N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES

Investment Company Act file number 811-5349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

4900 Sears Tower, Chicago, Illinois 60606-6303

(Address of principal executive offices) (Zip code)

Howard B. Surloff, Esq.	Copies to:
Goldman, Sachs & Co.	Jeffrey A. Dalke, Esq.
One New York Plaza	Drinker Biddle & Reath LLP
New York, New York 10004	One Logan Square
	18th and Cherry Streets
	Philadelphia, PA 19103
(Name and address of agents for service)

Registrant’s telephone number, including area code: (312) 655-4400

Date of fiscal year end: OCTOBER 31

Date of reporting period: APRIL 30, 2004

ITEM 1.	REPORTS TO STOCKHOLDERS.
	The Semi-Annual Report to Stockholders is filed herewith.

TAXABLE FIXED INCOME FUNDS

Semiannual Report April 30, 2004

Current income potential from portfolios that invest in a variety of fixed income securities.

Goldman Sachs Taxable Fixed Income Funds

GOLDMAN SACHS ENHANCED INCOME FUND

GOLDMAN SACHS ULTRA-SHORT DURATION GOVERNMENT FUND GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND GOLDMAN SACHS GOVERNMENT INCOME FUND

GOLDMAN SACHS U.S. MORTGAGES FUND

GOLDMAN SACHS CORE FIXED INCOME FUND

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS

What Distinguishes Goldman Sachs’ Fixed Income Investing Process?

At Goldman Sachs Asset Management (GSAM), the goal of our fixed income investment process is to provide consistent, strong performance by actively managing our portfolios within a research-intensive, risk-managed framework.

A key element of our fixed income investment philosophy is to evaluate the broadest global opportunity set to capture relative value across sectors and instruments. Our globally integrated investment process involves managing dynamically along the risk/return spectrum, as we continue to develop value-added strategies through:

1 RIGOROUS SECURITY SELECTION

Assess relative value among sectors (such as mortgages and corporates) and sub-sectors Leverage the vast resources of Goldman Sachs in selecting securities for each portfolio

2 PRECISE PORTFOLIO CONSTRUCTION

Team approach to decision making

Manage risk by avoiding significant sector and interest rate bets

Careful management of yield curve strategies — while closely managing portfolio duration

RESULT

Fixed Income portfolios that:

Include domestic and global investment options, tax-free income opportunities, and access to areas of specialization such as high yield

Capitalize on GSAM’s industry-renowned credit research capabilities

Use a risk-managed framework to seek total return, recognizing the importance of investors’ capital accumulation goals as well as their need for income

PORTFOLIO RESULTS Enhanced Income Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs Enhanced Income Fund during the six-month reporting period that ended April 30, 2004. Performance Review Over the six-month period that ended April 30, 2004, the Fund’s Class A, Institutional, and Administration Shares generated cumulative total returns, without sales charges, of 0.36%, 0.56%, and 0.43%, respectively. These returns compare to the 0.56% and 0.48% cumulative total returns of the Fund’s benchmarks, the Six-Month U.S. Treasury Bill Index and the One-Year U.S. Treasury Note Index, respectively, over the same time period.* Security selection strategies within the various sub-sectors of the market were the leading drivers of performance, while term structure and duration positioning modestly detracted from results. Investment Objective The Fund seeks to generate return in excess of traditional money market products while maintaining an emphasis on preservation of capital and liquidity. It is important to note that the Fund is not a money market fund and its net asset value will fluctuate. Portfolio Composition The Fund targets a duration of nine months, with diversified holdings in high credit quality sectors including U.S. Treasuries, agency, corporate, asset-backed, and money market instruments. The Fund invests in securities with a minimum credit quality of “A” by a Nationally Recognized Statistical Rating Organization (“NRSRO”) at the time of purchase or, if unrated, determined by the investment adviser to be of comparable quality. During the period, we tactically managed the Fund’s d uration position to reflect changing market conditions. The Fund continues to emphasize shorter-term, higher credit securities that we believe have the potential to enhance results. Portfolio Highlights Agencies — 39.1% on October 31, 2003 and 40.9% on April 30, 2004. Asset-Backed Securities — 29.6% on October 31, 2003 and 22.3% on April 30, 2004. Corporate Bonds — 28.9% on October 31, 2003 and 25.2% on April 30, 2004. Cash Equivalents — 1.6% on October 31, 2003 and 10.7% on April 30, 2004. *Unlike the Fund’s total return, the Indices’performance does not reflect any deduction for fees or expenses.

Security selection within the corporate sector was an important driver of performance over the reporting period. In particular, we concentrated on sectors that would benefit from a cyclical recovery. This strategy proved beneficial as credit spreads tightened due to a strengthened economy and improved quality trends. Security selection within the agency sector, which was concentrated in agency debentures, also contributed to returns. Conversely, duration and te rm structure strategies detracted from performance at the end of the period. We tactically adjusted the duration of the portfolio over the period. A longer duration exposure relative to the Index proved to be a drag on performance in periods such as April when rates rose. Additionally, from a term-structured perspective, the Fund’s exposure to longer duration maturities detracted from results as stronger-than-expected economic data caused these issues to underperform their shorter maturity counterparts .. We thank you for your investment and look forward to your continued confidence. Goldman Sachs U.S. Fixed Income Investment Management Team May 10, 2004

P E R F O R M A N C E R E V I E W Six-Month One-Year November 1, 2003–Fund Total Return 30-Day U.S.TreasuryU.S.Treasury April 30, 2004(based on NAV)1Standardized Yield2Bill Index3Note Index3 Class A0.36%2.06%0.56%0.48% Institutional 0.562.490.560.48 Administration 0.432.240.560.48 1The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding.The Fund’s performance assumes the reinvestment of dividends and other distributions.The Fund’s performance does not reflect the deduction of any applicable sales charges. 2The 30-Day Standardized Yield of the Fund is calculated by dividing the net investment income per share (as defined by securities industry regulations) earned by the Fund over a 30-day period (ending on the stated month-end date) by the maximum public offering price per share of the Fund on the last day of the period.This number is then annualized.This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other dist ributions paid to shareholders. 3The Six-Month U.S.Treasury Bill Index and One-Year U.S.Treasury Note Index, as reported by Merrill Lynch, do not reflect any deduction for fees, expenses or taxes. S T A N D A R D I Z E D T O T A L R E T U R N S 4 For the period ended 3/31/04Class AInstitutionalAdministration One Year-0.42%1.46%1.21% Since Inception3.494.304.06 (8/2/00)(8/2/00)(8/2/00) 4The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end.They assume reinvestment of all distributions at net asset value.These returns reflect a maximum initial sales charge of 1.5% for Class A Shares. Because Institutional and Administration Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. Total return figures in the above charts represent past performance and do not indicate future results, which will vary.The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost.Current performance may be lower or higher than the total return figures in the above charts. Please visit www.gs.com to obtain the most recent month-end returns.Performance reflects expense limitations in eff ect.In their absence, performance would be reduced.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. P O R T F O L I O C O M P O S I T I O N A S O F 4 / 3 0 / 0 4 5 Sector Allocation Agencies*40.9% Corporates 25.2 Asset-Backed 22.3 Cash 10.7 5 Figures represent a percentage of net assets and, due to rounding, may not sum to 100%.The Fund is actively managed and, as such, its composition may differ over time.

P O R T F O L I O R E S U LT S Ultra-Short Duration Government Fund Dear Shareholder: This report provides an overview on the performance of the Goldman Sachs Ultra-Short Duration Government Fund during the six-month reporting period that ended April 30, 2004. Performance Review Over the six-month period that ended April 30, 2004, the Fund’s Class A, Institutional, and Service Shares generated cumulative total returns, without sales charges, of 1.04%, 1.24%, and 1.09%, respectively. These returns compare to the 0.56% and 0.48% cumulative total returns of the Fund’s benchmarks, the Six-Month U.S. Treasury Bill Index and the One-Year U.S. Treasury Note Index, respectively, over the same time period.* The Fund outperformed its benchmarks during the period. This was primarily attributable to security selection and our positioning within the mortgage sector. Investment Objective The Fund seeks to provide a high level of current income, consistent with low volatility of principal. Portfolio Composition Over the period, the Fund continued to focus on security selection and sub-sector strategies within the mortgage sector. The portfolio management team modestly trimmed the Fund’s allocation to the pass-through sub-sector in favor of collateralized mortgage obligations (CMOs), and adjustable rate mortgages (ARMs). The Fund’s exposure to agency debentures was also decreased in favor of more attractive valuations within the mortgage sector. During the period, we tactically managed the Fund’s duration position. The Fund also held a curve flattening trade based on our view that the yield curve was steep and would likely flatten. Portfolio Highlights Adjustable Rate Mortgage Securities — 29.3% on October 31, 2003 and 30.6% on April 30, 2004. Collateralized Mortgage Obligations — 23.8% on October 31, 2003 and 19.8% on April 30, 2004. Fixed Rate Pass-Throughs — 25.9% on October 31, 2003 and 21.0% on April 30, 2004. Agency Debentures — 8.2% on October 31, 2003 and 0.8% on April 30, 2004. *Unlike the Fund’s total return, the Indices’performance does not reflect any deduction for fees or expenses.

P O R T F O L I O R E S U LT S During the reporting period, our security selection of pass-throughs contributed significantly to the Fund’s outperformance. Security selection strategies within ARMs and CMOs, and our use of mortgage-backed securities (MBS) derivatives also proved to be beneficial for performance. Finally, duration and term structure positioning also contributed positively to results. We thank you for your investment and look forward to your continued confidence. Goldman Sachs U.S. Fixed Income Investment Management Team May 10, 2004

Ultra-Short Duration Government Fund as of April 30, 2004 P E R F O R M A N C E R E V I E W Six-Month One-Year November 1, 2003–Fund Total Return 30-Day U.S.TreasuryU.S.Treasury Assets Under ManagementApril 30, 2004(based on NAV)1Standardized Yield2Bill Index3Note Index3 Class A1.04%1.71%0.56%0.48% $247.8 $1.9 Billion MillionInstitutional 1.242.130.560.48 Service 1.091.640.560.48 1The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding.The Fund’s performance assumes the reinvestment of dividends and other distributions.The Fund’s performance does not reflect the deduction of any applicable sales charges. 2The 30-Day Standardized Yield of the Fund is calculated by dividing the net investment income per share (as defined by securities N A S D A Q S Y M B O L S industry regulations) earned by the Fund over a 30-day period (ending on the stated month-end date) by the maximum public offering price per share of the Fund on the last day of the period.This number is then annualized.This yield does not necessarily Class A Sharesreflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. 3 The Six-Month U.S.Treasury Bill Index and One-Year U.S.Treasury Note Index, as reported by Merrill Lynch, do not reflect any GSAMXdeduction for fees, expenses or taxes. S T A N D A R D I Z E D T O T A L R E T U R N S 4 Institutional Shares For the period ended 3/31/04Class AInstitutionalService GSARXOne Year-0.30%1.66%1.15% Five Years3.814.544.01 Ten YearsN/A5.05N/A Service SharesSince Inception4.585.044.24 (5/15/95)(7/17/91)(3/27/97) GSASX4 The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end.They assume reinvestment of all distributions at net asset value.These returns reflect a maximum initial sales charge of 1.5% for Class A Shares. Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. Total return figures in the above charts represent past performance and do not indicate future results, which will vary.The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost.Current performance may be lower or higher than the total return figures in the above charts. Please visit www.gs.com to obtain the most recent month-end returns.Performance reflects expense limitations in eff ect.In their absence, performance would be reduced.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. P O R T F O L I O C O M P O S I T I O N A S O F 4 / 3 0 / 0 4 5 Sector Allocation Mortgage-Backed72.4% Asset-Backed6.9 U.S. Treasuries0.9 Agencies0.8 Cash Equivalents16.6 5Figures represent a percentage of net assets and, due to rounding, may not sum to 100%.The Fund is actively managed and, as such, its composition may differ over time.

P O R T F O L I O R E S U LT S Short Duration Government Fund Dear Shareholder: This report provides an overview on the performance of the Goldman Sachs Short Duration Government Fund during the six-month reporting period that ended April 30, 2004. Performance Review Over the six-month period that ended April 30, 2004, the Fund’s Class A, B, C, Institutional, and Service Shares generated cumulative total returns, without sales charges, of 0.96%, 0.66%, 0.59%, 1.17%, and 0.92%, respectively. These returns compare to the 0.56% cumulative total return of the Fund’s benchmark, the Two-Year U.S. Treasury Note Index, over the same time period.* The Fund outperformed its benchmark during the reporting period. This was primarily attributable to security selection and our positioning strategies within the mortgage sector. Investment Objective The Fund seeks a high level of current income and secondarily, in seeking current income, may also consider the potential for capital appreciation. Portfolio Composition Over the period, the Fund continued to focus on security selection and sub-sector strategies within the mortgage sector. The portfolio management team modestly trimmed the Fund’s allocation to the pass-through sub-sector in favor of premium collateralized mortgage obligations (CMOs), and adjustable rate mortgages (ARMs). The Fund’s exposure to agency debentures was also decreased in favor of more attractive valuations within the mortgage sector. During the period, we tactically managed the Fund
46;s duration position to reflect changing market conditions. Portfolio Highlights Adjustable Rate Mortgage Securities — 7.3% on October 31, 2003 and 18.5% on April 30, 2004. Agency Debentures — 28.8% on October 31, 2003 and 14.3% on April 30, 2004. Collateralized Mortgage Obligations — 23.5% on October 31, 2003 and 23.9% on April 30, 2004. Fixed Rate Pass-Throughs — 28.6% on October 31, 2003 and 18.5% on April 30, 2004. U.S.Treasuries — 6.7% on October 31, 2003 and 23.3% on April 30, 2004. *Unlike the Fund’s total return, the Index’s performance does not reflect any deduction for fees or expenses.

P O R T F O L I O R E S U LT S The Fund’s continued emphasis on government-issued sectors contributed positively to returns over the period. Security selection among ARMs, CMOs, and fixed rate pass-throughs was a leading driver of performance. We thank you for your investment and look forward to your continued confidence. Goldman Sachs U.S. Fixed Income Investment Management Team May 10, 2004

F U N D B A S I C S Short Duration Government Fund as of April 30, 2004 P E R F O R M A N C E R E V I E W November 1, 2003–Fund Total Return 30-Day Two-Year U.S. April 30, 2004(based on NAV)1Standardized Yield2 Treasury Note Index3 Assets Under Management Class A0.96%2.46%0.56% Class B0.661.910.56 $179 $838.2 Million 4 Class C 0.591.760.56 Institutional 1.172.910.56 Service 0.922.410.56 1The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding.The Fund’s performance assumes the reinvestment of dividends and other distributions.The Fund’s N A S D A Q S Y M B O L S performance does not reflect the deduction of any applicable sales charges. 2 The 30-Day Standardized Yield of the Fund is calculated by dividing the net investment income per share (as defined by securities Class A Sharesindustry regulations) earned by the Fund over a 30-day period (ending on the stated month-end date) by the maximum public offering price per share of the Fund on the last day of the period.This number is then annualized.This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other GSSDXdistributions paid to shareholders. 3The Two-Year U.S.Treasury Note Index, as reported by Merrill Lynch, does not reflect any deduction for fees, expenses or taxes. Class B SharesS T A N D A R D I Z E D T O T A L R E T U R N S 4 For the period ended 3/31/04Class AClass BClass CInstitutionalService GSDGX One Year0.40%-0.15%0.72%2.91%2.40% Five Years5.104.914.775.945.42 Ten YearsN/AN/AN/A6.14N/A Class C Shares Since Inception5.345.024.696.655.64 (5/1/97)(5/1/97) (8/15/97) (8/15/88) (4/10/96) GSDCX 4The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end.They assume reinvestment of all distributions at net asset value.These returns reflect a maximum initial sales charge of 2% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (2% maximum declining to 0% after three years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase).Because Institu tional and Institutional Shares Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. Total return figures in the above charts represent past performance and do not indicate future results, which will vary.The invest-GSTGXment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost.Current performance may be lower or higher than the total return figures in the above charts. Please visit www.gs.com to obtain the most recent month-end returns.Performance reflects expense limitations in effect.In their absence, performance would be reduced.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Service Shares GSDSXP O R T F O L I O C O M P O S I T I O N A S O F 4 / 3 0 / 0 4 5 Sector Allocation Mortgage-Backed62.6% U.S. Treasuries23.3 Agencies14.3 Cash Equivalents5.6 5Figures represent a percentage of net assets and, due to rounding, may not sum to 100%.The Fund is actively managed and, as such, its composition may differ over time.

P O R T F O L I O R E S U LT S Government Income Fund Dear Shareholder: This report provides an overview on the performance of the Goldman Sachs Government Income Fund during the six- month reporting period that ended April 30, 2004. Performance Review Over the six-month period that ended April 30, 2004, the Fund’s Class A, B, C, Institutional, and Service Shares generated cumulative total returns, without sales charges, of 1.26%, 0.88%, 0.88%, 1.46%, and 1.28%, respectively. These returns compare to the 1.11% cumulative total return of the Fund’s benchmark, the Lehman Brothers Government/Mortgage Index, over the same time period.* The Fund’s performance was generally in line with its benchmark during the reporting period. The outperformance of the Fund’s Class A, Institutional and Service Shares versus its benchmark was primarily due to subsector and security selection strategies within the mortgage sector. Class B and C Shares benefitted from the same strategies, but did not outperform the benchmark due to higher expenses. Investment Objective The Fund seeks a high level of current income, consistent with safety of principal. Portfolio Composition Over the period, the Fund’s investment strategy continued to focus on sectors and securities that we believed would generate a competitive total rate of return relative to the benchmark. As such, the Fund increased its exposure to hybrid adjustable rate mortgages (ARMs) at attractive valuations and also added collateralized mortgage obligations (CMOs). The team also modestly trimmed the Fund’s exposure to the pass-through sub-sector in favor of more attractive mortgage sub-sectors. The Fund’s duration was also tactically managed over the reporting period to reflect changing market conditions. The outperformance of the Fund’s Class A, Institutional and Service shares versus its benchmark was primarily due to subsector and security selection strategies within the mortgage sector. Class B and C shares benefitted from the same strategies, but did not outperform the benchmark due to higher expenses. Portfolio Highlights Agency Debentures — 14.9% on October 31, 2003 and 14.4% on April 30, 2004. Asset-Backed Securities — 2.2% on October 31, 2003 and 9.2% on April 30, 2004. Mortgage-Backed Securities — 62.7% on October 31, 2003 and 52.6% on April 30, 2004. U.S.Treasuries — 16.7% on October 31, 2003 and 22.3% on April 30, 2004. *Unlike the Fund’s total return, the Index’s performance does not reflect any deduction for fees or expenses.

P O R T F O L I O R E S U LT S During the reporting period, our security selection of pass-throughs contributed significantly to the Fund’s performance. Security selection strategies within ARMs and CMOs, and our use of mortgage-backed securities (MBS) derivatives also contributed to positive performance over the six-month reporting period. We thank you for your investment and look forward to your continued confidence. Goldman Sachs U.S. Fixed Income Investment Management Team May 10, 2004

F U N D B A S I C S Government Income Fund as of April 30, 2004 P E R F O R M A N C E R E V I E W November 1, 2003–Fund Total Return 30-Day Lehman Govt./ April 30, 2004(based on NAV)1Standardized Yield2Mortgage Index3 Assets Under Management Class A1.26%2.73%1.11% Class B0.882.101.11 $630.0 MillionClass C 0.882.101.11 Institutional 1.463.261.11 Service 1.282.751.11 1The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding.The Fund’s performance assumes the reinvestment of dividends and other distributions.The Fund’s N A S D A Q S Y M B O L S performance does not reflect the deduction of any applicable sales charges. 2The 30-Day Standardized Yield of the Fund is calculated by dividing the net investment income per share (as defined by securities industry regulations) earned by the Fund over a 30-day period (ending on the stated month-end date) by the maximum public Class A Shares offering price per share of the Fund on the last day of the period.This number is then annualized.This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. GSGOX 3The Lehman Brothers Government/Mortgage Index, an unmanaged index, does not reflect any deduction for fees, expenses or taxes. S T A N D A R D I Z E D T O T A L R E T U R N S 4 Class B Shares For the period ended 3/31/04Class AClass BClass CInstitutionalService GSOBX One Year-0.34%-1.58%2.55%4.86%4.34% Five Years5.645.395.807.036.60 Ten Years6.53N/AN/AN/A6.935 Class C SharesSince Inception6.336.235.937.136.695 (2/10/93) (5/1/96) (8/15/97) (8/15/97) (2/10/93) GSOCX4 The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end.They assume reinvestment of all distributions at net asset value.These returns reflect a maximum initial sales charge of 4.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years), and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase).Because Institutional and Institutional SharesService Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. 5Performance data for Service Shares prior to 8/15/97 (commencement of operations) is that of Class A Shares (excluding the impact of front-end sales charges applicable to Class A Shares since Service Shares are not subject to any sales charges).Performance of Class GSOIXA Shares in the Fund reflects the expenses applicable to the Fund’s Class A Shares.The fees applicable to Service Shares are different from those applicable to Class A Shares which impact performance ratings an d rankings for a class of shares. Total return figures in the above charts represent past performance and do not indicate future results, which will vary.The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth Service Sharesmore or less than their original cost.Current performance may be lower or higher than the total return figures in the above charts. Please visit www.gs.com to obtain the most recent month-end returns.Performance reflects expense limitations in effect.In their absence, performance would be reduced.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund GSOSXdistributions or the redemption of Fund shares. P O R T F O L I O C O M P O S I T I O N A S O F 4 / 3 0 / 0 4 6 Sector Allocation Mortgage-Backed Securities52.6% U.S. Treasuries22.3 Agency Debentures14.4 Asset-Backed Securities9.2 Cash Equivalents12.1 6Figures represent a percentage of net assets and, due to rounding, may not sum to 100% .The Fund is actively managed and, as such, its composition may differ over time.

P O R T F O L I O R E S U LT S U.S. Mortgages Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs U.S. Mortgages Fund for the period from its inception on November 3, 2003 through April 30, 2004. Performance Review Over the period from its inception on November 3, 2003, through April 30, 2004, the Fund’s Class A, Institutional, and Separate Account Institutional Shares generated cumulative total returns, without sales charges, of 1.59%, 1.93%, and 1.86%, respectively. These returns compare to the 1.37% cumulative total return of the Fund’s benchmark, the Lehman Brothers Securitized Index, over the same time period.* The Fund outperformed its benchmark over the reporting period due primarily to mortgage-backed security (MBS) selection. Investment Objective The Fund seeks a high level of total return consisting of income and capital appreciation. Portfolio Composition As of April 30, 2004, the Fund’s duration position was neutral relative to the benchmark. The Fund held approximately 80% in the fixed rate pass-through sector. In addition, the portfolio maintained an exposure to collateralized mortgage obligations (CMOs) and adjustable rate mortgages (ARMs), which we believed represented relative value. Portfolio Highlights Since the Fund’s inception, pass-through security selection has been the principal driver of portfolio outperformance. Holdings of ARMs, CMOs and mortgage derivatives had a modestly positive impact on returns. We thank you for your investment and look forward to your continued confidence. Goldman Sachs Fixed Income Investment Management Team May 10, 2004 *Unlike the Fund’s total return, the Index’s performance does not reflect any deduction for fees or expenses.

F U N D B A S I C S U.S. Mortgages Fund as of April 30, 2004 P E R F O R M A N C E R E V I E W November 3, 2003–Fund Total Return 30-Day Lehman Brothers April 30, 2004(based on NAV)1Standardized Yield2 Securitized Index3 Assets Under Management Class A1.59%2.37%1.37% Institutional Class1.933.071.37 $225.0 Million $179 4 Separate Account Institutional Class 1.863.111.37 1The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding.The Fund’s performance assumes the reinvestment of dividends and other distributions.The Fund’s performance does not reflect the deduction of any applicable sales charges. 2The 30-Day Standardized Yield of the Fund is calculated by dividing the net investment income per share (as defined by securities industry regulations) earned by the Fund over a 30-day period (ending on the stated month-end date) by the maximum public N A S D A Q S Y M B O L S offering price per share of the Fund on the last day of the period.This number is then annualized.This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other Class A Sharesdistributions paid to shareholders. 3The Lehman Brothers Securitized Index is an unmanaged composite of asset-backed securities, collateralized mortgage-backed securities (ERISA eligible) and fixed rate mortgage-backed securities.The Index figures do not reflect any deduction for fees, GSUAX GSSDXexpenses or taxes.S T A N D A R D I Z E D T O T A L R E T U R N S 4 S T A N D A R D I Z E D T O T A L R E T U R N S Institutional Shares Separate Account For the period ended 3/31/04 Class AInstitutionalInstitutional GSDGX GSUIX Since Inception-1.62%3.41%3.34% (11/3/03) Separate Account 4 The Standardized Total Returns are cumulative total returns as of the most recent calendar quarter-end.They assume reinvestment Institutional Sharesof all distributions at net asset value.These returns reflect a maximum initial sales charge of 4.5% for Class A Shares.Because Institutional and Separate Account Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. GSUPXTotal return figures in the above charts represent past performance and do not indicate future results, which will vary.The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost.Current performance may be lower or higher than the total return figures in the above charts. Please visit www.gs.com to obtain the most recent month-end returns.Performance reflects expense limitations in effect.In their absence, performance would be reduced.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. P O R T F O L I O C O M P O S I T I O N A S O F 4 / 3 0 / 0 4 5 Sector Allocation Mortgage-Backed94.7% Asset-Backed1.4 U.S. Treasuries0.2 Cash Equivalents3.6 5Figures represent a percentage of net assets and, due to rounding, may not sum to 100%.The Fund is actively managed and, as such, its composition may differ over time.

P O R T F O L I O R E S U LT S Core Fixed Income Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs Core Fixed Income Fund during the six-month reporting period that ended April 30, 2004. Performance Review Over the six-month period that ended April 30, 2004, the Fund’s Class A, B, C, Institutional, and Service Shares generated cumulative total returns, without sales charges, of 1.93%, 1.44%, 1.55%, 2.03%, and 1.88%, respectively. These returns compare to the 1.25% cumulative total return of the Fund’s benchmark, the Lehman Brothers Aggregate Bond Index, over the same time period.* The Fund outperformed its benchmark over the reporting period. This was primarily due to the Fund’s security selection in the corporate and mortgage-backed sectors. Investment Objective The Fund seeks a total return consisting of capital appreciation and income that exceeds the total return of the Lehman Brothers Aggregate Bond Index. Portfolio Composition During the period, the Fund’s portfolio management team tactically managed duration and term structure strategies to respond to changing market conditions. As of April 30, 2004, the Fund’s duration position was neutral relative to the benchmark. We maintained a bias towards lower quality (BBB rated) credit securities. Within the mortgage sector, we held collateralized mortgage obligations (CMOs) and adjustable rate mortgages (ARMs) as substitutes for agency pass-throughs. Portfolio Highlights Agency Debentures — 9.1% on October 31, 2003 and 8.6% on April 30, 2004. Asset-Backed Securities (ABS) — 11.7% on October 31, 2003 and 11.9% on April 30, 2004. Corporate Bonds — 19.7% on October 31, 2003 and 20.8% on April 30, 2004. Emerging Market Debt (EMD) — and 1.0% on October 31, 2003 and 0.9% on April 30, 2004. Mortgage-Backed Securities (MBS) — 52.2% on October 31, 2003 and 38.6% on April 30, 2004. U.S.Treasuries — 9.4% on October 31, 2003 and 23.5% on April 30, 2004. *Unlike the Fund’s total return, the Index’s performance does not reflect any deduction for fees or expenses.

P O R T F O L I O R E S U LT S The Fund’s corporate and mortgage-backed securities were the main drivers of outperformance over the period. Specifically, the Fund’s lower quality bias (BBB rated securities) generated positive returns. Within mortgages, the Fund’s CMOs, ARMs, and mortgage derivatives also enhanced results. Issue selection of asset-backed securities positively benefited returns as well. We thank you for your investment and look forward to your continued confidence. Goldman Sachs U.S. Fixed Income Investment Management Team May 10, 2004

P O R T F O L I O R E S U LT S Investment Grade Credit Fund Dear Shareholder: This report provides an overview on the performance of the Goldman Sachs Investment Grade Credit Fund for the period from its inception on November 3, 2003 through April 30, 2004. Performance Review Over the period from its inception on November 3, 2003, through April 30, 2004, the Fund’s Class A, Institutional and Separate Account Institutional Shares generated cumulative total returns, without sales charges, of 2.30, 2.63%, and 2.56%, respectively. These returns compare to the 1.59% cumulative total return of the Fund’s benchmark, the Lehman Brothers U.S. Credit Index, over the same time period.* Since its inception, the Fund has outperformed its benchmark. An overweight exposure to higher risk credit securities, coupled with favorable security selection, was the primary driver of portfolio outperformance. Investment Objective The Fund seeks a high level total return consisting of capital appreciation and income that exceeds the total return of the Lehman Brothers U.S. Credit Index. Portfolio Composition The Fund’s duration approximated that of the benchmark during much of the period. In terms of sectors, the Fund had overweights in Tobacco, Autos, and European Telecoms. The Fund also had an overweight to BBB rated securities. As of April 30, 2004, the portfolio targeted a short-duration position relative to the benchmark. Portfolio Highlights Over the period, we maintained an overweight allocation to higher risk credit securities. An overweight exposure to lower quality credit securities (BBB rated) contributed to portfolio excess returns as lower quality securities outperformed their higher quality counterparts. The portfolio’s overweight allocation to Auto and Tobacco credits also positively impacted overall performance. We thank you for your investment and look forward to your continued confidence. Goldman Sachs Fixed Income Investment Management Team May 10, 2004 *Unlike the Fund’s total return, the Index’s performance does not reflect any deduction for fees or expenses.

F U N D B A S I C S Investment Grade Credit Fund as of April 30, 2004 P E R F O R M A N C E R E V I E W November 3, 2003–Fund Total Return 30-Day Lehman Brothers April 30, 2004(based on NAV)1Standardized Yield2U.S. Credit Index3 Assets Under Management Class A2.30%3.77%1.59% Institutional Class2.634.441.59 $32.8 Million Separate Account Institutional Class 2.564.501.59 1The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding.The Fund’s performance assumes the reinvestment of dividends and other distributions.The Fund’s performance does not reflect the deduction of any applicable sales charges. 2The 30-Day Standardized Yield of the Fund is calculated by dividing the net investment income per share (as defined by securities industry regulations) earned by the Fund over a 30-day period (ending on the stated month-end date) by the maximum public N A S D A Q S Y M B O L S offering price per share of the Fund on the last day of the period.This number is then annualized.This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other Class A Sharesdistributions paid to shareholders. 3The Lehman Brothers U.S.Credit Index is an unmanaged index which is unbundled into pure corporates (industrial, utility, and finance, including both U.S.and Non-U.S.corporations) and non-corporates (sovereign, supranational, foreign agencies, and foreign GSGAXlocal governments).The Index figures do not reflect any deduction for fees, expenses or taxes. S T A N D A R D I Z E D T O T A L R E T U R N S 4 Institutional Shares Separate Account For the period ended 3/31/04Class AInstitutionalInstitutional GSGDX Since Inception0.58%5.62%5.54% (11/3/03) Separate Account4 The Standardized Total Returns are cumulative total returns as of the most recent calendar quarter-end.They assume reinvestment Institutional Sharesof all distributions at net asset value.These returns reflect a maximum initial sales charge of 4.5% for Class A Shares.Because Institutional and Separate Account Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. GSCPXTotal return figures in the above charts represent past performance and do not indicate future results, which will vary.The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost.Current performance may be lower or higher than the total return figures in the above charts. Please visit www.gs.com to obtain the most recent month-end returns.Performance reflects expense limitations in effect.In their absence, performance would be reduced.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. P O R T F O L I O C O M P O S I T I O N A S O F 4 / 3 0 / 0 4 5 Sector Allocation Corporates92.8% Emerging Market Debt0.9 Cash Equivalents2.8 5Figures represent a percentage of net assets and, due to rounding, may not sum to 100%.The Fund is actively managed and, as such, its composition may differ over time.

GOLDMAN SACHS ENHANCED INCOME FUND 

Statement of Investments

April 30, 2004 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date		Value
Corporate Bonds – 25.2%
Banks – 7.7%
Bank of America Corp.
$	9,500,000		6.38	%		05/15/2005	$	9,940,455
BB&T Corp.
	15,000,000		6.38	#		06/30/2005		15,758,717
BCH Cayman Islands
	4,000,000		8.25			06/15/2004		4,030,024
Credit Suisse FB USA, Inc.
	10,000,000		4.63			01/15/2008		10,294,010
FleetBoston Financial Corp.
	8,000,000		7.25			09/15/2005		8,549,341
Golden West Financial Corp.
	3,200,000		5.50			08/08/2006		3,385,473
HSBC USA, Inc.
	10,000,000		7.00			11/01/2006		10,927,016
Nordea Bank Finland PLC
	2,500,000		6.50			01/15/2006		2,666,161
PNC Funding Corp.
	3,112,000		7.75			06/01/2004		3,126,430
Santander Financial Issuances
	2,565,000		7.25			05/30/2006		2,791,508
Wachovia Corp.
	6,250,000		6.88			09/15/2005		6,647,236
	3,009,000		7.50			07/15/2006		3,301,622
Washington Mutual, Inc.
	4,118,000		7.50			08/15/2006		4,520,205
Wells Fargo & Co.
	3,800,000		7.25			08/24/2005		4,055,095
	3,325,000		6.75			10/01/2006		3,613,727
							$	93,607,020
Brokerage – 0.8%
Lehman Brothers, Inc.
$	2,100,000		7.63	%		06/01/2006	$	2,299,964
Morgan Stanley Group, Inc.
	7,500,000		5.80			04/01/2007		8,009,153
							$	10,309,117
Chemicals – 0.7%
The Dow Chemical Co.
$	7,890,000		5.25	%		05/14/2004	$	7,897,480
Electric – 0.5%
Singapore Power Ltd.†
$	6,500,000		3.80	%		10/22/2008	$	6,429,722
Food & Beverage – 1.1%
Nabisco, Inc.
$	11,500,000		6.85	%		06/15/2005	$	12,095,054
Sara Lee Corp.
	1,500,000		6.40			06/09/2005		1,565,280
							$	13,660,334
Life Insurance – 5.3%
AXA Financial, Inc.
$	4,000,000		9.00	%		12/15/2004	$	4,172,148
Equitable Life Assurance Society†
	7,080,000		6.95			12/01/2005		7,576,513
Jackson National Life Insurance Co.†
	2,000,000		5.25			03/15/2007		2,129,754
Lincoln National Corp.
	3,750,000		7.25			05/15/2005		3,958,935
Metropolitan Life Insurance Co.†
	16,290,000		7.00			11/01/2005		17,292,161
Monumental Global Funding II†
	5,000,000		6.05			01/19/2006		5,294,550
Monumental Global Funding III†
	4,390,000		5.20			01/30/2007		4,607,367
Principal Financial Group (Australia)†
	10,000,000		7.95			08/15/2004		10,160,790
Prudential Insurance Co.†
	8,450,000		6.38			07/23/2006		9,051,302
							$	64,243,520
Noncaptive-Consumer – 2.4%
American General Finance Corp.
$	9,000,000		5.88	%		07/14/2006	$	9,562,493
	8,500,000		4.50			11/15/2007		8,726,666
Countrywide Home Loans, Inc.
	5,500,000		1.60	#		06/02/2006		5,537,994
Household Finance Corp.
	5,000,000		5.75			01/30/2007		5,324,782
							$	29,151,935
Property/ Casualty Insurance – 1.6%
ACE INA Holdings, Inc.
$	2,000,000		8.20	%		08/15/2004	$	2,036,908
	2,000,000		8.30			08/15/2006		2,216,373
ACE Ltd.
	6,487,000		6.00			04/01/2007		6,929,511
The Hartford Financial Services Group, Inc.
	7,815,000		7.75			06/15/2005		8,286,521
							$	19,469,313
Tobacco – 0.2%
UST, Inc.
$	2,050,000		8.80	%		03/15/2005	$	2,159,810
Wireless Telecommunications – 1.7%
Verizon Wireless Capital LLC
$	9,250,000		5.38	%		12/15/2006	$	9,738,284
Vodafone Group PLC
	10,000,000		7.63			02/15/2005		10,444,840
							$	20,183,124

The accompanying notes are an integral part of these financial statements.       21

 GOLDMAN SACHS ENHANCED INCOME FUND

Statement of Investments (continued)

April 30, 2004 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date		Value
Corporate Bonds – (continued)
Wirelines Telecommunications – 2.6%
British Telecom PLC
$	13,000,000		7.88	%		12/15/2005	$	14,076,949
Telefonica Europe BV
	7,500,000		7.35			09/15/2005		7,991,820
Verizon Global Funding Corp.
	2,000,000		7.60			03/15/2007		2,229,247
	7,000,000		6.13			06/15/2007		7,545,230
							$	31,843,246
TOTAL CORPORATE BONDS
(Cost $300,778,301)							$	305,895,816
Agency Debentures – 40.9%
African Development Bank
$	1,000,000		6.75	%		10/01/2004	$	1,020,160
Dexia Municipal Agency
	5,000,000		5.13			09/11/2006		5,243,310
European Investment Bank
	5,000,000		8.25			12/20/2004		5,210,095
Federal Farm Credit Bank
	5,000,000		5.45			01/19/2005		5,145,065
	4,500,000		5.40			05/10/2006		4,756,491
	6,000,000		5.70			06/08/2006		6,025,302
	6,500,000		6.60			07/07/2006		7,055,464
	15,350,000		3.63			03/09/2009		15,060,852
Federal Home Loan Banks
	7,000,000		5.50			07/19/2006		7,060,284
	18,000,000		1.50	#		08/30/2006		17,743,428
	25,000,000		4.30			10/30/2006		25,884,350
Federal Home Loan Mortgage Corp.
	29,000,000		2.00	#		11/28/2005		29,103,907
	10,000,000		2.50			12/15/2005		9,990,590
	10,628,000		0.00	•		01/15/2006		10,203,613
	8,800,000		2.14			02/24/2006		8,768,065
	12,000,000		2.75			05/05/2006		11,989,155
	6,550,000		6.75			05/30/2006		7,089,196
	10,000,000		4.00			08/02/2006		10,063,890
	26,800,000		3.70			08/23/2006		26,985,375
	11,725,000		2.50			08/24/2006		11,676,107
	10,000,000		3.00			12/15/2006		9,919,710
	11,628,000		0.00	•		01/15/2007		10,719,062
	15,000,000		3.00			01/30/2007		15,003,715
	16,000,000		3.00			07/27/2007		15,715,558
	7,175,000		6.00			09/12/2008		7,295,899
Federal National Mortgage Association
	5,000,000		7.88			02/24/2005		5,260,415
	3,000,000		7.65			03/10/2005		3,158,256
	10,000,000		3.75			07/29/2005		10,057,104
	20,000,000		3.00			11/01/2005		20,151,300
	24,400,000		2.50	^		03/09/2006		24,422,106
	5,000,000		3.75			08/09/2006		5,030,405
	18,000,000		3.89			08/16/2006		18,124,074
	5,000,000		3.51			08/23/2006		5,022,115
	5,245,000		5.13			02/14/2007		5,393,135
	27,000,000		4.88			03/11/2007		27,326,209
	30,000,000		5.42			04/04/2007		30,937,514
	5,500,000		5.00			05/14/2007		5,505,819
	7,000,000		6.52			07/11/2007		7,694,029
Financing Corp. (FICO) Strip•
	3,073,000		0.00			04/05/2006		2,922,976
Government Loan Trust•
	7,644,000		0.00/0.00	%		04/01/2007		6,941,195
Government Trust Certificates•
	5,000,000		0.00			05/15/2004		4,997,500
	6,187,000		0.00			11/15/2004		6,131,391
Inter-American Development Bank
	9,000,000		3.53			05/25/2005		9,160,155
	1,000,000		6.25			04/15/2006		1,071,332
KFW International Finance, Inc.
	4,650,000		8.25			11/30/2004		4,829,848
Oesterreich Federal Financing Agency
	3,000,000		7.38			05/11/2005		3,166,527
Private Export Funding
	4,000,000		7.95			11/01/2006		4,126,488
Singapore Power Ltd.
	1,500,000		7.25			04/28/2005		1,572,632
TOTAL AGENCY DEBENTURES
(Cost $487,763,802)							$	497,731,168
Asset-Backed Securities – 22.3%
Auto – 19.3%
AESOP Funding II LLC Series 2003-3A, Class A1†
$	20,000,000		2.75	%		07/20/2007	$	20,041,000
AmeriCredit Automobile Receivables Trust Series 2002-B, Class A3
	10,707,417		3.78			02/12/2007		10,803,448
BMW Vehicle Owner Trust Series 2002-A, Class A4
	9,000,000		4.46			05/25/2007		9,247,947
Capital One Auto Finance Trust Series 2001-A, Class A3
	1,939,539		4.83			09/15/2005		1,943,816
Capital One Auto Finance Trust Series 2002-B, Class A3A
	35,000,000		2.71			10/16/2006		35,253,911
CPS Auto Trust Series 2002-A, Class A1†
	248,766		3.74			01/15/2006		248,689
Daimlerchrysler Auto Trust Series 2000-D, Class A4
	9,320,780		6.70			03/08/2006		9,450,881
Daimlerchrysler Auto Trust Series 2001-D, Class A3
	4,731,553		3.15			11/06/2005		4,746,203
Drive Auto Receivables Trust Series 2002-1, Class A3†
	21,310,050		3.68			09/15/2006		21,523,150
Duck Auto Grantor Trust Series 2002-A, Class A†§
	3,313,647		0.00/4.16			02/15/2007		3,330,215
Franklin Auto Trust Series 2001-2, Class A3
	1,887,733		3.77			02/20/2006		1,893,649
Franklin Auto Trust Series 2002-1, Class A3
	6,407,519		3.74			11/20/2006		6,451,571
Household Automotive Trust Series 2002-1, Class A3
	30,673,869		3.75			09/18/2006		30,966,863

22       The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS ENHANCED INCOME FUND 

Principal		Interest			Maturity
Amount		Rate			Date		Value
Asset-Backed Securities – (continued)
Auto – (continued)
Long Beach Auto Receivables Trust Series 2001-A, Class A3†
$	3,026,878		5.20	%		03/13/2006	$	3,042,012
Long Beach Auto Receivables Trust Series 2001-B, Class A3†
	7,084,632		3.94			10/13/2006		7,148,837
MFN Auto Receivables Trust Series 2002-A, Class A1†
	963,740		3.81			01/15/2005		966,149
Onyx Acceptance Auto Trust Series 2001-D, Class A3
	126,719		3.63			12/15/2005		126,853
Onyx Acceptance Auto Trust Series 2002-A, Class A3
	3,177,970		3.75			04/15/2006		3,193,363
Onyx Acceptance Auto Trust Series 2002-C, Class A3
	11,970,404		3.29			09/15/2006		12,054,417
Union Acceptance Corp. Series 2000-A, Class A4§
	2,447,114		0.00/7.44			04/10/2006		2,461,187
WFS Financial Owner Trust Series 2002-1, Class A3A
	19,024,853		4.15			12/20/2006		19,208,063
WFS Financial Owner Trust Series 2002-2, Class A3
	29,517,789		3.81			02/20/2007		29,780,380
World Omni Auto Receivables Trust Series 2001-B, Class A3
	1,781,453		3.79			11/21/2005		1,787,360
							$	235,669,964
Equipment – 2.9%
Ikon Receivables LLC Series 2002-1, Class A3
$	14,760,697		3.90	%		10/15/2006	$	14,882,197
Ikon Receivables LLC Series 2003-1, Class A3B
	20,000,000		2.33			12/17/2007		20,091,698
							$	34,973,895
Student Loans – 0.1%
Union Financial Services-1, Inc. Series 1998-A, Class A8
$	982,400		5.50	%		09/01/2005	$	990,495
TOTAL ASSET-BACKED SECURITIES
(Cost $270,200,295)							$	271,634,354
Repurchase Agreement – 10.7%
Joint Repurchase Agreement Account IIΔ
$	130,600,000		1.05	%		05/03/2004	$	130,600,000
Maturity Value: $130,611,373
TOTAL REPURCHASE AGREEMENT
(Cost $130,600,000)							$	130,600,000
TOTAL INVESTMENTS
(Cost $1,189,342,398)							$	1,198,920,143

†	Securities are exempt from registration under rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounted to $118,842,211, which represents approximately 9.8% of net assets as of April 30, 2004.
#	Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2004.
§	These securities are issued with a zero coupon which increases to the stated rate at a set date in the future.
Δ	Joint repurchase agreement was entered into on April 30, 2004.
^	A portion of this security is segregated as collateral for initial margin requirement on futures transactions.
•	Security issued with a zero coupon. Income is recognized through the accretion of discount.

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

The accompanying notes are an integral part of these financial statements.       23

 GOLDMAN SACHS ULTRA-SHORT DURATION GOVERNMENT FUND

Statement of Investments

April 30, 2004 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date		Value
Mortgage-Backed Obligations – 72.4%
Adjustable Rate Federal Home Loan Mortgage Corp. (FHLMC)# – 4.1%
$	471,753		3.18	%		07/01/2018	$	483,134
	158,364		3.19			09/01/2018		162,023
	1,222,752		5.57			11/01/2018		1,239,337
	252,784		3.09			12/01/2018		258,583
	1,580,474		3.06			05/01/2019		1,611,745
	4,367,520		3.97			11/01/2019		4,444,519
	3,022,269		6.88			11/01/2019		3,164,527
	2,248,153		3.10			01/01/2020		2,303,350
	747,543		3.31			05/01/2020		767,693
	3,920,279		3.14			06/01/2020		4,018,654
	81,768		3.15			02/01/2021		83,795
	5,484,336		3.44			02/01/2022		5,674,752
	1,212,739		3.05			06/01/2022		1,237,564
	645,771		3.12			08/01/2022		660,185
	863,866		3.03			09/01/2022		876,858
	1,165,001		3.17			09/01/2022		1,196,908
	1,463,963		3.35			06/01/2024		1,503,948
	5,746,964		3.46			12/01/2026		5,955,189
	12,641,079		3.46			04/01/2027		13,083,227
	399,736		2.98			02/01/2028		406,727
	15,408,849		3.30			04/01/2028		15,764,108
	2,927,031		6.48			08/01/2028		3,028,833
	1,399,500		3.23			05/01/2029		1,449,501
	963,258		7.12			06/01/2029		977,442
	934,662		3.27			07/01/2030		956,270
	980,039		7.58			11/01/2030		999,355
	1,703,455		3.31			12/01/2030		1,770,531
	432,994		3.08			02/01/2031		437,324
	2,280,675		6.02			05/01/2035		2,335,944
							$	76,852,026
Adjustable Rate Federal National Mortgage Association (FNMA)# – 17.0%
$	193,898		3.19	%		11/01/2014	$	198,997
	512,376		3.11			03/01/2017		524,577
	2,045,007		6.64			04/01/2017		2,125,705
	124,810		3.08			11/01/2017		127,968
	1,028,546		2.25			03/01/2018		1,025,359
	207,367		2.84			03/01/2018		210,783
	952,274		3.32			03/01/2018		962,807
	3,177,924		3.32			07/01/2018		3,213,077
	685,794		3.52			08/01/2018		711,189
	453,237		3.00			10/01/2018		458,462
	963,560		3.43			10/01/2018		978,709
	26,133		2.82			11/01/2018		26,372
	1,106,899		3.01			11/01/2018		1,128,229
	546,827		3.19			01/01/2019		552,908
	1,778,679		4.01			04/01/2019		1,794,509
	1,261,936		3.15			05/01/2019		1,274,352
	3,100,188		3.22			05/01/2019		3,150,292
	904,825		3.45			06/01/2019		915,082
	572,321		3.66			06/01/2019		582,705
	641,338		6.17			07/01/2019		662,312
	188,090		2.86			08/01/2019		192,225
	975,521		3.46			08/01/2019		991,211
	1,155,703		4.26			08/01/2019		1,166,229
	72,892		3.28			09/01/2019		74,587
	108,202		4.07			09/01/2019		109,150
	376,365		3.30			10/01/2019		387,167
	279,990		3.41			11/01/2019		283,153
	5,014,651		3.57			11/01/2019		5,195,629
	142,054		3.42			04/01/2020		144,373
	2,416,167		5.69			05/01/2020		2,513,707
	1,428,555		3.23			06/01/2020		1,451,259
	453,562		3.52			06/01/2020		461,564
	1,539,767		3.05			07/01/2020		1,574,222
	508,299		3.40			11/01/2020		522,140
	753,394		3.46			11/01/2020		765,505
	1,648,184		2.23			12/25/2020		1,654,544
	2,015,490		3.32			01/01/2021		2,072,399
	803,788		3.25			02/01/2021		825,526
	915,582		3.70			03/01/2021		932,522
	203,245		3.63			12/01/2021		207,054
	2,914,042		3.64			01/01/2022		2,965,467
	30,067		5.98			01/01/2022		31,001
	164,984		6.33			02/01/2022		171,641
	354,281		4.54			05/20/2022		357,567
	12,368,910		2.61			12/01/2022		12,590,704
	760,329		2.94			02/01/2023		782,662
	34,676		6.23			12/01/2023		35,553
	2,332,329		3.10			01/01/2024		2,408,334
	1,857,477		3.05			03/01/2024		1,913,978
	12,881,507		3.43			04/01/2024		13,077,495
	1,977,346		4.55			06/20/2024		1,995,688
	69,005		3.28			07/01/2024		69,785
	746,061		5.14			01/01/2025		763,654
	2,344,544		3.46			05/01/2025		2,409,966
	453,359		6.96			10/01/2025		464,766
	4,737,197		1.72			03/25/2027		4,708,953
	42,099		6.37			01/01/2028		42,939
	444,409		4.72			07/01/2028		456,866
	1,494,745		3.78			01/01/2029		1,516,918
	1,821,161		5.11			07/01/2029		1,867,060
	3,503,121		3.23			01/01/2030		3,591,874
	2,960,400		3.87			05/01/2030		3,004,795
	1,772,399		2.63			06/01/2030		1,810,336
	1,740,503		2.63			11/01/2030		1,765,570
	10,907,719		3.34			01/01/2031		11,237,534
	2,206,732		5.89			05/01/2031		2,278,133
	1,080,521		5.71			06/01/2031		1,100,414
	5,803,477		5.68			07/01/2031		5,938,667
	3,164,985		5.73			08/01/2031		3,224,044
	772,368		6.24			08/01/2031		806,785
	2,721,215		6.27			08/01/2031		2,806,253
	4,490,360		5.72			11/01/2031		4,598,582
	1,410,194		5.64			12/01/2031		1,446,236
	2,357,025		6.25			01/01/2032		2,441,824
	3,308,973		6.36			01/01/2032		3,412,378
	3,084,839		6.27			02/01/2032		3,188,860
	1,416,174		6.00			03/01/2032		1,459,835
	5,264,072		6.14			03/01/2032		5,412,592

24       The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS ULTRA-SHORT DURATION GOVERNMENT FUND 

Principal			Interest			Maturity
Amount			Rate			Date		Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate Federal National Mortgage Association
	(FNMA	)# – (continued)
$	1,194,466			5.19	%		05/01/2032	$	1,216,388
	1,610,344			5.94			07/01/2032		1,659,977
	2,083,280			4.83			09/01/2032		2,121,970
	2,269,350			5.87			09/01/2032		2,336,610
	2,186,283			4.83			10/01/2032		2,241,857
	3,721,280			4.98			12/01/2032		3,787,633
	1,896,924			5.02			01/01/2033		1,930,999
	9,151,205			5.00			02/01/2033		9,220,297
	6,872,883			4.50			03/01/2033		7,040,880
	21,002,889			4.76			03/01/2033		21,508,151
	18,902,718			4.79			03/01/2033		19,289,717
	1,702,982			4.89			04/01/2033		1,739,722
	15,534,892			4.55			05/01/2033		15,879,372
	3,038,148			4.75			05/01/2033		3,099,806
	40,777,616			4.05			04/01/2034		41,466,822
	1,169,681			2.63			05/01/2040		1,186,526
	12,587,654			2.63			06/01/2040		12,768,939
	4,578,111			6.23			07/01/2040		4,698,941
	12,408,142			2.63			10/01/2040		12,586,841
								$	316,085,717
Adjustable Rate Non-Agency# – 9.5%
Bank of America Mortgage Securities Series 2002-J, Class A2
$	3,628,242			4.88	%		09/25/2032	$	3,660,674
CS First Boston Mortgage Securities Corp. Series 2003-AR9, Class 2A2
	13,588,060			5.10			03/25/2033		13,689,093
Merrill Lynch Mortgage Investors, Inc. Series 2002-A2, Class 2A
	1,483,049			5.95			05/25/2032		1,508,602
Sequoia Mortgage Trust Series 8, Class 1A2
	2,085,770			3.46			08/20/2032		2,090,997
Sequoia Mortgage Trust Series 8, Class 3A
	19,916,908			2.97			08/20/2032		19,765,540
Sequoia Mortgage Trust Series 9, Class 2A
	66,798,052			2.80			09/20/2032		66,269,679
Washington Mutual Series 2002-AR6, Class A
	18,357,109			2.63			06/25/2042		18,575,457
Washington Mutual Series 2002-AR7, Class A6
	8,494,253			5.53			07/25/2032		8,591,444
Washington Mutual Series 2002-AR9, Class 1A
	24,020,849			2.63			08/25/2042		24,196,746
Washington Mutual Series 2004 AR2, Class A
	19,000,000			2.57			04/25/2044		19,087,810
								$	177,436,042
Commercial Mortgage-Backed Securities (CMBS) – 1.0%
Interest Only@ – 1.0%
Bear Stearns Commercial Mortgage Securities, Inc. Series 2001-TOP2, Class X2#†
$	142,041,083			1.36	%		02/15/2035	$	6,298,329
Greenwich Capital Commercial Funding Corp. Series 2003-C2, Class XP#†
	35,933,000			1.34			01/05/2036		2,605,142
Salomon Brothers Mortgage Securities VII Series 2002-Key2, Class X2#†
	88,598,000			2.24			03/18/2036		9,070,362
								$	17,973,833
Federal Home Loan Mortgage Corp. (FHLMC) – 4.7%
$	6,638,366			7.00	%		02/01/2009	$	7,075,789
	5,046,444			6.00			03/01/2009		5,310,764
	3,481,664			7.00			03/01/2009		3,709,485
	8,434,819			7.00			04/01/2009		8,994,496
	3,793,214			7.00			05/01/2009		4,041,422
	3,040,868			7.00			06/01/2009		3,239,847
	3,112,644			7.50			06/01/2009		3,325,807
	566,753			6.50			03/01/2013		599,661
	866,907			6.50			04/01/2013		917,245
	437,277			6.50			05/01/2013		462,668
	993,158			6.50			06/01/2013		1,050,826
	9,280,295			8.00			12/01/2015		9,950,239
	1,618,374			6.00			05/01/2017		1,689,094
	2,161,278			7.00			04/01/2021		2,284,594
	1,003,174			7.00			08/01/2021		1,060,412
	8,038,924			7.00			03/01/2022		8,507,145
	2,867,247			7.00			05/01/2022		3,034,247
	12,575,659			7.00			06/01/2022		13,308,118
	185,193			7.00			12/01/2025		195,989
	1,382,542			7.00			12/01/2030		1,456,857
	1,140,315			7.00			01/01/2031		1,202,055
	6,570,680			6.50			03/01/2033		6,839,191
								$	88,255,951
Federal National Mortgage Association (FNMA) – 16.3%
$	6,761			6.00	%		04/01/2008	$	7,110
	444,182			6.00			08/01/2008		467,115
	409,877			6.00			09/01/2008		431,039
	128,399			6.00			10/01/2008		135,028
	2,087			6.00			11/01/2008		2,194
	183,096			6.00			12/01/2008		192,549
	373,407			6.00			01/01/2009		392,686
	3,127			6.00			02/01/2009		3,286
	690,147			6.00			05/01/2009		725,388
	11,582			6.00			12/01/2009		12,173
	2,396,833			6.00			01/01/2011		2,520,581
	5,290,474			6.00			09/01/2011		5,522,405
	6,420,515			6.00			01/01/2012		6,704,661
	1,687,746			6.50			01/01/2012		1,793,048
	16,225,342			6.00			03/01/2012		16,947,705
	7,990,113			6.00			04/01/2012		8,347,052
	3,831,329			6.50			04/01/2012		4,065,276
	10,998,178			6.00			05/01/2012		11,490,642
	1,729,429			6.50			05/01/2012		1,835,024
	8,564,003			6.00			06/01/2012		8,948,006
	1,943,127			6.50			06/01/2012		2,052,332
	74,807,676			5.50			01/01/2013		76,904,569
	587,198			6.00			04/01/2013		600,751
	4,004,341			8.00			01/01/2016		4,307,651
	4,126,373			6.50			03/01/2017		4,368,687

The accompanying notes are an integral part of these financial statements.

25

 GOLDMAN SACHS ULTRA-SHORT DURATION GOVERNMENT FUND

Statement of Investments (continued)

April 30, 2004 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date		Value
Mortgage-Backed Obligations – (continued)
Federal National Mortgage Association (FNMA) – (continued)
$	1,466,203		7.00	%		03/01/2017	$	1,564,329
	12,867,411		6.00			04/01/2017		13,442,232
	878,310		7.00			05/01/2017		937,092
	17,242,348		5.50			03/01/2018		17,702,619
	1,972,796		5.50			04/01/2018		2,025,459
	6,433,468		6.00			04/01/2018		6,714,872
	1,083,479		7.00			07/01/2021		1,145,553
	1,411,402		7.00			11/01/2021		1,492,264
	876,140		7.00			12/01/2021		926,335
	1,197,296		7.00			01/01/2022		1,265,891
	230,161		7.00			02/01/2022		243,347
	1,004,901		7.00			01/01/2028		1,062,123
	18,491,313		7.00			03/01/2032		19,511,799
	30,924,162		7.00			04/01/2032		32,630,784
	10,759,135		7.00			07/01/2032		11,352,903
	2,514,817		6.50			12/01/2032		2,613,978
	11,057,362		6.50			03/01/2033		11,499,194
	5,820,288		6.50			04/01/2033		6,052,856
	11,491,387		7.00			04/01/2033		12,125,204
							$	303,085,792
Government National Mortgage Association (GNMA) – 0.0%
$	129,326		7.00	%		12/15/2025	$	138,305
	536,259		7.00			04/15/2026		572,958
							$	711,263
Collateralized Mortgage Obligations (CMOs) – 19.8%
Interest Only@ – 0.1%
FHLMC Series 2586, Class NX
$	5,242,596		4.50	%		08/15/2016	$	672,871
FHLMC Series 2587, Class IG
	6,131,614		4.50			10/15/2016		787,725
FNMA REMIC Trust Series 1990-145, Class B
	4,050		1,004.96			12/25/2020		55,327
							$	1,515,923
Inverse Floater# – 0.3%
FHLMC Series 1606, Class SC
$	4,408,415		18.18	%		11/15/2008	$	5,078,258
FNMA Series 1996-20, Class SB
	4,042,575		14.70			10/25/2008		781,885
GNMA REMIC Trust Series 2001-62, Class SB
	127,823		22.43			11/16/2027		146,051
							$	6,006,194
Inverse Floating Rate – Interest Only#@ – 0.0%
FNMA Series 1996-40, Class SG
$	4,268,251		16.39	%		03/25/2009	$	953,493
Planned Amortization Class (PAC) CMOs – 3.8%
FHLMC Series 1364, Class K
$	1,540,758		5.00	%		09/15/2007	$	1,568,997
FHLMC Series 1377, Class H
	3,403,580		6.00			09/15/2007		3,475,130
FHLMC Series 1415, Class N
	3,661,291		6.75			11/15/2007		3,774,622
FHLMC Series 1445, Class K
	311,458		7.00			10/15/2007		313,930
FHLMC Series 1680, Class PJ
	2,804,000		6.50			02/15/2023		2,946,017
FHLMC Series 1692, Class PJ
	1,906,283		6.50			04/15/2023		1,942,733
FHLMC Series 1703, Class GA
	2,658,668		6.50			10/15/2008		2,722,005
FHLMC Series 2078, Class PL
	1,100,297		6.25			06/15/2012		1,105,440
FHLMC Series 2113, Class TE
	7,000,000		6.00			01/15/2014		7,371,710
FHLMC Series 2298, Class PD
	2,782,069		6.50			03/15/2030		2,834,060
FHLMC Series 2395, Class PE
	10,000,000		6.00			02/15/2030		10,442,767
FHLMC Series 2479, Class TC
	10,561,920		5.50			12/15/2014		10,847,122
FNMA REMIC Trust Series 1992-193, Class HD
	3,852,472		7.00			11/25/2007		4,036,331
FNMA REMIC Trust Series 1993-225, Class WC
	2,140,908		6.50			12/25/2013		2,269,587
FNMA REMIC Trust Series 1993-35, Class H
	1,137,311		6.75			02/25/2008		1,171,272
GNMA REMIC Trust Series 2002-45, Class QC
	3,971,882		6.50			07/20/2029		3,984,521
GNMA Series 2002-3, Class LE
	9,602,584		6.50			08/20/2030		9,747,450
							$	70,553,694
Regular Floater CMOs# – 3.7%
FHLMC Series 1509, Class F
$	8,722,311		2.13	%		04/15/2008	$	8,818,761
FHLMC Series 1606, Class FC
	16,184,283		2.74			11/15/2008		16,225,872
FHLMC Series 1612, Class FD
	1,694,949		2.74			11/15/2008		1,700,584
FHLMC Series 1661, Class FD
	17,834,558		2.63			01/15/2009		18,175,086
FHLMC Series 1665, Class FA
	1,310,057		3.25			06/15/2023		1,332,783
FHLMC Series 1826, Class F
	575,586		1.53			09/15/2021		575,602
FHLMC Series 1970, Class F
	176,278		1.48			08/15/2004		176,217
FNMA REMIC Trust Series 1993-190, Class F
	10,269,649		2.87			10/25/2008		10,326,416
FNMA REMIC Trust Series 1993-196, Class FD
	878,839		2.72			10/25/2008		881,287
FNMA REMIC Trust Series 1993-214, Class FA
	2,342,048		1.93			12/25/2008		2,366,304
FNMA REMIC Trust Series 1993-233, Class FA
	1,980,741		2.74			12/25/2008		1,990,454
FNMA REMIC Trust Series 1994-15, Class FC
	819,870		3.73			06/25/2023		829,361

26       The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS ULTRA-SHORT DURATION GOVERNMENT FUND 

Principal		Interest			Maturity
Amount		Rate			Date		Value
Mortgage-Backed Obligations – (continued)
Regular Floater CMOs# – (continued)
FNMA Series 1993-231, Class FE
$	4,120,514		2.03	%		12/25/2008	$	4,168,492
FNMA Series 1998-66, Class FC
	1,083,874		1.60			11/17/2028		1,092,409
							$	68,659,628
Sequential Fixed Rate CMOs – 11.4%
FHLMC Series 1216, Class GC
$	3,408,648		7.00	%		03/15/2007	$	3,521,978
FHLMC Series 1246, Class J
	766,302		7.50			05/15/2007		793,902
FHLMC Series 1423, Class FF
	10,078,138		7.00			12/15/2007		10,510,082
FHLMC Series 1720, Class PJ
	5,722,517		7.25			01/15/2024		6,040,177
FHLMC Series 2006, Class K
	1,355,039		6.50			05/15/2012		1,369,444
FHLMC Series 2145, Class KA
	2,802,231		6.35			09/15/2026		2,821,214
FHLMC Series 2282, Class VB
	11,155,000		6.00			06/15/2014		11,310,055
FHLMC Series 2359, Class PC
	21,466,899		6.00			07/15/2015		21,848,084
FHLMC Series 2368, Class PQ
	9,112,432		6.50			08/15/2030		9,245,654
FHLMC Series 2416, Class PF
	2,875,967		6.00			08/15/2018		2,900,762
FHLMC Series 2423, Class MB
	8,730,324		7.00			07/15/2030		8,842,807
FHLMC Series 2441, Class JA
	14,005,261		6.00			12/15/2029		14,266,075
FHLMC Series 2448, Class AV
	10,534,571		6.50			09/15/2013		10,860,228
FHLMC Series 2470, Class BA
	19,630,000		6.00			02/15/2030		20,776,054
First Nationwide Trust Series 2001-4, Class 1A1
	8,890,118		6.75			09/21/2031		9,089,527
FNMA REMIC Trust Series 1993-135, Class PG
	4,199,041		6.25			07/25/2008		4,378,935
FNMA REMIC Trust Series 1993-14, Class A
	229,172		6.00			02/25/2008		235,388
FNMA REMIC Trust Series 1993-212, Class PC
	8,972,901		4.50			09/25/2008		9,136,798
FNMA REMIC Trust Series 1996-14, Class J
	1,143,917		6.15			03/25/2009		1,190,610
FNMA Series 1994-28, Class H
	7,731,346		6.25			03/25/2023		7,855,852
FNMA Series 2003-32, Class KA
	15,607,124		5.00			07/25/2013		16,005,186
GNMA REMIC Trust Series 2001-59, Class QJ
	9,406,375		6.00			09/20/2028		9,529,328
GNMA REMIC Trust Series 2001-60, Class PK
	16,321,627		6.00			09/20/2028		16,506,050
GNMA Series 2002-1, Class PB
	13,493,200		6.00			02/20/2029		13,692,191
Residential Funding Mortgage Sec I Series 2002-S9, Class A5
	219,066		6.00			07/25/2017		224,817
							$	212,951,198
Support – 0.5%
FHLMC Series 1639, Class M
$	5,223,662		6.00	%		12/15/2008	$	5,381,678
Housing Securities, Inc. Series 1994-1, Class A13
	4,121,768		6.50			03/25/2009		4,127,911
							$	9,509,589
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (CMOs)							$	370,149,719
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $1,358,304,155)							$	1,350,550,343
Agency Debentures – 0.8%
Federal National Mortgage Association
$	9,350,000		5.00	%^		03/21/2007	$	9,599,745
	5,000,000		6.40			05/14/2009		5,007,400
TOTAL AGENCY DEBENTURES
(Cost $14,601,893)							$	14,607,145
Asset-Backed Securities – 6.9%
Auto – 4.3%
AmeriCredit Automobile Receivable Trust Series 2002-A, Class A4
$	7,035,000		4.61	%		01/12/2009	$	7,248,380
Capital One Auto Investment LLC Series 2000-B, Class A4†
	12,000,000		6.78			10/15/2007		12,165,000
Duck Auto Grantor Trust Series 2002-B, Class A†
	20,032,962		2.99			07/15/2007		20,095,565
Long Beach Auto Receivable Trust Series 2001-B, Class A4†
	32,500,000		4.60			11/13/2008		33,495,312
Union Acceptance Corp. Series 2000-B, Class A4§
	7,142,383		0.00/7.54			10/10/2006		7,275,883
							$	80,280,140
Home Equity – 2.6%
ACE Securities Corp. Series 2003-FM1, Class A2#
$	13,166,290		1.47	%		11/25/2032	$	13,192,962
Impac CMB Trust Series 2004-3, Class 1A#
	22,934,906		1.35			06/25/2034		22,914,492
Indy Mac Home Equity Loan Asset-Backed Trust Series 2002-B, Class AV#
	11,990,055		1.55			10/25/2033		12,029,394
							$	48,136,848
TOTAL ASSET-BACKED SECURITIES
(Cost $128,905,895)							$	128,416,988

The accompanying notes are an integral part of these financial statements.       27

 GOLDMAN SACHS ULTRA-SHORT DURATION GOVERNMENT FUND

Statement of Investments (continued)

April 30, 2004 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date		Value
U.S. Treasury Obligations – 0.9%
United States Treasury Principal-Only Stripped Securities•
$	17,920,000		0.00	%		05/15/2011	$	16,985,974
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $17,214,753)							$	16,985,974
Repurchase Agreement – 16.5%
Joint Repurchase Agreement Account IIΔ
$	307,300,000		1.05	%		05/03/2004	$	307,300,000
Maturity Value: $307,326,761
TOTAL REPURCHASE AGREEMENT
(Cost $307,300,000)							$	307,300,000
TOTAL INVESTMENTS
(Cost $1,826,326,696)							$	1,817,860,450

#	Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2004.
@	Represents security with notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate due to the amortization of related premiums or accretion of discounts.
§	These securities are issued with a zero coupon which increases to the stated rate at a set date in the future.
†	Securities are exempt from registration under rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounted to $83,729,710, which represents 4.5% of net assets as of April 30, 2004.
^	A portion of this security is segregated as collateral for initial margin requirement on futures transactions.
Δ	Joint repurchase agreement was entered into on April 30, 2004.
•	Security issued with a zero coupon. Income is recognized through the accretion of discount.

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

Investment Abbreviations:
REMIC	—	Real Estate Mortgage Investment Conduit

28       The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND 

Statement of Investments

April 30, 2004 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date			Value
Mortgage-Backed Obligations – 62.6%
Adjustable Rate Federal Home Loan Mortgage Corp. (FHLMC)# – 2.6%
$	297,415		3.00	%		08/01/2017		$	303,020
	314,712		5.33	^		05/01/2018			311,610
	1,216,612		3.30			06/01/2018			1,253,220
	340,090		3.09			12/01/2018			347,891
	1,237,594		3.44			02/01/2022			1,280,564
	377,546		5.88			10/01/2025			383,383
	11,669,662		3.41			07/01/2033			11,849,862
	5,638,707		3.66			11/01/2033			5,753,939
								$	21,483,489
Adjustable Rate Federal National Mortgage Association (FNMA)# – 15.9%
$	465,354		3.19	%		11/01/2014		$	477,593
	862,988		2.97			11/01/2017			881,794
	1,136,794		5.01			02/01/2018			1,150,357
	538,207		0.00			02/25/2018			502,007
	681,729		6.02			02/25/2018			754,253
	599,372		3.01			06/01/2018			608,268
	907,707		3.31			03/01/2019			930,299
	1,198,298		5.69			05/01/2020			1,246,673
	1,027,710		4.08			12/01/2020			1,055,046
	1,209,294		3.33			01/01/2021			1,243,439
	478,559		5.80			01/01/2023			491,241
	444,409		4.72			07/01/2028			456,866
	1,615,580		5.66			07/01/2032			1,645,888
	1,156,407		5.79			07/01/2032			1,183,772
	3,196,359		5.37			01/01/2033			3,291,445
	6,144,500		5.24			02/01/2033			6,323,596
	25,216,698		4.25			05/01/2033			25,520,080
	4,615,850		3.97			08/01/2033			4,600,500
	27,392,778		4.39			10/01/2033			27,779,319
	15,937,292		4.42			02/01/2034			16,209,225
	12,971,902		4.34			03/01/2034			13,215,064
	5,672,592		4.05			04/01/2034			5,768,467
	5,054,146		4.64			08/01/2035			5,162,622
	2,369,122		4.65			08/01/2035			2,419,970
	9,844,408		4.61			07/01/2036			10,056,389
								$	132,974,173
Federal Home Loan Mortgage Corp. (FHLMC) – 10.5%
$	14,313,282		7.20	%		10/01/2006		$	15,610,337
	92,816		7.00			01/01/2009			98,890
	142,434		7.00			02/01/2009			151,754
	60,677		7.00			03/01/2009			64,647
	191,022		7.00			04/01/2009			203,522
	122,637		7.00			05/01/2009			130,661
	14,556		6.50			05/01/2010			15,488
	88,268		6.50			06/01/2010			93,650
	1,845,182		6.50			07/01/2010			1,958,527
	272,988		7.00			07/01/2010			290,921
	304,517		6.50			08/01/2010			323,761
	364,938		7.00			01/01/2011			389,152
	6,008,829		6.00			10/01/2012			6,287,419
	128,728		7.00			12/01/2012			137,185
	125,952		6.00			01/01/2013			131,787
	443,657		6.50			01/01/2013			469,419
	64,624		6.00			02/01/2013			67,621
	8,016,803		5.00			04/01/2013			8,083,309
	167,308		6.00			04/01/2013			175,059
	269,396		6.50			04/01/2013			285,039
	403,741		6.50			05/01/2013			427,185
	239,184		6.50			06/01/2013			253,072
	217,464		6.50			10/01/2013			230,091
	3,265,190		6.00			11/01/2013			3,416,463
	4,508,744		6.00			03/01/2014			4,714,772
	1,742,188		6.00			06/01/2014			1,821,798
	150,876		6.00			10/01/2014			157,770
	14,644,108		6.00			12/01/2014			15,313,273
	528,939		8.50			10/01/2015			573,528
	3,211,175		8.00			12/01/2015			3,442,989
	140,787		7.00			03/01/2016			149,886
	6,378,235		7.00			04/01/2022			6,749,731
	128,877		7.50			01/01/2031			137,964
	5,695,176		6.00			03/01/2034			5,828,593
	10,000,000		5.00			TBA- 15yr	)		10,034,380
								$	88,219,643
Federal National Mortgage Association (FNMA) – 9.5%
$	9,607		7.00	%		11/01/2007		$	10,265
	183,928		7.00			12/01/2007			196,522
	4,936		7.00			05/01/2008			5,275
	38,827		7.00			08/01/2008			41,489
	1,379,919		7.00			09/01/2008			1,474,534
	1,133,429		6.00			12/01/2008			1,191,948
	273,678		6.00			01/01/2009			287,730
	26,053		6.00			05/01/2009			27,383
	522,424		6.00			06/01/2009			549,396
	309,147		6.00			09/01/2009			324,933
	34,626		7.00			12/01/2009			37,000
	198,927		8.50			05/01/2010			214,755
	2,644		7.00			06/01/2010			2,825
	4,705		6.00			08/01/2010			4,926
	13,782		7.00			08/01/2010			14,724
	10,747		7.00			01/01/2011			11,473
	155,607		7.00			07/01/2011			166,121
	5,281		7.00			11/01/2011			5,638
	31,888,517		5.50			01/01/2013			32,781,268
	150,385		6.00			01/01/2014			155,696
	439,386		6.00			03/01/2014			454,903
	34,259		5.50			04/01/2014			34,850
	1,087,136		6.50			12/01/2014			1,151,910
	58,440		8.50			09/01/2015			63,846
	521,548		8.50			10/01/2015			569,787
	136,425		8.50			12/01/2015			149,084
	2,145,273		5.50			07/01/2018			2,203,428
	1,217,691		5.50			08/01/2018			1,250,459
	1,371,940		5.50			09/01/2018			1,408,859
	202,071		5.50			12/01/2018			207,509
	316,259		7.00			11/01/2019			335,398
	5,857,572		6.50			08/01/2022			6,098,910
	3,560,937		6.50			11/01/2022			3,707,496
	363,634		8.00			02/01/2031			394,404

The accompanying notes are an integral part of these financial statements.       29

 GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Statement of Investments (continued)

April 30, 2004 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date		Value
Mortgage-Backed Obligations – (continued)
Federal National Mortgage Association (FNMA) – (continued)
$	7,362,896		7.00	%		04/01/2032	$	7,769,234
	666,629		6.50			07/01/2032		696,734
	15,117,804		6.50			04/01/2033		15,721,884
							$	79,722,596
Government National Mortgage Association (GNMA) – 0.2%
$	267,218		6.50	%		06/15/2008	$	286,639
	128,375		6.50			07/15/2008		137,705
	442,707		6.50			08/15/2008		474,882
	185,696		6.50			09/15/2008		199,192
	43,016		6.50			10/15/2008		46,142
	12,660		6.50			11/15/2008		13,580
	31,782		9.00			12/15/2008		34,752
	30,539		6.50			01/15/2009		32,771
	61,538		9.00			01/15/2009		67,505
	3,202		6.50			03/15/2009		3,434
	28,271		6.50			04/15/2009		30,336
	175,002		6.50			05/15/2009		187,790
	19,846		6.50			07/15/2009		21,297
	28,551		6.50			11/15/2009		30,637
	10,399		9.00			01/15/2010		11,441
	124,486		9.00			07/15/2012		137,541
							$	1,715,644
Collateralized Mortgage Obligations (CMOs) – 23.9%
Interest Only@ – 0.3%
FHLMC Series 2541, Class QI
$	3,647,411		6.00	%		01/15/2029	$	226,092
FHLMC Series 2575, Class IB
	5,834,226		5.50			08/15/2030		863,670
FHLMC Series 2586, Class NX
	2,926,939		4.50			08/15/2016		375,664
FHLMC Series 2587, Class IG
	3,606,832		4.50			10/15/2016		463,367
FHLMC Series 2620, Class IO
	5,139,122		5.50			08/15/2031		687,016
							$	2,615,809
Inverse Floater# – 0.1%
FNMA REMIC Trust Series 1990-134, Class SC
$	169,747		19.91	%		11/25/2020	$	213,811
FNMA REMIC Trust Series 1993-231, Class SA
	311,151		19.13			12/25/2008		338,194
GNMA REMIC Trust 2001-59, Class SA
	51,428		22.75			11/16/2024		60,644
GNMA REMIC Trust 2001-62, Class SB
	81,891		22.43			11/16/2027		93,569
							$	706,218
IOette@# – 0.0%
FHLMC Series 1161, Class U
$	3,966		1,172.81	%		11/15/2021	$	4,310
Planned Amortization Class (PAC) CMOs – 17.3%
FHLMC Series 1327, Class HA
$	1,809,075		7.50	%		07/15/2007	$	1,870,650
FHLMC Series 1377, Class H
	8,012,418		6.00			09/15/2007		8,180,856
FHLMC Series 1415, Class N
	1,189,919		6.75			11/15/2007		1,226,752
FHLMC Series 1429, Class G
	1,967,239		7.00			11/15/2007		2,045,398
FHLMC Series 1445, Class K
	186,875		7.00			10/15/2007		188,358
FHLMC Series 1475, Class K
	2,112,406		7.00			02/15/2008		2,206,714
FHLMC Series 1556, Class H
	2,063,000		6.50			08/15/2013		2,195,347
FHLMC Series 1564, Class H
	5,645,965		6.50			08/15/2008		5,900,414
FHLMC Series 1580, Class D
	39,361		6.50			01/15/2007		39,348
FHLMC Series 1601, Class PL
	3,038,675		6.00			10/15/2008		3,162,154
FHLMC Series 1606, Class H
	5,062,947		6.00			11/15/2008		5,289,739
FHLMC Series 1655, Class K
	14,000,000		6.50			01/15/2009		14,911,513
FHLMC Series 1697, Class PJ
	2,589,918		6.00			07/15/2008		2,623,134
FHLMC Series 1703, Class GB
	13,396,738		6.50			02/15/2009		14,172,547
FHLMC Series 1916, Class PC
	3,700,000		6.75			12/15/2011		4,053,843
FHLMC Series 2470, Class QD
	1,643,814		6.00			07/15/2028		1,650,505
FHLMC Series 2479, Class PE
	7,000,000		6.00			05/15/2031		7,313,318
FNMA REMIC Trust Series 1992-142, Class K
	3,974,479		7.00			08/25/2007		4,167,928
FNMA REMIC Trust Series 1992-171, Class ZD
	286,637		8.00			06/25/2021		286,918
FNMA REMIC Trust Series 1993-10, Class PH
	941,431		6.50			12/25/2007		966,680
FNMA REMIC Trust Series 1993-28, Class PJ
	2,605,132		7.00			03/25/2008		2,712,131
FNMA REMIC Trust Series 1993-52, Class J
	6,454,556		6.50			04/25/2008		6,736,187
FNMA REMIC Trust Series 1993-76, Class PH
	882,968		6.00			08/25/2007		885,373
FNMA REMIC Trust Series 1993-126, Class PG
	5,861,059		6.50			07/25/2008		6,160,647
FNMA REMIC Trust Series 1993-135, Class PG
	4,798,904		6.25			07/25/2008		5,004,497
FNMA Series 1993-118, Class J
	4,000,000		6.50			06/25/2008		4,140,248
FNMA Series 1993-207, Class G
	6,153,194		6.15			04/25/2023		6,325,294
FNMA Series 1994-23, Class PE
	1,889,203		6.00			08/25/2022		1,921,268
FNMA Series 1994-86, Class PH
	6,260,111		6.00			10/25/2008		6,364,187
FNMA Series 2002-16, Class PK
	3,000,000		6.50			10/25/2030		3,150,188

30       The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND 

Principal		Interest			Maturity
Amount		Rate			Date		Value
Mortgage-Backed Obligations – (continued)
Planned Amortization Class (PAC) CMOs – (continued)
FNMA Series 2002-22, Class VB
$	2,671,995		6.50	%		08/25/2009	$	2,807,977
FNMA REMIC Trust Series 1993-114, Class G
	56,871		6.50			11/25/2007		56,833
FNMA REMIC Trust Series 1993-209, Class H
	1,547,763		6.00			03/25/2008		1,562,833
FNMA Series 1993-055, Class J
	1,502,816		6.50			11/25/2007		1,513,248
GNMA REMIC Trust Series 2000-10, Class UD
	274,298		7.63			05/16/2029		277,380
GNMA REMIC Trust Series 2001-59, Class QJ
	2,508,367		6.00			09/20/2028		2,541,154
GNMA REMIC Trust Series 2002-45, Class QD
	10,000,000		6.50			06/20/2031		10,513,888
							$	145,125,449
Planned Amortization — Interest Only@ – 0.0%
FHLMC Series 1587, Class HA
$	399,740		6.50	%		10/15/2008	$	32,917
Principal Only – 0.0%
FNMA REMIC Trust Series G92-28, Class A•
$	263,017		0.00	%		05/25/2007	$	257,885
Sequential Fixed Rate CMOs – 5.5%
FHLMC Series 108, Class G
$	1,624,761		8.50	%		12/15/2020	$	1,635,254
FHLMC Series 1980, Class Z
	5,929,806		7.00			07/15/2027		6,294,903
FHLMC Series 2019, Class Z
	5,389,747		6.50			12/15/2027		5,680,169
FHLMC Series 2100, Class GS
	4,000,000		6.50			12/15/2013		4,255,857
FHLMC Series 2145, Class KA
	621,181		6.35			09/15/2026		625,389
FHLMC Series 2651, Class VB
	12,252,091		5.50			03/15/2014		12,773,510
FNMA REMIC Trust 1989-66, Class J
	1,962,015		7.00			09/25/2019		2,094,855
FNMA REMIC Trust Series 1990-16, Class E
	1,484,710		9.00			03/25/2020		1,604,452
FNMA REMIC Trust Series 1992-33, Class K
	2,070,526		8.50			03/25/2018		2,316,426
FNMA Series 2003-32, Class KA
	8,281,331		5.00			07/25/2013		8,492,548
GNMA REMIC Trust Series 1995-3, Class DQ
	257,490		8.05			06/16/2025		272,487
							$	46,045,850
Target Amortization Class (TAC) – 0.7%
FNMA REMIC Trust Series 1994-18, Class D
$	5,333,333		6.75	%		02/25/2024	$	5,645,601
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (CMOs)							$	200,434,039
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $529,592,844)							$	524,549,584
Agency Debentures – 14.3%
Federal Farm Credit Bank
$	10,000,000		4.90	%		03/21/2006	$	10,461,360
	2,000,000		5.40			05/10/2006		2,113,996
	12,500,000		6.60	^		07/07/2006		13,568,200
Federal Home Loan Bank
	8,555,000		6.50			11/15/2005		9,102,349
	3,000,000		5.38			05/15/2006		3,161,280
	9,000,000		2.50			05/19/2006		8,993,295
	10,000,000		1.50	#		08/30/2006		9,857,460
	7,000,000		3.79			11/28/2008		6,902,147
Federal Home Loan Mortgage Corp
	12,000,000		3.50			08/16/2005		12,065,328
	5,000,000		4.00	#		05/25/2006		5,008,075
	10,000,000		3.00			07/27/2007		9,822,224
	5,000,000		3.50			04/15/2008		4,979,505
	4,000,000		5.00			07/30/2009		4,035,372
Federal National Mortgage Association
	5,000,000		3.75			07/29/2005		5,028,552
	3,000,000		3.51			08/23/2006		3,013,269
	8,000,000		5.42			04/04/2007		8,250,004
Small Business Administration
	748,503		7.20			06/01/2017		814,343
	1,204,795		6.30			05/01/2018		1,282,392
	1,498,002		6.30			06/01/2018		1,594,410
TOTAL AGENCY DEBENTURES
(Cost $120,124,329)							$	120,053,561
U.S. Treasury Obligations – 23.3%
United States Treasury Interest-Only Stripped Securities@
$	14,500,000		0.00	%		02/15/2014	$	9,081,060
	26,500,000		0.00			05/15/2014		16,336,402
United States Treasury Principal-Only Stripped Securities•
	30,000,000		0.00			05/15/2011		28,436,340
United States Treasury Notes
	97,100,000		1.63			02/28/2006		96,068,312
	33,000,000		2.25			04/30/2006		32,958,750
	12,000,000		2.63			11/15/2006		11,989,219
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $195,942,452)							$	194,870,083
Repurchase Agreement – 5.6%
Joint Repurchase Agreement Account IIΔ
$	47,200,000		1.05	%		05/03/2004	$	47,200,000
Maturity Value: $47,204,110
TOTAL REPURCHASE AGREEMENT
(Cost $47,200,000)							$	47,200,000
TOTAL INVESTMENTS
(Cost $892,859,625)							$	886,673,228

The accompanying notes are an integral part of these financial statements.       31

 GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Statement of Investments (continued)

April 30, 2004 (Unaudited)

#	Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2004.
@	Represents security with notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate due to the amortization of related premiums or accretion of discounts.
)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate (generally +/- 2.5%) principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.
^	A portion of this security is segregated as collateral for initial margin requirement on futures transactions.
Δ	Joint repurchase agreement was entered into on April 30, 2004.
•	Security issued with a zero coupon. Income is recognized through the accretion of discount.

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

Investment Abbreviations:
REMIC	—	Real Estate Mortgage Investment Conduit

32       The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS GOVERNMENT INCOME FUND 

Statement of Investments

April 30, 2004 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date			Value
Mortgage-Backed Obligations – 52.6%
Adjustable Rate Federal National Mortgage Association (FNMA)# – 4.4%
$	7,317,139		6.30	%		12/01/2008		$	7,972,192
	673,916		4.50			03/01/2033			690,389
	5,987,032		4.34			03/01/2034			6,099,260
	4,051,851		4.05			04/01/2034			4,120,334
	4,332,125		4.64			08/01/2035			4,425,104
	4,073,548		4.61			07/01/2036			4,161,264
								$	27,468,543
Adjustable Rate Non-Agency# – 7.9%
Bear Stearns Adjustable Rate Mortgage Trust Series 2003-5, Class 1A1
$	656,151		4.17	%		08/25/2033		$	651,348
Countrywide Home Loans Series 2003-37, Class 1A1
	758,535		4.00			08/25/2033			753,977
CS First Boston Mortgage Securities Corp. Series 2003-AR9, Class 2A2
	2,370,011		5.10			03/25/2033			2,387,633
MLCC Mortgage Investors, Inc. Series 2004-A, Class A1
	9,880,912		1.33			04/25/2029			9,867,206
Sequoia Mortgage Trust Series 2004-1, Class A
	3,945,032		1.47			02/20/2034			3,936,768
Structured Adjustable Rate Mortgage Loan Series 2004-5, Class 1A
	6,000,000		4.55			05/25/2034			6,140,625
Structured Asset Securities Corp. Series 2003-24A, Class 1A3
	2,692,463		5.00			07/25/2033			2,711,687
Structured Asset Securities Corp. Series 2003-34A, Class 3A3
	5,336,044		4.70			11/25/2033			5,339,650
Structured Asset Securities Corp. Series 2003-40A, Class 3A1
	5,458,244		4.62			01/25/2034			5,467,595
Washington Mutual Series 2002-AR6, Class A1
	3,716,108		2.63			06/25/2042			3,760,309
Washington Mutual Series 2002-AR9, Class 1A
	3,766,152		2.63			08/25/2042			3,793,730
Washington Mutual Series 2004-AR2, Class A
	5,000,000		2.57			04/25/2044			5,023,108
								$	49,833,636
Commercial Mortgage-Backed Securities (CMBS) – 2.1%
Interest Only@ – 1.1%
Bear Stearns Commercial Mortgage Securities Series 2003-T10, Class X2#†
$	23,000,000		1.44	%		03/13/2040		$	1,405,592
CS First Boston Mortgage Securities Corp. Series 2003-C3, Class ASP#†
	15,000,000		2.14			05/15/2038			1,153,479
JP Morgan Chase Commercial Mortgage Securities Series 2004-C1, Class X2#†
	24,750,000		1.32			01/15/2038			1,267,641
LB-UBS Commercial Mortgage Trust Series 2003-C5, Class XCP#†
	20,250,000		1.36			04/15/2037			849,791
Prudential Commercial Mortgage Trust Series 2003-PWR1, Class X2#†
	26,500,000		1.73			02/11/2036			1,921,594
								$	6,598,097
Sequential Fixed Rate CMBS – 1.0%
CS First Boston Mortgage Securities Corp. Series 1997-C2, Class A3
$	600,000		6.55	%		01/17/2035		$	647,331
First Union National Bank Commercial Mortgage Trust Series 2000-C2, Class A2
	1,800,000		7.20			10/15/2032			2,043,459
First Union-Lehman Brothers Commercial Mortgage Services Series 1997-C1, Class A2
	5,315		7.30			04/18/2029			5,310
First Union-Lehman Brothers-Bank of America Series 1998-C2, Class A2
	1,500,000		6.56			11/18/2035			1,640,761
LB Commercial Conduit Mortgage Trust Series 1998-C4, Class A1B
	2,000,000		6.21			10/15/2035			2,164,932
								$	6,501,793
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS)								$	13,099,890
Federal Home Loan Mortgage Corp. (FHLMC) – 11.7%
$	6,260,684		5.50	%		12/01/2008		$	6,404,054
	532,152		7.00			06/01/2009			566,973
	443,461		6.50			08/01/2010			471,751
	4,248,217		6.00			12/01/2013			4,445,033
	3,339,174		6.50			12/01/2013			3,533,065
	77,890		6.50			02/01/2014			82,413
	44,400		7.00			02/01/2015			47,231
	4,941,587		5.50			07/01/2015			5,094,783
	602,948		8.00			07/01/2015			641,384
	98,331		7.00			01/01/2016			104,603
	170,786		7.00			02/01/2016			181,823
	2,142,861		5.50			05/01/2018			2,201,189
	6,059,771		5.50			06/01/2018			6,224,717
	2,580,002		6.50			10/01/2021			2,685,999
	3,076,728		6.50			12/01/2021			3,203,131
	7,000,000		6.00			04/01/2022			7,210,383
	427,389		7.50			03/01/2027			457,779
	3,511,459		6.50			07/01/2028			3,665,947
	40,200		8.00			07/01/2030			43,300
	125,670		7.50			12/01/2030			134,531
	22,431		7.50			01/01/2031			24,009
	1,676,198		7.00			04/01/2031			1,770,084
	3,264,084		7.50			04/01/2031			3,506,375
	4,517,560		7.00			04/01/2032			4,762,862
	2,971,466		6.00			05/01/2033			3,041,852
	13,000,000		5.00			TBA-15yr	)		3,044,694
								$	73,549,965

The accompanying notes are an integral part of these financial statements.       33

 GOLDMAN SACHS GOVERNMENT INCOME FUND

Statement of Investments (continued)

April 30, 2004 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date			Value
Mortgage-Backed Obligations – (continued)
Federal National Mortgage Association (FNMA) – 21.0%
$	1,962,593		6.50	%		09/01/2008		$	2,090,689
	2,197,539		5.50			05/01/2009			2,245,986
	9,986,797		5.50			09/01/2014			10,292,545
	226,204		7.00			03/01/2015			241,235
	116,605		8.00			01/01/2016			124,046
	1,506,691		6.00			03/01/2017			1,573,842
	2,827,784		5.00			09/01/2018			2,846,516
	13,683,883		5.00			10/01/2018			13,775,202
	977,934		5.00			01/01/2019			984,657
	916,034		6.50			01/01/2022			957,585
	7,401,089		6.50			04/01/2022			7,737,202
	5,494,870		6.50			08/01/2022			5,727,062
	2,492,656		6.50			11/01/2022			2,595,247
	1,493,323		6.50			12/01/2022			1,561,059
	36,545		6.50			08/01/2025			38,040
	55,314		6.50			09/01/2025			57,578
	71,838		6.50			10/01/2025			74,777
	95,267		6.50			11/01/2025			99,165
	33,462		6.50			12/01/2025			34,831
	2,073		6.50			05/01/2026			2,157
	9,541		6.50			06/01/2028			9,953
	180,684		6.50			11/01/2028			188,368
	60,128		7.50			07/01/2029			64,161
	15,827		7.50			08/01/2029			16,888
	24,367		7.50			10/01/2029			26,002
	593		7.50			01/01/2030			633
	20,044		7.50			02/01/2030			21,380
	2,208,317		7.00			07/01/2031			2,343,806
	512,829		6.50			09/01/2031			535,561
	482,885		6.50			10/01/2031			504,330
	468,740		6.50			11/01/2031			489,595
	655,467		6.50			02/01/2032			684,795
	666,629		6.50			07/01/2032			696,734
	1,613,870		7.00			07/01/2032			1,702,935
	4,692,849		6.50			08/01/2033			4,880,366
	59,000,000		5.00			TBA-15yr	)		59,331,875
	8,000,000		5.50			TBA-30yr	)		7,980,000
								$	132,536,803
Government National Mortgage Association (GNMA) – 0.0%
$	141,365		6.50	%		12/15/2026		$	148,429
Collateralized Mortgage Obligations (CMOs) – 5.5%
Interest Only@ – 0.3%
Bear Stearns Asset Backed Securities Series 2003-AC2, Class AI0
$	5,250,000		5.00	%		10/25/2005		$	281,348
Countrywide Home Loan Series 2003-42, Class 2X1#
	2,022,395		0.39			10/25/2033			14,177
CS First Boston Mortgage Securities Corp. Series 2003-11, Class 1A2
	1,131,754		5.50			06/25/2033			107,526
CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X#
	930,046		0.78			07/25/2033			11,420
CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X#
	1,001,696		0.60			08/25/2033			9,583
FHLMC Series 2542, Class NU
	495,362		5.50			05/15/2022			84,147
FHLMC Series 2620, Class IO
	3,270,350		5.50			08/15/2031			437,192
FNMA Interest-Only Stripped Security Series 151, Class 2
	62,462		9.50			07/25/2022			12,755
FNMA Series 2003-36, Class IO
	5,054,091		5.50			12/25/2031			708,444
Master Adjustable Rate Mortgage Trust Series 2003-2, Class 3AX#
	277,487		0.68			08/25/2033			5,678
Master Adjustable Rate Mortgage Trust Series 2003-2, Class 4AX#
	143,471		1.16			07/25/2033			2,716
Washington Mutual Series 2003-AR4, Class X1#
	6,047,046		1.18			01/25/2008			83,863
Washington Mutual Series 2003-AR7, Class X#
	2,964,944		0.98			06/25/2008			34,393
Washington Mutual Series 2003-AR12, Class X#
	12,744,538		0.54			02/25/2034			131,477
								$	1,924,719
Inverse Floater# – 0.4%
FNMA REMIC Trust Series 1993-231, Class SA
$	233,363		19.13	%		12/25/2008		$	253,646
GNMA Series 2001-48, Class SA
	210,391		22.91			10/16/2031			248,974
GNMA Series 2001-51, Class SA
	168,521		27.73			10/16/2031			210,727
GNMA Series 2001-51, Class SB
	211,478		22.91			10/16/2031			247,966
GNMA Series 2001-59, Class SA
	182,922		22.75			11/16/2024			215,704
GNMA Series 2001-62, Class SB
	179,004		22.43			11/16/2027			204,531
GNMA Series 2002-13, Class SB
	759,230		32.43			02/16/2032			997,725
								$	2,379,273
Inverse Floating Rate – Interest Only# – 0.0%
Salomon Brothers Mortgage Securities VII Series 1996-6E, Class A2
$	1,223,851		8.00	%		05/28/2004		$	46,299
Planned Amortization Class (PAC) CMOs – 0.8%
FNMA Series 2001-70, Class LN
$	4,754,275		6.25	%		06/25/2030		$	4,963,522
GNMA Series 2000-10, Class UD
	156,742		7.63			05/16/2029			158,502
								$	5,122,024
Principal Only – 0.0%
FNMA REMIC Trust Series G-35, Class N•
$	52,469		0.00	%		10/25/2021		$	44,961
Regular Floater CMOs# – 0.1%
FHLMC Series 1760, Class ZB
$	650,717		3.15	%		05/15/2024		$	660,907

34       The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS GOVERNMENT INCOME FUND 

Principal		Interest			Maturity
Amount		Rate			Date		Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate CMOs – 3.9%
FNMA REMIC Trust Series 1993-78, Class H
$	150,000		6.50	%		06/25/2008	$	157,785
FNMA Series 2001-46, Class G
	1,134,458		6.00			07/25/2029		1,143,004
FNMA Series 2001-53, Class GH
	2,076,848		8.00			09/25/2016		2,245,015
FNMA Series 2001-62, Class VF
	6,000,000		6.00			07/25/2019		6,290,651
FNMA Series 2003-27, Class A
	3,214,174		7.50			04/25/2018		3,479,660
GNMA Series 2001-59, Class QJ
	2,006,693		6.00			09/20/2028		2,032,923
GNMA Series 2001-61, Class EA
	5,360,430		6.00			09/16/2028		5,465,454
Residential Asset Mortgage Products, Inc. Series 2003-SL1, Class A11
	3,510,197		7.13			03/25/2016		3,612,908
							$	24,427,400
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (CMOs)							$	34,605,583
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $332,914,781)							$	331,242,849
Agency Debentures – 14.4%
Federal Farm Credit Bank
$	3,000,000		6.60	%		07/07/2006	$	3,256,368
Federal Home Loan Bank
	1,000,000		5.68	z		06/03/2004		1,071,254
	2,700,000		5.38			05/15/2006		2,845,152
	3,000,000		3.50			08/15/2006		3,054,444
	10,000,000		2.75			11/15/2006		9,975,340
	4,000,000		2.88			02/15/2007		3,983,184
Federal Home Loan Mortgage Corp.
	7,000,000		6.63			09/15/2009		7,828,940
	13,200,000		4.38			02/04/2010		13,076,659
	4,500,000		7.00			03/15/2010		5,129,370
	6,200,000		4.75			10/11/2012		6,050,971
Federal National Mortgage Association
	10,700,000		6.63			09/15/2009		11,967,094
	10,000,000		7.13			06/15/2010		11,490,930
Small Business Administration
	986,645		6.70			12/01/2016		1,058,052
	781,809		7.15			03/01/2017		848,729
	622,116		7.50			04/01/2017		681,589
	372,888		7.30			05/01/2017		406,552
	246,067		6.80			08/01/2017		265,195
	602,397		6.30			05/01/2018		641,196
	599,201		6.30			06/01/2018		637,764
Tennessee Valley Authorityz
	6,000,000		4.88			12/15/2006		6,333,378
TOTAL AGENCY DEBENTURES
(Cost $91,052,507)							$	90,602,161
Asset-Backed Securities – 9.2%
Auto – 0.9%
CPS Auto Trust Series 2002-A, Class A2
$	3,970,914		4.81	%		12/15/2008	$	4,076,391
MFN Auto Receivables Trust Series 2002-A, Class A2†
	1,000,000		4.92			03/15/2008		1,016,875
Onyx Acceptance Grantor Trust Series 2001-A, Class A4
	731,298		7.44			11/15/2007		738,881
							$	5,832,147
Credit Card – 0.4%
Capital One Master Trust Series 2002-4A, Class A
$	2,500,000		4.90	%		03/15/2010	$	2,612,206
Home Equity – 7.8%
American Business Financial Services Series 1998-2, Class A6
$	834,769		6.46	%		09/25/2029	$	873,640
Countrywide Home Equity Loan Trust Series 2002-E, Class A#
	5,615,580		1.36			10/15/2028		5,619,966
Countrywide Home Equity Loan Trust Series 2003-D, Class A#
	10,468,857		1.36			06/15/2029		10,468,850
Countrywide Home Equity Loan Trust Series 2003-E, Class A#
	9,913,777		1.36			07/15/2029		9,921,520
Impac CMB Trust Series 2004-3, Class 1A#
	5,983,019		1.35			04/25/2034		5,977,694
Residential Asset Mortgage Products, Inc. Series 2004-RZ1, Class AII#
	11,445,919		1.33			03/25/2034		11,435,258
Saxon Asset Securities Trust Series 2003-2, Class AIO
	8,227,273		4.75			01/25/2005		235,530
Securitized Asset Backed Receivables LLC Series 2004-OP1, Class A2#
	4,403,128		1.35			02/25/2034		4,375,432
							$	48,907,890
Manufactured Housing – 0.1%
Mid-State Trust Series 4, Class A
$	507,327		8.33	%		04/01/2030	$	555,705
TOTAL ASSET-BACKED SECURITIES
(Cost $58,161,569)							$	57,907,948
U.S. Treasury Obligations – 22.3%
United States Treasury Interest-Only Stripped Securities@
$	4,000,000		0.00	%		02/15/2012	$	2,832,320
	28,700,000		0.00			05/15/2012		20,026,315
	10,780,000		0.00			02/15/2014		6,751,298
	11,000,000		0.00			05/15/2014		6,781,148
	18,000,000		0.00			08/15/2014		10,902,061
	8,000,000		0.00			05/15/2017		4,040,624
United States Treasury Principal-Only Stripped Securities•
	20,600,000		0.00			05/15/2017		10,449,556
	6,300,000		0.00			11/15/2022		2,224,719
	12,700,000		0.00			02/15/2025		3,919,093
	1,300,000		0.00			08/15/2025		390,182

The accompanying notes are an integral part of these financial statements.       35

 GOLDMAN SACHS GOVERNMENT INCOME FUND

Statement of Investments (continued)

April 30, 2004 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date		Value
U.S. Treasury Obligations – (continued)
$	12,000,000		0.00	%		11/15/2026	$	3,355,080
	2,400,000		0.00			08/15/2027		642,744
United States Treasury Bonds
	1,300,000		9.25			02/15/2016		1,820,458
	1,800,000		7.50			11/15/2016		2,237,904
	2,670,000		7.13			02/15/2023		3,248,848
	5,400,000		6.88	^		08/15/2025		6,444,359
United States Treasury Notes
	50,200,000		1.63			02/28/2006		49,666,625
	5,100,000		2.63			11/15/2006		5,096,415
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $142,374,012)							$	140,829,749
Insured Revenue Bond – 0.4%
New Jersey Economic Development Authority Series A
$	2,000,000		7.43	%		02/15/2029	$	2,409,352
TOTAL INSURED REVENUE BOND
(Cost $2,000,000)							$	2,409,352
Repurchase Agreement – 12.1%
Joint Repurchase Agreement Account IIΔ
$	76,000,000		1.05	%		05/03/2004	$	76,000,000
Maturity Value: $76,006,618
TOTAL REPURCHASE AGREEMENT
(Cost $76,000,000)							$	76,000,000
TOTAL INVESTMENTS
(Cost $702,502,869)							$	698,992,059

†	Securities are exempt from registration under rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and maybe resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounted to $7,614,973, which represent 1.2% of net assets as of April 30, 2004.
/	TBA (To Be Announced) securities are purchased on a forward commitment basis with an approximate (generally +/- 2.5%) principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.
#	Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2004.
z	Securities with “Put” features with resetting interest rates. Maturity dates disclosed are next interest reset date.
^	A portion of this security is segregated as collateral for initial margin requirement on futures transactions.
@	Represents security with notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate due to the amortization of related premiums or accretion of discounts.
Δ	Joint repurchase agreement was entered into on April 30, 2004.
•	Security issued with a zero coupon. Income is recognized through the accretion of discount.

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

Investment Abbreviations:
REMIC	—	Real Estate Mortgage Investment Conduit

36       The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. MORTGAGES FUND 

Statement of Investments

April 30, 2004 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date			Value
Mortgage-Backed Obligations – 94.7%
Adjustable Rate Federal National Mortgage Association (FNMA)# – 6.8%
$	89,977		3.07	%		07/01/2022		$	91,007
	88,542		3.06			07/01/2027			89,591
	197,103		3.06			11/01/2027			199,440
	98,073		3.06			01/01/2031			99,193
	108,466		3.06			06/01/2032			109,624
	105,040		3.07			08/01/2032			106,163
	204,358		3.07			05/01/2033			206,555
	2,037,044		3.16			06/01/2033			2,048,573
	1,718,937		4.89			06/01/2033			1,759,684
	1,749,967		3.31			07/01/2033			1,768,695
	1,887,889		3.87			11/01/2033			1,907,565
	932,775		3.80			12/01/2033			950,857
	1,899,628		4.38			12/01/2033			1,910,779
	2,993,516		4.34			03/01/2034			3,049,630
	104,082		3.06			11/01/2035			105,133
	372,912		3.06			12/01/2037			376,717
	199,741		3.06			01/01/2038			201,789
	256,632		3.06			11/01/2040			259,286
								$	15,240,281
Adjustable Rate Non-Agency# – 0.5%
Structured Asset Securities Corp. Series 2003-37A, Class 3A7
$	911,307		4.52	%		12/25/2033		$	897,820
Structured Asset Securities Corp. Series 2003-40A, Class 3A1
	277,538		4.62			01/25/2034			278,013
								$	1,175,833
Commercial Mortgage-Backed Securities (CMBS) – 0.6%
Interest Only@ – 0.6%
Bear Stearns Commercial Mortgage Securities, Inc. Series 2003-T10, Class X2#†
$	6,500,000		1.44	%		03/13/2040		$	397,233
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2004-C1, Class X2#†
	6,500,000		1.32			01/15/2038			332,916
LB-UBS Commercial Mortgage Trust Series 2003-C5, Class XCP#†
	5,300,000		1.36			04/15/2037			222,414
Prudential Commercial Mortgage Trust Series 2003-PWR1, Class X2#†
	7,000,000		1.73			02/11/2036			507,591
								$	1,460,154
Federal Home Loan Mortgage Corp. (FHLMC) – 19.4%
$	4,586,950		6.00	%		08/01/2022		$	4,724,809
	424,315		6.00			09/01/2022			437,067
	838,099		7.00			04/01/2031			885,042
	3,315,974		7.00			04/01/2032			3,544,558
	7,548,709		7.00			05/01/2032			7,971,824
	1,563,310		6.00			05/01/2033			1,599,959
	7,763,116		6.00			10/01/2033			7,945,110
	110,016		6.00			11/01/2033			112,595
	395,367		6.00			12/01/2033			404,635
	2,849,651		6.50			12/01/2033			2,967,893
	2,996,910		6.00			03/01/2034			3,067,117
	10,000,000		5.00			TBA-15yr	/		10,034,380
								$	43,694,989
Federal National Mortgage Association (FNMA) – 60.6%
$	22,831		5.50	%		04/01/2016		$	23,458
	21,089		5.50			08/01/2016			21,668
	269,257		5.50			11/01/2016			276,655
	218,223		5.50			12/01/2016			224,220
	286,253		5.50			01/01/2017			294,118
	16,962		6.00			02/01/2018			17,491
	4,798,157		5.00			05/01/2018			4,831,957
	219,153		6.00			05/01/2018			225,983
	2,923,258		5.00			06/01/2018			2,945,359
	77,218		6.50			07/01/2018			80,816
	199,576		6.50			09/01/2018			208,876
	1,162,542		6.00			11/01/2018			1,198,773
	266,059		6.50			11/01/2018			278,456
	1,747,154		6.00			12/01/2018			1,801,605
	1,538,065		6.00			01/01/2019			1,586,000
	150,300		6.50			01/01/2019			157,303
	3,954,816		5.00			02/01/2019			3,982,005
	44,224		6.50			03/01/2019			46,259
	553,168		6.00			04/01/2019			573,893
	189,934		6.50			04/01/2019			198,672
	102,562		6.00			05/01/2019			105,660
	824,782		6.50			07/01/2021			858,728
	458,955		7.00			09/01/2021			486,190
	1,571,581		7.00			06/01/2022			1,664,864
	632,033		7.00			07/01/2022			669,548
	4,563,579		6.00			12/01/2023			4,700,462
	1,134,469		6.50			03/01/2032			1,185,418
	3,599,303		6.50			01/01/2034			3,746,938
	31,804,404		5.00			03/01/2034			30,836,934
	65,000,000		5.00			TBA-15yr	/		65,318,750
	8,000,000		5.00			TBA-30yr	/		7,720,000
								$	136,267,059
Collateralized Mortgage Obligations (CMOs) – 6.8%
Interest Only@ – 0.4%
ABN AMRO Mortgage Corp. Series 2003-8, Class A2
$	660,195		5.50	%		06/25/2033		$	83,862
CS First Boston Mortgage Securities Corp. Series 2003-08, Class 3A2
	59,707		5.50			04/25/2033			4,054
CS First Boston Mortgage Securities Corp. Series 2003-10, Class 3A13
	44,205		5.75			05/25/2033			2,185
CS First Boston Mortgage Securities Corp. Series 2003-11, Class 1A2
	226,351		5.50			06/25/2033			21,505
CS First Boston Mortgage Securities Corp. Series 2003-19, Class 1A2
	658,095		5.25			07/25/2033			94,503
FHLMC Series 2541, Class QI
	405,268		6.00			01/15/2029			25,121

The accompanying notes are an integral part of these financial statements.       37

 GOLDMAN SACHS U.S. MORTGAGES FUND

Statement of Investments (continued)

April 30, 2004 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only@ – (continued)
FHLMC Series 2575, Class IB
$	648,247		5.50	%		08/15/2030	$	95,964
FHLMC Series 2620, Class IO
	934,386		5.50			08/15/2031		124,912
FNMA Series 2003-36, Class IO
	918,926		5.50			12/25/2031		128,808
Master Adjustable Rate Mortgages Trust Series 2003-6, Class 1A1X#
	6,753,594		1.90			12/25/2033		115,019
Washington Mutual Series 2003-AR4, Class X1#
	1,007,841		1.18			01/25/2008		13,977
Washington Mutual Series 2003-AR12, Class X#
	2,152,794		0.54			02/25/2034		22,209
Washington Mutual Series 2003-S3, Class 1A41
	1,809,309		5.50			06/25/2033		147,884
							$	880,003
Sequential Fixed Rate CMOs – 6.4%
CS First Boston Mortgage Securities Corp. Series 2002-5, Class PPA1
$	427,679		6.50	%		03/25/2032	$	446,212
FHLMC Series 1703, Class GC
	2,500,000		6.50			04/15/2009		2,688,055
FHLMC Series 1823, Class A
	2,000,000		6.50			08/15/2023		2,072,473
FHLMC Series 2456, Class VH
	1,000,000		6.00			03/15/2020		1,051,373
FNMA REMIC Trust Series 1993-101, Class PJ
	1,000,000		7.00			06/25/2008		1,065,538
FNMA REMIC Trust Series 2001-62, Class VF
	500,000		6.00			07/25/2019		524,221
FNMA Series 2002-24, Class AE
	2,000,000		6.00			04/25/2016		2,050,987
GNMA REMIC Trust Series 2002-40, Class ZE
	2,240,256		6.50			12/20/2030		2,348,059
Wells Fargo Mortgage Backed Securities Trust Series 2002-18, Class 2A4
	2,000,000		6.00			12/25/2032		2,079,128
							$	14,326,046
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (CMOS)							$	15,206,049
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $215,093,913)							$	213,044,365
Asset-Backed Securities – 1.4%
Home Equity – 1.4%
Countrywide Home Equity Loan Trust Series 2003-D, Class A#
$	1,675,017		1.36	%		06/15/2029	$	1,675,016
Impac CMB Trust Series 2004-2, Class A1#
	1,478,813		1.36			04/25/2034		1,479,523
TOTAL ASSET-BACKED SECURITIES
(Cost $3,155,923)							$	3,154,539
U.S. Treasury Obligations – 0.2%
United States Treasury Interest-Only Stripped Securities@
$	400,000		0.00	%		05/15/2014	$	246,587
United States Treasury Principal-Only Stripped Securities•
	200,000		0.00			05/15/2017		101,452
	200,000		0.00			11/15/2022		70,626
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $429,268)							$	418,665
Repurchase Agreement – 51.2%
Joint Repurchase Agreement Account IIΔ
$	115,300,000		1.05	%		05/03/2004	$	115,300,000
Maturity Value: $115,310,041
TOTAL REPURCHASE AGREEMENT
(Cost $115,300,000)							$	115,300,000
TOTAL INVESTMENTS
(Cost $333,979,104)							$	331,917,569

†	Securities are exempt from registration under rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounted to $1,460,154, which represents 0.7% of net assets as of April 30, 2004.
#	Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2004.
/	TBA (To Be Announced) securities are purchased on a forward commitment basis with an approximate (generally +/- 2.5%) principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.
@	Represents security with notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate due to the amortization of related premiums or accretion of discounts.
Δ	Joint repurchase agreement was entered into on April 30, 2004.
•	Security issued with a zero coupon. Income is recognized through the accretion of discount.

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

Investment Abbreviations:
REMIC	—	Real Estate Mortgage Investment Conduit

38       The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS CORE FIXED INCOME FUND 

Statement of Investments

April 30, 2004 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date			Value
Corporate Bonds – 20.8%
Aerospace/ Defense – 0.1%
Bombardier, Inc.†
$	825,000		6.30	%		05/01/2014		$	813,556
	700,000		7.45			05/01/2034			689,222
								$	1,502,778
Airlines – 0.0%
NWA Trust
$	56,425		8.26	%		03/10/2006		$	52,475
Automotive – 1.6%
Ford Motor Co.
$	4,300,000		6.63	%		10/01/2028		$	3,859,104
	2,610,000		6.38			02/01/2029			2,262,787
Ford Motor Credit Co.
	1,250,000		7.60			08/01/2005			1,323,237
	6,850,000		7.00			10/01/2013			7,044,746
General Motors Acceptance Corp.
	4,125,000		8.00			11/01/2031			4,321,762
								$	18,811,636
Banks – 3.4%
ANZ Capital Trust I†
$	5,200,000		5.36	%		12/15/2013	±	$	5,073,583
Astoria Financial Corp.
	4,600,000		5.75			10/15/2012			4,695,155
Bank United Corp.
	750,000		8.88			05/01/2007			870,606
Fleet Boston Financial Corp.
	1,000,000		6.50			03/15/2008			1,094,159
	450,000		7.38			12/01/2009			514,244
Greenpoint Financial Corp.
	2,750,000		3.20			06/06/2008			2,661,230
MIZUHO Financial Group (Cayman)†
	3,000,000		5.79			04/15/2014			2,974,860
Popular North America, Inc.
	4,500,000		6.13			10/15/2006			4,816,917
Rabobank Capital Funding II#†
	7,000,000		5.26			12/31/2013	±		6,878,311
Royal Bank of Scotland Group PLC
	3,000,000		8.82			03/31/2005	±		3,175,449
Sovereign Bancorp, Inc.
	750,000		10.50			11/15/2006			874,808
Sovereign Bank
	2,500,000		5.13			03/15/2013			2,431,112
	2,250,000		4.38	#		08/01/2013			2,239,362
Union Planters Bank
	75,000		5.13			06/15/2007			78,128
Union Planters Corp.
	150,000		7.75			03/01/2011			173,698
Washington Mutual, Inc.
	1,500,000		8.25			04/01/2010			1,758,110
								$	40,309,732
Diversified Manufacturing – 0.9%
Tyco International Group SA
$	1,000,000		6.38	%		02/15/2006		$	1,053,540
	1,500,000		6.75			02/15/2011			1,614,450
	5,725,000		6.38			10/15/2011			6,038,444
	2,100,000		6.88			01/15/2029			2,118,431
								$	10,824,865
Electric – 1.0%
Calenergy, Inc.
$	1,250,000		7.23	%		09/15/2005		$	1,328,390
	1,500,000		7.63			10/15/2007			1,670,540
FirstEnergy Corp.
	1,750,000		6.45			11/15/2011			1,842,398
	4,200,000		7.38			11/15/2031			4,411,142
Niagara Mohawk Power Corp.
	125,000		8.00			06/01/2004			125,598
	100,000		5.38			10/01/2004			101,565
Southern California Edison Co.
	750,000		6.38			01/15/2006			793,135
TXU Australia Holdings†
	1,550,000		6.15			11/15/2013			1,632,141
TXU Electric Co.
	350,000		6.25			10/01/2004			356,651
								$	12,261,560
Entertainment – 0.2%
Time Warner Entertainment Co. LP
$	2,500,000		8.38	%		03/15/2023		$	2,935,167
Environmental – 0.2%
Waste Management, Inc.
$	2,000,000		7.38	%		08/01/2010		$	2,269,668
Food & Beverage – 0.5%
Kraft Foods, Inc.
$	1,500,000		5.63	%		11/01/2011		$	1,551,305
Nabisco, Inc.
	1,000,000		7.05			07/15/2007			1,100,695
Tyson Foods, Inc.
	2,425,000		8.25			10/01/2011			2,821,771
								$	5,473,771
Gaming – 0.5%
Harrahs Operating Co., Inc.†
$	1,650,000		5.38	%		12/15/2013		$	1,604,683
MGM Mirage, Inc.
	850,000		8.50			09/15/2010			958,375
Park Place Entertainment Corp.
	950,000		8.50			11/15/2006			1,040,250
	1,745,000		7.50			09/01/2009			1,919,500
								$	5,522,808
Health Care – 0.4%
Anthem Insurance Cos., Inc.†
$	350,000		9.13	%		04/01/2010		$	434,075
HCA, Inc.
	1,025,000		6.95			05/01/2012			1,070,884
	400,000		6.30			10/01/2012			401,522
	3,100,000		6.75			07/15/2013			3,187,150
								$	5,093,631

The accompanying notes are an integral part of these financial statements.       39

 GOLDMAN SACHS CORE FIXED INCOME FUND

Statement of Investments (continued)

April 30, 2004 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date		Value
Corporate Bonds – (continued)
Life Insurance – 0.3%
American General Finance Corp.
$	200,000		2.75	%		06/15/2008	$	190,894
Hartford Life, Inc.
	200,000		7.10			06/15/2007		220,196
Principal Financial Group Australia†
	2,750,000		8.20			08/15/2009		3,212,140
Reinsurance Group of America, Inc.
	550,000		6.75			12/15/2011		586,967
							$	4,210,197
Media-Cable – 1.3%
AT&T Broadband Corp.
$	3,000,000		8.38	%		03/15/2013	$	3,572,995
	3,200,000		9.46			11/15/2022		4,159,433
Comcast Cable Communications, Inc.
	2,250,000		6.38			01/30/2006		2,384,027
	550,000		8.38			05/01/2007		622,581
Lenfest Communications, Inc.
	2,000,000		8.38			11/01/2005		2,165,809
Rogers Cable, Inc.
	2,500,000		5.50			03/15/2014		2,277,210
							$	15,182,055
Media-Non Cable – 1.0%
Chancellor Media Corp. LA
$	10,000,000		8.00	%		11/01/2008	$	11,432,400
Non Captive – 0.6%
American General Finance Corp.
$	250,000		5.75	%		03/15/2007	$	266,524
GATX Financial Corp.
	1,950,000		6.00			11/19/2008		2,001,747
PHH Corp.
	4,000,000		7.13			03/01/2013		4,437,016
							$	6,705,287
Paper – 0.2%
Weyerhaeuser Co.
$	1,150,000		6.00	%		08/01/2006	$	1,219,675
	1,345,000		6.88			12/15/2033		1,385,591
							$	2,605,266
Pipelines – 0.9%
CenterPoint Energy Resources Corp.
$	2,950,000		7.88	%		04/01/2013	$	3,326,859
	6,250,000		5.95			01/15/2014		6,203,550
Panhandle Eastern Pipeline
	1,350,000		4.80			08/15/2008		1,371,078
							$	10,901,487
Property/ Casualty Insurance – 2.7%
Ace Ltd.
$	6,000,000		6.00	%		04/01/2007	$	6,409,290
Arch Capital Group Ltd.
	2,300,000		7.35			05/01/2034		2,292,847
Assurant, Inc.†
	550,000		5.63			02/15/2014		551,260
	3,175,000		6.75			02/15/2034		3,215,621
CNA Financial Corp.
	500,000		6.50			04/15/2005		518,295
	1,375,000		6.75			11/15/2006		1,481,562
	98,000		6.60			12/15/2008		104,248
	300,000		7.25			11/15/2023		304,388
Hartford Financial Services Group, Inc.
	2,000,000		7.90			06/15/2010		2,335,696
Liberty Mutual Group†
	1,550,000		5.75			03/15/2014		1,516,343
	1,275,000		7.00			03/15/2034		1,250,476
QBE Insurance Group Ltd.#†
	3,150,000		5.65			07/01/2023		3,018,579
SAFECO Corp.
	5,000,000		6.88			07/15/2007		5,508,750
	400,000		7.25			09/01/2012		454,234
Zurich Capital Trust I†
	2,500,000		8.38			06/01/2037		2,799,000
							$	31,760,589
REITs – 0.9%
Chelsea Property Group, Inc.
$	1,000,000		6.00	%		01/15/2013	$	1,032,603
EOP Operating LP
	1,500,000		7.75			11/15/2007		1,697,941
iStar Financial, Inc.†
	3,275,000		5.70			03/01/2014		3,107,156
Liberty Property LP
	1,000,000		7.10			08/15/2004		1,013,430
	1,100,000		7.25			03/15/2011		1,227,740
Simon Property Group LP
	200,000		7.38			01/20/2006		215,035
	2,250,000		6.38			11/15/2007		2,460,872
							$	10,754,777
Tobacco – 0.7%
Altria Group, Inc.
$	900,000		5.63	%		11/04/2008	$	923,866
	1,500,000		7.00			11/04/2013		1,596,742
Philip Morris Companies, Inc.
	3,000,000		6.95			06/01/2006		3,200,327
UST, Inc.
	2,250,000		6.63			07/15/2012		2,453,719
							$	8,174,654
Wireless Telecommunications – 0.8%
America Movil SA de CV†
$	4,500,000		4.13	%		03/01/2009	$	4,314,150
	2,250,000		5.50			03/01/2014		2,105,318
AT&T Wireless Services, Inc.
	1,000,000		7.50			05/01/2007		1,110,445
	1,750,000		7.88			03/01/2011		2,013,872
							$	9,543,785
Wirelines Telecommunications – 2.6%
British Telecommunications PLC
$	2,750,000		8.88	%		12/15/2030	$	3,458,913

40       The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS CORE FIXED INCOME FUND 

Principal		Interest			Maturity
Amount		Rate			Date		Value
Corporate Bonds – (continued)
Wirelines Telecommunications – (continued)
Deutsche Telekom International Finance B.V.
$	6,300,000		8.25	%		06/15/2030	$	7,825,129
France Telecom SA
	3,000,000		7.75			03/01/2011		3,538,712
Koninklijke (Royal) KPN NV
	1,800,000		8.38			10/01/2030		2,204,385
Qwest Capital Funding, Inc.
	1,250,000		7.75			08/15/2006		1,225,000
	500,000		7.90			08/15/2010		427,500
Qwest Corp.
	300,000		7.20			11/01/2004		303,750
Sprint Capital Corp.
	1,500,000		6.00			01/15/2007		1,595,638
	1,500,000		8.38			03/15/2012		1,759,724
	2,700,000		6.88			11/15/2028		2,650,906
Telefonos De Mexico SA de CV
	3,750,000		8.25			01/26/2006		4,058,479
TPSA Finance BV†
	2,200,000		7.75			12/10/2008		2,470,527
							$	31,518,663
TOTAL CORPORATE BONDS
(Cost $244,282,114)							$	247,847,251
Emerging Market Debt – 0.9%
Pemex Finance Ltd.
$	600,000		8.02	%		05/15/2007	$	630,000
	700,000		9.15			11/15/2018		835,956
Russian Federation
	2,110,000		10.00			06/26/2007		2,400,125
	2,050,000		8.25			03/31/2010		2,226,813
United Mexican States
	1,626,000		8.30			08/15/2031		1,745,918
	3,252,000		7.50			04/08/2033		3,201,187
TOTAL EMERGING MARKET DEBT
(Cost $11,052,499)							$	11,039,999
Mortgage-Backed Obligations – 38.6%
Adjustable Rate Federal National Mortgage Association (FNMA)# – 2.2%
$	224,639		4.50	%		03/01/2033	$	230,130
	5,271,919		3.15			01/01/2035		5,325,531
	4,399,799		4.65			08/01/2035		4,494,230
	9,844,408		4.61			07/01/2036		10,056,389
	5,986,554		3.06			08/01/2037		6,047,636
							$	26,153,916
Adjustable Rate Non-Agency# – 2.5%
Bank of America Mortgage Securities, Inc. Series 2002-D, Class 1A1
$	836,905		5.34	%		05/25/2032	$	843,183
Bank of America Mortgage Securities, Inc. Series 2002-H, Class 1A2
	2,184,306		5.02			08/25/2032		2,193,070
Bear Stearns Adjustable Rate Mortgage Trust Series 2003-5, Class 1A1
	1,312,303		4.17			08/25/2033		1,302,697
Countrywide Home Loans Series 2003-37, Class 1A1
	758,535		4.00			08/25/2033		753,977
CS First Boston Mortgage Securities Corp. Series 2003-AR9, Class 2A2
	895,337		5.10			03/25/2033		901,994
CS First Boston Mortgage Securities Corp. Series 2004-AR1, Class 6A1
	4,724,526		1.53			02/25/2034		4,728,873
Washington Mutual Series 2002-AR6, Class A
	7,803,827		2.63			06/25/2042		7,896,649
Washington Mutual Series 2002-AR9, Class 1A
	7,919,996		2.63			08/25/2042		7,977,992
Washington Mutual Series 2002-AR19, Class A7
	2,797,009		4.68			02/25/2033		2,857,978
							$	29,456,413
Commercial Mortgage-Backed Securities (CMBS) – 3.9%
Interest Only@ – 1.1%
Bear Stearns Commercial Mortgage Securities, Inc. Series 2001- TOP2, Class X2#†
$	38,000,000		1.36	%		02/15/2035	$	1,684,981
CS First Boston Mortgage Securities Corp. Series 2002-CKS4, Class ASP#†
	29,838,133		1.89			11/15/2036		2,124,681
CS First Boston Mortgage Securities Corp. Series 2002-CP3, Class ASP#†
	25,500,000		1.74			07/15/2035		1,516,878
GE Capital Commercial Mortgage Corp. Series 2003-C1, Class X2#†
	25,161,786		1.30			01/10/2038		1,173,850
Greenwich Capital Commercial Funding Corp. Series 2003-C1, Class XP#†
	11,000,000		2.44			07/25/2035		974,132
Greenwich Capital Commercial Funding Corp. Series 2003-C2, Class XP#†
	15,750,000		1.34			01/05/2036		1,141,875
LB-UBS Commercial Mortgage Trust Series 2002-C2, Class XCP#†
	37,500,000		1.61			07/15/2035		1,992,761
LB-UBS Commercial Mortgage Trust Series 2002-C7, Class XCP#†
	47,190,000		1.38			01/15/2036		2,002,829
							$	12,611,987

The accompanying notes are an integral part of these financial statements.       41

 GOLDMAN SACHS CORE FIXED INCOME FUND

Statement of Investments (continued)

April 30, 2004 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date			Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate CMBS – 2.8%
Asset Securitization Corp. Series 1997-D4, Class A1D
$	883,017		7.49	%		04/14/2029		$	970,968
Commercial Mortgage Acceptance Corp. Series 1997-ML1, Class A3
	2,800,000		6.57			12/15/2030			3,007,245
CS First Boston Mortgage Securities Corp. Series 1997-C2, Class A3
	10,000,000		6.55			01/17/2035			10,788,841
First Union-Lehman Brothers Commercial Mortgage Services Series 1997-C1, Class A2
	7,972		7.30			04/18/2029			7,966
First Union-Lehman Brothers Commercial Mortgage Services Series 1997-C1, Class A3
	5,150,000		7.38			04/18/2029			5,623,615
First Union-Lehman Brothers Commercial Mortgage Services Series 1997-C2, Class A2
	127,360		6.60			11/18/2029			128,058
First Union-Lehman Brothers Commercial Mortgage Services Series 1997-C2, Class A3
	1,000,000		6.65			11/18/2029			1,082,758
J.P. Morgan Commercial Mortgage Finance Corp. Series 1999-C8, Class A2
	3,000,000		7.40			07/15/2031			3,390,825
Merrill Lynch Mortgage Investors, Inc. Series 1998-C2, Class A2
	3,595,642		6.39			02/15/2030			3,818,134
Merrill Lynch Mortgage Investors, Inc. Series 1999-C1, Class A2
	4,500,000		7.56			11/15/2031			4,977,046
								$	33,795,456
TOTAL CMBS								$	46,407,443
Federal Home Loan Mortgage Corp. (FHLMC) – 2.1%
$	270,666		6.00	%		04/01/2009		$	284,843
	87,478		5.50			07/01/2013			90,244
	501,907		5.50			12/01/2013			517,778
	8,623,881		6.00			12/01/2013			9,023,417
	6,578,172		6.50			12/01/2013			6,960,138
	164,413		5.50			02/01/2014			169,510
	80,410		5.50			06/01/2014			82,903
	152,641		5.50			09/01/2014			157,373
	10,404		7.00			10/01/2014			11,077
	4,309,746		6.00			12/01/2014			4,482,136
	99,665		7.00			05/01/2015			106,111
	301,474		8.00			07/01/2015			320,692
	31,031		7.00			02/01/2016			33,037
	139,765		7.00			03/01/2016			148,798
	1,834,878		7.50			05/01/2016			1,958,516
	10,682		7.00			10/01/2017			11,324
	186,433		7.00			06/01/2026			197,301
	661,670		7.50			03/01/2027			708,718
	141,175		7.50			12/01/2030			151,129
	151,308		7.50			01/01/2031			161,973
								$	25,577,018
Federal National Mortgage Association (FNMA) – 12.2%
$	357,640		6.50	%		11/01/2009		$	380,982
	1,298,843		6.50			10/01/2010			1,379,976
	2,701,978		6.50			06/01/2011			2,873,009
	1,426,465		6.50			01/01/2013			1,514,849
	357,427		6.50			10/01/2013			378,723
	722,302		8.50			10/01/2015			789,109
	35,042		7.00			01/01/2016			37,384
	235,754		6.00			08/01/2018			242,332
	1,719,870		6.50			06/01/2019			1,791,270
	3,151,554		6.50			07/01/2022			3,281,401
	5,406,931		6.50			08/01/2022			5,629,701
	3,204,843		6.50			11/01/2022			3,336,746
	6,623		6.50			02/01/2026			6,893
	59,295		6.50			08/01/2026			61,712
	13,896		6.50			09/01/2027			14,449
	6,774		6.50			11/01/2027			7,044
	24,919		6.50			04/01/2028			25,995
	44,927		7.50			03/01/2029			47,958
	87,463		7.50			08/01/2029			93,329
	10,210		7.50			09/01/2029			10,894
	4,656		7.50			11/01/2029			4,968
	385,994		7.50			12/01/2030			414,501
	194,014		8.00			01/01/2031			210,335
	250,579		8.00			02/01/2031			270,530
	2,626,038		7.00			03/01/2031			2,785,405
	1,025,658		6.50			09/01/2031			1,071,122
	1,448,654		6.50			10/01/2031			1,512,989
	2,913,420		6.50			11/01/2031			3,043,047
	5,869,250		6.50			01/01/2032			6,131,371
	1,075,914		7.00			07/01/2032			1,135,290
	89,000,000		5.00			TBA-15yr	/		89,438,125
	17,000,000		5.50			TBA-30yr	/		16,957,500
								$	144,878,939
Government National Mortgage Association (GNMA) – 0.0%
$	103,101		6.50	%		01/15/2028		$	107,788
	73,720		6.50			02/15/2028			77,071
	61,145		6.50			03/15/2028			63,925
								$	248,784
Collateralized Mortgage Obligations (CMOs) – 15.7%
Interest Only@ – 0.5%
ABN AMRO Mortgage Corp. Series 2003-5, Class A2
$	13,617,717		5.50	%		04/25/2033		$	1,238,393
Countrywide Funding Corp. Series 2003-42, Class 2X1
	6,594,767		0.39			10/25/2033			46,229
CS First Boston Mortgage Securities Corp. Series 2002-AR20, Class 2X
	11,519,504		0.60			08/25/2033			110,209
CS First Boston Mortgage Securities Corp. Series 2002-AR31, Class 5X
	10,413,839		0.98			11/25/2032			94,756
CS First Boston Mortgage Securities Corp. Series 2003-8, Class 3A2
	3,104,761		5.50			04/25/2033			210,832

42       The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS CORE FIXED INCOME FUND 

Principal		Interest			Maturity
Amount		Rate			Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only@ – (continued)
CS First Boston Mortgage Securities Corp. Series 2003-10, Class 3A13
$	2,077,626		5.75	%		05/25/2033	$	102,697
CS First Boston Mortgage Securities Corp. Series 2003-11, Class 1A2
	2,338,959		5.50			06/25/2033		222,219
CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X
	10,695,534		0.78			07/25/2033		131,326
FHLMC Series 2542, Class NU
	990,725		5.50			05/15/2022		168,295
FNMA Series 2003-36, Class IO
	6,248,695		5.50			12/25/2031		875,894
FNMA Series 2003-46, Class PI
	12,000,000		5.50			11/25/2027		1,628,822
GNMA REMIC Trust Series 2002-79, Class IP
	1,632,553		6.00			06/20/2028		38,219
Washington Mutual Series 2003-AR4, Class X1#
	13,101,933		1.18			01/25/2008		181,704
Washington Mutual Series 2003-AR5, Class X1#
	33,079,229		0.76			02/25/2008		356,306
Washington Mutual Series 2003-AR6, Class X2
	25,737,231		0.37			05/25/2008		129,201
Washington Mutual Series 2003-AR7, Class X#
	40,397,364		0.98			06/25/2008		468,610
Washington Mutual Series 2003-AR12, Class X#
	26,780,753		0.54			02/25/2034		276,278
Wells Fargo Mortgage Backed Securities Trust Series 2003-G,Class AI0#
	22,070,427		0.80			06/25/2033		286,474
							$	6,566,464
Inverse Floater# – 0.7%
FHLMC Series 1544, Class M
$	196,158		18.36	%		07/15/2008	$	214,999
FNMA Series 1993-072, Class SA
	91,979		17.37			05/25/2008		101,964
FNMA Series 1993-093, Class SA
	141,230		18.99			05/25/2008		157,990
FNMA Series 1993-095, Class SE
	106,434		20.44			06/25/2008		123,606
FNMA Series 1993-135, Class S
	196,900		14.39			07/25/2008		214,805
FNMA Series 1993-175, Class SA
	860,711		12.50			09/25/2008		944,234
GNMA Series 2001-48, Class SA
	490,912		22.91			10/16/2031		580,940
GNMA Series 2001-51, Class SA
	954,955		27.73			10/16/2031		1,194,118
GNMA Series 2001-51, Class SB
	986,897		22.91			10/16/2031		1,157,176
GNMA Series 2001-59, Class SA
	175,532		22.75			11/16/2024		206,989
GNMA Series 2001-62, Class SB
	214,963		22.43			11/16/2027		245,617
GNMA Series 2002-11, Class SA
	523,220		32.43			02/16/2032		684,402
GNMA Series 2002-13, Class SB
	1,220,018		32.43			02/16/2032		1,603,259
Morgan Stanley Mortgage Trust Series 40, Class 16
	868,932		10.65			01/20/2022		1,016,858
							$	8,446,957
IOette@# – 0.0%
FNMA Series 1992-24, Class N
$	1,964		789.00	%		03/25/2007	$	17,119
Planned Amortization Class (PAC) CMOs – 5.7%
FHLMC Series 1508, Class H
$	135,665		7.50	%		10/15/2022	$	135,602
FHLMC Series 2335, Class GD
	449,553		6.50			01/15/2030		449,320
FHLMC Series 2454, Class BE
	14,110,704		6.50			10/15/2030		14,574,058
FNMA Series 1993-78, Class H
	1,900,000		6.50			06/25/2008		1,998,615
FNMA Series 1993-201, Class K
	8,833,136		6.50			01/25/2023		8,985,502
FNMA Series 1999-1, Class PG
	12,000,000		6.50			04/25/2028		12,439,638
FNMA Series 1999-51, Class LG
	2,771,523		6.50			12/25/2028		2,842,072
FNMA Series 2001-48, Class PD
	1,000,000		6.50			06/25/2020		1,043,643
FNMA Series 2001-57, Class PC
	5,905,264		6.50			09/25/2030		6,006,084
FNMA Series 2001-64, Class QE
	2,912,634		6.00			04/25/2027		2,914,604
FNMA Series 2001-70, Class LN
	306,727		6.25			06/25/2030		320,227
GNMA Series 2001-60, Class PK
	3,264,325		6.00			09/20/2028		3,301,210
GNMA Series 2001-62, Class PB
	8,221,679		6.00			09/20/2027		8,274,852
GNMA Series 2002-1, Class PB
	1,848,167		6.00			02/20/2029		1,875,422
GNMA Series 2002-3, Class LE
	2,247,413		6.50			08/20/2030		2,281,318
							$	67,442,167
Planned Amortization – Interest Only@ – 0.0%
FNMA Series 1993-11, Class M
$	175,348		7.50	%		02/25/2008	$	11,022
Regular Floater CMOs# – 6.0%
FHLMC Series 1537, Class F
$	805,153		2.84	%		06/15/2008	$	810,620
FNMA REMIC Trust Series 1993-175, Class FA
	1,859,135		3.78			09/25/2008		1,901,331
MLCC Mortgage Investors, Inc. Series 2003-A, Class 2A1
	7,279,036		1.49			03/25/2028		7,302,366

The accompanying notes are an integral part of these financial statements.       43

 GOLDMAN SACHS CORE FIXED INCOME FUND

Statement of Investments (continued)

April 30, 2004 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date		Value
Mortgage-Backed Obligations – (continued)
Regular Floater CMOs# – (continued)
MLCC Mortgage Investors, Inc. Series 2003-A, Class 2A2
$	2,539,198		1.59	%		03/25/2028	$	2,557,784
MLCC Mortgage Investors, Inc. Series 2003-C, Class A1
	5,526,483		1.43			06/25/2028		5,551,314
MLCC Mortgage Investors, Inc. Series 2004-A, Class A1
	21,738,006		1.33			04/25/2029		21,707,854
Sequoia Mortgage Trust Series 2003-1, Class 1A
	6,803,135		1.48			04/20/2033		6,803,134
Structured Asset Securities Corp. Series 2003-37A, Class 3A7
	13,669,610		4.52			12/25/2033		13,467,300
Structured Asset Securities Corp. Series 2003-40A, Class 3A1
	11,471,565		4.62			01/25/2034		11,491,216
							$	71,592,919
Sequential Fixed Rate CMOs – 2.8%
Bank of America Mortgage Securities, Inc. Series 2002-9, Class 3A1
$	312,780		6.00	%		10/25/2017	$	319,759
FHLMC Series 2145, Class KA
	690,201		6.35			09/15/2026		694,877
FHLMC Series 2367, Class BC
	4,630,963		6.00			04/15/2016		4,752,599
FNMA Series 2001-M2, Class C
	5,957,085		6.30			09/25/2015		6,334,869
FNMA Series 2002-63, Class KB
	6,554,592		4.75			02/25/2014		6,676,321
GNMA Series 2002-27, Class C
	419,055		6.50			01/20/2030		419,402
Residential Accredit Loans, Inc. Series 1998-QS14, Class A6
	3,423,158		6.75			10/25/2028		3,444,835
Residential Accredit Loans, Inc. Series 2001-QS4, Class A4
	10,002,051		7.00			04/25/2031		10,155,876
							$	32,798,538
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (CMOs)							$	186,875,186
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $458,986,004)							$	459,597,699
Agency Debentures – 8.6%
Federal Home Loan Bank
$	5,000,000		5.38	%		05/15/2009	$	5,292,999
Federal Home Loan Mortgage Corp.
	1,600,000		5.00			07/30/2009		1,614,149
	27,000,000		6.63			09/15/2009		30,197,341
	28,000,000		7.00			03/15/2010		31,916,080
Federal National Mortgage Association
	100,000		6.00			12/15/2005		105,952
	15,000,000		6.63			09/15/2009		16,776,300
	12,800,000		7.25			01/15/2010		14,751,386
Small Business Administration
	1,498,002		6.30			06/01/2018		1,594,410
TOTAL AGENCY DEBENTURES
(Cost $103,340,054)							$	102,248,617
Asset-Backed Securities – 11.9%
Auto – 0.6%
MFN Auto Receivables Trust Series 2002-A, Class A1†
$	722,805		3.81	%		01/15/2005	$	724,612
Onyx Acceptance Auto Trust Series 2001-A, Class A4
	5,850,381		7.44			11/15/2007		5,911,048
							$	6,635,660
Credit Card – 2.1%
Capital One Multi-Asset Execution Trust Series 2003-A1, Class A1#
$	24,841,000		1.49	%		01/15/2009	$	24,966,897
Home Equity – 8.3%
Aames Mortgage Trust Series 2000-2, Class A6F
$	929,799		7.18	%		11/25/2028	$	990,993
Amortizing Residential Collateral Trust Series 2002-BC1M, Class A#
	5,700,630		1.38			01/01/2032		5,703,593
Amortizing Residential Collateral Trust Series 2002-BC3M, Class A#
	1,148,648		1.37			06/25/2032		1,149,425
AQ Finance NIM Trust Series 2002-N2A†
	361,345		8.90			05/25/2032		361,737
AQ Finance NIM Trust Series 2003-N1†
	131,406		9.37			03/25/2033		131,365
AQ Finance NIM Trust Series 2003-N6#†
	4,313,998		1.40			05/25/2010		4,313,668
ARC Net Interest Margin Trust Series 2002-6, Class A†
	248,969		7.75			09/27/2032		251,087
ContiMortgage Home Equity Loan Trust Series 1999-1, Class A7
	189,485		6.47			12/25/2013		196,389
Countrywide Home Equity Loan Trust Series 2002-E, Class A#
	11,699,125		1.36			10/15/2028		11,708,262
Countrywide Home Equity Loan Trust Series 2003-D, Class A#
	17,168,925		1.36			06/15/2029		17,168,914
First Franklin Mortgage Loan Asset Backed Certificates Series 2004-FF1, Class A2#
	12,438,015		1.34			11/25/2034		12,441,908
First Franklin NIM Trust Series 2002-FF1, Class A†
	293,185		7.87			04/25/2032		292,077
HFC Home Equity Loan Asset Backed Certificates Series 2002-2, Class A#
	5,929,347		1.40			04/20/2032		5,943,626
HFC Home Equity Loan Asset Backed Certificates Series 2002-3, Class A#
	6,966,168		1.55			07/20/2032		6,982,844
Household Home Equity Loan Trust Series 2003-1, Class A#
	8,997,522		1.45			10/20/2032		9,018,914
Impac CMB Trust Series 2004-3, Class 1A#
	11,966,038		1.35			06/25/2034		11,955,387
Indy Mac Home Equity ABS, Inc. Series 2002-B, Class AV#
	3,597,016		1.55			10/25/2033		3,608,818
Long Beach Asset Holdings Corp. Series 2003-3, Class N1†
	549,213		7.26			07/25/2033		553,634

44       The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS CORE FIXED INCOME FUND 

Principal		Interest			Maturity
Amount		Rate			Date		Value
Asset-Backed Securities – (continued)
Home Equity – (continued)
NC Finance NIM Trust Series 2003-2†
$	126,401		9.00	%		01/25/2033	$	126,311
Novastar NIM Trust Series 2003 N-1†
	537,924		7.39			09/28/2033		538,743
Sail Net Interest Margin Notes Series 2003-05, Class A†
	681,549		7.35			06/27/2033		685,931
Sail Net Interest Margin Notes Series 2003-12A, Class A†
	776,415		7.35			11/27/2033		775,798
Sail Net Interest Margin Notes Series 2003-13A, Class A†
	971,063		6.75			11/27/2033		974,936
Sail Net Interest Margin Notes Series 2003-BC1A, Class A†
	390,442		7.75			01/27/2033		392,692
Salomon Brothers Mortgage Securities VII Series 2002-WMC2, Class A2#
	1,846,778		1.38			09/24/2032		1,848,175
Saxon Asset Securities Trust Series 2003-1, Class AV2#
	1,332,622		1.42			06/25/2033		1,334,495
							$	99,449,722
Manufactured Housing – 0.3%
Mid-State Trust Series 4, Class A
$	3,406,606		8.33	%		04/01/2030	$	3,731,453
Utilities – 0.6%
Massachusetts RRB Special Purpose Trust Series 1999-1, Class A5
$	6,150,000		7.03	%		03/15/2012	$	6,909,355
TOTAL ASSET-BACKED SECURITIES
(Cost $141,360,865)							$	141,693,087
U.S. Treasury Obligations – 23.5%
United States Treasury Interest-Only Stripped Securities@
$	28,000,000		0.00	%		02/15/2012	$	19,826,240
	27,750,000		0.00			05/15/2012		19,363,423
	20,200,000		0.00			02/15/2014		12,650,856
	43,500,000		0.00			05/15/2014		26,816,358
	3,000,000		0.00			05/15/2016		1,619,388
	20,000,000		0.00			05/15/2017		10,101,560
	11,600,000		0.00			05/15/2023		3,957,340
United States Treasury Principal-Only Stripped Securities•
	300,000		0.00			11/15/2004		297,999
	43,700,000		0.00			05/15/2017		22,167,263
	560,000		0.00			05/15/2018		265,597
	4,900,000		0.00			02/15/2025		1,512,091
	6,800,000		0.00			08/15/2025		2,040,952
	250,000		0.00			08/15/2027		66,952
United States Treasury Bonds
	2,200,000		8.50			02/15/2020		2,997,126
	1,900,000		7.13			02/15/2023		2,311,914
	4,550,000		6.88	^		08/15/2025		5,429,970
United States Treasury Notes
	87,800,000		1.63			02/28/2006		86,867,125
	14,400,000		2.25			04/30/2006		14,383,123
	150,000		7.00			07/15/2006		164,547
	47,000,000		2.63	^		11/15/2006		46,957,774
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $282,457,917)							$	279,797,598
Repurchase Agreement – 7.9%
Joint Repurchase Agreement Account IIΔ
$	94,200,000		1.05	%		05/03/2004	$	94,200,000
Maturity Value: $94,208,203
TOTAL REPURCHASE AGREEMENT
(Cost $94,200,000)							$	94,200,000
TOTAL INVESTMENTS
(Cost $1,335,679,453)							$	1,336,424,251

†	Securities are exempt from registration under rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounted to $70,395,579, which represent 5.9% of net assets as of April 30, 2004.
#	Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2004.
/	TBA (To Be Announced) securities are purchased on a forward commitment basis with an approximate (generally +/- 2.5%) principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.
@	Represents security with notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate due to the amortization of related premiums or accretion of discounts.
^	A portion of this security is segregated as collateral for initial margin requirement on futures transactions.
Δ	Joint repurchase agreement was entered into on April 30, 2004.
•	Security is issued with a zero coupon. Income is recognized through the accretion of discount.
±	Perpetual Maturity. Maturity date presented represents the next call date.

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

Investment Abbreviations:
REMIC	—	Real Estate Mortgage Investment Conduit
REIT	—	Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.       45

 GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Statement of Investments

April 30, 2004 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date		Value
Corporate Bonds – 92.8%
Aerospace/ Defense – 0.7%
Bombardier Capital, Inc.†
$	125,000		6.13	%		06/29/2006	$	130,938
Bombardier, Inc.†
	100,000		7.45			05/01/2034		98,460
							$	229,398
Automotive – 7.4%
DaimlerChrysler NA Holding Corp.
$	100,000		6.40	%		05/15/2006	$	106,396
	400,000		6.50			11/15/2013		412,587
Ford Motor Co.
	325,000		6.63			10/01/2028		291,677
	250,000		6.38			02/01/2029		216,742
Ford Motor Credit Co.
	100,000		7.60			08/01/2005		105,859
	700,000		7.00			10/01/2013		719,901
General Motors Acceptance Corp.
	500,000		6.88			09/15/2011		524,805
	50,000		8.00			11/01/2031		52,385
							$	2,430,352
Banks – 20.2%
ANZ Capital Trust I†
$	275,000		4.48	%		01/15/2010±	$	270,280
	375,000		5.36			12/15/2013±		365,884
Astoria Financial Corp.
	125,000		5.75			10/15/2012		127,586
Bank of America Corp.
	250,000		7.40			01/15/2011		287,473
Bank United Corp.
	50,000		8.88			05/01/2007		58,040
Citigroup, Inc.
	350,000		7.25			10/01/2010		399,748
Credit Suisse First Boston London#†
	100,000		7.90			05/01/2007±		111,310
Credit Suisse First Boston USA, Inc.
	250,000		6.13			11/15/2011		267,624
Danske Bank A/ S#†
	150,000		7.40			06/15/2010		167,062
Fleet Boston Financial Corp.
	260,000		6.50			03/15/2008		284,481
Greenpoint Financial Corp.
	300,000		3.20			06/06/2008		290,316
HSBC Capital Funding LP#†
	875,000		4.61			06/27/2013±		806,524
J.P. Morgan Chase & Co.
	400,000		6.63			03/15/2012		440,297
MIZUHO Financial Group (Cayman)†
	700,000		5.79			04/15/2014		694,134
PNC Funding Corp.
	125,000		6.88			07/15/2007		137,182
Popular North America, Inc.
	156,000		6.13			10/15/2006		166,986
	170,000		4.25			04/01/2008		171,243
	150,000		3.88			10/01/2008		148,244
Rabobank Capital Funding II#†
$	200,000		5.26			12/31/2013±		196,523
Republic New York Corp.
	69,000		5.88			10/15/2008		73,485
Royal Bank of Scotland Group PLC
	200,000		8.82			03/31/2005±		211,696
	250,000		7.38	#		04/01/2006±		271,228
Sovereign Bancorp, Inc.
	200,000		10.50			11/15/2006		233,282
Sovereign Bank#
	80,000		4.38			08/01/2013		79,622
Union Planters Bank
	125,000		5.13			06/15/2007		130,214
Union Planters Corp.
	160,000		7.75			03/01/2011		185,278
Washington Mutual Bank FA
	50,000		6.88			06/15/2011		55,919
							$	6,631,661
Brokerage – 2.4%
Lehman Brothers Holdings, Inc.
$	150,000		7.88	%		08/15/2010	$	175,330
Morgan Stanley
	550,000		6.60			04/01/2012		605,388
							$	780,718
Chemicals – 0.9%
Eastman Chemical Co.
$	170,000		7.25	%		01/15/2024	$	180,892
The Dow Chemical Co.
	125,000		5.25			05/14/2004		125,118
							$	306,010
Consumer Cyclicals – 0.8%
Cendant Corp.
$	250,000		6.25	%		01/15/2008	$	266,893
Diversified Manufacturing – 2.1%
Tyco International Group SA
$	125,000		5.80	%		08/01/2006	$	131,141
	400,000		6.38			10/15/2011		421,900
	125,000		6.88			01/15/2029		126,097
							$	679,138
Electric – 5.1%
Calenergy, Inc.
$	175,000		7.63	%		10/15/2007	$	194,896
	150,000		7.52			09/15/2008		168,288
CE Electric UK Funding Co.†
	150,000		6.85			12/30/2004		153,861
FirstEnergy Corp.
	150,000		6.45			11/15/2011		157,920
	250,000		7.38			11/15/2031		262,568
MidAmerican Energy Holdings Co.
	150,000		5.88			10/01/2012		154,751
Nisource Finance Corp.
	150,000		6.15			03/01/2013		157,441

46       The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND 

Principal		Interest			Maturity
Amount		Rate			Date		Value
Corporate Bonds – (continued)
Electric – (continued)
Southern California Edison Co.
$	100,000		6.38	%		01/15/2006	$	105,751
TXU Australia Holdings†
	305,000		6.15			11/15/2013		321,163
							$	1,676,639
Entertainment – 0.9%
Time Warner Entertainment Co. LP
$	250,000		8.38	%		03/15/2023	$	293,517
Environmental – 1.1%
Waste Management, Inc.
$	325,000		7.38	%		08/01/2010	$	368,821
Food & Beverage – 2.6%
Cargill, Inc.†
$	300,000		3.63	%		03/04/2009	$	292,132
Kraft Foods, Inc.
	275,000		5.63			11/01/2011		284,406
Nabisco, Inc.
	125,000		7.05			07/15/2007		137,587
Tyson Foods, Inc.
	125,000		8.25			10/01/2011		145,452
							$	859,577
Gaming – 0.7%
Harrahs Operating Co., Inc.
$	100,000		7.13	%		06/01/2007	$	110,342
	125,000		5.38†			12/15/2013		121,567
							$	231,909
Health Care – 0.9%
Anthem, Inc.
$	75,000		4.88	%		08/01/2005	$	77,357
HCA, Inc.
	200,000		6.30			10/01/2012		200,761
							$	278,118
Integrated – 1.5%
Amerada Hess Corp.
$	500,000		7.13	%		03/15/2033	$	500,242
Life Insurance – 2.4%
Hartford Financial Services Group, Inc.
$	25,000		2.38	%		06/01/2006	$	24,705
Hartford Life, Inc.
	50,000		7.10			06/15/2007		55,049
John Hancock Financial Services, Inc.
	250,000		5.63			12/01/2008		265,828
Principal Life Global Funding I†
	100,000		3.63			04/30/2008		99,504
Prudential Funding LLC†
	300,000		6.60			05/15/2008		328,373
							$	773,459
Media-Cable – 4.0%
AT&T Broadband Corp.
$	625,000		8.38	%		03/15/2013	$	744,374
Comcast Cable Communications Holdings, Inc.
	215,000		9.46			11/15/2022		279,462
Rogers Cable, Inc.
	200,000		5.50			03/15/2014		182,177
TCI Communications, Inc.
	100,000		8.00			08/01/2005		106,757
							$	1,312,770
Media-Non Cable – 2.7%
Clear Channel Communications, Inc.
$	550,000		8.00	%		11/01/2008	$	628,782
Donnelley (R.R.) & Sons†
	250,000		4.95			04/01/2014		241,428
							$	870,210
Noncaptive-Financial – 4.9%
American General Finance Corp.
$	317,000		4.50	%		11/15/2007	$	325,453
Capital One Bank
	125,000		6.50			06/13/2013		130,377
Countrywide Home Loan, Inc.
	500,000		5.63			05/15/2007		529,808
GATX Financial Corp.
	125,000		6.00			11/19/2008		128,317
General Electric Capital Corp.
	200,000		6.00			06/15/2012		213,257
PHH Corp.
	250,000		7.13			03/01/2013		277,314
							$	1,604,526
Oil Field Services – 0.5%
Transocean, Inc.
$	150,000		6.75	%		04/15/2005	$	155,803
Paper – 0.4%
Weyerhaeuser Co.
$	50,000		6.00	%		08/01/2006	$	53,029
	65,000		6.88			12/15/2033		66,962
							$	119,991
Pipelines – 2.5%
CenterPoint Energy Resources Corp.
$	225,000		7.88	%		04/01/2013	$	253,744
	400,000		5.95			01/15/2014		397,027
Panhandle Eastern Pipeline
	150,000		4.80			08/15/2008		152,342
							$	803,113
Property/ Casualty Insurance – 7.1%
ACE Capital Trust II
$	150,000		9.70	%		04/01/2030	$	199,627
Ace Ltd.
	375,000		6.00			04/01/2007		400,581
Arch Capital Group Ltd.
	150,000		7.35			05/01/2034		149,533

The accompanying notes are an integral part of these financial statements.       47

 GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Statement of Investments (continued)

April 30, 2004 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date		Value
Corporate Bonds – (continued)
Property/ Casualty Insurance – (continued)
Assurant, Inc.†
$	300,000		6.75	%		02/15/2034	$	303,838
CNA Financial Corp.
	100,000		6.60			12/15/2008		106,376
	125,000		6.95			01/15/2018		127,613
Hartford Financial Services Group, Inc.
	100,000		6.38			11/01/2008		109,385
Liberty Mutual Group†
	125,000		5.75			03/15/2014		122,286
	100,000		7.00			03/15/2034		98,076
QBE Insurance Group Ltd.#†
	350,000		5.65			07/01/2023		335,398
SAFECO Corp.
	224,000		6.88			07/15/2007		246,792
Zurich Capital Trust I†
	125,000		8.38			06/01/2037		139,950
							$	2,339,455
REITs – 3.9%
Chelsea Property Group, Inc.
$	100,000		6.00	%		01/15/2013	$	103,260
EOP Operating LP
	150,000		7.75			11/15/2007		169,794
ERP Operating LP
	100,000		7.10			06/23/2004		100,741
iStar Financial, Inc.†
	350,000		5.70			03/01/2014		332,062
Liberty Property LP
	225,000		7.75			04/15/2009		258,693
Simon Property Group LP
	100,000		7.38			01/20/2006		107,518
	25,000		7.13			09/20/2007		28,060
	150,000		7.75			01/20/2011		169,482
							$	1,269,610
Supermarkets – 0.4%
Albertson’s, Inc.
$	100,000		7.50	%		02/15/2011	$	113,579
Tobacco – 3.8%
Altria Group, Inc.
$	550,000		7.00	%		11/04/2013	$	585,472
Imperial Tobacco Overseas BV
	200,000		7.13			04/01/2009		221,327
UST, Inc.
	200,000		8.80			03/15/2005		210,713
	215,000		6.63			07/15/2012		234,467
							$	1,251,979
Wireless Telecommunications – 2.9%
America Movil SA de CV†
$	350,000		4.13	%		03/01/2009	$	335,545
	150,000		5.50			03/01/2014		140,355
AT&T Wireless Services, Inc.
	200,000		7.50			05/01/2007		222,089
TeleCorp PCS, Inc.
	75,000		10.63			07/15/2010		85,621
Vodafone Group PLC
	150,000		7.88			02/15/2030		179,201
							$	962,811
Wirelines Telecommunications – 10.0%
British Telecommunications PLC
$	400,000		8.88	%		12/15/2030	$	503,115
Deutsche Telekom International Finance BV
	485,000		8.75			06/15/2030		602,411
France Telecom SA
	525,000		8.75			03/01/2011		619,275
Koninklijke (Royal) KPN NV
	100,000		8.38			10/01/2030		122,466
Sprint Capital Corp.
	100,000		6.00			01/15/2007		106,376
	125,000		8.38			03/15/2012		146,644
	300,000		6.88			11/15/2028		294,545
Telefonica Europe BV
	145,000		7.35			09/15/2005		154,508
Telefonos De Mexico SA de CV
	150,000		8.25			01/26/2006		162,339
	150,000		4.50	†		11/19/2008		148,240
TPSA Finance BV†
	300,000		7.75			12/10/2008		336,890
Verizon Global Funding Corp.
	100,000		4.38			06/01/2013		92,985
							$	3,289,794
TOTAL CORPORATE BONDS
(Cost $30,856,351)							$	30,400,093
Emerging Market Debt – 0.9%
Korea Development Bank
$	150,000		5.75	%		09/10/2013	$	152,185
United Mexican States
	42,000		8.30			08/15/2031		45,098
	84,000		7.50			04/08/2033		82,687
TOTAL EMERGING MARKET DEBT
(Cost $280,993)							$	279,970

48       The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND 

Principal		Interest			Maturity
Amount		Rate			Date		Value
Repurchase Agreement – 2.4%
Joint Repurchase Agreement Account IIΔ
$	800,000		1.05	%		05/03/2004	$	800,000
Maturity Value: $800,070
TOTAL REPURCHASE AGREEMENT
(Cost $800,000)							$	800,000
TOTAL INVESTMENTS
(Cost $31,937,344)							$	31,480,063

†	Securities are exempt from registration under rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounted to $6,691,783, which represents 20.4% of net assets as of April 30, 2004.
#	Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2004.
Δ	Joint repurchase agreement was entered into on April 30, 2004.
±	Perpetual Maturity. Maturity date presented represents the next call date.

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

Investment Abbreviations:
REIT	—	Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.       49

 GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS

Statements of Assets and Liabilities

April 30, 2004 (Unaudited)

		Enhanced
		Income Fund
Assets:
Investment in securities, at value (identified cost $1,058,742,398, $1,519,026,696, $845,659,625, $626,502,869, $218,679,104, $1,241,479,453 and $31,137,344)		$	1,068,320,143
Repurchase Agreement			130,600,000
Cash(a)			72,512
Foreign currencies, at value (Core Fixed Income only identified cost $11,024)			—
Receivables:
	Investment securities sold, at value		—
	Fund shares sold		25,908,963
	Interest, at value		10,862,287
	Variation margin		—
	Reimbursement from investment adviser		3,630
	Deferred offering costs		—
Other assets, at value			27,127
Total assets			1,235,794,662
Liabilities:
Due to custodian			—
Payables:
	Investment securities purchased, at value		—
	Fund shares repurchased		17,678,246
	Swap contracts, at value		—
	Income distribution		193,024
	Amounts owed to affiliates		319,417
	Variation margin		340,896
Accrued expenses and other liabilities, at value			94,856
Total liabilities			18,626,439
Net Assets:
Paid-in capital			1,279,946,324
Accumulated undistributed (distributions in excess of) net investment income			3,240,056
Accumulated net realized gain (loss) on investment, futures, swaps and foreign currency related transactions			(80,332,140	)
Net unrealized gain (loss) on investments, futures, swaps and translation of assets and liabilities denominated in foreign currencies			14,313,983
NET ASSETS		$	1,217,168,223
Net asset value, offering and redemption price per share:(b)
	Class A		$9.89
	Class B		—
	Class C		—
	Institutional		$9.88
	Administration		$9.89
	Service		—
	Separate Account Institutional		—
Shares outstanding:
	Class A		22,321,794
	Class B		—
	Class C		—
	Institutional		95,880,688
	Administration		5,003,517
	Service		—
	Separate Account Institutional		—
Total shares outstanding, $.001 par value (unlimited number of shares authorized)			123,205,999

(a)

Includes restricted cash of $200,000, $800,000 and $74,988, relating to initial margin requirements and collateral on futures transactions for the Ultra Short Duration Government, Government Income and Investment Grade Credit Funds, respectively, and includes restricted cash of $28,100,000 on deposit with the swap counterparty as collateral for the Core Fixed Income Fund.

(b)

Maximum public offering price per share for Class A Shares of the Enhanced Income and Ultra-Short Duration Government (NAV per share multiplied by 1.0152), Short Duration Government (NAV per share multiplied by 1.0204), Government Income, U.S. Mortgages, Core Fixed Income and Investment Grade Credit Funds (NAV per share multiplied by 1.0471) is $10.04, $9.56, $10.13, $15.39, $10.45, $10.45, and $10.51, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

50       The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS 

Ultra-Short Duration			Short Duration			Government			U.S. Mortgages			Core Fixed			Investment Grade
Government Fund			Government Fund			Income Fund			Fund			Income Fund			Credit Fund
$	1,510,560,450		$	839,473,228		$	622,992,059		$	216,617,569		$	1,242,224,251		$	30,680,063
	307,300,000			47,200,000			76,000,000			115,300,000			94,200,000			800,000
	2,118,423			30,833			—			283,147			28,100,000			156,281
	—			—			—			—			13,301			—
	57,227,197			41,441,544			134,514,707			178,635,856			171,552,322			—
	8,178,820			891,805			3,078,937			2,984,262			1,382,573			875,000
	6,644,634			4,421,437			2,953,165			644,378			8,592,332			496,811
	—			—			117,331			40,765			768,424			—
	—			65,514			46,635			48,072			—			32,299
	—			—			—			52,421			—			51,928
	30,728			22,971			18,951			41,737			21,242			41,506
	1,892,060,252			933,547,332			839,721,785			514,648,207			1,546,854,445			33,133,888
	—			—			20,503,650			—			32,369,571			—
	—			85,763,560			187,529,288			289,226,155			297,948,751			278,566
	24,826,745			8,337,433			1,423,495			—			14,520,135			—
	—			—			—			—			7,927,698			—
	1,589,323			496,355			141,864			318,560			991,047			9,608
	849,706			619,774			498,311			63,784			646,293			9,225
	388,593			49,580			—			—			57,208			4,281
	93,284			58,271			73,949			78,626			93,577			68,890
	27,747,651			95,324,973			210,170,557			289,687,125			354,554,280			370,570
	1,992,559,465			853,740,469			630,260,672			227,311,010			1,189,479,853			33,184,624
	1,734,251			(750,900	)		708,828			(726,687	)		(1,105,448	)		(107	)
	(127,198,448	)		(8,816,292	)		2,840,605			968,640			19,026,593			9,692
	(2,782,667	)		(5,950,918	)		(4,258,877	)		(2,591,881	)		(15,100,833	)		(430,891	)
$	1,864,312,601		$	838,222,359		$	629,551,228		$	224,961,082		$	1,192,300,165		$	32,763,318
$	9.42		$	9.93		$	14.70		$	9.98		$	9.98		$	10.04
	—		$	9.89		$	14.70			—		$	10.02			—
	—		$	9.87		$	14.69			—		$	10.02			—
$	9.43		$	9.90		$	14.68		$	9.99		$	10.02		$	10.05
	—			—			—			—			—			—
$	9.46		$	9.89		$	14.68			—		$	10.02			—
	—			—			—		$	9.98			—		$	10.04
	49,386,969			29,213,962			29,177,611			529,018			45,653,285			124
	—			4,358,769			2,518,544			—			3,464,376			—
	—			10,638,518			1,491,917			—			2,547,834			—
	143,040,978			39,868,394			9,069,011			15,401,945			65,663,699			2,633,940
	—			—			—			—			—			—
	5,268,607			549,007			576,356			—			1,847,308			—
	—			—			—			6,594,034			—			627,756
	197,696,554			84,628,650			42,833,439			22,524,997			119,176,502			3,261,820

The accompanying notes are an integral part of these financial statements.       51

 GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS

Statements of Operations

For the Period Ended April 30, 2004 (Unaudited)

		Enhanced
		Income Fund
Investment income:
Interest		$	23,139,447
Total income			23,139,447
Expenses:
Management fees			1,698,842
Distribution and service fees(a)			393,567
Transfer agent fees(a)			507,955
Custody and accounting fees			109,771
Service share fees			—
Professional fees			29,998
Registration fees			23,884
Printing fees			32,180
Administration share fees			63,083
Trustee fees			6,181
Amortization of offering costs			—
Other			42,317
Total expenses			2,907,778
Less — expense reductions			(496,364	)
Net Expenses			2,411,414
NET INVESTMENT INCOME			20,728,033
Realized and unrealized gain (loss) on investment, futures, swaps and foreign currency related transactions:
Net realized gain (loss) from:
	Investment transactions		969,815
	Futures transactions		(9,448,743	)
	Swap contracts		—
	Foreign currency related transactions		—
Net change in unrealized gain (loss) on:
	Investments		(12,065,009	)
	Futures		6,535,498
	Swap contracts		—
	Translation of assets and liabilities denominated in foreign currencies		—
Net realized and unrealized gain (loss) on investment, futures, swaps and foreign currency related transactions			(14,008,439	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	6,719,594

(a)   Class specific Distribution and Service and Transfer Agent fees were as follows:

	Distribution and Service Fees						Transfer Agent Fees
																			Separate
																			Account
Fund	Class A		Class B		Class C		Class A		Class B		Class C		Institutional		Administration		Service		Institutional
Enhanced Income Fund	$	393,567	$	—	$	—	$	299,111	$	—	$	—	$	198,751	$	10,093	$	—	$	—
Ultra-Short Duration Fund		749,050		—		—		569,278		—		—		310.061		—		10,712		—
Short Duration Fund		378,913		234,907		583,662		287,974		44,632		110,896		83,893		—		1,226		—
Government Income Fund		491,347		202,052		113,494		373,423		38,390		21,564		29,631		—		1,842		—
U.S. Mortgages Fund		899		—		—		683		—		—		20,368		—		—		6,684
Core Fixed Income Fund		565,981		179,654		128,455		430,145		34,135		24,407		138,981		—		4,095		—
Investment Grade Credit		2		—		—		2		—		—		2,404		—		—		1,546

(b)   U.S. Mortgages Fund and Investment Grade Credit Fund commenced operations on November 3, 2003.

52       The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS 

Ultra-Short
Duration			Short Duration			Government			U.S. Mortgages			Core Fixed			Investment Grade
Government Fund			Government Fund			Income Fund			Fund(b)			Income Fund			Credit Fund(b)
$	34,050,297		$	15,799,980		$	12,425,359		$	2,291,597		$	23,928,889		$	461,344
	34,050,297			15,799,980			12,425,359			2,291,597			23,928,889			461,344
	4,406,212			2,231,099			1,994,038			271,962			2,459,574			39,505
	749,050			1,197,482			806,893			899			874,090			2
	890,051			528,621			464,850			27,735			631,763			3,952
	176,751			117,775			101,666			39,766			177,733			21,266
	133,901			15,329			23,026			25,639			51,188			3,006
	29,498			29,916			29,916			25,363			32,067			25,362
	26,807			41,834			39,406			12,761			41,915			12,761
	28,203			26,709			26,709			25,119			23,695			25,119
	—			—			—			—			—			—
	6,181			6,181			6,181			4,648			6,181			4,648
	—			—			—			12,328			—			12,328
	121,760			59,793			30,745			18,606			39,621			18,967
	6,568,414			4,254,739			3,523,430			464,826			4,337,827			166,916
	(4,651	)		(300,241	)		(564,674	)		(197,246	)		(2,274	)		(129,305	)
	6,563,763			3,954,498			2,958,756			267,580			4,335,553			37,611
	27,486,534			11,845,482			9,466,603			2,024,017			19,593,336			423,733
	(412,202	)		1,183,457			975,949			171,442			7,362,852			66,125
	(11,136,284	)		(891,449	)		2,374,342			797,198			14,847,106			(56,433	)
	—			—			—			—			(1,707,192	)		—
	—			—			—			—			(122,513	)		—
	5,008,805			(3,709,073	)		(4,568,082	)		(2,061,535	)		(9,240,386	)		(457,281	)
	6,588,295			721,354			(1,059,990	)		(530,346	)		(8,656,419	)		26,390
	—			—			—			—			2,549,253			—
	—			—			—			—			838,483			—
	48,614			(2,695,711	)		(2,277,781	)		(1,623,241	)		5,871,184			(421,199	)
$	27,535,148		$	9,149,771		$	7,188,822		$	400,776		$	25,464,520		$	2,534

The accompanying notes are an integral part of these financial statements.       53

 GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS

Statements of Changes in Net Assets

For the Period Ended April 30, 2004 (Unaudited)

		Enhanced
		Income Fund
From operations:
Net investment income		$	20,728,033
Net realized gain (loss) on investment, futures, swaps and foreign currency related transactions			(8,478,928	)
Net change in unrealized gain (loss) on investments, futures, swaps and translation of assets and liabilities denominated in foreign currencies			(5,529,511	)
Net increase in net assets resulting from operations			6,719,594
Distributions to shareholders:
From net investment income
	Class A Shares		(4,320,169	)
	Class B Shares		—
	Class C Shares		—
	Institutional Shares		(15,711,037	)
	Administration Shares		(729,779	)
	Service Shares		—
	Separate Account Institutional Shares		—
From net realized gains
	Class A Shares		—
	Class B Shares		—
	Class C Shares		—
	Institutional Shares		—
	Service Shares		—
Total distributions to shareholders			(20,760,985	)
From share transactions:
Proceeds from sales of shares			443,381,841
Reinvestment of dividends and distributions			17,547,921
Cost of shares repurchased			(765,517,001	)
Net increase (decrease) in net assets resulting from share transactions			(304,587,239	)
TOTAL INCREASE (DECREASE)			(318,628,630	)
Net assets:
Beginning of period			1,535,796,853
End of period		$	1,217,168,223
Accumulated undistributed (distributions in excess of) net investment income		$	3,240,056

(a)  U.S. Mortgages Fund and Investment Grade Credit Fund commenced operations on November 3, 2003.

54       The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS 

Ultra-Short Duration			Short Duration			Government			U.S. Mortgages			Core Fixed			Investment Grade
Government Fund			Government Fund			Income Fund			Fund(a)			Income Fund			Credit Fund(a)
$	27,486,534		$	11,845,482		$	9,466,603		$	2,024,017		$	19,593,336		$	423,733
	(11,548,486	)		292,008			3,350,291			968,640			20,380,253			9,692
	11,597,100			(2,987,719	)		(5,628,072	)		(2,591,881	)		(14,509,069	)		(430,891	)
	27,535,148			9,149,771			7,188,822			400,776			25,464,520			2,534
	(9,465,974	)		(4,751,825	)		(6,216,897	)		(12,249	)		(8,000,427	)		(21	)
	—			(597,941	)		(486,668	)		—			(498,347	)		—
	—			(1,403,874	)		(274,082	)		—			(355,914	)		—
	(27,596,687	)		(7,443,027	)		(2,644,418	)		(2,044,557	)		(13,649,936	)		(259,571	)
	—			—			—			—			—			—
	(815,065	)		(93,434	)		(140,877	)		—			(350,624	)		—
	—			—			—			(693,898	)		—			(164,248	)
	—			—			(3,366,202	)		—			(14,873,230	)		—
	—			—			(370,817	)		—			(1,215,930	)		—
	—			—			(199,972	)		—			(859,101	)		—
	—			—			(1,301,452	)		—			(23,684,860	)		—
	—			—			(90,042	)		—			(729,303	)		—
	(37,877,726	)		(14,290,101	)		(15,091,427	)		(2,750,704	)		(64,217,672	)		(423,840	)
	646,737,849			267,574,589			182,192,994			252,262,282			262,146,237			41,278,076
	26,751,738			11,063,355			13,979,582			1,432,010			50,741,121			362,565
	(1,603,069,839	)		(354,686,953	)		(146,219,093	)		(26,383,282	)		(306,548,620	)		(8,456,017	)
	(929,580,252	)		(76,049,009	)		49,953,483			227,311,010			6,338,738			33,184,624
	(939,922,830	)		(81,189,339	)		42,050,878			224,961,082			(32,414,414	)		32,763,318
	2,804,235,431			919,411,698			587,500,350			—			1,224,714,579			—
$	1,864,312,601		$	838,222,359		$	629,551,228		$	224,961,082		$	1,192,300,165		$	32,763,318
$	1,734,251		$	(750,900	)	$	708,828		$	(726,687	)	$	(1,105,448	)	$	(107	)

The accompanying notes are an integral part of these financial statements.       55

 GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS

Statements of Changes in Net Assets

For the Year Ended October 31, 2003

		Enhanced
		Income Fund
From operations:
Net investment income		$	76,128,321
Net realized gain (loss) on investment, options, futures, swaps and foreign currency related transactions			(9,711,742	)
Net change in unrealized gain (loss) on investments, futures, swaps and translation of assets and liabilities denominated in foreign currencies			(17,849,510	)
Net increase in net assets resulting from operations			48,567,069
Distributions to shareholders:
From net investment income
	Class A Shares		(20,331,328	)
	Class B Shares		—
	Class C Shares		—
	Institutional Shares		(54,132,455	)
	Administration Shares		(636,079	)
	Service Shares		—
From net realized gains
	Class A Shares		—
	Class B Shares		—
	Class C Shares		—
	Institutional Shares		—
	Service shares		—
Total distributions to shareholders			(75,099,862	)
From share transactions:
Proceeds from sales of shares			1,887,117,875
Reinvestment of dividends and distributions			66,529,827
Cost of shares repurchased			(3,292,429,285	)
Net increase (decrease) in net assets resulting from share transactions			(1,338,781,583	)
TOTAL INCREASE (DECREASE)			(1,365,314,376	)
Net assets:
Beginning of year			2,901,111,229
End of year		$	1,535,796,853
Accumulated undistributed net investment income		$	3,273,008

56       The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS 

Ultra-Short Duration			Short Duration			Government			Core Fixed
Government Fund			Government Fund			Income Fund			Income Fund
$	106,798,282		$	30,985,889		$	14,970,988		$	50,240,172
	(19,840,908	)		(204,076	)		8,185,551			41,050,604
	(27,241,707	)		(13,611,498	)		(8,702,160	)		(11,291,897	)
	59,715,667			17,170,315			14,454,379			79,998,879
	(36,758,337	)		(9,958,624	)		(10,482,880	)		(15,224,632	)
	—			(1,549,635	)		(1,397,916	)		(1,222,253	)
	—			(3,319,698	)		(705,656	)		(743,228	)
	(99,636,791	)		(14,956,513	)		(5,235,819	)		(31,167,480	)
	—			—			—			—
	(2,235,538	)		(334,558	)		(410,300	)		(924,649	)
	—			—			(282,318	)		(1,155,334	)
	—			—			(57,041	)		(133,823	)
	—			—			(27,650	)		(74,023	)
	—			—			(106,723	)		(2,746,496	)
	—			—			(14,099	)		(109,857	)
	(138,630,666	)		(30,119,028	)		(18,720,402	)		(53,501,775	)
	3,857,993,633			906,757,628			602,412,055			655,115,170
	106,769,668			22,752,384			16,723,406			38,502,701
	(4,765,319,628	)		(681,167,411	)		(444,591,828	)		(630,905,538	)
	(800,556,327	)		248,342,601			174,543,633			62,712,333
	(879,471,326	)		235,393,888			170,277,610			89,209,437
	3,683,706,757			684,017,810			417,222,740			1,135,505,142
$	2,804,235,431		$	919,411,698		$	587,500,350		$	1,224,714,579
$	12,125,443		$	1,693,719		$	1,005,167		$	2,156,464

The accompanying notes are an integral part of these financial statements.       57

 GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS

Notes to Financial Statements

April 30, 2004 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940 (as amended) as an open-end management investment company. The Trust includes Goldman Sachs Enhanced Income Fund (Enhanced Income), Goldman Sachs Ultra-Short Duration Government Fund (Ultra-Short Duration Government), Goldman Sachs Short Duration Government Fund (Short Duration Government), Goldman Sachs Government Income Fund (Government Income), Goldman Sachs U.S. Mortgages Fund (U.S. Mortgages), Goldman Sachs Core Fixed Income Fund (Core Fixed Income) and Goldman Sachs Investment Grade Credit Fund (Investment Grade Credit), (collectively, “the Funds” or individually a “Fund”). U.S. Mortgages and Investment Grade Credit Funds commenced operations in November 3, 2003. Each Fund is a are diversified portfolios of the Trust. Enhanced Income offers three classes of shares — Class A, Institutional and Administration. Ultra-Short Duration Government offers three classes of shares — Class A, Institutional and Service. U.S. Mortgages and Investment Grade Credit offers three classes of shares — Class A, Institutional and Separate Account Institutional. Government Income, Short Duration Government and Core Fixed Income offer five classes of shares — Class A, Class B, Class C, Institutional and Service.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Funds. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that may affect the reported amounts. Actual results could differ from those estimates.

A. Investment Valuation — Portfolio securities for which accurate market quotations are readily available are valued on the basis of quotations furnished by a pricing service or provided by dealers in such securities. Short-term debt obligations maturing in sixty days or less are valued at amortized cost. Portfolio securities for which accurate market quotations are not readily available are valued based on yield equivalents, pricing matrices or other sources, under valuation procedures established by the Trust’s Board of Trustees.

B. Security Transactions and Investment Income — Security transactions are recorded as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Interest income is recorded on the basis of interest accrued (net of foreign withholding taxes which are reduced by any amounts reclaimable by the Funds, where applicable), premium amortized and discount accreted. Net investment income (other than class specific expenses) and unrealized and realized gains or losses are allocated daily to each class of shares of the Fund based upon the relative proportion of net assets of each class.

     Certain mortgage security paydown gains and losses are taxable as ordinary income (loss). Such paydown gains and losses increase or decrease taxable ordinary income available for distribution and are classified as interest income in the accompanying Statements of Operations. Original issue discounts (OID) on debt securities are amortized to interest income over the life of the security with a corresponding increase in the cost basis of that security. Market discounts and market premiums on debt securities are amortized to interest income over the expected life of the security with a corresponding adjustment in the cost basis of that security.

C. Federal Taxes — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable and tax-exempt income and capital gains to its shareholders. Accordingly, no federal tax provisions are required. Dividends and distributions to shareholders are recorded on ex-dividend date. Income distributions are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually.

     The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules. Therefore, the source of a Fund’s distributions may be shown in the accompanying financial statements as either from net investment income or net realized gain, or from paid-in-capital, depending on the type of book/tax differences that may exist.

58       

GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds on a straight-line or pro rata basis depending upon the nature of the expense.

     Class A, Class B and Class C shareholders of the Funds bear all expenses and fees relating to their respective Distribution and Service Plans. Service Shares bear all expenses and fees relating to their Service and Shareholder Administration Plans. Administration Shares bear all expenses and fees relating to their Administration Plan. Each class of shares of the Funds separately bears its respective class-specific Transfer Agency fees. Class A and Institutional Shareholders of the U.S. Mortgages and Investment Grade Credit Funds bear their respective class-specific Account Service fees.

E. Foreign Currency Translations — The books and records of the Funds are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investment valuations, foreign currency and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates; (ii) purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions.

     Net realized and unrealized gain (loss) on foreign currency transactions will represent: (i) foreign exchange gains and losses from the sale and holdings of foreign currencies and sale of investments; (ii) currency gains and losses between trade date and settlement date on investment securities transactions and forward exchange contracts; (iii) gains and losses from the difference between amounts of interest recorded and the amounts actually received. The effect of changes in foreign currency exchange rates on securities and derivative instruments are segregated in the Statements of Operations from the effects of changes in market prices of those securities and derivative instruments and are included as increases and decreases in unrealized appreciation/depreciation on foreign currency related transactions. Net unrealized foreign exchange gains and losses arising from changes in the value of other assets and liabilities as a result of changes in foreign exchange rates are included as increases and decreases in unrealized appreciation/depreciation on foreign currency related transactions.

F. Mortgage Dollar Rolls — The Funds may enter into mortgage “dollar rolls” in which the Funds sell securities in the current month for delivery and simultaneously contract with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. For financial reporting and tax reporting purposes, the Funds treat mortgage dollar rolls as two separate transactions; one involving the purchase of a security and a separate transaction involving a sale.

G. Segregation Transactions — Funds may enter into derivative transactions to seek to increase total return. Forward foreign currency exchange contracts, futures contracts, written options, swap contracts, mortgage dollar rolls, when-issued securities and forward commitments represent examples of such transactions. As a result of entering into those transactions, the Funds are required to segregate liquid assets on the accounting records equal to or greater than the market value of the corresponding transactions.

H. Forward Sales Contracts — The Funds may enter into forward security sales of mortgage-backed securities in which the Funds sell securities in the current month for delivery of securities defined by pool stipulated characteristics on a specified future date. The value of the contract is recorded as a liability on the Fund’s records with the difference between its market value and cash proceeds received being recorded as an unrealized gain or loss. Gains or losses are realized upon delivery of the security sold.

I. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase them at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Funds, including accrued interest, is required to equal or exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held in safekeeping at the Fund’s custodian or designated subcustodians under triparty repurchase agreements.

       59

 GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS

Notes to Financial Statements (continued)

April 30, 2004 (Unaudited)

3. AGREEMENTS

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”) serves as investment adviser pursuant to an Investment Management Agreement (the “Agreement”) with the Trust on behalf of the Funds. Under the Agreement, GSAM, subject to the general supervision of the Trust’s Board of Trustees, manages the Funds’ portfolios.

     As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administering the Funds’ business affairs, including providing facilities, the adviser is entitled to a fee (“Management Fee”) computed daily and payable monthly, equal to an annual percentage rate of each Funds average daily net assets.

     For the six months ended April 30, 2004, the adviser for the Enhanced Income, Government Income, U.S. Mortgages and Investment Grade Credit Funds voluntarily agreed to waive a portion of its Management Fee, equal to an annual percentage rate of each Fund’s average daily net assets, as set forth below. The adviser may discontinue or modify these waivers in the future at its discretion.

     Additionally, the adviser has voluntarily agreed to limit “Other Expenses” (excluding Management fees, Distribution and Service fees, Transfer Agent fees, taxes, interest, brokerage, litigation, service share fees, indemnification, shareholder meeting and other extraordinary expenses) to the extent that such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any.

     For the six months ended April 30, 2004, the Funds’ Management fees, Management fee waivers and expense limitations as an annual percentage rate of average daily net assets are as follows:

	Management Fee
										Other
	Contractual			Waiver			Net			Expense
Fund	Annual Rate			Annual Rate			Annual Rate			Limit
Enhanced Income		0.25	%		0.05	%		0.20	%		0.014	%
Ultra-Short Duration Government		0.40			—			0.40			0.054
Short Duration Government		0.50			—			0.50			0.004
Government Income		0.65			0.11			0.54			0.004
U.S. Mortgages		0.40			0.07			0.33			0.004
Core Fixed Income		0.40			—			0.40			0.104
Investment Grade Credit		0.40			0.07			0.33			0.004

60       

GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS 

3. AGREEMENTS (continued)

     The Trust, on behalf of each Fund, has adopted Distribution and Service Plans. Under the Plans, Goldman Sachs and/or Authorized Dealers are entitled to a monthly fee for distribution services equal, on an annual basis, to 0.25% for Enhanced Income, Ultra-Short Duration Government, U.S. Mortgages and Investment Grade Credit Funds average daily net assets attributable to Class A shares and 0.25%, 0.75% and 0.75% for Government Income and Core Fixed Income Fund’s average daily net assets attributable to Class A, Class B and Class C shares, respectively. Additionally, Goldman Sachs and/or Authorized Dealers are entitled to receive, under the Plans, a separate fee for personal and account maintenance services equal to, on an annual basis, 0.25% of the Short Duration Government, Government Income and Core Fixed Income Funds average daily net assets attributable to Class B or Class C Shares. For the six months ended April 30, 2004, Goldman Sachs has voluntarily agreed to waive a portion of the Distribution and Service fees equal to 0.15% of the average daily net assets attributable to the Class B shares of Short Duration Government.

     Goldman Sachs serves as Distributor of the shares of the Funds pursuant to a Distribution Agreement. Goldman Sachs may receive a portion of the Class A sales load and Class B and Class C contingent deferred sales charges. During the six months ended April 30, 2004, Goldman Sachs advised the Funds that it retained approximately the following amounts:

			Contingent Deferred Sales
			Charge
	Sales Load
Fund	Class A		Class B		Class C
Enhanced Income	$	400		N/A		N/A
Ultra-Short Duration Government		18,200		N/A		N/A
Short Duration Government		17,900	$	—	$	—
Government Income		19,100		300		9,400
U.S. Mortgages		5,300		N/A		N/A
Core Fixed Income		80,500		—		800
Investment Grade Credit		—		N/A		N/A

       61

 GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS

Notes to Financial Statements (continued)

April 30, 2004 (Unaudited)

3. AGREEMENTS (continued)

     Goldman Sachs also serves as Transfer Agent of the Funds for a fee. Fees charged for such transfer agency services are calculated daily and payable monthly at an annual rate as follows: 0.19% of the average daily net assets for Class A, Class B and Class C shares and 0.04% of the average daily net assets for Administration (Enhanced Income only), Separate Account Institutional (U.S. Mortgages and Investment Grade Credit), Institutional and Service shares. For the six months ended April 30, 2004, Goldman Sachs has voluntarily agreed to waive a portion of the Transfer Agent fees equal to 0.02% of the average daily net assets attributable to Institutional and Separate Account Institutional shares of U.S. Mortgages and Investment Grade Credit. Goldman Sachs may discontinue or modify this waiver in the future at its discretion.

     The Trust, on behalf of the Funds, Ultra-Short Duration, Short Duration Government, Government Income and Core Fixed Income has adopted a Service Plan and Shareholder Administration Plan for Service Shares. In addition, the Trust on behalf of Enhanced Income Fund has adopted an Administration Plan for Administration shares. These Plans allow for Service and Administration Shares to compensate service organizations for providing varying levels of personal and account administration and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan, Shareholder Administration Plan and Administration Plan provide for compensation to the service organizations in an amount up to 0.25%, 0.25% and 0.25%, respectively, (on an annual basis) of the average daily net asset value of each share class. The Trust, on behalf of Class A and Institutional Class shares of U.S. Mortgages and Investment Grade Credit Funds, has adopted Account Service Plans. Under these Plans, Goldman Sachs and Authorized Dealers are entitled to receive a fee for account service and account maintenance equal to, on an annual basis, 0.05% of the average daily net asset value of U.S. Mortgages and Investment Grade Credit Funds attributable to Class A shares.

     For the six months ended April 30, 2004, the advisors and distributor have voluntarily agreed to waive certain fees and reimburse other expenses. In addition, the Funds have entered into certain offset arrangements with the custodian resulting in a reduction of the Funds’ expenses. For the six months ended April 30, 2004, expense reductions were as follows (in thousands):

	Waivers
			Class B
			Distribution				Other				Total
	Management		and Service		Transfer		Expense		Custody		Expense
Fund	Fees		Fees		Agent Fees		Reimbursement		Credit		Reductions
Enhanced Income	$	340	$	—	$	—	$	149	$	7	$	496
Ultra-Short Duration Government		—		—		—		—		5		5
Short Duration Government		—		35		—		264		1		300
Government Income		338		—		—		222		5		565
U.S. Mortgages		48		—		13		136		—		197
Core Fixed Income		—		—		—		—		2		2
Investment Grade Credit		7		—		2		120		—		129

62       

GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS 

3. AGREEMENTS (continued)

At April 30, 2004, the amounts owed to affiliates were as follows (in thousands):

			Distribution		Transfer
	Management		and Service		Agent
Fund	Fees		Fees		Fees		Total
Enhanced Income	$	202	$	48	$	69	$	319
Ultra-Short Duration Government		624		102		124		850
Short Duration Government		356		180		84		620
Government Income		281		136		81		498
U.S. Mortgages		59		1		4		64
Core Fixed Income		398		144		104		646
Investment Grade Credit		8		—		1		9

       63

 GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS

Notes to Financial Statements (continued)

April 30, 2004 (Unaudited)

4. PORTFOLIO SECURITY TRANSACTIONS

Cost of purchases and proceeds of sales and maturities of long-term securities for the six months ended April 30, 2004, were as follows:

					Sales and		Sales and maturities
	Purchases of		Purchases		maturities of		(excluding
	U.S. Government		(excluding		U.S. Government		U.S. Government
	and agency		U.S. Government and		and agency		and agency
Fund	obligations		agency obligations)		obligations		obligations)
Enhanced Income	$	269,045,055	$	28,143,795	$	369,315,284	$	193,442,600
Ultra-Short Duration Government		506,779,622		113,979,921		1,225,691,558		131,982,852
Short Duration Government		985,632,011		—		958,477,474		285,297
Government Income		1,262,524,632		101,007,465		1,206,399,643		36,830,041
U.S. Mortgages		1,455,742,034		9,573,544		1,294,257,953		423,361
Core Fixed Income		3,040,506,908		343,737,611		2,790,506,761		280,433,677
Investment Grade Credit		3,873,929		36,784,046		3,832,772		5,648,848

Futures Contracts — The Funds may enter into futures transactions to hedge against changes in interest rates, securities prices, currency exchange rates (in the case of Core Fixed Income) or to seek to increase total return. Futures contracts are valued at the last settlement price at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the Funds are required to deposit with a broker or the Fund’s custodian bank an amount of cash or securities equal to the minimum “initial margin” requirement of the associated futures exchange. Subsequent payments for futures contracts (“variation margin”) are paid or received by the Funds daily, dependent on the daily fluctuations in the value of the contracts, and are recorded for financial reporting purposes as unrealized gains or losses. When contracts are closed, the Funds realizes a gain or loss which is reported in the Statements of Operations.

     The use of futures contracts involve, to varying degrees, elements of market and counterparty risk which may exceed the amounts recognized in the Statements of Assets and Liabilities. Changes in the value of the futures contract may not directly correlate with changes in the value of the underlying securities. This risk may decrease the effectiveness of the Funds’ strategies and potentially result in a loss.

     For the six months ended April 30, 2004, Enhanced Income, Ultra-Short Duration Government, Short Duration Government, Government Income, U.S. Mortgages Fund, Core Fixed Income and Investment Grade Credit paid commissions of approximately $90,000, $175,000, $104,000, $33,000, $3,000, $221,000 and $2,000, respectively, in connection with futures contracts entered into with Goldman Sachs.

64       

GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS 

4. PORTFOLIO SECURITY TRANSACTIONS (continued)

     At April 30, 2004, the following futures contracts were open as follows:

		Number of
		Contracts Long								Unrealized
Fund	Type	(Short)			Settlement Month		Market Value			Gain (Loss)
Enhanced Income Fund	Eurodollars		455			June 2004	$	112,237,125		$	428,153
	Eurodollars		1,070			September 2004		262,858,875			38,867
	Eurodollars		250			December 2004		61,125,000			(119,600	)
	Eurodollars		(143	)		June 2005		(34,631,025	)		342,266
	Federal Funds		153			July 2004		63,047,418			(428	)
	2 Year U.S. Treasury Notes		(1,326	)		June 2004		(281,837,158	)		1,980,255
	5 Year U.S. Treasury Notes		(1,246	)		June 2004		(136,982,125	)		2,087,896
	10 Year U.S. Treasury Notes		10			June 2004		1,105,000			(21,171	)
							$	46,923,110		$	4,736,238
Ultra-Short Duration Government Fund	Eurodollars		1,496			September 2004	$	367,511,100		$	417,095
	Eurodollars		1,284			June 2004		316,730,700			233,452
	Eurodollars		250			December 2004		61,125,000			(91,313	)
	Eurodollars		90			March 2005		21,898,125			(107,181	)
	Eurodollars		88			September 2005		21,226,700			(121,299	)
	Eurodollars		5			June 2005		1,210,875			(6,617	)
	Federal Funds		445			July 2004		183,373,210			(1,246	)
	U.S. Treasury Bonds		241			June 2004		25,809,594			(1,477,928	)
	10 Year U.S. Treasury Notes		530			June 2004		58,565,000			(2,122,091	)
	2 Year U.S. Treasury Notes		(349	)		June 2004		(74,178,860	)		538,882
	5 Year U.S. Treasury Notes		(3,924	)		June 2004		(431,394,750	)		8,421,825
							$	551,876,694		$	5,683,579
Short Duration Government Fund	Eurodollars		30			March 2005	$	7,299,375		$	(35,727	)
	Eurodollars		10			September 2004		2,456,625			51
	Eurodollars		9			September 2005		2,170,913			(12,406	)
	Eurodollars		(100	)		June 2004		(24,667,500	)		(340	)
	Eurodollars		(8	)		June 2005		(1,937,400	)		19,153
	Federal Funds		207			July 2004		85,299,448			(580	)
	U.S. Treasury Bonds		92			June 2004		9,852,625			(735,391	)
	2 Year U.S. Treasury Notes		2,244			June 2004		476,955,190			(3,477,468	)
	5 Year U.S. Treasury Notes		(1,761	)		June 2004		(193,599,938	)		3,541,276
	10 Year U.S. Treasury Notes		(106	)		June 2004		(11,713,000	)		101,625
	10 Year Interest Rate Swap		(249	)		June 2004		(26,744,156	)		835,286
							$	325,372,182		$	235,479
Government Income Fund	Eurodollars		307			September 2004	$	75,418,388		$	(66,334	)
	Eurodollars		186			December 2004		45,477,000			(22,212	)
	Eurodollars		59			June 2004		14,553,825			(10,938	)
	Eurodollars		6			December 2005		1,442,325			7,470
	Eurodollars		6			March 2006		1,438,350			7,320
	Eurodollars		(98	)		June 2005		(23,733,150	)		234,602
	Eurodollars		(35	)		September 2005		(8,442,438	)		88,256
	Eurodollars		(34	)		March 2005		(8,272,625	)		70,434
	Federal Funds		230			July 2004		94,777,165			—
	U.S. Treasury Bonds		317			June 2004		33,948,719			(1,559,739	)
	2 Year U.S. Treasury Notes		47			June 2004		9,989,703			(72,835	)
	5 Year U.S. Treasury Notes		(349	)		June 2004		(38,368,188	)		543,662
	10 Year Interest Rate Swap		(136	)		June 2004		(14,607,250	)		456,219
	10 Year U.S. Treasury Notes		192			June 2004		21,216,000			(423,972	)
							$	204,837,824		$	(748,067	)
U.S. Mortgages Fund	U.S. Treasury Bonds		57			June 2004	$	6,104,344		$	(330,308	)
	5 Year U.S. Treasury Notes		76			June 2004		8,355,250			(226,171	)
	10 Year U.S. Treasury Notes		15			June 2004		1,657,500			3,005
	2 Year U.S. Treasury Notes		(15	)		June 2004		(3,188,203	)		23,128
							$	12,928,891		$	(530,346	)

       65

 GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS

Notes to Financial Statements (continued)

April 30, 2004 (Unaudited)

4. PORTFOLIO SECURITY TRANSACTIONS (continued)

		Number of
		Contracts Long								Unrealized
Fund	Type	(Short)			Settlement Month		Market Value			Gain (Loss)
Core Fixed Income Fund	3 Year Australian Bond		530			June 2004	$	38,345,507		$	(256,816	)
	Eurodollar		267			June 2004		65,862,225			(42,175	)
	Eurodollar		205			September 2004		50,360,813			(36,965	)
	Eurodollar		44			December 2004		10,758,000			48,580
	Eurodollar		13			December 2005		3,125,037			8,723
	Eurodollar		13			March 2006		3,116,425			7,460
	Eurodollar		13			June 2006		3,108,788			7,110
	Eurodollar		8			September 2006		1,908,900			4,560
	Eurodollar		(106	)		June 2005		(25,670,550	)		253,625
	Eurodollar		(54	)		September 2005		(13,025,475	)		136,166
	Eurodollar		(26	)		March 2005		(6,326,125	)		53,861
	Federal Funds		183			July 2004		75,409,657			(512	)
	U.S. Treasury Bonds		629			June 2004		67,361,969			(3,045,430	)
	10 Year U.S. Treasury Notes		927			June 2004		102,433,500			(3,705,548	)
	5 Year U.S. Treasury Notes		356			June 2004		39,137,750			(829,059	)
	2 Year U.S. Treasury Notes		338			June 2004		71,840,844			(523,790	)
							$	487,747,265		$	(7,920,210	)
Investment Grade Credit Fund	U.S. Treasury Bonds		7			June 2004	$	749,656		$	(12,520	)
	2 Year U.S. Treasury Notes		6			June 2004		1,275,281			(9,298	)
	5 Year U.S. Treasury Notes		28			June 2004		3,078,250			(79,250	)
	10 Year U.S. Treasury Notes		(42	)		June 2004		(4,641,000	)		120,750
	10 Year Interest Rate Swap		(2	)		June 2004		(214,812	)		6,708
							$	247,375		$	26,390

Swap Contracts — The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. A 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 specified prices or rates for a specified amount of an underlying asset or notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

     Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net interest payment to be received by the Funds, and/or the termination value at the end of the contract. Therefore, the Funds consider the creditworthiness of each counterparty to a swap contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index.

     The Funds record unrealized gains or losses on a daily basis representing the value and the current net receivable or payable relating to open swap contracts. Net amounts received or paid on the swap contracts are recorded as realized gains or losses.

     Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation on swap contracts. Realized gains and losses from terminated swaps are included in net realized gains/losses on swap contracts. At April 30, 2004, Core Fixed Income Fund had outstanding swap contracts with the following terms:

66       

GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS 

4. PORTFOLIO SECURITY TRANSACTIONS (continued)

						Rate Type
			Notional			Payments		Payments	Unrealized
		Swap	Amount	Termination		made by		received by	Appreciation/
Fund	Swap Type	Counterparty	(000s)	Date		the Fund		the Fund	(Depreciation)
Core Fixed Income	Interest Rate	Banc of America	$32,000		06/19/2012		5.4125%	3 month LIBOR	$	(2,106,547	)
		Securities LLC						Floating
	Interest Rate	Banc of America	55,800		06/20/2012		5.4076%	3 month LIBOR		(3,632,696	)
		Securities LLC						Floating
	Interest Rate	Banc of America	14,200		06/25/2012		5.2755%	3 month LIBOR		(774,727	)
		Securities LLC						Floating
	Interest Rate	Banc of America	26,000		07/05/2012		5.2886%	3 month LIBOR		(1,424,510	)
		Securities LLC						Floating
	Interest Rate	Banc of America	30,000		12/10/2012		4.5612%	3 month LIBOR		10,782
		Securities LLC						Floating
									$	(7,927,698	)

LIBOR — London Interbank Offered Rate

5. JOINT REPURCHASE AGREEMENT ACCOUNT

Pursuant to exemptive relief granted by the SEC and the terms and conditions therein, the Funds, together with other registered investment companies having management agreements with GSAM or its affiliates, transfers uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements.

     At April 30, 2004, Enhanced Income, Ultra-Short Duration Government, Short Duration Government, Government Income, U.S. Mortgages, Core Fixed Income and Investment Grade Credit Funds had undivided interests in the following Joint Repurchase Agreement Account II which equaled $130,600,000, $307,300,000, $47,200,000, $76,000,000, $115,300,000, $94,200,000 and $800,000, respectively, in principal amount. At April 30, 2004, the following repurchase agreements held in this joint account were fully collateralized by Federal Agency obligations.

	Principal		Interest			Maturity	Maturity
Repurchase Agreements	Amount		Rate			Date	Value
ABN AMRO, Inc.	$	500,000,000		1.04	%	05/03/2004	$	500,043,333
Banc of America Securities LLC		1,200,000,000		1.04		05/03/2004		1,200,104,000
Barclays Capital LLC		600,000,000		1.04		05/03/2004		600,052,000
Bear Stearns & Co.		300,000,000		1.06		05/03/2004		300,026,500
Credit Suisse First Boston Corp.		925,000,000		1.05		05/03/2004		925,080,938
Credit Suisse First Boston Corp.		300,000,000		1.06		05/03/2004		300,026,500
Deutsche Bank Securities, Inc.		250,000,000		1.05		05/03/2004		250,021,875
Greenwich Capital Markets		400,000,000		1.05		05/03/2004		400,035,000
J.P. Morgan Chase & Co.		455,500,000		1.05		05/03/2004		455,539,856
Lehman Brothers		100,000,000		1.05		05/03/2004		100,008,750
Morgan Stanley & Co.		600,000,000		1.04		05/03/2004		600,052,000
UBS LLC		875,000,000		1.05		05/03/2004		875,076,563
Westdeutsche Landesbank AG		600,000,000		1.04		05/03/2004		600,052,000
TOTAL JOINT REPURCHASE AGREEMENT ACCOUNT II	$	7,105,500,000					$	7,106,119,315

       67

 GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS

Notes to Financial Statements (continued)

April 30, 2004 (Unaudited)

6. LINE OF CREDIT FACILITY

The Funds participate in a $350,000,000 committed, unsecured revolving line of credit facility. Under the most restrictive arrangement, each Fund must own securities having a market value in excess of 400% of the total bank borrowings. This facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. The committed facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. During the six months ended April 30, 2004, the Funds did not have any borrowings under this facility.

7. OTHER MATTERS

As of April 30, 2004, Goldman, Sachs & Co. Profit Sharing Master Trust was the beneficial owner of approximately 38% of the outstanding shares of the Short Duration Government Fund.

Legal Proceedings — Purported class and derivative action lawsuits were filed April and May 2004 in the United States District Court for the Southern District of New York against GSAM and certain related parties, including certain Goldman Sachs Funds and the Trustees and Officers of the Trust. Since April 2nd several additional lawsuits have been filed against the same dependents. The actions allege violations of the Act, the Investment Advisers Act of 1940 and common law breach of fiduciary duty. The complaints allege, among other things, that between April 2, 1999 and January 9, 2004 (the “Class Period”), GSAM charged the Goldman Sachs Funds improper Rule 12b-1 fees; made improper brokerage commission and other payments to brokers that sold shares of the Goldman Sachs Funds; and made untrue statements of material fact in registration statements and reports filed pursuant to the Act. Based on currently available information, GSAM believes that the likelihood that the purported class action lawsuits will have a material adverse financial impact on the Funds is remote, and the pending actions are not likely to materially affect its ability to provide investment management services to its clients, including the Goldman Sachs Funds.

8. ADDITIONAL TAX INFORMATION

As of the most recent fiscal year ended October 31, 2003, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

					Ultra-Short
		Enhanced			Duration			Short Duration			Government			Core Fixed
		Income			Government			Government			Income			Income
Timing differences (dividends payable, straddles)		$	(290,091	)	$	(2,266,374	)	$	(548,843	)	$	(147,665	)	$	(1,365,552	)
Capital loss carryforward:
	Expiring 2004		—			(1,145,861	)		(871,596	)		—			—
	Expiring 2005		—			—			(136,643	)		—			—
	Expiring 2006		—			(304,645	)		—			—			—
	Expiring 2007		—			(1,739,320	)		(3,752,449	)		—			—
	Expiring 2008		—			(2,563,050	)		(2,289,664	)		—			—
	Expiring 2009		(8,296,566	)		—			—			—			—
	Expiring 2010		(65,331,932	)		(55,038,717	)		—			—			—
	Expiring 2011					(55,738,584	)		(2,359,021	)		—			—
			—			—			—			—			—
Total capital loss carryforward:		$	(73,628,498	)	$	(116,530,177	)	$	(9,409,373	)	$	—		$	—

68       

GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS 

8. ADDITIONAL TAX INFORMATION (continued)

At April 30, 2004, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

					Ultra-Short															Investment
		Enhanced			Duration			Short Duration			Government						Core Fixed			Grade
		Income			Government			Government			Income			U.S. Mortgage			Income			Credit
Tax Cost		$	1,189,366,372		$	1,826,428,174		$	894,453,849		$	703,365,208		$	333,979,104		$	1,336,074,311		$	31,937,344
Gross unrealized gain			12,529,383			6,147,628			5,818,305			(1,145,568	)		154,129			4,221,515			68,356
Gross unrealized loss			(2,975,612	)		(14,715,352	)		(13,598,926	)		(3,227,581	)		(2,215,664	)		(3,871,575	)		(525,637	)
	Net unrealized security gain (loss)	$	9,553,771		$	(8,567,724	)	$	(7,780,621	)	$	(4,373,149	)	$	(2,061,535	)	$	349,940		$	(457,281	)

     The difference between book-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark-to-market gains on futures and foreign currency contracts recognized for tax purposes and differing treatment of amortization of market premium.

       69

 GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS

Notes to Financial Statements (continued)

April 30, 2004 (Unaudited)

9. SUMMARY OF SHARE TRANSACTIONS

Share activity for the period ended April 30, 2004 is as follows:

							Ultra-Short Duration
	Enhanced Income Fund						Government Fund						Short Duration Government Fund
	Shares			Dollars			Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		8,983,345		$	89,386,604			15,781,277		$	149,252,471			8,240,898		$	82,517,690
Reinvestment of dividends and distributions		349,309			3,472,454			760,000			7,182,961			380,855			3,806,434
Shares repurchased		(24,882,253	)		(247,371,176	)		(48,367,117	)		(457,499,846	)		(11,192,261	)		(111,906,921	)
		(15,549,599	)		(154,512,118	)		(31,825,840	)		(301,064,414	)		(2,570,508	)		(25,582,797	)
Class B Shares
Shares sold		—			—			—			—			342,418			3,417,504
Reinvestment of dividends and distributions		—			—			—			—			40,793			406,331
Shares repurchased		—			—			—			—			(1,106,695	)		(11,041,564	)
		—			—			—			—			(723,484	)		(7,217,729	)
Class C Shares
Shares sold		—			—			—			—			792,905			7,892,433
Reinvestment of dividends and distributions		—			—			—			—			84,552			840,080
Shares repurchased		—			—			—			—			(3,340,472	)		(33,236,283	)
		—			—			—			—			(2,463,015	)		(24,503,770	)
Institutional Shares
Shares sold		35,320,961			350,634,890			51,964,083			492,081,455			17,306,243			172,846,286
Reinvestment of dividends and distributions		1,346,814			13,371,313			1,989,942			18,841,197			594,307			5,925,566
Shares repurchased		(51,704,828	)		(513,610,270	)		(118,418,231	)		(1,121,996,888	)		(19,713,407	)		(196,824,794	)
		(15,037,053	)		(149,604,067	)		(64,463,206	)		(611,074,236	)		(1,812,857	)		(18,052,942	)
Administration Shares
Shares sold		337,309			3,360,347			—			—			—			—
Reinvestment of dividends and distributions		70,863			704,154			—			—			—			—
Shares repurchased		(456,177	)		(4,535,555	)		—			—			—			—
		(48,005	)		(471,054	)		—			—			—			—
Service Shares
Shares sold		—			—			569,671			5,403,923			90,353			900,676
Reinvestment of dividends and distributions		—			—			76,733			727,580			8,532			84,944
Shares repurchased		—			—			(2,483,698	)		(23,573,105	)		(168,538	)		(1,677,391	)
		—			—			(1,837,294	)		(17,441,602	)		(69,653	)		(691,771	)
Separate Account Institutional Shares
Shares sold		—			—			—			—			—			—
Reinvestment of dividends and distributions		—			—			—			—			—			—
Shares repurchased		—			—			—			—			—			—
		—			—			—			—			—			—
NET INCREASE (DECREASE)		(30,634,657	)	$	(304,587,239	)		(98,126,340	)	$	(929,580,252	)		(7,639,517	)	$	(76,049,009	)

(a)   Commencement date of operations was November 3, 2003 for all share classes.

70       

GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS 

Government Income Fund						U.S. Mortgage Fund(a)						Core Fixed Income Fund						Investment Grade Credit Fund(a)
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
	9,051,785		$	135,299,900			528,702		$	5,336,075			12,063,256		$	123,281,700			127		$	1,275
	611,437			9,097,535			316			3,177			1,875,448			18,929,903			2			20
	(4,546,923	)		(67,957,539	)		—			—			(11,444,271	)		(117,246,185	)		(5	)		(52	)
	5,116,299			76,439,896			529,018			5,339,252			2,494,433			24,965,418			124			1,243
	62,846			941,871			—			—			304,879			3,132,412			—			—
	40,380			600,546			—			—			124,196			1,257,601			—			—
	(549,735	)		(8,213,848	)		—			—			(551,086	)		(5,646,275	)		—			—
	(446,509	)		(6,671,431	)		—			—			(122,011	)		(1,256,262	)		—			—
	223,223			3,334,458			—			—			563,163			5,774,459			—			—
	24,098			358,150			—			—			101,867			1,031,769			—			—
	(350,719	)		(5,236,295	)		—			—			(571,657	)		(5,848,787	)		—			—
	(103,398	)		(1,543,687	)		—			—			93,373			957,441			—			—
	2,734,168			40,850,638			16,853,890			169,876,321			12,415,363			127,475,536			2,849,465			29,162,267
	249,367			3,705,687			78,618			793,775			2,817,974			28,527,883			25,286			258,003
	(4,086,996	)		(60,900,041	)		(1,530,563	)		(15,452,720	)		(16,754,616	)		(171,684,007	)		(240,811	)		(2,457,022	)
	(1,103,461	)		(16,343,716	)		15,401,945			155,217,376			(1,521,279	)		(15,680,588	)		2,633,940			26,963,248
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	118,164			1,766,127			—			—			241,000			2,482,130			—			—
	14,657			217,664			—			—			98,186			993,965			—			—
	(263,031	)		(3,911,370	)		—			—			(601,755	)		(6,123,366	)		—			—
	(130,210	)		(1,927,579	)		—			—			(262,569	)		(2,647,271	)		—			—
	—			—			7,610,351			77,049,886			—			—			1,198,953			12,114,534
	—			—			63,050			635,058			—			—			10,256			104,542
	—			—			(1,079,367	)		(10,930,562	)		—			—			(581,453	)		(5,998,943	)
	—			—			6,594,034			66,754,382			—			—			627,756			6,220,133
	3,332,721		$	49,953,483			22,524,997		$	227,311,010			681,947		$	6,338,738			3,261,820		$	33,184,624

       71

 GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS

Notes to Financial Statements (continued)

April 30, 2004 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity for the year ended October 31, 2003 is as follows:

	Enhanced Income Fund						Ultra-Short Duration Government Fund
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		65,456,177		$	661,622,273			146,423,912		$	1,410,435,060
Reinvestment of dividends and distributions		1,684,399			16,999,110			2,803,599			26,881,638
Shares repurchased		(109,315,236	)		(1,103,682,746	)		(171,594,868	)		(1,646,981,161	)
		(42,174,660	)		(425,061,363	)		(22,367,357	)		(209,664,463	)
Class B Shares
Shares sold		—			—			—			—
Reinvestment of dividends and distributions		—			—			—			—
Shares repurchased		—			—			—			—
		—			—			—			—
Class C Shares
Shares sold		—			—			—			—
Reinvestment of dividends and distributions		—			—			—			—
Shares repurchased		—			—			—			—
		—			—			—			—
Institutional Shares
Shares sold		117,184,438			1,181,967,068			244,394,701			2,357,120,730
Reinvestment of dividends and distributions		4,854,670			48,898,987			8,104,579			77,851,495
Shares repurchased		(215,827,653	)		(2,176,366,565	)		(318,463,748	)		(3,059,004,328	)
		(93,788,545	)		(945,500,510	)		(65,964,468	)		(624,032,103	)
Administration Shares
Shares sold		4,347,061			43,528,534			—			—
Reinvestment of dividends and distributions		62,718			631,730			—			—
Shares repurchased		(1,231,150	)		(12,379,974	)		—			—
		3,178,629			31,780,290			—			—
Service Shares
Shares sold		—			—			9,363,528			90,437,843
Reinvestment of dividends and distributions		—			—			211,958			2,036,535
Shares repurchased		—			—			(6,172,110	)		(59,334,139	)
		—			—			3,403,376			33,140,239
NET INCREASE (DECREASE)		(132,784,576	)	$	(1,338,781,583	)		(84,928,449	)	$	(800,556,327	)

72       

GOLDMAN SACHS TAXABLE FIXED INCOME FUNDS 

Short Duration Government Fund						Government Income Fund						Core Fixed Income Fund
Shares			Dollars			Shares			Dollars			Shares			Dollars
	34,679,335		$	349,718,569			28,548,952		$	427,867,919			32,936,995		$	339,155,806
	781,611			7,869,461			673,983			10,093,885			1,308,325			13,467,379
	(28,060,554	)		(282,600,578	)		(21,797,608	)		(326,251,585	)		(22,423,478	)		(230,101,755	)
	7,400,392			74,987,452			7,425,327			111,710,219			11,821,842			122,521,430
	2,172,651			21,866,144			957,324			14,345,247			1,167,578			12,048,230
	107,486			1,079,118			66,703			999,317			90,401			933,176
	(2,141,898	)		(21,476,988	)		(1,478,691	)		(22,110,142	)		(1,249,253	)		(12,887,682	)
	138,239			1,468,274			(454,664	)		(6,765,578	)		8,726			93,724
	9,579,035			96,198,651			2,079,385			31,166,416			1,570,710			16,243,528
	187,872			1,881,220			34,855			521,783			64,748			668,654
	(6,148,788	)		(61,591,248	)		(2,131,999	)		(31,887,869	)		(1,178,563	)		(12,186,099	)
	3,618,119			36,488,623			(17,759	)		(199,670	)		456,895			4,726,083
	43,186,720			435,088,652			8,277,365			124,464,068			27,124,226			280,669,851
	1,155,806			11,609,130			313,592			4,689,493			2,178,746			22,476,578
	(30,437,226	)		(306,089,408	)		(3,947,560	)		(59,134,765	)		(34,831,812	)		(359,173,888	)
	13,905,300			140,608,374			4,643,397			70,018,796			(5,528,840	)		(56,027,459	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	387,334			3,885,612			305,762			4,568,405			679,136			6,997,755
	31,215			313,455			28,019			418,928			92,861			956,914
	(937,230	)		(9,409,189	)		(348,556	)		(5,207,467	)		(1,610,472	)		(16,556,114	)
	(518,681	)		(5,210,122	)		(14,775	)		(220,134	)		(838,475	)		(8,601,445	)
	24,543,369		$	248,342,601			11,581,526		$	174,543,633			5,920,148		$	62,712,333

       73

 GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

										Distributions
			Income (loss) from							to
			investment operations							Shareholders
	Net asset
	value,		Net		Net realized			Total from		From net			Net asset
	beginning		investment		and unrealized			investment		investment			value, end
	of period		income(c)		gain (loss)			operations		income			of period
FOR THE SIX MONTHS ENDED APRIL 30, (Unaudited)
2004 - Class A Shares	$	9.99	$	0.14	$	(0.10	)	$	0.04	$	(0.14	)	$	9.89
2004 - Institutional Shares		9.98		0.16		(0.10	)		0.06		(0.16	)		9.88
2004 - Administration Shares		9.99		0.14		(0.10	)		0.04		(0.14	)		9.89
FOR THE YEARS ENDED OCTOBER 31,
2003 - Class A Shares		10.13		0.33		(0.15	)		0.18		(0.32	)		9.99
2003 - Institutional Shares		10.12		0.37		(0.15	)		0.22		(0.36	)		9.98
2003 - Administration Shares		10.13		0.33		(0.14	)		0.19		(0.33	)		9.99
2002 - Class A Shares		10.26		0.38		(0.13	)		0.25		(0.38	)		10.13
2002 - Institutional Shares		10.26		0.42		(0.14	)		0.28		(0.42	)		10.12
2002 - Administration Shares		10.27		0.40		(0.14	)		0.26		(0.40	)		10.13
2001 - Class A Shares		10.00		0.45		0.34			0.79		(0.53	)		10.26
2001 - Institutional Shares		10.00		0.55		0.28			0.83		(0.57	)		10.26
2001 - Administration Shares		10.00		0.49		0.32			0.81		(0.54	)		10.27
FOR THE PERIOD ENDED OCTOBER 31,
2000 - Class A Shares (commenced August 2, 2000)		10.00		0.11		0.06			0.17		(0.17	)		10.00
2000 - Institutional Shares (commenced August 2, 2000)		10.00		0.16		0.01			0.17		(0.17	)		10.00
2000 - Administration Shares (commenced August 2, 2000)		10.00		0.15		0.02			0.17		(0.17	)		10.00

(a)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares.
(b)	Annualized.
(c)	Calculated based on the average shares outstanding methodology.

74      The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS ENHANCED INCOME FUND 

											Ratios assuming no
											expense reductions
								Ratio of			Ratio of			Ratio of
			Net assets		Ratio of			net investment			total			net investment
			at end of		net expenses			income to			expenses			income to			Portfolio
Total			of period		to average			average net			to average			average net			turnover
return(a)			(in 000s)		net assets			assets			net assets			assets			rate
	0.36	%	$	220,728		0.65	%(b)		2.75	%(b)		0.72	%(b)		2.68	%(b)		24	%
	0.56			946,972		0.25	(b)		3.15	(b)		0.32	(b)		3.08	(b)		24
	0.43			49,468		0.50	(b)		2.88	(b)		0.57	(b)		2.81	(b)		24
	1.77			378,378		0.65			3.28			0.71			3.22			41
	2.18			1,106,956		0.25			3.65			0.31			3.59			41
	1.93			50,463		0.50			3.34			0.56			3.28			41
	2.48			810,768		0.65			3.70			0.72			3.63			65
	2.79			2,071,378		0.25			4.17			0.32			4.10			65
	2.53			18,965		0.50			3.91			0.57			3.84			65
	8.10			151,497		0.65			4.60			0.80			4.45			127
	8.53			807,871		0.25			5.40			0.40			5.25			127
	8.35			5,320		0.50			4.80			0.65			4.65			127
	1.66			12,336		0.65	(b)		4.52	(b)		1.77	(b)		3.40	(b)		31
	1.76			156,525		0.25	(b)		6.49	(b)		1.37	(b)		5.37	(b)		31
	1.68			2		0.50	(b)		6.13	(b)		1.62	(b)		5.01	(b)		31

75

 GOLDMAN SACHS ULTRA-SHORT DURATION GOVERNMENT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from								Distributions to
			investment operations								shareholders
	Net asset
	value,		Net			Net realized			Total from		From net
	beginning		investment			and unrealized			investment		investment			From			Total
	of period		income			gain (loss)			operations		income			capital			distributions
FOR THE SIX MONTHS ENDED APRIL 30, (Unaudited)
2004 - Class A Shares	$	9.47	$	0.10	(c)	$	—		$	0.10	$	(0.15	)	$	—		$	(0.15	)
2004 - Institutional Shares		9.48		0.12	(c)		—			0.12		(0.17	)		—			(0.17	)
2004 - Service Shares		9.50		0.09	(c)		0.01			0.10		(0.14	)		—			(0.14	)
FOR THE YEARS ENDED OCTOBER 31,
2003 - Class A Shares		9.66		0.24	(c)		(0.11	)		0.13		(0.32	)		—			(0.32	)
2003 - Institutional Shares		9.68		0.28	(c)		(0.12	)		0.16		(0.36	)		—			(0.36	)
2003 - Service Shares		9.69		0.23	(c)		(0.11	)		0.12		(0.31	)		—			(0.31	)
2002 - Class A Shares		9.79		0.31	(c)(f)		(0.06	)(f)		0.25		(0.38	)		—			(0.38	)
2002 - Institutional Shares		9.81		0.35	(c)(f)		(0.06	)(f)		0.29		(0.42	)		—			(0.42	)
2002 - Service Shares		9.82		0.31	(c)(f)		(0.07	)(f)		0.24		(0.37	)		—			(0.37	)
2001 - Class A Shares		9.56		0.53	(c)		0.23			0.76		(0.53	)		—			(0.53	)
2001 - Institutional Shares		9.58		0.56	(c)		0.24			0.80		(0.57	)		—			(0.57	)
2001 - Service Shares		9.58		0.42	(c)		0.34			0.76		(0.52	)		—			(0.52	)
2000 - Class A Shares		9.63		0.54	(c)		(0.06	)		0.48		(0.55	)		—			(0.55	)
2000 - Institutional Shares		9.64		0.58	(c)		(0.05	)		0.53		(0.59	)		—			(0.59	)
2000 - Service Shares		9.65		0.52	(c)		(0.05	)		0.47		(0.54	)		—			(0.54	)
1999 - Class A Shares		9.69		0.49			(0.05	)		0.44		(0.44	)		(0.06	)		(0.50	)
1999 - Institutional Shares		9.70		0.53			(0.05	)		0.48		(0.48	)		(0.06	)		(0.54	)
1999 - Administration Shares(e)		9.70		0.37	(c)		0.01			0.38		(0.33	)		(0.04	)		(0.37	)
1999 - Service Shares		9.70		0.48			(0.04	)		0.44		(0.43	)		(0.06	)		(0.49	)

(a)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares.
(b)	Annualized.
(c)	Calculated based on the average shares outstanding methodology.
(d)	Includes the effect of mortgage dollar roll transactions.
(e)	Administration Class shares were liquidated on July 20,1999. Ending net asset value shown as of July 20, 1999.

(f)  As required, effective November 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing all premiums and discounts on debt securities. The effect of this change for the year ended October 31, 2002 was to decrease net investment income per share by $0.05, increase net realized and unrealized gains and losses per share by $0.05, and decrease the ratio of net investment income to average net assets with and without expense reductions by 0.48%. Per share ratios and supplemental data for periods prior to November 1, 2001 have not been restated to reflect this change in presentation.

76      The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS ULTRA-SHORT DURATION GOVERNMENT FUND 

														Ratios assuming no
														expense reductions
											Ratio of			Ratio of			Ratio of
						Net assets		Ratio of			net investment			total			net investment
Net asset						at end of		net expenses			income to			expenses			income to			Portfolio
value, end			Total			period		to average			average net			to average			average net			turnover
of period			return(a)			(in 000s)		net assets			assets			net assets			assets			rate(d)
$	9.42			1.04	%	$	465,216		0.88	%(b)		2.21	%(b)		0.88	%(b)		2.21	%(b)		30	%
	9.43			1.24			1,349,257		0.48	(b)		2.61	(b)		0.48	(b)		2.61	(b)		30
	9.46			1.09			49,840		0.98	(b)		2.08	(b)		0.98	(b)		2.08	(b)		30
$	9.47			1.40			768,910		0.86			2.55			0.86			2.55			102
	9.48			1.69			1,967,845		0.46			2.95			0.46			2.95			102
	9.50			1.29			67,480		0.96			2.43			0.96			2.43			102
	9.66			2.57			1,000,977		0.88			3.21	(f)		0.88			3.21	(f)		144
	9.68			2.98			2,646,847		0.48			3.65	(f)		0.48			3.65	(f)		144
	9.69			2.46			35,883		0.98			3.20	(f)		0.98			3.20	(f)		144
	9.79			8.21			59,209		0.89			5.48			0.97			5.40			87
	9.81			8.62			278,316		0.49			5.79			0.57			5.71			87
	9.82			8.19			31,698		0.99			4.52			1.07			4.44			87
	9.56			5.12			41,188		0.89			5.67			0.96			5.60			11
	9.58			5.65			176,881		0.49			6.01			0.56			5.94			11
	9.58			4.95			71		0.99			5.33			1.06			5.26			11
	9.63			4.65			22,862		0.89			5.15			0.93			5.11			39
	9.64			5.06			315,024		0.49			5.49			0.53			5.45			39
	9.71	(e)		4.02			—		0.74	(b)		5.35	(b)		0.78	(b)		5.31	(b)		39
	9.65			4.65			797		0.99			4.99			1.03			4.95			39

77

 GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from								Distributions to
			investment operations								shareholders
	Net asset
	value,		Net			Net realized			Total from		From net			Net asset
	beginning		investment			and unrealized			investment		investment			value, end
	of period		income			gains (loss)			operations		income			of period
FOR THE SIX MONTHS ENDED APRIL 30, (Unaudited)
2004 - Class A Shares	$	9.99	$	0.12	(c)	$	(0.02	)	$	0.10	$	(0.16	)	$	9.93
2004 - Class B Shares		9.95		0.09	(c)		(0.02	)		0.07		(0.13	)		9.89
2004 - Class C Shares		9.93		0.09	(c)		(0.03	)		0.06		(0.12	)		9.87
2004 - Institutional Shares		9.96		0.14	(c)		(0.02	)		0.12		(0.18	)		9.90
2004 - Service Shares		9.95		0.12	(c)		(0.03	)		0.09		(0.15	)		9.89
FOR THE YEARS ENDED OCTOBER 31,
2003 - Class A Shares		10.12		0.35	(c)		(0.14	)		0.21		(0.34	)		9.99
2003 - Class B Shares		10.09		0.29	(c)		(0.15	)		0.14		(0.28	)		9.95
2003 - Class C Shares		10.07		0.27	(c)		(0.14	)		0.13		(0.27	)		9.93
2003 - Institutional Shares		10.10		0.39	(c)		(0.15	)		0.24		(0.38	)		9.96
2003 - Service Shares		10.09		0.34	(c)		(0.15	)		0.19		(0.33	)		9.95
2002 - Class A Shares		10.04		0.37	(c)(f)		0.14	(f)		0.51		(0.43	)		10.12
2002 - Class B Shares		10.01		0.31	(c)(f)		0.14	(f)		0.45		(0.37	)		10.09
2002 - Class C Shares		9.99		0.28	(c)(f)		0.16	(f)		0.44		(0.36	)		10.07
2002 - Institutional Shares		10.02		0.42	(c)(f)		0.13	(f)		0.55		(0.47	)		10.10
2002 - Service Shares		10.01		0.37	(c)(f)		0.13	(f)		0.50		(0.42	)		10.09
2001 - Class A Shares		9.49		0.51	(c)		0.60			1.11		(0.56	)		10.04
2001 - Class B Shares		9.46		0.47	(c)		0.58			1.05		(0.50	)		10.01
2001 - Class C Shares		9.45		0.44	(c)		0.58			1.02		(0.48	)		9.99
2001 - Institutional Shares		9.47		0.57	(c)		0.58			1.15		(0.60	)		10.02
2001 - Service Shares		9.46		0.53	(c)		0.57			1.10		(0.55	)		10.01
2000 - Class A Shares		9.57		0.59	(c)		(0.07	)		0.52		(0.60	)		9.49
2000 - Class B Shares		9.56		0.53	(c)		(0.09	)		0.44		(0.54	)		9.46
2000 - Class C Shares		9.54		0.51	(c)		(0.07	)		0.44		(0.53	)		9.45
2000 - Institutional Shares		9.57		0.63	(c)		(0.09	)		0.54		(0.64	)		9.47
2000 - Service Shares		9.56		0.58	(c)		(0.09	)		0.49		(0.59	)		9.46
1999 - Class A Shares		9.91		0.55			(0.36	)		0.19		(0.53	)		9.57
1999 - Class B Shares		9.88		0.48			(0.33	)		0.15		(0.47	)		9.56
1999 - Class C Shares		9.88		0.47			(0.36	)		0.11		(0.45	)		9.54
1999 - Institutional Shares		9.90		0.59			(0.35	)		0.24		(0.57	)		9.57
1999 - Administration Shares(e)		9.91		0.40	(c)		(0.25	)		0.15		(0.39	)		9.67	(b)
1999 - Service Shares		9.89		0.54			(0.35	)		0.19		(0.52	)		9.56

(a)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares.
(b)	Annualized.
(c)	Calculated based on the average shares outstanding methodology.
(d)	Includes the effect of mortgage dollar roll transactions.
(e)	Administration Class shares were liquidated on July 20,1999. Ending net asset value shown as of July 20, 1999.

(f)  As required, effective November 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing all premiums and discounts on debt securities. The effect of this change for the year ended October 31, 2002 was to decrease net investment income per share by $0.06, increase net realized and unrealized gains and losses per share by $0.06, and decrease the ratio of net investment income to average net assets with and without expense reduction by 0.63%. Per share ratios and supplemental data for periods prior to November 1, 2001 have not been restated to reflect this change in presentation.

78      The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND 

											Ratios assuming no
											expense reductions
								Ratio of			Ratio of			Ratio of
			Net assets		Ratio of			net investment			total			net investment
			at end of		net expenses			income to			expenses			income to			Portfolio
Total			period		to average			average net			to average			average net			turnover
return(a)			(in 000s)		net assets			assets			net assets			assets			rate(d)
	0.96	%	$	289,967		0.94	%(b)		2.59	%(b)		1.00	%(b)		2.53	%(b)		112	%
	0.66			43,116		1.54	(b)		2.00	(b)		1.75	(b)		1.79	(b)		112
	0.59			104,990		1.69	(b)		1.86	(b)		1.75	(b)		1.80	(b)		112
	1.17			394,720		0.54	(b)		2.99	(b)		0.60	(b)		2.93	(b)		112
	0.92			5,429		1.04	(b)		2.50	(b)		1.10	(b)		2.44	(b)		112
	2.11			317,379		0.95			3.46			1.01			3.40			184
	1.41			50,580		1.55			2.87			1.76			2.66			184
	1.26			130,087		1.70			2.71			1.76			2.65			184
	2.43			415,210		0.55			3.86			0.61			3.80			184
	1.92			6,156		1.05			3.36			1.11			3.30			184
	5.26			246,763		0.94			3.69	(f)		1.04			3.59	(f)		194
	4.65			49,874		1.54			3.09	(f)		1.79			2.84	(f)		194
	4.50			95,458		1.69			2.84	(f)		1.79			2.74	(f)		194
	5.69			280,452		0.54			4.20	(f)		0.64			4.10	(f)		194
	5.17			11,471		1.04			3.70	(f)		1.14			3.60	(f)		194
	12.00			88,394		0.94			5.26			1.11			5.09			243
	11.38			16,809		1.54			4.80			1.86			4.48			243
	11.12			18,871		1.69			4.59			1.86			4.42			243
	12.47			206,129		0.54			5.89			0.71			5.72			243
	11.93			8,154		1.04			5.40			1.21			5.23			243
	5.65			29,446		0.94			6.21			1.13			6.02			130
	4.80			5,743		1.54			5.63			1.88			5.29			130
	4.76			5,128		1.69			5.45			1.88			5.26			130
	5.85			131,462		0.54			6.64			0.73			6.45			130
	5.32			6,134		1.04			6.14			1.23			5.95			130
	1.97			52,235		0.94			5.61			1.07			5.48			173
	1.56			6,937		1.54			5.04			1.82			4.76			173
	1.21			7,029		1.69			4.83			1.82			4.70			173
	2.49			146,062		0.54			6.03			0.67			5.90			173
	1.57			—		0.79	(b)		5.76	(b)		0.92	(b)		5.63	(b)		173
	1.97			6,605		1.04			5.54			1.17			5.41			173

79

 GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from
			investment operations									Distributions to shareholders
	Net asset
	value,		Net			Net realized			Total from			From net			From net
	beginning		investment			and unrealized			investment			investment			realized			Total
	of period		income			gain (loss)			operations			income			gains			distributions
FOR THE SIX MONTHS ENDED APRIL 30, (Unaudited)
2004 - Class A Shares	$	14.88	$	0.22	(c)	$	(0.03	)	$	0.19		$	(0.24	)	$	(0.13	)	$	(0.37	)
2004 - Class B Shares		14.88		0.17	(c)		(0.04	)		0.13			(0.18	)		(0.13	)		(0.31	)
2004 - Class C Shares		14.87		0.17	(c)		(0.04	)		0.13			(0.18	)		(0.13	)		(0.31	)
2004 - Institutional Shares		14.85		0.26	(c)		(0.03	)		0.23			(0.27	)		(0.13	)		(0.40	)
2004 - Service Shares		14.85		0.22	(c)		(0.03	)		0.19			(0.23	)		(0.13	)		(0.36	)
FOR THE YEARS ENDED OCTOBER 31,
2003 - Class A Shares		14.95		0.41	(c)		0.05			0.46			(0.51	)		(0.02	)		(0.53	)
2003 - Class B Shares		14.95		0.31	(c)		0.04			0.35			(0.40	)		(0.02	)		(0.42	)
2003 - Class C Shares		14.94		0.31	(c)		0.04			0.35			(0.40	)		(0.02	)		(0.42	)
2003 - Institutional Shares		14.93		0.47	(c)		0.04			0.51			(0.57	)		(0.02	)		(0.59	)
2003 - Service Shares		14.92		0.41	(c)		0.04			0.45			(0.50	)		(0.02	)		(0.52	)
2002 - Class A Shares		14.96		0.63	(c)(e)		0.19	(e)		0.82			(0.67	)		(0.16	)		(0.83	)
2002 - Class B Shares		14.96		0.52	(c)(e)		0.19	(e)		0.71			(0.56	)		(0.16	)		(0.72	)
2002 - Class C Shares		14.95		0.51	(c)(e)		0.20	(e)		0.71			(0.56	)		(0.16	)		(0.72	)
2002 - Institutional Shares		14.94		0.69	(c)(e)		0.19	(e)		0.88			(0.73	)		(0.16	)		(0.89	)
2002 - Service Shares		14.93		0.62	(c)(e)		0.19	(e)		0.81			(0.66	)		(0.16	)		(0.82	)
2001 - Class A Shares		13.84		0.78	(c)		1.13			1.91			(0.79	)		—			(0.79	)
2001 - Class B Shares		13.85		0.68	(c)		1.11			1.79			(0.68	)		—			(0.68	)
2001 - Class C Shares		13.84		0.68	(c)		1.11			1.79			(0.68	)		—			(0.68	)
2001 - Institutional Shares		13.82		0.83	(c)		1.14			1.97			(0.85	)		—			(0.85	)
2001 - Service Shares		13.82		0.76	(c)		1.13			1.89			(0.78	)		—			(0.78	)
2000 - Class A Shares		13.70		0.82			0.15			0.97			(0.83	)		—			(0.83	)
2000 - Class B Shares		13.72		0.71			0.15			0.86			(0.73	)		—			(0.73	)
2000 - Class C Shares		13.71		0.71			0.14			0.85			(0.72	)		—			(0.72	)
2000 - Institutional Shares		13.69		0.87			0.14			1.01			(0.88	)		—			(0.88	)
2000 - Service Shares		13.63		0.82			0.18			1.00			(0.81	)		—			(0.81	)
1999 - Class A Shares		14.91		0.80			(0.89	)		(0.09	)		(0.77	)		(0.35	)		(1.12	)
1999 - Class B Shares		14.92		0.69			(0.87	)		(0.18	)		(0.67	)		(0.35	)		(1.02	)
1999 - Class C Shares		14.91		0.69			(0.88	)		(0.19	)		(0.66	)		(0.35	)		(1.01	)
1999 - Institutional Shares		14.90		0.85			(0.88	)		(0.03	)		(0.83	)		(0.35	)		(1.18	)
1999 - Service Shares		14.88		0.77			(0.92	)		(0.15	)		(0.75	)		(0.35	)		(1.10	)

(a)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares.
(b)	Annualized
(c)	Calculated based on the average shares outstanding methodology.
(d)	Includes the effect of mortgage dollar roll transactions.
(e)	As required, effective November 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing all premiums and discounts on debt securities. The effect of this change for the year ended October 31, 2002 was to decrease net investment income per share by $0.06, increase net realized and unrealized gains and losses per share by $0.06, and decrease the ratio of net investment income to average net assets with and without expense reductions by 0.44%. Per share ratios and supplemental data for periods prior to November 1, 2001 have not been restated to reflect this change in presentation.

80      The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS GOVERNMENT INCOME FUND 

													Ratios assuming no
													expense reductions
										Ratio of			Ratio of			Ratio of
					Net assets		Ratio of			net investment			total			net investment
Net asset					at end of		net expenses			income to			expenses			income to			Portfolio
value, end		Total			period		to average			average net			to average			average net			turnover
of period		return(a)			(in 000s)		net assets			assets			net assets			assets			rate(d)
$	14.70		1.26	%	$	429,035		0.98	%(b)		3.06	%(b)		1.16	%(b)		2.88	%(b)		220	%
	14.70		0.88			37,032		1.73	(b)		2.33	(b)		1.91	(b)		2.15	(b)		220
	14.69		0.88			21,918		1.73	(b)		2.33	(b)		1.91	(b)		2.15	(b)		220
	14.68		1.46			133,106		0.58	(b)		3.48	(b)		0.76	(b)		3.30	(b)		220
	14.68		1.28			8,460		1.08	(b)		2.98	(b)		1.26	(b)		2.80	(b)		220
	14.88		3.11			358,058		0.99			2.78			1.18			2.59			520
	14.88		2.34			44,120		1.74			2.06			1.93			1.87			520
	14.87		2.34			23,720		1.74			2.05			1.93			1.86			520
	14.85		3.60			151,111		0.59			3.16			0.78			2.97			520
	14.85		3.01			10,491		1.09			2.72			1.28			2.53			520
	14.95		5.77			248,719		0.98			4.26	(e)		1.24			4.00	(e)		226
	14.95		4.99			51,124		1.73			3.54	(e)		1.99			3.28	(e)		226
	14.94		4.99			24,095		1.73			3.49	(e)		1.99			3.23	(e)		226
	14.93		6.13			82,523		0.58			4.74	(e)		0.84			4.48	(e)		226
	14.92		5.68			10,762		1.08			4.25	(e)		1.34			3.99	(e)		226
	14.96		14.20			142,904		0.98			5.46			1.31			5.13			473
	14.96		13.27			34,036		1.73			4.71			2.06			4.38			473
	14.95		13.28			13,814		1.73			4.71			2.06			4.38			473
	14.94		14.67			34,997		0.58			5.80			0.91			5.47			473
	14.93		14.04			8,239		1.08			5.27			1.41			4.94			473
	13.84		7.33			88,783		0.98			6.01			1.39			5.60			341
	13.85		6.45			18,724		1.73			5.24			2.14			4.83			341
	13.84		6.46			7,606		1.73			5.25			2.14			4.84			341
	13.82		7.68			7,514		0.58			6.41			0.99			6.00			341
	13.82		7.62			373		1.08			6.02			1.49			5.61			341
	13.70		(0.63	)		82,102		0.98			5.63			1.33			5.28			278
	13.72		(1.29	)		19,684		1.73			4.88			2.08			4.53			278
	13.71		(1.29	)		10,053		1.73			4.89			2.08			4.54			278
	13.69		(0.23	)		5,899		0.58			6.07			0.93			5.72			278
	13.63		(1.01	)		15		1.08			5.56			1.43			5.21			278

81

 GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period

			Income (loss) from						Distributions
			investment operations						to shareholders
	Net asset
	value,		Net		Net realized		Total from		From net
	beginning		investment		and unrealized		investment		investment
	of period		income(c)		gain		operations		income
FOR THE PERIOD ENDED APRIL 30, (Unaudited)
2004 - Class A Shares (commenced November 3, 2003)	$	10.00	$	0.12	$	0.04	$	0.16	$	(0.18	)
2004 - Institutional Shares (commenced November 3, 2003)		10.00		0.15		0.04		0.19		(0.20	)
2004 - Separate Account Institutional Shares (commenced November 3, 2003)		10.00		0.13		0.06		0.19		(0.21	)

(a)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares.
(b)	Annualized.
(c)	Calculated based on the average shares outstanding methodology.
(d)	Includes the effect of Mortgage dollar roll transactions.

82      The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. MORTGAGES FUND 

													Ratios assuming no
													expense reductions
										Ratio of			Ratio of			Ratio of
					Net assets		Ratio of			net investment			total			net investment
Net asset					at end of		net expenses			income to			expenses			income to			Portfolio
value, end		Total			period		to average			average net			to average			average net			turnover
of period		return(a)			(in 000s)		net assets(b)			assets(b)			net assets(b)			assets(b)			rate(d)
$	9.98		1.59	%	$	5,278		0.82	%		2.74	%		1.09	%		2.47	%		847	%
	9.99		1.93			153,875		0.40			3.01			0.69			2.72			847
	9.98		1.86			65,808		0.35			2.87			0.64			2.58			847

83

 GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from
			investment operations									Distributions to shareholders
	Net asset
	value,		Net			Net realized			Total from			From net			From net
	beginning		investment			and unrealized			investment			investment			realized			Total
	of period		income			gain (loss)			operations			income			gains			distributions
FOR THE SIX MONTHS ENDED APRIL 30,
2004 - Class A Shares	$	10.31	$	0.15	(c)	$	0.05		$	0.20		$	(0.18	)	$	(0.35	)	$	(0.53	)
2004 - Class B Shares		10.35		0.11	(c)		0.05			0.16			(0.14	)		(0.35	)		(0.49	)
2004 - Class C Shares		10.35		0.11	(c)		0.05			0.16			(0.14	)		(0.35	)		(0.49	)
2004 - Institutional Shares		10.35		0.17	(c)		0.05			0.22			(0.20	)		(0.35	)		(0.55	)
2004 - Service Shares		10.35		0.15	(c)		0.04			0.19			(0.17	)		(0.35	)		(0.52	)
FOR THE YEARS ENDED OCTOBER 31,
2003 - Class A Shares		10.07		0.40	(c)		0.28			0.68			(0.40	)		(0.04	)		(0.44	)
2003 - Class B Shares		10.10		0.33	(c)		0.28			0.61			(0.32	)		(0.04	)		(0.36	)
2003 - Class C Shares		10.10		0.33	(c)		0.28			0.61			(0.32	)		(0.04	)		(0.36	)
2003 - Institutional Shares		10.09		0.45	(c)		0.29			0.74			(0.44	)		(0.04	)		(0.48	)
2003 - Service Shares		10.09		0.40	(c)		0.29			0.69			(0.39	)		(0.04	)		(0.43	)
2002 - Class A Shares		10.25		0.50	(c)		(0.13	)		0.37			(0.52	)		(0.03	)		(0.55	)
2002 - Class B Shares		10.29		0.43	(c)		(0.15	)		0.28			(0.44	)		(0.03	)		(0.47	)
2002 - Class C Shares		10.29		0.43	(c)		(0.15	)		0.28			(0.44	)		(0.03	)		(0.47	)
2002 - Institutional Shares		10.28		0.55	(c)		(0.15	)		0.40			(0.56	)		(0.03	)		(0.59	)
2002 - Service Shares		10.28		0.51	(c)		(0.16	)		0.35			(0.51	)		(0.03	)		(0.54	)
2001 - Class A Shares		9.52		0.56	(c)		0.75			1.31			(0.58	)		—			(0.58	)
2001 - Class B Shares		9.54		0.49	(c)		0.77			1.26			(0.51	)		—			(0.51	)
2001 - Class C Shares		9.55		0.49	(c)		0.76			1.25			(0.51	)		—			(0.51	)
2001 - Institutional Shares		9.54		0.60	(c)		0.76			1.36			(0.62	)		—			(0.62	)
2001 - Service Shares		9.54		0.55	(c)		0.76			1.31			(0.57	)		—			(0.57	)
2000 - Class A Shares		9.50		0.57	(c)		0.02			0.59			(0.58	)		—			(0.58	)
2000 - Class B Shares		9.52		0.50	(c)		0.02			0.52			(0.51	)		—			(0.51	)
2000 - Class C Shares		9.52		0.50	(c)		0.03			0.53			(0.51	)		—			(0.51	)
2000 - Institutional Shares		9.52		0.61	(c)		0.02			0.63			(0.62	)		—			(0.62	)
2000 - Service Shares		9.52		0.56	(c)		0.02			0.58			(0.57	)		—			(0.57	)
1999 - Class A Shares		10.25		0.54			(0.61	)		(0.07	)		(0.53	)		(0.15	)		(0.68	)
1999 - Class B Shares		10.28		0.48			(0.62	)		(0.14	)		(0.47	)		(0.15	)		(0.62	)
1999 - Class C Shares		10.28		0.47			(0.62	)		(0.15	)		(0.46	)		(0.15	)		(0.61	)
1999 - Institutional Shares		10.28		0.58			(0.62	)		(0.04	)		(0.57	)		(0.15	)		(0.72	)
1999 - Administration Shares(e)		10.27		0.40	(c)		(0.41	)		(0.01	)		(0.40	)		(0.15	)		(0.55	)
1999 - Service Shares		10.28		0.54			(0.62	)		(0.08	)		(0.53	)		(0.15	)		(0.68	)

(a)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares.
(b)	Annualized.
(c)	Calculated based on the average shares outstanding methodology.
(d)	Includes the effect of mortgage dollar roll transactions.
(e)	Administration Class shares were liquidated on July 20, 1999. Ending net asset value shown as of July 20, 1999.

84      The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS CORE FIXED INCOME FUND 

														Ratios assuming no
														expense reductions
											Ratio of			Ratio of			Ratio of
						Net assets		Ratio of			net investment			total			net investment
Net asset						at end of		net expenses			income to			expenses			income to			Portfolio
value, end			Total			period		to average			average net			to average			average net			turnover
of period			return(a)			(in 000s)		net assets			assets			net assets			assets			rate(d)
$	9.98			1.93	%	$	455,802		0.89	%(b)		2.99	%(b)		0.89	%(b)		2.99	%(b)		251	%
	10.02			1.44			34,713		1.64	(b)		2.25	(b)		1.64	(b)		2.25	(b)		251
	10.02			1.55			25,537		1.64	(b)		2.24	(b)		1.64	(b)		2.24	(b)		251
	10.02			2.03			657,738		0.49	(b)		3.41	(b)		0.49	(b)		3.41	(b)		251
	10.02			1.88			18,510		0.99	(b)		2.91	(b)		0.99	(b)		2.91	(b)		251
	10.31			7.03			445,178		0.89			3.91			0.89			3.91			489
	10.35			6.31			37,120		1.64			3.21			1.64			3.22			489
	10.35			6.21			25,409		1.64			3.16			1.64			3.16			489
	10.35			7.54			695,181		0.49			4.39			0.49			4.39			489
	10.35			6.90			21,827		0.99			3.89			0.99			3.89			489
	10.07			3.59			315,441		0.90			5.03			0.90			5.03			437
	10.10			2.70			36,131		1.65			4.33			1.65			4.33			437
	10.10			2.80			20,176		1.65			4.32			1.65			4.32			437
	10.09			3.99			733,996		0.50			5.51			0.50			5.51			437
	10.09			3.47			29,761		1.00			5.05			1.00			5.05			437
	10.26			14.17			178,885		0.94			5.61			0.94			5.61			315
	10.30			13.51			26,848		1.69			4.93			1.69			4.93			315
	10.30			13.38			11,998		1.69			4.89			1.69			4.89			315
	10.29			14.69			440,836		0.54			6.05			0.54			6.05			315
	10.29			14.13			26,667		1.04			5.54			1.04			5.54			315
	9.51			6.48			73,846		0.94			6.04			0.97			6.01			272
	9.53			5.69			14,002		1.69			5.29			1.72			5.26			272
	9.54			5.80			6,107		1.69			5.30			1.72			5.27			272
	9.53			6.90			268,465		0.54			6.46			0.57			6.43			272
	9.53			6.37			9,445		1.04			5.95			1.07			5.92			272
	9.50			(0.68	)		65,368		0.94			5.57			0.98			5.53			280
	9.52			(1.47	)		14,654		1.69			4.83			1.73			4.79			280
	9.52			(1.51	)		7,443		1.69			4.82			1.73			4.78			280
	9.52			(0.37	)		216,973		0.54			5.97			0.58			5.93			280
	9.71	(e)		(0.13	)		—		0.79	(b)		5.63	(b)		0.83	(b)		5.59	(b)		280
	9.52			(0.87	)		8,172		1.04			5.50			1.08			5.46			280

85

 GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period

			Income from						Distributions
			investment operations						to shareholders
	Net asset
	value,		Net		Net realized		Total from		From net
	beginning		investment		and unrealized		investment		investment
	of period		income(c)		gain		operations		income
FOR THE PERIOD ENDED APRIL 30, (Unaudited)
2004 - Class A Shares (commenced November 3, 2003)	$	10.00	$	0.19	$	0.04	$	0.23	$	(0.19	)
2004 - Institutional Shares (commenced November 3, 2003)		10.00		0.21		0.05		0.26		(0.21	)
2004 - Separate Account Institutional Shares (commenced November 3, 2003)		10.00		0.22		0.04		0.26		(0.22	)

(a)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares.
(b)	Annualized.
(c)	Calculated based on the average shares outstanding methodology.

86      The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND 

													Ratios assuming no
													expense reductions
										Ratio of			Ratio of			Ratio of
					Net assets		Ratio of			net investment			total			net investment
Net asset					at end of		net expenses			income to			expenses			income to			Portfolio
value, end		Total			period		to average			average net			to average			average net			turnover
of period		return(a)			(in 000s)		net assets(b)			assets(b)			net assets(b)			assets(b)			rate
$	10.04		2.30	%	$	1		0.82	%		3.80	%		2.11	%		2.51	%		46	%
	10.05		2.63			26,461		0.40			4.25			1.71			2.94			46
	10.04		2.56			6,301		0.35			4.35			1.66			3.04			46

87

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F U N D S P R O F I L E Goldman Sachs Funds Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets. Today, Goldman Sachs Asset Management, L.P. and other units of the Investment Management Division of Goldman Sachs serve a diverse set of clients worldwide, including private institutions, public entities and individuals. With portfolio management teams located around the world — and $400.1 billion in assets under management as of THE GOLDMANMarch 31, 2004 — our investment professionals bring firsthand knowledge of local markets SACHS ADVANTAGEto every investm ent decision, making us one of the few truly global asset managers. Our goal is to deliver: G O L D M A N S A C H S F U N D S Strong, Consistent In building a globally diversified Investment Results portfolio, you can select from more than 50 Goldman Sachs Funds and gain access Global Resources and Global Researchto investment opportunities across borders, investment styles, asset classes Team Approach and security capitalizations. Disciplined Processes Innovative, Value-Added Investment Products Thoughtful Solutions Risk Management Outstanding Asset Allocation Funds Client ServiceBalanced Fund Domestic Equity Funds Asset Allocation Portfolios Small Cap Value Fund Dedicated Service CORESM Small Cap Equity FundFixed Income Funds Teams Mid Cap Value FundEmerging Markets Debt Fund Excellence andConcentrated Growth FundHigh Yield Fund IntegrityInternational Equity Funds Growth Opportunities FundHigh Yield Municipal Fund Asia Growth Fund Research Select FundSMGlobal Income Fund Emerging Markets Equity Fund Strategic Growth FundInvestment Grade Credit Fund International Growth Capital Growth FundCore Fixed Income Fund Opportunities Fund Large Cap Value FundU.S. Mortgages Fund Japanese Equity Fund Growth and Income FundMunicipal Income Fund European Equity Fund CORESM Large Cap Growth FundGovernment Income Fund International Equity Fund CORESM Large Cap Value FundShort Durati on Tax-Free Fund CORESM International Equity Fund CORESM U.S. Equity FundShort Duration Government Fund Ultra-Short Duration Government Specialty Funds Fund Internet Tollkeeper FundSM Enhanced Income Fund CORESM Tax-Managed Equity Fund Real Estate Securities FundMoney Market Funds1 1An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds. The Goldman Sachs Research Select FundSM, Internet Tollkeeper FundSM and CORESM are service marks of Goldman, Sachs & Co.

GOLDMAN SACHS ASSET MANAGEMENT, L.P. 32 OLD SLIP, 32ND FLOOR, NEW YORK, NEW YORK 10005 T R U S T E E SO F F I C E R S Ashok N. Bakhru, ChairmanKaysie P. Uniacke, President John P. Coblentz, Jr.James A. Fitzpatrick, Vice President Patrick T. HarkerJames A. McNamara, Vice President Mary Patterson McPhersonJohn M. Perlowski, Treasurer Alan A. ShuchHoward B. Surloff, Secretary Wilma J. Smelcer Richard P. Strubel Kaysie P. Uniacke G O L D M A N , S AC H S & CO.G O L D M A N S AC H S A S S E T M A N AG E M E N T, L . P. Distributor and Transfer AgentInvestment Adviser Visit our Web site at www.gs.com/funds to obtain the most recent month-end returns. The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission Web site at http://www.sec.gov. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus. Please consider a fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Goldman Sachs Government Income, Goldman Sachs Short Duration Government and Goldman Sachs Ultra-Short Duration Government Funds’ net asset values and yields are not guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises. The Goldman Sachs Core Fixed Income and Investment Grade Credit Funds’ foreign investments may be more volatile than an investment in U.S. securities and are subject to the risks of currency fluctuations and political developments. The Goldman Sachs Enhanced Income Fund is not a money market fund. Investors in this Fund should understand that the net asset value of the Fund will fluctuate which may result in a loss of a portion of the principal amount invested. The Goldman Sachs U.S. Mortgages Fund will be subject to prepayment risk, the risk that in a declining interest rate environment the Fund’s underlying mortgages may be prepaid, causing the Fund to have to reinvest assets at lower interest rates. The Fund will be subject to yield and total return fluctuations based on rising and falling interest rates. Longer-term bonds will normally have more price volatility. Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds. Copyright 2004 Goldman, Sachs & Co. All rights reserved. Date of first use: June 29, 2004 / 04-0893TFISAR / 50.8K / 06-04

ITEM 2. CODE OF ETHICS.

Not applicable to the semi-annual report for the period ending April 30, 2004.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to the semi-annual report for the period ending April 30, 2004.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to the semi-annual report for the period ended April 30, 2004.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS

Not applicable to the semi-annual report for the period ended April 30, 2004.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 10. CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting.

ITEM 11. EXHIBITS.

(a)(1)	Exhibit 99.CODE	NOT APPLICABLE
(a)(2)	Exhibit 99.CERT     Exhibit 99.906CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith   Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Goldman Sachs Trust

/s/ Kaysie Uniacke

By: Kaysie Uniacke

Chief Executive Officer of

Goldman Sachs Trust

Date: July 7, 2004

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ Kaysie Uniacke

By: Kaysie Uniacke

Chief Executive Officer of

Goldman Sachs Trust

Date: July 7, 2004

/s/ John M. Perlowski

By: John M. Perlowski

Chief Financial Officer of

Goldman Sachs Trust

Date: July 8, 2004

EX-99.CERT

CERTIFICATIONS
(Section 302)

     I, Kaysie Uniacke, certify that:

     1. I have reviewed this report on Form N-CSR of Goldman Sachs Trust;

     2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

     3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

     4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

     a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

     b. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

     c. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

     5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions);

     a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

     b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: July 7, 2004

S/ Kaysie Uniacke

Kaysie Uniacke

Principal Executive Officer

CERTIFICATIONS
(Section 302)

     I, John M. Perlowski, certify that:

     1. I have reviewed this report on Form N-CSR of Goldman Sachs Trust;

     2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

     3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

     4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

     a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

     b. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

     c. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

     5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions);

     a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

     b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: July 7, 2004

S/ John M. Perlowski

John M. Perlowski

Principal Financial Officer

EX-99.906CERT

EX-99.906CERT

Certification Under Section 906
of the Sarbanes-Oxley Act of 2002

               Kaysie Uniacke, Chief Executive Officer, and John M. Perlowski, Chief Financial Officer of Goldman Sachs Trust (the “Registrant”), each certify to the best of their knowledge that:

1.	The Registrant’s periodic report on Form N-CSR for the period ended April 30, 2004 (the “Form N-CSR”) fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and
2.	The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Chief Executive Officer	Chief Financial Officer
Goldman Sachs Trust	Goldman Sachs Trust
S/ Kaysie Uniacke	S/ John M. Perlowski
Kaysie Uniacke	John M. Perlowski
Date: July 7, 2004	Date: July 7, 2004

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.