N-Q 1 e14922nvq.htm GOLDMAN SACHS TRUST 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 S. 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:
  
      December 31, 2005
   
     
Date of reporting period:
  
September 30, 2005
   

 

 

GOLDMAN SACHS TOLLKEEPER FUNDSM

Statement of Investments

September 30, 2005 (Unaudited)

                 
Shares     Description   Value  
Common Stocks – 99.5%        
Audio Technology – 1.9%        
  403,400    
Dolby Laboratories, Inc.*
   $ 6,454,400  
 
Broadcasting & Cable/Satellite TV – 5.3%        
  422,510    
Univision Communications, Inc.*
     11,209,190  
  325,020    
Westwood One, Inc.
     6,464,648  
       
 
      
       
 
     17,673,838  
 
Commercial Services – 4.9%        
  446,100    
Iron Mountain, Inc.*
     16,371,870  
 
Computer Hardware – 11.5%        
  415,080    
Avocent Corp.*
     13,133,131  
  473,290    
Dell, Inc.*
     16,186,518  
  696,130    
EMC Corp.*
     9,007,922  
       
 
      
       
 
     38,327,571  
 
Computer Services – 3.6%        
  301,770    
First Data Corp.
     12,070,800  
 
Computer Software – 18.5%        
  125,650    
Cognos, Inc.*
     4,891,555  
  210,953    
Electronic Arts, Inc.*
     12,001,116  
  88,900    
Mercury Interactive Corp.*
     3,520,440  
  789,830    
Microsoft Corp.
     20,322,326  
  171,480    
NAVTEQ*
     8,565,426  
  539,461    
Salesforce.com, Inc.*
     12,472,338  
       
 
      
       
 
     61,773,201  
 
Internet & Online – 3.6%        
  28,200    
Google, Inc.*
     8,924,172  
  94,550    
Yahoo!, Inc.*
     3,199,572  
       
 
      
       
 
     12,123,744  
 
Movies & Entertainment – 7.5%        
  665,550    
Time Warner, Inc.
     12,053,110  
  393,191    
Viacom, Inc. Class B
     12,979,235  
       
 
      
       
 
     25,032,345  
 
Networking Telecommunications Equipment – 7.3%        
  808,370    
Cisco Systems, Inc.*
     14,494,074  
  198,490    
FLIR Systems, Inc.*
     5,871,334  
  170,020    
Juniper Networks, Inc.*
     4,044,776  
       
 
      
       
 
     24,410,184  
 
Other Technology – 1.7%        
  234,125    
Cogent, Inc.*
     5,560,469  
 
Publishing – 2.8%        
  203,880    
Lamar Advertising Co.*
     9,247,997  
 
Semi Capital – 9.1%        
  372,550    
FormFactor, Inc.*
     8,501,591  
  139,310    
KLA-Tencor Corp.
     6,792,756  
  511,290    
Tessera Technologies, Inc.*
     15,292,684  
       
 
      
       
 
     30,587,031  
 
Semiconductors – 13.9%        
  390,280    
Linear Technology Corp.
     14,670,625  
  141,010    
Marvell Technology Group Ltd.*
     6,501,971  
  450,470    
QUALCOMM, Inc.
     20,158,532  
                 
Shares     Description   Value  
Common Stocks – (continued)        
Semiconductors – (continued)        
  191,430    
Xilinx, Inc.(a)
   $ 5,331,326  
       
 
      
       
 
     46,662,454  
 
Telecommunications – 7.9%        
  387,090    
American Tower Corp.*(a)
     9,657,895  
  343,225    
Crown Castle International Corp.*
     8,453,632  
  148,850    
NeuStar, Inc.*
     4,761,712  
  147,630    
Sprint Nextel Corp.
     3,510,641  
       
 
      
       
 
     26,383,880  
 
TOTAL COMMON STOCKS        
       
 
   $ 332,679,784  
 
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Repurchase Agreement(b) – 0.4%
Joint Repurchase Agreement Account II
 
   $ 1,300,000       3.89 %     10/03/2005     $ 1,300,000  
     Maturity Value: $1,300,422
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL
 
                           $ 333,979,784  
 
                 
Shares     Description   Value  
Securities Lending Collateral – 4.3%        
  14,248,500    
Boston Global Investment Trust – Enhanced Portfolio
   $ 14,248,500  
 
TOTAL INVESTMENTS — 104.2%        
       
 
   $ 348,228,284  
 

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

*   Non-income producing security.
 
(a)   All or a portion of security is on loan.
 
(b)   Joint repurchase agreement was entered into on September 30, 2005.



 

 
ADDITIONAL INVESTMENT INFORMATION
 

JOINT REPURCHASE AGREEMENT ACCOUNT II — At September 30, 2005, the Tollkeeper Fundsm had an undivided interest in the following Joint Repurchase Agreement Account II which equaled $1,300,000 in principal amount.

                                 
    Principal     Interest     Maturity     Maturity  
Repurchase Agreements   Amount     Rate     Date     Value  
 
Banc of America Securities LLC
   $ 1,015,000,000       3.88 %     10/03/2005     $ 1,015,328,183  
 
Barclays Capital PLC
     1,515,000,000       3.90       10/03/2005       1,515,492,375  
 
Bear Stearns & Co.
     300,000,000       3.90       10/03/2005       300,097,500  
 
Greenwich Capital Markets
     300,000,000       3.90       10/03/2005       300,097,500  
 
J.P. Morgan Securities, Inc.
     300,000,000       3.88       10/03/2005       300,097,000  
 
Morgan Stanley & Co.
     150,000,000       3.88       10/03/2005       150,048,500  
 
UBS Securities LLC
     500,000,000       3.90       10/03/2005       500,162,500  
 
Wachovia Capital Markets
     500,000,000       3.90       10/03/2005       500,162,500  
 
TOTAL
   $ 4,580,000,000                     $ 4,581,486,058  
 

At September 30, 2005, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 0.00% , due 04/07/2006 to 10/28/2014; Federal Home Loan Mortgage Association, 0.00% to 10.50%, due 06/01/2006 to 10/01/2035; Federal National Mortgage Association, 4.00% to 8.50%, due 02/01/2006 to 10/01/2035 and Government National Mortgage Association, 5.00%, due 08/15/2033 to 09/15/2033. The aggregate market value of the collateral, including accrued interest, was $4,680,649,987.

 

 

GOLDMAN SACHS TOLLKEEPER FUNDSM

Statement of Investments (continued)

September 30, 2005 (Unaudited)

 
ADDITIONAL INVESTMENT INFORMATION
 

INVESTMENT VALUATION — Investments in securities and investment companies traded on a U.S. securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, securities are valued at the last bid price. Debt securities are valued at prices supplied by independent pricing services, broker/dealer-supplied valuations or matrix pricing systems. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share on the valuation date. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value. Securities for which quotations are not readily available or are deemed to be inaccurate by the investment adviser are valued at fair value using methods approved by the Trust’s Board of Trustees.

TAX INFORMATION — At September 30, 2005, the Tollkeeper Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

         
 
Tax Cost
   $ 341,518,769  
 
Gross unrealized gain
     57,277,648  
Gross unrealized loss
     (50,568,133 )
 
Net unrealized security gain
   $ 6,709,515  
 

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 CORESM TAX-MANAGED EQUITY FUND

Statement of Investments

September 30, 2005 (Unaudited)

                 
Shares     Description   Value  
Common Stocks – 99.1%        
Aerospace & Defense – 2.9%        
  4,900    
Northrop Grumman Corp.
   $ 266,315  
  30,200    
Raytheon Co.
     1,148,204  
  27,900    
The Boeing Co.
     1,895,805  
       
 
      
       
 
     3,310,324  
 
Air Freight & Couriers – 0.2%        
  3,600    
United Parcel Service, Inc. Class B
     248,868  
 
Auto Components – 0.2%        
  21,900    
Visteon Corp.
     214,182  
 
Banks – 6.6%        
  65,042    
Bank of America Corp.
     2,738,268  
  2,500    
Corus Bankshares, Inc.
     137,075  
  5,900    
Downey Financial Corp.
     359,310  
  17,200    
KeyCorp
     554,700  
  5,000    
Marshall & Ilsley Corp.
     217,550  
  3,900    
U.S. Bancorp
     109,512  
  6,600    
UnionBanCal Corp.
     460,152  
  31,000    
Wachovia Corp.
     1,475,290  
  40,000    
Washington Mutual, Inc.
     1,568,800  
       
 
      
       
 
     7,620,657  
 
Beverages – 0.2%        
  9,400    
PepsiAmericas, Inc.
     213,662  
 
Biotechnology – 3.8%        
  26,740    
Amgen, Inc.*
     2,130,376  
  11,100    
Applera Corp. – Celera Genomics Group*
     134,643  
  7,400    
Genentech, Inc.*
     623,154  
  16,300    
Genzyme Corp.*
     1,167,732  
  3,900    
Kos Pharmaceuticals, Inc.*
     261,027  
       
 
      
       
 
     4,316,932  
 
Building Products – 0.2%        
  3,300    
USG Corp.*
     226,776  
 
Chemicals – 1.4%        
  22,976    
Monsanto Co.
     1,441,744  
  5,200    
The Lubrizol Corp.
     225,316  
       
 
      
       
 
     1,667,060  
 
Commercial Services & Supplies – 0.9%        
  17,600    
Arbitron, Inc.
     701,184  
  5,700    
CSG Systems International, Inc.*
     123,747  
  1,885    
PHH Corp.*
     51,762  
  4,800    
Pre-Paid Legal Services, Inc.(a)
     185,760  
       
 
      
       
 
     1,062,453  
 
Communications Equipment – 2.2%        
  17,000    
Emulex Corp.*
     343,570  
  22,900    
Motorola, Inc.
     505,861  
  25,340    
QUALCOMM, Inc.
     1,133,965  
  50,900    
Tellabs, Inc.*
     535,468  
       
 
      
       
 
     2,518,864  
 
Computers & Peripherals – 2.3%        
  73,258    
Hewlett-Packard Co.
     2,139,134  
                 
Shares     Description   Value  
Common Stocks – (continued)        
Computers & Peripherals – (continued)        
  6,300    
Intergraph Corp.*
   $ 281,673  
  59,200    
Maxtor Corp.*
     260,480  
       
 
      
       
 
     2,681,287  
 
Construction & Engineering – 0.2%        
  4,700    
EMCOR Group, Inc.*
     278,710  
 
Containers & Packaging – 0.3%        
  5,000    
Greif, Inc.
     300,500  
 
Diversified Financials – 6.0%        
  3,700    
Advanta Corp. Class B
     104,451  
  9,500    
AmeriCredit Corp.*
     226,765  
  1,300    
BlackRock, Inc.
     115,206  
  26,000    
CIT Group, Inc.
     1,174,680  
  12,400    
Citigroup, Inc.
     564,448  
  17,000    
CompuCredit Corp.*(a)
     755,140  
  13,700    
Investment Technology Group, Inc.*
     405,520  
  22,500    
J.P. Morgan Chase & Co.
     763,425  
  13,100    
Merrill Lynch & Co., Inc.
     803,685  
  27,200    
Moody’s Corp.
     1,389,376  
  5,400    
Nasdaq Stock Market, Inc.*
     136,890  
  8,800    
Principal Financial Group, Inc.
     416,856  
       
 
      
       
 
     6,856,442  
 
Diversified Telecommunication Services – 2.1%        
  19,800    
CenturyTel, Inc.
     692,604  
  20,800    
Liberty Global, Inc.*
     563,264  
  15,700    
SBC Communications, Inc.
     376,329  
  22,700    
Sprint Nextel Corp.
     539,806  
  8,400    
Telewest Global, Inc.*
     192,780  
       
 
      
       
 
     2,364,783  
 
Electric Utilities – 3.9%        
  4,300    
Constellation Energy Group, Inc.
     264,880  
  31,900    
Edison International
     1,508,232  
  16,000    
Entergy Corp.
     1,189,120  
  38,000    
PG&E Corp.
     1,491,500  
       
 
      
       
 
     4,453,732  
 
Electrical Equipment – 0.8%        
  3,200    
Brady Corp.
     99,008  
  11,600    
Energizer Holdings, Inc.*
     657,720  
  1,300    
Woodward Governor Co.
     110,565  
       
 
      
       
 
     867,293  
 
Electronic Equipment & Instruments – 0.5%        
  16,300    
Ingram Micro, Inc.*
     302,202  
  6,400    
Itron, Inc.*
     292,224  
       
 
      
       
 
     594,426  
 
Energy Equipment & Services – 1.1%        
  20,300    
Transocean, Inc.*
     1,244,593  
 
Food & Drug Retailing – 1.3%        
  4,500    
7-Eleven, Inc.*
     160,245  
  29,600    
Longs Drug Stores Corp.
     1,269,544  


 

 

GOLDMAN SACHS CORESM TAX-MANAGED EQUITY FUND

Statement of Investments (continued)

September 30, 2005 (Unaudited)

                 
Shares     Description   Value  
Common Stocks – (continued)        
Food & Drug Retailing – (continued)        
  9,500    
Spartan Stores, Inc.*
   $ 97,850  
       
 
      
       
 
     1,527,639  
 
Food Products – 1.5%        
  27,300    
Chiquita Brands International, Inc.
     763,035  
  11,300    
Pilgrim’s Pride Corp.
     411,320  
  30,300    
Tyson Foods, Inc.
     546,915  
       
 
      
       
 
     1,721,270  
 
Healthcare Equipment & Supplies – 0.9%        
  6,700    
Baxter International, Inc.
     267,129  
  2,500    
Guidant Corp.
     172,225  
  8,000    
Kinetic Concepts, Inc.*
     454,400  
  3,100    
SurModics, Inc.*(a)
     119,939  
       
 
      
       
 
     1,013,693  
 
Healthcare Providers & Services – 3.4%        
  9,100    
AmerisourceBergen Corp.
     703,430  
  18,000    
PacifiCare Health Systems, Inc.*
     1,436,040  
  31,300    
UnitedHealth Group, Inc.
     1,759,060  
       
 
      
       
 
     3,898,530  
 
Hotels, Restaurants & Leisure – 1.4%        
  3,600    
Darden Restaurants, Inc.
     109,332  
  20,700    
MGM MIRAGE*
     906,039  
  11,100    
Starbucks Corp.*
     556,110  
       
 
      
       
 
     1,571,481  
 
Household Products – 1.8%        
  35,800    
Procter & Gamble Co.
     2,128,668  
 
Industrial Conglomerates – 3.6%        
  92,900    
General Electric Co.
     3,127,943  
  12,400    
Reynolds American, Inc.
     1,029,448  
       
 
      
       
 
     4,157,391  
 
Insurance – 6.4%        
  867    
Alleghany Corp.*
     265,302  
  1,800    
American National Insurance Co.
     214,416  
  16,400    
Loews Corp.
     1,515,524  
  25,700    
MBIA, Inc.
     1,557,934  
  4,300    
MetLife, Inc.
     214,269  
  6,100    
Nationwide Financial Services, Inc.
     244,305  
  22,200    
Prudential Financial, Inc.
     1,499,832  
  2,300    
Stewart Information Services Corp.
     117,760  
  37,700    
The St. Paul Travelers Cos., Inc.
     1,691,599  
       
 
      
       
 
     7,320,941  
 
Internet & Catalog Retail – 0.3%        
  14,700    
Coldwater Creek, Inc.*
     370,734  
 
Internet Software & Services – 1.7%        
  5,900    
Google, Inc.*
     1,867,114  
                 
Shares     Description   Value  
Common Stocks – (continued)        
Internet Software & Services – (continued)        
  8,800    
United Online, Inc.
   $ 121,880  
       
 
      
       
 
     1,988,994  
 
IT Consulting & Services – 1.1%        
  27,000    
Computer Sciences Corp.*
     1,277,370  
 
Machinery – 0.7%        
  8,200    
Applied Industrial Technologies, Inc.
     294,216  
  5,175    
Graco, Inc.
     177,399  
  8,000    
JLG Industries, Inc.
     292,720  
       
 
      
       
 
     764,335  
 
Marine – 0.2%        
  3,500    
Overseas Shipholding Group, Inc.
     204,155  
 
Media – 4.6%        
  54,632    
Comcast Corp.*
     1,605,088  
  13,000    
Comcast Corp. Special Class A*
     374,140  
  4,400    
Hearst-Argyle Television, Inc.
     113,036  
  20,800    
Liberty Global, Inc. Series C*
     535,600  
  22,200    
Liberty Media Corp. Series A*
     178,710  
  7,400    
Scholastic Corp.*
     273,504  
  113,900    
Time Warner, Inc.
     2,062,729  
  6,300    
Viacom, Inc. Class B
     207,963  
       
 
      
       
 
     5,350,770  
 
Metals & Mining – 0.6%        
  5,200    
Quanex Corp.
     344,344  
  1,900    
Southern Peru Copper Corp.
     106,324  
  26,800    
USEC, Inc.
     299,088  
       
 
      
       
 
     749,756  
 
Multiline Retail – 1.1%        
  45,200    
Dillard’s, Inc.
     943,776  
  7,400    
J. C. Penney Co., Inc.
     350,908  
       
 
      
       
 
     1,294,684  
 
Oil & Gas – 8.6%        
  3,900    
Anadarko Petroleum Corp.
     373,425  
  16,560    
ConocoPhillips
     1,157,709  
  3,100    
Devon Energy Corp.
     212,784  
  30,500    
Exxon Mobil Corp.
     1,937,970  
  1,225    
Kerr-McGee Corp.
     118,960  
  17,600    
Occidental Petroleum Corp.
     1,503,568  
  18,900    
Sunoco, Inc.
     1,477,980  
  22,300    
Tesoro Petroleum Corp.
     1,499,452  
  20,000    
TransMontaigne, Inc.*
     159,800  
  12,800    
Valero Energy Corp.
     1,447,168  
       
 
      
       
 
     9,888,816  
 
Personal Products – 0.4%        
  7,200    
Gillette Co.
     419,040  


 

 

GOLDMAN SACHS CORESM TAX-MANAGED EQUITY FUND

Statement of Investments (continued)

September 30, 2005 (Unaudited)

                 
Shares     Description   Value  
Common Stocks – (continued)        
Personal Products – (continued)        
  5,100    
Mannatech, Inc.(a)
   $ 60,435  
       
 
      
       
 
     479,475  
 
Pharmaceuticals – 6.4%        
  15,300    
Allergan, Inc.
     1,401,786  
  44,600    
Johnson & Johnson
     2,822,288  
  113,840    
Pfizer, Inc.
     2,842,585  
  9,500    
Watson Pharmaceuticals, Inc.*
     347,795  
       
 
      
       
 
     7,414,454  
 
Real Estate – 2.9%        
  22,600    
American Home Mortgage Investment Corp.
     684,780  
  18,600    
Annaly Mortgage Management, Inc.
     240,870  
  2,700    
Brookfield Homes Corp.
     149,931  
  37,300    
Equity Office Properties Trust
     1,220,083  
  2,300    
Jones Lang LaSalle, Inc.
     105,938  
  7,500    
New Century Financial Corp.
     272,025  
  15,800    
ProLogis
     700,098  
       
 
      
       
 
     3,373,725  
 
Road & Rail – 1.6%        
  30,500    
CSX Corp.
     1,417,640  
  3,500    
Dollar Thrifty Automotive Group, Inc.*
     117,845  
  6,600    
GATX Corp.
     261,030  
       
 
      
       
 
     1,796,515  
 
Semiconductor Equipment & Products – 4.5%        
  24,400    
Advanced Micro Devices, Inc.*
     614,880  
  51,800    
Freescale Semiconductor, Inc.*
     1,212,638  
  51,981    
Freescale Semiconductor, Inc. Class B*
     1,225,712  
  67,700    
Intel Corp.
     1,668,805  
  14,500    
Texas Instruments, Inc.
     491,550  
       
 
      
       
 
     5,213,585  
 
Software – 2.9%        
  32,800    
Autodesk, Inc.
     1,523,232  
  20,100    
Computer Associates International, Inc.
     558,981  
  25,900    
Microsoft Corp.
     666,407  
  3,600    
SS&C Technologies, Inc.
     131,904  
  9,300    
Symantec Corp.*
     210,738  
  12,700    
Synopsys, Inc.*
     240,030  
       
 
      
       
 
     3,331,292  
 
Specialty Retail – 2.9%        
  32,200    
AutoNation, Inc.*
     643,034  
  69,642    
Circuit City Stores, Inc.
     1,195,057  
  45,400    
Payless ShoeSource, Inc.*
     789,960  
  3,000    
The Children’s Place Retail Stores, Inc.*
     106,920  
                 
Shares     Description   Value  
Common Stocks – (continued)        
Specialty Retail – (continued)        
  29,100    
United Rentals, Inc.*
   $ 573,561  
       
 
      
       
 
     3,308,532  
 
Textiles & Apparel – 0.5%        
  17,700    
Coach, Inc.*
     555,072  
 
Tobacco – 1.7%        
  26,100    
Altria Group, Inc.
     1,923,831  
 
Wireless Telecommunication Services – 0.3%        
  1,900    
Telephone & Data Systems, Inc.
     74,100  
  1,900    
Telephone & Data Systems, Inc. Special Shares
     71,345  
  3,300    
United States Cellular Corp.*
     176,286  
       
 
      
       
 
     321,731  
 
TOTAL COMMON STOCKS        
       
 
   $ 113,988,983  
 
                                 
    Principal     Interest     Maturity        
    Amount     Rate     Date     Value  
Repurchase Agreement(b) – 0.4%
Joint Repurchase Agreement Account II
 
   $ 500,000       3.89 %     10/03/2005     $ 500,000  
     Maturity Value: $500,162
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL
 
                           $ 114,488,983  
 
                 
Shares     Description   Value  
Securities Lending Collateral – 0.6%        
  666,470    
Boston Global Investment Trust – Enhanced Portfolio
   $ 666,470  
 
TOTAL INVESTMENTS — 100.1%        
       
 
   $ 115,155,453  
 

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

*   Non-income producing security.
 
(a)   All or a portion of security is on loan.
 
(b)   Joint repurchase agreement was entered into on September 30, 2005.



 

 

 
ADDITIONAL INVESTMENT INFORMATION
 

JOINT REPURCHASE AGREEMENT ACCOUNT II — At September 30, 2005, the C0RESM Tax-Managed Equity Fund had an undivided interest in the following Joint Repurchase Agreement Account II which equaled $500,000 in principal amount.

                                 
    Principal     Interest     Maturity     Maturity  
Repurchase Agreements   Amount     Rate     Date     Value  
 
Banc of America Securities LLC
   $ 1,015,000,000       3.88 %     10/03/2005     $ 1,015,328,183  
 
Barclays Capital PLC
     1,515,000,000       3.90       10/03/2005       1,515,492,375  
 
Bear Stearns & Co.
     300,000,000       3.90       10/03/2005       300,097,500  
 
Greenwich Capital Markets
     300,000,000       3.90       10/03/2005       300,097,500  
 
J.P. Morgan Securities, Inc.
     300,000,000       3.88       10/03/2005       300,097,000  
 
Morgan Stanley & Co.
     150,000,000       3.88       10/03/2005       150,048,500  
 
UBS Securities LLC
     500,000,000       3.90       10/03/2005       500,162,500  
 
Wachovia Capital Markets
     500,000,000       3.90       10/03/2005       500,162,500  
 
TOTAL
   $ 4,580,000,000                     $ 4,581,486,058  
 

At September 30, 2005, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 0.00% , due 04/07/2006 to 10/28/2014; Federal Home Loan Mortgage Association, 0.00% to 10.50%, due 06/01/2006 to 10/01/2035; Federal National Mortgage Association, 4.00% to 8.50%, due 02/01/2006 to 10/01/2035 and Government National Mortgage Association, 5.00%, due 08/15/2033 to 09/15/2033. The aggregate market value of the collateral, including accrued interest, was $4,680,649,987.

 

 

GOLDMAN SACHS CORESM TAX-MANAGED EQUITY FUND

Statement of Investments (continued)

September 30, 2005 (Unaudited)

 
ADDITIONAL INVESTMENT INFORMATION
 

FUTURES CONTRACTS — At Septermber 30, 2005, the following futures contacts were open as follows:

                         
    Number of   Settlement           Unrealized  
Type   Contracts Long   Month   Market Value     Gain  
 
S&P Mini 500 Index
   18   December 2005   $ 1,110,870     $ 97  
 

INVESTMENT VALUATION — Investments in securities and investment companies traded on a U.S. securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, securities are valued at the last bid price. Debt securities are valued at prices supplied by independent pricing services, broker/dealer-supplied valuations or matrix pricing systems. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share on the valuation date. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value. Securities for which quotations are not readily available or are deemed to be inaccurate by the investment adviser are valued at fair value using methods approved by the Trust’s Board of Trustees.

TAX INFORMATION — At September 30, 2005, the CORE Tax-Managed Equity Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

         
 
Tax Cost
   $ 86,157,465  
 
Gross unrealized gain
     30,325,711  
Gross unrealized loss
     (1,327,723 )
 
Net unrealized security gain
   $ 28,997,988  
 

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 REAL ESTATE SECURITIES FUND

Statement of Investments

September 30, 2005 (Unaudited)

                 
Shares     Description   Value  
Common Stocks – 97.1%
Diversified – 9.8%        
  414,534    
Duke Realty Corp. (REIT)
   $ 14,044,412  
  382,210    
Liberty Property Trust (REIT)(a)
     16,259,213  
  404,606    
Vornado Realty Trust (REIT)
     35,046,972  
       
 
      
       
 
     65,350,597  
 
Hotels – 12.6%        
  265,795    
Hilton Hotels Corp.
     5,932,544  
  1,414,440    
Host Marriott Corp. (REIT)(a)
     23,904,036  
  433,760    
Innkeepers USA Trust (REIT)
     6,701,592  
  382,381    
Interstate Hotels & Resorts, Inc. (REIT)*
     1,778,072  
  544,537    
MeriStar Hospitality Corp. (REIT)*
     4,971,623  
  710,574    
Starwood Hotels & Resorts Worldwide, Inc.
     40,623,515  
       
 
      
       
 
     83,911,382  
 
Industrial – 10.3%        
  454,951    
AMB Property Corp. (REIT)
     20,427,300  
  114,837    
CenterPoint Properties Trust (REIT)
     5,144,697  
  860,535    
ProLogis (REIT)
     38,130,306  
  114,856    
PS Business Parks, Inc. (REIT)
     5,260,405  
       
 
      
       
 
     68,962,708  
 
Office – 22.2%        
  125,584    
Alexandria Real Estate Equities, Inc. (REIT)
     10,384,541  
  376,281    
Boston Properties, Inc. (REIT)
     26,678,323  
  471,955    
Brandywine Realty Trust (REIT)
     14,673,081  
  688,415    
Brookfield Properties Corp.
     20,287,590  
  470,852    
Equity Office Properties Trust (REIT)(a)
     15,401,569  
  162,076    
Maguire Properties, Inc. (REIT)
     4,870,384  
  282,237    
Parkway Properties, Inc. (REIT)
     13,242,560  
  172,790    
Prentiss Properties Trust (REIT)
     7,015,274  
  202,464    
SL Green Realty Corp. (REIT)
     13,803,995  
  964,711    
Trizec Properties, Inc. (REIT)
     22,246,236  
       
 
      
       
 
     148,603,553  
 
Other REIT – 3.4%        
  269,437    
Cendant Corp.
     5,561,180  
  216,885    
Gramercy Capital Corp. (REIT)
     5,196,565  
  187,443    
iStar Financial, Inc. (REIT)
     7,578,320  
  419,320    
Spirit Finance Corp. (REIT)
     4,717,350  
       
 
      
       
 
     23,053,415  
 
                 
Shares     Description   Value  
Common Stocks – (continued)        
Regional Malls – 13.4%        
  183,784    
CBL & Associates Properties, Inc. (REIT)
   $ 7,533,306  
  696,597    
General Growth Properties, Inc. (REIT)
     31,298,103  
  608,488    
Simon Property Group, Inc. (REIT)(a)
     45,101,131  
  102,201    
The Mills Corp. (REIT)
     5,629,231  
       
 
      
       
 
     89,561,771  
 
Residential – 13.4%        
  335,834    
Archstone-Smith Trust (REIT)
     13,389,702  
  218,976    
AvalonBay Communities, Inc. (REIT)(a)
     18,766,243  
  119,280    
BRE Properties, Inc. (REIT)
     5,307,960  
  121,678    
Camden Property Trust (REIT)
     6,783,548  
  706,323    
Equity Residential Properites Trust (REIT)
     26,734,326  
  57,065    
Essex Property Trust, Inc. (REIT)
     5,135,850  
  562,275    
United Dominion Realty Trust, Inc. (REIT)
     13,325,917  
       
 
      
       
 
     89,443,546  
 
Self Storage – 0.5%        
  164,877    
U-Store-It Trust (REIT)
     3,342,057  
 
Shopping Centers – 11.5%        
  321,940    
Developers Diversified Realty Corp. (REIT)
     15,034,598  
  839,868    
Kimco Realty Corp. (REIT)
     26,388,653  
  436,921    
Kite Realty Group Trust (REIT)
     6,518,861  
  100,449    
Pan Pacific Retail Properties, Inc. (REIT)
     6,619,589  
  249,969    
Regency Centers Corp. (REIT)
     14,360,719  
  213,810    
Weingarten Realty Investors (REIT)
     8,092,709  
       
 
      
       
 
     77,015,129  
 
TOTAL COMMON STOCKS        
       
 
   $ 649,244,158  
 
                         
Principal   Interest     Maturity        
Amount   Rate     Date     Value  
Repurchase Agreement(b) – 3.3%
        
Joint Repurchase Agreement Account II
        
$21,800,000
     3.89 %     10/03/2005     $ 21,800,000  
     Maturity Value: $21,807,068
        
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL
        
 
                   $ 671,044,158  
 


 

 

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Statement of Investments (continued)

September 30, 2005 (Unaudited)

                 
Shares     Description   Value  
Securities Lending Collateral – 6.2%        
  41,321,500    
Boston Global Investment Trust – Enhanced Portfolio
   $ 41,321,500  
 
TOTAL INVESTMENTS — 106.6%
       
 
   $ 712,365,658  
 

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

*   Non-income producing security.
 
(a)   All or a portion of security is on loan.
 
(b)   Joint repurchase agreement was entered into on September 30, 2005.

     
 
Investment Abbreviation:
    
REIT — Real Estate Investment Trust
    
 

 



 

 

 
ADDITIONAL INVESTMENT INFORMATION
 

JOINT REPURCHASE AGREEMENT ACCOUNT II — At September 30, 2005, the Real Estate Securities Fund had an undivided interest in the following Joint Repurchase Agreement Account II which equaled $21,800,000 in principal amount.

                                 
    Principal     Interest     Maturity     Maturity  
Repurchase Agreements   Amount     Rate     Date     Value  
 
Banc of America Securities LLC
   $ 1,015,000,000       3.88 %     10/03/2005     $ 1,015,328,183  
 
Barclays Capital PLC
     1,515,000,000       3.90       10/03/2005       1,515,492,375  
 
Bear Stearns & Co.
     300,000,000       3.90       10/03/2005       300,097,500  
 
Greenwich Capital Markets
     300,000,000       3.90       10/03/2005       300,097,500  
 
J.P. Morgan Securities, Inc.
     300,000,000       3.88       10/03/2005       300,097,000  
 
Morgan Stanley & Co.
     150,000,000       3.88       10/03/2005       150,048,500  
 
UBS Securities LLC
     500,000,000       3.90       10/03/2005       500,162,500  
 
Wachovia Capital Markets
     500,000,000       3.90       10/03/2005       500,162,500  
 
TOTAL
   $ 4,580,000,000                     $ 4,581,486,058  
 

At September 30, 2005, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 0.00% , due 04/07/2006 to 10/28/2014; Federal Home Loan Mortgage Association, 0.00% to 10.50%, due 06/01/2006 to 10/01/2035; Federal National Mortgage Association, 4.00% to 8.50%, due 02/01/2006 to 10/01/2035 and Government National Mortgage Association, 5.00%, due 08/15/2033 to 09/15/2033. The aggregate market value of the collateral, including accrued interest, was $4,680,649,987.

 

 

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Statement of Investments (continued)

September 30, 2005 (Unaudited)

 
ADDITIONAL INVESTMENT INFORMATION
 

INVESTMENT VALUATION — Investments in securities and investment companies traded on a U.S. securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, securities are valued at the last bid price. Debt securities are valued at prices supplied by independent pricing services, broker/dealer-supplied valuations or matrix pricing systems. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share on the valuation date. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value. Securities for which quotations are not readily available or are deemed to be inaccurate by the investment adviser are valued at fair value using methods approved by the Trust’s Board of Trustees.

TAX INFORMATION — At September 30, 2005, the Real Estate Securities Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

         
 
Tax Cost
   $ 516,580,290  
 
Gross unrealized gain
     197,152,346  
Gross unrealized loss
     (1,366,978 )
 
Net unrealized security gain
   $ 195,785,368  
 

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 U.S. EQUITY DIVIDEND AND PREMIUM FUND

Statement of Investments

September 30, 2005 (Unaudited)

                 
Shares     Description   Value  
Common Stocks – 90.7%
Aerospace & Defense – 0.4%        
  1,500    
Raytheon Co.
   $ 57,030  
 
Air Freight & Couriers – 0.2%        
  300    
United Parcel Service, Inc. Class B
     20,739  
 
Auto Components – 0.0%        
  100    
Johnson Controls, Inc.
     6,205  
 
Automobiles – 1.7%        
  5,900    
Ford Motor Co.
     58,174  
  4,500    
General Motors Corp.
     137,745  
  700    
Harley-Davidson, Inc.
     33,908  
       
 
      
       
 
     229,827  
 
Banks – 8.5%        
  7,400    
Bank of America Corp.
     311,540  
  1,200    
Bank of New York Co., Inc.
     35,292  
  1,500    
BB&T Corp.
     58,575  
  700    
Comerica, Inc.
     41,230  
  700    
First Horizon National Corp.
     25,445  
  1,600    
National City Corp.
     53,504  
  7,500    
New York Community Bancorp, Inc.
     123,000  
  1,000    
PNC Financial Services Group, Inc.
     58,020  
  2,700    
U.S. Bancorp
     75,816  
  4,300    
Wachovia Corp.
     204,637  
  4,100    
Washington Mutual, Inc.
     160,802  
       
 
      
       
 
     1,147,861  
 
Beverages – 1.0%        
  200    
PepsiCo, Inc.
     11,342  
  3,000    
The Coca-Cola Co.
     129,570  
       
 
      
       
 
     140,912  
 
Biotechnology – 0.6%        
  900    
Amgen, Inc.*
     71,703  
  100    
Genentech, Inc.*
     8,421  
       
 
      
       
 
     80,124  
 
Building Products – 0.4%        
  1,800    
Masco Corp.
     55,224  
 
Chemicals – 1.8%        
  1,600    
Dow Chemical Co.
     66,672  
  3,100    
E.I. du Pont de Nemours & Co.
     121,427  
  1,100    
Eastman Chemical Co.
     51,667  
       
 
      
       
 
     239,766  
 
Commercial Services & Supplies – 1.6%        
  3,300    
Automatic Data Processing, Inc.
     142,032  
  700    
Avery Dennison Corp.
     36,673  
  1,000    
Paychex, Inc.
     37,080  
       
 
      
       
 
     215,785  
 
Communications Equipment – 2.0%        
  300    
Cisco Systems, Inc.*
     5,379  
                 
Shares     Description   Value  
Common Stocks – (continued)
Communications Equipment – (continued)        
  2,600    
Motorola, Inc.
   $ 57,434  
  4,500    
QUALCOMM, Inc.
     201,375  
       
 
      
       
 
     264,188  
 
Computers & Peripherals – 3.3%        
  600    
Apple Computer, Inc.*
     32,166  
  5,300    
Hewlett-Packard Co.
     154,760  
  3,300    
International Business Machines Corp.
     264,726  
       
 
      
       
 
     451,652  
 
Containers & Packaging – 0.1%        
  900    
Packaging Corp. of America
     17,469  
 
Diversified Financials – 6.6%        
  4,400    
Allied Capital Corp.
     125,972  
  3,400    
American Capital Strategies Ltd.
     124,644  
  6,700    
Citigroup, Inc.
     304,984  
  500    
Freddie Mac
     28,230  
  2,700    
J.P. Morgan Chase & Co.
     91,611  
  1,200    
Morgan Stanley
     64,728  
  2,900    
Principal Financial Group, Inc.
     137,373  
  50    
Student Loan Corp.
     11,844  
       
 
      
       
 
     889,386  
 
Diversified Telecommunications – 3.7%        
  2,600    
Citizens Communications Co.
     35,230  
  8,800    
SBC Communications, Inc.
     210,936  
  3,200    
Sprint Nextel Corp.
     76,096  
  5,600    
Verizon Communications, Inc.
     183,064  
       
 
      
       
 
     505,326  
 
Electrical Equipment – 1.2%        
  2,200    
Emerson Electric Co.
     157,960  
 
Electrical Utilities – 3.4%        
  2,100    
Ameren Corp.
     112,329  
  2,800    
Consolidated Edison, Inc.
     135,940  
  300    
Great Plains Energy, Inc.
     8,973  
  3,000    
Progress Energy, Inc.
     134,250  
  1,700    
Southern Co.
     60,792  
       
 
      
       
 
     452,284  
 
Energy Equipment & Services – 0.4%        
  600    
Schlumberger Ltd.
     50,628  
 
Food & Drug Retailing – 0.7%        
  3,900    
Albertson’s, Inc.
     100,035  
 
Food Products – 2.1%        
  5,400    
ConAgra Foods, Inc.
     133,650  
  500    
H.J. Heinz Co.
     18,270  
  2,000    
Kraft Foods, Inc.
     61,180  
  3,500    
Sara Lee Corp.
     66,325  
       
 
      
       
 
     279,425  
 


 

 

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Statement of Investments (continued)

September 30, 2005 (Unaudited)

                 
Shares     Description   Value  
Common Stocks – (continued)
Gas Utilities – 0.5%        
  1,400    
KeySpan Corp.
   $ 51,492  
  300    
Peoples Energy Corp.
     11,814  
       
 
      
       
 
     63,306  
 
Healthcare Equipment & Supplies – 2.1%        
  3,800    
Baxter International, Inc.
     151,506  
  600    
Becton, Dickinson and Co.
     31,458  
  300    
Guidant Corp.
     20,667  
  100    
Hillenbrand Industries, Inc.
     4,705  
  1,400    
Medtronic, Inc.
     75,068  
       
 
      
       
 
     283,404  
 
Healthcare Providers & Services – 1.5%        
  300    
Cardinal Health, Inc.
     19,032  
  3,000    
HCA, Inc.
     143,760  
  500    
WellPoint, Inc.*
     37,910  
       
 
      
       
 
     200,702  
 
Hotels, Restaurants & Leisure – 2.4%        
  700    
International Game Technology
     18,900  
  5,000    
McDonald’s Corp.
     167,450  
  2,500    
Starwood Hotels & Resorts Worldwide, Inc.
     142,925  
       
 
      
       
 
     329,275  
 
Household Durables – 0.6%        
  500    
Leggett & Platt, Inc.
     10,100  
  700    
The Stanley Works
     32,676  
  1,500    
Tupperware Corp.
     34,170  
       
 
      
       
 
     76,946  
 
Household Products – 1.1%        
  1,100    
Kimberly-Clark Corp.
     65,483  
  1,400    
Procter & Gamble Co.
     83,244  
       
 
      
       
 
     148,727  
 
Industrial Conglomerates – 4.8%        
  2,300    
3M Co.
     168,728  
  12,000    
General Electric Co.
     404,040  
  1,500    
Honeywell International, Inc.
     56,250  
  200    
Reynolds American, Inc.
     16,604  
       
 
      
       
 
     645,622  
 
Insurance – 3.1%        
  900    
American International Group, Inc.
     55,764  
  1,500    
Arthur J. Gallagher & Co.
     43,215  
  1,100    
Lincoln National Corp.
     57,222  
  2,100    
MetLife, Inc.
     104,643  
  2,400    
Prudential Financial, Inc.
     162,144  
       
 
      
       
 
     422,988  
 
Internet Software & Services – 0.2%        
  100    
Google, Inc.*
     31,646  
 
Leisure Equipment & Products – 1.4%        
  1,400    
Brunswick Corp.
     52,822  
                 
Shares     Description   Value  
Common Stocks – (continued)
Leisure Equipment & Products – (continued)        
  7,900    
Mattel, Inc.
   $ 131,772  
       
 
      
       
 
     184,594  
 
Machinery – 1.0%        
  1,400    
Caterpillar, Inc.
     82,250  
  900    
Deere & Co.
     55,080  
       
 
      
       
 
     137,330  
 
Media – 3.0%        
  1,100    
Catalina Marketing Corp.
     25,014  
  1,700    
Clear Channel Communications, Inc.
     55,913  
  200    
Gannett Co., Inc.
     13,766  
  1,400    
News Corp. Class B
     23,100  
  6,200    
Regal Entertainment Group
     124,248  
  6,900    
The Walt Disney Co.
     166,497  
       
 
      
       
 
     408,538  
 
Metals & Mining – 1.5%        
  1,500    
Freeport-McMoRan Copper & Gold, Inc.
     72,885  
  2,200    
Southern Peru Copper Corp.
     123,112  
       
 
      
       
 
     195,997  
 
Multi-Utilities – 0.3%        
  1,500    
Duke Energy Corp.
     43,755  
 
Multiline Retail – 0.2%        
  600    
Wal-Mart Stores, Inc.
     26,292  
 
Oil & Gas – 8.1%        
  4,400    
Chevron Corp.
     284,812  
  1,400    
ConocoPhillips
     97,874  
  3,000    
Enterprise Products Partners L.P.
     75,540  
  6,700    
Exxon Mobil Corp.
     425,718  
  1,400    
Kinder Morgan, Inc.
     134,624  
  800    
Occidental Petroleum Corp.
     68,344  
       
 
      
       
 
     1,086,912  
 
Personal Products – 1.3%        
  3,200    
Estee Lauder Companies, Inc.
     111,456  
  1,000    
Gillette Co.
     58,200  
       
 
      
       
 
     169,656  
 
Pharmaceuticals – 6.9%        
  1,800    
Abbott Laboratories
     76,320  
  7,300    
Bristol-Myers Squibb Co.
     175,638  
  3,500    
Eli Lilly & Co.
     187,320  
  1,500    
Johnson & Johnson
     94,920  
  6,900    
Merck & Co., Inc.
     187,749  
  8,500    
Pfizer, Inc.
     212,245  
       
 
      
       
 
     934,192  
 
Real Estate – 0.8%        
  2,900    
New Century Financial Corp.
     105,183  
 


 

 

                 
Shares     Description   Value  
Common Stocks – (continued)
Road & Rail – 0.2%        
  300    
Union Pacific Corp.
   $ 21,510  
 
Semiconductor Equipment & Products – 3.2%        
  11,800    
Intel Corp.
     290,870  
  500    
Maxim Integrated Products, Inc.
     21,325  
  800    
Microchip Technology, Inc.
     24,096  
  2,700    
Texas Instruments, Inc.
     91,530  
       
 
      
       
 
     427,821  
 
Software – 2.9%        
  300    
Electronic Arts, Inc.*
     17,067  
  13,400    
Microsoft Corp.
     344,782  
  1,300    
Symantec Corp.*
     29,458  
       
 
      
       
 
     391,307  
 
Specialty Retail – 0.8%        
  400    
Best Buy Co., Inc.
     17,412  
  500    
Lowe’s Companies, Inc.
     32,200  
  2,300    
RadioShack Corp.
     57,040  
       
 
      
       
 
     106,652  
 
Textiles & Apparel – 0.4%        
  600    
Nike, Inc. Class B
     49,008  
 
Tobacco – 1.4%        
  2,600    
Altria Group, Inc.
     191,646  
 
Trading Companies & Distributors – 1.3%        
  1,200    
Genuine Parts Co.
     51,480  
  3,700    
MSC Industrial Direct Co., Inc.
     122,729  
       
 
      
       
 
     174,209  
 
TOTAL COMMON STOCKS   $ 12,219,044  
 
Exchange Traded Funds – 0.2%
  200    
SPDR Trust Series 1
   $ 24,608  
 
TOTAL EXCHANGE TRADED FUNDS        
       
 
   $ 24,608  
 
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT — 90.9%        
       
 
   $ 12,243,652  
 
                                 
Principal     Interest     Maturity        
Amount     Rate     Date     Value  
Repurchase Agreement(a) – 0.7%
Joint Repurchase Agreement Account II
        
 
   $ 100,000       3.89 %     10/03/2005     $ 100,000  
     Maturity Value: $100,032
        
 
TOTAL INVESTMENTS — 91.6%
        
 
                           $ 12,343,652  
 

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

*   Non-income producing security.
 
(a)   Joint repurchase agreement was entered into on September 30, 2005.

 



 

 

 
ADDITIONAL INVESTMENT INFORMATION
 

JOINT REPURCHASE AGREEMENT ACCOUNT II — At September 30, 2005, the U.S. Equity Dividend and Premium Fund had an undivided interest in the following Joint Repurchase Agreement Account II which equaled $100,000 in principal amount.

                                 
    Principal     Interest     Maturity     Maturity  
Repurchase Agreements   Amount     Rate     Date     Value  
 
Banc of America Securities LLC
   $ 1,015,000,000       3.88 %     10/03/2005     $ 1,015,328,183  
 
Barclays Capital PLC
     1,515,000,000       3.90       10/03/2005       1,515,492,375  
 
Bear Stearns & Co.
     300,000,000       3.90       10/03/2005       300,097,500  
 
Greenwich Capital Markets
     300,000,000       3.90       10/03/2005       300,097,500  
 
J.P. Morgan Securities, Inc.
     300,000,000       3.88       10/03/2005       300,097,000  
 
Morgan Stanley & Co.
     150,000,000       3.88       10/03/2005       150,048,500  
 
UBS Securities LLC
     500,000,000       3.90       10/03/2005       500,162,500  
 
Wachovia Capital Markets
     500,000,000       3.90       10/03/2005       500,162,500  
 
TOTAL
   $ 4,580,000,000                     $ 4,581,486,058  
 

At September 30, 2005, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 0.00% , due 04/07/2006 to 10/28/2014; Federal Home Loan Mortgage Association, 0.00% to 10.50%, due 06/01/2006 to 10/01/2035; Federal National Mortgage Association, 4.00% to 8.50%, due 02/01/2006 to 10/01/2035 and Government National Mortgage Association, 5.00%, due 08/15/2033 to 09/15/2033. The aggregate market value of the collateral, including accrued interest, was $4,680,649,987.

 

 

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Statement of Investments (continued)

September 30, 2005 (Unaudited)

 
ADDITIONAL INVESTMENT INFORMATION
 

INVESTMENT VALUATION — Investments in securities and investment companies traded on a U.S. securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, securities are valued at the last bid price. Debt securities are valued at prices supplied by independent pricing services, broker/dealer-supplied valuations or matrix pricing systems. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share on the valuation date. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value. Securities for which quotations are not readily available or are deemed to be inaccurate by the investment adviser are valued at fair value using methods approved by the Trust’s Board of Trustees.

TAX INFORMATION — At September 30, 2005, the U.S. Equity Dividend and Premium Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

         
 
Tax Cost
   $ 12,316,850  
 
Gross unrealized gain
     189,061  
Gross unrealized loss
     (162,259 )
 
Net unrealized security gain
   $ 26,802  
 

WRITTEN OPTIONS — At September 30, 2005, the U.S. Equity Dividend and Premium Fund had outstanding written options as follows:

                         
        Exercise   Number of          
Call Options       Rate   Contracts   Expiration Month   Value  
S & P 500 Index
       1250   (7)   December 2005   $ (12,460 )
S & P 500 Index
       1225   (26)   December 2005     (80,080 )
S & P 500 Index
       1240   (3)   December 2005     (6,900 )
S & P 500 Index
       1230   (3)   December 2005     (8,697 )
S & P 500 Index
       1220   (4)   December 2005     (13,840 )
 
 
   Proceeds $(132,237)               $ (121,977 )
 

For the period ended September 30, 2005, U.S. Equity Dividend and Premium Fund had the following written options activity:

                 
    Number of contracts     Value  
 
Contracts Outstanding August 31, 2005*
     —     $ —  
 
Contracts written
     (43 )     (121,977 )
 
Contracts outstanding September 30, 2005
     (43 )     (121,977 )
 

*   Fund commenced operations on August 31, 2005.

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 of 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    
     
   
 
   November 28, 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         November 28, 2005
          
   
By (Signature and Title)*   /s/ JOHN M. PERLOWSKI, TREASURER/PRINCIPAL FINANCIAL OFFICER    
     
   
Date         November 28, 2005
            
   

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