.00000000
        0.507142439141
        Long
        ABS-MBS
        MUN
        US
        N
        
        2
        
          2048-02-15
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State of Illinois
        54930048FV8RWPR02D67
        
        4521523D1
        
          
        
        350000.00000000
        PA
        USD
        375378.50000000
        1.889344661485
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2031-10-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Highland Meadows West Community Development District
        N/A
        
        43038HAJ7
        
          
        
        100000.00000000
        PA
        USD
        99484.00000000
        0.500720111309
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2025-05-01
          Fixed
          2.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New Jersey Transportation Trust Fund Authority
        549300YUVD5TEXR6L889
        
        646136J77
        
          
        
        125000.00000000
        PA
        USD
        127495.00000000
        0.641704300102
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2029-06-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
        N/A
        
        74529JQH1
        
          
        
        375000.00000000
        PA
        USD
        76121.25000000
        0.383131365576
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2051-07-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Landmark at Doral Community Development District
        N/A
        
        51504NAX1
        
          
        
        75000.00000000
        PA
        USD
        75910.50000000
        0.382070624518
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2038-05-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tulsa Airports Improvement Trust
        N/A
        
        899661EL2
        
          
        
        100000.00000000
        PA
        USD
        99480.00000000
        0.500699978620
        Long
        STIV
        MUN
        US
        N
        
        2
        
          2035-06-01
          Variable
          4.99999900
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dallas-Fort Worth International Airport
        N/A
        
        235036TL4
        
          
        
        20000.00000000
        PA
        USD
        20292.60000000
        0.102136151851
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2023-11-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Arizona Health Facilities Authority
        N/A
        
        040507HN8
        
          
        
        85000.00000000
        PA
        USD
        79420.60000000
        0.399737562545
        Long
        STIV
        MUN
        US
        N
        
        2
        
          2037-01-01
          Floating
          1.77000200
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        County of Cuyahoga OH
        549300GHDK9DGLUNJU89
        
        2322655Q7
        
          
        
        20000.00000000
        PA
        USD
        22017.80000000
        0.110819380672
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2042-02-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Princeton TX
        N/A
        
        742400AF1
        
          
        
        100000.00000000
        PA
        USD
        108329.00000000
        0.545238520144
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2039-09-01
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
        N/A
        
        74529JPW9
        
          
        
        20000.00000000
        PA
        USD
        20553.20000000
        0.103447796547
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2053-07-01
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        South Kendall Community Development District
        N/A
        
        83854TAU3
        
          
        
        25000.00000000
        PA
        USD
        27568.75000000
        0.138758268351
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2031-11-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Columbus County Industrial Facilities & Pollution Control Financing Authority
        N/A
        
        199048AD1
        
          
        
        75000.00000000
        PA
        USD
        75411.00000000
        0.379556554963
        Long
        STIV
        MUN
        US
        N
        
        2
        
          2034-05-01
          Variable
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Los Angeles Department of Airports
        N/A
        
        544445FS3
        
          
        
        25000.00000000
        PA
        USD
        30897.50000000
        0.155512440585
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2030-05-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Glendale Industrial Development Authority
        N/A
        
        378287AV8
        
          
        
        140000.00000000
        PA
        USD
        151558.40000000
        0.762819537995
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2042-11-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Buckeye Tobacco Settlement Financing Authority
        N/A
        
        118217CZ9
        
          
        
        300000.00000000
        PA
        USD
        315897.00000000
        1.589964024389
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2055-06-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Capital Trust Agency, Inc.
        549300F49UWS7X0OGQ59
        
        140536AD5
        
          
        
        100000.00000000
        PA
        USD
        93748.00000000
        0.471849835099
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2058-12-01
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Michigan Finance Authority
        54930022O46HOX5J1D14
        
        59447TVD2
        
          
        
        200000.00000000
        PA
        USD
        222992.00000000
        1.122357153523
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2047-02-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Oneida County Local Development Corp.
        N/A
        
        682440CL4
        
          
        
        135000.00000000
        PA
        USD
        108989.55000000
        0.548563182095
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2044-07-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Duluth Independent School District No. 709
        N/A
        
        264474JH1
        
          
        
        25000.00000000
        PA
        USD
        23527.00000000
        0.118415444280
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2032-03-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wildblue Community Development District
        N/A
        
        96809YAC0
        
          
        
        150000.00000000
        PA
        USD
        156291.00000000
        0.786639529137
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2039-06-15
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        California Municipal Finance Authority
        5493000UQOV6R4ZWS346
        
        13048VBW7
        
          
        
        75000.00000000
        PA
        USD
        86271.00000000
        0.434216805946
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2037-12-31
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Capital Trust Agency, Inc.
        549300F49UWS7X0OGQ59
        
        140542CC3
        
          
        
        100000.00000000
        PA
        USD
        77246.00000000
        0.388792426100
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2054-07-01
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lakewood Ranch Stewardship District
        N/A
        
        51265KCP1
        
          
        
        100000.00000000
        PA
        USD
        96734.00000000
        0.486878887533
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-05-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sampson Creek Community Development District
        N/A
        
        79588CBG1
        
          
        
        100000.00000000
        PA
        USD
        101466.00000000
        0.510695858772
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2040-05-01
          Fixed
          2.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Evergreen Community Development District
        N/A
        
        30022DAC6
        
          
        
        100000.00000000
        PA
        USD
        104769.00000000
        0.527320426820
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2039-11-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
        N/A
        
        74529JPX7
        
          
        
        283000.00000000
        PA
        USD
        295890.65000000
        1.489268618104
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2058-07-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Austin Convention Enterprises, Inc.
        N/A
        
        052409DX4
        
          
        
        35000.00000000
        PA
        USD
        33688.55000000
        0.169560276083
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2023-01-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chicago Board of Education
        54930099NR6T9V7LVB43
        
        167501XG5
        
          
        
        45000.00000000
        PA
        USD
        29955.60000000
        0.150771695612
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2031-12-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Commonwealth of Puerto Rico
        549300X44HXPLJU48U63
        
        74514LUR6
        
          
        
        200000.00000000
        PA
        USD
        202198.00000000
        1.017697369090
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2027-07-01
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        California Public Finance Authority
        N/A
        
        13057HAU1
        
          
        
        55000.00000000
        PA
        USD
        56840.30000000
        0.286087022464
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2040-06-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Evans Farm New Community Authority
        N/A
        
        29916QAB0
        
          
        
        170000.00000000
        PA
        USD
        154337.90000000
        0.776809240353
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2038-12-01
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lower Colorado River Authority
        549300QJFPW2NNBYR215
        
        54811BSP7
        
          
        
        35000.00000000
        PA
        USD
        45595.90000000
        0.229492020056
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2030-05-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New York State Dormitory Authority
        549300C8XO7EXTX2XU71
        
        64990GZL9
        
          
        
        250000.00000000
        PA
        USD
        272172.50000000
        1.369891082942
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2037-09-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State of Illinois
        54930048FV8RWPR02D67
        
        452151LF8
        
          
        
        155000.00000000
        PA
        USD
        157239.75000000
        0.791414751339
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2033-06-01
          Fixed
          5.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
        N/A
        
        74529JQD0
        
          
        
        20000.00000000
        PA
        USD
        15267.40000000
        0.076843454499
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2029-07-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Infrastructure Financing Authority
        549300G1ONPUNRBJUC88
        
        745220EK5
        
          
        
        120000.00000000
        PA
        USD
        79412.40000000
        0.399696290532
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2029-07-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        North Carolina Turnpike Authority
        549300FCT1PN0GJGQ240
        
        65830RCD9
        
          
        
        205000.00000000
        PA
        USD
        249212.35000000
        1.254328692369
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2035-01-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Public Finance Authority
        5493004S6D3NA627K012
        
        74443QAD4
        
          
        
        190000.00000000
        PA
        USD
        204379.20000000
        1.028675724471
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2030-11-01
          Fixed
          4.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New York Transportation Development Corp.
        N/A
        
        650116CF1
        
          
        
        150000.00000000
        PA
        USD
        160095.00000000
        0.805785716498
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2027-01-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Detroit MI
        549300BQRJP7MKKHOY28
        
        251093S84
        
          
        
        150000.00000000
        PA
        USD
        121537.50000000
        0.611719176232
        Long
        STIV
        MUN
        US
        N
        
        2
        
          2044-04-01
          Variable
          3.99999900
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        West Port Community Development District
        N/A
        
        95549GAD4
        
          
        
        100000.00000000
        PA
        USD
        99174.00000000
        0.499159827902
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2051-05-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Denver Health & Hospital Authority
        549300WFV5S7GIR4OS67
        
        24918EEG1
        
          
        
        335000.00000000
        PA
        USD
        394941.55000000
        1.987808862498
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2033-12-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        E-470 Public Highway Authority
        549300164ZV2301BC703
        
        26822LEP5
        
          
        
        20000.00000000
        PA
        USD
        14745.80000000
        0.074218151836
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2034-09-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New Jersey Transportation Trust Fund Authority
        549300YUVD5TEXR6L889
        
        646136WT4
        
          
        
        210000.00000000
        PA
        USD
        97026.30000000
        0.488350083791
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2038-12-15
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Alvord Unified School District
        549300Q9J0UCO75DL276
        
        022555UK0
        
          
        
        200000.00000000
        PA
        USD
        129250.00000000
        0.650537517457
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2036-08-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Chicago IL Waterworks Revenue
        N/A
        
        167736ZQ3
        
          
        
        50000.00000000
        PA
        USD
        52209.00000000
        0.262776891674
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2042-11-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Estrella Mountain Ranch Community Facilities District
        N/A
        
        29758RBZ5
        
          
        
        100000.00000000
        PA
        USD
        92614.00000000
        0.466142217731
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2043-07-01
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
        N/A
        
        74529JQC2
        
          
        
        20000.00000000
        PA
        USD
        16461.00000000
        0.082851048935
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2027-07-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Century Gardens at Tamiami Community Development District
        N/A
        
        15652CAR3
        
          
        
        30000.00000000
        PA
        USD
        32433.60000000
        0.163243896527
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2037-05-01
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chicago Board of Education
        54930099NR6T9V7LVB43
        
        167505RD0
        
          
        
        100000.00000000
        PA
        USD
        114287.00000000
        0.575226160601
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2046-12-01
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Buckeye Tobacco Settlement Financing Authority
        N/A
        
        118217CV8
        
          
        
        50000.00000000
        PA
        USD
        57115.00000000
        0.287469634890
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2039-06-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        William S Hart Union High School District
        N/A
        
        969281HQ0
        
          
        
        25000.00000000
        PA
        USD
        27362.25000000
        0.137718918275
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2047-09-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New Jersey Transportation Trust Fund Authority
        549300YUVD5TEXR6L889
        
        6461364E8
        
          
        
        75000.00000000
        PA
        USD
        84672.75000000
        0.426172538346
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2033-12-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        County of Broward FL Port Facilities Revenue
        N/A
        
        11506KFD8
        
          
        
        40000.00000000
        PA
        USD
        47919.60000000
        0.241187602487
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2035-09-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Escambia County Health Facilities Authority
        N/A
        
        296110GF0
        
          
        
        100000.00000000
        PA
        USD
        106377.00000000
        0.535413767849
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2050-08-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indiana Municipal Power Agency
        AX0ZCCVOQ71Z4RXBL233
        
        454898TX5
        
          
        
        55000.00000000
        PA
        USD
        64529.30000000
        0.324787084141
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2042-01-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Louisville/Jefferson County Metropolitan Government
        N/A
        
        54659LCA0
        
          
        
        100000.00000000
        PA
        USD
        109698.00000000
        0.552128932998
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2040-10-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        County of Cook IL
        5493004UMR7OX4YITE10
        
        213185DY4
        
          
        
        175000.00000000
        PA
        USD
        176359.75000000
        0.887649005373
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2033-11-15
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Academical Village Community Development District
        N/A
        
        00401TAB7
        
          
        
        100000.00000000
        PA
        USD
        97649.00000000
        0.491484240171
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2031-05-01
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Arizona Industrial Development Authority
        N/A
        
        04052BLH5
        
          
        
        25000.00000000
        PA
        USD
        25319.75000000
        0.127438663888
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2041-07-01
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State of West Virginia
        N/A
        
        956553J85
        
          
        
        100000.00000000
        PA
        USD
        126682.00000000
        0.637612331037
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2043-12-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bellagio Community Development District
        N/A
        
        07821BAA5
        
          
        
        50000.00000000
        PA
        USD
        57606.00000000
        0.289940922480
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2027-11-01
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Springfield IL Electric Revenue
        N/A
        
        850578TD7
        
          
        
        60000.00000000
        PA
        USD
        61750.20000000
        0.310799395052
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2021-03-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        County of Jefferson AL Sewer Revenue
        N/A
        
        472682RY1
        
          
        
        125000.00000000
        PA
        USD
        121020.00000000
        0.609114509576
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2050-10-01
          Variable
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        South Sloan's Lake Metropolitan District No. 2
        N/A
        
        84039TAF2
        
          
        
        65000.00000000
        PA
        USD
        79517.10000000
        0.400223263670
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2026-12-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fiddlers Creek Community Development District No. 2
        N/A
        
        31573QAW4
        
          
        
        200000.00000000
        PA
        USD
        226640.00000000
        1.140718166008
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2035-05-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Chicago IL
        T5UYO5SYLC8K73MJQX30
        
        167486UP2
        
          
        
        200000.00000000
        PA
        USD
        213294.00000000
        1.073545448732
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2037-01-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Talis Park Community Development District
        N/A
        
        874249AU9
        
          
        
        50000.00000000
        PA
        USD
        50282.50000000
        0.253080485273
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2033-05-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
        N/A
        
        74529JQG3
        
          
        
        150000.00000000
        PA
        USD
        42307.50000000
        0.212940936323
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2046-07-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Highway & Transportation Authority
        549300J6QBXVWJXB7Y41
        
        745181C54
        
          
        
        115000.00000000
        PA
        USD
        124542.70000000
        0.626844865574
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2032-07-01
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sales Tax Securitization Corp.
        N/A
        
        79467BCY9
        
          
        
        100000.00000000
        PA
        USD
        106914.00000000
        0.538116581365
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2038-01-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New Jersey Economic Development Authority
        5493006JS6QWDVU4R678
        
        64578JBC9
        
          
        
        100000.00000000
        PA
        USD
        104762.00000000
        0.527285194614
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2032-07-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tobacco Settlement Financing Corp. VA
        N/A
        
        88880NAW9
        
          
        
        300000.00000000
        PA
        USD
        55053.00000000
        0.277091233644
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2047-06-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New Jersey Transportation Trust Fund Authority
        549300YUVD5TEXR6L889
        
        6461364C2
        
          
        
        90000.00000000
        PA
        USD
        95427.00000000
        0.480300531361
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2031-12-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Commonwealth of Puerto Rico
        549300X44HXPLJU48U63
        
        74514LE86
        
          
        
        100000.00000000
        PA
        USD
        60000.00000000
        0.301990336924
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2035-07-01
          Fixed
          8.00000000
          Y
          N
          N
        
        
          N
          N
          N
        
      
      
        Verandah East Community Development District
        N/A
        
        92337YAC0
        
          
        
        50000.00000000
        PA
        USD
        50683.50000000
        0.255098787358
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2034-05-01
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New Jersey Transportation Trust Fund Authority
        549300YUVD5TEXR6L889
        
        646136ET4
        
          
        
        125000.00000000
        PA
        USD
        86781.25000000
        0.436784982103
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2030-12-15
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        South Jersey Port Corp.
        N/A
        
        838530RF2
        
          
        
        20000.00000000
        PA
        USD
        21474.00000000
        0.108082341585
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2037-01-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Houston County Health Care Authority
        549300I8OJ0JNPDR4L55
        
        441878BV6
        
          
        
        10000.00000000
        PA
        USD
        11612.00000000
        0.058445196539
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2030-10-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Detroit MI
        549300BQRJP7MKKHOY28
        
        251093S84
        
          
        
        105000.00000000
        PA
        USD
        85076.25000000
        0.428203423362
        Long
        STIV
        MUN
        US
        N
        
        2
        
          2044-04-01
          Variable
          3.99999900
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Metropolitan Pier & Exposition Authority
        254900I3VDCQ58UGBR15
        
        592247J92
        
          
        
        90000.00000000
        PA
        USD
        56374.20000000
        0.283741060863
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2032-12-15
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Central Plains Energy Project
        SVQOT7V5CPLIGNP5BE29
        
        154872AT2
        
          
        
        25000.00000000
        PA
        USD
        28377.00000000
        0.142826329848
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-12-01
          Variable
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        County of Jefferson AL Sewer Revenue
        N/A
        
        472682RM7
        
          
        
        30000.00000000
        PA
        USD
        34807.20000000
        0.175190634256
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2053-10-01
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State of Illinois
        54930048FV8RWPR02D67
        
        452152Q20
        
          
        
        600000.00000000
        PA
        USD
        652092.00000000
        3.282091379760
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2028-11-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State of Illinois
        54930048FV8RWPR02D67
        
        4521526M8
        
          
        
        150000.00000000
        PA
        USD
        170500.50000000
        0.858158390679
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2045-05-01
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indiana Finance Authority
        549300PS0PAS7NDSSI20
        
        45471ATB8
        
          
        
        35000.00000000
        PA
        USD
        36611.40000000
        0.184271483687
        Long
        STIV
        MUN
        US
        N
        
        2
        
          2049-11-01
          Variable
          2.09999800
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Chicago IL
        T5UYO5SYLC8K73MJQX30
        
        167486PE3
        
          
        
        75000.00000000
        PA
        USD
        76173.00000000
        0.383391832242
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2033-01-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        
        N/A
        
          
        
        140000.00000000
        PA
        USD
        379.70000000
        0.001911095515
        N/A
        DIR
        
        GB
        N
        
        2
        
          
            
              LCH Clearnet
              549300TXTCI7WVVJS380
            
            Y
            
              
                
              
            
            
            2050-09-16
            6419.24000000
            USD
            0.00000000
            USD
            140000.00000000
            USD
            379.70000000
          
        
        
          N
          N
          N
        
      
      
        County of Warren MS
        N/A
        
        935027AK8
        
          
        
        75000.00000000
        PA
        USD
        75426.75000000
        0.379635827426
        Long
        STIV
        MUN
        US
        N
        
        2
        
          2027-08-01
          Variable
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hillcrest Community Development District
        N/A
        
        43148EAD4
        
          
        
        95000.00000000
        PA
        USD
        104138.05000000
        0.524144746768
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2048-11-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        University Park Recreation District
        N/A
        
        914793BA1
        
          
        
        85000.00000000
        PA
        USD
        93370.80000000
        0.469951322514
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2045-05-01
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hospitals & Higher Education Facilities Authority of Philadelphia (The)
        N/A
        
        717903L89
        
          
        
        95000.00000000
        PA
        USD
        107445.95000000
        0.540793977360
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2033-07-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Spartanburg Regional Health Services District
        549300CVHLQ72HQF3340
        
        847113DB0
        
          
        
        75000.00000000
        PA
        USD
        86115.00000000
        0.433431631070
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2036-04-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puerto Rico Infrastructure Financing Authority
        549300G1ONPUNRBJUC88
        
        745220FU2
        
          
        
        105000.00000000
        PA
        USD
        73127.25000000
        0.368062047764
        Long
        DBT
        MUN
        PR
        N
        
        2
        
          2028-07-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Northern Tobacco Securitization Corp.
        N/A
        
        66585VAW5
        
          
        
        75000.00000000
        PA
        USD
        75015.00000000
        0.377563418739
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2046-06-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
    
    
      2020-07-30
      Goldman Sachs Trust
      Peter Fortner
      Peter Fortner
      Assistant Treasurer
    
  
  XXXX

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments

June 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

 

 

 

ADDITIONAL INVESTMENT INFORMATION

 

SWAP CONTRACTS — At June 30, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

 

Payments Made by the Fund(a)

Payments Received by the Fund

Termination Date

Notional Amount (000’s)(b)

Value

Upfront Premium (Received) Paid

Unrealized Appreciation/ (Depreciation)

0.750%

3 Month LIBOR

09/16/2050

USD  140

$6,799

$ 6,419

$ 380

 

(a)

Payments made semi-annually.

(b)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2020.

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS

 

 

Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

Investments and Fair Value Measurements — The accounting principles generally accepted in the United States of America (“GAAP”) defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including Goldman Sachs Asset Management, L.P. (“GSAM”)’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2020:

 

MUNICIPAL INCOME COMPLETION
Investment Type		Level 1				Level 2				Level 3
Assets
Fixed Income
Municipal Debt Obligations		$	—			$	19,543,893			$	—
Corporate Bonds			—				100,000				—
Total		$	—			$	19,643,893			$	—
Derivative Type
Assets(a)
Interest Rate Swap Contracts		$	—			$	380			$	—

 

(a)

Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedule of Investments.

The Funds’ risks include, but are not limited to, the following:

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Redemptions by large shareholders may have a negative impact on a Funds’ liquidity.

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

 

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. A Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds).

State/Territory Specific Risk — A Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect a Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.

Tax Risk — The Funds may be adversely impacted by changes in tax rates and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal and state income tax rates or changes in the tax-exempt status of interest income from municipal securities. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of municipal securities. This could in turn affect a Fund’s net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels. Additionally, these Funds would not be a suitable investment for IRAs, other tax-exempt or tax-deferred accounts or for other investors who are not sensitive to the federal, state or local income tax consequences of their investments.