-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, G4tly5d9KEd+EnuZlIRofDQg8z7/q70Rwg7YKs0hVZXN33O1X+igMhhWdPA0cK7v uApK4rdVnGblJEE0d7b1VQ== 0000950123-05-011663.txt : 20050929 0000950123-05-011663.hdr.sgml : 20050929 20050929173108 ACCESSION NUMBER: 0000950123-05-011663 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050731 FILED AS OF DATE: 20050929 DATE AS OF CHANGE: 20050929 EFFECTIVENESS DATE: 20050929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLDMAN SACHS TRUST CENTRAL INDEX KEY: 0000822977 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05349 FILM NUMBER: 051112249 BUSINESS ADDRESS: STREET 1: 4900 SEARS TWR STREET 2: C/O GOLDMAN SACHS & CO CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3126554400 MAIL ADDRESS: STREET 1: 85 BROAD ST STREET 2: 85 BROARD STREET CITY: NEW YORK STATE: NY ZIP: 10004 FORMER COMPANY: FORMER CONFORMED NAME: GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND DATE OF NAME CHANGE: 19910711 FORMER COMPANY: FORMER CONFORMED NAME: SHORT INTERMEDIATE GOVERNMENT FUND DATE OF NAME CHANGE: 19900104 N-Q 1 e13009nvq.htm FORM N-Q FORM N-Q
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

     
Investment Company Act file number
  
811-5349
   

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Suite 500, Chicago, Illinois 60606-6303

(Address of principal executive offices)                                                             (Zip code)
     
Howard B. Surloff, Esq.
Goldman, Sachs & Co.
One New York Plaza
New York, New York 10004		   Copies to:
Jeffrey A. Dalke, Esq.
Drinker Biddle & Reath LLP
One Logan Square
18th and Cherry Streets
Philadelphia, PA 19103
(Name and address of agent for service)
     
Registrant’s telephone number, including area code:
  
(312) 655-4400
   
     
Date of fiscal year end:
  
      October 31, 2005
   
     
Date of reporting period:
  
July 31, 2005
   

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Statement of Investments

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – 94.7%
Alabama – 2.2%
Alabama 21st Century Authority RB for Tobacco Settlement Revenue Series 2001 (A-/Baa1)
 
   $ 2,135,000       5.25 %     12/01/2005     $ 2,155,283  
Birmingham Jefferson Alabama Civic Center Authority Special Tax Refunding Series 2002 A (FSA) (AAA/Aaa)
 
     3,000,000       5.25       01/01/2007       3,096,300  
Greenville Alabama GO Bonds Refunding Warrants Series 2005 (XLCA) (AAA/Aaa)
 
     300,000       5.00       01/01/2007       308,223  
 
     680,000       5.00       01/01/2008       709,451  
 
     710,000       5.00       01/01/2009       750,498  
Jefferson County Alabama Limited Obligation School Warrants RB Series 2004 A (A/A2)
 
     4,000,000       5.00       01/01/2008       4,150,600  
 
                              
 
                             11,170,355  
 
Arizona – 1.3%
Arizona State Transportation Board RB GANS Series 2001 (MBIA) (AAA/Aaa)
 
     1,950,000       5.25       01/01/2006       1,970,124  
Phoenix Arizona Civic Improvement Corp. Water System RB Junior Lien Series 1996 (AA/Aaa)(a)
 
     2,150,000       5.90       07/01/2006       2,211,060  
Salt River Agricultural Improvement & Power District Electric System RB for Salt River Project Series 2001 A (AA/Aa2)
 
     2,000,000       5.25       01/01/2006       2,021,120  
University Medical Center Corp. Hospital RB Series 2004 (BBB+/Baa1)
 
     500,000       5.00       07/01/2006       508,050  
 
                              
 
                             6,710,354  
 
Arkansas – 1.1%
Little Rock Arkansas School District GO Bonds for Little Rock School District Series 2001 C (FSA) (Aaa)
 
     1,565,000       5.00       02/01/2009       1,658,493  
Springdale Arkansas Sales & Use Tax RB Series 2004 (MBIA) (Aaa)
 
     2,540,000       4.00       07/01/2016       2,556,739  
Washington County Hospital RB Refunding for Regional Medical Center Series 2005 B (BBB/Baa2)
 
     1,000,000       5.00       02/01/2011       1,047,880  
 
                              
 
                             5,263,112  
 
California – 12.3%
California Health Facilities Financing Authority RB for Catholic Healthcare West Series 2004 H (A-/Baa1)(b)
 
     5,000,000       4.45       07/01/2011       5,090,900  
California State Economic Recovery GO Bonds Series 2004 A (AA-/Aa3)
 
     300,000       5.00       01/01/2009       318,207  
California State Economic Recovery GO Bonds Series 2004 B (AA-/Aa3)(b)
 
     10,000,000       5.00       07/01/2007       10,379,900  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
California – (continued)
California State GO Bonds Refunded Series 1998 (A/A2)
 
   $ 1,100,000       6.00 %     02/01/2008     $ 1,176,010  
California State GO Bonds Series 2004 (A/A2)
 
     5,000,000       4.00       02/01/2009       5,126,250  
 
     1,000,000       4.00       02/01/2010       1,025,650  
California State GO Bonds Variable Purpose Series 2004 (A/A2)
 
     2,000,000       2.50       04/01/2006       1,995,000  
 
     6,500,000       5.00       04/01/2011       6,989,580  
California Statewide Communities Development Authority RB for Daughters of Charity Health Series 2005 F (BBB+)
 
     1,000,000       5.00       07/01/2006       1,015,740  
 
     1,160,000       5.00       07/01/2007       1,194,893  
 
     1,000,000       5.00       07/01/2008       1,041,710  
California Statewide Communities Development Authority RB for Kaiser Permanente Series 2002 C (A+/A3)(b)
 
     2,500,000       3.85       06/01/2012       2,495,425  
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 B (ETM) (A-/A3)
 
     2,000,000       5.00       06/01/2010       2,118,660  
Kings River Conservation District Revenue COPS for Partnership Peaking Project Series 2004 (Baa1)
 
     1,000,000       5.00       05/01/2007       1,028,370  
 
     1,000,000       4.00       05/01/2008       1,012,150  
Los Angeles California Waste Water System RB Series 2003 (FSA) (AAA/Aaa)
 
     3,000,000       5.00       06/01/2007       3,112,890  
Metropolitan Water District RB for Southern California Waterworks Refunded Balance Series 1996 C (AAA/Aa2)(a)
 
     8,775,000       5.00       01/01/2007       9,052,378  
Santa Clara County Financing Authority Special Obligation RB for Measure B Transportation Improvement Program Series 2003 (A2)
 
     400,000       5.00       08/01/2005       400,000  
Tobacco Securitization Authority of Southern California Tobacco Settlement RB for Asset Backed Bonds Senior Series 2002 A (BBB/Baa3)
 
     5,720,000       5.25       06/01/2027       5,837,717  
Truckee-Donner Public Utility District of California COPS Series A (ACA) (A)
 
     1,000,000       3.50       01/01/2006       1,001,010  
 
                              
 
                             61,412,440  
 
Colorado – 1.1%
Colorado Department of Transportation RANS RB Series A (MBIA) (AAA/Aaa)
 
     1,000,000       5.50       06/15/2006       1,023,270  
Eagle Bend Metropolitan District No. 2 GO Bonds Refunding & Improvement Series 2003 (Radian) (AA)
 
     420,000       3.00       12/01/2005       419,487  
 
     430,000       3.25       12/01/2006       431,157  
 
     440,000       3.50       12/01/2007       440,374  
 
     455,000       4.00       12/01/2008       461,070  
 
     480,000       4.00       12/01/2009       486,072  


 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Colorado – (continued)
East Quincy Highlands Metropolitan District GO Bonds Series 2002 (LOC-U.S. Bank N.A.) (Aa1)(b)
 
   $ 2,290,000       2.25 %     12/01/2006     $ 2,277,909  
 
                              
 
                             5,539,339  
 
Connecticut – 1.0%
Connecticut State Special Obligation Rate Reduction RB Series 2004 A (AAA/Aaa)
 
     4,760,000       5.00       12/30/2009       5,099,435  
 
Florida – 4.2%
Escambia County Florida Health Facilities Authority RB Ascension Health Credit Series 2003 A (AA/Aa2)
 
     1,700,000       2.50       11/15/2005       1,696,090  
Florida State Board Education GO Bonds for Public Education Series 1998 B (AAA/Aa1)
 
     2,000,000       6.00       06/01/2006       2,053,080  
Huntington Community Development District RB for Special Assessment Series 2004 B
 
     5,290,000       5.00       05/01/2009       5,291,375  
Leesburg Florida Hospital RB for Leesburg Regional Medical Center Project Series 2003 A (A-/A3)
 
     1,820,000       5.00       07/01/2008       1,878,076  
Meadow Pointe II Community Development District RB for Capital Improvement Series 2004 (Baa3)
 
     300,000       2.00       05/01/2006       294,942  
 
     610,000       2.38       05/01/2007       588,077  
 
     625,000       2.80       05/01/2008       602,000  
 
     300,000       3.00       05/01/2009       287,001  
Meadow Pointe III Community Development District RB for Capital Improvement Series 2004 B
 
     1,360,000       5.00       05/01/2009       1,364,175  
Miami Dade County Florida School Board COPS Series 2003 A (MBIA) (AAA/Aaa)(b)
 
     6,000,000       5.00       08/01/2008       6,297,300  
Tampa Palms Florida Open Space & Transportation Community Development District Revenue for Special Assessment Refunding Capital Improvement Area 7 Project Series 2004 (MBIA) (AAA/Aaa)
 
     405,000       3.13       05/01/2009       404,773  
 
                              
 
                             20,756,889  
 
Georgia – 4.0%
Atlanta Georgia RB for Airport and Marina Improvements Series 2000 A (FGIC) (AAA/Aaa)(a)
 
     2,500,000       5.50       01/01/2010       2,753,200  
Bartow County Georgia GO Bonds Sales Tax Series 2003 (MBIA) (AAA/Aaa)
 
     4,000,000       5.00       02/01/2006       4,045,880  
Dekalb County Development Authority RB for Dekalb Senior Center Project Series 2004
 
     1,400,000       4.85       06/01/2009       1,415,988  
Downtown Savannah Authority RB Refunding for Public Improvement Series 2005 (AA/A1)
 
     1,530,000       4.00       01/01/2007       1,553,072  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Georgia – (continued)
Downtown Savannah Authority RB Refunding for Public Improvement Series 2005 (AA/A1)
 
   $ 2,760,000       4.00 %     01/01/2008     $ 2,819,147  
Gwinnett County Georgia School District GO Bonds Refunding Series 2002 (AA+/Aaa)
 
     1,835,000       4.50       02/01/2006       1,851,295  
Newton County Georgia Water Revenue GO Bonds Series 2004 (MBIA) (Aaa)
 
     1,020,000       3.00       07/01/2006       1,022,723  
South Georgia Governmental Services Authority RB for Telecommunications/Cable Project Series 2004 (FGIC) (AAA/Aaa)
 
     2,485,000       3.00       01/01/2007       2,489,746  
 
     2,055,000       4.00       01/01/2008       2,100,005  
 
                              
 
                             20,051,056  
 
Idaho – 0.6%
Boise-Kuna Idaho Irrigation District RB (AMBAC) (AAA/Aaa)
 
     2,750,000       5.00       07/01/2006       2,804,725  
 
Illinois – 3.6%
Chicago Illinois Park District Harbour Facilities RB for Airport and Marina Improvements Series 2000 (XLCA) (AAA/Aaa)(a)
 
     4,610,000       5.65       01/01/2011       5,128,948  
Chicago Illinois Tax Increment RB for Central Loop Redevelopment Series 2000 A (ACA) (A)
 
     1,000,000       6.50       12/01/2006       1,039,460  
Illinois Development Finance Authority RB for Revolving Fund Master Trust Series 2002 (Aaa)
 
     2,500,000       5.00       03/01/2007       2,580,350  
Illinois Educational Facilities Authority RB for Loyola University Chicago Series 1991 A (ETM) (AAA)
 
     1,500,000       7.00       07/01/2007       1,577,295  
Illinois Health Facilities Authority RB for Hospital Sisters Services Inc. Series 1998 A (MBIA) (Aaa)
 
     4,375,000       5.25       06/01/2009       4,672,631  
Illinois Health Facilities Authority RB for University of Chicago Hospital & Health Series 2003 (MBIA) (AAA/Aaa)
 
     1,400,000       4.00       08/15/2005       1,400,630  
 
     1,325,000       5.00       08/15/2006       1,353,117  
Metropolitan Pier and Exposition Authority Hospitality Facilities RB for McCormick Place Series 1996 (ETM) (AAA/Aaa)
 
     255,000       5.75       07/01/2006       261,900  
 
                              
 
                             18,014,331  
 
Indiana – 1.1%
Indiana Health Facilities Financing Authority Hospital RB for Community Foundation Northwest Industry Series 2001 A (BBB-)
 
     500,000       5.50       08/01/2006       507,975  


 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Indiana – (continued)
Lawrenceburg Indiana PCRB for Indiana Michigan Power Co. Project Series 2003 F (BBB/Baa2)(b)
 
   $ 5,000,000       2.63 %     10/01/2006     $ 4,958,350  
 
                              
 
                             5,466,325  
 
Kansas(b) – 0.9%
Burlington Kansas PCRB Refunding Kansas Gas & Electric Co. Project Series 2004 B (MBIA) (AAA/Aaa)
 
     4,500,000       2.65       06/01/2006       4,490,055  
 
Kentucky – 2.0%
Kentucky Association of Counties TRANS COPS Series 2005 (JP Morgan Chase) (SP-1+)
 
     8,000,000       4.00       06/30/2006       8,083,440  
Kentucky Economic Development Finance Authority RB for Norton Healthcare Inc. Series 2000 C (MBIA) (AAA/Aaa)(c)
 
     1,775,000       0.00/6.00       10/01/2007       1,817,121  
 
                              
 
                             9,900,561  
 
Louisiana – 0.4%
Jefferson Parish Hospital Service District No. 001 RB for West Jefferson Medical Center Series 1998 A (FSA) (AAA/Aaa)
 
     1,755,000       5.00       01/01/2008       1,827,692  
 
Maine – 0.4%
Maine State COPS Series 2003 C (AA-)
 
     1,000,000       3.50       06/01/2007       1,010,220  
 
     1,000,000       4.00       06/01/2008       1,023,610  
 
                              
 
                             2,033,830  
 
Maryland – 4.1%
Anne Arundel County GO Bonds Series 2003 (AA+/Aa1)
 
     5,000,000       5.00       03/01/2006       5,066,550  
Maryland State GO Bonds State & Local Facilities Loan 2nd Series 2001 (AAA/Aaa)
 
     15,000,000       5.25       03/01/2006       15,222,750  
 
                              
 
                             20,289,300  
 
Massachusetts – 1.6%
Boston Massachusetts GO BANS Series 2002 A (SP-1+/MIG1)
 
     1,000,000       3.50       02/01/2006       1,003,900  
Massachusetts State GO Bonds Consumer Loan Series 1996 A (MBIA) (AAA/Aaa)(a)
 
     2,000,000       5.13       01/01/2006       2,039,740  
Massachusetts State Health & Educational Facilities Authority RB for Harvard Pilgrim Health Series 1998 A (FSA) (AAA/Aaa)
 
     2,000,000       5.25       07/01/2009       2,127,260  
Massachusetts State School Building Authority RB for School Improvements Series 2005 A (AA/Aa2)
 
     2,500,000       5.00       08/15/2008       2,642,425  
 
                              
 
                             7,813,325  
 
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Minnesota – 0.8%
Dakota County Minnesota GO Bonds Series 2003 A (AA+/Aaa)
 
   $ 1,895,000       5.00 %     02/01/2007     $ 1,955,886  
Duluth Minnesota Economic Development Authority Health Care Facilities RB for Benedictine Health Systems-Saint Mary’s Series 2004 (A-)
 
     400,000       4.50       02/15/2006       402,448  
Minneapolis Minnesota Health Care Systems RB for Fairview Health Services Series 2002 B (MBIA) (AAA/Aaa)
 
     1,430,000       5.13       05/15/2008       1,504,246  
 
                              
 
                             3,862,580  
 
Mississippi – 1.1%
Mississippi State GO Bonds Refunding Series 1978 (ETM) (AAA/Aaa)
 
     5,200,000       6.20       02/01/2008       5,555,004  
 
Missouri – 0.1%
Cameron Missouri IDA Health Facilities RB for Cameron Community Hospital Series 2000 (ACA) (A)
 
     675,000       5.88       12/01/2006       694,609  
 
Montana(b) – 0.2%
Forsyth Montana PCRB Refunding Portland General Series 1998 A-RMKT 5/1/03 (BBB+/Baa1)
 
     1,000,000       5.20       05/01/2009       1,049,090  
 
Nevada – 0.8%
Carson City Hospital RB for Carson-Tahoe Hospital Project Series 2002 (BBB+)
 
     725,000       5.25       09/01/2005       726,167  
Clark County Airport RB Sub Lien Series 1998 A (MBIA) (AAA/Aaa)
 
     1,250,000       6.00       07/01/2008       1,345,425  
Nevada Department of Business and Industry Capital Appreciation RB for Las Vegas Monorail Series 2000 (AMBAC) (AAA/Aaa)(d)
 
     800,000       0.00       01/01/2007       765,376  
Washoe County Gas and Water Facilities RB for Sierra Pacific Power Co. Series 1987 (AMBAC) (AAA/Aaa)
 
     1,300,000       6.30       12/01/2014       1,309,516  
 
                              
 
                             4,146,484  
 
New Hampshire – 0.4%
New Hampshire Health and Education Facilities Authority RB for Southern New Hampshire Medical Center Series 2004 A (A-)
 
     490,000       3.00       10/01/2006       487,810  
 
     1,475,000       4.00       10/01/2008       1,500,812  
 
                              
 
                             1,988,622  
 
New Jersey – 4.1%
Burlington Township School District GO Bonds Refunding Series 2004 (FGIC) (Aaa)
 
     1,245,000       5.00       01/15/2009       1,322,227  


 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
New Jersey – (continued)
New Jersey Economic Development Authority RB for Cigarette Tax Series 2004 (BBB/Baa2)
 
   $ 3,750,000       5.00 %     06/15/2007     $ 3,857,475  
New Jersey State Educational Facilities Authority RB for Fairleigh Dickinson University Series 2002 D (ACA) (A)
 
     355,000       5.00       07/01/2006       360,236  
New Jersey State Educational Facilities Authority RB for Fairleigh Dickinson University Series 2004 C
 
     1,300,000       5.00       07/01/2007       1,326,520  
 
     1,405,000       5.00       07/01/2008       1,440,476  
New Jersey State Transportation Trust Fund Authority RB for Transportation Systems Series 2005 B (MBIA) (AAA/Aaa)
 
     5,000,000       5.25       12/15/2013       5,534,100  
New Jersey State Turnpike Authority RB Series 2000 A (ETM) (MBIA) (AAA/Aaa)
 
     630,000       5.50       01/01/2007       653,361  
New Jersey State Turnpike Authority RB Series 2000 A (MBIA) (AAA/Aaa)(a)
 
     5,000,000       5.50       01/01/2010       5,463,000  
Tobacco Settlement Financing Corp. RB Series 2003 (BBB/Baa3)
 
     780,000       4.38       06/01/2019       787,995  
 
                              
 
                             20,745,390  
 
New Mexico – 1.5%
Farmington PCRB for Public Service Co. San Juan Series 2003 A (BBB/Baa2)(b)
 
     2,700,000       2.10       04/01/2006       2,676,159  
New Mexico State GO Bonds Capital Projects Series 2003 (AA+/Aa1)
 
     3,350,000       5.00       03/01/2006       3,393,416  
New Mexico State University RB Refunding & Improvement Series 2003 (FSA) (AAA/Aaa)
 
     1,000,000       5.00       04/01/2008       1,048,390  
University of New Mexico RB for FHA Insured Hospital Mortgage Series 2004 (FSA) (AAA/Aaa)
 
     515,000       5.00       01/01/2009       543,691  
 
                              
 
                             7,661,656  
 
New York – 9.2%
Monroe County Industrial Development Agency Civic Facilities RB for Highland Hospital Project Series 2005 (BBB+/Baa1)
 
     1,580,000       5.00       08/01/2012       1,667,674  
 
     1,480,000       5.00       08/01/2013       1,566,906  
New York City GO Bonds Series 1998 F (FGIC-TCRS) (AAA/Aaa)
 
     4,700,000       5.38       08/01/2009       4,991,306  
New York City Health & Hospital Corp. RB for Health System Series 2003 A (AMBAC) (AAA/Aaa)
 
     5,000,000       5.00       02/15/2006       5,059,350  
New York City IDA Civic Facilities RB for Polytechnical University Project (BB+/Ba3)
 
     200,000       5.10       11/01/2005       200,100  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
New York – (continued)
New York City IDA Civic Facility RB for Polytechnical University Project (BB+/Ba3)
 
   $ 250,000       5.20 %     11/01/2007     $ 249,770  
New York GO Bonds Prerefunded Balance Series 1996 F (ETM) (A+/A1)
 
     920,000       7.00       02/01/2006       939,486  
New York GO Bonds Refunding Series 1996 A (MBIA-IBC) (AAA/Aaa)
 
     500,000       6.25       08/01/2008       524,145  
New York GO Bonds Refunding Series 2002 C (A+/A1)
 
     2,500,000       5.25       08/01/2010       2,701,250  
New York GO Bonds Unrefunded Balance Series 1996 F (A+/A1)
 
     1,080,000       7.00       02/01/2006       1,102,010  
New York State Dormitory Authority Lease RB for Court Facilities Series 2003 A (ETM) (A+/A2)
 
     4,090,000       5.00       05/15/2007       4,245,297  
New York State Dormitory Authority RB for City University System Construction 5th Generation Series 2003 A (AA-/A2)
 
     1,250,000       5.00       01/01/2006       1,261,325  
 
     3,250,000       5.00       01/01/2007       3,335,443  
New York State Dormitory Authority RB for North Shore Long Island Jewish Group Series 2003 (A3)
 
     575,000       5.00       05/01/2006       581,423  
 
     460,000       5.00       05/01/2007       472,498  
New York State Power Authority Revenue & General Purpose RB Series 1998 A (AA-/Aa2)
 
     2,000,000       5.50       02/15/2006       2,030,080  
New York State Thruway Authority Service Contract RB for Local Highway & Bridge Series 2002 (AA-/A2)
 
     2,000,000       5.00       04/01/2006       2,029,080  
New York State Urban Development Corp. RB for Correctional & Youth Facilities Services Series 2003 A (AA-)(b)
 
     5,750,000       5.25       01/01/2009       6,087,812  
Saratoga County New York Industrial Development Agency Civic Facilities RB for Saratoga Hospital Project Series 2004 A (BBB+)
 
     285,000       3.00       12/01/2005       284,877  
 
     500,000       5.00       12/01/2007       518,305  
Tobacco Settlement Financing Corp. RB Series B-1 (AA-/A2)
 
     1,000,000       5.00       06/01/2010       1,067,420  
Triborough Bridge & Tunnel Authority Revenues & General Purpose RB Series 1997 SR (ETM) (AA-/Aa2)
 
     4,860,000       5.00       01/01/2007       4,942,766  
 
                              
 
                             45,858,323  
 
North Carolina – 0.7%
North Carolina Eastern Municipal Power RB Refunding Series 1996 A (MBIA) (AAA/Aaa)
 
     2,000,000       6.00       01/01/2006       2,026,380  


 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
North Carolina – (continued)
North Carolina Eastern Municipal Power RB Refunding Series 2003 C (BBB/Baa2)
 
   $ 1,190,000       5.00 %     01/01/2008     $ 1,228,949  
 
                              
 
                             3,255,329  
 
North Dakota – 0.4%
Fargo North Dakota RB for Public Improvements Series 2005 (AMBAC) (AAA/Aaa)
 
     2,000,000       5.00       07/01/2009       2,130,540  
 
Ohio – 2.6%
Cleveland Ohio City School District RANS RB Series 1997 (AMBAC) (AAA/Aaa)
 
     2,000,000       5.50       06/01/2006       2,044,960  
Lakewood Ohio Hospital Improvement RB for Lakewood Hospital Association Series 2003 (A/A1)
 
     1,000,000       5.00       02/15/2006       1,006,950  
Ohio GO Bonds for Higher Educational Capital Facilities Series 2000 A (AA+/Aa1)
 
     1,775,000       5.00       02/01/2007       1,829,652  
Ohio State Turnpike Commission RB Series 2001 B (FSA) (AAA/Aaa)
 
     5,000,000       5.25       02/15/2009       5,346,700  
Ohio State Water Development Authority PCRB RMKT Refunding for Economic Development (AMBAC) (AAA/Aaa)
 
     1,000,000       5.00       06/01/2006       1,018,420  
Ohio Water Development Authority PCRB RMKT Refunding for Economic Development Series 2005 (BBB/Baa1)(b)
 
     2,000,000       3.35       06/01/2006       1,998,660  
 
                              
 
                             13,245,342  
 
Oklahoma – 2.4%
Comanche County Hospital Authority RB Series 2004 (Radian) (AA/Aa3)
 
     400,000       3.75       07/01/2006       401,664  
 
     1,565,000       4.25       07/01/2008       1,597,615  
 
     1,000,000       4.50       07/01/2009       1,034,010  
Grand River Dam Authority RB Series 1993 (BBB+/A2)
 
     750,000       5.75       06/01/2006       765,832  
Oklahoma Development Finance Authority RB for Hillcrest Healthcare Systems Series 1999 A (AAA/Aaa)(a)
 
     7,500,000       5.63       08/15/2009       8,219,100  
 
                              
 
                             12,018,221  
 
Oregon(a) – 0.6%
Marion County GO Bonds for School District No. 103C Woodburn Series 1995 A (FGIC) (AAA/Aaa)
 
     3,100,000       5.65       11/01/2005       3,123,467  
 
Pennsylvania – 6.8%
Delaware River Port Authority Pennsylvania & New Jersey RB Refunding Port District Project Series 2001 A (FSA) (AAA/Aaa)
 
     5,085,000       5.25       01/01/2008       5,362,438  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Pennsylvania – (continued)
Downingtown Pennsylvania Area School District GO Bonds Series 1997 A (Aa2)
 
   $ 1,905,000       5.25 %     02/01/2008     $ 2,006,803  
Harrisburg Pennsylvania Authority RB for Pooled Bond Program Series 1996 I (MBIA) (AAA/Aaa)(a)
 
     3,000,000       5.63       04/01/2006       3,116,760  
Lycoming County Authority Hospital RB for Williamsport Hospital Obligation Group Series 1995 (CONNIE LEE) (AAA)
 
     795,000       6.00       11/15/2005       796,900  
Montgomery County Pennsylvania Higher Education & Health Authority Hospital RB for Abington Memorial Hospital RMKT-7/15/03 Series 1993 A (AMBAC) (AAA/Aaa)
 
     1,985,000       6.00       06/01/2006       2,035,538  
 
     2,105,000       6.00       06/01/2007       2,213,323  
 
     2,230,000       6.00       06/01/2008       2,398,053  
Pennsylvania GO Bonds First Series 2001 (AA/Aa2)
 
     1,000,000       5.00       01/15/2010       1,071,950  
Pennsylvania GO Bonds First Series 2002 (AA/Aa2)
 
     2,000,000       5.00       02/01/2006       2,022,240  
Pennsylvania Hills Township GO Bonds Series 1995 (AMBAC) (AAA/Aaa)
 
     750,000       5.00       12/01/2006       755,475  
Pennsylvania State Higher Educational Facilities Authority RB for University of Pennsylvania Health Systems Series 2005 A (A/A3)
 
     1,900,000       4.00       08/15/2006       1,915,694  
 
     2,300,000       5.00       08/15/2008       2,400,464  
Pennsylvania State Higher Educational Facilties Authority RB for Widener University Series 2003 (BBB+)
 
     795,000       5.00       07/15/2008       817,125  
 
     1,000,000       5.00       07/15/2009       1,030,650  
Pennsylvania State IDA RB for Economic Development Prerefunded Balance Series 1996 (ETM) (AMBAC) (AAA/Aaa)
 
     815,000       6.00       07/01/2007       862,237  
Pennsylvania State IDA RB for Economic Development Unrefunded Balance Series 1996 (AMBAC) (AAA/Aaa)
 
     3,185,000       6.00       07/01/2007       3,364,730  
Philadelphia Pennsylvania Gas Works RB for Eighteenth Series 2004 (AGC) (AAA/Aa1)
 
     1,185,000       5.00       08/01/2008       1,238,894  
Philadelphia Water and Wastewater RB Series 1999 (AMBAC) (AAA/Aaa)
 
     750,000       5.00       12/15/2006       771,645  
 
                              
 
                             34,180,919  
 
Puerto Rico – 3.6%
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2003 C (MBIA) (AAA/Aaa)(b)
 
     5,000,000       5.00       07/01/2008       5,260,950  
Puerto Rico Commonwealth GO Bonds Series 1993 (MBIA-IBC) (AAA/Aaa)
 
     4,000,000       5.50       07/01/2008       4,273,200  


 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Puerto Rico – (continued)
Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2004 J (A/Baa2)
 
   $ 2,845,000       5.00 %     07/01/2006     $ 2,892,085  
Puerto Rico Public Finance Corp. RB Commonwealth Appropriations Series 2004 A (LOC-Government Bank for Puerto Rico) (BBB/Baa3)(b)
 
     5,000,000       5.75       02/01/2012       5,499,100  
 
                              
 
                             17,925,335  
 
Rhode Island – 1.5%
Rhode Island State Health & Educational Building Corp. RB for Hospital Financing Series 2003 A (BBB/Baa2)
 
     525,000       3.20       09/15/2006       517,115  
 
     485,000       4.00       09/15/2008       485,262  
 
     585,000       4.30       09/15/2009       586,158  
 
     610,000       4.50       09/15/2010       612,611  
 
     635,000       4.75       09/15/2011       639,540  
Rhode Island State Health & Educational Building Corp. RB for Hospital Financing-Memorial Hospital Series 2003 (LOC-Fleet Bank) (AA)
 
     1,560,000       4.00       07/01/2006       1,574,305  
 
     1,560,000       4.00       07/01/2007       1,583,509  
 
     1,540,000       4.00       07/01/2008       1,564,933  
 
                              
 
                             7,563,433  
 
South Carolina – 0.6%
South Carolina Jobs Economic Development Authority Hospital Facilities RB for Palmetto Health Alliance Refunding Series 2003 A (BBB+/Baa1)
 
     290,000       4.25       08/01/2005       290,000  
 
     370,000       4.50       08/01/2006       372,864  
South Carolina State Public Service Authority RB Refunding Series 2002 D (FSA) (AAA/Aaa)
 
     2,000,000       5.00       01/01/2009       2,124,720  
 
                              
 
                             2,787,584  
 
Tennessee – 0.8%
Johnson City Health and Educational Facilities Board Hospital RB for First Mortgage Mountain States Series 2001 B (Baa2)(b)
 
     1,175,000       5.25       07/01/2026       1,181,051  
Shelby County Health Educational & Housing Facilities Board RB PA 1277 A (RITES) (AA)(b)(e)
 
     2,250,000       13.97       10/01/2008       2,672,190  
Shelby County Health Educational & Housing Facilities Board RB PA 1277 B (RITES) (AA)(e)
 
     320,000       13.97       09/01/2008       378,573  
 
                              
 
                             4,231,814  
 
Texas – 5.4%
Brazoria County Texas Health Facilities Development Corp. RB for Brazosport Memorial Hospital Series 2004 (Radian) (AA/Aa3)
 
     965,000       5.00       07/01/2007       994,394  
 
     1,065,000       5.00       07/01/2009       1,118,516  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Texas – (continued)
Fort Worth Texas Water & Sewer RB for Refunding & Improvement Series 1998 (AA/Aa2)
 
   $ 5,000,000       5.00 %     02/15/2007     $ 5,151,750  
Fort Worth Texas Water & Sewer RB for Refunding & Improvement Series 2003 (AA/Aa2)
 
     4,000,000       5.00       02/15/2006       4,047,480  
Harris County Texas Health Facilities Development Corp. RB for Christus Health Series 1999 A (MBIA) (AAA/Aaa)
 
     3,000,000       5.25       07/01/2007       3,110,790  
Harris County Texas RB Refunding Tollroad Series 2004 B2 (FGIC) (AAA/Aaa)(b)
 
     10,000,000       5.00       08/15/2009       10,633,100  
Sam Rayburn Texas Municipal Power Agency RB Refunding (Radian) (AA/Baa2)
 
     2,000,000       5.00       10/01/2008       2,092,600  
 
                              
 
                             27,148,630  
 
U.S. Virgin Islands – 0.6%
Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Note Series 2004 A (BBB)
 
     2,000,000       5.00       10/01/2006       2,051,240  
 
     1,100,000       5.00       10/01/2008       1,147,916  
 
                              
 
                             3,199,156  
 
Virginia – 5.1%
Chesapeake Virginia Hospital Authority Facility RB for Refunding Chesapeake General Hospital Series 2004 A (A3)
 
     2,075,000       5.00       07/01/2006       2,101,311  
 
     2,425,000       5.00       07/01/2008       2,517,950  
Loudoun County GO Bonds for Public Improvement Series 2001 C (AA+/Aaa)
 
     1,250,000       5.25       11/01/2006       1,288,225  
Virginia College Building Authority Educational Facilities RB for 21st Century College & Equipment Series 2004 A (AA+/Aa1)
 
     8,000,000       5.00       02/01/2009       8,488,800  
Virginia Commonwealth Transportation Board RANS RB for Federal Highway Reimbursement Series 2000 (AA/Aa2)
 
     1,000,000       5.50       10/01/2006       1,030,360  
Virginia Commonwealth Transportation Board RB for US Route 58 Corridor Development Program Series 1999 B (AA+/Aa1)(a)
 
     9,000,000       5.75       05/15/2009       9,928,260  
 
                              
 
                             25,354,906  
 
Washington – 0.6%
Washington State Health Care Facilities Authority RB for Multicare Health Systems Series 1998 (MBIA) (Aaa)
 
     2,000,000       5.00       08/15/2005       2,001,560  
Washington State Public Power Supply RB Refunding Series 1997 A (AMBAC) (AAA/Aaa)
 
     1,000,000       5.00       07/01/2006       1,019,450  
 
                              
 
                             3,021,010  
 


 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
West Virginia – 0.3%
West Virginia Higher Education Political Community RB for University Facilities Refunding Series 2003 A (MBIA) (AAA/Aaa)
 
   $ 1,680,000       5.00 %     04/01/2006     $ 1,704,646  
 
Wisconsin – 2.2%
Badger Power Marketing Authority Inc. Transmission Delivery Facilities RB Series 1993 Prerefunded (ETM) (AMBAC) (AAA/Aaa)
 
     200,000       5.30       10/01/2008       206,778  
Badger Power Marketing Authority Inc. Transmission Delivery Facilities RB Series 1993 Unrefunded Balance (AMBAC) (AAA/Aaa)
 
     990,000       5.30       10/01/2008       1,020,601  
Milwaukee Wisconsin GO Bonds for Promissory Notes Series 2005 N1 (FSA) (AAA/Aaa)
 
     1,415,000       5.00       02/15/2010       1,514,885  
 
     2,630,000       5.00       02/15/2011       2,836,455  
Wisconsin State Health & Educational Facilities Authority RB for Fort Healthcare Inc. Project Series 2004 (BBB+)
 
     665,000       4.00       05/01/2007       669,316  
 
     695,000       4.00       05/01/2008       699,823  
 
     715,000       4.00       05/01/2009       715,951  
Wisconsin State Health & Educational Facilities Authority RB for Gundersen Lutheran Hospital Series 2003 A (FSA) (AAA/Aaa)
 
     1,000,000       5.00       02/15/2007       1,029,440  
Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Services Series 2003 A (A/A2)
 
     500,000       4.00       08/15/2005       500,150  
 
     1,555,000       4.00       08/15/2006       1,564,065  
 
                              
 
                             10,757,464  
 
Wyoming – 0.4%
Platte County PCRB for Basin Electric Power Series 1994 (AMBAC-TCRS) (AAA/Aaa)
 
     1,975,000       4.95       01/01/2006       1,992,242  
 
TOTAL MUNICIPAL DEBT OBLIGATIONS
 $ 473,844,920  
 
Other Municipals(b)(f) – 2.2%
MMA Financial CDD Senior Securitization Trust RB for Various States Bartram Springs Passthru Series 2003 B (A1)
 
   $ 6,115,000       3.38 %     11/01/2008     $ 5,995,085  
Municipal Mortgage & Equity LLC RB for 1999 A Tax-Exempt MF Hsg. Certificates Series 1999
 
     5,000,000       4.95       08/15/2005       5,002,500  
 
TOTAL OTHER MUNICIPALS
 $ 10,997,585  
 
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Short-Term Investments (g) – 2.6%
Indiana – 0.7%
Indiana Health Facility Financing Authority Hospital RB VRDN for Clarian Health Obligation Series 2000 B (SPA-J.P. Morgan Chase & Co.) (A-1+/VMIG1)
 
   $ 3,530,000       2.30 %     08/01/2005     $ 3,530,000  
 
Kansas – 0.3%
Kansas State Department of Transportation Highway RB VRDN Series 2000 B-1 (A-1+/VMIG1)
 
     1,470,000       2.24       08/01/2005       1,470,000  
 
New York – 1.6%
Jay Street Development Corp. Certificate Facilities Lease RB VRDN for Jay Street Project Series 2001 A-2 (LOC-Depfa Bank PLC) (A-1+/VMIG1)
 
     400,000       2.21       08/01/2005       400,000  
New York City Municipal Water Finance Authority Water & Sewer System RB VRDN Series 2003 Subseries F-2 (SPA-Bayerische Landesbank) (AA+/Aa2)
 
     2,800,000       2.23       08/01/2005       2,800,000  
New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2000 C (SPA-Dexia Credit Local) (AA+/Aa2)
 
     4,695,000       2.23       08/01/2005       4,695,000  
 
                              
 
                             7,895,000  
 
TOTAL SHORT-TERM INVESTMENTS  
 $ 12,895,000  
 
TOTAL INVESTMENTS — 99.5%  
 $ 497,737,505  
 

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

(a) Prerefunded security. Maturity date disclosed is prerefunding date.

(b) Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset dates.

(c) This security is issued with a zero coupon rate which increases to the stated rate at a set date in the future.

(d) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(e) Inverse variable rate security. Coupon rate disclosed is that which is in effect at July 31, 2005.

(f) 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 amounts to $ 10,997,585, which represents approximately 2.2% of net assets as of July 31, 2005.

(g) Variable rate security. Coupon rate disclosed is that which is in effect at July 31, 2005.



 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

Security ratings disclosed, if any, are issued by Standard & Poor’s/Moody’s Investors Service/Fitch. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

 
     Investment Abbreviations:
         
ACA
  —   Insured by American Capital Access
AGC
  —   Insured by ACE Guaranty Corp.
AMBAC
  —   Insured by American Municipal Bond Assurance Corp.
BANS
  —   Bond Anticipation Notes
COPS
  —   Certificates of Participation
CONNIE LEE
  —   College Construction Loan Insurance Association
ETM
  —   Escrow to Maturity
FGIC
  —   Insured by Financial Guaranty Insurance Co.
FHA
  —   Insured by Federal Housing Administration
FSA
  —   Insured by Financial Security Assurance Co.
GANS
  —   Grant Anticipation Notes
GO
  —   General Obligation
IBC
  —   Industrial Bond Certificate
IDA
  —   Industrial Development Authority
LOC
  —   Letter of Credit
MBIA
  —   Insured by Municipal Bond Investors Assurance
MF Hsg.
  —   Multi-Family Housing
PCRB
  —   Pollution Control Revenue Bond
Radian
  —   Insured by Radian Asset Assurance
RANS
  —   Revenue Anticipation Notes
RB
  —   Revenue Bond
RMKT
  —   Remarketed
RITES
  —   Residual Interest Tax Exempt Securities
SPA
  —   Stand-by Purchase Agreement
TCRS
  —   Transferable Custodial Receipts
TRANS
  —   Tax Revenue Anticipation Notes
VRDN
  —   Variable Rate Demand Notes
XLCA
  —   Insured by XL Capital Assurance
 
 

 



 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

 
ADDITIONAL INVESTMENT INFORMATION
 

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

TAX INFORMATION — At July 31, 2005, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

         
 
Tax Cost
   $ 501,313,484  
 
Gross unrealized gain
     1,280,367  
Gross unrealized loss
     (4,856,346 )
 
Net unrealized security loss
   $ (3,575,979 )
 

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semiannual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

 

GOLDMAN SACHS MUNICIPAL INCOME FUND

Statement of Investments

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – 95.5%
Alabama – 2.8%
Alabama State Municipal Electric Authority Power Supply RB Series 2003 A (MBIA) (Aaa)
 
   $ 1,000,000       5.00 %     09/01/2033     $ 1,045,990  
Alabama State Public School & College Authority RB for Capital Improvement Series 1999 D (AA/Aa3)
 
     1,150,000       5.75       08/01/2019       1,267,036  
Birmingham Alabama GO Bonds for Capital Improvement Warrants Series 2000 A (AA/Aa3)
 
     1,000,000       5.55       08/01/2021       1,087,210  
Huntsville Alabama GO Refunding Warrants Series 2005 A (FSA) (AAA/Aaa)
 
     1,000,000       5.75       02/01/2015       1,168,100  
Jefferson County Alabama Limited Obligation School Warrants RB Series 2004 A (A/A2)
 
     3,500,000       5.25       01/01/2011       3,751,300  
Montgomery Alabama GO Bonds Warrants Series 1997 A (AA/Aa3)(a)
 
     1,000,000       5.10       04/01/2007       1,050,260  
Tuscaloosa GO Bonds Warrants Series 2000 (AA-/Aa3)(a)
 
     1,000,000       5.65       01/01/2007       1,093,580  
 
                              
 
                             10,463,476  
 
Alaska – 2.5%
Alaska State Housing Finance Corp. RB for General Housing Series 2005 A (FGIC) (AAA/Aaa)
 
     4,000,000       5.25       12/01/2034       4,292,400  
Alaska State Housing Finance Corp. RB Series 1999 A (MBIA) (AAA/AAA)
 
     2,490,000       6.00       06/01/2049       2,613,927  
Anchorage Alaska Water RB Refunding Series 2004 (MBIA) (AAA/Aaa)
 
     1,000,000       5.13       05/01/2029       1,062,530  
Northern Tobacco Securitization Corp. RB for Alaska Asset Backed Bonds Series 2001 (BBB/Baa3)
 
     1,500,000       5.50       06/01/2029       1,524,150  
 
                              
 
                             9,493,007  
 
Arizona – 2.4%
Arizona School Facilities Board RB for State School Trust Series 2004 A (AMBAC) (AAA/Aaa)
 
     3,410,000       5.75       07/01/2018       3,922,455  
Coconino County PCRB for Nevada Power Co. Project Series 1995 E (B-)
 
     325,000       5.35       10/01/2022       325,046  
Maricopa County MF Hsg. IDA RB for Place Five and Greenery Apartments Series 1996 A (ETM) (AAA)
 
     875,000       5.85       01/01/2008       902,729  
Maricopa County United School District No. 41 GO Bonds Series 1995 (FSA) (AAA/Aaa)
 
     2,500,000       6.25       07/01/2015       2,687,175  
Northern Arizona University RB Series 2003 (FGIC) (AAA/Aaa)
 
     1,235,000       5.50       06/01/2025       1,378,383  
 
                              
 
                             9,215,788  
 
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Arkansas – 2.9%
Arkansas Development Finance Authority Hospital RB for Washington Regional Medical Center Series 2000 (BBB/Baa2)(a)
 
   $ 4,000,000       7.25 %     02/01/2010     $ 4,649,520  
Paragould Sales and Use Tax RB Series 2001 (AMBAC) (AAA/Aaa)
 
     1,000,000       5.10       06/01/2018       1,053,250  
 
     375,000       5.05       06/01/2021       375,116  
University of Arkansas RB for Construction UAMS Campus Series 2004 B (MBIA) (Aaa)
 
     1,000,000       5.00       11/01/2027       1,055,210  
University of Arkansas RB for Fayetteville Campus Series 2002 (FGIC) (Aaa)(a)
 
     1,185,000       5.50       12/01/2012       1,336,147  
University of Arkansas RB for Parking Construction UAMS Campus Series 2004 (MBIA) (Aaa)
 
     1,200,000       5.00       07/01/2034       1,244,304  
Washington County Hospital RB Refunding for Regional Medical Center Series 2005 A (BBB/Baa2)
 
     150,000       5.00       02/01/2035       150,450  
Washington County Hospital RB Refunding for Regional Medical Center Series 2005 B (BBB/Baa2)
 
     160,000       4.25       02/01/2015       157,570  
 
     675,000       5.00       02/01/2025       684,166  
 
     150,000       5.00       02/01/2030       151,014  
 
                              
 
                             10,856,747  
 
California – 11.5%
Abag Finance Authority RB for Non-Profit Corp. San Diego Hospital Association Series 2001 A (BBB+/Baa1)
 
     1,000,000       6.13       08/15/2020       1,097,940  
Abag Finance Authority RB for Non-Profit Corps. Samsum-Santa Barbara Series 2002 A (A)
 
     1,500,000       5.50       04/01/2021       1,587,180  
California Infrastructure & Economic Development Bank RB for LA County Department of Public Social Services Series 2003 (AMBAC) (AAA/Aaa)
 
     1,505,000       5.75       09/01/2023       1,719,673  
California State Economic Recovery GO Bonds Series 2004 A (AA-/Aa3)
 
     125,000       5.00       01/01/2009       132,586  
California State Economic Recovery RB for Drivers Series 2004 448 (RITES) (AA-)(b)(c)
 
     625,000       12.92       07/01/2007       757,600  
California State Economic Recovery RB for Drivers Series 2004 448 (RITES) (AA-)(c)
 
     940,000       12.92       01/01/2012       1,351,720  
California State GO Bonds Series 2000 (FGIC) (AAA/Aaa)
 
     1,280,000       5.25       09/01/2030       1,348,019  
California State GO Bonds Series 2003 (A/A2)
 
     1,000,000       5.25       02/01/2033       1,062,950  
California State Public Works Board Lease RB for UCLA Replacement Hospital Series 2002 A (FSA) (AAA/Aaa)
 
     2,000,000       5.38       10/01/2019       2,170,960  


 

 

GOLDMAN SACHS MUNICIPAL INCOME FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
California – (continued)
California State University Fresno Association, Inc. RB for Senior Auxiliary Organization Event Center Series 2002 (Baa3)(a)
 
   $ 1,000,000       6.00 %     07/01/2012     $ 1,161,460  
Cathedral City Improvement Bond Act of 1915 Special Assesment for Cove Improvement District 04-02 Series 2005
 
     1,000,000       5.00       09/02/2020       1,015,180  
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Refunding Series 2005 A (A-/A3)
 
     1,500,000       5.00       06/01/2045       1,540,260  
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-1 (BBB/Baa3)
 
     1,225,000       6.75       06/01/2039       1,407,892  
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-3 (BBB/Baa3)
 
     350,000       7.88       06/01/2042       431,953  
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-5 (BBB/Baa3)
 
     650,000       7.88       06/01/2042       802,197  
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 B (A-/A3)(a)
 
     9,000,000       5.50       06/01/2013       9,977,220  
Kaweah Delta Health Care District RB Series 2004 (A3)
 
     325,000       6.00       08/01/2034       354,023  
Kings River Conservation District California Revenue COPS for Peaking Project Series 2004 (Baa1)
 
     300,000       5.00       05/01/2011       316,503  
 
     300,000       5.00       05/01/2012       316,473  
 
     285,000       5.00       05/01/2015       300,960  
Los Angeles Unified School District GO Bonds for Election of 1997 Series 2002 E (MBIA) (AAA/Aaa)
 
     1,000,000       5.13       01/01/2027       1,061,110  
Menlo Park GO Bonds Series 2002 (Aa1)
 
     1,000,000       5.25       08/01/2027       1,077,480  
Metropolitan Water District Waterworks RB Refunding Series 2001 A (AA+/Aa2)
 
     1,000,000       5.10       07/01/2025       1,058,380  
Murrieta Community Facilities District Special Tax for No. 3 Creekside Village Improvement Area 1 Series 2005
 
     150,000       5.20       09/01/2035       144,908  
Palo Alto Improvement Bond Act of 1915 for Special Assessment University Avenue Area off Street Parking Series 2002 A (BBB)
 
     955,000       5.25       09/02/2015       974,511  
Placentia California COPS Improvement Project Series 2004
 
     1,000,000       5.45       07/01/2025       1,001,030  
Sacramento North Natomas Community Facilities 97-01 Special Tax Series 2005
 
     1,190,000       5.00       09/01/2029       1,175,184  
Sacramento Special Tax Refunding for North Natomas Community Facilities 97-01 Series 2005
 
     565,000       5.00       09/01/2025       559,327  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
California – (continued)
San Diego Unified School District GO Bonds for Election 1998 Series 2002 D (FGIC) (AAA/Aaa)(a)
 
   $ 1,000,000       5.25 %     07/01/2012     $ 1,110,590  
San Gabriel Unified School District GO Bonds Unrefunded Balance Series 2002 A (FSA) (AAA/Aaa)(a)
 
     445,000       5.38       08/01/2012       499,891  
San Gabriel Unified School District GO Bonds Unrefunded Balance Series 2002 A (FSA) (AAA/Aaa)
 
     55,000       5.38       08/01/2021       60,171  
Santa Clara County Financing Authority Special Obligation RB for Measure B Transportation Improvement Program Series 2003 (A2)
 
     200,000       5.00       08/01/2005       200,000  
Tobacco Securitization Authority RB for Southern California Tobacco Settlement Asset Backed Bonds Series 2002 A (BBB/Baa3)
 
     3,000,000       5.63       06/01/2043       3,133,350  
Torrance California COPS Refunding & Public Improvement Project Series 2005 B (AMBAC) (AAA/Aaa)
 
     310,000       5.25       06/01/2034       333,783  
University of California RB for Multiple Purpose Projects Series 2001 M (FGIC) (AAA/Aaa)
 
     1,000,000       5.13       09/01/2022       1,051,960  
 
     1,000,000       5.13       09/01/2023       1,066,690  
 
                              
 
                             43,361,114  
 
Colorado – 1.7%
Aurora Centretech Metropolitan District GO Bonds Series 1998 C (LOC-BNP Paribas) (AA)(b)
 
     2,000,000       4.88       12/01/2008       2,070,560  
Colorado Health Facilities Authority RB for Hospital Poudre Valley Health Care Series 2005 F (BBB+/Baa2)
 
     1,000,000       5.00       03/01/2025       1,014,410  
Colorado Health Facilities Authority RB for Portercare Adventist Health System Series 2001 (A/A2)
 
     500,000       6.50       11/15/2031       555,620  
Denver City & County GO Bonds for Various Purposes Series 1999 B (AA+/Aa1)
 
     1,000,000       5.63       08/01/2007       1,052,440  
La Plata County School District No. 9-R Durango GO Bonds Series 2002 (MBIA) (Aaa)
 
     1,000,000       5.25       11/01/2025       1,074,630  
SBC Metropolitan District GO Refunding Series 2005 (ACA) (A)
 
     500,000       5.00       12/01/2029       508,035  
 
                              
 
                             6,275,695  
 
Connecticut – 0.8%
Connecticut State GO Bonds Residual Certificates Series 2001 515 (RITES) (Aa3)(c)
 
     1,335,000       11.35       12/15/2013       1,875,301  


 

 

GOLDMAN SACHS MUNICIPAL INCOME FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Connecticut – (continued)
Mashantucket Western Pequot Tribe RB Series 1996 A (ETM) (AAA/Aaa)(d)
 
   $ 1,000,000       6.50 %     09/01/2005     $ 1,003,130  
 
                              
 
                             2,878,431  
 
District Of Columbia – 0.5%
District of Columbia Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2001 (BBB/Baa3)
 
     805,000       6.25       05/15/2024       868,378  
 
     1,000,000       6.50       05/15/2033       1,188,600  
 
                              
 
                             2,056,978  
 
Florida – 5.5%
Bridgewater Wesley Chapel Community Development District RB for Capital Improvement Series 2005
 
     2,500,000       5.75       05/01/2035       2,534,875  
Crossings at Fleming Island Community Development District RB for Special Assignment Series 2000 B (MBIA) (AAA/Aaa)
 
     1,765,000       5.80       05/01/2016       1,964,921  
Diamond Hill Community Development District Tax Allocation for Capital Improvement Series 2004
 
     1,730,000       6.00       05/01/2034       1,763,060  
Double Branch Community Development District Special Assessment Series 2005 A
 
     585,000       5.35       05/01/2034       582,631  
Florida State GO Bonds Department of Transportation Right of Way Series 1997 B (AAA/Aa1)(a)
 
     1,000,000       5.50       07/01/2007       1,058,200  
High Ridge Quantum Community Development District Special Assessment for Boynton Beach Series 2005 A
 
     1,960,000       5.75       05/01/2035       1,964,626  
Hollywood Community Redevelopment Agency RB for Beach CRA Series 2004 (Baa2)
 
     300,000       5.63       03/01/2024       320,922  
Keys Cove Community Development District Special Assessment Series 2004
 
     1,225,000       5.88       05/01/2035       1,245,470  
Meadow Pointe III Community Development District RB for Capital Improvement Series 2004 A
 
     1,000,000       6.00       05/01/2035       1,030,920  
Palm Beach County GO Bonds Series 1999 A (AAA/Aaa)(a)
 
     1,000,000       5.45       08/01/2009       1,085,690  
Port Everglades Authority RB Series 1986 (ETM) (AAA/Aaa)
 
     2,785,000       7.13       11/01/2016       3,389,846  
Tampa Palms Open Space and Transportation Community Development District Revenue Special Assessment for Capital Improvement Area 7 Project Series 2004 (MBIA) (AAA/Aaa)
 
     250,000       4.00       05/01/2013       256,865  
 
     1,400,000       4.50       05/01/2018       1,482,208  
Thousand Oaks Community Development District Special Assessment RB Series 2005 A1
 
     1,000,000       5.35       05/01/2035       980,460  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Florida – (continued)
Villagewalk of Bonita Springs Community Development District Special Assessment for Capital Improvements Series 2005
 
   $ 1,000,000       5.60 %     05/01/2036     $ 1,005,650  
 
                              
 
                             20,666,344  
 
Georgia – 2.4%
Augusta Georgia Water & Sewer RB Series 2004 (FSA) (AAA/Aaa)
 
     7,000,000       5.25       10/01/2039       7,553,770  
Chatham County Hospital Authority RB for Hospital Improvement Memorial Health University Series 2004 A (A-/A3)
 
     325,000       5.50       01/01/2034       345,664  
Georgia State GO Bonds Series 1992 B (AAA/Aaa)
 
     1,000,000       6.00       03/01/2012       1,148,250  
 
                              
 
                             9,047,684  
 
Hawaii – 1.3%
Hawaii State Airport Systems RB Series 2000 B (AMT) (FGIC) (AAA/Aaa)
 
     3,500,000       6.63       07/01/2017       3,966,445  
Hawaii State GO Bonds Refunding Series 1997 (FGIC) (AAA/Aaa)
 
     1,000,000       6.00       03/01/2008       1,072,060  
 
                              
 
                             5,038,505  
 
Illinois – 6.1%
Chicago Illinois GO Bonds and Refunding Project Series 2000 C (FGIC) (AAA/Aaa)
 
     2,180,000       5.50       01/01/2019       2,382,130  
Chicago Illinois Ohare International Airport RB for General Airport 3rd Lien Series 2003 A-1 (XLCA) (AAA/Aaa)
 
     490,000       5.25       01/01/2034       520,057  
Chicago Illinois Tax Increment for Near South Redevelopment Project Series 2001 A (ACA) (A)
 
     750,000       5.00       11/15/2011       777,757  
 
     1,250,000       6.25       11/15/2013       1,379,250  
Chicago Illinois Tax Increment Junior Lien for Central Loop Redevelopment Project Series 2000 A (ACA) (A)
 
     2,000,000       6.50       12/01/2008       2,154,200  
Chicago Midway Airport RB Series 1996 A (MBIA) (AAA/Aaa)(a)
 
     2,500,000       5.50       01/01/2007       2,616,725  
Illinois Development Finance Authority PCRB for Amerencips Series 2000 A (A/A2)(b)
 
     2,300,000       5.50       02/28/2014       2,375,233  
Illinois Educational Facilities Authority Student Housing RB for Educational Advancement Fund University Center Project Series 2002 (Baa2)
 
     2,000,000       6.25       05/01/2030       2,146,280  
 
     1,500,000       6.25       05/01/2034       1,547,505  
Illinois State GO First Series 2002 (MBIA) (AAA/Aaa)
 
     3,000,000       5.38       07/01/2019       3,280,920  


 

 

GOLDMAN SACHS MUNICIPAL INCOME FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Illinois – (continued)
Lake County Community Consolidated School District No. 041 GO Bonds Series 1999 A (FSA) (AAA/Aaa)
 
   $ 2,725,000       9.00 %     11/01/2016     $ 3,908,794  
 
                              
 
                             23,088,851  
 
Indiana – 0.2%
Indianapolis Airport Authority RB for Special Facilities Federal Express Corp. Project Series 2004 (AMT) (BBB/Baa2)
 
     640,000       5.10       01/15/2017       668,224  
 
Iowa – 0.4%
Tobacco Settlement Authority RB for Iowa Asset Backed Bonds Series 2001 B (BBB/Baa3)
 
     1,400,000       5.60       06/01/2035       1,450,330  
 
Kansas – 0.3%
Wichita Hospital RB for Refunding and Improvement Facilities Series 2001 III (A+)
 
     1,000,000       5.50       11/15/2025       1,058,260  
 
Kentucky – 1.8%
Kentucky Economic Development Finance Authority RB for Norton Healthcare Inc. Series 2000 C (MBIA) (AAA/Aaa)(e)
 
     3,250,000       0.00/6.00       10/01/2018       3,609,190  
Russell Kentucky RB for Bon Secours Health Systems Series 2000 (ETM) (AAA/A3)
 
     3,000,000       5.85       11/15/2005       3,028,020  
 
                              
 
                             6,637,210  
 
Louisiana – 1.5%
Louisiana State Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2003 C (A/A3)
 
     1,000,000       5.25       09/01/2015       1,056,530  
 
     500,000       5.25       09/01/2016       525,835  
New Orleans Levee District Public Improvement RB Series 1995 (FSA) (AAA/Aaa)
 
     1,430,000       5.95       11/01/2015       1,486,957  
Tobacco Settlement Financing Corp. RB Series 2001 B (BBB/Baa3)
 
     1,285,000       5.50       05/15/2030       1,340,139  
 
     1,220,000       5.88       05/15/2039       1,289,918  
 
                              
 
                             5,699,379  
 
Maryland – 2.5%
Anne Arundel County Special Obligation RB for Aundel Mills Project Series 2004 (AA+/Aa1)
 
     1,500,000       5.13       07/01/2029       1,601,055  
Baltimore RB for Wastewater Projects Series 2005 B (MBIA) (AAA/Aaa)
 
     3,260,000       5.00       07/01/2035       3,466,814  
Frederick County Special Tax for Lake Linganore Village Community Development Series 2001 A (Radian) (AA)
 
     500,000       5.60       07/01/2020       549,690  
 
     1,000,000       5.70       07/01/2029       1,095,780  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Maryland – (continued)
Maryland State Department of Transportation RB Series 2004 PA 1259 (RITES)(c)
 
   $ 575,000       12.04 %     05/01/2014     $ 800,124  
Maryland State Health & Higher Educational Facilities Authority RB for Medstar Health Series 2004 (BBB/Baa1)
 
     500,000       5.38       08/15/2024       524,975  
 
     750,000       5.50       08/15/2033       780,293  
Maryland State Health and Higher Educational Facilities Authority RB for Maryland Institute College of Art Series 2001 (Baa1)
 
     500,000       5.50       06/01/2032       523,780  
 
                              
 
                             9,342,511  
 
Massachusetts – 2.9%
Massachusetts Bay Transportation Authority (AAA/Aa1)
 
     1,000,000       5.00       07/01/2028       1,058,160  
Massachusetts State GO Bonds for Consolidated Loan Series 2000 A (AAA/Aa2)(a)
 
     2,000,000       6.00       02/01/2010       2,234,000  
Massachusetts State GO Bonds Series 1996 D (AMBAC) (AAA/Aaa)(a)
 
     3,000,000       4.50       11/01/2006       3,064,800  
Massachusetts State Health and Educational Facilities Authority RB for Harvard Pilgrim Health Series 1998 A (FSA) (AAA/Aaa)
 
     3,750,000       5.25       07/01/2012       3,976,762  
Massachusetts State School Building Authority Sales Tax RB Series 2005 A (FSA) (AAA/Aaa)
 
     500,000       5.00       08/15/2030       529,110  
 
                              
 
                             10,862,832  
 
Michigan – 0.9%
Michigan State Hospital Finance Authority RB for Ascension Health Credit Series 1999 A (MBIA) (AAA/Aaa)(a)
 
     2,000,000       6.13       11/15/2009       2,241,220  
Pontiac Tax Increment Finance Authority RB for Tax Increment Development Area No. 3 Series 2002 (ACA) (A)
 
     1,000,000       5.38       06/01/2017       1,055,100  
 
                              
 
                             3,296,320  
 
Mississippi – 0.5%
Mississippi Business Finance Corp. PCRB for Systems Energy Resources Inc. Project Series 1998 (BBB-/Ba1)
 
     1,950,000       5.88       04/01/2022       1,975,311  
 
Missouri – 1.8%
Cameron IDA Health Facilities RB Insured by Cameron Community Hospital Series 2000 (ACA) (A)
 
     1,800,000       6.25       12/01/2021       1,967,184  
Missouri State Environmental Improvement & Energy Resource Authority RB for Kansas City Power & Light Series 1993 (BBB/A2)
 
     515,000       4.00       01/02/2012       517,014  


 

 

GOLDMAN SACHS MUNICIPAL INCOME FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Missouri – (continued)
Missouri State Health and Educational Facilities Authority RB for St. Lukes Episcopal-Presbyterian Hospital Series 2001 (FSA) (AAA/Aaa)
 
   $ 1,000,000       5.50 %     12/01/2015     $ 1,098,300  
Truman State University Housing System RB Series 2004 (AMBAC) (Aaa)
 
     3,000,000       5.00       06/01/2030       3,140,190  
 
                              
 
                             6,722,688  
 
Montana(b) – 0.3%
Forsyth Montana PCRB Refunding Portland General Series 1998 A-RMKT 5/1/03 (BBB+/Baa1)
 
     1,000,000       5.20       05/01/2009       1,049,090  
 
Nevada – 2.1%
Clark County Industrial Development RB for Southwest Gas Corp. Project Series 2003 C (BBB-/Baa2)(b)
 
     765,000       5.45       03/01/2013       811,703  
Las Vegas New Convention and Visitors Authority RB Series 1999 (AMBAC) (AAA/Aaa)(a)
 
     2,500,000       6.00       07/01/2009       2,782,300  
Nevada Department of Business and Industry RB for Las Vegas Monorail Project 1st Tier Series 2000 (AMBAC) (AAA/Aaa)
 
     2,500,000       5.63       01/01/2032       2,725,950  
Washoe County GO Bonds for Reno Sparks Convention Series 2000 A (FSA) (AAA/Aaa)(a)
 
     1,585,000       6.38       01/01/2010       1,788,356  
 
                              
 
                             8,108,309  
 
New Hampshire – 0.5%
New Hampshire Health & Educational Facilities Authority RB for Southern New Hampshire Medical Center Series 2004 A (Radian) (AA)
 
     100,000       5.00       10/01/2013       106,756  
 
     200,000       5.00       10/01/2015       212,678  
 
     100,000       5.00       10/01/2018       104,478  
New Hampshire Health and Educational Facilities Authority RB for Healthcare Systems Covenant Health Series 2002 (A)
 
     500,000       6.00       07/01/2022       545,980  
New Hampshire Municipal Bond Bank RB Series 2003 (MBIA) (AAA/Aaa)
 
     1,000,000       5.25       08/15/2019       1,108,320  
 
                              
 
                             2,078,212  
 
New Jersey – 4.8%
New Jersey Economic Development Authority RB for Cigarette Tax Series 2004 (Radian) (AA)
 
     1,085,000       5.50       06/15/2016       1,195,041  
New Jersey Health Care Facilities Financing Authority RB for Palisades Medical Center of New York Healthcare Series 2002 (BBB-/Baa3)
 
     500,000       6.50       07/01/2021       536,545  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
New Jersey – (continued)
New Jersey State Educational Facilities Authority RB for Fairleigh Dickinson University Series 2002 D (ACA) (A)
 
   $ 625,000       5.25 %     07/01/2032     $ 642,887  
New Jersey State GO Bonds Refunding Series 1999 F (AA/Aa3)
 
     1,000,000       5.50       08/01/2011       1,109,010  
New Jersey State Transportation Trust Fund Authority RB for Transportation System Series 2003 C (AAA/Aaa)(a)
 
     3,000,000       5.50       06/15/2013       3,393,930  
Tobacco Settlement Financing Corp. RB for New Jersey Asset Backed Bonds Series 2002 (BBB/Baa3)
 
     2,800,000       5.75       06/01/2032       2,961,280  
 
     2,370,000       6.00       06/01/2037       2,588,419  
Tobacco Settlement Financing Corp. RB Series 2003 (BBB/Baa3)
 
     300,000       6.75       06/01/2039       356,805  
University of Medicine & Dentistry of New Jersey COPS Series 2004 (MBIA) (AAA/Aaa)
 
     5,000,000       5.00       06/15/2036       5,233,000  
 
                              
 
                             18,016,917  
 
New Mexico – 1.0%
Farmington PCRB Public Service Co. New Mexico Series 1997 D (BBB/Baa2)
 
     3,530,000       6.38       04/01/2022       3,782,077  
 
New York – 5.6%
Brookhaven New York GO Bonds Series 1995 (FGIC) (AAA/Aaa)(a)
 
     500,000       5.50       10/01/2006       525,455  
Metropolitan Transportation Authority RB for Refunding Transportation Series 2002 F (MBIA) (AAA/Aaa)
 
     1,000,000       5.25       11/15/2027       1,077,590  
Metropolitan Transportation Authority RB Series 2002 PA 1027 (RITES) (AMBAC)(c)
 
     1,000,000       8.36       11/15/2015       1,238,720  
New York City GO Bonds Prerefunded Series 1996 G (A+/A1)(a)
 
     3,900,000       5.75       02/01/2006       4,016,532  
New York City GO Bonds Series 1997 C (MBIA-IBC)(a)
 
     55,000       5.38       11/15/2007       58,612  
New York City GO Bonds Unrefunded Balance Series 1997 C (MBIA-IBC)
 
     945,000       5.38       11/15/2017       1,000,368  
New York City IDA Civic Facility RB for Polytechnical University Project Series 2000 (BB+/Ba3)
 
     1,250,000       6.00       11/01/2020       1,256,950  
New York City Transitional Finance Authority RB for Future Tax Secured Series 2002 C (FGIC) (AAA/Aaa)
 
     1,000,000       5.25       08/01/2014       1,097,340  
New York City Transitional Finance Authority RB Series 2002 R PA 1043 (RITES) (AAA)(c)
 
     1,000,000       8.36       11/01/2022       1,204,820  


 

 

GOLDMAN SACHS MUNICIPAL INCOME FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
New York – (continued)
New York State Dormitory Authority RB for Montefiore Hospital Series 2004 (FGIC, FHA) (AAA/Aaa)
 
   $ 2,500,000       5.00 %     08/01/2029     $ 2,639,225  
New York State Dormitory Authority RB for North Shore University Hospital Series 1998 (MBIA) (AAA/Aaa)
 
     1,500,000       5.50       11/01/2014       1,714,725  
New York State Dormitory Authority RB for Rochester General Hospital Series 2005 (Radian) (AA/Aa3)
 
     210,000       5.00       12/01/2025       220,712  
 
     225,000       5.00       12/01/2035       234,198  
New York State Environmental Facilities Corp. State Clean Water & Drinking RB for Revolving Funds Pooled Funding Program Series 2002 F (AAA/Aaa)
 
     500,000       5.25       11/15/2020       545,390  
New York State GO Bonds Refunding Series 1998 F (AA/A1)
 
     500,000       5.25       09/15/2013       533,305  
Tobacco Settlement Financing Corp. RB for New York Asset Backed Bonds Series 2003 A-1 (AA-/A2)
 
     2,600,000       5.50       06/01/2019       2,883,712  
Triborough Bridge & Tunnel Authority RB for General Purpose Series 1999 A (AAA/Aa2)(a)
 
     1,000,000       5.25       07/01/2009       1,083,020  
 
                              
 
                             21,330,674  
 
North Carolina – 2.8%
Charlotte North Carolina Water & Sewer System RB Series 2001 (AAA/Aa1)
 
     1,000,000       5.13       06/01/2026       1,064,240  
North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2002 A (AA+/Aa1)
 
     2,000,000       5.13       07/01/2042       2,095,640  
North Carolina Eastern Municipal Power Agency Power System RB Series 2003 C (BBB/Baa2)
 
     500,000       5.38       01/01/2016       529,230  
 
     850,000       5.38       01/01/2017       902,445  
North Carolina Eastern Municipal Power Agency Power System RB Series 2003 D (BBB/Baa2)
 
     600,000       5.13       01/01/2023       618,810  
North Carolina Medical Care Community Hospital RB for Northeast Medical Center Project Series 2000 (AMBAC) (AAA/Aaa)
 
     3,000,000       5.50       11/01/2025       3,245,520  
North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 2003 A (BBB+/A3)
 
     450,000       5.50       01/01/2013       495,634  
Winston-Salem North Carolina Water & Sewer Systems RB Refunding Series 2001 (AAA/Aa2)(a)
 
     1,500,000       5.25       06/01/2011       1,665,405  
 
                              
 
                             10,616,924  
 
Ohio – 0.6%
Cleveland Cuyahoga County Port Authority RB for Rock and Roll Hall of Fame Series 1997 (ETM)
 
     600,000       5.45       12/01/2005       605,508  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Ohio – (continued)
Ohio State Building Authority RB Refunding for State Facilities Adult Correction Series 2001 A (FSA) (AAA/Aaa)
 
   $ 1,000,000       5.50 %     10/01/2013     $ 1,108,760  
Pickerington Local School District GO Bonds for School Facilities Construction & Improvement Series 2001 (FGIC) (AAA/Aaa)
 
     500,000       5.25       12/01/2020       542,755  
 
                              
 
                             2,257,023  
 
Oregon – 0.6%
Klamath Falls Intermediate Community Hospital Authority RB for Merle West Medical Center Project Series 2002
 
     2,000,000       6.13       09/01/2022       2,131,520  
 
Pennsylvania – 1.1%
Bristol Borough School District GO Series 2005 (FSA) (AAA)
 
     100,000       5.25       03/01/2025       109,067  
Montgomery County Higher Education & Health Authority RB for Catholic Health Systems East Series 2004 C (A/A1)
 
     150,000       5.38       11/15/2034       158,925  
Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Amtrak Project Series 2001 A (AMT) (BBB/A3)
 
     2,000,000       6.25       11/01/2031       2,153,920  
Pennsylvania Intergovernmental Cooperative Authority Special Tax Revenue Refunding for Philadelphia Funding Program Series 1999 (FGIC) (AAA/Aaa)
 
     1,000,000       5.25       06/15/2015       1,063,850  
Pennsylvania State Higher Educational Facilities Authority RB for Philadelphia University Series 2004 A (BBB/Baa2)
 
     400,000       5.25       06/01/2032       410,772  
Pennsylvania State Public School Building Authority RB for Montgomery County Community College Project Series 2005 (AMBAC) (Aaa)
 
     160,000       5.00       05/01/2024       171,064  
St. Mary Hospital Authority RB Refunding for Catholic Health East Series 2004 B (A/A1)
 
     225,000       5.38       11/15/2034       238,388  
 
                              
 
                             4,305,986  
 
Puerto Rico – 1.1%
Children’s Trust Fund RB Refunding Tobacco Settlement Series 2005(f)
 
     6,300,000       0.00       05/15/2050       399,924  
Puerto Rico Commonwealth Highway and Transportation Authority RB Series 1996 Y (XLCA) (AAA/Aaa)
 
     2,500,000       5.00       07/01/2036       2,673,525  
Puerto Rico Commonwealth Infrastructure Financing Authority RB Series 2005 B (BBB+/Baa2)
 
     1,000,000       5.00       07/01/2041       1,042,020  
 
                              
 
                             4,115,469  
 


 

 

GOLDMAN SACHS MUNICIPAL INCOME FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
South Carolina – 3.1%
Grand Strand Water & Sewer Authority South Carolina Waterworks & Sewer Systems RB Series 2001 (FSA) (AAA/Aaa)
 
   $ 5,000,000       5.00 %     06/01/2031     $ 5,201,900  
Greenville County School District Installment Purpose Refunding RB for Building Equity Sooner Tomorrow Series 2002 (AA-/Aa3)
 
     1,000,000       6.00       12/01/2021       1,120,500  
Lancaster County School District GO Bonds Series 1999 (FSA) (AAA/Aaa)
 
     1,000,000       5.10       03/01/2015       1,068,630  
Medical University Hospital Authority RB for Hospital Facilities Series 2004 A (MBIA, FHA) (AAA/Aaa)
 
     4,000,000       5.00       08/15/2031       4,159,080  
 
                              
 
                             11,550,110  
 
Tennessee – 3.1%
Elizabethton Health and Educational Board RB First Mortgage Series 2000 B (MBIA) (AAA/Aaa)
 
     2,000,000       6.25       07/01/2015       2,374,160  
Hallsdale Powell Utility District RB for Knox County Water & Sewer Improvement Series 2004 B (FGIC) (AAA/Aaa)
 
     1,260,000       5.00       04/01/2034       1,313,638  
Johnson City Health and Educational Facilities Board Hospital for Mountain States Health RB First Mortgage Series 2000 A (MBIA) (AAA/Aaa)
 
     3,000,000       6.25       07/01/2016       3,597,870  
McMinnville Housing Authority RB First Mortgage for Beersheba Heights Tower Series 1997 (A2)
 
     695,000       6.00       10/01/2009       725,511  
Shelby County Health Educational & Housing Facilities Board RB PA 1277 A (RITES) (AA)(b)(c)
 
     810,000       12.13       10/01/2008       961,988  
Shelby County Health Educational & Housing Facilities Board RB PA 1277 B (RITES) (AA)(c)
 
     120,000       12.13       09/01/2008       141,965  
Sullivan County Health Educational and Housing Facilities Board RB for Wellmont Health Systems Project Series 2002 (BBB+)
 
     300,000       5.25       09/01/2005       300,432  
Tennessee Housing Development Agency RB for Homeownership Program 1 Series 2000 (AMT) (AA/Aa2)
 
     2,130,000       5.85       07/01/2011       2,277,311  
 
                              
 
                             11,692,875  
 
Texas – 6.0%
Brazos River Authority PCRB for Texas Utility Co. Series 1999 A (AMT) (BBB-/Baa2)
 
     700,000       7.70       04/01/2033       831,404  
Brazos River Authority PCRB for TXU Electric Co. Project Series 1999 C (AMT) (BBB-/Baa2)
 
     1,200,000       7.70       03/01/2032       1,426,968  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Texas – (continued)
Brazos River Authority PCRB for TXU Electric Co. Project Series 2001 C (AMT) (BBB-/Baa2)(b)
 
   $ 1,045,000       5.75 %     11/01/2011     $ 1,108,055  
Brazos River Authority RB for Reliant Energy Inc. Project Series 1999 A (BBB-/Ba1)
 
     1,250,000       5.38       04/01/2019       1,294,513  
Fort Bend County Municipal Utilities District No. 30 GO Bonds Series 2004 (FSA) (AAA/Aaa)
 
     2,015,000       5.75       09/01/2027       2,254,120  
Frisco Independent School District GO Bonds Series 2002 (PSF-GTD) (Aaa)
 
     1,000,000       5.13       08/15/2030       1,050,220  
Grand Prairie Independent School District GO Bonds Series 2003 (FSA) (AAA/Aaa)
 
     1,000,000       5.38       02/15/2018       1,103,010  
Gregg County Health Facilities Development Corp. RB for Good Shepherd Medical Center Project Series 2000 (Radian) (AA)
 
     3,000,000       6.38       10/01/2025       3,374,460  
Gulf Coast Waste Disposal Authority Texwaste Disposal RB for Valero Energy Corp. Project Series 2001 (AMT) (BBB-/Baa3)
 
     1,000,000       6.65       04/01/2032       1,093,740  
Harris County Hospital District RB (MBIA) (AAA/Aaa)
 
     2,050,000       6.00       02/15/2016       2,284,602  
Hidalgo County Health Services RB for Mission Hospital Inc. Project Series 2005 (BBB/Baa2)
 
     700,000       5.00       08/15/2019       711,655  
Mesquite Independent School District GO Bonds Refunding Series 2002 (PSF-GTD) (AAA)
 
     1,160,000       5.50       08/15/2021       1,276,940  
Metropolitan Health Facilities Development Corp. RB for Wilson N. Jones Memorial Hospital Project Series 2001 (B1)
 
     1,300,000       6.63       01/01/2011       1,305,733  
University of Texas RB for Fing System Series 2003 B (AAA/Aaa)
 
     1,000,000       5.25       08/15/2020       1,086,580  
Waxahachie Independent School District GO Bonds Capital Appreciating Prerefunded Series 2000 (PSF-GTD) (Aaa)(a)(f)
 
     1,775,000       0.00       08/15/2010       1,234,992  
Waxahachie Independent School District GO Bonds Capital Appreciating Unrefunded Balance Series 2000 (PSF-GTD) (Aaa)(f)
 
     80,000       0.00       08/15/2013       57,879  
Williamson County GO Bonds for Road Series 2002 (FSA) (AAA/Aaa)
 
     1,040,000       5.25       02/15/2027       1,110,387  
 
                              
 
                             22,605,258  
 


 

 

GOLDMAN SACHS MUNICIPAL INCOME FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
U.S. Virgin Islands – 0.3%
Virgin Islands Public Finance Authority RB for Senior Lien Matching Fund Loan Note Series 2004 A (BBB)
 
   $ 500,000       5.00 %     10/01/2014     $ 538,405  
 
     500,000       5.25       10/01/2016       542,725  
 
                              
 
                             1,081,130  
 
Utah – 0.5%
Tooele County Hazardous Waste Treatment RB for Union Pacific Project Series 1992 A (AMT) (BBB/Baa2)
 
     2,000,000       5.70       11/01/2026       2,087,440  
 
Vermont – 0.5%
Vermont State Student Assistance Corp. Education Loan RB for Finance Program Series 1993 D (AMT) (FSA) (AAA/Aaa)
 
     2,000,000       9.50       12/15/2005       2,041,180  
 
Virginia – 1.0%
Bristol Virginia Utilities System RB Refunding Series 2003 (MBIA) (AAA/Aaa)
 
     1,850,000       5.25       07/15/2026       1,991,747  
Chesapeake IDA PCRB for Virginia Project Series 1985 (BBB+/A3)
 
     750,000       5.25       02/01/2008       762,735  
Virginia Commonwealth Transportation Board RB for Northern Virginia Transportation District Program Series 1999 A (AA+/Aa1)(a)
 
     1,000,000       5.50       05/15/2009       1,094,280  
 
                              
 
                             3,848,762  
 
Washington – 5.1%
Chelan County Public Utilities District No. 001 RB for Chelan Hydro Project Series 1997 D (AMT) (MBIA) (AAA/Aaa)
 
     2,500,000       6.35       07/01/2028       2,673,450  
King County Sewer RB Series 1999-2 (FGIC) (AAA/Aaa)(a)
 
     3,965,000       6.25       01/01/2009       4,403,252  
Tacoma Washington GO Bonds Series 2004 (MBIA) (AAA/Aaa)
 
     4,000,000       5.00       12/01/2030       4,200,520  
Vancouver Downtown Redevelopment Authority RB for Conference Center Project Series 2003 A (ACA) (A)
 
     3,025,000       6.00       01/01/2034       3,291,109  
Washington Health Care Facilities Authority RB for Overlake Hospital Medical Center Series 2005 A (AAA/Aa1)
 
     475,000       5.00       07/01/2015       517,593  
Washington Housing Finance Commission RB for Single Family Program Series 2000 5-NR (FNMA, FHLMC, GNMA) (Aaa)
 
     315,000       5.70       06/01/2016       324,330  
Washington Public Power Supply System RB for Nuclear Project No. 2 Series 1996 A (AMBAC) (AAA/Aaa)
 
     2,500,000       5.70       07/01/2011       2,610,425  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Washington – (continued)
Washington State GO Bonds Series 2000 B (AA/Aa1)(a)
 
   $ 1,000,000       6.00 %     01/01/2010     $ 1,110,830  
 
                              
 
                             19,131,509  
 
West Virginia(a) – 0.3%
West Virginia State GO Bonds for State Road Series 2000 (FGIC) (AAA/Aaa)
 
     1,000,000       5.63       06/01/2010       1,112,410  
 
Wisconsin – 1.9%
Badger Tobacco Asset Securitization Corp. RB Asset Backed Bonds Series 2002 (BBB/Baa3)
 
     1,000,000       6.38       06/01/2032       1,080,380  
Wisconsin State GO Bonds Series 1999 C (AA-/Aa3)(a)
 
     5,380,000       6.25       05/01/2010       6,076,441  
 
                              
 
                             7,156,821  
 
TOTAL MUNICIPAL DEBT OBLIGATIONS
 $ 360,255,381  
 
Other Municipals(b)(d) – 1.2%
GMAC Municipal Mortgage Trust Series A (A3)
 
   $ 525,000       4.15 %     10/31/2009     $ 519,939  
GMAC Municipal Mortgage Trust Series A-1 (A3)
 
     375,000       4.90       10/31/2014       374,696  
GMAC Municipal Mortgage Trust Series A-2 (A3)
 
     1,350,000       5.30       10/31/2019       1,368,792  
GMAC Municipal Mortgage Trust Series B (BAA1)
 
     1,350,000       5.60       10/31/2019       1,380,510  
Municipal Mortgage & Equity LLC RB for 1999 A Tax-Exempt MF Hsg. Certificates Series 1999
 
     1,000,000       4.95       08/15/2005       1,000,500  
 
TOTAL OTHER MUNICIPALS
   $ 4,644,437  
 


 

 

GOLDMAN SACHS MUNICIPAL INCOME FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Short-Term Investments (g) – 1.4%
California – 1.1%
California Housing Finance Agency RB VRDN for Home Mortgage Series 2001 U (AMT) (MBIA) (SPA-Bank of New York) (A-1+/VMIG1)
 
   $ 2,750,000       2.34 %     08/01/2005     $ 2,750,000  
California Housing Finance Agency RB VRDN for Home Mortgage Series 2002 J (AMT) (MBIA) (SPA-Lloyds TSB Bank PLC) (A-1+/VMIG1)
 
     1,300,000       2.34       08/01/2005       1,300,000  
 
                              
 
                             4,050,000  
 
Indiana – 0.3%
Indiana Health Facility Financing Authority Hospital RB VRDN for Clarian Health Obligation Series 2000 B (SPA-J.P. Morgan Chase & Co.) (AA-/A1)
 
     1,000,000       2.30       08/01/2005       1,000,000  
 
TOTAL SHORT-TERM INVESTMENTS
 $ 5,050,000  
 
TOTAL INVESTMENTS — 98.1%
   $ 369,949,818  
 

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

(a) Prerefunded security. Maturity date disclosed is prerefunding date.

(b) Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset dates.

(c) Inverse variable rate security. Coupon rate disclosed is that which is in effect at July 31, 2005.

(d) 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 amounts to $5,647,567, which represents approximately 1.5% of net assets as of July 31, 2005.

(e) This security is issued with a zero coupon rate which increases to the stated rate at a set date in the future.

(f) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(g) Variable rate security. Coupon rate disclosed is that which is in effect at July 31, 2005.

Security ratings disclosed, if any, are issued by Standard & Poor’s/Moody’s Investors Service. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

         
 
Investment Abbreviations:        
ACA
  —   Insured by American Capital Access
AMBAC
  —   Insured by American Municipal Bond Assurance Corp.
AMT
  —   Alternative Minimum Tax
COPS
  —   Certificates of Participation
CRA
  —   Community Reinvestment Act
ETM
  —   Escrow to Maturity
FGIC
  —   Insured by Financial Guaranty Insurance Co.
FHA
  —   Insured by Federal Housing Administration
FHLMC
  —   Insured by Federal Home Loan Mortgage Corp.
FNMA
  —   Insured by Federal National Mortgage Association
FSA
  —   Insured by Financial Security Assurance Co.
GNMA
  —   Insured by Government National Mortgage Association
GO
  —   General Obligation
IDA
  —   Industrial Development Authority
MBIA
  —   Insured by Municipal Bond Investors Assurance
MBIA-IBC
  —   Insured by Municipal Bond Investors Assurance — Insured Bond Certificates
MF Hsg.
  —   Multi-Family Housing
PCRB
  —   Pollution Control Revenue Bond
PSF-GTD
  —   Guaranteed by Permanent School Fund
Radian
  —   Insured by Radian Asset Assurance
RB
  —   Revenue Bond
RITES
  —   Residual Interest Tax Exempt Securities
VRDN
  —   Variable Rate Demand Notes
XLCA
  —   Insured by XL Capital Assurance
 


 

 

GOLDMAN SACHS MUNICIPAL INCOME FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

 
ADDITIONAL INVESTMENT INFORMATION
 

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

SWAP CONTRACTS — At July 31, 2005, the Fund had outstanding swap contracts with the following terms :

                                 
                    Rate Type      
        Notional         Payments   Payments      
    Swap   Amount     Termination   made by   received by   Unrealized  
Swap Type   Counterparty   (000s)     Date   the Fund   the Fund   Loss  
 
 
                       3 month LIBOR        
Interest Rate
   Salomon Smith Barney   $ 7,500     08/15/2035   4.98%   floating   $ (28,688 )
 
                       3 month LIBOR        
Interest Rate
   Merrill Lynch     7,500     08/15/2035   4.98%   floating     (28,688 )
 
TOTAL
                           $ (57,376 )
 

TAX INFORMATION — At July 31, 2005, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

         
 
Tax Cost
   $ 345,605,803  
 
Gross unrealized gain
     39,541,575  
Gross unrealized loss
     (15,197,560 )
 
Net unrealized security gain
   $ 24,344,015  
 

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semiannual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – 96.1%
Alabama – 0.1%
Butler Industrial Development Board Solid Waste Disposal RB for Georgia Pacific Corp. Project Series 2004 (AMT) (BB+)
 
   $ 5,000,000       5.75 %     09/01/2028     $ 5,075,650  
 
Alaska – 0.3%
Northern Tobacco Securitization Corp. RB for Alaska Asset Backed Bonds Series 2001 (BBB/Baa3)
 
     9,160,000       5.50       06/01/2029       9,307,476  
Northern Tobacco Securitization Corporate Settlement RB for Asset Backed Bonds Series 2000 (BBB/Baa3)
 
     4,620,000       6.20       06/01/2022       4,849,013  
 
                              
 
                             14,156,489  
 
Arizona – 0.8%
Apache County IDA PCRB for Tuscon Electric Power Co. Project Series 1998 A (B+/Ba1)
 
     5,000,000       5.85       03/01/2028       5,000,900  
Apache County IDA PCRB for Tuscon Electric Power Co. Project Series 1998 B (B+/Ba1)
 
     5,000,000       5.88       03/01/2033       5,000,550  
Coconino County PCRB for Nevada Power Co. Project Series 1995 E (B-)
 
     1,500,000       5.35       10/01/2022       1,500,210  
Coconino County PCRB for Nevada Power Co. Series 1997 B (AMT) (B-)
 
     2,500,000       5.80       11/01/2032       2,500,225  
Maricopa County PCRB for El Paso Electric Co. RMTK- 8/24/00 Series 1985 A (BBB/Baa3)(a)
 
     8,000,000       6.38       08/01/2005       8,000,000  
Maricopa County PCRB for Public Service Palo Verde Series 2003 A (BBB/Baa2)(a)
 
     4,000,000       4.00       07/01/2009       4,015,720  
Maricopa County PCRB for Southern California Edison Co. Series 2000 A (BBB+/A3)(a)
 
     2,250,000       2.90       03/02/2009       2,182,770  
Red Hawk Canyon Community Facilities District No. 1 Special Assessement Series 2005
 
     5,075,000       5.20       06/01/2009       5,045,108  
University Medical Center Corp. RB Series 2004 (BBB+/Baa1)
 
     2,150,000       5.00       07/01/2024       2,215,381  
Yavapai County IDA Hospital Facilities RB for Regional Medical Center 2003 A (Baa2)
 
     1,250,000       6.00       08/01/2033       1,335,788  
 
                              
 
                             36,796,652  
 
Arkansas – 0.6%
Independence County PCRB Refunding for Entergy Ark Inc. Project Series 2005 (A-/Baa1) 
 
     10,730,000       5.00       01/01/2021       10,944,707  
Little River County RB for Georgia Pacific Corp. Project Series 1998 (AMT) (Ba3)
 
     3,010,000       5.60       10/01/2026       3,021,047  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Arkansas – (continued)
Washington County Hospital RB Refunding for Regional Medical Center Series 2005 A (BBB/Baa2)
 
   $ 1,850,000       5.00 %     02/01/2035     $ 1,855,550  
Washington County Hospital RB Refunding for Regional Medical Center Series 2005 B (BBB/Baa2)
 
     1,850,000       4.25       02/01/2015       1,821,899  
 
     1,000,000       4.50       02/01/2020       967,190  
 
     8,325,000       5.00       02/01/2025       8,438,053  
 
     1,850,000       5.00       02/01/2030       1,862,506  
 
                              
 
                             28,910,952  
 
California – 12.6%
Abag Finance Authority for Nonprofit Corps. Community Facilities District Special Tax No. 2004-2 Windemere Ranch Series 2004
 
     3,855,000       6.00       09/01/2027       4,107,310  
 
     4,900,000       6.00       09/01/2034       5,239,080  
Abag Finance Authority RB for Non-Profit Corps. Samsum-Santa Barbara Series 2002 A (A)
 
     2,000,000       5.50       04/01/2021       2,116,240  
 
     2,750,000       5.60       04/01/2026       2,901,223  
Brentwood California Infrastructure Refunding Authority RB CIFP Series 2004-1
 
     1,350,000       5.75       09/02/2024       1,390,676  
 
     2,200,000       5.80       09/02/2028       2,266,308  
 
     2,500,000       5.88       09/02/2034       2,575,400  
Brentwood Infrastructure Financing Authority Special Assessment Series 2005 B
 
     235,000       5.00       09/02/2025       229,748  
 
     535,000       5.15       09/02/2032       525,771  
California County Tobacco Securitization Agency of Asset Backed Bonds RB for Kern County Series 2002 B (BBB)
 
     195,000       6.00       06/01/2029       210,582  
California County Tobacco Securitization Agency RB for Alameda County Asset Backed Bonds Series 2002 (Baa3)
 
     555,000       5.75       06/01/2029       591,303  
California County Tobacco Securitization Agency RB for Fresno County Funding Asset Backed Bonds Series 2002 (BBB/Baa3)
 
     385,000       6.00       06/01/2035       412,273  
California Department Water Resources Power Supply RB for Drivers Series 2002 310 (AMBAC) (RITES) (AAA)(b)
 
     5,000,000       8.60       05/01/2014       6,181,300  
California Educational Facilities Authority RB for Dominican University Series 2001 (Baa3)
 
     1,445,000       5.75       12/01/2030       1,498,537  
California Educational Facilities Authority RB for Golden Gate University Series 2005 (Baa3)
 
     2,000,000       5.00       10/01/2036       2,025,320  
California Educational Facilities Authority RB for Pepperdine University Series 2000 (A1)(c)
 
     6,000,000       5.75       09/15/2008       6,551,280  
California Educational Facilities Authority RB Refunding for Pepperdine University Series 2005 B (AMBAC) (Aaa)
 
     10,000,000       5.00       12/01/2032       10,616,600  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
California – (continued)
California Financing Authority PCRB for Drivers Series 2004 475 (AMT) (FGIC) (Aaa)(a)(b)
 
   $ 7,500,000       6.82 %     06/01/2006     $ 7,700,100  
California PCRB Financing Authority Solid Waste Disposal for Waste Management Inc. Project Series 2005 A-1 (AMT) (BBB)(a)
 
     4,000,000       4.70       04/01/2012       4,087,440  
California Special Districts Association Finance Corp. COPS for Special Districts Finance Program Series 2005 RR (XLCA) (AAA)
 
     500,000       5.00       08/01/2025       523,225  
 
     1,000,000       5.00       08/01/2035       1,039,890  
California State Department Water Resources Power Supply RB Series 2003 PA 1152 R (FSA) (RITES)(b)
 
     18,250,000       7.28       05/01/2011       21,704,725  
California State Economic Recovery GO Bonds for Rols RR II Series 2004 R 281 (RITES) (AA-)(a)(b)
 
     6,250,000       14.56       07/01/2008       7,576,000  
California State Economic Recovery GO Bonds Residuals Series 2004 933 (RITES) (Aa3)(a)(b)
 
     6,250,000       14.16       07/01/2014       8,987,500  
California State Economic Recovery RB for Drivers Series 2004 448 (RITES) (AA-)(a)(b)
 
     625,000       13.67       07/01/2008       757,600  
California State Economic Recovery RB for Drivers Series 2004 448 (RITES) (AA-)(b)
 
     4,060,000       13.67       01/01/2012       5,838,280  
California State GO Bonds Refunding Series 2001 (XLCA) (AAA/Aaa)
 
     3,250,000       5.50       03/01/2011       3,590,535  
California State GO Bonds Series 2003 (A/A2)
 
     2,000,000       5.25       02/01/2015       2,189,660  
California State GO Bonds Series 2004 (A/A2)
 
     20,000,000       4.00       02/01/2010       20,513,000  
California Statewide Communities Development Authority RB for Golden Gate Park Series 2005 (LOC-First Republic Bank)
 
     26,500,000       6.00       12/01/2011       26,321,125  
California Statewide Communities Development Authority RB for Kaiser Permanente Series 2002 C (A+/A3)(a)
 
     10,000,000       3.85       06/01/2012       9,981,700  
California Statewide Communities Development Authority RB for Notre Dame De Namur University Series 2003
 
     3,000,000       6.63       10/01/2033       3,076,740  
California Statewide Financing Authority Tobacco Settlement RB Asset Backed Pooled Tobacco Security Series 2002 A (Baa3)
 
     3,000,000       6.00       05/01/2037       3,210,240  
California University Fresno Association Inc. RB for AUX Organization Event Center Series 2002 (Ba1)(c)
 
     940,000       6.75       07/01/2012       1,095,288  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
California – (continued)
Carlsbad Improvement Bond Act 1915 for Special Assessment District No. 2003-01 Series 2004
 
   $ 3,315,000       6.00 %     09/02/2034     $ 3,426,649  
Cathedral City Improvement Bond Act of 1915 Special Assessment for Cove Improvement District 04-02 Series 2005
 
     1,100,000       5.00       09/02/2030       1,099,956  
 
     1,350,000       5.05       09/02/2035       1,349,946  
Chino Community Facilities District Special Tax No. 03-3 Improvement Area 1 Series 2004
 
     655,000       5.50       09/01/2022       657,758  
 
     565,000       5.55       09/01/2023       567,373  
 
     365,000       5.60       09/01/2024       367,044  
 
     1,300,000       5.70       09/01/2029       1,312,766  
 
     1,420,000       5.75       09/01/2034       1,439,866  
Chula Vista Community Facilities District RB No. 99-1-Otay Series 2000(c)
 
     1,185,000       7.63       09/01/2009       1,407,259  
Chula Vista Community Facilities District Special Tax No. 07-I-Otay Ranch Village Eleven Series 2004
 
     1,700,000       5.70       09/01/2024       1,743,486  
 
     2,300,000       5.80       09/01/2028       2,365,228  
 
     3,150,000       5.88       09/01/2034       3,246,989  
East Bay Municipal Utility District Water Systems RB Series 2005 A (MBIA) (AAA/Aaa)
 
     25,000,000       5.00       06/01/2035       26,492,000  
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset Backed Bonds Series 2003 B (A-/A3)(c)
 
     3,810,000       5.63       06/01/2013       4,269,257  
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Refunding Series 2005 A (A-/A3)
 
     18,500,000       5.00       06/01/2045       18,996,540  
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-1 (BBB/Baa3)
 
     20,485,000       6.75       06/01/2039       23,543,410  
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-2 (BBB/Baa3)
 
     6,000,000       7.90       06/01/2042       7,414,740  
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-3 (BBB/Baa3)
 
     2,650,000       7.88       06/01/2042       3,270,498  
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-4 (BBB/Baa3)
 
     3,000,000       7.80       06/01/2042       3,687,630  
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-5 (BBB/Baa3)
 
     8,330,000       7.88       06/01/2042       10,280,469  
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 B (A-/A3)(c)
 
     75,535,000       5.50       06/01/2013       83,736,590  
Hawthorne Community Redevelopment Agency Tax Allocation for Hawthorne Plaza Project Series 2001
 
     2,375,000       6.88       07/01/2020       2,438,175  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
California – (continued)
HI Desert California Memorial Health Care District RB Refunding Series 1998
 
   $ 2,250,000       5.50 %     10/01/2015     $ 2,265,368  
 
     2,000,000       5.50       10/01/2019       2,007,880  
Kaweah Delta Health Care District RB Series 2004 (A3)
 
     3,675,000       6.00       08/01/2034       4,003,177  
Kings River Conservation District California Revenue COPS for Peaking Project Series 2004 (Baa1)
 
     1,000,000       4.50       05/01/2009       1,028,740  
 
     1,455,000       5.00       05/01/2010       1,535,883  
 
     2,700,000       5.00       05/01/2011       2,848,527  
 
     2,715,000       5.00       05/01/2012       2,864,081  
 
     2,345,000       5.00       05/01/2015       2,476,320  
Lake Elsinore Improvement Bond Act 1915 for Special Assessment District No. 93-1 Series 2000
 
     1,925,000       7.00       09/02/2030       2,111,687  
Lincoln Special Tax for Community Facilities District No. 2003-1 Series 2004
 
     3,800,000       5.95       09/01/2028       4,082,872  
 
     3,300,000       6.00       09/01/2034       3,545,091  
Long Beach Special Tax for Community Facilities District #6 Pike Series 2002
 
     5,000,000       6.30       10/01/2032       5,105,900  
Los Angeles Community College District GO Bonds Series 2001 II-R-71-A (MBIA) (RITES)(b)
 
     1,665,000       12.75       02/01/2009       2,264,000  
Los Angeles Community College District GO Bonds Series 2001 II-R-71-B (MBIA) (RITES)(b)
 
     1,670,000       12.79       02/01/2009       2,270,799  
Los Angeles Regional Airports Improvement Corp. RB for Facilities Sublease Continental Airlines Series 1994 (AMT) (B)
 
     975,000       9.25       08/01/2024       998,810  
Los Angeles Regional Airports Improvement Corp. RB Series 2002 C (AMT) (B-/Caa2)
 
     7,140,000       7.00       12/01/2012       7,376,405  
Los Angeles Regional Airports Improvement Corp. RB Series 2002 C (AMT) (B-/Caa2)(a)
 
     25,855,000       7.50       12/01/2024       27,637,702  
Merced Community Facilities District No. 2003-1 Special Tax Series 2005
 
     1,000,000       5.00       09/01/2030       974,850  
 
     1,000,000       5.10       09/01/2035       983,190  
Murrieta Community Facilities District Special Tax for No. 3 Creekside Village Improvement Area 1 Series 2005
 
     1,660,000       5.20       09/01/2035       1,603,643  
Oakley Public Finance Authority RB Series 2004
 
     1,430,000       5.88       09/02/2024       1,452,136  
 
     2,000,000       6.00       09/02/2028       2,143,200  
 
     2,515,000       6.00       09/02/2034       2,558,962  
Oceanside Community Development Commerce Tax Allocation for Downtown Redevelopment Project Series 2002 (Baa3)
 
     1,500,000       5.75       09/01/2025       1,572,300  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
California – (continued)
Orange County Community Facilities District Special Tax for No. 1 Ladera Ranch Series 2000 A
 
   $ 1,000,000       6.20 %     08/15/2023     $ 1,085,750  
Palo Alto Improvement Bond Act 1915 Special Assessment for University Avenue Area Off Shore Parking Series 2002 A (BBB)
 
     1,005,000       5.25       09/02/2016       1,025,422  
 
     1,055,000       5.25       09/02/2017       1,076,490  
Sacramento County Sanitation District Financing Authority RB for Sacramento Regional County Series 2004 A (AMBAC) (AAA/Aaa)
 
     32,930,000       5.00       12/01/2035       34,813,596  
Sacramento North Natomas Community Facilities 97-01 Special Tax Series 2005
 
     1,215,000       5.00       09/01/2023       1,207,807  
 
     1,160,000       5.00       09/01/2024       1,150,094  
 
     1,000,000       5.00       09/01/2029       987,550  
 
     3,040,000       5.10       09/01/2035       3,012,154  
San Francisco Bay Area Rapid Transit GO Election of 2004 Series 2005 A (AAA/Aa1)
 
     11,815,000       5.00       08/01/2035       12,560,172  
Santa Clara County Financing Authority Special Obligation RB for Measure B Transportation Improvement Program Series 2003 (A2)
 
     1,060,000       5.00       08/01/2005       1,060,000  
Soledad Improvement Bond Act 1915 for Special Assessment District No. 1 The Vineyards Series 2000
 
     1,985,000       7.25       09/02/2030       2,029,682  
Tobacco Securitization Authority of Southern California Tobacco Settlement RB for Asset Backed Bonds Senior Series 2002 A (BBB/Baa3)
 
     17,130,000       5.25       06/01/2027       17,482,535  
Tobacco Securitization Authority RB for Southern California Tobacco Settlement Asset Backed Bonds Series 2002 A (BBB/Baa3)
 
     8,895,000       5.63       06/01/2043       9,290,383  
Upland Community Facilities District Special Tax for 2003-2 San Antonio Improvement Series 2004 1-A
 
     4,000,000       6.00       09/01/2034       4,136,720  
Valley Health System Hospital RB Refunding & Improvement Project Series 1996 A (B+)
 
     2,240,000       6.50       05/15/2015       2,243,091  
 
     4,990,000       6.50       05/15/2025       4,996,886  
Valley Health Systems COPS Refunding Project Series 1993 (B+)
 
     10,780,000       6.88       05/15/2023       10,833,469  
 
                              
 
                             575,448,952  
 
Colorado – 0.8%
Colorado Health Facilities Authority RB for Hospital Poudre Valley Health Care Series 2005 F (BBB+/Baa2)
 
     10,000,000       5.00       03/01/2025       10,144,100  
Eagle Bend Metropolitan GO Bonds District No. 2 Series 2004 (Radian) (AA/Aa3)
 
     1,000,000       5.00       12/01/2020       1,044,660  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Colorado – (continued)
McKay Landing Metropolitan GO Bonds District No. 2 Series 2000
 
   $ 1,500,000       7.50 %     12/01/2019     $ 1,627,875  
McKay Landing Metropolitan GO Bonds District No. 2 Subseries 2004 A
 
     2,000,000       7.50       12/01/2034       2,015,600  
Saddle Rock South Metropolitan GO Bonds Mill Levy Obligation Series 2000
 
     3,000,000       7.20       12/01/2019       3,225,510  
SBC Metropolitan District Refunding GO Series 2005 (ACA) (A)
 
     1,000,000       5.00       12/01/2020       1,042,560  
 
     750,000       5.00       12/01/2025       768,195  
 
     1,780,000       5.00       12/01/2034       1,792,727  
Tablerock Metropolitan District Colorado GO Bonds
 
     2,750,000       7.00       12/01/2033       2,876,940  
Vista Ridge Metropolitan District GO Bonds Series 2001
 
     9,795,000       7.50       12/01/2031       10,205,606  
 
                              
 
                             34,743,773  
 
Connecticut – 0.4%
Bridgeport Senior Living Facilities RB for 3030 Park Retirement Community Project Series 2005
 
     7,000,000       7.25       04/01/2035       7,283,990  
Connecticut State GO Bonds Residual Certificates Series 2001 515 (RITES) (Aa3)(b)
 
     3,485,000       11.85       12/15/2013       4,895,449  
Connecticut State Health and Educational Facility Authority RB for St. Mary’s Hospital Corp. Series 1997 E (Ba1)
 
     695,000       5.88       07/01/2022       689,169  
University of Connecticut GO Bonds Series 2004 PA 1255 (MBIA) (RITES)(b)
 
     2,660,000       12.40       01/15/2013       3,698,464  
 
                              
 
                             16,567,072  
 
Delaware – 0.5%
Bridgeville Special Obligation RB for Heritage Shores Special Development District Series 2005 A
 
     6,847,000       5.45       07/01/2035       6,857,065  
Bridgeville Special Obligation RB for Heritage Shores Special Development District Series 2005 B
 
     1,500,000       5.13       07/01/2035       1,502,325  
Delaware River & Bay Authority RB Refunding Series 2005 (MBIA) (AAA/Aaa)
 
     3,400,000       5.00       01/01/2024       3,620,422  
 
     3,000,000       5.00       01/01/2025       3,192,090  
 
     2,500,000       5.00       01/01/2026       2,656,075  
 
     3,000,000       5.00       01/01/2027       3,182,490  
 
     2,000,000       5.00       01/01/2028       2,120,060  
Delaware State Health Facilities Authority RB for Beebe Medical Center Project Series 2004 A (BBB/Baa1)
 
     1,250,000       5.50       06/01/2024       1,316,875  
 
                              
 
                             24,447,402  
 
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
District Of Columbia – 0.3%
District of Columbia Housing Finance Agency Mortgage RB for Single Family Series 1997 B (GNMA/FNMA) (AMT) (AAA)
 
   $ 1,000,000       6.35 %     06/01/2028     $ 1,012,590  
District of Columbia Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2001 (BBB/Baa3)
 
     1,610,000       6.25       05/15/2024       1,736,756  
 
     6,000,000       6.50       05/15/2033       7,131,600  
Washington D.C. Metropolitan Area Transportation Authority Gross Revenue RB for Rols RR II Series 2003 R 245 (MBIA) (RITES) (AAA)(b)
 
     2,785,000       13.82       01/01/2010       3,603,567  
 
                              
 
                             13,484,513  
 
Florida – 31.1%
Amelia National Community Development District RB for Capital Improvement Series 2004 A
 
     3,360,000       6.30       05/01/2035       3,500,381  
Anthem Park Community Development District RB for Capital Improvement Series 2004
 
     2,800,000       5.80       05/01/2036       2,830,408  
Arborwood Community Development District RB for Centex Homes Projects Series 2005
 
     62,000,000       5.00       05/01/2006       61,874,760  
Arborwood Community Development District RB for School Site Acquisition Project Series 2005
 
     6,115,000       5.50       05/01/2014       6,205,685  
Arborwood Community Development District Special Assessment for Master Infrastructure Projects Series 2005 A
 
     26,375,000       5.35       05/01/2036       26,440,146  
Ballantrae Community Development District RB for Capital Improvement Series 2004
 
     5,000,000       6.00       05/01/2035       5,177,450  
Bartam Park Community Development District Special Assessment Series 2005
 
     3,000,000       5.30       05/01/2035       3,035,970  
Beacon Tradeport Community Development District RB Special Assessment Project Series 2002 A (Radian) (AA)
 
     1,965,000       5.25       05/01/2016       2,136,466  
Bellalago Educational Facilities Benefits District RB for Capital Improvement Series 2004 A
 
     7,000,000       6.00       05/01/2033       7,256,620  
Bellalago Educational Facilities Benefits District RB for Capital Improvement Series 2004 B
 
     6,220,000       5.80       05/01/2034       6,371,084  
Bluewaters Community Development District Special Assessment Series 2004
 
     3,000,000       6.00       05/01/2035       3,067,800  
Bonita Springs Vasari Community Development District RB for Capital Improvement Series 2001 A
 
     7,755,000       6.95       05/01/2032       8,370,747  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Florida – (continued)
Bonnet Creek Resort Community Development District RB Special Assessment Series 2002
 
   $ 1,000,000       7.13 %     05/01/2012     $ 1,069,550  
Bonnet Creek Resort Community Development District Special Assessment RB Series 2002
 
     10,000,000       7.38       05/01/2034       10,777,000  
 
     2,000,000       7.50       05/01/2034       2,157,540  
Brandy Creek Community Development District Special Assessment Series 2003 A
 
     3,470,000       6.35       05/01/2034       3,653,667  
Brandy Creek Community Development District Special Assessment Series 2003 B
 
     1,980,000       5.40       05/01/2009       2,001,186  
Bridgewater Community Development District Special Assessment Series 2004 A
 
     9,485,000       6.00       05/01/2035       9,738,060  
Bridgewater Wesley Chapel Community Development District RB for Capital Improvement Series 2005
 
     3,595,000       5.75       05/01/2035       3,645,150  
Briger Community Development District Special Assessment RB Series 2002 A
 
     2,930,000       6.75       05/01/2033       3,127,951  
Brighton Lakes Community Development District Special Assessment Series 2004 A
 
     1,500,000       6.13       05/01/2035       1,521,945  
Brooks of Bonita Springs II Community Development District RB for Capital Improvement Series 2000 A
 
     5,900,000       7.00       05/01/2031       6,231,344  
Brooks of Bonita Springs II Community Development District RB for Capital Improvement Series 2003 A
 
     1,625,000       6.13       05/01/2034       1,671,199  
Capital Region Community Development District RB for Capital Improvement Series 2002 A
 
     11,965,000       6.70       05/01/2032       12,886,903  
Capital Region Community Development District Special Assessment for Capital Improvement Series 2001 A-1
 
     1,080,000       6.70       05/01/2031       1,147,090  
Capital Region Community Development District Special Assessment for Capital Improvement Series 2001 A-2
 
     2,855,000       6.85       05/01/2031       3,070,695  
Capital Trust Agency RB for Seminole Tribe Convention Series 2002 A(d)
 
     6,400,000       0.00/ 10.00       10/01/2033       7,052,480  
Capital Trust Agency RB for Seminole Tribe Convention Series 2003 A(d)
 
     3,000,000       0.00/ 8.95       10/01/2033       3,303,180  
Cedar Pointe Community Development District Special Assessment for Florida Capital Improvements Series 2005 A
 
     6,090,000       5.38       05/01/2035       5,998,528  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Florida – (continued)
Celebration Community Development District Special Assessment Series 2003 A
 
   $ 2,965,000       6.40 %     05/01/2034     $ 3,155,383  
Century Gardens Community Development District Special Assessment Series 2004
 
     2,385,000       5.90       05/01/2034       2,437,375  
CFM Community Development District RB for Capital Improvement Series 2004 A
 
     20,000,000       6.25       05/01/2035       21,223,000  
CFM Community Development District RB for Capital Improvement Series 2004 B
 
     1,725,000       5.88       05/01/2014       1,785,547  
City Center Community Development District Special Assessment Series 2005 A
 
     7,320,000       6.13       05/01/2036       7,263,709  
Colonial Country Club Community Development District Florida Capital Improvement RB Series 2003
 
     11,270,000       6.40       05/01/2033       11,993,647  
Concord Station Community Development District RB for Capital Improvement Series 2005
 
     3,555,000       5.00       05/01/2015       3,521,476  
 
     16,110,000       5.30       05/01/2035       15,972,743  
Concorde Estates Community Development District RB for Capital Improvement Series 2004 A
 
     2,350,000       5.85       05/01/2035       2,391,078  
Concorde Estates Community Development District RB for Capital Improvement Series 2004 B
 
     1,300,000       5.00       05/01/2011       1,306,916  
Connerton West Community Development District for Special Assessment Capital Improvement Series 2004 A-1
 
     3,015,000       5.95       05/01/2035       3,084,164  
Connerton West Community Development District for Special Assessment Capital Improvement Series 2004 A-2
 
     2,290,000       5.85       05/01/2024       2,322,495  
 
     1,590,000       5.95       05/01/2036       1,615,456  
Cory Lakes Community Development District for Special Assessment Series 2001 A
 
     545,000       8.38       05/01/2017       569,100  
Cory Lakes Community Development District for Special Assessment Series 2001 B
 
     810,000       8.38       05/01/2017       894,645  
Country Greens Community Development District Special Assessment RB Series 2003
 
     6,035,000       6.63       05/01/2034       6,429,448  
Covington Park Community Development District RB for Capital Improvement Series 2004 A
 
     1,130,000       6.25       05/01/2034       1,181,731  
Covington Park Community Development District RB for Capital Improvement Series 2004 B
 
     1,310,000       5.30       11/01/2009       1,321,725  
Crossings at Fleming Island Community Development District RB for Special Assessment Series 2000 C
 
     5,000,000       7.05       05/01/2015       5,334,550  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Florida – (continued)
Cutler Cay Community Development District Special Assessment Series 2004
 
   $ 4,765,000       6.13 %     05/01/2024     $ 4,973,469  
 
     2,480,000       6.30       05/01/2034       2,593,262  
Diamond Hill Community Development District Tax Allocation for Capital Improvement Series 2004
 
     1,765,000       6.00       05/01/2034       1,798,729  
Double Branch Community Development District Special Assesment Series 2005 A
 
     1,000,000       5.35       05/01/2034       995,950  
Double Branch Community Development District Special Assessment Series 2002 A
 
     10,980,000       6.70       05/01/2034       11,932,295  
Double Branch Community Development District Special Assessment Series 2003 B
 
     3,040,000       5.38       05/01/2008       3,078,517  
Double Branch Community Development District Special Assessment Series 2003 C
 
     110,000       5.13       05/01/2008       110,539  
Dupree Lakes Community Development District RB for Capital Improvement Series 2005
 
     2,000,000       5.00       11/01/2010       2,007,500  
East Homestead Community Development District Special Assessment Series 2005
 
     4,000,000       5.45       05/01/2036       4,041,600  
East Park Development District Special Assessment Series 2002
 
     5,240,000       6.85       05/01/2033       5,664,073  
Fishhawk Community Development District II Special Assessment RB Series 2003 A
 
     5,920,000       6.25       05/01/2034       6,261,939  
Fishhawk Community Development District II Special Assessment RB Series 2003 B
 
     820,000       5.00       11/01/2007       824,461  
Fishhawk Community Development District II Special Assessment RB Series 2004 A
 
     2,470,000       6.13       05/01/2034       2,573,098  
Fleming Island Plantation Community Development District RB for Special Assessment Series 2000 B
 
     4,930,000       7.30       05/01/2015       5,360,093  
Gateway Services Community Development District Special Assessment for Stoneybrook Project Series 2003
 
     5,100,000       5.50       07/01/2008       5,185,017  
Gateway Services Community Development District Special Assessment for Sun City Center-Fort Meyers Project Series 2003 A
 
     2,640,000       6.50       05/01/2033       2,793,754  
Gateway Services Community Development District Special Assessment for Sun City Center-Fort Meyers Project Series 2003 B
 
     1,295,000       5.50       05/01/2010       1,317,663  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Florida – (continued)
Gateway Services District Water & Sewer RB Refunding Series 2003
 
   $ 2,315,000       6.00 %     10/01/2019     $ 2,337,455  
Grand Hampton Community Development District RB for Capital Improvement Series 2003
 
     5,200,000       6.15       05/01/2034       5,374,824  
Grand Haven Community Development District Special Assessment Series 2002
 
     500,000       6.13       11/01/2007       506,600  
Grand Haven Community Development District Special Assessment Series 2003
 
     640,000       5.20       11/01/2007       646,285  
Grand Haven Community Development District Special Assessment Series 2004 B
 
     1,480,000       5.00       05/01/2009       1,481,154  
Greyhawk Landing Community Development District Special Assessment Series 2002 A
 
     3,025,000       7.00       05/01/2033       3,285,543  
Greyhawk Landing Community Development District Special Assessment Series 2002 B
 
     1,130,000       6.25       05/01/2009       1,154,770  
Griffin Lakes Community Development District Special Assessment Series 2002 A
 
     4,495,000       6.70       05/01/2033       4,783,040  
Habitat Community Development RB Series 2004
 
     4,745,000       5.85       05/01/2035       4,853,044  
Halifax Hospital Medical Center RB Series 1999 A
 
     955,000       7.25       10/01/2024       1,089,856  
Hamal Community Development District Special Assessment Series 2001
 
     3,725,000       6.75       05/01/2031       3,957,887  
Harbor Bay Community Development District Special Assessment for Capital Improvement Series 2001 A
 
     2,310,000       7.00       05/01/2033       2,490,757  
Harbour Isles Community Development District Special Assessment Series 2004
 
     4,365,000       6.13       05/01/2035       4,518,954  
Harbourage at Braden River Community Development District Special Assessment for Capital Improvement Series 2003 A
 
     2,970,000       6.13       05/01/2034       3,075,138  
Heritage Harbor South Community Development District RB for Capital Improvement Series 2002 A
 
     3,950,000       6.50       05/01/2034       4,205,367  
Heritage Harbor South Community Development District RB for Capital Improvement Series 2003 A
 
     1,235,000       6.20       05/01/2035       1,286,376  
Heritage Harbor South Community Development District RB for Capital Improvement Series 2003 B
 
     2,315,000       5.25       11/01/2008       2,341,553  
Heritage Harbour Market Place Community Development District BANS Series 2004
 
     5,000,000       5.50       10/01/2005       4,996,150  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Florida – (continued)
Heritage Isle at Viera Community Development District Special Assessment Series 2004 A
 
   $ 3,180,000       6.00 %     05/01/2035     $ 3,274,955  
Heritage Isle at Viera Community Development District Special Assessment Series 2004 B
 
     2,315,000       5.00       11/01/2009       2,314,305  
Heritage Isles Community Development District RB for Special Assessment Series 2002
 
     1,375,000       5.90       11/01/2006       1,387,155  
Heritage Lake Park Community Development District Special Assessment Series 2004 B
 
     6,000,000       5.10       11/01/2009       6,026,160  
Heritage Lake Park Community Development Special Assessment Series 2005
 
     1,700,000       5.70       05/01/2036       1,708,211  
Heritage Landing Community Development District Special Assessment Series 2005
 
     11,000,000       5.60       05/01/2036       11,103,290  
Heritage Palms Community Development District RB for Capital Improvement Series 1999
 
     550,000       6.25       11/01/2007       551,210  
Heritage Park Community Development District RB for Special Assessment Series 2004 A
 
     5,900,000       6.30       05/01/2035       6,135,292  
Hollywood Community Redevelopment Agency RB for Beach CRA Series 2004 (Baa2)
 
     2,700,000       5.63       03/01/2024       2,888,298  
Hypoluxo/Haverhill Community Development District Special Assessment Series 2002 A
 
     1,370,000       6.75       05/01/2033       1,469,681  
Indian Trace Development District Special Assessment for Isles at Weston Project Series 2003
 
     1,960,000       5.50       05/01/2033       1,978,542  
Indigo Community Development District for Capital Improvement Special Assessment Series 2005
 
     9,000,000       5.75       05/01/2036       9,083,610  
Indigo Community Development District RB for Capital Improvement Series 1999 B
 
     850,000       6.40       05/01/2006       853,995  
Islands at Doral Florida Special Assessment Series 2003
 
     1,820,000       6.38       05/01/2035       1,932,440  
Islands at Doral III Community Development District Special Assessment Series 2004 A
 
     11,000,000       5.90       05/01/2035       11,329,890  
Islands at Doral Ne Community Development District Special Assessment Series 2004
 
     1,835,000       6.25       05/01/2034       1,944,348  
Julington Creek Plantation Community Development District Special Assessment Series 2002 (MBIA) (AAA/Aaa)
 
     2,970,000       4.75       05/01/2019       3,080,840  
Keys Cove Community Development District Special Assessment Series 2004
 
     1,220,000       5.88       05/01/2035       1,240,386  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Florida – (continued)
Killarney Community Development District Special Assessment Series 2004 A
 
   $ 2,535,000       6.00 %     05/01/2035     $ 2,617,235  
Killarney Community Development District Special Assessment Series 2004 B
 
     5,120,000       5.13       05/01/2009       5,149,184  
Laguna Lakes Community Development District Florida Special Assessment RB Series 2003 A
 
     2,435,000       6.40       05/01/2033       2,572,237  
Laguna Lakes Community Development District Florida Special Assessment RB Series 2003 B
 
     410,000       5.25       11/01/2007       414,022  
Lake Powell Residential Golf Community Development District Special Assessment Series 2000 A
 
     2,635,000       7.45       05/01/2022       2,833,284  
 
     3,945,000       7.50       05/01/2032       4,256,418  
Lakes by the Bay South Community Development District Special Assessment RB Series 2004 A
 
     7,725,000       6.10       05/01/2023       8,170,578  
 
     4,000,000       6.25       05/01/2034       4,225,920  
Lakes by the Bay South Community Development District Special Assessment RB Series 2004 B
 
     6,500,000       5.30       05/01/2009       6,545,435  
Lakewood Ranch Community Development District No. 4 Special Assessment RB Series 2004
 
     2,160,000       5.95       05/01/2034       2,228,602  
Lakewood Ranch Community Development District No. 5 Special Assessment RB Series 2001 A
 
     4,705,000       6.70       05/01/2031       5,002,544  
Lakewood Ranch Community Development District No. 5 Special Assessment RB Series 2003
 
     1,535,000       5.30       11/01/2007       1,550,473  
Lakewood Ranch Community Development District No. 6 RB for Capital Improvement Series 2004 A
 
     5,860,000       6.13       05/01/2034       6,118,192  
Lee County IDA Health Care Facilities RB for Shell Point Village Project Series 1999 A (BBB-)
 
     7,000,000       5.50       11/15/2029       7,011,340  
Lexington Oaks Community Development District Special Assessment Series 2002 A
 
     2,500,000       6.70       05/01/2033       2,669,225  
Live Oak Community Development District No. 001 Special Assessment Series 2003 A
 
     4,445,000       6.30       05/01/2034       4,671,339  
Live Oak Community Development District No. 001 Special Assessment Series 2003 B
 
     4,540,000       5.30       05/01/2008       4,582,267  
Live Oak Community Development District No. 002 Special Assessment Series 2004 A
 
     6,230,000       5.85       05/01/2035       6,357,715  
Live Oak Community Development District No. 002 Special Assessment Series 2004 B
 
     7,220,000       5.00       11/01/2009       7,244,692  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Florida – (continued)
Longleaf Community Development District Special Assessment Series 2001
 
   $ 1,040,000       7.25 %     05/01/2009     $ 1,065,792  
Maple Ridge Community Development District Special Assessment Series 2000 A
 
     1,530,000       7.15       05/01/2031       1,660,004  
Marshall Creek Community Development District Special Assessment Series 2002
 
     2,925,000       6.63       05/01/2032       3,105,794  
Meadow Pines Community Development District Special Assessment RB Series 2004 A
 
     7,010,000       6.25       05/01/2034       7,287,596  
Meadow Pointe II Community Development District RB for Capital Improvement Series 2004 (Baa3)
 
     685,000       3.70       05/01/2011       662,053  
 
     710,000       3.88       05/01/2012       685,775  
 
     300,000       4.00       05/01/2013       291,603  
 
     1,745,000       4.60       05/01/2018       1,731,598  
Meadow Pointe III Community Development District RB for Capital Improvement Series 2001 A
 
     2,925,000       6.85       05/01/2033       3,119,103  
Meadow Pointe III Community Development District RB for Capital Improvement Series 2003 A
 
     3,925,000       6.40       05/01/2034       4,168,585  
Meadow Pointe III Community Development District RB for Capital Improvement Series 2003 B
 
     1,940,000       5.25       11/01/2007       1,959,031  
Meadow Pointe III Community Development District RB for Capital Improvement Series 2004 A
 
     1,000,000       6.00       05/01/2035       1,030,920  
Meadow Pointe IV Community Development District RB for Capital Improvement Series 2003 A
 
     2,755,000       6.30       05/01/2034       2,907,048  
Meadow Pointe IV Community Development District Tax Allocation for Capital Improvement Series 2004 A
 
     3,005,000       6.00       05/01/2036       3,086,496  
Mediterra North Community Development District RB for Capital Improvement Series 2001 A
 
     4,740,000       6.80       05/01/2031       5,069,572  
Mediterra South Community Development District RB for Capital Improvement Series 1999 A
 
     465,000       6.95       05/01/2031       489,919  
Mediterra South Community Development District RB for Capital Improvement Series 2001
 
     1,575,000       6.85       05/01/2031       1,681,927  
Mediterra South Community Development District RB for Capital Improvement Series 2003 A
 
     4,975,000       6.38       05/01/2034       5,239,819  
Mediterra South Community Development District RB for Capital Improvement Series 2003 B
 
     6,245,000       5.50       05/01/2010       6,328,995  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Florida – (continued)
Miami Beach Health Facilities Authority Hospital RB for Mount Sinai Medical Center Florida Project Series 1998 (BB+)
 
   $ 7,055,000       5.38 %     11/15/2028     $ 7,065,724  
Miami Beach Health Facilities Authority Hospital RB for Mount Sinai Medical Center Series 2001 A (BB+/Ba2)
 
     5,645,000       6.13       11/15/2011       6,108,398  
Miami Beach Health Facilities Authority Hospital RB for Mount Sinai Medical Center Series 2004 (BB+/Ba2)
 
     13,600,000       6.75       11/15/2029       15,080,088  
Middle Village Community Development District Special Assessment Series 2004 A
 
     6,000,000       5.80       05/01/2022       6,188,400  
 
     15,620,000       6.00       05/01/2035       16,161,233  
Middle Village Community Development District Special Assessment Series 2004 B
 
     2,750,000       5.00       05/01/2009       2,758,635  
Middle Village Community Development District Special Assessment Series 2004 C
 
     655,000       5.13       05/01/2009       658,845  
Monterra Community Development District Revenue BANS Series 2005
 
     28,000,000       5.00       06/01/2006       27,979,560  
Moody River Estates Community Development District Capital Improvement RB Series 2005
 
     7,000,000       5.35       05/01/2036       6,971,370  
Narcoossee Community Development District Special Assessment Series 2002 A
 
     4,980,000       6.85       05/01/2033       5,392,842  
Narcoossee Community Development District Special Assessment Series 2002 B
 
     70,000       5.75       05/01/2008       71,074  
Oak Creek Community Development District Special Assessment Series 2004
 
     1,775,000       5.80       05/01/2035       1,816,056  
Oakstead Community Development District RB for Capital Improvement Series 2002 A
 
     4,685,000       6.88       05/01/2033       5,039,467  
Oakstead Community Development District RB for Capital Improvement Series 2002 B
 
     1,010,000       5.90       05/01/2007       1,014,767  
Oakstead Community Development District RB for Capital Improvement Series 2003
 
     10,000       5.20       11/01/2007       10,086  
Old Palm Community Development District
 
     3,815,000       5.38       05/01/2014       3,883,823  
Old Palm Community Development District Special Assessment for Palm Beach Gardens Series 2004 A
 
     6,815,000       5.90       05/01/2035       7,021,835  
Orange County Health Facilities Authority RB for Orlando Lutheran Healthcare Series 2005
 
     1,100,000       5.38       07/01/2020       1,097,613  
 
     1,000,000       5.70       07/01/2026       1,003,460  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Florida – (continued)
Orlando Urban Community Development District Special Assessment for Capital Improvement Series 2004
 
   $ 965,000       6.00 %     05/01/2020     $ 1,010,394  
 
     4,500,000       6.25       05/01/2034       4,747,230  
Orlando Urban Community Development District Special Assessment Series 2001 A
 
     7,855,000       6.95       05/01/2033       8,450,488  
Overoaks Community Development District Special Assessment for Capital Improvement Series 2004 A
 
     2,305,000       6.13       05/01/2035       2,410,108  
Overoaks Community Development District Special Assessment for Capital Improvement Series 2004 B
 
     6,880,000       5.13       05/01/2009       6,912,955  
Palm Beach County Plantation Community Development District Special Assessment RB Series 2004 A
 
     7,165,000       6.25       05/01/2034       7,492,440  
Palma Sola Trace Community Development District RB for Capital Improvement Series 2005
 
     4,000,000       5.75       05/01/2035       4,052,760  
Panther Trace Community Development District Special Assessment Series 2002 A
 
     1,665,000       7.25       05/01/2033       1,846,452  
Panther Trace II Community Development District Special Assessment Series 2005 A
 
     7,000,000       5.60       05/01/2035       7,054,110  
Park Place Community Development District Special Assessment Series 2003
 
     4,430,000       6.38       05/01/2034       4,675,245  
Parklands Lee Community Development District Special Assessment Series 2004 A
 
     4,000,000       5.80       05/01/2035       4,110,200  
Parklands Lee Community Development District Special Assessment Series 2004 B
 
     1,070,000       5.13       05/01/2011       1,075,446  
Parklands West Community Development District Special Assessment Series 2001 A
 
     3,380,000       6.90       05/01/2032       3,602,201  
Parklands West Community Development District Special Assessment Series 2001 B
 
     185,000       6.00       05/01/2006       186,036  
Parkway Center Community Development District Special Assessment Series 2000 A
 
     485,412       8.25       05/01/2031       489,159  
Paseo Community Development District Capital Improvement RB Series 2005 A
 
     10,555,000       5.40       05/01/2036       10,544,762  
Pier Park Community Development District RB for Capital Improvement Series 2002 1
 
     10,125,000       7.15       05/01/2034       10,734,019  
Pine Island Community Development District Special Assessment Series 2004
 
     5,435,000       5.30       11/01/2010       5,438,207  
 
     11,780,000       5.75       05/01/2035       12,075,089  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Florida – (continued)
Poinciana Community Development District Special Assessment Series 2000 A
 
   $ 5,770,000       7.13 %     05/01/2031     $ 6,103,737  
Principal One Community Development District Jacksonville Special Assessment Series 2005
 
     1,000,000       5.65       05/01/2035       1,008,640  
Renaissance Community Development District RB for Capital Improvement Series 2002 A
 
     7,250,000       7.00       05/01/2033       7,824,272  
Renaissance Community Development District RB for Capital Improvement Series 2002 B
 
     950,000       6.25       05/01/2008       968,791  
Reunion East Community Development District Special Assessment Series 2002 A
 
     19,620,000       7.20       05/01/2022       21,551,393  
 
     2,450,000       7.38       05/01/2033       2,709,210  
Reunion East Community Development District Special Assessment Series 2002 B
 
     2,095,000       5.90       11/01/2007       2,129,484  
Reunion East Community Development District Special Assessment Series 2003
 
     4,450,000       5.20       11/01/2007       4,486,178  
Reunion East Community Development District Special Assessment Series 2005
 
     12,880,000       5.80       05/01/2036       13,274,386  
Reunion West Community Development District Special Assessment Series 2004
 
     25,500,000       6.25       05/01/2036       26,906,325  
River Bend Community Development District Capital Improvement RB Series 2005
 
     9,000,000       5.45       05/01/2035       9,060,210  
Rivercrest Community Development District Special Assessment Series 2001
 
     5,425,000       7.00       05/01/2032       5,827,318  
Riverside Park Community Development District Special Assessment Series 2004
 
     2,000,000       6.13       05/01/2034       2,059,180  
Saddlebrook Community Development District Special Assessment Series 2001 A
 
     5,000,000       6.90       05/01/2033       5,343,950  
Saddlebrook Community Development District Special Assessment Series 2001 B
 
     65,000       6.25       05/01/2009       66,955  
Sampson Creek Community Development District Capital Improvement Special Assessment Series 2000 A
 
     2,255,000       6.95       05/01/2031       2,355,776  
Seven Oaks Community Development District I RB Special Assessment Series 2002
 
     800,000       5.60       11/01/2007       804,256  
Seven Oaks Community Development District II RB Special Assessment Series 2003 A
 
     4,705,000       6.40       05/01/2034       4,990,311  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Florida – (continued)
Seven Oaks Community Development District II RB Special Assessment Series 2003 B
 
   $ 1,925,000       5.30 %     11/01/2008     $ 1,948,427  
Seven Oaks Community Development District II RB Special Assessment Series 2004 A
 
     5,000,000       5.88       05/01/2035       5,074,000  
Seven Oaks Community Development District II RB Special Assessment Series 2004 B
 
     3,000,000       5.00       05/01/2009       3,012,360  
South Bay Community Development District RB for Capital Improvement Series 2005 A
 
     22,755,000       5.95       05/01/2036       23,425,590  
South Bay Community Development District RB for Capital Improvement Series 2005 B-1
 
     5,500,000       5.13       11/01/2009       5,511,825  
South Bay Community Development District RB for Capital Improvement Series 2005 B-2
 
     4,000,000       5.38       05/01/2013       4,037,880  
South Fork Community Development District RB Special Assessment Series 2004 A-1
 
     515,000       5.90       05/01/2034       522,292  
South Fork Community Development District RB Special Assessment Series 2004 A-2
 
     1,825,000       5.90       05/01/2035       1,845,130  
South Fork Community Development RB Series 2003
 
     2,490,000       6.15       05/01/2033       2,581,383  
South Fork East Community Development District Capital Improvement RB Series 2005
 
     9,000,000       5.35       05/01/2036       8,963,190  
South Village Community Development District RB for Capital Improvement Series 2005 A
 
     13,500,000       5.70       05/01/2035       13,703,985  
South-Dade Venture Community Development District Special Assessment Series 2004
 
     2,745,000       6.00       05/01/2024       2,836,134  
Southern Hills Plantation I Community Development District RB for Capital Improvement Series 2004
 
     8,395,000       5.80       05/01/2035       8,540,905  
Southern Hills Plantation II Community Development District Capital Improvement Special Assessment Series 2004
 
     3,570,000       5.85       05/01/2034       3,602,773  
Spicewood Community Development District Special Assessment Series 2003 A
 
     2,965,000       6.10       05/01/2034       3,074,053  
St. Johns Forest Community Development District RB for Capital Improvement Series 2003 A
 
     5,160,000       6.13       05/01/2034       5,593,904  
St. Johns Forest Community Development District RB for Capital Improvement Series 2003 B
 
     595,000       5.30       05/01/2010       604,211  
Sterling Hill Community Development District RB for Capital Improvement Series 2003 A
 
     4,000,000       6.20       05/01/2035       4,162,160  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Florida – (continued)
Sterling Hill Community Development District RB for Capital Improvement Series 2003 B
 
   $ 2,975,000       5.50 %     11/01/2010     $ 3,017,364  
Stonegate Community Development District RB Special Assessment Series 2004
 
     2,250,000       6.13       05/01/2034       2,334,510  
Stonelake Ranch Community Development District Special Assessment Series 2004 A
 
     3,570,000       5.90       05/01/2034       3,670,067  
Sumter County IDA RB for North Sumter Utility Co. LLC Project Series 2002 (AMT)
 
     6,870,000       6.80       10/01/2032       7,026,430  
Sumter County IDA RB for North Sumter Utility Co. LLC Project Series 2003 (AMT)
 
     4,625,000       6.90       10/01/2034       4,747,100  
Sumter Landing Community Development District Special Assessment Series 2003
 
     10,000,000       6.95       05/01/2033       10,708,500  
Suncoast Community Development District RB for Capital Improvement Series 2004 A
 
     5,370,000       5.88       05/01/2034       5,457,907  
Tern Bay Community Development District BANS Series 2005
 
     5,000,000       5.00       01/30/2006       4,988,350  
The Quarry Community Development District BANS Special Assessment Series 2004
 
     50,000,000       5.00       11/01/2005       50,038,000  
Thousand Oaks Community Development District Special Assessment RB Series 2005 A1
 
     3,955,000       5.35       05/01/2035       3,877,719  
Thousand Oaks Community Development District Special Assessment RB Series 2005 A2
 
     1,000,000       5.35       05/01/2036       980,230  
Tomoka Community Development District Series 2004 A
 
     8,250,000       6.10       05/01/2035       8,560,200  
Town Center at Palm Coast Community Development District Special Assessment for Capital Improvement Series 2005
 
     10,000,000       6.00       05/01/2036       10,199,700  
Turnbull Creek Community Development District Special Assessment Series 2005
 
     7,000,000       5.80       05/01/2035       7,116,340  
University Place Community Development District Special Assessment Series 2001 A
 
     1,690,000       7.00       05/01/2032       1,827,617  
Venetian Community Development District RB for Capital Improvement Series 2002 A
 
     3,900,000       6.75       05/01/2034       4,190,316  
Verona Walk Community Development District RB for Capital Improvement Series 2004
 
     7,000,000       5.85       05/01/2035       7,136,850  
Village Center Community Development District Recreational RB SubSeries 1998 B
 
     2,050,000       8.25       01/01/2017       2,176,341  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Florida – (continued)
Village Center Community Development District Recreational RB SubSeries 1998 C
 
   $ 2,165,000       7.38 %     01/01/2019     $ 2,308,020  
Village Center Community Development District Recreational RB SubSeries 2003
 
     4,005,000       6.35       01/01/2018       4,282,787  
Village Center Community Development District Recreational RB SubSeries 2004 B
 
     5,570,000       5.88       01/01/2015       5,809,621  
Village Community Development District No. 3 Special Assessment Series 2002
 
     7,500,000       6.50       05/01/2032       8,066,400  
Village Community Development District No. 4 Special Assessment Series 2000
 
     3,125,000       7.15       05/01/2018       3,416,375  
Village Community Development District No. 4 Special Assessment Series 2002
 
     4,430,000       6.88       05/01/2022       4,788,520  
 
     6,205,000       6.95       05/01/2032       6,773,440  
Village Community Development District No. 4 Special Assessment Series 2003
 
     500,000       6.50       05/01/2033       536,770  
Village Community Development District No. 5 Special Assessment Series 2002 A
 
     18,555,000       6.50       05/01/2033       20,026,040  
Village Community Development District No. 5 Special Assessment Series 2002 B
 
     240,000       5.40       05/01/2007       240,000  
Village Community Development District No. 5 Special Assessment Series 2003 A
 
     4,292,000       6.00       05/01/2022       4,516,600  
 
     22,900,000       6.10       05/01/2034       24,142,096  
Village Community Development District No. 5 Special Assessment Series 2003 B
 
     6,165,000       5.00       05/01/2008       6,216,724  
Village Community Development District No. 6 Special Assessment RB Series 2004
 
     5,710,000       5.63       05/01/2022       5,848,296  
 
     44,535,000       5.80       05/01/2035       45,761,939  
Villages of Westport Community Development District RB for Capital Improvement Series 2005 A
 
     12,700,000       5.70       05/01/2035       12,799,187  
Villagewalk of Bonita Springs Community Development District Special Assessment for Capital Improvements Series 2005
 
     5,505,000       5.60       05/01/2036       5,536,103  
Villasol Community Development District Special Assessment RB Series 2003 A
 
     4,115,000       6.60       05/01/2034       4,405,560  
Villasol Community Development District Special Assessment RB Series 2003 B
 
     955,000       5.38       05/01/2008       966,393  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Florida – (continued)
Vista Lakes Community Development District RB for Capital Improvement Series 2002 A
 
   $ 3,665,000       6.75 %     05/01/2034     $ 3,916,859  
Vizcaya Community Development District Special Assessment Series 2002
 
     815,000       5.90       05/01/2007       823,778  
Vizcaya Community Development District Special Assessment Series 2003 B
 
     2,065,000       5.40       11/01/2007       2,086,022  
Walnut Creek Community Development District Special Assessment Series 2000 A
 
     3,890,000       7.30       05/01/2021       4,227,652  
Waterchase Community Development District RB for Capital Improvement Series 2001 A
 
     2,865,000       6.70       05/01/2032       3,048,790  
Waterlefe Community Development District RB for Capital Improvement Series 2001 A
 
     950,000       6.95       05/01/2031       1,020,566  
Westchester Community Development District No. 1 Special Assessment for Community Infrastructure Series 2003
 
     3,000,000       6.00       05/01/2023       3,131,250  
 
     24,250,000       6.13       05/01/2035       25,365,015  
Westside Community Development District BANS Series 2005
 
     4,000,000       5.00       02/01/2006       3,985,320  
World Commerce Community Development District Special Assessment Series 2004 A-1
 
     1,000,000       6.25       05/01/2022       1,032,030  
 
     500,000       6.50       05/01/2036       523,330  
World Commerce Community Development District Special Assessment Series 2004 A-2
 
     3,000,000       6.13       05/01/2035       3,136,800  
Wyndam Park Community Development District Special Assessment Series 2003
 
     2,500,000       6.38       05/01/2034       2,638,400  
 
                              
 
                             1,415,288,200  
 
Georgia – 0.6%
Atlanta Tax Allocation for Eastside Project Series 2005 A (AMT)
 
     1,230,000       5.63       01/01/2016       1,227,835  
Atlanta Tax Allocation for Eastside Project Series 2005 B
 
     1,085,000       5.40       01/01/2020       1,079,011  
 
     2,250,000       5.60       01/01/2030       2,248,312  
Atlanta Tax Allocation RB for Atlantic Station Project Series 2001
 
     10,000,000       7.75       12/01/2014       10,881,100  
Chatham County Hospital Authority RB for Hospital Improvement Memorial Health University Series 2004 A (A-/A3)
 
     3,675,000       5.50       01/01/2034       3,908,656  
Dekalb County Development Authority RB for Dekalb Senior Center Project Series 2004
 
     5,845,000       4.85       06/01/2009       5,911,750  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Georgia – (continued)
Fulton County Residential Care Facilities RB for Canterbury Court Project Series 2004 A
 
   $ 1,750,000       6.13 %     02/15/2034     $ 1,767,623  
Tift County IDA RB for Beverly Enterprises Project Series 2000
 
     725,000       7.50       07/01/2010       732,207  
 
                              
 
                             27,756,494  
 
Guam – 0.1%
Guam Government GO Bonds Series 1993 A (B)
 
     5,000,000       5.38       11/15/2013       5,002,000  
 
Hawaii – 0.3%
Hawaii Airport System RB Series 2001 II-R-59 (AMT) (FGIC) (RITES) (Aaa)(b)
 
     2,500,000       13.42       07/01/2015       3,517,800  
Hawaii Department of Transport Special Facilities RB for Continental Airlines Inc. Series 1997 (AMT) (B/Caa2)
 
     6,855,000       5.63       11/15/2027       5,535,550  
Hawaii Department of Transport Special Facilities RB for Continental Airlines Inc. Series 2000 (AMT) (B/Caa2)
 
     445,000       7.00       06/01/2020       426,030  
Hawaii Improvement District RB No. 17 Special Assessment Kaloko Subdivision Series 2001
 
     3,225,000       7.38       08/01/2011       3,355,193  
 
                              
 
                             12,834,573  
 
Illinois – 1.7%
Chicago Illinois Special Assessment for Lake Shore East Series 2003
 
     4,000,000       6.75       12/01/2032       4,351,720  
Chicago Illinois Tax Increment for Allocation Sub-Central Loop Redevelopment Series 2000 A
 
     250,000       6.50       12/01/2005       251,295  
Chicago Illinois Tax Increment for Central Loop Redevelopment Series 2000 A
 
     6,550,000       6.50       12/01/2007       6,980,662  
Chicago Illinois Tax Increment Junior Lien for Central Loop Redevelopment Project Series 2000 A (ACA) (A)
 
     2,000,000       6.50       12/01/2008       2,154,200  
Chicago Illinois Tax Increment RB for Central Loop Redevelopment Series 2000 A (ACA) (A)
 
     250,000       6.50       12/01/2006       259,865  
Chicago Single Family Mortgage RB for Collateral Series 2001 A (FHLMC/FNMA/GNMA) (AMT) (AAA/Aaa)
 
     3,015,000       6.25       10/01/2032       3,154,263  
Illinois Development Finance Authority PCRB for Amerencips Series 2000 A (A/A2)(a)
 
     6,050,000       5.50       02/28/2014       6,247,895  
Illinois Educational Facilities Authority Student Housing RB for Educational Advancement Fund University Center Project Series 2002 (Baa2)
 
     8,000,000       6.25       05/01/2030       8,585,120  
 
     7,840,000       6.25       05/01/2034       8,088,293  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Illinois – (continued)
Illinois Finance Authority RB for Friendship Village Schaumburg Series 2005 A
 
   $ 2,500,000       5.00 %     02/15/2015     $ 2,498,050  
 
     5,000,000       5.38       02/15/2025       4,977,800  
 
     4,000,000       5.63       02/15/2037       3,996,320  
Illinois Finance Authority Student Housing RB for MJH Educational Assistance IV-SR Series 2004 A (Baa2)
 
     6,905,000       5.00       06/01/2024       6,933,863  
 
     5,760,000       5.13       06/01/2035       5,761,613  
Illinois Finance Authority Student Housing RB for MJH Educational Assistance IV-Subseries 2004 B (Baa3)
 
     2,075,000       5.00       06/01/2024       2,061,098  
 
     4,000,000       5.38       06/01/2035       4,001,080  
Illinois Health Facilities Authority RB for Loyola University Health Systems Series 2001 A (Baa1)
 
     2,000,000       6.00       07/01/2021       2,161,640  
Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004
 
     1,805,000       6.25       03/01/2034       1,902,380  
Ottawa Illinois Health Care Facilities RB for Ottawa Community Hospital Series 2004 (Radian) (AA)
 
     1,900,000       5.13       08/15/2019       2,000,282  
 
     1,100,000       5.00       08/15/2021       1,138,786  
 
                              
 
                             77,506,225  
 
Indiana – 0.3%
Indiana Health Facility Financing Authority Hospital RB for Community Foundation Northwest Industry Series 2001 A (BBB-)
 
     1,500,000       6.38       08/01/2031       1,596,015  
Indianapolis Airport Authority RB for Special Facilities Federal Express Corp. Project Series 2004 (AMT) (BBB/Baa2)
 
     7,360,000       5.10       01/15/2017       7,684,576  
Indianapolis Airport Authority RB for Special Facilities United Air Lines Project Series 1995 A (AMT)(e)
 
     10,000,000       6.50       11/15/2031       1,349,800  
Jasper County Industrial Economic Development RB for Georgia Pacific Corp. Project Series 2000 (AMT) (Ba3)
 
     2,500,000       6.70       04/01/2029       2,626,375  
 
                              
 
                             13,256,766  
 
Iowa – 1.4%
Tobacco Settlement Authority RB for Iowa Asset Backed Bonds Series 2001 B (BBB/Baa3)
 
     30,820,000       5.60       06/01/2035       31,927,979  
Tobacco Settlement Authority RB Series 2001 B (BBB/Baa3)
 
     31,645,000       5.30       06/01/2025       32,422,518  
 
                              
 
                             64,350,497  
 
Kansas – 0.2%
Olathe Senior Living Facilities RB Refunding for Aberdeen Village Inc. Series 2005 A
 
     3,500,000       5.60       05/15/2028       3,524,500  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Kansas – (continued)
Wyandotte County/Kansas City University Government Special Obligation RB Refunding for Sales Tax 2nd Lien Area B Series 2005
 
   $ 500,000       4.75 %     12/01/2016     $ 493,505  
 
     7,000,000       5.00       12/01/2020       6,977,250  
 
                              
 
                             10,995,255  
 
Kentucky – 0.2%
Kentucky Economic Development Finance Authority RB for Appalachian Regional Health Care Series 1997 (BB-)
 
     500,000       5.70       10/01/2010       492,130  
Kentucky Economic Development Finance Authority RB for Norton Healthcare Inc. Series 2000 B (MBIA) (AAA/Aaa)(f)
 
     2,000,000       0.00       10/01/2022       898,120  
Kentucky Economic Development Finance Authority RB for Norton Healthcare Inc. Series 2000 C (MBIA) (AAA/Aaa)(g)
 
     6,750,000       0.00/6.00       10/01/2018       7,496,010  
 
                              
 
                             8,886,260  
 
Louisiana – 2.0%
Hodge Utility RB Series 2003 (AMT) (B)
 
     6,750,000       7.45       03/01/2024       8,110,530  
Louisiana State Gas & Fuels Tax RB Series 2005 A (FGIC) (AAA/Aaa)
 
     25,000,000       5.00       05/01/2035       26,420,250  
Louisiana State Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2003 C (A/A3)
 
     5,000,000       5.25       09/01/2015       5,282,650  
 
     3,500,000       5.25       09/01/2016       3,680,845  
Tobacco Settlement Financing Corp. RB Series 2001 B (BBB/Baa3)
 
     17,225,000       5.50       05/15/2030       17,964,125  
 
     28,575,000       5.88       05/15/2039       30,212,633  
 
                              
 
                             91,671,033  
 
Maryland – 0.9%
Baltimore Maryland Special Obligation RB for Clipper Mill Project Series 2004
 
     4,627,000       6.25       09/01/2033       4,810,229  
Baltimore Maryland Special Obligation RB for Harborview Lot No. 2 Series 2003
 
     3,000,000       6.50       07/01/2031       3,168,930  
Baltimore Maryland Special Obligation RB for Strathdale Manor Project Series 2003
 
     3,750,000       7.00       07/01/2033       4,034,138  
Maryland State Department of Transportation RB Series 2004 PA 1259 (RITES)(b)
 
     5,825,000       10.29       05/01/2012       8,105,604  
Maryland State Health & Higher Educational Facilities Authority RB for Medstar Health Series 2004 (BBB/Baa1)
 
     1,000,000       5.75       08/15/2016       1,109,950  
 
     4,500,000       5.38       08/15/2024       4,724,775  
 
     10,750,000       5.50       08/15/2033       11,184,192  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Maryland – (continued)
Westminster Maryland Economic Development RB for Carroll Lutheran Village Series 2004 A
 
   $ 4,000,000       6.25 %     05/01/2034     $ 4,161,800  
 
                              
 
                             41,299,618  
 
Massachusetts – 0.7%
Massachusetts Development Finance Agency RB for Eastern Nazarene College Series 1999 (BB+)
 
     2,235,000       5.63       04/01/2019       2,258,914  
 
     2,000,000       5.63       04/01/2029       1,998,180  
Massachusetts GO Bonds Series 2001 II-R-101(FSA) (Aaa)(b)
 
     2,500,000       16.62       12/01/2014       3,392,250  
Massachusetts Health and Educational Facilities Authority RB for Civic Investments Series 2002 A
 
     3,000,000       9.00       12/15/2015       3,690,240  
Massachusetts Health and Educational Facilities Authority RB for Civic Investments Series 2002 B
 
     2,000,000       9.20       12/15/2031       2,349,920  
Massachusetts Health and Educational Facilities Authority RB for Saint Memorial Medical Center Series 1993 A (Ba1)
 
     530,000       5.75       10/01/2006       531,357  
 
     5,400,000       6.00       10/01/2023       5,413,338  
Massachusetts State Development Finance Agency RB for First Mortgage Brokhaven Series 2005 A (Radian) (AA)
 
     2,975,000       4.50       03/01/2018       2,991,749  
 
     1,250,000       5.00       03/01/2035       1,277,063  
Massachusetts State Development Finance Agency RB for Hampshire College Series 2004 (BBB/Baa2)
 
     1,000,000       5.63       10/01/2024       1,071,220  
 
     1,000,000       5.70       10/01/2034       1,066,010  
Massachusetts State School Building Authority Sales Tax RB Series 2005 A (FSA) (AAA/Aaa)
 
     5,500,000       5.00       08/15/2030       5,820,210  
 
                              
 
                             31,860,451  
 
Michigan – 1.0%
Flint Michigan Hospital Building Authority RB for Hurley Medical Center Refunding Series 2003 (BBB-/Baa3)
 
     3,205,000       5.50       07/01/2008       3,266,440  
Flint Michigan Hospital Building Authority RB for Hurley Medical Center Series 1998 B (Baa3)
 
     1,250,000       5.38       07/01/2028       1,195,250  
Michigan State Hospital Finance Authority RB for Chelsea Community Hospital Obligation Series 2005 (BBB)
 
     415,000       5.00       05/15/2025       415,606  
 
     400,000       5.00       05/15/2030       397,160  
Michigan State Hospital Finance Authority RB for Chelsea Community Hospital Obligation Series 2005 (BBB)
 
     1,000,000       5.00       05/15/2037       987,370  
Michigan State Hospital Finance Authority RB for Marquette General Hospital Obligation Group Series 2005 A (Baa1)
 
     1,530,000       5.00       05/15/2026       1,551,175  
 
     2,000,000       5.00       05/15/2034       2,009,080  
Michigan State Hospital Finance Authority RB Series 2005 (MBIA) (AAA/Aaa)
 
     3,000,000       5.00       11/15/2036       3,134,370  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Michigan – (continued)
Midland County Economic Development RB for Obligation-Midland Series 2000 B (BB-/Ba3)
 
   $ 5,000,000       6.75 %     07/23/2009     $ 5,241,950  
Midland County Economic Development RB for Sub-Ltd. Obligation Series 2000 A (AMT) (BB-/Ba3)
 
     11,150,000       6.88       07/23/2009       11,689,102  
Wayne Charter County Special Airport Facilities RB for Northwest Airlines Inc. Series 1995
 
     13,250,000       6.75       12/01/2015       10,369,582  
Wayne Charter County Special Airport Facilities RB for Northwest Airlines Inc. Series 1999 (AMT)
 
     8,235,000       6.00       12/01/2029       6,496,592  
 
                              
 
                             46,753,677  
 
Minnesota – 0.7%
Becker PCRB for Northern States Power Series 2000 A (A-/A2)
 
     10,000,000       8.50       04/01/2030       12,252,800  
Duluth Economic Development Authority Health Care Facilities RB for St. Luke’s Hospital Series 2002 (BB)
 
     7,500,000       7.25       06/15/2032       7,960,125  
St. Paul Housing and Redevelopment Hospital Authority RB for Healtheast Project Series 1993 A (BB+)
 
     4,175,000       6.63       11/01/2017       4,198,714  
St. Paul Port Authority Lease RB for Healtheast Midway Campus Series 2003 A (BB)
 
     2,700,000       5.75       05/01/2025       2,713,014  
 
     1,400,000       5.88       05/01/2030       1,395,450  
St. Paul Port Authority Lease RB for Healtheast Midway Campus Series 2003 B
 
     2,700,000       6.00       05/01/2030       2,687,418  
 
                              
 
                             31,207,521  
 
Mississippi – 0.3%
Mississippi Business Finance Corp. PCRB for Systems Energy Resources Inc. Project Series 1998 (BBB-/Ba1)
 
     13,635,000       5.88       04/01/2022       13,811,982  
 
Missouri – 0.5%
Kansas City IDA Health Facilities RB for First Mortgage Bishop Spencer Series 2004 A
 
     2,150,000       5.50       01/01/2009       2,175,735  
 
     1,000,000       6.25       01/01/2024       1,032,650  
 
     2,500,000       6.50       01/01/2035       2,597,050  
Kansas City IDA RB for Air Cargo Series 2002 (AMT) (Baa3)
 
     1,295,000       6.25       01/01/2030       1,324,811  
Missouri State Environmental Improvement & Energy Resource Authority RB for Kansas City Power & Light Series 1993 (BBB/A2)
 
     5,845,000       4.00       01/02/2012       5,867,854  
St. Louis IDA MF Hsg. for Vaughn Elderly Apartments Project Series 2004 (AMT)(a)
 
     2,610,000       4.00       12/20/2006       2,638,606  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Missouri – (continued)
St. Louis IDA MF Hsg. RB for Bluemeyer Elderly Apartments Project Series 2004 (AMT)(a)
 
   $ 6,500,000       3.13 %     08/20/2006     $ 6,494,930  
 
                              
 
                             22,131,636  
 
Montana(a) – 0.2%
Forsyth Montana PCRB Refunding Portland General Series 1998 A-RMKT 5/1/03 (BBB+/Baa1)
 
     10,500,000       5.20       05/01/2009       11,015,445  
 
Nevada – 1.7%
Clark County Improvement District No. 142-LOC Special Assessment Series 2003
 
     1,460,000       5.80       08/01/2015       1,506,253  
 
     5,000,000       6.10       08/01/2018       5,155,200  
 
     4,000,000       6.38       08/01/2023       4,117,840  
Clark County Industrial Development RB for Nevada Power Co. Project Series 1995 A (AMT) (B-)
 
     10,380,000       5.60       10/01/2030       10,333,705  
Clark County Industrial Development RB for Nevada Power Co. Project Series 1995 B (AMT) (B-)
 
     13,665,000       5.90       10/01/2030       13,668,279  
Clark County Industrial Development RB for Nevada Power Co. Project Series 1995 C (B-)
 
     710,000       5.50       10/01/2030       710,611  
Clark County Industrial Development RB for Southwest Gas Corp. Project Series 2003 C (BBB-)(a)
 
     4,835,000       5.45       03/01/2013       5,130,177  
Clark County School District GO Bonds Series 2003 PA 1220 (MBIA) (RITES) (AAA)(b)
 
     4,475,000       16.25       06/15/2012       6,596,329  
Henderson Local Improvement Districts No. T-14 Special Assessment Series 2003
 
     1,980,000       5.55       03/01/2017       2,039,737  
Henderson Local Improvement Districts No. T-16 Special Assessment Series 2005
 
     620,000       4.50       03/01/2008       630,850  
 
     1,060,000       4.90       03/01/2017       1,062,894  
 
     1,555,000       5.00       03/01/2020       1,556,648  
 
     820,000       5.10       03/01/2022       825,281  
 
     3,600,000       5.13       03/01/2025       3,615,048  
Las Vegas Local Improvement Bonds Special Assessment District No. 808 Summerlin Area Series 2001
 
     1,140,000       5.70       06/01/2008       1,167,349  
 
     1,980,000       6.75       06/01/2021       2,044,409  
Las Vegas Local Improvement Bonds Special Assessment for Special Improvement District No. 607 Series 2004
 
     1,335,000       5.90       06/01/2017       1,376,452  
 
     1,375,000       5.90       06/01/2018       1,417,556  
 
     500,000       6.00       06/01/2019       515,565  
 
     5,000,000       6.25       06/01/2024       5,154,450  
North Las Vegas Local Improvement Special Assessment for Special Improvement District No. 60-Aliante Series 2003
 
     990,000       6.13       12/01/2017       1,030,263  
 
     1,485,000       6.40       12/01/2022       1,546,568  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Nevada – (continued)
Washoe County Water Facilities RB for Sierra Pacific Power Co. Series 2001 (AMT) (BB/Ba2)(a)
 
   $ 8,000,000       5.00 %     07/01/2009     $ 8,017,680  
 
                              
 
                             79,219,144  
 
New Hampshire – 0.1%
New Hampshire Health & Educational Facilities Authority RB for Southern New Hampshire Medical Center Series 2004 A (Radian) (AA)
 
     900,000       5.00       10/01/2013       960,804  
 
     1,800,000       5.00       10/01/2015       1,914,102  
 
     500,000       5.00       10/01/2018       522,390  
New Hampshire Health & Educational Facilities Authority RB for Speare Memorial Hospital Series 2004
 
     1,000,000       5.50       07/01/2025       1,017,350  
 
     1,400,000       5.88       07/01/2034       1,439,354  
 
                              
 
                             5,854,000  
 
New Jersey – 4.8%
New Jersey Economic Development Authority RB for First Mortgage Lions Gate Project Series 2005 A
 
     825,000       5.00       01/01/2015       819,044  
 
     710,000       5.75       01/01/2025       721,090  
 
     1,230,000       5.88       01/01/2037       1,247,737  
New Jersey Economic Development Authority RB for First Mortgage of The Presbyterian Home Series 2001 A
 
     1,500,000       6.25       11/01/2020       1,553,505  
New Jersey Economic Development Authority Retirement RB for Seabrook Village Inc. Series 2000 A
 
     2,500,000       8.00       11/15/2015       2,794,175  
New Jersey Economic Development Authority Special Facilities RB for Continental Airlines Inc. Project Series 1998 (AMT) (CCC+/Caa2)
 
     7,480,000       5.50       04/01/2028       5,518,071  
New Jersey Economic Development Authority Special Facilities RB for Continental Airlines Inc. Project Series 1999 (AMT) (B/Caa2)
 
     7,000,000       6.63       09/15/2012       6,848,100  
 
     5,190,000       6.25       09/15/2019       4,853,065  
 
     4,060,000       6.40       09/15/2023       3,801,500  
 
     10,635,000       6.25       09/15/2029       9,684,763  
New Jersey Health Care Facilities Financing Authority RB for Palisades Medical Center of New York Healthcare Series 2002 (BBB-/Baa3)
 
     820,000       6.50       07/01/2021       879,934  
 
     500,000       6.63       07/01/2031       537,720  
New Jersey Health Care Facilities Financing Authority RB for South Jersey Hospital Series 2002 (Baa1)
 
     2,000,000       6.00       07/01/2032       2,129,980  
New Jersey Health Care Facilities Financing Authority RB for St. Peters University Hospital Series 2000 A (BBB+/Baa1)
 
     1,500,000       6.88       07/01/2030       1,662,990  
New Jersey State Educational Facilities Authority RB for Fairleigh Dickinson Series 2004 C
 
     1,000,000       5.50       07/01/2023       1,051,700  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
New Jersey – (continued)
Tobacco Settlement Financing Corp. RB for New Jersey Asset Backed Bonds Series 2002 (BBB/Baa3)
 
   $ 59,970,000       5.75 %     06/01/2032     $ 63,424,272  
 
     21,055,000       6.00       06/01/2037       22,995,429  
 
     21,105,000       6.13       06/01/2042       22,726,708  
Tobacco Settlement Financing Corp. RB Series 2003 (BBB/Baa3)
 
     7,630,000       6.75       06/01/2039       9,074,740  
 
     5,130,000       7.00       06/01/2041       6,187,139  
 
     32,345,000       6.25       06/01/2043       37,387,585  
Union County Utilities Authority RB for Ogden Martin Series 1998 A (AMBAC) (AMT) (AAA/Aaa)
 
     6,970,000       5.50       06/01/2009       7,405,904  
 
     3,625,000       5.50       06/01/2010       3,872,841  
 
                              
 
                             217,177,992  
 
New Mexico – 0.3%
Farmington PCRB for El Paso Electric Co. Project Series 2002 A (Baa3/BBB)(a)
 
     7,500,000       6.37       08/01/2005       7,500,000  
Farmington PCRB for Public Service Co. San Juan Series 1996 B (BBB/Baa2)
 
     2,500,000       6.30       12/01/2016       2,654,525  
Farmington PCRB for Tucson Electric Power Co. San Juan Series 1997 A (B+/Ba1)
 
     3,000,000       6.95       10/01/2020       3,149,340  
 
                              
 
                             13,303,865  
 
New York – 3.3%
Madison County Industrial Development Agency Civic Facilities RB for Morrisville State College Foundation Series 2005 A (FGIC) (AAA)
 
     1,000,000       5.00       06/01/2022       1,061,810  
 
     750,000       5.00       06/01/2028       783,780  
Metropolitan Transportation Authority RB Series 2002 PA 1027 (RITES) (AMBAC)(b)
 
     5,000,000       7.77       05/15/2010       6,193,600  
Monroe County Industrial Development Agency Civic Facilities RB for Highland Hospital of Rochester Series 2005 (BBB+/Baa1)
 
     2,300,000       5.00       08/01/2022       2,376,774  
 
     1,250,000       5.00       08/01/2025       1,280,637  
Nassau County IDA Civic Facility RB for North Shore Health System Project Series 2001 A (A3)
 
     400,000       6.25       11/01/2021       434,532  
Nassau County IDA Civic Facility RB for North Shore Health System Project Series 2001 B (A3)
 
     1,135,000       5.88       11/01/2011       1,235,141  
Nassau County IDA Civic Facility RB for North Shore Health System Project Series 2001 C (A3)
 
     720,000       5.63       11/01/2010       770,594  
Nassau County IDA Civic Facility RB for North Shore Health System Project Series 2001 D (A3)
 
     1,000,000       5.63       11/01/2009       1,060,790  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
New York – (continued)
New York City IDA Civic Facility RB for Polytechnical University Project (BB+/Ba3)
 
   $ 150,000       5.20 %     11/01/2007     $ 149,862  
New York City IDA Civic Facility RB for Polytechnical University Project Series 2000 (BB+/Ba3)
 
     2,000,000       6.00       11/01/2020       2,011,120  
New York City IDA Civic Facility RB for Staten Island University Hospital Series 2000 (B2)
 
     1,000,000       6.38       07/01/2031       1,005,470  
New York City IDA Special Facilities RB for British Airways PLC Project Series 1998 (AMT) (BB-/Ba2)
 
     4,135,000       5.25       12/01/2032       3,761,734  
New York City IDA Special Facilities RB for Continental Airlines Inc. Series 2003 (AMT) (CCC+)
 
     2,265,000       7.25       11/01/2008       2,261,625  
 
     4,055,000       8.00       11/01/2012       4,025,601  
 
     2,685,000       8.38       11/01/2016       2,710,293  
New York City Municipal Water Finance Authority Water & Sewer System RB Series 2003 A (MBIA-IBC) (AAA)
 
     27,385,000       5.00       06/15/2035       28,651,556  
New York City Transitional Finance Authority RB Series 2002 R PA 1043 (RITES) (AAA)(b)
 
     8,000,000       7.77       11/01/2009       9,638,560  
New York Convention Center Operating Corp. COPS for Yale Building Acquisition Project Series 2003
 
     4,000,000       5.25       06/01/2008       4,064,760  
New York GO Bonds Series 2003 A (A+/A1)
 
     4,000,000       5.00       08/01/2012       4,302,560  
New York GO Bonds Series 2003 D (A+/A1)
 
     6,520,000       5.25       10/15/2018       7,046,686  
New York GO Bonds Series 2005 M (A+/A1)
 
     7,980,000       5.00       04/01/2025       8,372,297  
New York State Dormitory Authority RB for New York Methodist Hospital Series 2004 (A3)
 
     1,000,000       5.25       07/01/2024       1,051,520  
New York State Dormitory Authority RB for North Shore Long Island Jewish Group Series 2003 (A3)
 
     6,620,000       5.00       05/01/2018       6,917,635  
New York State Dormitory Authority RB for Rochester General Hospital Series 2005 (Radian) (AA/Aa3)
 
     2,600,000       5.00       12/01/2025       2,732,626  
 
     2,550,000       5.00       12/01/2035       2,654,244  
New York State Environmental Facilities Corp. PCRB Series 2004 PA 1261 (MBIA) (RITES)(b)
 
     5,465,000       18.29       12/15/2009       8,426,593  
New York State Urban Development Corp. RB for Correctional & Youth Facilities Services Series 2003 PA 1218 (RITES)(a)(b)
 
     3,625,000       10.97       07/01/2007       4,476,875  
Saratoga County IDA Civic Facility RB for Saratoga Hospital Project Series 2004 A (BBB+)
 
     975,000       5.00       12/01/2008       1,016,467  
 
     1,205,000       5.00       12/01/2012       1,276,107  
 
     300,000       5.00       12/01/2014       315,978  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
New York – (continued)
Tobacco Settlement Financing Corp. RB for New York Asset Backed Bonds Series A/1 (AA-/A2)
 
   $ 18,160,000       5.50 %     06/01/2018     $ 20,034,657  
Westchester County Healthcare Corp. RB for Senior Lien Series 2000 A (B/Ba2)
 
     4,000,000       5.88       11/01/2025       4,000,280  
Yonkers IDA Civic Facility RB for St. Joseph Hospital Yonkers Series 1998 A
 
     500,000       6.15       03/01/2015       450,010  
Yonkers IDA Civic Facility RB for St. Joseph Hospital Yonkers Series 1998 C
 
     750,000       6.15       03/01/2015       685,027  
 
     800,000       6.20       03/01/2020       711,224  
 
                              
 
                             147,949,025  
 
North Carolina – 0.9%
Charlotte Special Facilities RB for Charlotte/Douglas International US Airways Airport Series 1998 (AMT)(e)
 
     6,760,000       5.60       07/01/2027       4,427,732  
Charlotte Special Facilities RB for Douglas International Airport US Airways Series 2000 (AMT)
 
     3,000,000       7.75       02/01/2028       2,210,610  
North Carolina Eastern Municipal Power Agency Power System RB Series 2003 C (BBB/Baa2)
 
     6,495,000       5.38       01/01/2016       6,874,698  
 
     4,850,000       5.38       01/01/2017       5,149,245  
North Carolina Eastern Municipal Power Agency Power System RB Series 2003 D (BBB/Baa2)
 
     3,400,000       5.13       01/01/2023       3,506,590  
North Carolina Medical Care Community Retirement Facilities RB 1st Mortgage for Givens Estates Project Series 2003 A
 
     3,000,000       6.50       07/01/2032       3,181,860  
North Carolina Medical Care Community Retirement Facilities RB Refunding 1st Mortgage for United Church Project Series 2005 A
 
     2,750,000       5.25       09/01/2021       2,773,045  
North Carolina Medical Care Community Retirement Facilities RB Refunding 1st Mortgage for United Church Project Series 2005 B(a)
 
     1,500,000       4.30       09/01/2008       1,500,810  
North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 1998 A (MBIA) (AAA/Aaa)
 
     1,000,000       5.50       01/01/2014       1,127,510  
North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 1999 B (BBB+/A3)
 
     1,750,000       6.38       01/01/2013       1,949,203  
 
     5,000,000       6.50       01/01/2020       5,600,800  
North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 2003 A (BBB+/A3)
 
     2,550,000       5.50       01/01/2013       2,808,595  
 
                              
 
                             41,110,698  
 


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Ohio – 1.5%
Cleveland Airport Special RB for Continental Airlines Inc. Series 1998 (AMT) (B-/Caa2)
 
   $ 24,965,000       5.38 %     09/15/2027     $ 18,194,492  
Cleveland Airport Special RB for Continental Airlines Inc. Series 1999 (AMT) (B-/Caa2)
 
     5,530,000       5.50       12/01/2008       5,247,749  
 
     13,460,000       5.70       12/01/2019       10,971,381  
Coshocton County Environmental RB Refunding for Smurfit Stone Container Series 2005 (B)
 
     2,000,000       5.13       08/01/2013       1,974,980  
Cuyahoga County Health Care Facilities RB Refunding for Benjamin Rose Institute Project Series 1998
 
     2,600,000       5.50       12/01/2017       2,595,268  
 
     3,000,000       5.50       12/01/2028       2,988,330  
Ohio Water Development Authority PCRB for Cleveland Electric Series 1998 A (BBB-/Baa2)(a)
 
     16,255,000       3.75       10/01/2008       16,307,341  
Ohio Water Development Authority PCRB RMKT Refunding for Economic Development Series 2005 (BBB/Baa1)(a)
 
     5,000,000       3.35       06/01/2006       4,996,650  
Pinnacle Community Infrastructure Financing Authority RB for Ohio Facilities Series 2004 A
 
     2,500,000       6.25       12/01/2036       2,593,800  
 
                              
 
                             65,869,991  
 
Oklahoma – 2.8%
Langston Economic Development Authority RB Series 2005 (ACA) (A)
 
     1,150,000       4.50       05/01/2020       1,135,292  
 
     3,500,000       4.75       05/01/2025       3,477,600  
 
     2,000,000       5.00       05/01/2030       2,015,200  
 
     6,500,000       5.00       05/01/2035       6,524,375  
Oklahoma Development Finance Authority RB for Hillcrest Healthcare Systems Series 1999 A (AAA/Aaa)(c)
 
     18,240,000       5.63       08/15/2009       19,988,852  
Tulsa Municipal Airport Trust RB for American Airlines Series 2000 B (AMT) (B-/Caa2)(a)
 
     16,100,000       6.00       12/01/2008       15,771,560  
Tulsa Municipal Airport Trust RB for American Airlines Series 2001 A (AMT) (B-/Caa2)(a)
 
     2,450,000       5.38       12/01/2006       2,414,009  
Tulsa Municipal Airport Trust RB for American Airlines Series 2001 B (AMT) (B-/Caa2)(a)
 
     27,430,000       5.65       12/01/2008       26,715,448  
Tulsa Municipal Airport Trust RB VRDN Refunding Series 2000 A RMKT 12/1/04 (AMT) (B-/Caa2)(a)
 
     45,500,000       7.75       12/01/2014       48,621,755  
 
                              
 
                             126,664,091  
 
Oregon – 0.1%
Oregon State Economic Development RB for Georgia Pacific Corp. Series 1995 CLVII (AMT) (BB+/Ba3)
 
     195,000       6.35       08/01/2025       195,758  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Oregon – (continued)
Oregon State Facilities Authority RB for Linfield College Project Series 2005 A (Baa1)
 
   $ 1,000,000       5.00 %     10/01/2025     $ 1,032,120  
Portland Multifamily RB for Pacific Tower Series 2001 C (AMT)
 
     2,635,000       7.00       12/01/2034       2,663,063  
 
                              
 
                             3,890,941  
 
Pennsylvania – 4.7%
Allegheny County Airport RB for Pittsburgh International Airport Series 1997 A-1 (MBIA) (AMT) (AAA/Aaa)
 
     2,000,000       5.75       01/01/2009       2,122,940  
Allegheny County Hospital Development Authority RB for Health Systems Series 2000 B (B/B1)
 
     210,000       9.25       11/15/2015       253,239  
Allegheny County Hospital Development Authority RB for Health Systems Series 2000 B (B/B1)
 
     16,460,000       9.25       11/15/2022       19,772,246  
 
     14,540,000       9.25       11/15/2030       17,404,380  
Allegheny County Hospital Development Authority RB for Ohio Valley General Hospital Project Series 2005 A (Baa2)
 
     2,300,000       5.00       04/01/2025       2,315,617  
 
     3,000,000       5.13       04/01/2035       3,019,110  
Allegheny County Redevelopment Authority for Pittsburgh Mills Project Series 2004(a)
 
     1,000,000       5.10       07/01/2014       1,031,460  
 
     2,000,000       5.60       07/01/2023       2,101,760  
Bristol Borough School District GO Series 2005 (FSA) (AAA)
 
     1,100,000       5.25       03/01/2025       1,199,737  
Chester County Health & Education RB for Jenners Pond Inc. Project Series 2002
 
     3,000,000       7.63       07/01/2034       3,249,540  
Chester Economic Development Authority RB GTD Series 2004
 
     8,640,000       7.00       03/01/2019       9,550,742  
Cumberland County IDA RB for Beverly Enterprises Inc. Series 1998
 
     1,660,000       5.50       10/01/2008       1,666,607  
Cumberland County Municipal Authority Retirement Community RB for Wesley Affiliated Services Series 2002 A
 
     5,000,000       7.25       01/01/2035       5,383,300  
Delaware County IDA RB Refunding for Residential Recovery Facilities Series 1997 A (BB+/Ba2)
 
     18,445,000       6.10       07/01/2013       19,369,094  
Gettysburg Area IDA RB for Beverly Enterprises Project Series 2000
 
     2,000,000       7.50       07/01/2011       2,020,120  
Lehigh County General Purpose Authority RB for Saint Lukes Bethlehem Hospital Series 2003 (BBB/Baa2)
 
     11,500,000       5.38       08/15/2033       11,851,210  
Montgomery County Higher Education & Health Authority RB for Catholic Health Systems East Series 2004 C (A/A1)
 
     1,550,000       5.38       11/15/2034       1,642,225  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Pennsylvania – (continued)
Montgomery County IDA RB for Whitemarsh Continued Care Project Series 2005
 
   $ 1,720,000       5.13 %     02/01/2012     $ 1,748,483  
 
     1,775,000       5.30       02/01/2013       1,811,299  
 
     2,000,000       6.13       02/01/2028       2,092,520  
New Morgan IDA Solid Waste Disposal RB for New Morgan Landfill Co. Inc. Project Series 1994 (AMT) (BB-/Caa1)(a)
 
     8,115,000       6.50       04/01/2019       8,090,168  
Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Amtrak Project Series 2001 A (AMT) (BBB/A3)
 
     5,000,000       6.38       11/01/2041       5,402,750  
Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Reliant Energy Series 2002 A (AMT) (B1)
 
     5,500,000       6.75       12/01/2036       5,919,870  
Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Reliant Energy Series 2002 B Converted 12/22/04 (AMT) (B1)
 
     36,500,000       6.75       12/01/2036       39,286,410  
Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Reliant Energy Series 2003 A (AMT) (B1)
 
     2,000,000       6.75       12/01/2036       2,152,680  
Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Reliant Energy Seward Series 2001 A (AMT) (B1)
 
     7,500,000       6.75       12/01/2036       8,072,550  
Pennsylvania Economic Development Financing Authority Exempt Facilities RB RMKT for Shippingport Project Series 2002 A (AMT) (BB+/BAA3)(a)
 
     5,000,000       4.35       06/01/2010       4,967,500  
Pennsylvania State Higher Educational Facilities Authority RB for Philadelphia University Series 2004 A (BBB/Baa2)
 
     3,000,000       5.13       06/01/2025       3,071,460  
 
     1,950,000       5.25       06/01/2032       2,002,514  
Pennsylvania State Public School Building Authority RB for Montgomery County Community College Project Series 2005 (AMBAC) (Aaa)
 
     1,410,000       5.00       05/01/2024       1,507,502  
 
     675,000       5.00       05/01/2025       720,002  
Philadelphia Gas Works RB Eighteenth Series 2004 (CIFG) (AAA/Aaa)
 
     1,790,000       5.00       08/01/2011       1,931,034  
 
     3,195,000       5.00       08/01/2014       3,467,022  
 
     3,350,000       5.00       08/01/2015       3,611,468  
Philadelphia Gas Works RB Fifth Series 2004 A/1 (AGC) (AAA/Aa1)
 
     3,340,000       5.25       09/01/2018       3,607,567  
Scranton Lackawanna Health & Welfare Authority RB for Moses Taylor Hospital Project Series 1997 (B-)
 
     500,000       6.15       07/01/2014       437,140  
 
     4,825,000       6.20       07/01/2017       4,169,717  
 
     6,155,000       6.25       07/01/2020       5,300,932  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Pennsylvania – (continued)
St. Mary Hospital Authority RB Refunding for Catholic Health East Series 2004 B (A/A1)
 
   $ 2,275,000       5.38 %     11/15/2034     $ 2,410,363  
 
                              
 
                             215,734,278  
 
Puerto Rico – 1.8%
Children’s Trust Fund RB Refunding for Tobacco Settlement Asset Backed Bonds Series 2005 B(f)
 
     56,000,000       0.00       05/15/2055       1,891,120  
Children’s Trust Fund RB Refunding Tobacco Settlement Series 2005(f)
 
     77,700,000       0.00       05/15/2050       4,932,396  
Childrens Trust Fund RB for Tobacco Settlement Series 2000 II-R-39 (RITES) (Aa3)(b)(c)
 
     3,115,000       8.34       07/01/2010       3,562,563  
Puerto Rico Commonwealth GO Bonds Series 2003 PA 1138R (MBIA) (RITES) (AAA)(a)(b)
 
     7,500,000       6.80       01/01/2007       8,282,850  
Puerto Rico Commonwealth Infrastructure Financing Authority RB Series 2005 B (BBB+/Baa2)
 
     13,000,000       5.00       07/01/2041       13,546,260  
Puerto Rico Industrial Medical & Environmental PCRB Financing Authority Special Facilities for American Airlines Series 1985 A (CCC/Caa2)(a)
 
     5,400,000       6.45       12/01/2025       4,279,446  
Puerto Rico Public Finance Corp. RB Commonwealth Appropriations Series 2004 A (LOC-Government Bank for Puerto Rico) (BBB/Baa3)(a)
 
     37,750,000       5.75       02/01/2012       41,518,205  
Puerto Rico Public Finance Corp. RB for Residential Certificates Series 2001 520 (MBIA) (Aaa)(b)
 
     3,225,000       12.81       08/01/2016       4,357,362  
 
                              
 
                             82,370,202  
 
Rhode Island – 1.0%
Providence Redevelopment Agency RB Refunding for Public Safety Building Project Series 2005 A (AMBAC) (AAA/Aaa)
 
     1,825,000       5.00       04/01/2025       1,926,507  
 
     3,605,000       5.00       04/01/2026       3,799,670  
 
     2,785,000       5.00       04/01/2027       2,933,134  
Rhode Island State Health & Educational Building Corp. RB for Hospital Financing Series 2003 A (BBB/Baa2)
 
     2,840,000       6.00       09/15/2033       2,888,905  
Tobacco Settlement Financing Corp. RB for Rhode Island Asset Backed Bonds Series 2002 A (BBB/Baa3)
 
     4,955,000       6.00       06/01/2023       5,261,467  
 
     7,500,000       6.13       06/01/2032       8,017,725  
 
     20,340,000       6.25       06/01/2042       21,829,091  
 
                              
 
                             46,656,499  
 
South Carolina – 1.9%
Connector 2000 Association, Inc. Toll Road RB for Capital Appreciation Series 1998 B (B-)(f)
 
     15,000,000       0.00       01/01/2033       1,614,150  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
South Carolina – (continued)
Greenville County Airport RB for Donaldson Industrial Air Park Project Series 2001 (AMT) (Baa3)
 
   $ 4,550,000       6.13 %     10/01/2017     $ 4,805,801  
Lancaster County Assessment RB for Edgewater Improvement Direct Series 2003 A
 
     980,000       6.88       11/01/2035       1,016,456  
Lancaster County Assessment RB for Edgewater Improvement Direct Series 2003 B
 
     1,376,000       6.13       11/01/2014       1,402,089  
Medical University Hospital Authority RB Series 2002 A (AAA)(c)
 
     3,000,000       6.50       08/15/2012       3,540,390  
South Carolina Jobs Economic Development Authority RB for Palmetto Health Alliance Series 2000 A(c)
 
     8,750,000       7.13       12/15/2010       10,439,187  
South Carolina Jobs Economic Development Authority RB for Palmetto Health Alliance Series 2000 A (BBB+/Baa1)
 
     10,000,000       6.25       08/01/2031       10,925,600  
Tobacco Settlement Management Authority RB Series 2001 B (BBB/Baa3)
 
     2,225,000       6.00       05/15/2022       2,355,051  
 
     35,695,000       6.38       05/15/2028       38,168,307  
York County Industrial RB Exempt Facility Hoechst Celanese Series 1994 (AMT) (B-/B2)
 
     11,430,000       5.70       01/01/2024       11,259,693  
 
                              
 
                             85,526,724  
 
Tennessee – 0.9%
Chattanooga Health, Educational & Housing Facilities Board RB for CDFI Phase I LLC Project Series 2005 A (BBB-)
 
     5,000,000       5.00       10/01/2025       4,918,600  
 
     9,750,000       5.13       10/01/2035       9,616,620  
Elizabethton Health and Educational Facilities Board RB Series 2001 PA 813 (RITES)(b)
 
     6,000,000       12.54       07/01/2033       8,314,800  
Johnson City Health and Educational Board Retirement Facilities RB for Appalachian Christian Village Project Series 2004 A
 
     1,000,000       6.25       02/15/2032       1,014,180  
Shelby County Health Educational & Housing Facilities Board Hospital RB Refunded for Methodist Healthcare Series 2002 (A-/A3)(c)
 
     2,500,000       6.00       09/01/2012       2,883,675  
Shelby County Health Educational & Housing Facilities Board RB PA 1277 A (RITES) (AA)(a)(b)
 
     9,190,000       10.39       10/01/2008       10,914,412  
Shelby County Health Educational & Housing Facilities Board RB PA 1277 B (RITES) (AA)(b)
 
     1,310,000       10.39       09/01/2008       1,549,782  
 
                              
 
                             39,212,069  
 
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Texas – 8.3%
Alliance Airport Authority Inc. Special Facilities RB for American Airlines Inc. Project Series 1991 (AMT) (CCC/Caa2)
 
   $ 13,990,000       7.00 %     12/01/2011     $ 13,104,013  
 
     44,105,000       7.50       12/01/2029       39,400,320  
Bexar County Health Facilities Development Corp. RB for Army Retirement Residence Project Series 2002 (BBB-)
 
     1,200,000       6.13       07/01/2022       1,271,376  
 
     1,000,000       6.30       07/01/2032       1,066,440  
Brazos River Authority PCRB for Texas Utility Co. Series 1999 A (AMT) (BBB-/Baa2)
 
     10,500,000       7.70       04/01/2033       12,471,060  
Brazos River Authority PCRB for TXU Electric Co. Project Series 1999 C (AMT) (BBB-/Baa2)
 
     6,800,000       7.70       03/01/2032       8,086,152  
Brazos River Authority PCRB for TXU Electric Co. Project Series 2001 C (AMT) (BBB-/Baa2)(a)
 
     21,940,000       5.75       11/01/2011       23,263,860  
Brazos River Authority PCRB for TXU Energy Co. LLC Project Series 2003 C (AMT) (BBB-/Baa2)
 
     1,435,000       6.75       10/01/2038       1,594,199  
Brazos River Authority PCRB for TXU Energy Co. LLC Project Series 2003 D (BBB-/Baa2)(a)
 
     3,025,000       5.40       10/01/2014       3,215,121  
Brazos River Authority RB for Reliant Energy Inc. Project Series 1999 A (BBB-/Ba1)
 
     6,250,000       5.38       04/01/2019       6,472,562  
Brazos River Authority RB for Reliant Energy Inc. Project Series 1999 B (BBB-)
 
     10,000,000       7.75       12/01/2018       11,122,600  
Dallas County Flood Control District GO Bonds Series 2002(d)
 
     6,000,000       0.00/ 7.25       04/01/2032       6,237,780  
Dallas Fort Worth International Airport Facility Improvement Corp. RB for American Airlines Inc. Series 1992 (AMT) (CCC/Caa2)
 
     1,885,000       7.25       11/01/2030       1,627,943  
Dallas Fort Worth International Airport Facility Improvement Corp. RB for American Airlines Inc. Series 1995 (CCC/Caa2)
 
     37,950,000       6.00       11/01/2014       32,621,820  
Dallas Fort Worth International Airport Facility Improvement Corp. RB for American Airlines Inc. Series 1995 (AMT) (CCC/Caa2)
 
     37,550,000       6.38       05/01/2035       28,211,690  
Dallas Fort Worth International Airport Facility Improvement Corp. RB Refunding for American Airlines Inc. Series 2000 B (AMT) (CCC/Caa2)(a)
 
     11,170,000       6.05       11/01/2005       11,105,549  
Dallas Fort Worth International Airport Facility Improvement Corp. RB Refunding for American Airlines Inc. Series 2000 C (AMT) (CCC/Caa2)(a)
 
     15,860,000       6.15       11/01/2007       15,169,931  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Texas – (continued)
Dallas Fort Worth International Airport RB Series 2003 A (AMBAC) (AMT) (AAA/Aaa)
 
   $ 1,225,000       5.00 %     11/01/2032     $ 1,252,318  
Dallas-Fort Worth International Airport Facilities Improvement Corp. RB RMKT Refunding Series 2000 Subseries A-1 (AMT) (CCC/Caa2)(a)
 
     5,000,000       8.50       05/01/2008       5,037,550  
Dallas-Fort Worth International Airport Facilities Improvement Corp. RB RMKT Refunding Series 2000 Subseries A-2 (AMT) (CCC/Caa2)(a)
 
     4,000,000       9.00       05/01/2015       4,146,640  
Dallas-Fort Worth International Airport Facilities Improvement Corp. RB RMKT Refunding Series 2000 Subseries A-3 (AMT) (CCC/Caa2)
 
     20,000,000       9.13       05/01/2029       20,857,600  
Georgetown Health Facilities Development Corp. RB for Georgetown Hospital Healthcare System Series 1999 (BB)
 
     3,000,000       6.25       08/15/2029       3,054,210  
Gulf Coast Waste Disposal Authority Texwaste Disposal RB for Valero Energy Corp. Project Series 2001 (AMT) (BBB-/Baa3)
 
     1,500,000       6.65       04/01/2032       1,640,610  
Harris County Health Facilities Development Corp. Hospital RB for Memorial Hermann Healthcare System Series 2004 A (A/A2)
 
     2,595,000       5.00       12/01/2020       2,710,893  
 
     435,000       5.00       12/01/2021       452,400  
 
     1,000,000       5.13       12/01/2022       1,044,020  
 
     1,000,000       5.13       12/01/2023       1,040,930  
Houston Airport System Special Facilities RB for Continental Airlines Series 1998 B (AMT) (B-/Caa2)
 
     1,000,000       5.70       07/15/2029       798,600  
Houston Airport System Special Facilities RB for Continental Airlines Series 2001 E (AMT) (B-/Caa2)
 
     3,400,000       6.75       07/01/2021       3,310,410  
 
     21,440,000       6.75       07/01/2029       20,526,870  
Houston Health Facilities Development Corp. Retirement Facility RB for Buckingham Senior Living Community Series 2004 A
 
     1,500,000       7.13       02/15/2034       1,611,480  
Houston Texas GO Bonds Rols RR II Series 2003 R 242 (MBIA) (AAA)(b)
 
     6,455,000       10.50       03/01/2010       8,271,179  
Matagorda County Navigation District No. 1 RB for Reliant Energy Project Series 1999 B (AMT) (BBB-/Ba1)
 
     11,000,000       5.95       05/01/2030       11,302,940  
Metropolitan Health Facilities Development Corp. RB for Wilson N. Jones Memorial Hospital Project Series 2001 (B1)
 
     4,200,000       7.20       01/01/2021       4,298,448  
 
     5,000,000       7.25       01/01/2031       5,101,100  
Port Corpus Christi Authority RB for Celanese Project Series 2002 B (AMT) (B-/B2)
 
     8,500,000       6.70       11/01/2030       9,139,880  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Texas – (continued)
Red River Authority PCRB for Celanese Project Series 2002 B (AMT) (B-/B2)
 
   $ 4,500,000       6.70 %     11/01/2030     $ 4,844,070  
Red River Authority PCRB for Hoechst Celanese Corp. Project Series 1994 (B-/B2)
 
     3,000,000       5.20       05/01/2007       3,004,620  
Sabine River Authority PCRB for TXU Energy Co. LLC Project Series 2003 B (BBB-/Baa2)
 
     3,000,000       6.15       08/01/2022       3,281,400  
Sabine River Authority PCRB VRDN for TXU Electric Co. Project Series 2001 A (BBB-/Baa2)(a)
 
     16,000,000       5.50       11/01/2011       16,991,520  
San Antonio Convention Center Hotel Finance Corp. Contract RB for Empowerment Zone Series 2005 A (AMT) (AMBAC) (AAA/Aaa)
 
     10,000,000       5.00       07/15/2034       10,292,100  
 
     10,000,000       5.00       07/15/2039       10,252,000  
Tom Green County Health Facilities Development Corp. Hospital RB for Shannon Health Systems Project Series 2001 (Baa3)
 
     2,000,000       6.75       05/15/2021       2,156,540  
Weslaco Health Facilities RB for Knapp Medical Center Project Series 2002 (BBB+)
 
     4,395,000       6.00       06/01/2017       4,775,827  
 
                              
 
                             377,238,571  
 
U. S. Virgin Islands – 0.3%
Virgin Islands Public Finance Authority RB for Senior Lien Matching Fund Loan Note Series 2004 A (BBB)
 
     2,225,000       5.00       10/01/2010       2,356,431  
 
     1,045,000       5.00       10/01/2012       1,115,496  
 
     1,000,000       5.00       10/01/2014       1,076,810  
 
     1,250,000       5.25       10/01/2016       1,356,812  
 
     1,000,000       5.25       10/01/2018       1,079,110  
 
     1,000,000       5.25       10/01/2019       1,077,530  
 
     1,720,000       5.25       10/01/2020       1,847,951  
 
     1,000,000       5.25       10/01/2021       1,070,470  
 
     500,000       5.25       10/01/2022       533,285  
 
     500,000       5.25       10/01/2023       531,730  
Virgin Islands Public Finance Authority RB for Subordinated Lien-Fund Loan Notes Series 1998 D
 
     1,100,000       6.00       10/01/2005       1,105,181  
 
                              
 
                             13,150,806  
 
Utah – 0.1%
Tooele County Hazardous Waste Treatment RB for Union Pacific Project Series 1992 A (AMT) (BBB/Baa2)
 
     6,350,000       5.70       11/01/2026       6,627,622  
 
Virginia – 0.9%
Amelia County IDA Solid Waste Disposal VRDN RB Refunding for Waste Management Project Series 2002 (AMT) (BBB)(a)
 
     3,000,000       4.05       04/01/2008       2,999,880  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Virginia – (continued)
Bedford County IDA RB for Nekoosa Packaging Corp. Project Series 1998 (AMT) (Ba3)
 
   $ 320,000       5.60 %     12/01/2025     $ 321,862  
Celebrate North Community Development Authority Special Assessment Project Series 2003 B
 
     5,000,000       6.75       03/01/2034       5,198,200  
Chesapeake IDA PCRB for Virginia Project Series 1985 (BBB+/A3)
 
     3,250,000       5.25       02/01/2008       3,305,185  
Goochland County IDA RB for Nekoosa Packaging Corp. Series 1998 (AMT) (Ba3)
 
     560,000       5.65       12/01/2025       563,231  
Henrico County IDA RB for Solid Waste Browning Ferris Project Series 1995 (AMT) (BB-/Caa1)(a)
 
     3,500,000       5.30       12/01/2005       3,507,350  
Henrico County IDA RB for Solid Waste Browning Series 1997 A (AMT) (BB-/Caa1)
 
     3,750,000       5.88       03/01/2017       3,592,950  
James City County Economic Development Authority Residential Care Facilities RB for Williamsburg Landing Series 2005 A
 
     750,000       5.35       09/01/2026       751,568  
 
     750,000       5.50       09/01/2034       751,545  
Loudoun County IDA Hospital RB for Loudoun Hospital Center Series 2002 A (BBB)(c)
 
     1,000,000       6.10       06/01/2012       1,162,540  
Loudoun County IDA Residential Care Facility RB for Falcons Landing Series 2004 A
 
     2,750,000       6.00       08/01/2024       2,861,457  
Norfolk Redevelopment & Housing Authority RB for First Mortgage Retirement Community Series 2004 A
 
     500,000       6.00       01/01/2025       506,620  
 
     1,100,000       6.13       01/01/2035       1,109,317  
Pocahontas Parkway Association Toll Road RB for Capital Appreciation 1st Tier Series 1998 SubSeries C (B3)(f)
 
     2,300,000       0.00       08/15/2005       2,294,342  
Pocahontas Parkway Association Toll Road RB Senior Series 1998 A (BB)
 
     10,505,000       5.50       08/15/2028       10,882,760  
Winchester Industrial Development Authority Residential Care Facilities RB for Westminster Canterbury Series 2005 A
 
     1,000,000       5.20       01/01/2027       1,008,500  
 
     1,000,000       5.30       01/01/2035       1,004,820  
 
                              
 
                             41,822,127  
 
Washington – 1.2%
King County GO Bonds for Sewer Improvements Series 2005 (FGIC) (AAA/Aaa)
 
     31,110,000       5.00       01/01/2035       32,583,370  
Skagit County Public Hospital District No. 1 RB for Skagit Valley Hospital Series 2005 (Baa3)
 
     600,000       5.50       12/01/2015       641,436  
 
     1,175,000       5.38       12/01/2022       1,219,697  
 
     1,500,000       5.50       12/01/2030       1,549,935  
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Municipal Debt Obligations – (continued)
Washington – (continued)
Tobacco Settlement Authority RB for Asset Backed Bonds Series 2002 (BBB/Baa3)
 
   $ 9,805,000       6.50 %     06/01/2026     $ 10,768,243  
Vancouver Downtown Redevelopment Authority RB for Conference Center Project Series 2003 A (ACA) (A)
 
     900,000       5.25       01/01/2028       927,090  
 
     1,800,000       5.25       01/01/2034       1,834,218  
Washington Health Care Facilities Authority RB for Overlake Hospital Medical Center Series 2005 A (AAA/Aa1)
 
     3,035,000       5.00       07/01/2015       3,307,148  
 
     3,410,000       5.00       07/01/2016       3,663,534  
 
                              
 
                             56,494,671  
 
Wisconsin – 0.8%
Badger Tobacco Asset Securitization Corp. RB Asset Backed Bonds Series 2002 (BBB/Baa3)
 
     2,185,000       6.13       06/01/2027       2,348,962  
 
     16,250,000       6.38       06/01/2032       17,556,175  
Wisconsin Health & Educational Facilities Authority RB for Aurora Health Care Series 1999 B (BBB+)
 
     1,500,000       5.63       02/15/2020       1,539,405  
Wisconsin Health & Educational Facilities Authority RB for Beaver Dam Community Hospitals Inc. Series 2004 A
 
     2,500,000       6.75       08/15/2034       2,594,700  
Wisconsin Health & Educational Facilities Authority RB for Fort Healthcare Inc. Project Series 2004 (BBB+)
 
     3,000,000       5.75       05/01/2029       3,148,890  
 
     2,750,000       6.10       05/01/2034       2,970,000  
Wisconsin Health & Educational Facilities Authority RB for Vernon Memorial Healthcare, Inc. Project Series 2005 (BBB-)
 
     3,000,000       5.10       03/01/2025       2,996,190  
 
     2,800,000       5.25       03/01/2035       2,806,132  
 
                              
 
                             35,960,454  
 
Wyoming – 0.1%
Converse County RB for Memorial Hospital Project Series 2000
 
     3,605,000       9.00       12/01/2025       4,045,675  
 
TOTAL MUNICIPAL DEBT OBLIGATIONS
   $ 4,381,138,533  
 
Other Municipals(a)(d) – 2.5%
Charter Mac Equity Issuer Trust Series 2004 A-4-1 (A3)
 
   $ 9,000,000       5.75 %     04/30/2015     $ 9,373,770  
GMAC Municipal Mortgage Trust (A3)
 
     7,500,000       4.80       04/30/2015       7,511,625  
GMAC Municipal Mortgage Trust (Baa1)
 
     5,000,000       5.50       04/30/2015       5,035,900  
GMAC Municipal Mortgage Trust (Baa2)
 
     9,500,000       5.70       04/30/2025       9,563,270  
GMAC Municipal Mortgage Trust Series A (A3)
 
     6,475,000       4.15       10/31/2009       6,412,581  
GMAC Municipal Mortgage Trust Series A-1 (A3)
 
     9,625,000       4.90       10/31/2014       9,617,204  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Other Municipals(a)(d) – (continued)
GMAC Municipal Mortgage Trust Series A-2 (A3)
 
   $ 16,650,000       5.30 %     10/31/2019     $ 16,881,768  
GMAC Municipal Mortgage Trust Series B (Baa1)
 
     16,650,000       5.60       10/31/2019       17,026,290  
Municipal Mortgage & Equity LLC RB for 1999 A Tax-Exempt MF Hsg. Certificates Series 1999
 
     10,000,000       4.95       08/15/2005       10,005,000  
Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series A-2 (A3)
 
     6,000,000       4.90       09/30/2014       5,916,960  
Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series B-2 (Baa2)
 
     4,000,000       5.20       09/30/2014       3,945,320  
Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series C (Baa2)
 
     5,000,000       4.70       09/30/2009       4,932,950  
Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series C-1 (Baa2)
 
     3,000,000       5.40       09/30/2014       2,980,530  
Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series C-2 (Baa2)
 
     3,000,000       5.80       09/30/2019       2,968,380  
 
TOTAL OTHER MUNICIPALS
   $ 112,171,548  
 
Short-Term Investments (h) – 1.9%
Alaska – 0.1%
Valdez Alaska Marine Term RB VRDN Refunding for ExxonMobil Project Series 2001 (A-1+/VMIG1)
 
   $ 2,485,000       2.17 %     08/01/2005     $ 2,485,000  
 
California – 0.9%
California Housing Finance Agency RB VRDN for Home Mortgage Series 2001 J (FSA) (SPA-Lloyds TSB Bank PLC) (AMT) (A-1+/VMIG1)
 
     7,000,000       2.32       08/01/2005       7,000,000  
California Housing Finance Agency RB VRDN for Home Mortgage Series 2001 U (AMT) (MBIA) (SPA-Bank of New York) (A-1+/VMIG1)
 
     10,500,000       2.32       08/01/2005       10,500,000  
California Housing Finance Agency RB VRDN for Home Mortgage Series 2002 J (AMT) (MBIA) (SPA-Lloyds TSB Bank PLC) (A-1+/VMIG1)
 
     18,000,000       2.32       08/01/2005       18,000,000  
California Housing Finance Agency RB VRDN for Home Mortgage Series 2003 U (AMT) (FSA) (SPA-Dexia Credit Local) (A-1+/VMIG1)
 
     4,100,000       2.32       08/01/2005       4,100,000  
California State Economic Recovery RB VRDN Series 2004 C-6 (LOC-Citibank N.A.) (A-1+/VMIG1)
 
     2,600,000       2.17       08/01/2005       2,600,000  
 
                              
 
                             42,200,000  
 
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Short-Term Investments (h) – (continued)
Indiana – 0.2%
Indiana Health Facility Financing Authority Hospital RB VRDN for Clarian Health Obligation Series 2000 B (SPA-J.P. Morgan Chase & Co.) (A-1+/VMIG1)
 
   $ 10,120,000       2.28 %     08/01/2005     $ 10,120,000  
 
Kansas – 0.1%
Kansas State Department of Transportation Highway RB VRDN Series 2000 B-1 (A-1+/VMIG1)
 
     5,200,000       2.22       08/01/2005       5,200,000  
 
Nevada – 0.1%
Clark County Improvement District No. 128 Special Assessment Series 2001 (LOC-Bayerische Landesbank) (VMIG1/F1)
 
     3,000,000       2.30       08/01/2005       3,000,000  
 
New York – 0.3%
Jay Street Development Corp. Certificate Facilities Lease RB VRDN for Jay Street Project Series 2001 A-2 (LOC-Depfa Bank PLC) (A-1+/VMIG1)
 
     4,900,000       2.16       08/01/2005       4,900,000  
New York City Municipal Water Finance Authority Water & Sewer System RB VRDN Series 2003 Subseries F-2 (SPA-Bayerische Landesbank) (A-1+/VMIG1)
 
     7,900,000       2.21       08/01/2005       7,900,000  
New York GO Bonds VRDN Subseries 1993 A-10 (LOC-Morgan Guaranty Trust) (A-1+/VMIG1)
 
     1,050,000       2.21       08/01/2005       1,050,000  
New York GO Bonds VRDN Subseries 1993 E2 (LOC-JP Morgan Chase Bank) (A-1+/VMIG1)
 
     1,360,000       2.21       08/01/2005       1,360,000  
 
                              
 
                             15,210,000  
 
North Carolina – 0.1%
University of North Carolina at Chapel Hill RB VRDN for Updates Series 2001 A (SPA-Landesbank Hessen-Thueringen) (A-1+/VMIG1)
 
     2,580,000       2.22       08/01/2005       2,580,000  
 
Pennsylvania – 0.0%
Philadelphia Hospitals & Higher Education Facilities Authority RB VRDN for Children’s Hospital Project Series 2002 B (A-1+/VMIG1)
 
     1,835,000       2.29       08/01/2005       1,835,000  
 
Texas – 0.1%
Lower Neches Valley Authority Industrial Development Corp. Exempt Facilities RB VRDN for Mobil Oil Refining Corp. Project Series 1999 (AMT) (A-1+/P-1)
 
     2,900,000       2.25       08/01/2005       2,900,000  


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Short-Term Investments (h) – (continued)
Texas – (continued)
North Central Texas Health Facility Development Corp. RB VRDN for Presbyterian Medical Center Series 1985 C (MBIA) (A-1+/VMIG1)
 
   $ 755,000       2.22 %     08/01/2005     $ 755,000  
 
                              
 
                             3,655,000  
 
TOTAL SHORT-TERM INVESTMENTS
   $ 86,285,000  
 
TOTAL INVESTMENTS — 100.5%
   $ 4,579,595,081  
 

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

(a) Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset dates.

(b) Inverse variable rate security. Coupon rate disclosed is that which is in effect at July 31, 2005.

(c) Prerefunded security. Maturity date disclosed is prerefunding date.

(d) 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 amounts to $128,764,988, which represents approximately 2.9% of net assets as of July 31, 2005.

(e) Security is currently in default.

(f) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(g) This security is issued with a zero coupon rate which increases to the stated rate at a set date in the future.

(h) Variable rate security. Interest rate disclosed is that which is in effect at July 31, 2005.

Security ratings disclosed, if any, are issued by Standard & Poor’s / Moody’s Investors Service. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

     
 
Investment Abbreviations:
ACA
  — Insured by American Capital Access
AGC
  — Insured by ACE Guaranty Corp.
AMBAC
  — Insured by American Municipal Bond Assurance Corp.
AMT
  — Alternative Minimum Tax
BANS
  — Bond Anticipation Notes
COPS
  — Certificates of Participation
CRA
  — Community Reinvestment Act
FGIC
  — Insured by Financial Guaranty Insurance Co.
FHLMC
  — Insured by Federal Home Loan Mortgage Corp.
FNMA
  — Insured by Federal National Mortgage Association
FSA
  — Insured by Financial Security Assurance Co.
GNMA
  — Insured by Government National Mortgage Association
GO
  — General Obligation
GTD
  — Guaranteed
IBC
  — Industrial Bond Certificate
IDA
  — Industrial Development Authority
LOC
  — Letter of Credit
MBIA
  — Insured by Municipal Bond Investors Assurance
MF Hsg.
  — Multi-Family Housing
PCRB
  — Pollution Control Revenue Bond
Radian
  — Insured by Radian Asset Assurance
RB
  — Revenue Bond
RMKT
  — Remarketed
RITES
  — Residual Interest Tax Exempt Securities
SPA
  — Stand-by Purchase Agreement
VRDN
  — Variable Rate Demand Notes
XLCA
  — Insured by XL Capital Assurance
 


 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Statement of Investments (continued)

July 31, 2005 (Unaudited)

 
ADDITIONAL INVESTMENT INFORMATION
 

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

SWAP CONTRACTS — At July 31, 2005, the Fund had outstanding swap contracts with the following terms:

                                 
                    Rate Type      
        Notional         Payments   Payments      
    Swap   Amount     Termination   made by   received by   Unrealized  
Swap Type   Counterparty   (000s)     Date   the Fund   the Fund   Gain (Loss)  
 
Interest Rate
   Salomon Smith Barney   $ 92,500     08/15/2035   4.98%   3 month LIBOR floating   $ (353,822 )
Interest Rate
   Merrill Lynch     92,500     08/15/2035   4.98%   3 month LIBOR floating     (353,822 )
 
TOTAL
                           $ (707,644 )
 

TAX INFORMATION — At July 31, 2005, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

         
 
Tax Cost
   $ 4,322,699,586  
 
Gross unrealized gain
     267,462,664  
Gross unrealized loss
     (10,567,169 )
 
Net unrealized security gain
   $ 256,895,495  
 

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semiannual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

 

 

Item 2. Controls and Procedures.

(a)   The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)), were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.

(b)   There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a)   Separate certifications for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are 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.

             
(Registrant)
   Goldman Sachs Trust  
   
By (Signature and Title)*   /s/ KAYSIE UNIACKE, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER    
     
   
Date               September 29, 2005
            
   

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

             
By (Signature and Title)*   /s/ KAYSIE UNIACKE, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER    
     
   
Date         September 29, 2005
          
   
By (Signature and Title)*   JOHN M. PERLOWSKI, TREASURER/PRINCIPAL FINANCIAL OFFICER    
     
   
Date         September 29, 2005
            
   

* Print the name and title of each signing officer under his or her signature.

 

EX-99.CERT 2 e13009exv99wcert.htm EX-99.CERT: CERTIFICATIONS EX-99.CERT
 

CERTIFICATIONS

I, John M. Perlowski, certify that:

1. I have reviewed this report on Form N-Q 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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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 quarter 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.

Date:    September 29, 2005

/s/ JOHN M. PERLOWSKI                                       
          John M. Perlowski
                    Principal Financial Officer

 

 

CERTIFICATIONS

I, Kaysie Uniacke, certify that:

1. I have reviewed this report on Form N-Q 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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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 quarter 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.

Date:    September 29, 2005

/s/ KAYSIE UNIACKE                                                         
          Kaysie Uniacke
                    Principal Executive Officer

 

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