| Goldman Sachs Funds MUNICIPAL FIXED INCOME FUNDS Semiannual Report April 30, 2004 High current income potential from portfolios that invest primarily in municipal securities. |
| Goldman Sachs Municipal Fixed Income Funds GOLDMAN SACHS SHORT DURATION TAX-FREE FUND GOLDMAN SACHS MUNICIPAL INCOME FUND GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND NOT FDIC-INSURED May Lose Value No Bank Guarantee |
| GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS What Distinguishes Goldman Sachs’ Fixed Income Investing Process? At Goldman Sachs Asset Management (GSAM), the goal of our fixed income investment process is to provide consistent, strong performance by actively managing our portfolios within a research-intensive, risk-managed framework. A key element of our fixed income investment philosophy is to evaluate the broadest global opportunity set to capture relative value across sectors and instruments. Our globally integrated investment process involves managing dynamically along the risk/return spectrum, as we continue to develop value-added strategies through: 1 RIGOROUS SECURITY SELECTION Assess relative value among states, sectors and sub-sectors Leverage the vast resources of Goldman Sachs in selecting securities for each portfolio 2 PRECISE PORTFOLIO CONSTRUCTION Team approach to decision making Manage risk by avoiding significant sector and interest rate bets Careful management of yield curve strategies — while closely managing portfolio duration RESULT Fixed Income portfolios that: Include domestic and global investment options, tax-free income opportunities, and access to areas of specialization such as high yield Capitalize on GSAM’s industry renowned credit research capabilities Use a risk-managed framework to seek total return, recognizing the importance of investors’ capital accumulation goals as well as their need for income 1 |
| PORTFOLIO RESULTS Short Duration Tax-Free Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs Short Duration Tax-Free Fund during the six- month reporting period that ended April 30, 2004. Performance Review Over the six-month period that ended April 30, 2004, the Fund’s Class A, B, C, Institutional, and Service Shares generated cumulative total returns, without sales charges, of 0.00%, -0.20%, -0.38%, 0.29%, and 0.04%, respectively. These returns compare to the 0.20% cumulative total return of the Fund’s benchmark, the Lehman Brothers 1-3 Year Municipal Bond Index, over the same time period.* The Fund’s performance relative to its benchmark was mixed. Given the substantial growth in assets and sizable inflows/outflows, the portfolio maintained a high average credit quality to preserve liquidity. This proved to be a modest drag on performance. However, given the increase in cash flows during the reporting period, we believe enhanced liquidity driven by high credit quality was a prudent strategy. As assets have stabilized, we have strategically reduced credit quality to AA to capture additional yield. Additionally, the portfolio’s duration was modestly shorter than that of its benchmark during the reporting period. The results of duration management have been mixed, though recently very beneficial as the bond market has sold off. Municipal Market Performance The municipal market posted positive returns during the reporting period as soft retail demand was offset by declining supply and robust institutional demand. During the first quarter 2004, bond yields retested lows established in 2003. Retail investors, which account for approximately 70% of municipal market demand, were unenthused by persistently lower rates, preferring to remain on the sidelines. Property and casualty insurance companies, whose earnings have been up significantly, were able to largely replace the absence of retail investors and keep the municipal market well-bid. Lower rates were fueled by four consecutive months of below- consensus employment reports and market-friendly commentary on inflation and growth from the Federal Open Market Committee (“FOMC”). However, by mid-March 2004, bond market sentiment shifted as employment surged and inflationary indicators showed signs of bottoming. Consequently, the municipal market was weak in March and April 2004, with market participants now expecting tighter monetary policy to be initiated as early as the next FOMC meeting in late June. For the six-month period ending April 30, 2004, yields rose across the curve 11-57 basis points, with the majority of the change occurring in the 3-5 year maturity range. The price action resulted in a flatter yield curve, with the current spread between 2- and 30-year AAA municipals declining from 351 to 315 bps. *Unlike the Fund’s total return, the Index’s performance does not reflect any deduction for fees or expenses. 2 |
| PORTFOLIO RESULTS Investment Objective The Fund seeks a high level of current income, consistent with relatively low volatility of principal, that is exempt from regular federal income tax. Portfolio Composition The Fund maintained an overall credit quality in the AAA-/AA range and its duration was between 2.0 and 2.3 years during the reporting period. The largest sector allocations were to State and Local General Obligations, Pre-refunded, Primary Health Care, and Electric Utility securities. The Fund is nationally diversified, with the top five states being California, New York, Pennsylvania, Nevada, and Texas. Additionally, the Fund had no exposure to securities subject to the alternative minimum tax during the reporting period. Portfolio Highlights We continue to favor a broader maturity distribution for the Fund, particularly given the persistent steepness of the municipal yield curve. We believe this strategy could be advantageous should the yield curve flatten to more normalized levels. While the timing of a yield curve shift is uncertain, we remain confident that a broader maturity distribution is the most appropriate strategy to optimize current market opportunities. We thank you for your investment and look forward to your continued confidence. Goldman Sachs U.S. Fixed Income –Municipal Investment Management Team May 10, 2004 3 |
| FUND BASICS Short Duration Tax-Free Fund as of April 30, 2004 PERFORMANCE REVIEW |
| 30-Day Lehman November 1, 2003– Fund Total Return 30-Day Taxable Standardized 1–3 Year Muni Assets Under Management April 30, 2004 (based on NAV)1 Equivalent Yield2 Yield3 Bond Index4 Class A 0.00% 2.74% 1.78% 0.20% $708.7 Million Class B -0.20 1.88 1.22 0.20 Class C -0.38 1.65 1.07 0.20 Institutional 0.29 3.40 2.21 0.20 Service 0.04 2.65 1.72 0.20 1 The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding.The Fund’s performance assumes the reinvestment of dividends and other distributions.The Fund’s performance NASDAQ SYMBOLS does not reflect the deduction of any applicable sales charges. 2 The Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Yield by 1 minus the highest 2004 federal income tax rate of 35%. Class A Shares 3 The 30-Day Standardized Yield of the Fund is calculated by dividing the net investment income per share (as defined by securities industry regulations) earned by the Fund over a 30-day period (ending on the stated month-end date) by the maximum public offering price per share of the Fund on the last day of the period.This number is then annualized.This yield does not necessarily GSDTX reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. 4 The Lehman Brothers 1-3 Year Municipal Bond Index,an unmanaged index,represents investment grade municipal bonds with maturities greater than one year and less than 4 years, and does not reflect any deduction for fees, expenses or taxes. Class B Shares STANDARDIZED TOTAL RETURNS 5 GSDBX For the period ended 3/31/04 Class A Class B Class C Institutional Service One Year -0.05% -0.66% 0.19% 2.27% 1.86% Five Years 3.18 2.97 2.83 4.00 3.48 Class C Shares Ten Years N/A N/A N/A 4.37 N/A Since Inception 3.69 3.36 3.07 4.29 3.93 GSTCX (5/1/97) (5/1/97) (8/15/97) (10/1/92) (9/20/94) 5 The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end.They assume reinvestment of all distributions at net asset value.These returns reflect a maximum initial sales charge of 2% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (2% maximum declining to 0% after three years) and the assumed Institutional Shares contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase).Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. Total return figures in the above charts represent past performance and do not indicate future results, which will vary.The investment GSDUX return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost.Current performance may be lower or higher than the total return figures in the above charts.Please visit www.gs.com to obtain the most recent month-end returns.Performance reflects expense limitations in effect.In their absence, performance would be reduced.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund taxable distributions or the redemption of Fund shares. Service Shares PORTFOLIO COMPOSITION AS OF 4/30/04 6 GSFSX Sector Allocation General Obligations 27.1% Insured General Obligations 7.9% Insured Revenue Bonds 25.9 Variable Rate Demand Notes 0.5 Revenue Bonds 24.4 Escrow to Maturity 2.5 Pre-refunded 10.5 Cash 1.2 Credit Allocation* (%): AAA 59.5 AA 21.4 A 10.1 BBB 8.9 BB 0.1 6 The Fund is actively managed and, as such, its composition may differ over time.Figures represen t a percentage of total portfolio investments that have settled and include an offset to cash equivalents relating to all unsettled trades and, therefore, may not sum to 100%. *Note: Reflects NRSRO (nationally recognized statistical rating organization) rating or internal rating if not rated. 4 |
| PORTFOLIO RESULTS Municipal Income Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs Municipal Income Fund during the six-month reporting period that ended April 30, 2004. Performance Review Over the six-month period that ended April 30, 2004, the Fund’s Class A, B, C, Institutional, and Service Shares generated cumulative total returns, without sales charges, of 1.71%, 1.33%, 1.33%, 1.91%, and 1.65%, respectively. These returns compare to the 1.19% cumulative total return of the Fund’s benchmark, the Lehman Brothers Aggregate Municipal Bond Index, over the same period.* Each share class of the Fund outperformed the benchmark during the reporting period. Lower credit quality securities outperformed as they rallied back from historically wide spreads in the midst of economic growth and expanding investor risk tolerances. Security selection strategies and a focus on BBB credits were the key factors contributing to excess returns, particularly investments in Healthcare, Electric Utilities, and Transportation. Municipal Market Performance The municipal market posted positive returns during the reporting period as soft retail demand was offset by declining supply and robust institutional demand. During the first quarter 2004, bond yields re-tested lows established in 2003. Retail investors, which account for approximately 70% of municipal market demand, were unenthused by persistently lower rates, preferring to remain on the sidelines. Property and casualty insurance companies, whose earnings have been up significantly, were able to largely replace the absence of retail investors and keep the municipal market well-bid. Lower rates were fueled by four consecutive months of below-consensus employment reports and market-friendly commentary on inflation and growth from the Federal Open market Committee (“FOMC”). However, by mid-March 2004, bond market sentiment shifted as employment surged and inflationary indicators showed signs of bottoming. Consequently, the municipal market was weak in March and April 2004, with market participants now expecting tighter monetary policy to be initiated as early as the next FOMC meeting in late June. For the six-month reporting period ending April 30, 2004, yields rose across the curve 11-57 basis points, with the majority of the change occurring in the 3-5 year maturity range. The price action resulted in a flatter yield curve, with the current spread between 2- and 30-year AAA municipals declining from 351 to 315 bps. Investment Objective The Fund seeks a high level of current income that is exempt from regular federal income tax, consistent with preservation of capital. *Unlike the Fund’s total return, the Index’s performance does not reflect any deduction for fees or expenses. 5 |
| PORTFOLIO RESULTS Portfolio Composition The Fund maintained an average credit quality of AA and its duration was between 7.2 and 7.8 years during the reporting period. The Fund continues to be well-diversified in terms of sectors, issuers, and geographic location. The portfolio is comprised of a mix of general obligation (GO) bonds (those backed by real estate and income taxes) and revenue bonds (backed by money received from services, sales tax, and user fees). Within the GO sector, the Fund has reasonable weightings in bonds issued by a variety of state and local governments. Within the revenue sector, the portfolio has a full complement of bonds issued by municipalities that provide essential services — such as water and sewer, education, and transportation. In addition to the high quality securities anchoring the portfolio, its management team continually identifies opportunities to enhance yield and lower portfolio volatility by investing in select BBB rated securities. The Fund is nationally diversified, with the top five states being Illinois, California, Texas, Washington, and New York. Portfolio Highlights The Fund’s overweight to BBB rated securities was a primary driver of excess returns during the reporting period. The portfolio management team employs a very disciplined “bottom’s up” credit selection process, drawing upon the resources of a dedicated municipal credit research department. Our recent focus has been on Primary Care Hospitals as well as Electric Utilities. In each instance, we increased exposure to securities where we anticipated tighter spreads driven by improving balance sheets, liquidity, and investor demand. Term structure is another area that we wish to exploit, positioning the Fund to benefit from persistent yield curve steepness and pockets of value. We thank you for your investment and look forward to your continued confidence. Goldman Sachs U.S. Fixed Income–Municipal Investment Management Team May 10, 2004 6 |
| FUND BASICS Municipal Income Fund as of April 30, 2004 PERFORMANCE REVIEW November 1, 2003– Fund Total Return 30-Day Taxable 30-Day Lehman Aggregate April 30, 2004 (based on NAV)1 Equivalent Yield2 Standardized Yield3 Municipal Bond Index4 Assets Under Management Class A 1.71% 5.78% 3.76% 1.19% Class B 1.33 4.89 3.18 1.19 Class C 1.33 4.89 3.18 1.19 $248.6 Million Institutional 1.91 6.68 4.34 1.19 Service 1.65 5.91 3.84 1.19 1 The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding.The Fund’s performance assumes the reinvestment of dividends and other distributions.The Fund’s performance does not reflect the deduction of any applicable sales charges. N A S D A Q S Y M B O L S 2 The Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Yield by 1 minus the highest 2004 federal income tax rate of 35%. 3 The 30-Day Standardized Yield of the Fund is calculated by dividing the net investment income per share (as defined by securities Class A Shares industry regulations) earned by the Fund over a 30-day period (ending on the stated month-end date) by the maximum public offering price per share of the Fund on the last day of the period.This number is then annualized.This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. GSMIX 4 The Lehman Brothers Aggregate Municipal Bond Index is an unmanaged broad-based total return index composed of approximately 8,000 investment grade, fixed rate, and tax-exempt issues, with a remaining maturity of at least one year.The Index figures do not reflect any deduction for fees, expenses or taxes. Class B Shares STANDARDIZED TOTAL RETURNS 5 GSMBX For the period ended 3/31/04 Class A Class B Class C Institutional Service One Year 1.91% 0.73% 4.85% 7.10% 6.60% Five Years 4.10 3.87 4.29 5.48 5.04 Class C Shares Ten Years 5.79 N/A N/A N/A 6.256 Since Inception 5.23 5.32 4.71 5.89 5.666 (7/20/93) (5/1/96) (8/15/97) (8/15/97) (7/20/93) GSMUX 5 The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end.They assume reinvestment of all distributions at net asset value.These returns reflect a maximum initial sales charge of 4.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase).Because Institutional and Service Institutional Shares Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. 6 Performance data for Service Shares prior to 8/15/97 (commencement of operations) is that of Class A Shares (excluding the impact of front-end sales charges applicable to Class A Shares since Service Shares are not subject to any sales charges).Performance of Class GSMTX A Shares in the Fund reflects the expenses applicable to the Fund’s Class A Shares.The fees applicable to Service Shares are different from those applicable to Class A Shares which impact performance ratings and rankings for a class of shares. Total return figures in the above charts represent past performance and do not indicate future results, which will vary.The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or Service Shares less than their original cost.Current performance may be lower or higher than the total return figures in the above charts.Please visit www.gs.com to obtain the most recent month-end returns.Performance reflects expense limitations in effect.In their absence, performance would be reduced.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund taxable distributions or the redemption of Fund shares. GSMEX PORTFOLIO COMPOSITION AS OF 4/30/04 7 Sector Allocation Revenue Bonds 45.1% General Obligations 6.1% Insured Revenue Bonds 30.6 Escrow to Maturity 3.1 Insured General Obligations 7.7 Variable Rate Demand Notes 0.3 Pre-Refunded 7.0 Credit Allocation* (%): AAA 46.5 AA 13.2 A 14.9 BBB 24.1 BB 1.0 B 0.3 7 The Fund is actively managed and, as such, its composition may differ over time.Figures represent a percentage of total portfolio investments that have settled and include an offset to cash equivalents relating to all unsettled trades and, therefore, may not sum to 100%. * Note: Reflects NRSRO (nationally recognized statistical rating organization) rating or internal rating if not rated. 7 |
| PORTFOLIO RESULTS High Yield Municipal Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs High Yield Municipal Fund during the six- month reporting period that ended April 30, 2004. Performance Review Over the six-month period that ended April 30, 2004, the Fund’s Class A, B, C, and Institutional Shares generated cumulative total returns, without sales charges, of 2.81%, 2.42%, 2.42%, and 3.01%, respectively. These returns compare to the 4.54% and 1.19% cumulative total returns of the Fund’s benchmarks, the Lehman Brothers High Yield Municipal Bond Index and the Lehman Brothers Aggregate Municipal Bond Index, respectively, over the same time period.* The Fund employs the use of two benchmarks for risk management and performance attribution purposes. In the most recent reporting period, lower credit quality securities outperformed as they rallied back from historically wide spreads. Tobacco, Healthcare, and Electric Utility bonds were the primary drivers of Fund returns during the period. However, the portfolio’s “up-in-credit” bias versus the Lehman Brothers High Yield Municipal Bond Index offset favorable sector allocation decisions. Economic growth and expanding investor risk tolerances contributed to robust returns within the high yield municipal arena. Strategically, the Fund seeks value throughout the credit spectrum, which frequently entails sizable exposure to BBB rated securities. These positions, as well as other investment grade securities, are not contained within the Lehman Brothers High Yield Municipal Bond Index and may lead to periods of relative underperformance. The Fund’s investment in securities rated BBB or higher resulted in the Fund’s underperformance versus the Lehman Brothers High Yield Municipal Bond Index. Municipal Market Performance The municipal market posted positive returns during the reporting period as soft retail demand was offset by declining supply and robust institutional demand. During the first quarter 2004, bond yields retested lows established in 2003. Retail investors, which account for approximately 70% of municipal market demand, were unenthused by persistently lower rates, preferring to remain on the sidelines. Property and casualty insurance companies, whose earnings have been up significantly, were able to largely replace the absence of retail investors and keep the municipal market well-bid. Lower rates were fueled by four consecutive months of below- consensus employment reports and market-friendly commentary on inflation and growth from the Federal Open market Committee (“FOMC”). However, by mid-March 2004, bond market sentiment shifted as employment surged and inflationary indicators showed signs of bottoming. Consequently, the municipal market was weak in March and April 2004, with market participants now expecting tighter monetary policy to be initiated as early as the next *Unlike the Fund’s total return, the Indices’performance does not reflect any deduction for fees or expenses. 8 |
| PORTFOLIO RESULTS FOMC meeting in late June. Lower tier investment grade and high yield municipal securities have benefited from improving economic signals and investor demand for higher yielding tax-exempt investments. Accordingly, municipal credit spreads have declined from 361 to 313 during the reporting period. Investment Objective The Fund seeks a high level of current income that is exempt from regular federal income tax and may also consider the potential for capital appreciation. Portfolio Composition During the reporting period, the Fund maintained an average credit quality of BBB and its duration was between 7.6 and 8.2 years. The portfolio continues to focus on security selection and sector allocation as the key drivers of performance, with the largest sector weightings found in Special Assessment, Electric Utility, Airlines, Tobacco, and Healthcare. The Fund continues to be well-diversified in terms of issuers and geographic distribution, with over 500 individual securities and 44 states/territories represented in the portfolio. Portfolio Highlights The Fund focuses on generating superior risk-adjusted returns on an after-tax basis. While overall supply has declined from the rapid pace of 2003, new issuance has become more diverse. Tighter spreads are enabling issuers to tap into the high yield municipal market. In this environment, the portfolio benefited from a wider variety of issuers and improved opportunities for diversification. Additionally, the Fund increased its overall Airline exposure to neutral versus the Lehman Brothers High Yield Muncipal Bond and Lehman Brothers Aggregate Municipal Bond Indices. However, the maturity structure of the portfolio’s airline exposure is significantly shorter than the benchmark, limiting volatility. Lastly, the portfolio management team continues to strategically invest in Special (Land) Assessment securities that provide solid income and demonstrate defensive characteristics during volatile markets. We thank you for your investment and look forward to your continued confidence. Goldman Sachs U.S. Fixed Income–Municipal Investment Management Team May 10, 2004 9 |
| FUND BASICS High Yield Municipal Fund as of April 30, 2004 PERFORMANCE REVIEW Lehman Fund 30-Day 30-Day Lehman High Aggregate Assets Under Management November 1, 2003– Total Return Taxable Standardized Yield Municipal Municipal April 30, 2004 (based on NAV)1 Equivalent Yield2 Yield3 Bond Index4 Bond Index5 Class A 2.81% 7.06% 4.59% 4.54% 1.19% $2.7 Billion Class B 2.42 6.23 4.05 4.54 1.19 Class C 2.42 6.23 4.05 4.54 1.19 Institutional 3.01 8.02 5.21 4.54 1.19 1 The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding.The Fund’s performance assumes the reinvestment of dividends and other distributions.The Fund’s performance N A S D A Q S Y M B O L S does not reflect the deduction of any applicable sales charges. 2 The Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Yield by 1 minus the highest 2004 federal income tax rate of 35%. Class A Shares 3 The 30-Day Standardized Yield of the Fund is calculated by dividing the net investment income per share (as defined by securities industry regulations) earned by the Fund over a 30-day period (ending on the stated month-end date) by the maximum public offering price per share of the Fund on the last day of the period.This number is then annualized.This yield does not necessarily GHYAX reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. 4 The Lehman Brothers High Yield Municipal Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year.The Index does not include any deduction for fees, expenses or taxes. Class B Shares 5 The Lehman Brothers Aggregate Municipal Bond Index is an unmanaged broad-based total return index composed of approximately 8,000 investment grade, fixed rate, and tax-exempt issues, with a remaining maturity of at least one year.The Index does not reflect any deduction for fees, expenses or taxes. GHYBX STANDARDIZED TOTAL RETURNS 6 Class C Shares For the period ended 3/31/04 Class A Class B Class C Institutional One Year 5.83% 4.81% 8.97% 11.37% GHYCX Since Inception 6.76 6.45 7.19 8.45 (4/3/00) 6 The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end.They assume Institutional Shares reinvestment of all distributions at net asset value.These returns reflect a maximum initial sales charge of 4.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase).Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. GHYIX Total return figures in the above charts represent past performance and do not indicate future results, which will vary.The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost.Current performance may be lower or higher than the total return figures in the above charts.Please visit www.gs.com to obtain the most recent month-end returns.Performance reflects expense limitations in effect.In their absence, performance would be reduced.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund taxable distributions or the redemption of Fund shares. PORTFOLIO COMPOSITION AS OF 4/30/04 7 Sector Allocation Revenue Bonds 87.7% Pre-Refunded 1.0% Insured Revenue Bonds 5.3 Variable Rate Demand Notes 0.4 General Obligations 3.7 Escrow to Maturity 0.3 Insured General Obligations 1.6 Credit Allocation* (%): AAA 10.3 AA 2.5 A 7.9 BBB 35.8 BB 29.5 B 12.0 Below B 1.9 7 The Fund is actively managed and, as such, its composition may differ over time.Figures represent a percentage of total portfolio investments that have settled and include an offset to cash equivalents relating to all unsettled trades and, therefore, may not sum to 100%. * Note: Reflects NRSRO (nationally recognized statistical rating organization) rating or internal rating if not rated. 10 |
GOLDMAN SACHS SHORT
DURATION TAX-FREE FUND
Statement of Investments
April 30, 2004 (Unaudited)
| Principal | Interest | Maturity | ||||||||||||
| Amount | Rate | Date | Value | |||||||||||
|
Debt Obligations – 95.7% |
||||||||||||||
| Alabama – 1.0% | ||||||||||||||
| Alabama 21st Century Authority RB for Tobacco Settlement Revenue Series 2001 (A-/Baa1) | ||||||||||||||
| $ | 2,135,000 | 5.25 | % | 12/01/2005 | $ | 2,216,877 | ||||||||
Birmingham Jefferson Alabama Civic Center
Authority Special Tax Refunding Series 2002 A (FSA)
(AAA/Aaa) |
||||||||||||||
| 3,000,000 | 5.25 | 01/01/2007 | 3,225,810 | |||||||||||
|
Huntsville Alabama GO Bonds Warrants
Series 1995 A (AA/Aa2) |
||||||||||||||
| 1,635,000 | 6.25 | 02/01/2006 | 1,704,242 | |||||||||||
| $ | 7,146,929 | |||||||||||||
| Alaska – 0.2% | ||||||||||||||
|
North Slope Boro Alaska GO Bonds for Capital
Appreciation Series 2003 A (MBIA) (AAA/Aaa)@
|
||||||||||||||
| $ | 1,200,000 | 0.00 | % | 06/30/2005 | $ | 1,178,160 | ||||||||
| Arizona – 2.7% | ||||||||||||||
|
Arizona State Transportation Board Excise Tax RB
for Maricopa County Regional Area Road Fund Series 2001
(AA/Aa2)
|
||||||||||||||
| $ | 2,000,000 | 5.00 | % | 07/01/2005 | $ | 2,082,200 | ||||||||
|
Arizona State Transportation Board RB GANS
Series 2001 (MBIA) (AAA/Aaa)
|
||||||||||||||
| 1,950,000 | 5.25 | 01/01/2006 | 2,058,869 | |||||||||||
|
Maricopa County Arizona Community College
District GO Bonds Project Series 1994 C (AA/Aaa)
|
||||||||||||||
| 3,235,000 | 5.25 | 07/01/2005 | 3,376,822 | |||||||||||
|
Phoenix Arizona Civic Improvement Corp. Water
System RB Junior Lien Series 1996 (AA/Aaa)^
|
||||||||||||||
| 2,150,000 | 5.90 | 07/01/2006 | 2,335,502 | |||||||||||
|
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 | 2,112,680 | |||||||||||
|
Salt River Agricultural Improvement &
Power District Electric System RB for Salt River Project
Unrefunded Balance Series 1993 C (AA/Aa2)
|
||||||||||||||
| 5,480,000 | 4.80 | 01/01/2007 | 5,845,406 | |||||||||||
|
University Medical Center Corp. Hospital RB
Series 2004 (BBB+/A3)
|
||||||||||||||
| 500,000 | 5.00 | 07/01/2005 | 517,385 | |||||||||||
| 500,000 | 5.00 | 07/01/2006 | 525,840 | |||||||||||
| $ | 18,854,704 | |||||||||||||
| Arkansas – 0.2% | ||||||||||||||
|
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 | $ | 1,697,399 | ||||||||
| California – 13.7% | ||||||||||||||
|
California Health Facilities Financing Authority
RB for Catholic Healthcare West Series 2004 H (BBB+/Baa1)-
|
||||||||||||||
| $ | 5,000,000 | 4.45 | % | 07/01/2011 | $ | 5,014,650 | ||||||||
|
California State Department Water Resources Power
Supply RB Series 2002 A (BBB+/A3)
|
||||||||||||||
| 5,000,000 | 5.50 | 05/01/2005 | 5,184,500 | |||||||||||
|
California State GO Bonds Refunded
Series 1998 (BBB/Baa1)
|
||||||||||||||
| 1,100,000 | 6.00 | 02/01/2008 | 1,213,784 | |||||||||||
|
California State GO Bonds Series 2004 (BBB/Baa1)
|
||||||||||||||
| 6,500,000 | 4.00 | 02/01/2009 | 6,658,080 | |||||||||||
| 1,000,000 | 4.00 | 02/01/2010 | 1,014,090 | |||||||||||
|
California State GO Bonds Variable Purpose
Series 2004 (BBB/Baa1)
|
||||||||||||||
| 2,000,000 | 2.50 | 04/01/2006 | 2,015,220 | |||||||||||
| 6,500,000 | 5.00 | 04/01/2011 | 6,900,595 | |||||||||||
|
California State RANS Warrants Series 2003 A
(SP-1/MIG1)
|
||||||||||||||
| 20,000,000 | 2.00 | 06/16/2004 | 20,020,200 | |||||||||||
|
California State RANS Warrants Series 2003 B
(SP-1/MIG1)
|
||||||||||||||
| 3,700,000 | 2.00 | 06/16/2004 | 3,703,774 | |||||||||||
|
California Statewide Communities Development
Authority RB for Kaiser Permanente Series 2004 G (A)-
|
||||||||||||||
| 3,800,000 | 2.30 | 05/01/2007 | 3,744,824 | |||||||||||
|
Fremont California COPS Refining Project
Series 2003 (AMBAC) (SPA – Dexia Credit Local)
(AAA/Aaa)-
|
||||||||||||||
| 4,600,000 | 1.70 | 08/01/2005 | 4,619,182 | |||||||||||
|
Golden State Tobacco Securitization Corp.
California Tobacco Settlement RB Series 2003 B (BBB-/Baa2)
|
||||||||||||||
| 2,000,000 | 5.00 | 06/01/2010 | 2,087,860 | |||||||||||
|
Los Angeles California Waste Water System RB
Series 2003 (FSA) (AAA/Aaa)
|
||||||||||||||
| 3,000,000 | 5.00 | 06/01/2007 | 3,246,300 | |||||||||||
|
Metropolitan Water District RB for Southern
California Waterworks Refunded Balance Series 1996 C (AA/Aa2)^
|
||||||||||||||
| 8,775,000 | 5.00 | 01/01/2007 | 9,438,127 | |||||||||||
|
Santa Clara County California Financing Authority
RB Measure B Transportation Improvement Program Series 2003
(A2)
|
||||||||||||||
| 1,550,000 | 5.00 | 08/01/2006 | 1,645,309 | |||||||||||
|
Santa Clara County California Financing Authority
Special Obligation RB Measure B Transportation Improvement
Program Series 2003 (A2)
|
||||||||||||||
| 400,000 | 5.00 | 08/01/2005 | 417,564 | |||||||||||
|
Santa Clara Valley California Transportation
Authority RB for Sales Tax Revenue Measure Series 2003 A
(AMBAC) (AAA/Aaa)-
|
||||||||||||||
| 18,500,000 | 4.00 | 10/02/2006 | 19,378,750 | |||||||||||
|
Truckee-Donner Public Utility District of
California COPS Series A (ACA) (A)
|
||||||||||||||
| 1,000,000 | 3.50 | 01/01/2006 | 1,018,710 | |||||||||||
| $ | 97,321,519 | |||||||||||||
| Colorado – 1.3% | ||||||||||||||
|
Colorado Department of Transportation RANS RB
Series A (MBIA) (AAA/Aaa)
|
||||||||||||||
| $ | 1,000,000 | 5.50 | % | 06/15/2006 | $ | 1,073,910 | ||||||||
|
Denver Colorado City & County Medical
Facilities GO Bonds Series 2003 (AA+/Aa1)
|
||||||||||||||
| 3,000,000 | 5.00 | 08/01/2006 | 3,197,370 | |||||||||||
The accompanying notes
are an integral part of these financial statements.
11
GOLDMAN SACHS SHORT
DURATION TAX-FREE FUND
Statement of
Investments (continued)
April 30, 2004 (Unaudited)
| Principal | Interest | Maturity | |||||||||||||||||||
| Amount | Rate | Date | Value | ||||||||||||||||||
|
Debt Obligations – (continued) |
|||||||||||||||||||||
| Colorado – (continued) | |||||||||||||||||||||
|
Eagle Bend Metropolitan District No. 2 GO
Bonds Refunding & Improvement Series 2003 (Radian)
(AA)
|
|||||||||||||||||||||
| $ | 325,000 | 2.00 | % | 12/01/2004 | $ | 326,105 | |||||||||||||||
| 420,000 | 3.00 | 12/01/2005 | 425,746 | ||||||||||||||||||
| 430,000 | 3.25 | 12/01/2006 | 439,168 | ||||||||||||||||||
| 440,000 | 3.50 | 12/01/2007 | 448,743 | ||||||||||||||||||
| 455,000 | 4.00 | 12/01/2008 | 469,009 | ||||||||||||||||||
| 480,000 | 4.00 | 12/01/2009 | 489,249 | ||||||||||||||||||
|
East Quincy Highlands Metropolitan District GO
Bonds Series 2002 (LOC – U.S. Bank N.A.) (Aa2)-
|
|||||||||||||||||||||
| 2,350,000 | 2.25 | 12/01/2006 | 2,349,107 | ||||||||||||||||||
| $ | 9,218,407 | ||||||||||||||||||||
| Connecticut – 0.9% | |||||||||||||||||||||
|
Connecticut State GO Bonds Series 2003 C
(AA/Aa3)
|
|||||||||||||||||||||
| $ | 1,000,000 | 4.00 | % | 05/01/2005 | $ | 1,026,440 | |||||||||||||||
|
Connecticut State GO Bonds Series 2003 G
(MBIA) (AAA/Aaa)
|
|||||||||||||||||||||
| 5,000,000 | 4.00 | 03/15/2007 | 5,242,450 | ||||||||||||||||||
| $ | 6,268,890 | ||||||||||||||||||||
| Florida – 3.2% | |||||||||||||||||||||
|
Escambia County Florida Health Facilities
Authority RB Ascension Health Credit Series 2003 A (AA/Aa2)
|
|||||||||||||||||||||
| $ | 1,700,000 | 2.50 | % | 11/15/2005 | $ | 1,716,830 | |||||||||||||||
|
Florida State Board of Education GO Bonds for
Public Education Series 1998 B (AA+/Aa2)
|
|||||||||||||||||||||
| 2,000,000 | 6.00 | 06/01/2006 | 2,168,800 | ||||||||||||||||||
|
Florida State Board of Education Lottery RB
Series 2002 C (MBIA) (AAA/Aaa)
|
|||||||||||||||||||||
| 5,085,000 | 5.25 | 01/01/2007 | 5,469,121 | ||||||||||||||||||
|
Jacksonville Florida Sales Tax RB
Series 2001 (AMBAC) (AAA/Aaa)
|
|||||||||||||||||||||
| 2,805,000 | 5.00 | 10/01/2004 | 2,849,235 | ||||||||||||||||||
|
Leesburg Florida Hospital RB for Leesburg
Regional Medical Center Project Series 2003 A (A/A3)
|
|||||||||||||||||||||
| 1,820,000 | 5.00 | 07/01/2008 | 1,914,331 | ||||||||||||||||||
|
Meadow Pointe II Community Development District
RB for Capital Improvement Series 2004 (Baa3)
|
|||||||||||||||||||||
| 585,000 | 2.00 | 05/01/2005 | 585,684 | ||||||||||||||||||
| 300,000 | 2.00 | 05/01/2006 | 295,359 | ||||||||||||||||||
| 610,000 | 2.38 | 05/01/2007 | 593,036 | ||||||||||||||||||
| 625,000 | 2.80 | 05/01/2008 | 603,856 | ||||||||||||||||||
| 300,000 | 3.00 | 05/01/2009 | 285,615 | ||||||||||||||||||
|
Miami Dade County Florida School Board COPS
Series 2003 A (MBIA) (AAA/Aaa)-
|
|||||||||||||||||||||
| 6,000,000 | 5.00 | 08/01/2008 | 6,466,560 | ||||||||||||||||||
| $ | 22,948,427 | ||||||||||||||||||||
| Georgia – 2.9% | |||||||||||||||||||||
|
Atlanta Georgia GO Bonds Series 1994 A (AA-/Aa3)^
|
|||||||||||||||||||||
| $ | 1,000,000 | 6.13 | % | 12/01/2004 | $ | 1,049,350 | |||||||||||||||
|
Atlanta Georgia RB for Airport and Marina
Improvements Series 2000 A (FGIC) (AAA/Aaa)^
|
|||||||||||||||||||||
| 2,500,000 | 5.50 | 01/01/2010 | 2,817,475 | ||||||||||||||||||
|
Atlanta Georgia Refunding RB for Airport and
Marina Improvements Series 2003 A (MBIA) (AAA/Aaa)
|
|||||||||||||||||||||
| 1,500,000 | 4.50 | 01/01/2005 | 1,530,810 | ||||||||||||||||||
|
Bartow County Georgia GO Bonds Sales Tax
Series 2003 (MBIA) (AAA/Aaa)
|
|||||||||||||||||||||
| 4,000,000 | 5.00 | 02/01/2006 | 4,221,600 | ||||||||||||||||||
|
Gwinnett County Georgia School District GO Bonds
Refunding Series 2002 (AA+/Aaa)
|
|||||||||||||||||||||
| 1,835,000 | 4.50 | 02/01/2006 | 1,922,621 | ||||||||||||||||||
|
Hall County Georgia School District GO Bonds
Series 1994 (AMBAC) (AAA/Aaa)^
|
|||||||||||||||||||||
| 1,500,000 | 6.70 | 12/01/2004 | 1,578,930 | ||||||||||||||||||
|
Metropolitan Atlanta Rapid Transit Authority
Sales Tax RB Series 2001 (AA-/A1)
|
|||||||||||||||||||||
| 3,000,000 | 5.00 | 07/01/2004 | 3,017,520 | ||||||||||||||||||
|
South Georgia Governmental Services Authority RB
for Telecommunications/ Cable Project Series 2004 (FGIC)
(AAA/Aaa)
|
|||||||||||||||||||||
| 2,485,000 | 3.00 | 01/01/2007 | 2,531,445 | ||||||||||||||||||
| 2,055,000 | 4.00 | 01/01/2008 | 2,152,448 | ||||||||||||||||||
| $ | 20,822,199 | ||||||||||||||||||||
| Idaho – 0.4% | |||||||||||||||||||||
|
Boise-Kuna Idaho Irrigation District RB
(AMBAC) (AAA/Aaa)
|
|||||||||||||||||||||
| $ | 2,750,000 | 5.00 | % | 07/01/2006 | $ | 2,925,533 | |||||||||||||||
| Illinois – 3.0% | |||||||||||||||||||||
|
Chicago Illinois Park District Harbour Facilities
RB for Airport and Marina Improvements Series 2000 (XLCA)(AAA/Aaa)^ |
|||||||||||||||||||||
| $ | 4,610,000 | 5.65 | % | 01/01/2011 | $ | 5,191,782 | |||||||||||||||
|
Chicago Illinois Tax Increment RB for Central
Loop Redevelopment Series 2000 A (ACA) (A)
|
|||||||||||||||||||||
| 1,000,000 | 6.50 | 12/01/2006 | 1,089,880 | ||||||||||||||||||
|
Chicago Illinois Transit Authority RB Capital
Grantor Receipts Series 2003 A (AMBAC) (AAA/Aaa)
|
|||||||||||||||||||||
| 5,000,000 | 4.00 | 06/01/2005 | 5,009,950 | ||||||||||||||||||
|
Illinois Development Finance Authority RB for
Revolving Fund Master Trust Series 2002 (Aaa)
|
|||||||||||||||||||||
| 2,500,000 | 5.00 | 03/01/2007 | 2,681,225 | ||||||||||||||||||
|
Illinois Educational Facilities Authority RB for
Loyola University Chicago Series 1991 A (ETM) (AAA)
|
|||||||||||||||||||||
| 1,500,000 | 7.00 | 07/01/2007 | 1,673,010 | ||||||||||||||||||
|
Illinois Health Facilities Authority RB for
University of Chicago Hospital & Health
Series 2003 (MBIA) (AAA/Aaa)
|
|||||||||||||||||||||
| 1,400,000 | 4.00 | 08/15/2005 | 1,441,944 | ||||||||||||||||||
| 1,325,000 | 5.00 | % | 08/15/2006 | 1,403,904 | |||||||||||||||||
|
Illinois State GO Bonds First Series 2002
(MBIA) (AAA/Aaa)
|
|||||||||||||||||||||
| 2,000,000 | 5.00 | 07/01/2005 | 2,080,800 | ||||||||||||||||||
|
Metropolitan Pier and Exposition Authority
Hospitality Facilities RB for McCormick Place Series 1996
(ETM) (AAA/Aaa)
|
|||||||||||||||||||||
| 730,000 | 5.75 | 07/01/2006 | 760,025 | ||||||||||||||||||
| $ | 21,332,520 | ||||||||||||||||||||
The accompanying notes
are an integral part of these financial statements.
12
GOLDMAN SACHS SHORT
DURATION TAX-FREE FUND
| Principal | Interest | Maturity | |||||||||||||||||||
| Amount | Rate | Date | Value | ||||||||||||||||||
|
Debt Obligations – (continued) |
|||||||||||||||||||||
|
|
|||||||||||||||||||||
| Indiana – 1.7% | |||||||||||||||||||||
|
Indiana Bond Bank RB Common School Fund Advance
Purchase Funding Series 2001 (AMBAC) (AAA/Aaa)
|
|||||||||||||||||||||
| $ | 1,750,000 | 5.00 | % | 02/01/2005 | $ | 1,798,353 | |||||||||||||||
|
Indiana Health Facilities Financing Authority
Hospital RB for Community Foundation Northwest Industry
Series 2001 A (BBB-)
|
|||||||||||||||||||||
| 500,000 | 5.50 | 08/01/2006 | 515,335 | ||||||||||||||||||
|
IPS School Building Corp. RB for Indiana First
Mortgage Series 1994 (AAA)^
|
|||||||||||||||||||||
| 4,750,000 | 6.10 | 07/15/2004 | 4,892,642 | ||||||||||||||||||
|
Lawrenceburg Indiana PCRB for Indiana Michigan
Power Co. Project Series 2003 F (BBB/Baa2)-
|
|||||||||||||||||||||
| 5,000,000 | 2.63 | 10/01/2006 | 4,955,600 | ||||||||||||||||||
| $ | 12,161,930 | ||||||||||||||||||||
| Kentucky – 0.5% | |||||||||||||||||||||
|
Kentucky Economic Development Finance Authority
RB for Norton Healthcare Inc. Series 2000 C (MBIA) (AAA/Aaa)§
|
|||||||||||||||||||||
| $ | 1,775,000 | 0.00/5.25 | % | 10/01/2007 | $ | 1,781,319 | |||||||||||||||
|
Kentucky State Property & Building
Community RB for Project No. 74 Series 2002 (A+/Aa3)
|
|||||||||||||||||||||
| 2,000,000 | 5.25 | 02/01/2005 | 2,058,320 | ||||||||||||||||||
| $ | 3,839,639 | ||||||||||||||||||||
| Louisiana – 0.6% | |||||||||||||||||||||
|
Louisiana State GO Bonds Series 1994 A
(AMBAC) (AAA/Aaa)^
|
|||||||||||||||||||||
| $ | 2,080,000 | 6.00 | % | 05/01/2004 | $ | 2,121,600 | |||||||||||||||
|
Louisiana State GO Bonds Series 1998 A
(AMBAC) (AAA/Aaa)
|
|||||||||||||||||||||
| 1,850,000 | 5.50 | 04/15/2005 | 1,923,389 | ||||||||||||||||||
| $ | 4,044,989 | ||||||||||||||||||||
| Maine – 0.9% | |||||||||||||||||||||
|
Maine Health & Higher Educational
Facilities Authority RB Series 1994 B (FSA) (AAA/Aaa)^
|
|||||||||||||||||||||
| $ | 2,695,000 | 7.10 | % | 07/01/2004 | $ | 2,774,691 | |||||||||||||||
|
Maine State COPS Series 2003 C (AA)
|
|||||||||||||||||||||
| 1,235,000 | 1.75 | 06/01/2004 | 1,235,556 | ||||||||||||||||||
| 1,000,000 | 3.50 | 06/01/2007 | 1,026,990 | ||||||||||||||||||
| 1,000,000 | 4.00 | 06/01/2008 | 1,043,830 | ||||||||||||||||||
| $ | 6,081,067 | ||||||||||||||||||||
| Maryland – 3.4% | |||||||||||||||||||||
|
Anne Arundel County GO Bonds Series 2003
(AA+/Aa1)
|
|||||||||||||||||||||
| $ | 5,000,000 | 5.00 | % | 03/01/2006 | $ | 5,290,050 | |||||||||||||||
|
Maryland State GO Bonds State & Local
Facilities Loan 2nd Series 2001 (AAA/Aaa)
|
|||||||||||||||||||||
| 3,000,000 | 5.00 | 07/15/2005 | 3,129,630 | ||||||||||||||||||
| 15,000,000 | 5.25 | 03/01/2006 | 15,942,750 | ||||||||||||||||||
| $ | 24,362,430 | ||||||||||||||||||||
| Massachusetts – 3.7% | |||||||||||||||||||||
|
Boston Massachusetts GO BANS Series 2002 A
(SP-1+/MIG1)
|
|||||||||||||||||||||
| $ | 1,000,000 | 3.50 | % | 02/01/2006 | $ | 1,029,300 | |||||||||||||||
|
Framingham Massachusetts GO BANS (MIG1)
|
|||||||||||||||||||||
| 2,500,000 | 2.50 | 03/01/2005 | 2,525,450 | ||||||||||||||||||
|
Massachusetts State GO Bonds Consumer Loan
Series 1996 A (MBIA) (AAA/Aaa)^
|
|||||||||||||||||||||
| 2,000,000 | 5.13 | 01/01/2006 | 2,125,660 | ||||||||||||||||||
|
Massachusetts State GO Bonds Refunding
Series 2003 C (XLCA) (AAA/Aaa)
|
|||||||||||||||||||||
| 16,310,000 | 5.00 | 12/01/2006 | 17,509,274 | ||||||||||||||||||
|
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 | 2,182,280 | ||||||||||||||||||
|
Massachusetts State Health & Educational
Facilities Authority RB for Partners Healthcare Series 2003
E (AA-/Aa3) |
|||||||||||||||||||||
| 700,000 | 3.00 | 07/01/2005 | 711,571 | ||||||||||||||||||
| $ | 26,083,535 | ||||||||||||||||||||
| Michigan – 1.9% | |||||||||||||||||||||
|
Detroit Michigan GO Bonds Series 1995 (FGIC)
(AAA/Aaa)
|
|||||||||||||||||||||
| $ | 1,500,000 | 6.25 | % | 04/01/2005 | $ | 1,567,170 | |||||||||||||||
|
Holly Michigan Area School District GO Bonds
Refunding Series 1995-1999 (FGIC) (Q-SBLF) (AAA/Aaa)^
|
|||||||||||||||||||||
| 6,850,000 | 5.63 | 05/01/2005 | 7,211,269 | ||||||||||||||||||
|
Michigan Municipal Bond Authority RB for Clean
Water Revolving Fund Series 1998 (AAA/Aaa)
|
|||||||||||||||||||||
| 1,310,000 | 5.00 | 10/01/2004 | 1,330,541 | ||||||||||||||||||
|
University of Michigan RB Refunding General
Series 2003 (AA+/Aaa)
|
|||||||||||||||||||||
| 1,500,000 | 4.00 | 04/01/2005 | 1,536,870 | ||||||||||||||||||
|
Waterford Michigan School District GO Bonds
Series 1995 (FGIC) (Q-SBLF) (AAA/Aaa)^
|
|||||||||||||||||||||
| 1,900,000 | 6.10 | 06/01/2004 | 1,926,087 | ||||||||||||||||||
| $ | 13,571,937 | ||||||||||||||||||||
| Minnesota – 3.1% | |||||||||||||||||||||
|
Dakota County Minnesota GO Bonds Series 2003
A (AA+/Aa1)
|
|||||||||||||||||||||
| $ | 1,895,000 | 5.00 | % | 02/01/2007 | $ | 2,031,554 | |||||||||||||||
|
Duluth Minnesota Economic Development Authority
Health Care Facilities RB for Benedictine Health Systems-Saint
Marys Series 2004 (A-)
|
|||||||||||||||||||||
| 400,000 | 2.00 | 02/15/2005 | 400,920 | ||||||||||||||||||
| 400,000 | 4.50 | 02/15/2006 | 415,232 | ||||||||||||||||||
|
Minneapolis Minnesota Health Care Systems RB for
Fairview Health Services Series 2002 B (MBIA) (AAA/Aaa) |
|||||||||||||||||||||
| 1,430,000 | 5.13 | 05/15/2008 | 1,552,308 | ||||||||||||||||||
|
Minnesota State GO Bonds Refunding
Series 2003 (AAA/Aa1)
|
|||||||||||||||||||||
| 10,000,000 | 2.00 | 08/01/2005 | 10,073,400 | ||||||||||||||||||
| 6,000,000 | 4.50 | 08/01/2006 | 6,349,680 | ||||||||||||||||||
|
Minnesota State GO Bonds Series 1996 (AAA/
Aa1)
|
|||||||||||||||||||||
| 1,000,000 | 5.50 | 05/01/2005 | 1,041,440 | ||||||||||||||||||
| $ | 21,864,534 | ||||||||||||||||||||
The accompanying notes
are an integral part of these financial statements.
13
GOLDMAN SACHS SHORT
DURATION TAX-FREE FUND
Statement of
Investments (continued)
April 30, 2004 (Unaudited)
| Principal | Interest | Maturity | ||||||||||||
| Amount | Rate | Date | Value | |||||||||||
|
Debt Obligations – (continued) |
||||||||||||||
|
|
||||||||||||||
| Mississippi – 1.6% | ||||||||||||||
|
Mississippi State GO Bonds for Public,
University & College Improvements Series 1998 (AA/Aaa)^
|
||||||||||||||
| $ | 5,120,000 | 5.00 | % | 06/01/2008 | $ | 5,591,808 | ||||||||
|
Mississippi State GO Bonds Refunding
Series 1978 (ETM) (AAA/Aaa)
|
||||||||||||||
| 5,260,000 | 6.20 | 02/01/2008 | 5,873,789 | |||||||||||
| $ | 11,465,597 | |||||||||||||
| Missouri – 0.2% | ||||||||||||||
|
Cameron Missouri IDA Health Facilities RB for
Cameron Community Hospital Series 2000 (ACA) (A)
|
||||||||||||||
| $ | 980,000 | 5.88 | % | 12/01/2006 | $ | 1,052,745 | ||||||||
| Nevada – 4.1% | ||||||||||||||
|
Carson City Hospital RB for Carson-Tahoe Hospital
Project Series 2002 (BBB+)
|
||||||||||||||
| $ | 1,415,000 | 5.25 | % | 09/01/2005 | $ | 1,430,834 | ||||||||
|
Clark County Airport RB Sub Lien Series 1998
A (MBIA) (AAA/Aaa)
|
||||||||||||||
| 1,250,000 | 6.00 | 07/01/2008 | 1,396,975 | |||||||||||
|
Clark County Nevada School District GO Bonds
Refunding Series 2003 A (FGIC) (AAA/Aaa)
|
||||||||||||||
| 10,000,000 | 5.00 | 06/01/2006 | 10,645,800 | |||||||||||
|
Las Vegas Valley Nevada Water District GO Bonds
Refunding Series 2003 B (MBIA) (AAA/Aaa)
|
||||||||||||||
| 6,375,000 | 5.00 | 06/01/2007 | 6,870,847 | |||||||||||
|
Las Vegas Valley Nevada Water District GO Bonds
Refunding Water & Improvement Series 2003 A (FGIC)
(AAA/Aaa)
|
||||||||||||||
| 5,000,000 | 5.00 | 06/01/2005 | 5,195,200 | |||||||||||
|
Nevada Department of Business and Industry
Capital Appreciation RB for Las Vegas Monorail Series 2000
(AMBAC) (AAA/Aaa)@
|
||||||||||||||
| 800,000 | 0.00 | 01/01/2007 | 743,448 | |||||||||||
|
Nevada State GO Bonds Series 1995 C (ETM)
(AA/Aa2)
|
||||||||||||||
| 1,475,000 | 6.50 | 05/01/2005 | 1,550,874 | |||||||||||
|
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 | 1,339,520 | |||||||||||
| $ | 29,173,498 | |||||||||||||
| 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 | $ | 495,909 | ||||||||
| 1,475,000 | 4.00 | 10/01/2008 | 1,521,861 | |||||||||||
|
New Hampshire Higher Educational and Health
Facilities Authority RB for Frisbie Memorial Hospital
Series 1993 (Baa1)
|
||||||||||||||
| 750,000 | 6.13 | 10/01/2013 | 768,375 | |||||||||||
| $ | 2,786,145 | |||||||||||||
| New Jersey – 2.4% | ||||||||||||||
|
New Jersey Economic Development Authority RB for
Market Transition Facility Series 2001 A (MBIA) (AAA/Aaa)
|
||||||||||||||
| $ | 2,900,000 | 5.00 | % | 07/01/2005 | $ | 3,018,871 | ||||||||
|
New Jersey Health Care Facilities Financing
Authority RB for South Jersey Hospital Series 2002
(SPA – Merrill Lynch Capital Services) (Baa1)
|
||||||||||||||
| 2,555,000 | 5.00 | 07/01/2005 | 2,643,556 | |||||||||||
|
New Jersey State Educational Facilities Authority
RB for Fairleigh Dickinson University Series 2002 D
(ACA) (A)
|
||||||||||||||
| 335,000 | 5.00 | 07/01/2005 | 346,963 | |||||||||||
| 355,000 | 5.00 | 07/01/2006 | 373,730 | |||||||||||
|
New Jersey State Transit Corp. RB for Capital
GANS Series 2000 B (AMBAC) (AAA/Aaa)
|
||||||||||||||
| 2,000,000 | 5.50 | 02/01/2005 | 2,062,880 | |||||||||||
|
New Jersey State Transportation Trust Fund
Authority RB for Transportation Systems Series 1995 B
(MBIA) (AAA/Aaa)^
|
||||||||||||||
| 2,000,000 | 5.75 | 06/15/2005 | 2,138,420 | |||||||||||
|
New Jersey State Turnpike Authority RB
Series 2000 A Prerefunded (ETM) (MBIA) (AAA/Aaa)
|
||||||||||||||
| 630,000 | 5.50 | 01/01/2007 | 683,153 | |||||||||||
|
New Jersey State Turnpike Authority RB
Series 2000 A Unrefunded Balance (MBIA) (AAA/Aaa)
|
||||||||||||||
| 4,520,000 | 5.50 | 01/01/2007 | 4,890,369 | |||||||||||
|
Tobacco Settlement Financing Corp. RB
Series 2003 (BBB/Baa3)
|
||||||||||||||
| 1,000,000 | 4.38 | 06/01/2019 | 979,630 | |||||||||||
| $ | 17,137,572 | |||||||||||||
| New Mexico – 1.0% | ||||||||||||||
|
Farmington PCRB for Public Service Co. San Juan
Series 2003 A (BBB/Baa2)-
|
||||||||||||||
| $ | 2,700,000 | 2.10 | % | 04/01/2006 | $ | 2,685,474 | ||||||||
|
New Mexico State GO Bonds Capital Projects
Series 2003 (AA+/Aa1)
|
||||||||||||||
| 3,350,000 | 5.00 | 03/01/2006 | 3,543,094 | |||||||||||
|
New Mexico State University RB
Refunding & Improvement Series 2003 (FSA) (AAA/Aaa)
|
||||||||||||||
| 1,080,000 | 5.00 | 04/01/2008 | 1,168,549 | |||||||||||
| $ | 7,397,117 | |||||||||||||
| New York – 12.8% | ||||||||||||||
|
New York City Health & Hospital Corp. RB
for Health System Series 2003 A (AMBAC) (AAA/Aaa)
|
||||||||||||||
| $ | 5,000,000 | 5.00 | % | 02/15/2006 | $ | 5,270,450 | ||||||||
|
New York City IDA Civic Facilities RB for
Polytechnical University Project (BB+/Ba2)
|
||||||||||||||
| 200,000 | 5.10 | 11/01/2005 | 197,332 | |||||||||||
| 250,000 | 5.20 | 11/01/2007 | 241,125 | |||||||||||
|
New York City Municipal Water Finance Authority
RB for Water and Sewer Systems Crossover Prerefunded
Series 1997 B (MBIA) (AAA/Aaa)
|
||||||||||||||
| 10,000,000 | 5.80 | 06/15/2007 | 11,023,400 | |||||||||||
|
New York City Municipal Water Finance Authority
RB for Water and Sewer Systems Series 1993 B (AA/Aa2)^ |
||||||||||||||
| 1,000,000 | 5.20 | 06/15/2004 | 1,014,740 | |||||||||||
The accompanying notes
are an integral part of these financial statements.
14
GOLDMAN SACHS SHORT
DURATION TAX-FREE FUND
| Principal | Interest | Maturity | |||||||||||||||||||||||
| Amount | Rate | Date | Value | ||||||||||||||||||||||
|
Debt Obligations – (continued) |
|||||||||||||||||||||||||
| New York – (continued) | |||||||||||||||||||||||||
|
New York GO Bonds Prerefunded Balance
Series 1996 F (ETM) (A/A2)
|
|||||||||||||||||||||||||
| $ | 920,000 | 7.00 | % | 02/01/2006 | $ | 1,001,503 | |||||||||||||||||||
|
New York GO Bonds Refunding Series 1996 A
(MBIA-IBC) (AAA/Aaa)
|
|||||||||||||||||||||||||
| 500,000 | 6.25 | 08/01/2008 | 550,195 | ||||||||||||||||||||||
|
New York GO Bonds Refunding Series 2002 C
(A/A2)
|
|||||||||||||||||||||||||
| 2,500,000 | 5.25 | 08/01/2010 | 2,696,400 | ||||||||||||||||||||||
|
New York GO Bonds Series 1995 D (A/Aaa)^
|
|||||||||||||||||||||||||
| 1,500,000 | 6.00 | 02/15/2005 | 1,570,395 | ||||||||||||||||||||||
|
New York GO Bonds Series 2004 I (A/A2)
|
|||||||||||||||||||||||||
| 5,000,000 | 5.00 | 08/01/2011 | 5,285,700 | ||||||||||||||||||||||
|
New York GO Bonds Unrefunded Balance
Series 1996 F (A/A2)
|
|||||||||||||||||||||||||
| 1,080,000 | 7.00 | 02/01/2006 | 1,171,595 | ||||||||||||||||||||||
|
New York State Dormitory Authority Lease RB for
Court Facilities Series 2003 A (A/A3)
|
|||||||||||||||||||||||||
| 4,090,000 | 5.00 | 05/15/2007 | 4,359,245 | ||||||||||||||||||||||
|
New York State Dormitory Authority RB for City
University System Construction 4th Generation Series 2003 A (AA-/A3) |
|||||||||||||||||||||||||
| 6,350,000 | 5.00 | 07/01/2007 | 6,794,690 | ||||||||||||||||||||||
|
New York State Dormitory Authority RB for City
University System Construction 5th Generation Series 2003 A (AA-/A3) |
|||||||||||||||||||||||||
| 1,250,000 | 5.00 | 01/01/2006 | 1,310,950 | ||||||||||||||||||||||
| 3,250,000 | 5.00 | 01/01/2007 | 3,451,370 | ||||||||||||||||||||||
|
New York State Dormitory Authority RB for North
Shore Long Island Jewish Group Series 2003 (A3)
|
|||||||||||||||||||||||||
| 250,000 | 4.00 | 05/01/2005 | 256,435 | ||||||||||||||||||||||
| 575,000 | 5.00 | 05/01/2006 | 601,922 | ||||||||||||||||||||||
| 460,000 | 5.00 | 05/01/2007 | 484,766 | ||||||||||||||||||||||
|
New York State Dormitory Authority RB for State
University Educational Facilities Series 1997 (AA-/A3)^ |
|||||||||||||||||||||||||
| 9,700,000 | 5.13 | 05/15/2008 | 10,737,900 | ||||||||||||||||||||||
|
New York State GO Bonds Refunding
Series 1995 C (AA/A2)
|
|||||||||||||||||||||||||
| 2,000,000 | 6.00 | 10/01/2004 | 2,039,100 | ||||||||||||||||||||||
|
New York State Power Authority Revenue &
General Purpose RB Series 1998 A (AA-/Aa2)
|
|||||||||||||||||||||||||
| 2,000,000 | 5.50 | 02/15/2006 | 2,128,840 | ||||||||||||||||||||||
|
New York State Thruway Authority Service Contract
RB for Local Highway & Bridge Series 2002 (AA-/A3)
|
|||||||||||||||||||||||||
| 2,000,000 | 5.00 | 04/01/2006 | 2,111,980 | ||||||||||||||||||||||
|
New York State Urban Development Corp. RB for
Correctional & Youth Facilities Services
Series 2003 A (AA-)- |
|||||||||||||||||||||||||
| 5,750,000 | 5.25 | 01/01/2009 | 6,220,177 | ||||||||||||||||||||||
|
New York State Urban Development Corp. RB
Series 2002 A (AA-/A3)
|
|||||||||||||||||||||||||
| 1,000,000 | 5.00 | 01/01/2005 | 1,024,060 | ||||||||||||||||||||||
|
Orange County New York Industrial Development
Agency Life Care Community RB for The Glen Arden Income Project
Series 1994 (AAA)^
|
|||||||||||||||||||||||||
| 3,930,000 | 8.88 | 01/01/2005 | 4,197,437 | ||||||||||||||||||||||
|
Otsego County New York Industrial Development
Agency Civic Facilities RB for Hartwick College Project
Series 2002 A (Ba1)
|
|||||||||||||||||||||||||
| 585,000 | 4.25 | 07/01/2004 | 586,966 | ||||||||||||||||||||||
| 610,000 | 4.75 | 07/01/2005 | 624,676 | ||||||||||||||||||||||
|
Tobacco Settlement Financing Corp. RB Asset
Backed Series 2003-A-1 (AA-/A3)
|
|||||||||||||||||||||||||
| 5,000,000 | 5.00 | 06/01/2008 | 5,348,500 | ||||||||||||||||||||||
|
Tobacco Settlement Financing Corp. RB
Series 2003 B-1 (AA-/A3)
|
|||||||||||||||||||||||||
| 1,000,000 | 5.00 | 06/01/2010 | 1,064,920 | ||||||||||||||||||||||
|
Triborough Bridge & Tunnel Authority
Revenues & General Purpose RB Series 1997 SR
(ETM) (AA-/Aa3) |
|||||||||||||||||||||||||
| 7,115,000 | 5.00 | 01/01/2007 | 7,445,207 | ||||||||||||||||||||||
| $ | 90,811,976 | ||||||||||||||||||||||||
| North Carolina – 3.1% | |||||||||||||||||||||||||
|
North Carolina Eastern Municipal Power RB
Refunding Series 1996 A (MBIA) (AAA/Aaa)
|
|||||||||||||||||||||||||
| $ | 2,000,000 | 6.00 | % | 01/01/2006 | $ | 2,137,040 | |||||||||||||||||||
|
North Carolina Eastern Municipal Power RB
Refunding Series 2003 C (BBB/Baa3)
|
|||||||||||||||||||||||||
| 1,190,000 | 5.00 | 01/01/2008 | 1,251,535 | ||||||||||||||||||||||
|
North Carolina Municipal Power Agency No. 1
Catawba Electric RB Series 2003 A (BBB+/Baa1)
|
|||||||||||||||||||||||||
| 2,000,000 | 5.00 | 01/01/2005 | 2,040,020 | ||||||||||||||||||||||
|
North Carolina State GO Bonds for Public
Improvement Series 2001 A (AAA/Aa1)
|
|||||||||||||||||||||||||
| 5,725,000 | 4.50 | 03/01/2007 | 6,088,079 | ||||||||||||||||||||||
|
North Carolina State GO Bonds Refunding
Series 2003 D (AAA/Aa1)
|
|||||||||||||||||||||||||
| 10,000,000 | 4.00 | 02/01/2006 | 10,388,700 | ||||||||||||||||||||||
| $ | 21,905,374 | ||||||||||||||||||||||||
| Ohio – 2.4% | |||||||||||||||||||||||||
|
Cleveland Ohio City School District RANS
Series 1997 (AMBAC) (AAA/Aaa)
|
|||||||||||||||||||||||||
| $ | 2,000,000 | 5.50 | % | 06/01/2006 | $ | 2,144,740 | |||||||||||||||||||
|
Lakewood Ohio Hospital Improvement RB for
Lakewood Hospital Association Series 2003 (A-/A1)
|
|||||||||||||||||||||||||
| 1,000,000 | 5.00 | 02/15/2006 | 1,040,680 | ||||||||||||||||||||||
|
Ohio Air Quality Development Authority RB for
Ohio Edison Co. Pollution Control Project Series 1999 C
(BB+/Baa2)-
|
|||||||||||||||||||||||||
| 1,000,000 | 5.80 | 12/01/2004 | 1,018,780 | ||||||||||||||||||||||
|
Ohio GO Bonds for Higher Educational Capital
Facilities Series 2000 A (AA+/Aa1)
|
|||||||||||||||||||||||||
| 1,775,000 | 5.00 | 02/01/2007 | 1,905,356 | ||||||||||||||||||||||
|
Ohio State Air Quality Development Authority RB
for Ohio Edison Project Series 1999 B (BBB-/Baa1)- |
|||||||||||||||||||||||||
| 3,750,000 | 2.25 | 06/01/2005 | 3,723,637 | ||||||||||||||||||||||
|
Ohio State Common Schools GO Bonds
Series 2003 (AA+/Aa1)
|
|||||||||||||||||||||||||
| 1,000,000 | 4.00 | 06/15/2005 | 1,029,230 | ||||||||||||||||||||||
The accompanying notes
are an integral part of these financial statements.
15
GOLDMAN SACHS SHORT
DURATION TAX-FREE FUND
Statement of
Investments (continued)
April 30, 2004 (Unaudited)
| Principal | Interest | Maturity | |||||||||||||||||||||||
| Amount | Rate | Date | Value | ||||||||||||||||||||||
|
Debt Obligations – (continued) |
|||||||||||||||||||||||||
| Ohio – (continued) | |||||||||||||||||||||||||
|
Ohio State GO Bonds for Capital Appreciation
Refunding & Improvement Series 2003 E (AA+/Aa1)@ |
|||||||||||||||||||||||||
| $ | 1,000,000 | 0.00 | % | 08/01/2004 | $ | 997,070 | |||||||||||||||||||
|
Ohio State Water Development Authority PCRB
Refunding Cleveland Electric Series 1998 A (BBB-/Baa2)- |
|||||||||||||||||||||||||
| 3,005,000 | 3.40 | 10/01/2004 | 3,016,119 | ||||||||||||||||||||||
|
Ohio State Water Development Authority RB for
Refunding Water Development Pure Water (AMBAC) (AAA/Aaa)
|
|||||||||||||||||||||||||
| 1,000,000 | 5.00 | 06/01/2006 | 1,062,260 | ||||||||||||||||||||||
|
Ohio Water Development Authority RB for Safe
Water Series 1997 (AMBAC) (AAA/Aaa)
|
|||||||||||||||||||||||||
| 1,000,000 | 5.25 | 12/01/2004 | 1,023,250 | ||||||||||||||||||||||
| $ | 16,961,122 | ||||||||||||||||||||||||
| Oklahoma – 0.1% | |||||||||||||||||||||||||
|
Grand River Dam Authority RB Series 1993
(BBB+/A2)
|
|||||||||||||||||||||||||
| $ | 750,000 | 5.75 | % | 06/01/2006 | $ | 802,845 | |||||||||||||||||||
| Oregon – 0.5% | |||||||||||||||||||||||||
|
Marion County
GO Bonds for School District No. 103C Woodburn Series 1995 A
(FGIC) (AAA/Aaa)^ |
|||||||||||||||||||||||||
| $ | 3,100,000 | 5.65 | % | 11/01/2005 | $ | 3,296,788 | |||||||||||||||||||
| Pennsylvania – 4.9% | |||||||||||||||||||||||||
|
Delaware County IDA PCRB for Peco Energy Co.
Project Series 1999 A (BBB+/A3)-
|
|||||||||||||||||||||||||
| $ | 500,000 | 5.20 | % | 10/01/2004 | $ | 507,075 | |||||||||||||||||||
|
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 | 5,548,142 | ||||||||||||||||||||||
|
Harrisburg Pennsylvania Authority RB for Pooled
Bond Program Series 1996 I (MBIA) (AAA/Aaa)^
|
|||||||||||||||||||||||||
| 3,000,000 | 5.63 | 04/01/2006 | 3,271,950 | ||||||||||||||||||||||
|
Lycoming County Authority Hospital RB for
Williamsport Hospital Obligation Group Series 1995 (Connie
Lee Insurance) (AAA)
|
|||||||||||||||||||||||||
| 1,545,000 | 6.00 | 11/15/2005 | 1,600,404 | ||||||||||||||||||||||
|
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 | 2,144,078 | ||||||||||||||||||||||
| 2,105,000 | 6.00 | 06/01/2007 | 2,320,868 | ||||||||||||||||||||||
| 2,230,000 | 6.00 | 06/01/2008 | 2,489,973 | ||||||||||||||||||||||
|
Pennsylvania GO Bonds First Series 2001 (AA/Aa2)
|
|||||||||||||||||||||||||
| 2,000,000 | 5.00 | 01/15/2005 | 2,051,940 | ||||||||||||||||||||||
| 1,000,000 | 5.00 | 01/15/2010 | 1,090,100 | ||||||||||||||||||||||
|
Pennsylvania GO Bonds Series 2002 (AA/Aa2)
|
|||||||||||||||||||||||||
| 2,000,000 | 5.00 | 02/01/2006 | 2,110,080 | ||||||||||||||||||||||
|
Pennsylvania Hills Township GO Bonds
Series 1995 (AMBAC) (AAA/Aaa)
|
|||||||||||||||||||||||||
| 750,000 | 5.00 | 12/01/2006 | 785,122 | ||||||||||||||||||||||
|
Pennsylvania State Higher Educational Facilities
Authority RB for Widener University Series 2003 (BBB+)
|
|||||||||||||||||||||||||
| 795,000 | 5.00 | 07/15/2008 | 838,844 | ||||||||||||||||||||||
| 1,000,000 | 5.00 | 07/15/2009 | 1,052,850 | ||||||||||||||||||||||
|
Pennsylvania State Higher Educational Facilities
Authority RB Series 2003 X (AMBAC) (Aaa)
|
|||||||||||||||||||||||||
| 2,820,000 | 5.00 | 06/15/2006 | 2,995,178 | ||||||||||||||||||||||
|
Pennsylvania State IDA RB for Economic
Development Prerefunded Balance Series 1996 (ETM) (AMBAC)
(AAA/Aaa) |
|||||||||||||||||||||||||
| 815,000 | 6.00 | 07/01/2007 | 908,619 | ||||||||||||||||||||||
|
Pennsylvania State IDA RB for Economic
Development Unrefunded Balance Series 1996 (AMBAC) (AAA/Aaa)
|
|||||||||||||||||||||||||
| 3,185,000 | 6.00 | 07/01/2007 | 3,530,318 | ||||||||||||||||||||||
|
Philadelphia Water and Wastewater RB
Series 1999 (AMBAC) (AAA/Aaa)
|
|||||||||||||||||||||||||
| 750,000 | 5.00 | 12/15/2006 | 805,365 | ||||||||||||||||||||||
|
Southern Chester County Health & Higher
Education Authority Mortgage RB for Medical Center Project
Series 1998^
|
|||||||||||||||||||||||||
| 290,000 | 5.25 | 06/01/2004 | 290,885 | ||||||||||||||||||||||
| $ | 34,341,791 | ||||||||||||||||||||||||
| Puerto Rico – 2.8% | |||||||||||||||||||||||||
|
Puerto Rico Commonwealth GO Bonds Refunding for
Public Improvement Series 2003 C (MBIA) (AAA/Aaa)-
|
|||||||||||||||||||||||||
| $ | 5,000,000 | 5.00 | % | 07/01/2008 | $ | 5,432,500 | |||||||||||||||||||
|
Puerto Rico Commonwealth GO Bonds Refunding
Series 2002 (A-/Baa1)
|
|||||||||||||||||||||||||
| 1,000,000 | 5.00 | 07/01/2004 | 1,005,740 | ||||||||||||||||||||||
|
Puerto Rico Commonwealth GO Bonds
Series 1993 (MBIA-IBC) (AAA/Aaa)
|
|||||||||||||||||||||||||
| 4,000,000 | 5.50 | 07/01/2008 | 4,440,640 | ||||||||||||||||||||||
|
Puerto Rico Commonwealth Highway &
Transportation Authority RB Series 2003 AA (A/Baa1)
|
|||||||||||||||||||||||||
| 3,000,000 | 5.00 | 07/01/2005 | 3,109,920 | ||||||||||||||||||||||
|
Puerto Rico Commonwealth Highway &
Transportation Authority RB Series 2004 J (A/Baa1)
|
|||||||||||||||||||||||||
| 2,845,000 | 5.00 | 07/01/2006 | 3,006,795 | ||||||||||||||||||||||
|
Puerto Rico Public Buildings Authority RB GTD for
Government Facilities Series 1997 B (MBIA) (AAA/Aaa)
|
|||||||||||||||||||||||||
| 3,000,000 | 4.55 | 07/01/2005 | 3,109,290 | ||||||||||||||||||||||
| $ | 20,104,885 | ||||||||||||||||||||||||
| Rhode Island – 1.1% | |||||||||||||||||||||||||
|
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 | $ | 1,608,110 | |||||||||||||||||||
| 1,560,000 | 4.00 | 07/01/2007 | 1,613,243 | ||||||||||||||||||||||
| 1,540,000 | 4.00 | 07/01/2008 | 1,586,108 | ||||||||||||||||||||||
|
Rhode Island State Health & Educational
Building Corp. RB for Hospital Financing Series 2003 A
(BBB/Baa2)
|
|||||||||||||||||||||||||
| 525,000 | 3.20 | 09/15/2006 | 523,451 | ||||||||||||||||||||||
| 485,000 | 4.00 | 09/15/2008 | 488,982 | ||||||||||||||||||||||
| 585,000 | 4.30 | 09/15/2009 | 588,604 | ||||||||||||||||||||||
| 610,000 | 4.50 | 09/15/2010 | 613,007 | ||||||||||||||||||||||
| 635,000 | 4.75 | 09/15/2011 | 638,099 | ||||||||||||||||||||||
| $ | 7,659,604 | ||||||||||||||||||||||||
The accompanying notes
are an integral part of these financial statements.
16
GOLDMAN SACHS SHORT
DURATION TAX-FREE FUND
| Principal | Interest | Maturity | |||||||||||||||||||||||
| Amount | Rate | Date | Value | ||||||||||||||||||||||
|
Debt Obligations – (continued) |
|||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||
| South Carolina – 1.0% | |||||||||||||||||||||||||
|
South Carolina GO Bonds for Capital Improvement
Series 2001 B (AAA/Aaa)
|
|||||||||||||||||||||||||
| $ | 1,000,000 | 5.50 | % | 04/01/2005 | $ | 1,038,230 | |||||||||||||||||||
|
South Carolina Jobs Economic Development
Authority Hospital Facilities RB for Palmetto Health Alliance
Refunding Series 2003 A (BBB/Baa2)
|
|||||||||||||||||||||||||
| 265,000 | 4.00 | 08/01/2004 | 265,800 | ||||||||||||||||||||||
| 290,000 | 4.25 | 08/01/2005 | 295,574 | ||||||||||||||||||||||
| 370,000 | 4.50 | 08/01/2006 | 378,366 | ||||||||||||||||||||||
|
South Carolina State GO Bonds for Capital
Improvement Series 2003 C (AAA/Aaa)
|
|||||||||||||||||||||||||
| 3,000,000 | 4.00 | 01/01/2006 | 3,111,630 | ||||||||||||||||||||||
|
South Carolina State Public Service Authority RB
Refunding Series 2002 D (FSA) (AAA/Aaa)
|
|||||||||||||||||||||||||
| 2,000,000 | 5.00 | 01/01/2009 | 2,170,020 | ||||||||||||||||||||||
| $ | 7,259,620 | ||||||||||||||||||||||||
| Tennessee – 0.2% | |||||||||||||||||||||||||
|
Johnson City Health and Educational Facilities
Board Hospital RB for First Mortgage Mountain States
Series 2001 B (Baa2)-
|
|||||||||||||||||||||||||
| $ | 1,175,000 | 5.25 | % | 07/01/2004 | $ | 1,177,656 | |||||||||||||||||||
| Texas – 4.0% | |||||||||||||||||||||||||
|
Arlington Texas Independent School District GO
Bonds for Capital Appreciation Refunding Series 2003
(PSF-GTD) (Aaa)@
|
|||||||||||||||||||||||||
| $ | 1,500,000 | 0.00 | % | 02/15/2005 | $ | 1,484,040 | |||||||||||||||||||
|
Austin Texas Utility System Revenue RB Refunding
Combination Series 1995 (MBIA) (AAA/Aaa)^
|
|||||||||||||||||||||||||
| 5,000,000 | 5.60 | 05/15/2005 | 5,221,400 | ||||||||||||||||||||||
|
Austin Texas Water & Wastewater Systems
RB Refunding Series 2002 A (AMBAC) (AAA/Aaa)
|
|||||||||||||||||||||||||
| 2,500,000 | 5.00 | 11/15/2004 | 2,550,750 | ||||||||||||||||||||||
|
Fort Worth Texas Water & Sewer Revenue
RB for Refunding & Improvement Series 1998 (AA/Aa2)
|
|||||||||||||||||||||||||
| 5,000,000 | 5.00 | 02/15/2007 | 5,356,900 | ||||||||||||||||||||||
|
Fort Worth Texas Water & Sewer Revenue
RB for Refunding & Improvement Series 2003 (AA/Aa2)
|
|||||||||||||||||||||||||
| 4,000,000 | 5.00 | 02/15/2006 | 4,219,240 | ||||||||||||||||||||||
|
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 | 3,228,870 | ||||||||||||||||||||||
|
Odessa Texas Junior College District RB Refunding
Series 1995 A (AAA/Aaa)^
|
|||||||||||||||||||||||||
| 1,905,000 | 8.13 | 06/01/2005 | 2,071,364 | ||||||||||||||||||||||
|
Sam Rayburn Texas Municipal Power Agency RB
Refunding (Radian) (AA/Baa2)
|
|||||||||||||||||||||||||
| 2,000,000 | 5.00 | 10/01/2008 | 2,143,420 | ||||||||||||||||||||||
|
Titus County Fresh Water RB for Southwestern
Electric Power Co. Series 1991 A (Baa1)
|
|||||||||||||||||||||||||
| 1,445,000 | 8.20 | 08/01/2011 | 1,459,450 | ||||||||||||||||||||||
|
Tyler Texas Health Facilities Development Corp.
Hospital RB for Mother Frances Hospital Series 2003 (Baa1)
|
|||||||||||||||||||||||||
| 750,000 | 3.00 | 07/01/2004 | 750,960 | ||||||||||||||||||||||
| $ | 28,486,394 | ||||||||||||||||||||||||
| Utah – 0.9% | |||||||||||||||||||||||||
|
Utah Building Ownership Authority Lease RB for
Capital Appreciation Series 1998 B (FSA) (AAA/Aaa)@
|
|||||||||||||||||||||||||
| $ | 2,000,000 | 0.00 | % | 05/15/2005 | $ | 1,971,320 | |||||||||||||||||||
|
Utah County Utah Hospital RB for IHC Health
Services Inc. Series 2002 (AA+/Aa2)
|
|||||||||||||||||||||||||
| 1,500,000 | 5.00 | 05/15/2005 | 1,556,790 | ||||||||||||||||||||||
|
Utah State GO Bonds Series 2002 A (AAA/Aaa)
|
|||||||||||||||||||||||||
| 3,000,000 | 5.00 | 07/01/2005 | 3,125,430 | ||||||||||||||||||||||
| $ | 6,653,540 | ||||||||||||||||||||||||
| Virginia – 2.8% | |||||||||||||||||||||||||
|
Fairfax County Virginia GO Bonds Series 2003
B (AAA/Aaa)
|
|||||||||||||||||||||||||
| $ | 7,445,000 | 3.00 | % | 06/01/2007 | $ | 7,625,392 | |||||||||||||||||||
|
Loudoun County GO Bonds for Public Improvement
Series 2001 C (AA+/Aa1)
|
|||||||||||||||||||||||||
| 1,250,000 | 5.25 | 11/01/2006 | 1,350,050 | ||||||||||||||||||||||
|
Peninsula Ports Authority Virginia Coal Term RB
Refunding for Dominion Term Association Project Series 2003 (BBB+/Baa1)- |
|||||||||||||||||||||||||
| 2,750,000 | 3.30 | 10/01/2008 | 2,746,425 | ||||||||||||||||||||||
|
Virginia Beach GO Bonds for Public Improvement
Refunding Series 2003 A (AA+/Aa1)
|
|||||||||||||||||||||||||
| 2,500,000 | 5.50 | 05/01/2008 | 2,772,000 | ||||||||||||||||||||||
|
Virginia Beach GO Bonds for Public Improvement
Refunding Series 2003 B (AA+/Aa1)
|
|||||||||||||||||||||||||
| 2,960,000 | 5.50 | 05/01/2008 | 3,282,048 | ||||||||||||||||||||||
|
Virginia Commonwealth Transportation Board RANS
for Federal Highway Reimbursement Series 2000 (AA+/Aa2) |
|||||||||||||||||||||||||
| 1,000,000 | 5.50 | 10/01/2006 | 1,083,010 | ||||||||||||||||||||||
|
Winchester IDA Educational Facilities RB for
First Mortgage Shenandoah University Series 1994 (Radian)
(AA)^
|
|||||||||||||||||||||||||
| 1,000,000 | 6.75 | 10/01/2004 | 1,043,330 | ||||||||||||||||||||||
| $ | 19,902,255 | ||||||||||||||||||||||||
| Washington – 2.3% | |||||||||||||||||||||||||
|
Clark County Washington School District
No. 037 Vancouver GO Bonds Refunding Series 2003 B
(Aa1)
|
|||||||||||||||||||||||||
| $ | 1,790,000 | 4.00 | % | 06/01/2005 | $ | 1,839,529 | |||||||||||||||||||
|
Washington State GO Bonds Refunding
Series 2004 R-C (MBIA) (AAA/Aaa)
|
|||||||||||||||||||||||||
| 5,845,000 | 4.00 | 01/01/2008 | 6,107,675 | ||||||||||||||||||||||
|
Washington State Health Care Facilities Authority
RB for Multicare Health Systems Series 1998 (MBIA) (Aaa)
|
|||||||||||||||||||||||||
| 2,000,000 | 5.00 | 08/15/2005 | 2,085,100 | ||||||||||||||||||||||
The accompanying notes
are an integral part of these financial statements.
17
GOLDMAN SACHS SHORT
DURATION TAX-FREE FUND
Statement of
Investments (continued)
April 30, 2004 (Unaudited)
| Principal | Interest | Maturity | ||||||||||||
| Amount | Rate | Date | Value | |||||||||||
|
Debt Obligations – (continued) |
||||||||||||||
| Washington – (continued) | ||||||||||||||
| Washington State Public Power Supply RB Refunding Series 1997 A (AMBAC) (AAA/Aaa) | ||||||||||||||
| $ | 1,000,000 | 5.00 | % | 07/01/2006 | $ | 1,061,210 | ||||||||
| Washington State Public Power Supply System Nuclear Project No. 2 RB Series 1990 C (MBIA-IBC) (AAA/Aaa)@ | ||||||||||||||
| 5,000,000 | 0.00 | 07/01/2005 | 4,907,100 | |||||||||||
| $ | 16,000,614 | |||||||||||||
| 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 | $ | 1,775,038 | ||||||||
| Wisconsin – 1.2% | ||||||||||||||
| Badger Power Marketing Authority Inc. Transmission Delivery Facilities RB Series 1993 Prerefunded (ETM) (AMBAC) (AAA/Aaa) | ||||||||||||||
| $ | 245,000 | 5.30 | % | 10/01/2008 | $ | 262,196 | ||||||||
| Badger Power Marketing Authority Inc. Transmission Delivery Facilities RB Series 1993 Unrefunded Balance (AMBAC) (AAA/Aaa) | ||||||||||||||
| 1,205,000 | 5.30 | 10/01/2008 | 1,285,928 | |||||||||||
| Wisconsin GO Bonds Series 1992 (AA-/Aa3) | ||||||||||||||
| 1,300,000 | 6.10 | 05/01/2004 | 1,300,000 | |||||||||||
| Wisconsin GO Bonds Series 2000 A (AA-/Aa3) | ||||||||||||||
| 2,000,000 | 5.50 | 05/01/2005 | 2,081,860 | |||||||||||
| 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 | 1,067,760 | |||||||||||
| Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Services Series 2003 A (A/A2) | ||||||||||||||
| 300,000 | 3.00 | 08/15/2004 | 300,915 | |||||||||||
| 500,000 | 4.00 | 08/15/2005 | 512,220 | |||||||||||
| 1,555,000 | 4.00 | 08/15/2006 | 1,603,143 | |||||||||||
| $ | 8,414,022 | |||||||||||||
| Wyoming – 0.3% | ||||||||||||||
| Platte County PCRB for Basin Electric Power Series 1994 (AMBAC-TCRS) (AAA/Aaa) | ||||||||||||||
| $ | 1,975,000 | 4.95 | % | 01/01/2006 | $ | 2,075,646 | ||||||||
| TOTAL DEBT OBLIGATIONS | ||||||||||||||
| (Cost $679,765,856) | $ | 678,366,592 | ||||||||||||
|
Other Municipals – 1.6% |
||||||||||||||
|
MMA Financial CDD Senior Securitization Trust RB
for Various States Bartram Springs Passthru Series 2003 B (LOC – Compass Bank) (A1) |
||||||||||||||
| $ | 6,190,000 | 6.64 | % | 11/01/2008 | $ | 6,135,033 | ||||||||
| Municipal Mortgage & Equity LLC for 1999 A Tax-Exempt MF Hsg. Certificates Series 1999 A-1- | ||||||||||||||
| 5,000,000 | 4.95 | 08/15/2005 | 5,026,800 | |||||||||||
| TOTAL OTHER MUNICIPALS | ||||||||||||||
| (Cost $11,219,285) | $ | 11,161,833 | ||||||||||||
|
Short Term Investments# – 0.6% |
||||||||||||||
| New Jersey – 0.1% | ||||||||||||||
| New Jersey State Educational Facilities Authority RB VRDN for College of New Jersey Series 2002 D (FGIC) (AAA/Aaa) | ||||||||||||||
| $ | 650,000 | 1.04 | % | 05/06/2004 | $ | 650,000 | ||||||||
| North Carolina – 0.3% | ||||||||||||||
|
North Carolina Medical Care Community Health Care
Facilities RB VRDN for Wake Forest University Subseries 2002 A (MBIA) (AAA/Aaa) |
||||||||||||||
| $ | 740,000 | 1.10 | % | 05/05/2004 | $ | 740,000 | ||||||||
|
North Carolina Medical Care Community Hospital RB
VRDN for Caremont Health) Subseries 2003 B (MBIA) (AAA/Aaa) |
||||||||||||||
| 1,335,000 | 1.10 | 05/05/2004 | 1,335,000 | |||||||||||
| $ | 2,075,000 | |||||||||||||
| Virginia – 0.1% | ||||||||||||||
|
Norfolk Economic Development Authority RB VRDN
for Bon Secours Health System Series 2002 B (MBIA) (AAA/Aaa) |
||||||||||||||
| $ | 700,000 | 1.13 | % | 05/06/2004 | $ | 700,000 | ||||||||
| Wisconsin – 0.1% | ||||||||||||||
|
Wisconsin State Health and Educational Facilities
Authority RB VRDN for Ministry Health Care Series 1999 A (MBIA) (AAA/Aaa) |
||||||||||||||
| $ | 1,020,000 | 1.12 | % | 05/05/2004 | $ | 1,020,000 | ||||||||
| TOTAL SHORT TERM INVESTMENTS | ||||||||||||||
| (Cost $4,445,000) | $ | 4,445,000 | ||||||||||||
| TOTAL INVESTMENTS – 97.9% | ||||||||||||||
| (Cost $695,430,141) | $ | 693,973,425 | ||||||||||||
| @ | Security issued with a zero coupon. Income is recognized through the accretion of discount. | |||
| ^ | Prerefunded security. Maturity date disclosed is prerefunding date. | |||
| # | Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2004. | |||
| - | Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset dates. | |||
| § | This security is issued with a zero coupon rate which increases to the stated rate at a set date in the future. | |||
The accompanying notes
are an integral part of these financial statements.
18
GOLDMAN SACHS SHORT
DURATION TAX-FREE FUND
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| Investment Abbreviations: | ||||||
| ACA | — | Insured by American Capital Access | ||||
| AMBAC | — | Insured by American Municipal Bond Assurance Corp. | ||||
| AMBAC-TCRS | — | Insured by American Municipal Bond Assurance Corp. – Transferable Custodial Receipts | ||||
| BANS | — | Bond Anticipation Notes | ||||
| COPS | — | Certificates of Participation | ||||
| ETM | — | Escrow to Maturity | ||||
| FGIC | — | Insured by Financial Guaranty Insurance Co. | ||||
| FSA | — | Insured by Financial Security Assurance Co. | ||||
| GANS | — | Grant Anticipation Notes | ||||
| GO | — | General Obligation | ||||
| GTD | — | Guaranteed | ||||
| IDA | — | Industrial Development Authority | ||||
| LOC | — | Letter of Credit | ||||
| 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 | ||||
| Q-SBLF | — | Qualified School Bond Loan Fund | ||||
| Radian | — | Insured by Radian Asset Assurance | ||||
| RANS | — | Revenue Anticipation Notes | ||||
| RB | — | Revenue Bond | ||||
| SPA | — | Stand-by Purchase Agreement | ||||
| VRDN | — | Variable Rate Demand Notes | ||||
| XLCA | — | Insured by XL Capital Assurance | ||||
| Security ratings disclosed are issued by Standard & Poor’s/Moody’s Investor Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information. |
The accompanying notes
are an integral part of these financial statements.
19
GOLDMAN SACHS
MUNICIPAL INCOME FUND
Statement of Investments
April 30, 2004 (Unaudited)
| Principal | Interest | Maturity | ||||||||||||||
| Amount | Rate | Date | Value | |||||||||||||
|
Debt Obligations – 97.4% |
||||||||||||||||
| Alaska – 2.4% | ||||||||||||||||
| Alaska State Housing Finance Corp. RB for General Mortgage Series 1997 A (MBIA) (AAA/Aaa) | ||||||||||||||||
| $ | 2,000,000 | 6.00 | % | 06/01/2027 | $ | 2,056,720 | ||||||||||
| Alaska State Housing Finance Corp. RB Series 1999 A (MBIA) (AAA/Aaa) | ||||||||||||||||
| 2,490,000 | 6.00 | 06/01/2049 | 2,571,548 | |||||||||||||
| Northern Tobacco Securitization Corp. RB for Alaska Asset Backed Bonds Series 2001 (BBB/Baa3) | ||||||||||||||||
| 1,500,000 | 5.50 | 06/01/2029 | 1,236,930 | |||||||||||||
| $ | 5,865,198 | |||||||||||||||
| Arizona – 2.5% | ||||||||||||||||
| Coconino County PCRB for Nevada Power Co. Project Series 1995 E (B-) | ||||||||||||||||
| $ | 1,000,000 | 5.35 | % | 10/01/2022 | $ | 888,800 | ||||||||||
| Maricopa County MF Hsg. IDA RB for Place Five and Greenery Apartments Series 1996 A (ETM) (AAA) | ||||||||||||||||
| 1,200,000 | 5.85 | 01/01/2008 | 1,280,496 | |||||||||||||
| Maricopa County United School District No. 41 GO Bonds Series 1995 (FSA) (AAA/Aaa) | ||||||||||||||||
| 2,500,000 | 6.25 | 07/01/2015 | 2,815,100 | |||||||||||||
| Northern Arizona University RB Series 2003 (FGIC) (AAA/Aaa) | ||||||||||||||||
| 1,235,000 | 5.50 | 06/01/2025 | 1,317,078 | |||||||||||||
| $ | 6,301,474 | |||||||||||||||
| Arkansas – 4.6% | ||||||||||||||||
| Arkansas Development Finance Authority Hospital RB for Washington Regional Medical Center Series 2000 (BBB-/Baa3) | ||||||||||||||||
| $ | 4,000,000 | 7.25 | % | 02/01/2020 | $ | 4,408,600 | ||||||||||
| Bentonville Arkansas School District No. 006 GO Bonds Refunding & Construction Series 2003 A (AMBAC) (Aaa) | ||||||||||||||||
| 320,000 | 4.00 | 06/01/2011 | 325,622 | |||||||||||||
| Paragould Sales and Use Tax RB Series 2001 (AMBAC) (AAA/Aaa) | ||||||||||||||||
| 1,000,000 | 5.10 | 06/01/2018 | 1,057,620 | |||||||||||||
| 615,000 | 5.05 | 06/01/2021 | 627,786 | |||||||||||||
| Rogers Arkansas School District No. 030 GO Bonds Refunding Series 2003 A (AMBAC) (Aaa) | ||||||||||||||||
| 1,825,000 | 4.00 | 02/01/2010 | 1,882,305 | |||||||||||||
| 1,875,000 | 4.00 | 02/01/2011 | 1,913,194 | |||||||||||||
| University of Arkansas RB for Fayetteville Campus Series 2002 (FGIC) (Aaa) | ||||||||||||||||
| 1,185,000 | 5.50 | 12/01/2017 | 1,305,977 | |||||||||||||
| $ | 11,521,104 | |||||||||||||||
| California – 8.9% | ||||||||||||||||
| 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 | $ | 1,043,600 | ||||||||||
| Abag Finance Authority RB for Non-Profit Corp. Sansum-Santa Barbara Series 2002 A (BBB) | ||||||||||||||||
| 1,500,000 | 5.50 | 04/01/2021 | 1,511,430 | |||||||||||||
| California Infrastructure & Economic Development Bank Revenue RB for LA County Department of Public Social Services Series 2003 (AMBAC) (AAA/Aaa) | ||||||||||||||||
| 1,505,000 | 5.75 | 09/01/2023 | 1,636,898 | |||||||||||||
| California State GO Bonds Variable Purpose Series 2004 (BBB/Baa1) | ||||||||||||||||
| 500,000 | 5.25 | 04/01/2029 | 492,175 | |||||||||||||
| 1,000,000 | 5.25 | 04/01/2034 | 980,930 | |||||||||||||
| 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 | 2,133,200 | |||||||||||||
| California State University Fresno Association, Inc. RB for Senior Auxiliary Organization Event Center Series 2002 (Baa3) | ||||||||||||||||
| 1,000,000 | 6.00 | 07/01/2022 | 1,033,560 | |||||||||||||
| Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003-A-1 (BBB/Baa3) | ||||||||||||||||
| 1,225,000 | 6.75 | 06/01/2039 | 1,151,745 | |||||||||||||
| Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003-A-3 (BBB/Baa3) | ||||||||||||||||
| 350,000 | 7.88 | 06/01/2042 | 371,053 | |||||||||||||
| Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003-A-5 (BBB/Baa3) | ||||||||||||||||
| 650,000 | 7.88 | 06/01/2042 | 689,097 | |||||||||||||
| Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 B (BBB-/Baa2) | ||||||||||||||||
| 9,000,000 | 5.50 | 06/01/2043 | 8,904,060 | |||||||||||||
| Palo Alto Improvement Bond Act of 1915 for Special Assessment University Avenue Area off Street Parking Series 2002 A (BBB) | ||||||||||||||||
| 1,070,000 | 5.25 | 09/02/2015 | 1,092,106 | |||||||||||||
| Santa Clara County Financing Authority RB for Measure B Transportation Improvement Program Series 2003 (A2) | ||||||||||||||||
| 200,000 | 5.00 | 08/01/2005 | 208,782 | |||||||||||||
| 825,000 | 5.00 | 08/01/2006 | 875,730 | |||||||||||||
| $ | 22,124,366 | |||||||||||||||
| Colorado – 1.1% | ||||||||||||||||
| Aurora Centretech Metropolitan District GO Bonds Series 1998 C (LOC-BNP Paribas) (AA-)- | ||||||||||||||||
| $ | 2,000,000 | 4.88 | % | 12/01/2008 | $ | 2,109,200 | ||||||||||
| Colorado Health Facilities Authority RB for Portercare Adventist Health System Series 2001 (A/A3) | ||||||||||||||||
| 500,000 | 6.50 | 11/15/2031 | 539,605 | |||||||||||||
| $ | 2,648,805 | |||||||||||||||
| Connecticut – 1.2% | ||||||||||||||||
| Connecticut State GO Bonds Residual Certificates Series 2001 515 (Aa3)¡ | ||||||||||||||||
| $ | 1,335,000 | 13.85 | % | 12/15/2013 | $ | 1,825,559 | ||||||||||
| Mashantucket Western Pequot Tribe RB Series 1996 A (ETM) (AAA/Aaa)† | ||||||||||||||||
| 1,000,000 | 6.50 | 09/01/2005 | 1,068,610 | |||||||||||||
| $ | 2,894,169 | |||||||||||||||
The accompanying notes
are an integral part of these financial statements.
20
GOLDMAN SACHS MUNICIPAL
INCOME FUND
| Principal | Interest | Maturity | ||||||||||||||
| Amount | Rate | Date | Value | |||||||||||||
|
Debt Obligations – (continued) |
||||||||||||||||
|
|
||||||||||||||||
| District of Columbia – 0.8% | ||||||||||||||||
| District of Columbia RB for Medstar University Hospital Series 2001 D (AAA/Aaa)- ^ | ||||||||||||||||
| $ | 1,000,000 | 6.88 | % | 02/15/2007 | $ | 1,125,090 | ||||||||||
| District of Columbia Tobacco Settlement Financing Corp. Asset Backed RB Series 2001 (BBB/Baa3) | ||||||||||||||||
| 200,000 | 6.75 | 05/15/2040 | 183,458 | |||||||||||||
| District of Columbia Tobacco Settlement Financing Corp. RB Series 2001 A PA 821 (RITES) (AA+)¡ | ||||||||||||||||
| 435,000 | 10.73 | 05/15/2024 | 377,458 | |||||||||||||
| District of Columbia Tobacco Settlement Financing Corp. RB Series 2001 B PA 821 (RITES) (AA+)¡ | ||||||||||||||||
| 500,000 | 11.23 | 05/15/2033 | 400,600 | |||||||||||||
| $ | 2,086,606 | |||||||||||||||
| Florida – 2.2% | ||||||||||||||||
| 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 | $ | 1,979,483 | ||||||||||
| Port Everglades Authority RB Series 1986 (ETM) (AAA/Aaa) | ||||||||||||||||
| 2,785,000 | 7.13 | 11/01/2016 | 3,427,778 | |||||||||||||
| $ | 5,407,261 | |||||||||||||||
| Georgia – 0.4% | ||||||||||||||||
| Colquitt County GO Bonds for School District Sales Tax Series 2004 (AA) | ||||||||||||||||
| $ | 1,000,000 | 2.25 | % | 04/01/2009 | $ | 946,300 | ||||||||||
| Hawaii – 1.6% | ||||||||||||||||
| Hawaii State Airport Systems RB Series 2000 B (AMT) (FGIC) (AAA/Aaa) | ||||||||||||||||
| $ | 3,500,000 | 6.63 | % | 07/01/2017 | $ | 4,028,010 | ||||||||||
| Illinois – 9.2% | ||||||||||||||||
| Chicago Illinois GO Bonds and Refunding Project Series 2000 C (FGIC) (AAA/Aaa) | ||||||||||||||||
| $ | 1,000,000 | 5.50 | % | 01/01/2019 | $ | 1,076,870 | ||||||||||
| 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 | 496,395 | |||||||||||||
| Chicago Illinois Tax Increment for Near South Redevelopment Project Series 2001 A (ACA) (A) | ||||||||||||||||
| 750,000 | 5.00 | 11/15/2011 | 778,110 | |||||||||||||
| 1,250,000 | 6.25 | 11/15/2013 | 1,377,562 | |||||||||||||
| Chicago Illinois Tax Increment Junior Lien for Central Loop Redevelopment Project Series 2000 A (ACA) (A) | ||||||||||||||||
| 2,000,000 | 6.50 | 12/01/2008 | 2,232,800 | |||||||||||||
| Chicago Midway Airport RB Series 1996 A (MBIA) (AAA/Aaa) | ||||||||||||||||
| 2,500,000 | 5.50 | 01/01/2010 | 2,697,375 | |||||||||||||
| Hoffman Estates Park District Debt Certificates RB Series 2004 (A+/A2) | ||||||||||||||||
| 1,000,000 | 5.25 | 12/01/2023 | 987,860 | |||||||||||||
| Illinois Development Finance Authority PCRB for Amerencips Series 2000 A (A/A2)- | ||||||||||||||||
| 2,300,000 | 5.50 | 02/28/2014 | 2,402,511 | |||||||||||||
| 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 | 2,035,720 | |||||||||||||
| 1,500,000 | 6.25 | 05/01/2034 | 1,539,480 | |||||||||||||
| Illinois State GO First Series 2002 (MBIA) (AAA/Aaa) | ||||||||||||||||
| 3,000,000 | 5.38 | 07/01/2019 | 3,215,940 | |||||||||||||
| Lake County Community Consolidated School District No. 041 GO Bonds Series 1999 A (FSA) (AAA/Aaa) | ||||||||||||||||
| 2,725,000 | 9.00 | 11/01/2016 | 3,909,585 | |||||||||||||
| $ | 22,750,208 | |||||||||||||||
| 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 | $ | 1,112,958 | ||||||||||
| Kansas – 0.5% | ||||||||||||||||
| University Hospital Authority Health Facilities RB for Kansas University Health System Series 2002 (A-) | ||||||||||||||||
| $ | 325,000 | 5.63 | % | 09/01/2032 | $ | 329,446 | ||||||||||
| Wichita Hospital RB for Refunding and Improvement Facilites Series 2001 III (A+) | ||||||||||||||||
| 1,000,000 | 5.50 | 11/15/2025 | 1,014,490 | |||||||||||||
| $ | 1,343,936 | |||||||||||||||
| Kentucky – 2.4% | ||||||||||||||||
| Kenton County Airport Board RB for Delta Airlines Project Series 1992 A (AMT) (CCC/Caa2) | ||||||||||||||||
| $ | 1,000,000 | 7.13 | % | 02/01/2021 | $ | 832,940 | ||||||||||
| Kentucky Economic Development Finance Authority RB for Norton Healthcare Inc. Series 2000 C (MBIA) (AAA/Aaa)§ | ||||||||||||||||
| 3,250,000 | 0.00/6.00 | 10/01/2018 | 3,293,518 | |||||||||||||
| Nelson County Industrial Building RB for Mabex Universal Corp. Project Series 1995 (AMT) (LOC – LaSalle Bank N.A.) (Aa3) | ||||||||||||||||
| 500,000 | 6.50 | 04/01/2005 | 517,735 | |||||||||||||
| Russell RB Series 2000 PA 803 (ETM) (RITES)¡ | ||||||||||||||||
| 1,000,000 | 14.69 | 11/15/2005 | 1,201,460 | |||||||||||||
| $ | 5,845,653 | |||||||||||||||
| Louisiana – 1.3% | ||||||||||||||||
| 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 | $ | 1,036,750 | ||||||||||
| 500,000 | 5.25 | 09/01/2016 | 515,330 | |||||||||||||
| New Orleans Levee District Public Improvement RB Series 1995 (FSA) (AAA/Aaa) | ||||||||||||||||
| 1,515,000 | 5.95 | 11/01/2015 | 1,654,198 | |||||||||||||
| $ | 3,206,278 | |||||||||||||||
The accompanying notes
are an integral part of these financial statements.
21
GOLDMAN SACHS
MUNICIPAL INCOME FUND
Statement of Investments
(continued)
April 30, 2004 (Unaudited)
| Principal | Interest | Maturity | ||||||||||||||
| Amount | Rate | Date | Value | |||||||||||||
|
Debt Obligations – (continued) |
||||||||||||||||
|
|
||||||||||||||||
| Maryland – 1.8% | ||||||||||||||||
| Anne Arundel County Special Obligation RB for Aundel Mills Project Series 2004 (AA+/Aa1) | ||||||||||||||||
| $ | 270,000 | 5.13 | % | 07/01/2029 | $ | 274,892 | ||||||||||
| Frederick County Special Tax for Lake Linganore Village Community Development Series 2001 A (Radian) (AA) | ||||||||||||||||
| 500,000 | 5.60 | 07/01/2020 | 537,635 | |||||||||||||
| 1,000,000 | 5.70 | 07/01/2029 | 1,052,620 | |||||||||||||
| Maryland State Department of Transportation RB Series 2004 PA 1259 (RITES)¡ | ||||||||||||||||
| 575,000 | 14.75 | 05/01/2012 | 793,454 | |||||||||||||
| 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 | 500,805 | |||||||||||||
| Maryland State Health and Higher Educational Facilities Authority RB for Medstar Health Series 2004 (BBB/Baa2) | ||||||||||||||||
| 500,000 | 5.38 | 08/15/2024 | 479,315 | |||||||||||||
| 750,000 | 5.50 | 08/15/2033 | 724,740 | |||||||||||||
| $ | 4,363,461 | |||||||||||||||
| Massachusetts – 2.8% | ||||||||||||||||
| Massachusetts State GO Bonds Series 1996 D (AMBAC) (AAA/Aaa) | ||||||||||||||||
| $ | 3,000,000 | 4.50 | % | 11/01/2015 | $ | 3,028,110 | ||||||||||
| 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 | 4,006,800 | |||||||||||||
| $ | 7,034,910 | |||||||||||||||
| Michigan – 1.3% | ||||||||||||||||
| Michigan Hospital Finance Authority RB for Ascension Health Credit Series 1999 A (MBIA) (AAA/Aaa)^ | ||||||||||||||||
| $ | 2,000,000 | 6.13 | % | 11/15/2009 | $ | 2,324,240 | ||||||||||
| 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 | 1,023,590 | |||||||||||||
| $ | 3,347,830 | |||||||||||||||
| Mississippi – 0.8% | ||||||||||||||||
| Mississippi Business Finance Corp. PCRB for Systems Energy Resources Inc. Project Series 1998 (BBB-/Ba1) | ||||||||||||||||
| $ | 1,950,000 | 5.88 | % | 04/01/2022 | $ | 1,965,854 | ||||||||||
| Missouri – 1.9% | ||||||||||||||||
| Cameron IDA Health Facilities RB Insured by Cameron Community Hospital Series 2000 (ACA) (A) | ||||||||||||||||
| $ | 1,800,000 | 6.25 | % | 12/01/2021 | $ | 1,913,562 | ||||||||||
| Clay County GO Bonds for Public School District No. 53 Liberty Direct Deposit Program Crossover Prerefunded Series 2000 (AA+) | ||||||||||||||||
| 1,525,000 | 6.13 | 03/01/2010 | 1,720,215 | |||||||||||||
| 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 | 1,091,420 | |||||||||||||
| $ | 4,725,197 | |||||||||||||||
| Montana – 0.4% | ||||||||||||||||
| Forsyth Montana PCRB Refunding Portland Gen-A (BBB+/Baa2)- | ||||||||||||||||
| $ | 1,000,000 | 5.20 | % | 05/01/2009 | $ | 1,046,690 | ||||||||||
| Nevada – 3.3% | ||||||||||||||||
| Clark County Industrial Development RB for Southwest Gas Corp. Project Series 2003 C (BBB-/Baa2)- | ||||||||||||||||
| $ | 765,000 | 5.45 | % | 03/01/2013 | $ | 815,475 | ||||||||||
| Las Vegas New Convention and Visitors Authority RB Series 1999 (AMBAC) (AAA/Aaa) | ||||||||||||||||
| 2,500,000 | 6.00 | 07/01/2014 | 2,825,300 | |||||||||||||
| 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 | 2,673,350 | |||||||||||||
| Washoe County GO Bonds for Reno Sparks Convention Series 2000 A (FSA) (AAA/Aaa)^ | ||||||||||||||||
| 1,585,000 | 6.38 | 01/01/2010 | 1,844,258 | |||||||||||||
| $ | 8,158,383 | |||||||||||||||
| New Hampshire – 0.9% | ||||||||||||||||
| New Hampshire Health and Educational Facilities Authority RB for Healthcare Systems Covenant Health Series 2002 (A-) | ||||||||||||||||
| $ | 500,000 | 6.00 | % | 07/01/2022 | $ | 512,340 | ||||||||||
| New Hampshire Health and Educational Facilities Authority RB for Southern New Hampshire Medical Center Series 2004 A (Radian) (AA) | ||||||||||||||||
| 100,000 | 5.00 | 10/01/2013 | 104,687 | |||||||||||||
| 200,000 | 5.00 | 10/01/2015 | 206,632 | |||||||||||||
| 100,000 | 5.00 | 10/01/2018 | 100,597 | |||||||||||||
| New Hampshire Higher Educational and Health Facilities Authority RB for Frisbie Memorial Hospital Series 1993 (Baa1) | ||||||||||||||||
| 1,250,000 | 6.13 | 10/01/2013 | 1,280,625 | |||||||||||||
| $ | 2,204,881 | |||||||||||||||
| New Jersey – 2.7% | ||||||||||||||||
| New Jersey Health Care Facilities Financing Authority RB for Palisades Medical Center Healthcare Series 2002 (BBB-/Baa3) | ||||||||||||||||
| $ | 500,000 | 6.50 | % | 07/01/2021 | $ | 512,220 | ||||||||||
| New Jersey State Educational Facilities Authority RB for Fairleigh Dickinson University Series 2002 D (ACA) (A) | ||||||||||||||||
| 625,000 | 5.25 | 07/01/2032 | 616,925 | |||||||||||||
| New Jersey State Transportation Trust Fund Authority RB for Transportation System Series 2003 C (AA-/Aa3) | ||||||||||||||||
| 2,000,000 | 5.50 | 06/15/2019 | 2,175,180 | |||||||||||||
| 1,000,000 | 5.50 | 06/15/2024 | 1,052,890 | |||||||||||||
| Tobacco Settlement Financing Corp. RB for New Jersey Asset Backed Bonds Series 2002 (BBB/Baa3) | ||||||||||||||||
| 2,000,000 | 6.00 | 06/01/2037 | 1,707,200 | |||||||||||||
| Tobacco Settlement Financing Corp. RB Series 2003 (BBB/Baa3) | ||||||||||||||||
| 250,000 | 4.75 | 06/01/2012 | 229,760 | |||||||||||||
| 250,000 | 5.00 | 06/01/2013 | 229,747 | |||||||||||||
| 300,000 | 6.75 | 06/01/2039 | 283,515 | |||||||||||||
| $ | 6,807,437 | |||||||||||||||
The accompanying notes
are an integral part of these financial statements.
22
GOLDMAN SACHS MUNICIPAL
INCOME FUND
| Principal | Interest | Maturity | ||||||||||||||
| Amount | Rate | Date | Value | |||||||||||||
|
Debt Obligations – (continued) |
||||||||||||||||
|
|
||||||||||||||||
| New Mexico – 2.9% | ||||||||||||||||
| Farmington PCRB for Southern California Edison Co. Series 1993 A (MBIA) (AAA/Aaa) | ||||||||||||||||
| $ | 3,000,000 | 5.88 | % | 06/01/2023 | $ | 3,039,360 | ||||||||||
| Farmington PCRB Public Service Co. New Mexico Series 1997 D (BBB/Baa2) | ||||||||||||||||
| 3,530,000 | 6.38 | 04/01/2022 | 3,789,278 | |||||||||||||
| New Mexico Finance Authority Cigarette Tax RB for UNM Health Series 2004 A (MBIA) (AAA/Aaa) | ||||||||||||||||
| 300,000 | 5.00 | 04/01/2017 | 311,982 | |||||||||||||
| $ | 7,140,620 | |||||||||||||||
| New York – 4.9% | ||||||||||||||||
| Metropolitan Transportation Authority RB Series 2002 PA 1027 (RITES) (AMBAC)¡ | ||||||||||||||||
| $ | 1,000,000 | 9.60 | % | 05/15/2010 | $ | 1,203,320 | ||||||||||
| New York City GO Bonds Prerefunded Series 1996 G (A/A2)- | ||||||||||||||||
| 2,015,000 | 5.75 | 02/01/2006 | 2,179,887 | |||||||||||||
| New York City GO Bonds Unrefunded Balance Series 1996 G (A/A2) | ||||||||||||||||
| 1,885,000 | 5.75 | 02/01/2014 | 2,012,596 | |||||||||||||
| New York City IDA Civic Facility RB for Polytechnic University Project Series 2000 (BB+/Ba2) | ||||||||||||||||
| 1,250,000 | 6.00 | 11/01/2020 | 1,092,500 | |||||||||||||
| New York City Transitional Finance Authority VRDN RB Series 2002 PA 1043 (RITES) (AA+)¡ | ||||||||||||||||
| 1,000,000 | 9.60 | 11/01/2009 | 1,231,100 | |||||||||||||
| New York State Dormitory Authority RB for North Shore University Hospital Series 1998 (MBIA) (AAA/Aaa) | ||||||||||||||||
| 1,500,000 | 5.50 | 11/01/2014 | 1,682,490 | |||||||||||||
| Tobacco Settlement Financing Corp. RB for New York Asset Backed Bonds Series 2003 A-1 (AA-/A3) | ||||||||||||||||
| 2,600,000 | 5.50 | 06/01/2019 | 2,798,614 | |||||||||||||
| $ | 12,200,507 | |||||||||||||||
| North Carolina – 2.7% | ||||||||||||||||
| North Carolina Eastern Municipal Power Agency Power System RB Series 2003 C (BBB/Baa3) | ||||||||||||||||
| $ | 500,000 | 5.38 | % | 01/01/2016 | $ | 518,075 | ||||||||||
| 850,000 | 5.38 | 01/01/2017 | 875,874 | |||||||||||||
| North Carolina Eastern Municipal Power Agency Power System RB Series 2003 D (BBB/Baa3) | ||||||||||||||||
| 600,000 | 5.13 | 01/01/2023 | 577,908 | |||||||||||||
| 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 | 3,109,830 | |||||||||||||
| North Carolina Municipal Power Agency RB No. 1 Catawba Electric RB Series 1993 (ACA) (A) | ||||||||||||||||
| 1,000,000 | 5.50 | 01/01/2010 | 1,076,040 | |||||||||||||
| North Carolina Municipal Power Agency RB No. 1 Catawba Electric RB Series 2003 A (BBB+/Baa1) | ||||||||||||||||
| 450,000 | 5.50 | 01/01/2013 | 482,711 | |||||||||||||
| $ | 6,640,438 | |||||||||||||||
| North Dakota – 0.8% | ||||||||||||||||
| Mercer County PCRB for Basin Electric and Power Series 1995-2 (AMBAC) (AAA/Aaa) | ||||||||||||||||
| $ | 2,000,000 | 6.05 | % | 01/01/2019 | $ | 2,098,300 | ||||||||||
| Ohio – 2.3% | ||||||||||||||||
| Cleveland Cuyahoga County Port Authority RB for Rock and Roll Hall of Fame Series 1997 (ETM) | ||||||||||||||||
| $ | 600,000 | 5.45 | % | 12/01/2005 | $ | 637,362 | ||||||||||
| Ohio Air Quality Development Authority PCRB for Ohio Edison Co. Series 1999 C (BB+/Baa2)- | ||||||||||||||||
| 2,500,000 | 5.80 | 12/01/2004 | 2,546,950 | |||||||||||||
| Plain Local School District GO Bonds Series 2003 (FGIC) (AAA/Aaa) | ||||||||||||||||
| 2,380,000 | 5.25 | 12/01/2019 | 2,523,157 | |||||||||||||
| $ | 5,707,469 | |||||||||||||||
| Oregon – 0.8% | ||||||||||||||||
| Klamath Falls Intermediate Community Hospital Authority RB for Merle West Medical Center Project Series 2002 (BBB) | ||||||||||||||||
| $ | 2,000,000 | 6.13 | % | 09/01/2022 | $ | 2,052,700 | ||||||||||
| Pennsylvania – 2.0% | ||||||||||||||||
| Delaware County IDA PCRB for Peco Energy Co. Project Series 1999 A (BBB+/A3)- | ||||||||||||||||
| $ | 1,250,000 | 5.20 | % | 10/01/2004 | $ | 1,267,687 | ||||||||||
| Lehigh County Pennsylvania General Purpose Authority RB for Saint Lukes Bethlehem Hospital Series 2003 (BBB/Baa2) | ||||||||||||||||
| 1,000,000 | 5.38 | 08/15/2033 | 969,410 | |||||||||||||
| 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 | 2,041,620 | |||||||||||||
| Pennsylvania State Higher Educational Facilities Authority RB for Widener University Series 2003 (BBB+) | ||||||||||||||||
| 575,000 | 5.40 | 07/15/2036 | 565,599 | |||||||||||||
| $ | 4,844,316 | |||||||||||||||
| Puerto Rico – 1.0% | ||||||||||||||||
| Puerto Rico Commonwealth Highway and Transportation Authority RB Series 1996 Y (XLCA) (AAA/Aaa) | ||||||||||||||||
| $ | 2,500,000 | 5.00 | % | 07/01/2036 | $ | 2,535,450 | ||||||||||
| Tennessee – 3.9% | ||||||||||||||||
| Elizabethton Health and Educational Board RB First Mortgage Series 2000 B (MBIA) (AAA/Aaa) | ||||||||||||||||
| $ | 2,000,000 | 6.25 | % | 07/01/2015 | $ | 2,324,640 | ||||||||||
| 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 | 3,504,960 | |||||||||||||
| McMinnville Housing Authority RB First Mortgage for Beersheba Heights Tower Series 1997 (A2) | ||||||||||||||||
| 825,000 | 6.00 | 10/01/2009 | 878,873 | |||||||||||||
| Sullivan County Health Educational and Housing Facilities Board RB for Wellmont Health Systems Project Series 2002 (BBB+) | ||||||||||||||||
| 435,000 | 5.00 | 09/01/2004 | 438,771 | |||||||||||||
| 300,000 | 5.25 | 09/01/2005 | 311,091 | |||||||||||||
| Tennessee Housing Development Agency RB for Homeownership Program 1 Series 2000 (AMT) (AA/Aa2) | ||||||||||||||||
| 2,130,000 | 5.85 | 07/01/2011 | 2,291,795 | |||||||||||||
| $ | 9,750,130 | |||||||||||||||
The accompanying notes
are an integral part of these financial statements.
23
GOLDMAN SACHS
MUNICIPAL INCOME FUND
Statement of Investments
(continued)
April 30, 2004 (Unaudited)
| Principal | Interest | Maturity | ||||||||||||||
| Amount | Rate | Date | Value | |||||||||||||
|
Debt Obligations – (continued) |
||||||||||||||||
|
|
||||||||||||||||
| Texas – 6.5% | ||||||||||||||||
| Brazos River Authority PCRB for Texas Utility Co. Series 1999 A (AMT) (BBB/Baa2) | ||||||||||||||||
| $ | 700,000 | 7.70 | % | 04/01/2033 | $ | 794,416 | ||||||||||
| Brazos River Authority PCRB for TXU Electric Co. Project Series 1999 C (AMT) (BBB/Baa2) | ||||||||||||||||
| 1,200,000 | 7.70 | 03/01/2032 | 1,361,856 | |||||||||||||
| Brazos River Authority PCRB for TXU Electric Co. Project Series 2001 C (AMT) (BBB/Baa2)- | ||||||||||||||||
| 2,500,000 | 5.75 | 11/01/2011 | 2,680,700 | |||||||||||||
| Brazos River Authority RB for Texas Centerpoint Energy Refunding Series 2004 B (FGIC) (AAA/Aaa) | ||||||||||||||||
| 1,000,000 | 4.25 | 12/01/2017 | 957,910 | |||||||||||||
| Brazos River Authority RB for Texas Reliant Energy Inc. Project Refunding Series 1999 PJ-A for Texas Reliant Energy Inc. Project Refunding Series 1999 PJ-A (BBB-/Ba2) | ||||||||||||||||
| 1,250,000 | 5.38 | 04/01/2019 | 1,228,550 | |||||||||||||
| 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 | 3,290,040 | |||||||||||||
| 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 | 1,061,800 | |||||||||||||
| Harris County Hospital District RB (MBIA) (AAA/Aaa) | ||||||||||||||||
| 2,050,000 | 6.00 | 02/15/2016 | 2,304,405 | |||||||||||||
| Metropolitan Health Facilities Development Corp. RB for Wilson N. Jones Memorial Hospital Project Series 2001 (B1) | ||||||||||||||||
| 1,300,000 | 6.63 | 01/01/2011 | 1,284,582 | |||||||||||||
| Waxahachie Independent School District GO Bonds Capital Appreciating Prerefunded Series 2000 (PSF–GTD) (Aaa)@^ | ||||||||||||||||
| 1,775,000 | 0.00 | 08/15/2010 | 1,180,339 | |||||||||||||
| Waxahachie Independent School District GO Bonds Capital Appreciating Unrefunded Balance Series 2000 (PSF–GTD) (Aaa)@ | ||||||||||||||||
| 80,000 | 0.00 | 08/15/2013 | 52,936 | |||||||||||||
| $ | 16,197,534 | |||||||||||||||
| Utah – 0.9% | ||||||||||||||||
| Tooele County Hazardous Waste Treatment RB for Union Pacific Project Series 1992 A (AMT) (BBB/Baa2) | ||||||||||||||||
| $ | 2,000,000 | 5.70 | % | 11/01/2026 | $ | 1,996,240 | ||||||||||
| Weber County GO Refunding Bonds Series 2004 (AMBAC) (Aaa) | ||||||||||||||||
| 135,000 | 3.13 | 01/15/2011 | 129,755 | |||||||||||||
| $ | 2,125,995 | |||||||||||||||
| Vermont – 0.9% | ||||||||||||||||
| Vermont State Student Assistance Corp. Education Loan RB for Finance Program Series 1993 D (FSA) (AMT) (AAA/Aaa) | ||||||||||||||||
| $ | 2,000,000 | 9.50 | % | 12/15/2005 | $ | 2,214,920 | ||||||||||
| Virginia – 3.5% | ||||||||||||||||
| Chesapeake IDA PCRB for Virginia Project Series 1985 (BBB+/A3) | ||||||||||||||||
| $ | 750,000 | 5.25 | % | 02/01/2008 | $ | 782,430 | ||||||||||
| Fairfax County Economic Development Authority RB for Residential Recovery Refunding Series 1998 A (AMT) (AMBAC) (AAA/Aaa) | ||||||||||||||||
| 2,890,000 | 5.85 | 02/01/2006 | 3,081,694 | |||||||||||||
| Loudoun County GO Bonds for Public Improvement Series 2001 C (AA+/Aa1) | ||||||||||||||||
| 2,910,000 | 5.25 | 11/01/2006 | 3,142,916 | |||||||||||||
| Newport News GO Refunding Bonds Series 2004 C (AA/Aa2) | ||||||||||||||||
| 1,605,000 | 5.00 | 05/01/2018 | 1,687,609 | |||||||||||||
| $ | 8,694,649 | |||||||||||||||
| Washington – 6.4% | ||||||||||||||||
| 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 | $ | 2,761,350 | ||||||||||
| King & Snohomish Counties School District No. 417 Northshore GO Bonds Series 2002 (FSA) (AAA/Aaa) | ||||||||||||||||
| 2,000,000 | 5.50 | 12/01/2018 | 2,165,340 | |||||||||||||
| King County Sewer RB Series 1999-2 (FGIC) (AAA/Aaa)^ | ||||||||||||||||
| 3,965,000 | 6.25 | 01/01/2009 | 4,568,434 | |||||||||||||
| Vancouver Downtown Redevelopment Authority RB for Conference Center Project Series 2003 A (ACA) (A) | ||||||||||||||||
| 3,025,000 | 6.00 | 01/01/2034 | 3,142,279 | |||||||||||||
| Washington Housing Finance Commission RB for Single Family Program Series 2000 5-NR (FNMA, FHLMC, GNMA) (Aaa) | ||||||||||||||||
| 500,000 | 5.70 | 06/01/2016 | 511,285 | |||||||||||||
| 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 | 2,721,925 | |||||||||||||
| $ | 15,870,613 | |||||||||||||||
| Wisconsin – 2.5% | ||||||||||||||||
| Wisconsin State GO Bonds Series 1999 C (AA-/Aa3)^ | ||||||||||||||||
| $ | 5,380,000 | 6.25 | % | 05/01/2010 | $ | 6,271,036 | ||||||||||
| TOTAL DEBT OBLIGATIONS | ||||||||||||||||
| (Cost $229,442,031) | $ | 242,081,646 | ||||||||||||||
|
Other Municipals – 1.2% |
||||||||||||||||
| Charter Mac Equity Issuer Trust RB Series 2003 A Multifamily Tax-Exempt (AMT)†- | ||||||||||||||||
| $ | 2,000,000 | 3.25 | % | 03/15/2005 | $ | 2,001,640 | ||||||||||
| Municipal Mortgage & Equity LLC RB for 1999 A Tax-Exempt MF Hsg. Certificates Series 1999 A-1- | ||||||||||||||||
| 1,000,000 | 4.95 | 08/15/2005 | 1,005,360 | |||||||||||||
| TOTAL OTHER MUNICIPALS | ||||||||||||||||
| (Cost $3,005,857) | $ | 3,007,000 | ||||||||||||||
| TOTAL INVESTMENTS – 98.6% | ||||||||||||||||
| (Cost $232,447,888) | $ | 245,088,646 | ||||||||||||||
The accompanying notes
are an integral part of these financial statements.
24
GOLDMAN SACHS MUNICIPAL
INCOME FUND
| † | Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounted to $3,070,250, which represents approximately 1.2% of net assets as of April 30, 2004. | |||
| ¡ | Inverse variable rate security. Coupon rate disclosed is that which is in effect at April 30, 2004. | |||
| @ | Security issued with a zero coupon. Income is recognized through the accretion of discount. | |||
| - | Securities with “Put” features with resetting interest rates. Maturity dates disclosed are next reset date. | |||
| ^ | Prerefunded security. Maturity date disclosed is prerefunding date. | |||
| § | This security is issued with a zero coupon rate which increases to the stated rate at a set date in the future. | |||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||||
| Investment Abbreviations: | ||||||
| ACA | — | Insured by American Capital Access | ||||
| AMBAC | — | Insured by American Municipal Bond Assurance Corp. | ||||
| AMT | — | Alternative Minimum Tax | ||||
| ETM | — | Escrow to Maturity | ||||
| 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 Co. | ||||
| GO | — | General Obligation | ||||
| 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 | ||||
| PSF-GTD | — | Guaranteed by Permanent School Fund | ||||
| Radian | — | Issued by Radian Asset Assurance | ||||
| RB | — | Revenue Bond | ||||
| RITES | — | Residual Interest Tax Exempt Securities | ||||
| VRDN | — | Variable Rate Demand Note | ||||
| XLCA | — | Insured by XL Capital Assurance | ||||
| Security ratings disclosed are issued by Standard & Poor’s/Moody’s Investor Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information. |
The accompanying notes
are an integral part of these financial statements.
25
GOLDMAN SACHS
MUNICIPAL INCOME FUND
Statement of Investments
April 30, 2004 (Unaudited)
| Principal | Interest | Maturity | ||||||||||||
| Amount | Rate | Date | Value | |||||||||||
|
Debt Obligations – 96.9% |
||||||||||||||
| Alaska – 0.4% | ||||||||||||||
| Alaska State Housing Finance Corp. General Mortgage RB Series 1997 A (MBIA) (AAA/ Aaa) | ||||||||||||||
| $ | 5,000,000 | 6.00 | % | 06/01/2027 | $ | 5,141,800 | ||||||||
| Northern Tobacco Securitization Corporate Settlement RB for Asset Backed Bonds Series 2001 (BBB/ Baa3) | ||||||||||||||
| 7,500,000 | 5.50 | 06/01/2029 | 6,184,650 | |||||||||||
| $ | 11,326,450 | |||||||||||||
| Arizona – 2.4% | ||||||||||||||
| Apache County IDA PCRB for Tucson Electric Power Co. Project Series 1998 A (B+/ Ba3) | ||||||||||||||
| $ | 5,000,000 | 5.85 | % | 03/01/2028 | $ | 4,794,650 | ||||||||
| Apache County IDA PCRB for Tucson Electric Power Co. Project Series 1998 B (B+/ Ba3) | ||||||||||||||
| 5,000,000 | 5.88 | 03/01/2033 | 4,731,500 | |||||||||||
| Coconino County PCRB for Nevada Power Co. Project Series 1995 E (B-) | ||||||||||||||
| 1,500,000 | 5.35 | 10/01/2022 | 1,333,200 | |||||||||||
| Coconino County PCRB for Nevada Power Co. Series 1997 B (AMT) (B-) | ||||||||||||||
| 2,500,000 | 5.80 | 11/01/2032 | 2,197,800 | |||||||||||
| Maricopa County IDA Health Facilities RB for Catholic Healthcare West Series 2004 A (BBB+/ Baa1) | ||||||||||||||
| 7,000,000 | 5.38 | 07/01/2023 | 6,870,990 | |||||||||||
| 7,500,000 | 5.50 | 07/01/2026 | 7,376,775 | |||||||||||
| Maricopa County PCRB for El Paso Electric Co. Project Series 2002 A (BB+/ Ba1)- | ||||||||||||||
| 12,300,000 | 6.25 | 08/01/2005 | 12,794,091 | |||||||||||
| Maricopa County PCRB for El Paso Electric Co. RMKT-8/24/00 Series 1985 A (BB+/ Ba1)- | ||||||||||||||
| 8,000,000 | 6.38 | 08/01/2005 | 8,333,440 | |||||||||||
| Maricopa County PCRB for Southern California Edison Co. Series 2000 A (BBB/ Baa2)- | ||||||||||||||
| 5,000,000 | 2.90 | 03/02/2009 | 4,892,250 | |||||||||||
| Pima County IDA RB for Tucson Electric Power Co. Project Series 1997 B (B+/ Ba3) | ||||||||||||||
| 6,000,000 | 6.00 | 09/01/2029 | 5,817,120 | |||||||||||
| University Medical Center Corp. RB Series 2004 (BBB+/ A3) | ||||||||||||||
| 2,500,000 | 5.00 | 07/01/2024 | 2,428,550 | |||||||||||
| 2,000,000 | 5.00 | 07/01/2033 | 1,903,440 | |||||||||||
| Yavapai County IDA Hospital Facilities RB for Regional Medical Center Series 2003 A (Baa2) | ||||||||||||||
| 1,250,000 | 6.00 | 08/01/2033 | 1,254,662 | |||||||||||
| $ | 64,728,468 | |||||||||||||
| Arkansas – 0.1% | ||||||||||||||
| Little River County RB for Georgia Pacific Corp. Project Series 1998 (AMT) (Ba3) | ||||||||||||||
| $ | 3,010,000 | 5.60 | % | 10/01/2026 | $ | 2,744,428 | ||||||||
| California – 12.0% | ||||||||||||||
| Abag Finance Authority RB for Nonprofit Corps. Samsum-Santa Barbara Series 2002 A (BBB) | ||||||||||||||
| $ | 2,000,000 | 5.50 | % | 04/01/2021 | $ | 2,015,240 | ||||||||
| 2,750,000 | 5.60 | 04/01/2026 | 2,747,800 | |||||||||||
| California Department Water Resources Power Supply RB for Drivers Series 2002 310 (AMBAC) (RITES) (AAA)¡ | ||||||||||||||
| 5,000,000 | 9.64 | 05/01/2014 | 5,969,500 | |||||||||||
| California Educational Facilities Authority RB for Dominican University Series 2001 (Baa3) | ||||||||||||||
| 1,445,000 | 5.75 | 12/01/2030 | 1,477,007 | |||||||||||
| California Educational Facilities Authority RB for Pepperdine University Series 2000 (A1) | ||||||||||||||
| 6,000,000 | 5.75 | 09/15/2030 | 6,367,380 | |||||||||||
| California Health Facilities Financing Authority RB for Catholic Healthcare West Series 2004 G (BBB+/ Baa1) | ||||||||||||||
| 3,000,000 | 5.25 | 07/01/2023 | 2,953,050 | |||||||||||
| California Health Facilities Financing Authority RB for Catholic Healthcare West Series 2004 H (BBB+/ Baa1)- | ||||||||||||||
| 4,000,000 | 4.45 | 07/01/2011 | 4,011,720 | |||||||||||
| California Health Facilities Financing Authority RB for Catholic Healthcare West Series 2004 I (BBB+/ Baa1)- | ||||||||||||||
| 8,000,000 | 4.95 | 07/01/2014 | 8,053,280 | |||||||||||
| California State Department Water Resources Power Supply RB Series 2003 PA 1152 R (FSA) (RITES)¡ | ||||||||||||||
| 18,250,000 | 9.16 | 05/01/2009 | 21,848,900 | |||||||||||
| California State GO Bonds Refunding Series 2001 (XCLA) (AAA/ Aaa) | ||||||||||||||
| 3,250,000 | 5.50 | 03/01/2011 | 3,601,812 | |||||||||||
| California State GO Bonds Series 2003 (BBB/ Baa1) | ||||||||||||||
| 2,000,000 | 5.25 | 02/01/2015 | 2,102,000 | |||||||||||
| California State GO Bonds Series 2004 (BBB/ Baa1) | ||||||||||||||
| 20,000,000 | 4.00 | 02/01/2010 | 20,281,800 | |||||||||||
| California State GO Bonds Variable Purpose Series 2004 (BBB/ Baa1) | ||||||||||||||
| 4,500,000 | 5.25 | 04/01/2029 | 4,429,575 | |||||||||||
| 9,000,000 | 5.25 | 04/01/2034 | 8,828,370 | |||||||||||
| California Statewide Communities Development Authority RB for Aspire Public Schools-Lodi Project Series 2002 A | ||||||||||||||
| 3,000,000 | 7.25 | 08/01/2032 | 2,963,550 | |||||||||||
| California Statewide Communities Development Authority RB for Kaiser Permanente Series 2004 G (A)- | ||||||||||||||
| 12,800,000 | 2.30 | 05/01/2007 | 12,614,144 | |||||||||||
| California Statewide Communities Development Authority RB for Notre Dame De Namur University Series 2003 | ||||||||||||||
| 3,000,000 | 6.63 | 10/01/2033 | 2,926,590 | |||||||||||
| California University Fresno Association Inc. RB for AUX Organization Event Center Series 2002 (Ba1) | ||||||||||||||
| 1,000,000 | 6.75 | 07/01/2022 | 1,028,500 | |||||||||||
| Chula Vista Community Facilities District RB No. 99-1-Otay Series 2000 | ||||||||||||||
| 1,225,000 | 7.63 | 09/01/2029 | 1,331,122 | |||||||||||
| Foothill/ Eastern Corridor Agency Toll Road RB Senior Lien Series 1995 A (AAA/ Aaa)^ | ||||||||||||||
| 5,000,000 | 6.00 | 01/01/2010 | 5,749,450 | |||||||||||
The accompanying notes
are an integral part of these financial statements.
26
GOLDMAN SACHS MUNICIPAL
INCOME FUND
| Principal | Interest | Maturity | ||||||||||||
| Amount | Rate | Date | Value | |||||||||||
|
Debt Obligations – (continued) |
||||||||||||||
| California – (continued) | ||||||||||||||
| Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset Backed Series 2003 B (BBB-/ Baa2) | ||||||||||||||
| $ | 3,810,000 | 5.63 | % | 06/01/2038 | $ | 3,806,381 | ||||||||
| Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-1 (BBB/ Baa3) | ||||||||||||||
| 18,985,000 | 6.75 | 06/01/2039 | 17,849,697 | |||||||||||
| 4,035,000 | 6.63 | 06/01/2040 | 3,708,447 | |||||||||||
| Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-2 (BBB/ Baa3) | ||||||||||||||
| 6,000,000 | 7.90 | 06/01/2042 | 6,370,860 | |||||||||||
| Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-3 (BBB/ Baa3) | ||||||||||||||
| 2,650,000 | 7.88 | 06/01/2042 | 2,809,398 | |||||||||||
| Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-4 (BBB/ Baa3) | ||||||||||||||
| 3,000,000 | 7.80 | 06/01/2042 | 3,165,510 | |||||||||||
| Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-5 (BBB/ Baa3) | ||||||||||||||
| 8,330,000 | 7.88 | 06/01/2042 | 8,831,049 | |||||||||||
| Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 B (BBB-/ Baa2) | ||||||||||||||
| 85,535,000 | 5.50 | 06/01/2043 | 84,623,197 | |||||||||||
| Hawthorne Community Redevelopment Agency Special Tax for Community Facilities District No. 99-1 Series 2000 A | ||||||||||||||
| 880,000 | 6.75 | 10/01/2020 | 909,198 | |||||||||||
| 1,180,000 | 7.20 | 10/01/2025 | 1,219,058 | |||||||||||
| Hawthorne Community Redevelopment Agency Special Tax for Community Facilities District No. 99-1 Series 2000 B | ||||||||||||||
| 1,675,000 | 7.20 | 10/01/2025 | 1,738,650 | |||||||||||
| Hawthorne Community Redevelopment Agency Tax Allocation for Hawthorne Plaza Project Series 2001 | ||||||||||||||
| 2,375,000 | 6.88 | 07/01/2020 | 2,389,060 | |||||||||||
| Jurupa Unified School District GO Bonds for Election 2001 Series 2004 (FGIC) (AAA/ Aaa) | ||||||||||||||
| 1,000,000 | 5.00 | 08/01/2026 | 1,001,540 | |||||||||||
| 5,890,000 | 5.00 | 08/01/2028 | 5,890,825 | |||||||||||
| Lake Elsinore Improvement Bond Act 1915 for Special Assessment District No. 93-1 Series 2000 | ||||||||||||||
| 1,950,000 | 7.00 | 09/02/2030 | 2,033,304 | |||||||||||
| Long Beach Special Tax for Community Facilities District #6 Pike Series 2002 | ||||||||||||||
| 5,000,000 | 6.30 | 10/01/2032 | 4,953,300 | |||||||||||
| Los Angeles Community College District GO Bonds Series 2001 II-R-71-A (MBIA) (RITES)¡ | ||||||||||||||
| 1,665,000 | 14.24 | 02/01/2009 | 2,160,337 | |||||||||||
| Los Angeles Community College District GO Bonds Series 2001 II-R-71-B (MBIA) (RITES)¡ | ||||||||||||||
| 1,670,000 | 14.29 | 02/01/2009 | 2,130,503 | |||||||||||
| Los Angeles Regional Airports Improvement Corp. RB for Facilities Sublease Continental Airlines Series 1994 (AMT) (B) | ||||||||||||||
| 990,000 | 9.25 | 08/01/2024 | 1,015,671 | |||||||||||
| Los Angeles Regional Airports Improvement Corp. RB Series 2002 C (AMT) (B-/ Caa2) | ||||||||||||||
| 7,140,000 | 7.00 | 12/01/2012 | 6,330,395 | |||||||||||
| 21,855,000 | 7.50 | 12/01/2024 | 18,992,432 | |||||||||||
| Oceanside Community Development Commerce Tax Allocation for Downtown Redevelopment Project Series 2002 (Baa3) | ||||||||||||||
| 1,500,000 | 5.75 | 09/01/2025 | 1,511,475 | |||||||||||
| Orange County Community Facilities District Special Tax for No.1 Ladera Ranch Series 2000 A | ||||||||||||||
| 1,000,000 | 6.20 | 08/15/2023 | 1,014,480 | |||||||||||
| Palo Alto Improvement Bond Act 1915 Special Assessment for University Avenue Area Off Shore Parking Series 2002 A (BBB) | ||||||||||||||
| 1,125,000 | 5.25 | 09/02/2016 | 1,142,179 | |||||||||||
| 1,185,000 | 5.25 | 09/02/2017 | 1,203,095 | |||||||||||
| Richmond Improvement Bond Act 1915 for Special Assessment Improvement District No. 99-1 Series 2000 | ||||||||||||||
| 500,000 | 7.00 | 09/02/2017 | 516,405 | |||||||||||
| San Leandro Community Facilities District No. 1 Special Tax Series 2000 | ||||||||||||||
| 1,690,000 | 6.40 | 09/01/2019 | 1,744,570 | |||||||||||
| Santa Clara County Financing Authority RB for Measure B Transportation Improvement Program Series 2003 (A2) | ||||||||||||||
| 4,425,000 | 5.00 | 08/01/2006 | 4,697,093 | |||||||||||
| 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 | 1,106,545 | |||||||||||
| Soledad Improvement Bond Act 1915 for Special Assessment District No.1 The Vineyards Series 2000 | ||||||||||||||
| 1,985,000 | 7.25 | 09/02/2030 | 2,012,532 | |||||||||||
| Upland Community Facilities District Special Tax for 2003-2 San Antonio Improvement Series 2004 1-A | ||||||||||||||
| 4,000,000 | 6.00 | 09/01/2034 | 3,939,200 | |||||||||||
| $ | 322,117,176 | |||||||||||||
| Colorado – 0.7% | ||||||||||||||
| McKay Landing Metropolitan GO Bonds District No. 2 Series 2000 | ||||||||||||||
| $ | 1,500,000 | 7.50 | % | 12/01/2019 | $ | 1,583,445 | ||||||||
| Saddle Rock South Metropolitan GO Bonds Mill Levy Obligation Series 2000 | ||||||||||||||
| 3,000,000 | 7.20 | 12/01/2019 | 3,182,550 | |||||||||||
| Tablerock Metropolitan District Colorado GO Bonds | ||||||||||||||
| 2,750,000 | 7.00 | 12/01/2033 | 2,765,785 | |||||||||||
| Vista Ridge Metropolitan District GO Bonds Series 2001 | ||||||||||||||
| 10,000,000 | 7.50 | 12/01/2031 | 10,502,900 | |||||||||||
| $ | 18,034,680 | |||||||||||||
The accompanying notes
are an integral part of these financial statements.
27
GOLDMAN SACHS
MUNICIPAL INCOME FUND
Statement of
Investments (continued)
April 30, 2004 (Unaudited)
| Principal | Interest | Maturity | ||||||||||||
| Amount | Rate | Date | Value | |||||||||||
|
Debt Obligations – (continued) |
||||||||||||||
|
|
||||||||||||||
| Connecticut – 0.4% | ||||||||||||||
| Connecticut GO Bonds for Residual Certificates Series 2001 515 (RITES) (Aa3)¡ | ||||||||||||||
| $ | 3,485,000 | 13.85 | % | 12/15/2013 | $ | 4,765,598 | ||||||||
| Connecticut Health and Educational Facility Authority RB for Bristol Hospital Series 2002 B (Radian) (AA) | ||||||||||||||
| 605,000 | 4.30 | 07/01/2007 | 633,138 | |||||||||||
| 445,000 | 4.50 | 07/01/2008 | 468,189 | |||||||||||
| Connecticut Health and Educational Facility Authority RB for St. Mary’s Hospital Corp. Series 1997 E (Baa3) | ||||||||||||||
| 695,000 | 5.88 | 07/01/2022 | 583,974 | |||||||||||
| University of Connecticut GO Bonds Series 2004 PA 1255 (RITES) (MBIA)¡ | ||||||||||||||
| 2,660,000 | 14.75 | 01/15/2011 | 3,754,989 | |||||||||||
| $ | 10,205,888 | |||||||||||||
| District of Columbia – 1.0% | ||||||||||||||
| District of Columbia Housing Finance Agency Mortgage RB for Single Family Series 1997 B (GNMA/ FNMA) (AMT) (AAA) | ||||||||||||||
| $ | 2,355,000 | 6.35 | % | 06/01/2028 | $ | 2,420,869 | ||||||||
| District of Columbia RB for Medstar University Hospital Series 2001 D (AAA/ Aaa)-^ | ||||||||||||||
| 11,000,000 | 6.88 | 02/15/2007 | 12,375,990 | |||||||||||
| District of Columbia Tobacco Settlement Financing Corp. Asset Backed RB Series 2001 (BBB/ Baa3) | ||||||||||||||
| 6,800,000 | 6.75 | 05/15/2040 | 6,237,572 | |||||||||||
| District of Columbia Tobacco Settlement Financing Corp. RB Series 2001 A PA 821 (RITES) (AA+)¡ | ||||||||||||||
| 875,000 | 10.73 | 05/15/2024 | 759,255 | |||||||||||
| District of Columbia Tobacco Settlement Financing Corp. RB Series 2001 B PA 821 (RITES) (AA+)¡ | ||||||||||||||
| 3,000,000 | 11.23 | 05/15/2033 | 2,403,600 | |||||||||||
| Washington D.C. Metropolitan Area Transportation Authority Gross Revenue RB for Rols RR II Series 2003 R 245 (MBIA) (RITES) (AAA)¡ | ||||||||||||||
| 2,785,000 | 16.32 | 01/01/2010 | 3,807,374 | |||||||||||
| $ | 28,004,660 | |||||||||||||
| Florida – 31.8% | ||||||||||||||
| Ballantrae Community Development District RB for Capital Improvements Series 2004 | ||||||||||||||
| $ | 5,000,000 | 6.00 | % | 05/01/2035 | $ | 4,769,500 | ||||||||
| Beacon Tradeport Community Development District RB Special Assessment Project Series 2002 A (Radian) (AA) | ||||||||||||||
| 2,000,000 | 5.25 | 05/01/2016 | 2,122,080 | |||||||||||
| Bella Terra Community Development District Special Assessment Series 2002 | ||||||||||||||
| 1,795,000 | 5.65 | 11/01/2006 | 1,806,129 | |||||||||||
| Bellalago Educational Facilities Benefits District RB for Capital Improvements Series 2004 A | ||||||||||||||
| 5,000,000 | 6.00 | 05/01/2033 | 5,000,000 | |||||||||||
| Bonita Springs Vasari Community Development District RB for Capital Improvements Series 2001 A | ||||||||||||||
| 6,930,000 | 6.95 | 05/01/2032 | 7,249,542 | |||||||||||
| Bonnet Creek Resort Community Development District Special Assessment RB Series 2002 | ||||||||||||||
| 10,000,000 | 7.38 | 05/01/2034 | 10,404,600 | |||||||||||
| 2,000,000 | 7.50 | 05/01/2034 | 2,097,580 | |||||||||||
| Brandy Creek Community Development District Special Assessment Series 2003 A | ||||||||||||||
| 3,510,000 | 6.35 | 05/01/2034 | 3,566,125 | |||||||||||
| Brandy Creek Community Development District Special Assessment Series 2003 B | ||||||||||||||
| 3,000,000 | 5.40 | 05/01/2009 | 2,993,760 | |||||||||||
| Briger Community Development District Special Assessment RB Series 2002 A | ||||||||||||||
| 3,000,000 | 6.75 | 05/01/2033 | 3,073,710 | |||||||||||
| Brooks of Bonita Springs II Community Development District RB for Capital Improvements Series 2000 A | ||||||||||||||
| 6,000,000 | 7.00 | 05/01/2031 | 6,289,260 | |||||||||||
| Brooks of Bonita Springs II Community Development District RB for Capital Improvements Series 2000 B | ||||||||||||||
| 385,000 | 6.60 | 05/01/2007 | 385,000 | |||||||||||
| Brooks of Bonita Springs II Community Development District RB for Capital Improvements Series 2003 A | ||||||||||||||
| 1,645,000 | 6.13 | 05/01/2034 | 1,609,896 | |||||||||||
| Capital Region Community Development District RB for Capital Improvement Series 2002 A | ||||||||||||||
| 12,275,000 | 6.70 | 05/01/2032 | 12,670,869 | |||||||||||
| Capital Region Community Development District Special Assessment for Capital Improvement Series 2001 A-1 | ||||||||||||||
| 1,120,000 | 6.70 | 05/01/2031 | 1,160,622 | |||||||||||
| Capital Region Community Development District Special Assessment for Capital Improvement Series 2001 A-2 | ||||||||||||||
| 2,960,000 | 6.85 | 05/01/2031 | 3,118,094 | |||||||||||
| Capital Trust Agency RB for Seminole Tribe Convention Series 2002 A | ||||||||||||||
| 13,500,000 | 10.00 | 10/01/2033 | 16,408,575 | |||||||||||
| Capital Trust Agency RB for Seminole Tribe Convention Series 2003 A | ||||||||||||||
| 3,000,000 | 8.95 | 10/01/2033 | 3,446,760 | |||||||||||
| Celebration Community Development District Special Assessment Series 2003 A | ||||||||||||||
| 3,000,000 | 6.40 | 05/01/2034 | 3,052,080 | |||||||||||
| Century Gardens Community Development District Special Assessment Series 2004 | ||||||||||||||
| 2,395,000 | 5.90 | 05/01/2034 | 2,291,680 | |||||||||||
| CFM Community Development District BANS Series 2003 | ||||||||||||||
| 16,230,000 | 5.50 | 06/01/2004 | 16,221,560 | |||||||||||
| Colonial Country Club Community Development District Florida Capital Improvement RB Series 2003 | ||||||||||||||
| 11,500,000 | 6.40 | 05/01/2033 | 11,786,925 | |||||||||||
| Concorde Estates Community Development District RB for Capital Improvement Series 2004 A | ||||||||||||||
| 2,350,000 | 5.85 | 05/01/2035 | 2,219,105 | |||||||||||
| Concorde Estates Community Development District RB for Capital Improvement Series 2004 B | ||||||||||||||
| 2,300,000 | 5.00 | 05/01/2011 | 2,236,037 | |||||||||||
The accompanying notes
are an integral part of these financial statements.
28
GOLDMAN SACHS HIGH YIELD
MUNICIPAL FUND
| Principal | Interest | Maturity | ||||||||||||
| Amount | Rate | Date | Value | |||||||||||
|
Debt Obligations – (continued) |
||||||||||||||
| Florida – (continued) | ||||||||||||||
| Cory Lakes Community Development District for Special Assessment Series 2001 A | ||||||||||||||
| $ | 595,000 | 8.38 | % | 05/01/2017 | $ | 651,966 | ||||||||
| Cory Lakes Community Development District for Special Assessment Series 2001 B | ||||||||||||||
| 1,080,000 | 8.38 | 05/01/2017 | 1,152,079 | |||||||||||
| Country Greens Community Development District Special Assessment RB Series 2003 | ||||||||||||||
| 6,100,000 | 6.63 | 05/01/2034 | 6,280,194 | |||||||||||
| Crossings at Fleming Island Community Development District RB for Special Assessment Series 2000 C | ||||||||||||||
| 5,520,000 | 7.05 | 05/01/2015 | 5,813,774 | |||||||||||
| Double Branch Community Development District Special Assessment Series 2002 A | ||||||||||||||
| 11,100,000 | 6.70 | 05/01/2034 | 11,675,202 | |||||||||||
| Double Branch Community Development District Special Assessment Series 2003 B | ||||||||||||||
| 5,000,000 | 5.38 | 05/01/2008 | 5,046,700 | |||||||||||
| Double Branch Community Development District Special Assessment Series 2003 C | ||||||||||||||
| 6,700,000 | 5.13 | 05/01/2008 | 6,622,816 | |||||||||||
| East Park Community Development District Special Assessment Series 2002 | ||||||||||||||
| 5,300,000 | 6.85 | 05/01/2033 | 5,508,343 | |||||||||||
| Fishhawk Community Development District Special Assessment RB Series 2000 | ||||||||||||||
| 310,000 | 6.65 | 05/01/2007 | 317,328 | |||||||||||
| Fishhawk Community Development District II Special Assessment RB Series 2003 A | ||||||||||||||
| 3,000,000 | 6.25 | 05/01/2034 | 3,050,250 | |||||||||||
| Fishhawk Community Development District II Special Assessment RB Series 2003 B | ||||||||||||||
| 4,730,000 | 5.00 | 11/01/2007 | 4,756,867 | |||||||||||
| Fleming Island Plantation Community Development District RB for Special Assessment Series 2000 B | ||||||||||||||
| 5,625,000 | 7.30 | 05/01/2015 | 6,063,750 | |||||||||||
Gateway Services Community Development District
Special Assessment for Stoneybrook Project Series 2003
|
||||||||||||||
| 5,500,000 | 5.50 | 07/01/2008 | 5,517,215 | |||||||||||
Gateway Services Community Development District
Special Assessment for Sun City Center-Fort Meyers Project
Series 2003 A
|
||||||||||||||
| 2,700,000 | 6.50 | 05/01/2033 | 2,733,615 | |||||||||||
Gateway Services Community Development District
Special Assessment for Sun City Center-Fort Meyers Project
Series 2003 B
|
||||||||||||||
| 1,960,000 | 5.50 | 05/01/2010 | 1,963,410 | |||||||||||
| Gateway Services District Water & Sewer RB Refunding Series 2003 | ||||||||||||||
| 2,410,000 | 6.00 | 10/01/2019 | 2,326,277 | |||||||||||
| Grand Hampton Community Development District RB for Capital Improvement Series 2003 | ||||||||||||||
| 5,200,000 | 6.15 | 05/01/2034 | 5,123,820 | |||||||||||
| Grand Haven Community Development District Special Assessment Series 2002 | ||||||||||||||
| 3,200,000 | 6.13 | 11/01/2007 | 3,263,712 | |||||||||||
| Grand Haven Community Development District Special Assessment Series 2003 | ||||||||||||||
| 6,200,000 | 5.20 | 11/01/2007 | 6,247,120 | |||||||||||
| Greyhawk Landing Community Development District Special Assessment Series 2002 A | ||||||||||||||
| 3,025,000 | 7.00 | 05/01/2033 | 3,205,804 | |||||||||||
| Greyhawk Landing Community Development District Special Assessment Series 2002 B | ||||||||||||||
| 2,490,000 | 6.25 | 05/01/2009 | 2,531,683 | |||||||||||
| Griffin Lakes Community Development District Special Assessment Series 2002 A | ||||||||||||||
| 4,600,000 | 6.70 | 05/01/2033 | 4,730,226 | |||||||||||
| Habitat Community Development RB Series 2004 | ||||||||||||||
| 4,745,000 | 5.85 | 05/01/2035 | 4,486,919 | |||||||||||
| Halifax Hospital Medical Center RB Series 1999 A | ||||||||||||||
| 955,000 | 7.25 | 10/01/2024 | 1,023,053 | |||||||||||
| Hamal Community Development District Special Assessment Series 2001 | ||||||||||||||
| 3,725,000 | 6.75 | 05/01/2031 | 3,824,309 | |||||||||||
| Harbor Bay Community Development District Special Assessment for Capital Improvement Series 2001 A | ||||||||||||||
| 2,370,000 | 7.00 | 05/01/2033 | 2,505,043 | |||||||||||
| Harbour Isles Community Development District Special Assessment Series 2004 | ||||||||||||||
| 4,365,000 | 6.13 | 05/01/2035 | 4,324,056 | |||||||||||
| Harbour Lake Estates Community Development District Special Assessment Series 2001 | ||||||||||||||
| 2,945,000 | 6.40 | 02/01/2006 | 2,988,645 | |||||||||||
Harbourage at Braden River Community Development
District Special Assessment for Capital Improvement
Series 2003 A
|
||||||||||||||
| 3,000,000 | 6.13 | 05/01/2034 | 2,910,300 | |||||||||||
| Heritage Harbour South Community Development District RB for Capital Improvement Series 2002 A | ||||||||||||||
| 4,000,000 | 6.50 | 05/01/2034 | 4,114,360 | |||||||||||
| Heritage Harbour South Community Development District RB for Capital Improvement Series 2003 A | ||||||||||||||
| 1,235,000 | 6.20 | 05/01/2035 | 1,234,630 | |||||||||||
| Heritage Harbour South Community Development District RB for Capital Improvement Series 2003 B | ||||||||||||||
| 2,680,000 | 5.25 | 11/01/2008 | 2,662,714 | |||||||||||
| Heritage Isles Community Development District RB for Special Assessment Series 2002 | ||||||||||||||
| 3,395,000 | 5.90 | 11/01/2006 | 3,431,666 | |||||||||||
| Hypoluxo/ Haverhill Community Development District Special Assessment Series 2002 A | ||||||||||||||
| 1,400,000 | 6.75 | 05/01/2033 | 1,444,758 | |||||||||||
| Indian Trace Development District Special Assessment for Isles at Weston Project Series 2003 | ||||||||||||||
| 2,000,000 | 5.50 | 05/01/2033 | 1,919,380 | |||||||||||
| Indigo Community Development District RB for Capital Improvement Series 1999 B | ||||||||||||||
| 2,905,000 | 6.40 | 05/01/2006 | 2,928,066 | |||||||||||
The accompanying notes
are an integral part of these financial statements.
29
GOLDMAN SACHS HIGH
YIELD MUNICIPAL FUND
Statement of
Investments (continued)
April 30, 2004 (Unaudited)
| Principal | Interest | Maturity | ||||||||||||
| Amount | Rate | Date | Value | |||||||||||
|
Debt Obligations – (continued) |
||||||||||||||
| Florida – (continued) | ||||||||||||||
| Islands at Doral Florida Special Assessment Series 2003 | ||||||||||||||
| $ | 1,820,000 | 6.38 | % | 05/01/2035 | $ | 1,866,155 | ||||||||
Julington Creek Plantation Community Development
District Special Assessment Series 2002 (MBIA) (AAA/Aaa)
|
||||||||||||||
| 2,970,000 | 4.75 | 05/01/2019 | 3,005,313 | |||||||||||
| Killarney Community Development District Special Assessment Series 2004 A | ||||||||||||||
| 2,535,000 | 6.00 | 05/01/2035 | 2,497,001 | |||||||||||
| Killarney Community Development District Special Assessment Series 2004 B | ||||||||||||||
| 4,675,000 | 5.13 | 05/01/2009 | 4,583,697 | |||||||||||
| Laguna Lakes Community Development District Florida Special Assessment RB Series 2003 A | ||||||||||||||
| 2,500,000 | 6.40 | 05/01/2033 | 2,534,275 | |||||||||||
| Laguna Lakes Community Development District Florida Special Assessment RB Series 2003 B | ||||||||||||||
| 4,260,000 | 5.25 | 11/01/2007 | 4,292,333 | |||||||||||
| Lake Powell Residential Golf Community Development District Special Assessment Series 2000 A | ||||||||||||||
| 3,090,000 | 7.45 | 05/01/2022 | 3,286,833 | |||||||||||
| 4,325,000 | 7.50 | 05/01/2032 | 4,608,504 | |||||||||||
| Lakewood Ranch Community Development District No. 4 Special Assessment RB Series 2004 | ||||||||||||||
| 2,000,000 | 5.95 | 05/01/2034 | 1,967,460 | |||||||||||
| Lakewood Ranch Community Development District No. 5 Special Assessment RB Series 2001 A | ||||||||||||||
| 4,930,000 | 6.70 | 05/01/2031 | 5,115,763 | |||||||||||
| Lakewood Ranch Community Development District No. 5 Special Assessment RB Series 2003 | ||||||||||||||
| 3,585,000 | 5.30 | 11/01/2007 | 3,614,791 | |||||||||||
| Lee County IDA Health Care Facilities RB for Shell Point Village Project Series 1999 A (BBB-) | ||||||||||||||
| 6,000,000 | 5.50 | 11/15/2029 | 5,625,180 | |||||||||||
| Lexington Oaks Community Development District Special Assessment Series 2002 A | ||||||||||||||
| 2,500,000 | 6.70 | 05/01/2033 | 2,577,150 | |||||||||||
| Live Oak Community Development District No. 001 Special Assessment Series 2003 A | ||||||||||||||
| 4,500,000 | 6.30 | 05/01/2034 | 4,562,010 | |||||||||||
| Live Oak Community Development District No. 001 Special Assessment Series 2003 B | ||||||||||||||
| 8,250,000 | 5.30 | 05/01/2008 | 8,288,115 | |||||||||||
| Longleaf Community Development District Special Assessment Series 2001 | ||||||||||||||
| 1,420,000 | 7.25 | 05/01/2009 | 1,450,360 | |||||||||||
| Maple Ridge Community Development District Special Assessment Series 2000 A | ||||||||||||||
| 1,570,000 | 7.15 | 05/01/2031 | 1,683,982 | |||||||||||
| Maple Ridge Community Development District Special Assessment Unrefunded Balance Series 2000 B | ||||||||||||||
| 600,000 | 6.15 | 11/01/2004 | 601,650 | |||||||||||
| Marion County IDA RB for Little Sumter Utility Co. Project Series 2000 (AMT) | ||||||||||||||
| 1,525,000 | 7.08 | 10/01/2020 | 1,531,496 | |||||||||||
| 435,000 | 7.15 | 10/01/2030 | 436,849 | |||||||||||
| Marshall Creek Community Development District Special Assessment Series 2002 | ||||||||||||||
| 3,000,000 | 6.63 | 05/01/2032 | 3,077,370 | |||||||||||
| Meadow Pointe II Community Development District RB for Capital Improvement Series 2000 | ||||||||||||||
| 875,000 | 6.65 | 04/01/2005 | 885,841 | |||||||||||
| Meadow Pointe II Community Development District RB for Capital Improvement Series 2004 (Baa3) | ||||||||||||||
| 660,000 | 3.40 | 05/01/2010 | 628,168 | |||||||||||
| 685,000 | 3.70 | 05/01/2011 | 651,182 | |||||||||||
| 710,000 | 3.88 | 05/01/2012 | 669,885 | |||||||||||
| 300,000 | 4.00 | 05/01/2013 | 281,415 | |||||||||||
| 1,745,000 | 4.60 | 05/01/2018 | 1,637,752 | |||||||||||
| Meadow Pointe III Community Development District RB for Capital Improvement Series 2001 A | ||||||||||||||
| 3,000,000 | 6.85 | 05/01/2033 | 3,125,400 | |||||||||||
| Meadow Pointe III Community Development District RB for Capital Improvement Series 2003 A | ||||||||||||||
| 3,970,000 | 6.40 | 05/01/2034 | 4,072,069 | |||||||||||
| Meadow Pointe III Community Development District RB for Capital Improvement Series 2003 B | ||||||||||||||
| 3,785,000 | 5.25 | 11/01/2007 | 3,813,728 | |||||||||||
| Meadow Pointe III Community Development District RB for Capital Improvement Series 2004-1 | ||||||||||||||
| 4,130,000 | 4.80 | 11/01/2009 | 4,058,055 | |||||||||||
| Meadow Pointe IV Community Development District GO Bonds for Capital Improvement Series 2003 B | ||||||||||||||
| 3,785,000 | 5.13 | 11/01/2007 | 3,809,678 | |||||||||||
| Meadow Pointe IV Community Development District RB for Capital Improvement Series 2003 A | ||||||||||||||
| 2,790,000 | 6.30 | 05/01/2034 | 2,841,001 | |||||||||||
| Mediterra North Community Development District RB for Capital Improvement Series 2001 A | ||||||||||||||
| 3,855,000 | 6.80 | 05/01/2031 | 3,986,880 | |||||||||||
| Mediterra South Community Development District RB for Capital Improvement Series 1999 A | ||||||||||||||
| 480,000 | 6.95 | 05/01/2031 | 500,722 | |||||||||||
| Mediterra South Community Development District RB for Capital Improvement Series 1999 B | ||||||||||||||
| 40,000 | 6.25 | 05/01/2004 | 40,000 | |||||||||||
| Mediterra South Community Development District RB for Capital Improvement Series 2001 | ||||||||||||||
| 1,620,000 | 6.85 | 05/01/2031 | 1,680,458 | |||||||||||
| Mediterra South Community Development District RB for Capital Improvement Series 2003 A | ||||||||||||||
| 5,035,000 | 6.38 | 05/01/2034 | 5,098,491 | |||||||||||
| Mediterra South Community Development District RB for Capital Improvement Series 2003 B | ||||||||||||||
| 5,110,000 | 5.50 | 05/01/2010 | 5,096,663 | |||||||||||
Miami Beach Health Facilities Authority Hospital
RB for Mount Sinai Medical Center Series 2001 (BB/Ba2)
|
||||||||||||||
| 2,970,000 | 5.50 | 11/15/2035 | 2,973,683 | |||||||||||
Miami Beach Health Facilities Authority Hospital
RB for Mount Sinai Medical Center Series 2001 A (BB/Ba2)
|
||||||||||||||
| 6,345,000 | 6.13 | 11/15/2011 | 6,238,277 | |||||||||||
The accompanying notes
are an integral part of these financial statements.
30
GOLDMAN SACHS HIGH YIELD
MUNICIPAL FUND
| Principal | Interest | Maturity | ||||||||||||
| Amount | Rate | Date | Value | |||||||||||
|
Debt Obligations – (continued) |
||||||||||||||
| Florida – (continued) | ||||||||||||||
Miami Beach Health Facilities Authority Hospital
RB for Mount Sinai Medical Center Series 2004 (BB/Ba2)
|
||||||||||||||
| $ | 13,600,000 | 6.75 | % | 11/15/2029 | $ | 13,290,736 | ||||||||
| Middle Village Community Development District Special Assessment Series 2004 A | ||||||||||||||
| 5,000,000 | 5.80 | 05/01/2022 | 4,905,300 | |||||||||||
| 13,000,000 | 6.00 | 05/01/2035 | 13,012,090 | |||||||||||
| Middle Village Community Development District Special Assessment Series 2004 B | ||||||||||||||
| 2,000,000 | 5.00 | 05/01/2009 | 1,981,580 | |||||||||||
| Middle Village Community Development District Special Assessment Series 2004 C | ||||||||||||||
| 830,000 | 5.13 | 05/01/2009 | 820,911 | |||||||||||
| Narcoossee Community Development District Special Assessment Series 2002 A | ||||||||||||||
| 5,100,000 | 6.85 | 05/01/2033 | 5,354,592 | |||||||||||
| Narcoossee Community Development District Special Assessment Series 2002 B | ||||||||||||||
| 1,500,000 | 5.75 | 05/01/2008 | 1,519,680 | |||||||||||
| Oakstead Community Development District RB for Capital Improvement Series 2002 A | ||||||||||||||
| 4,795,000 | 6.88 | 05/01/2033 | 5,040,600 | |||||||||||
| Oakstead Community Development District RB for Capital Improvement Series 2002 B | ||||||||||||||
| 4,615,000 | 5.90 | 05/01/2007 | 4,674,072 | |||||||||||
| Oakstead Community Development District RB for Capital Improvement Series 2003 | ||||||||||||||
| 1,560,000 | 5.20 | 11/01/2007 | 1,557,535 | |||||||||||
| Orlando Urban Community Development District Special Assessment Series 2001 A | ||||||||||||||
| 8,000,000 | 6.95 | 05/01/2033 | 8,399,760 | |||||||||||
| Panther Trace Community Development District Special Assessment Series 2002 A | ||||||||||||||
| 1,500,000 | 7.25 | 05/01/2033 | 1,601,400 | |||||||||||
| Park Place Community Development District Special Assessment Series 2003 | ||||||||||||||
| 4,505,000 | 6.38 | 05/01/2034 | 4,588,703 | |||||||||||
| Parklands West Community Development District Special Assessment Series 2001 A | ||||||||||||||
| 3,460,000 | 6.90 | 05/01/2032 | 3,602,102 | |||||||||||
| Parklands West Community Development District Special Assessment Series 2001 B | ||||||||||||||
| 775,000 | 6.00 | 05/01/2006 | 781,766 | |||||||||||
| Parkway Center Community Development District Special Assessment Series 2000 A | ||||||||||||||
| 832,329 | 8.25 | 05/01/2031 | 665,863 | |||||||||||
| Parkway Center Community Development District Special Assessment Series 2000 B | ||||||||||||||
| 6,128,206 | 8.00 | 05/01/2010 | 4,902,565 | |||||||||||
| Pier Park Community Development District RB for Capital Improvement Series 2002 1 | ||||||||||||||
| 14,670,000 | 7.15 | 05/01/2034 | 15,093,523 | |||||||||||
| Pier Park Community Development District RB for Capital Improvement Series 2002 2 | ||||||||||||||
| 1,330,000 | 7.15 | 05/01/2034 | 1,357,770 | |||||||||||
| Poinciana Community Development District Special Assessment Series 2000 A | ||||||||||||||
| 5,910,000 | 7.13 | 05/01/2031 | 6,177,191 | |||||||||||
| Renaissance Community Development District RB for Capital Improvement Series 2002 A | ||||||||||||||
| 7,400,000 | 7.00 | 05/01/2033 | 7,802,412 | |||||||||||
| Renaissance Community Development District RB for Capital Improvement Series 2002 B | ||||||||||||||
| 1,750,000 | 6.25 | 05/01/2008 | 1,798,317 | |||||||||||
| Reunion East Community Development District Special Assessment Series 2002 A | ||||||||||||||
| 20,190,000 | 7.20 | 05/01/2022 | 21,329,523 | |||||||||||
| 2,325,000 | 7.38 | 05/01/2033 | 2,459,269 | |||||||||||
| Reunion East Community Development District Special Assessment Series 2002 B | ||||||||||||||
| 4,035,000 | 5.90 | 11/01/2007 | 4,095,283 | |||||||||||
| Reunion East Community Development District Special Assessment Series 2003 | ||||||||||||||
| 1,500,000 | 5.20 | 11/01/2007 | 1,499,520 | |||||||||||
| Reunion West Community Development District Special Assessment BANS Series 2003 | ||||||||||||||
| 10,000,000 | 5.25 | 10/01/2004 | 10,000,600 | |||||||||||
| Rivercrest Community Development District Special Assessment Series 2001 | ||||||||||||||
| 5,545,000 | 7.00 | 05/01/2032 | 5,832,231 | |||||||||||
| Riverside Park Community Development District Special Assessment Series 2004 | ||||||||||||||
| 2,025,000 | 6.13 | 05/01/2034 | 1,985,816 | |||||||||||
| Saddlebrook Community Development District Special Assessment Series 2001 A | ||||||||||||||
| 5,110,000 | 6.90 | 05/01/2033 | 5,339,541 | |||||||||||
| Saddlebrook Community Development District Special Assessment Series 2001 B | ||||||||||||||
| 490,000 | 6.25 | 05/01/2009 | 503,754 | |||||||||||
| Sampson Creek Community Development District Capital Improvement Special Assessment Series 2000 A | ||||||||||||||
| 2,310,000 | 6.95 | 05/01/2031 | 2,422,012 | |||||||||||
| Seven Oaks Community Development District I RB Special Assessment Series 2002 | ||||||||||||||
| 4,455,000 | 5.60 | 11/01/2007 | 4,485,472 | |||||||||||
| Seven Oaks Community Development District II RB Special Assessment Series 2003 A | ||||||||||||||
| 4,760,000 | 6.40 | 05/01/2034 | 4,875,192 | |||||||||||
| Seven Oaks Community Development District II RB Special Assessment Series 2003 B | ||||||||||||||
| 3,500,000 | 5.30 | 11/01/2008 | 3,522,190 | |||||||||||
| South Bay Community Development District BANS Series 2004 | ||||||||||||||
| 30,000,000 | 5.00 | 04/01/2005 | 29,967,900 | |||||||||||
| South Dade Venture Community Development District Special Assessment Series 2004 | ||||||||||||||
| 2,815,000 | 6.00 | 05/01/2024 | 2,791,326 | |||||||||||
| South Forks Community Development RB Series 2003 | ||||||||||||||
| 2,570,000 | 6.15 | 05/01/2033 | 2,566,196 | |||||||||||
The accompanying notes
are an integral part of these financial statements.
31
GOLDMAN SACHS HIGH
YIELD MUNICIPAL FUND
Statement of
Investments (continued)
April 30, 2004 (Unaudited)
| Principal | Interest | Maturity | ||||||||||||
| Amount | Rate | Date | Value | |||||||||||
|
Debt Obligations – (continued) |
||||||||||||||
| Florida – (continued) | ||||||||||||||
| Spicewood Community Development District Special Assessment Series 2003 A | ||||||||||||||
| $ | 3,000,000 | 6.10 | % | 05/01/2034 | $ | 2,995,590 | ||||||||
| St. Johns Forest Community Development District RB for Capital Improvement Series 2003 A | ||||||||||||||
| 5,160,000 | 6.13 | 05/01/2034 | 5,178,886 | |||||||||||
| St. Johns Forest Community Development District RB for Capital Improvement Series 2003 B | ||||||||||||||
| 825,000 | 5.30 | 05/01/2010 | 819,588 | |||||||||||
| St. Lucie West Services District Capital Improvement RB for Road Project Series 1999 | ||||||||||||||
| 1,195,000 | 5.88 | 05/01/2009 | 1,221,254 | |||||||||||
| Sterling Hill Community Development District RB for Capital Improvement Series 2003 A | ||||||||||||||
| 4,000,000 | 6.20 | 05/01/2035 | 4,010,640 | |||||||||||
| Sterling Hill Community Development District RB for Capital Improvement Series 2003 B | ||||||||||||||
| 3,000,000 | 5.50 | 11/01/2010 | 2,991,510 | |||||||||||
| Stonegate Community Development District RB Special Assessment Series 2004 | ||||||||||||||
| 2,250,000 | 6.13 | 05/01/2034 | 2,238,233 | |||||||||||
| Stonelake Ranch Community Development District Special Assessment Series 2004 A | ||||||||||||||
| 3,615,000 | 5.90 | 05/01/2034 | 3,531,313 | |||||||||||
| Sumter County IDA RB for North Sumter Utility Co. LLC Project Series 2002 (AMT) | ||||||||||||||
| 6,950,000 | 6.80 | 10/01/2032 | 6,984,959 | |||||||||||
| Sumter County IDA RB for North Sumter Utility Co. LLC Project Series 2003 (AMT) | ||||||||||||||
| 4,625,000 | 6.90 | 10/01/2034 | 4,637,811 | |||||||||||
| Sumter Landing Community Development District Special Assessment Series 2003 | ||||||||||||||
| 10,000,000 | 6.95 | 05/01/2033 | 10,361,300 | |||||||||||
| Tomoka Community Development District Series 2004 A | ||||||||||||||
| 8,250,000 | 6.10 | 05/01/2035 | 8,206,522 | |||||||||||
| University Place Community Development District Special Assessment Series 2001 A | ||||||||||||||
| 1,745,000 | 7.00 | 05/01/2032 | 1,825,916 | |||||||||||
| University Place Community Development District Special Assessment Series 2001 B | ||||||||||||||
| 780,000 | 6.10 | 05/01/2007 | 791,021 | |||||||||||
| Venetian Community Development District RB for Capital Improvement Series 2002 A | ||||||||||||||
| 4,000,000 | 6.75 | 05/01/2034 | 4,127,880 | |||||||||||
| Village Center Community Development District Recreational RB SubSeries 1998 B | ||||||||||||||
| 2,175,000 | 8.25 | 01/01/2017 | 2,329,295 | |||||||||||
| Village Center Community Development District Recreational RB SubSeries 1998 C | ||||||||||||||
| 2,180,000 | 7.38 | 01/01/2019 | 2,303,126 | |||||||||||
| Village Center Community Development District Recreational RB SubSeries 2003 | ||||||||||||||
| 4,005,000 | 6.35 | 01/01/2018 | 4,152,704 | |||||||||||
| Village Community Development District No. 3 Special Assessment Series 2002 | ||||||||||||||
| 8,155,000 | 6.50 | 05/01/2032 | 8,412,861 | |||||||||||
| Village Community Development District No. 4 Special Assessment Series 2000 | ||||||||||||||
| 3,800,000 | 7.15 | 05/01/2018 | 4,062,922 | |||||||||||
| Village Community Development District No. 4 Special Assessment Series 2002 | ||||||||||||||
| 5,235,000 | 6.88 | 05/01/2022 | 5,532,819 | |||||||||||
| 6,900,000 | 6.95 | 05/01/2032 | 7,279,017 | |||||||||||
| Village Community Development District No. 4 Special Assessment Series 2003 | ||||||||||||||
| 500,000 | 6.50 | 05/01/2033 | 513,165 | |||||||||||
| Village Community Development District No. 5 Special Assessment Series 2002 A | ||||||||||||||
| 20,000,000 | 6.50 | 05/01/2033 | 20,632,400 | |||||||||||
| Village Community Development District No. 5 Special Assessment Series 2002 B | ||||||||||||||
| 4,870,000 | 5.40 | 05/01/2007 | 4,919,382 | |||||||||||
| Village Community Development District No. 5 Special Assessment Series 2003 A | ||||||||||||||
| 4,455,000 | 6.00 | 05/01/2022 | 4,500,574 | |||||||||||
| 21,000,000 | 6.10 | 05/01/2034 | 21,229,320 | |||||||||||
| Village Community Development District No. 5 Special Assessment Series 2003 B | ||||||||||||||
| 15,600,000 | 5.00 | 05/01/2008 | 15,577,536 | |||||||||||
| Village Community Development District No. 6 Special Assessment RB Series 2004 | ||||||||||||||
| 5,710,000 | 5.63 | 05/01/2022 | 5,591,232 | |||||||||||
| 44,535,000 | 5.80 | 05/01/2035 | 43,917,745 | |||||||||||
| Villasol Community Development District Special Assessment RB Series 2003 A | ||||||||||||||
| 4,160,000 | 6.60 | 05/01/2034 | 4,306,598 | |||||||||||
| Villasol Community Development District Special Assessment RB Series 2003 B | ||||||||||||||
| 1,735,000 | 5.38 | 05/01/2008 | 1,749,401 | |||||||||||
| Vista Lakes Community Development District RB for Capital Improvement Series 2002 A | ||||||||||||||
| 3,750,000 | 6.75 | 05/01/2034 | 3,894,188 | |||||||||||
| Vizcaya Community Development District Special Assessment Series 2002 | ||||||||||||||
| 6,500,000 | 5.90 | 05/01/2007 | 6,583,200 | |||||||||||
| Vizcaya Community Development District Special Assessment Series 2003 B | ||||||||||||||
| 3,325,000 | 5.40 | 11/01/2007 | 3,326,164 | |||||||||||
| Walnut Creek Community Development District Special Assessment Series 2000 A | ||||||||||||||
| 4,065,000 | 7.30 | 05/01/2021 | 4,379,916 | |||||||||||
| Waterchase Community Development District RB for Capital Improvement Series 2001 A | ||||||||||||||
| 2,950,000 | 6.70 | 05/01/2032 | 3,064,549 | |||||||||||
| Waterlefe Community Development District RB for Capital Improvement Series 2001 A | ||||||||||||||
| 980,000 | 6.95 | 05/01/2031 | 1,030,862 | |||||||||||
The accompanying notes
are an integral part of these financial statements.
32
GOLDMAN SACHS HIGH YIELD
MUNICIPAL FUND
| Principal | Interest | Maturity | ||||||||||||
| Amount | Rate | Date | Value | |||||||||||
|
Debt Obligations – (continued) |
||||||||||||||
| Florida – (continued) | ||||||||||||||
Westchester Community Development District
No. 1 Special Assessment for Community Infrastructure
Series 2003
|
||||||||||||||
| $ | 20,000,000 | 6.13 | % | 05/01/2035 | $ | 20,135,600 | ||||||||
| Wyndam Park Community Development District Special Assessment Series 2003 | ||||||||||||||
| 2,500,000 | 6.38 | 05/01/2034 | 2,546,450 | |||||||||||
| $ | 854,152,916 | |||||||||||||
| Georgia – 0.5% | ||||||||||||||
| Atlanta Tax Allocation RB for Atlantic Station Project Series 2001 | ||||||||||||||
| $ | 10,000,000 | 7.75 | % | 12/01/2014 | $ | 10,471,200 | ||||||||
| Fulton County Residential Care Facilities RB for Canterbury Court Project Series 2004 A | ||||||||||||||
| 1,750,000 | 6.13 | 02/15/2034 | 1,697,605 | |||||||||||
| Tift County IDA RB for Beverly Enterprises Project Series 2000 | ||||||||||||||
| 925,000 | 7.50 | 07/01/2010 | 933,899 | |||||||||||
| $ | 13,102,704 | |||||||||||||
| Guam – 0.3% | ||||||||||||||
| Guam Government GO Bonds Series 1993 A (B) | ||||||||||||||
| $ | 5,000,000 | 5.38 | % | 11/15/2013 | $ | 4,898,000 | ||||||||
| Guam Government GO Bonds Series 1995 A (B) | ||||||||||||||
| 3,300,000 | 5.75 | 09/01/2004 | 3,328,842 | |||||||||||
| $ | 8,226,842 | |||||||||||||
| Hawaii – 0.4% | ||||||||||||||
| Hawaii Airport System RB Series 2001 II-R-59 (AMT) (FGIC) (RITES) (Aaa)¡ | ||||||||||||||
| $ | 2,500,000 | 19.14 | % | 07/01/2015 | $ | 3,301,350 | ||||||||
Hawaii Department of Transport Special Facilities
RB for Continental Airlines Inc. Series 1997 (AMT) (B/ Caa2)
|
||||||||||||||
| 3,650,000 | 5.63 | 11/15/2027 | 2,694,649 | |||||||||||
Hawaii Department of Transport Special Facilities
RB for Continental Airlines Inc. Series 2000 (AMT) (B/ Caa2)
|
||||||||||||||
| 460,000 | 7.00 | 06/01/2020 | 413,398 | |||||||||||
| Hawaii Improvement District RB No. 17 Special Assessment Kaloko Subdivision Series 2001 | ||||||||||||||
| 3,655,000 | 7.38 | 08/01/2011 | 3,751,309 | |||||||||||
| $ | 10,160,706 | |||||||||||||
| Illinois – 1.7% | ||||||||||||||
Chicago Single Family Mortgage RB for Collateral
Series 2001 A (FHLMC/ FNMA/ GNMA) (AMT) (AAA/Aaa)
|
||||||||||||||
| $ | 4,735,000 | 6.25 | % | 10/01/2032 | $ | 5,128,005 | ||||||||
| Chicago, Illinois Special Assessment for Lake Shore East Series 2003 | ||||||||||||||
| 4,000,000 | 6.75 | 12/01/2032 | 4,077,600 | |||||||||||
| Chicago, Illinois Tax Increment for Allocation Sub-Central Loop Redevelopment Series 2000 A | ||||||||||||||
| 250,000 | 6.50 | 12/01/2005 | 260,510 | |||||||||||
| Chicago, Illinois Tax Increment for Central Loop Redevelopment Series 2000 A (ACA) (A) | ||||||||||||||
| 250,000 | 6.50 | 12/01/2006 | 272,470 | |||||||||||
| 2,000,000 | 6.50 | 12/01/2008 | 2,232,800 | |||||||||||
| Chicago, Illinois Tax Increment for Central Loop Redevelopment Series 2000 A | ||||||||||||||
| 6,550,000 | 6.50 | 12/01/2007 | 6,982,038 | |||||||||||
| Illinois Development Finance Authority PCRB for Amerencips Series 2000 A (A/A2)- | ||||||||||||||
| 6,050,000 | 5.50 | 02/28/2014 | 6,319,648 | |||||||||||
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 | 8,142,880 | |||||||||||
| 5,500,000 | 6.25 | 05/01/2034 | 5,644,760 | |||||||||||
| Illinois Health Facilities Authority RB for Loyola University Health Systems Series 2001 A (Baa1) | ||||||||||||||
| 2,000,000 | 6.00 | 07/01/2021 | 2,032,020 | |||||||||||
| Ottawa Illinois Health Care Facilities RB for Ottawa Community Hospital Series 2004 (Radian) (AA) | ||||||||||||||
| 1,900,000 | 5.13 | 08/15/2019 | 1,926,296 | |||||||||||
| 1,100,000 | 5.00 | 08/15/2021 | 1,087,394 | |||||||||||
| 1,000,000 | 5.20 | 08/15/2024 | 986,370 | |||||||||||
| Robbins Resources Recovery RB for Restructuring Project Series 1999 C (AMT) | ||||||||||||||
| 416,968 | 7.25 | 10/15/2009 | 295,835 | |||||||||||
| $ | 45,388,626 | |||||||||||||
| 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 | $ | 1,504,170 | ||||||||
Indianapolis Airport Authority RB for Special
Facilities United Air Lines Project Series 1995 A
(AMT) (D)Ø
|
||||||||||||||
| 10,000,000 | 6.50 | 11/15/2031 | 3,173,300 | |||||||||||
Jasper County Industrial Economic Development RB
for Georgia Pacific Corp. Project Series 2000 (AMT) (Ba3)
|
||||||||||||||
| 2,500,000 | 6.70 | 04/01/2029 | 2,518,250 | |||||||||||
| $ | 7,195,720 | |||||||||||||
| Iowa – 1.8% | ||||||||||||||
| Tobacco Settlement Authority RB Series 2001 B (BBB/Baa3) | ||||||||||||||
| $ | 28,240,000 | 5.30 | % | 06/01/2025 | $ | 23,222,599 | ||||||||
| 30,000,000 | 5.60 | 06/01/2035 | 23,849,100 | |||||||||||
| $ | 47,071,699 | |||||||||||||
| Kansas – 0.1% | ||||||||||||||
| University Hospital Authority Health Facilities RB for Kansas University Health System Series 2002 (A-) | ||||||||||||||
| $ | 1,675,000 | 5.63 | % | 09/01/2032 | $ | 1,697,914 | ||||||||
The accompanying notes
are an integral part of these financial statements.
33
GOLDMAN SACHS HIGH
YIELD MUNICIPAL FUND
Statement of
Investments (continued)
April 30, 2004 (Unaudited)
| Principal | Interest | Maturity | ||||||||||||
| Amount | Rate | Date | Value | |||||||||||
|
Debt Obligations – (continued) |
||||||||||||||
|
|
||||||||||||||
| Kentucky – 1.0% | ||||||||||||||
|
Kenton County Airport Board RB for Special
Facilities Delta Airlines Project Series 1992 A (AMT) (CCC/Caa2)
|
||||||||||||||
| $ | 5,490,000 | 7.50 | % | 02/01/2020 | $ | 4,768,339 | ||||||||
| 5,380,000 | 7.13 | 02/01/2021 | 4,481,217 | |||||||||||
| 8,780,000 | 6.13 | 02/01/2022 | 6,509,141 | |||||||||||
|
Kentucky Economic Development Finance Authority
RB for Appalachian Regional Health Care Series 1997 (BB-)
|
||||||||||||||
| 500,000 | 5.70 | 10/01/2010 | 483,615 | |||||||||||
|
Kentucky Economic Development Finance Authority
RB for Norton Healthcare Inc. Series 2000 B (MBIA) (AAA/Aaa)@
|
||||||||||||||
| 2,000,000 | 0.00 | 10/01/2022 | 743,560 | |||||||||||
|
Kentucky Economic Development Finance Authority
RB for Norton Healthcare Inc. Series 2000 C (MBIA) (AAA/Aaa)§
|
||||||||||||||
| 6,750,000 | 0.00/6.00 | 10/01/2018 | 6,840,383 | |||||||||||
| Russell RB Series 2000 PA 803 (ETM) (RITES)¡ | ||||||||||||||
| 3,000,000 | 14.68 | 11/15/2005 | 3,604,380 | |||||||||||
| $ | 27,430,635 | |||||||||||||
| Louisiana – 1.1% | ||||||||||||||
| Hodge Utility RB Series 2003 (AMT) (B) | ||||||||||||||
| $ | 6,750,000 | 7.45 | % | 03/01/2024 | $ | 6,801,975 | ||||||||
| Louisiana Health and Educational Authority RB for Lambeth House Series 1998 A | ||||||||||||||
| 590,000 | 5.25 | 01/01/2005 | 591,274 | |||||||||||
| Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2003 C (A/A3) | ||||||||||||||
| 5,000,000 | 5.25 | 09/01/2015 | 5,183,750 | |||||||||||
| 3,500,000 | 5.25 | 09/01/2016 | 3,607,310 | |||||||||||
| Saint Charles Parish PCRB Series 1999 A (BBB-/Baa3)- | ||||||||||||||
| 2,000,000 | 4.90 | 06/01/2005 | 2,047,440 | |||||||||||
| Tobacco Settlement Financing Corp. RB for Louisiana Asset Backed Bonds Series 2001 B (BBB/Baa3) | ||||||||||||||
| 6,460,000 | 5.88 | 05/15/2039 | 5,376,852 | |||||||||||
| Tobacco Settlement Financing Corp. RB Series 2001 PA 951(RITES)¡ | ||||||||||||||
| 7,685,000 | 8.80 | 05/15/2024 | 5,407,781 | |||||||||||
| West Feliciana Parish PCRB for Gulf State Utilities Co. Series 1984 (BB+/Ba1) | ||||||||||||||
| 1,500,000 | 7.70 | 12/01/2014 | 1,522,560 | |||||||||||
| $ | 30,538,942 | |||||||||||||
| Maryland – 1.8% | ||||||||||||||
| Anne Arundel County Special Obligation RB for Aundel Mills Project Series 2004 (AA+/Aa1) | ||||||||||||||
| $ | 1,230,000 | 5.13 | % | 07/01/2029 | $ | 1,252,287 | ||||||||
| Baltimore Maryland Special Obligation RB for Clipper Mill Project Series 2004 | ||||||||||||||
| 4,627,000 | 6.25 | 09/01/2033 | 4,618,394 | |||||||||||
| Baltimore Maryland Special Obligation RB for Harborview Lot No. 2 Series 2003 | ||||||||||||||
| 3,000,000 | 6.50 | 07/01/2031 | 3,066,060 | |||||||||||
| Baltimore Maryland Special Obligation RB for Strathdale Manor Project Series 2003 | ||||||||||||||
| 3,750,000 | 7.00 | 07/01/2033 | 3,875,175 | |||||||||||
| Maryland GO Bonds for Capital Improvement State and Local Facilities 1st Series 2003 A (AAA/Aaa) | ||||||||||||||
| 9,750,000 | 5.25 | 03/01/2009 | 10,770,825 | |||||||||||
| Maryland State Department of Transportation RB Series 2004 PA 1259 (RITES)¡ | ||||||||||||||
| 5,825,000 | 14.75 | 05/01/2012 | 8,038,034 | |||||||||||
|
Maryland State Health & Higher
Educational Facilities Authority RB for Medstar Health
Series 2004 (BBB/Baa2)
|
||||||||||||||
| 1,000,000 | 5.75 | 08/15/2016 | 1,046,460 | |||||||||||
| 4,500,000 | 5.38 | 08/15/2024 | 4,313,835 | |||||||||||
| 10,750,000 | 5.50 | 08/15/2033 | 10,387,940 | |||||||||||
| Prince Georges County RB for Dimensions Health Corp. Project Series 1994 (B3) | ||||||||||||||
| 560,000 | 5.30 | 07/01/2024 | 407,098 | |||||||||||
| $ | 47,776,108 | |||||||||||||
| Massachusetts – 1.0% | ||||||||||||||
| Massachusetts GO Bonds Series 2001 II-R-101(FSA) (Aaa)¡ | ||||||||||||||
| $ | 2,500,000 | 14.41 | % | 12/01/2014 | $ | 3,447,600 | ||||||||
| Massachusetts Health and Educational Facilities Authority RB for Civic Investments Series 2002 A | ||||||||||||||
| 700,000 | 8.00 | 12/15/2004 | 705,530 | |||||||||||
| 3,000,000 | 9.00 | 12/15/2015 | 3,404,250 | |||||||||||
| Massachusetts Health and Educational Facilities Authority RB for Civic Investments Series 2002 B | ||||||||||||||
| 2,000,000 | 9.20 | 12/15/2031 | 2,288,000 | |||||||||||
|
Massachusetts Health and Educational Facilities
Authority RB for Saint Memorial Medical Center Series 1993
A (Ba2)
|
||||||||||||||
| 765,000 | 5.75 | 10/01/2006 | 766,890 | |||||||||||
|
Massachusetts State GO Bonds Series 2002 A
(MBIA) (AAA/Aaa) |
||||||||||||||
| 15,000,000 | 5.50 | 02/01/2009 | 16,653,600 | |||||||||||
| $ | 27,265,870 | |||||||||||||
| Michigan – 1.5% | ||||||||||||||
| Flint Michigan Hospital Building Authority RB for Hurley Medical Center Series 1998 B (Baa3) | ||||||||||||||
| $ | 1,250,000 | 5.38 | % | 07/01/2028 | $ | 1,047,837 | ||||||||
|
Flint Michigan Hospital Building Authority RB for
Hurley Medical Center Refunding Series 2003 (BBB-/Baa3) |
||||||||||||||
| 3,205,000 | 5.50 | 07/01/2008 | 3,322,912 | |||||||||||
| Midland County Economic Development RB for Obligation-Midland Series 2000 B (BB-/Ba3) | ||||||||||||||
| 5,000,000 | 6.75 | 07/23/2009 | 5,192,000 | |||||||||||
| Midland County Economic Development RB for Sub-Ltd. Obligation Series 2000 A (AMT) (BB-/Ba3) | ||||||||||||||
| 11,150,000 | 6.88 | 07/23/2009 | 11,568,683 | |||||||||||
| Wayne Charter County Special Airport Facilities RB for Northwest Airlines Inc. Series 1995 | ||||||||||||||
| 13,250,000 | 6.75 | 12/01/2015 | 12,102,020 | |||||||||||
| Wayne Charter County Special Airport Facilities RB for Northwest Airlines Inc. Series 1999 (AMT) | ||||||||||||||
| 8,235,000 | 6.00 | 12/01/2029 | 6,308,751 | |||||||||||
| $ | 39,542,203 | |||||||||||||
The accompanying notes
are an integral part of these financial statements.
34
GOLDMAN SACHS HIGH YIELD
MUNICIPAL FUND
| Principal | Interest | Maturity | ||||||||||||
| Amount | Rate | Date | Value | |||||||||||
|
Debt Obligations – (continued) |
||||||||||||||
|
|
||||||||||||||
| Minnesota – 1.0% | ||||||||||||||
| Becker PCRB for Northern States Power Series 2000 A (BBB+/A2) | ||||||||||||||
| $ | 10,000,000 | 8.50 | % | 04/01/2030 | $ | 11,738,500 | ||||||||
| Duluth Economic Development Authority Health Care Facilites RB for St. Luke’s Hospital Series 2002 (BB) | ||||||||||||||
| 7,500,000 | 7.25 | 06/15/2032 | 7,815,525 | |||||||||||
|
Minneapolis and St. Paul Metropolitan Airports
Special Facilities RB for Northwest Airlines Project
Series 2001 A (AMT)
|
||||||||||||||
| 3,000,000 | 7.00 | 04/01/2025 | 2,689,950 | |||||||||||
|
Minneapolis and St. Paul Metropolitan Airports
Special Facilities RB for Northwest Airlines Project
Series 2001 B (AMT)-
|
||||||||||||||
| 1,500,000 | 6.50 | 04/01/2005 | 1,417,380 | |||||||||||
| St. Paul Housing and Redevelopment Hospital Authority RB for Healtheast Project Series 1993 A (BB/Ba2) | ||||||||||||||
| 4,375,000 | 6.63 | 11/01/2017 | 4,383,225 | |||||||||||
| $ | 28,044,580 | |||||||||||||
| Mississippi – 0.7% | ||||||||||||||
|
Mississippi Business Finance Corp. PCRB for
Systems Energy Resources Inc. Project Series 1998 (BBB-/Ba1) |
||||||||||||||
| $ | 13,635,000 | 5.88 | % | 04/01/2022 | $ | 13,745,853 | ||||||||
|
Mississippi Home Corp. Housing RB for Mississippi
Valley State Student Housing Project Series 2003 8A
(ACA) (A)
|
||||||||||||||
| 5,000,000 | 5.50 | 12/01/2035 | 4,740,100 | |||||||||||
| $ | 18,485,953 | |||||||||||||
| Missouri – 0.0% | ||||||||||||||
| Kansas City IDA RB for Air Cargo Series 2002 (AMT) (Baa3) | ||||||||||||||
| $ | 1,295,000 | 6.25 | % | 01/01/2030 | $ | 1,285,080 | ||||||||
| Montana – 0.3% | ||||||||||||||
| Forsyth Montana PCRB Refunding Portland General Series 1998-A-RMKT 5/1/03 (BBB+/Baa2)- | ||||||||||||||
| $ | 6,500,000 | 5.20 | % | 05/01/2009 | $ | 6,803,485 | ||||||||
| Nebraska – 0.1% | ||||||||||||||
| Douglas County Hospital Authority No. 002 RB for Nebraska Medical Center Series 2003 (A2) | ||||||||||||||
| $ | 3,500,000 | 5.00 | % | 11/15/2015 | $ | 3,605,875 | ||||||||
| Nevada – 2.1% | ||||||||||||||
| Clark County Improvement District No. 142-LOC Special Assessment Series 2003 | ||||||||||||||
| $ | 1,460,000 | 5.80 | % | 08/01/2015 | $ | 1,460,978 | ||||||||
| 5,000,000 | 6.10 | 08/01/2018 | 4,949,400 | |||||||||||
| 4,000,000 | 6.38 | 08/01/2023 | 3,954,520 | |||||||||||
| Clark County Industrial Development RB for Nevada Power Co. Project Series 1995 B (AMT) (B-) | ||||||||||||||
| 6,865,000 | 5.90 | 10/01/2030 | 6,117,196 | |||||||||||
| Clark County Industrial Development RB for Nevada Power Co. Project Series 1995 C (B+) | ||||||||||||||
| 710,000 | 5.50 | 10/01/2030 | 609,570 | |||||||||||
| Clark County Industrial Development RB for Southwest Gas Corp. Project Series 2003 C (BBB-/Baa2)- | ||||||||||||||
| 4,835,000 | 5.45 | 03/01/2013 | 5,154,013 | |||||||||||
| Clark County PCRB for Southern California Series 2000 C RMKT 3/1/04 (AMT) (BBB-/Baa3)- | ||||||||||||||
| 5,000,000 | 3.25 | 03/02/2009 | 4,888,750 | |||||||||||
| Clark County School District GO Bonds Series 2003 PA 1220 (MBIA) (RITES) (AAA)¡ | ||||||||||||||
| 4,475,000 | 17.66 | 06/15/2010 | 6,723,509 | |||||||||||
| Henderson Health Care Facility RB for Catholic Healthcare West Series 2004 A (BBB+/Baa1) | ||||||||||||||
| 7,000,000 | 5.63 | 07/01/2024 | 6,861,890 | |||||||||||
| Henderson Local Improvement Districts No. T-14 Special Assessment Series 2003 | ||||||||||||||
| 2,000,000 | 5.55 | 03/01/2017 | 2,000,280 | |||||||||||
| Las Vegas Local Improvement Bonds Special Assessment District No. 808 Summerlin Area Series 2001 | ||||||||||||||
| 1,150,000 | 5.70 | 06/01/2008 | 1,177,255 | |||||||||||
| 2,000,000 | 6.75 | 06/01/2021 | 2,060,220 | |||||||||||
|
North Las Vegas Local Improvement Special
Assessment for Special Improvement District No. 60-Aliante
Series 2003
|
||||||||||||||
| 1,000,000 | 6.13 | 12/01/2017 | 1,012,700 | |||||||||||
| 1,500,000 | 6.40 | 12/01/2022 | 1,518,735 | |||||||||||
| Washoe County Water Facilities RB for Sierra Pacific Power Co. Series 2001 (AMT) (BB)- | ||||||||||||||
| 8,000,000 | 5.00 | 07/01/2009 | 7,961,520 | |||||||||||
| $ | 56,450,536 | |||||||||||||
| 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 | $ | 942,183 | ||||||||
| 1,800,000 | 5.00 | 10/01/2015 | 1,859,688 | |||||||||||
| 900,000 | 5.00 | 10/01/2018 | 905,373 | |||||||||||
| $ | 3,707,244 | |||||||||||||
| New Jersey – 3.9% | ||||||||||||||
|
New Jersey Economic Development Authority RB for
First Mortgage of The Presbyterian Home Series 2001 A |
||||||||||||||
| $ | 1,500,000 | 6.25 | % | 11/01/2020 | $ | 1,503,090 | ||||||||
| New Jersey Economic Development Authority Retirement RB for Seabrook Village Inc. Series 2000 A | ||||||||||||||
| 2,500,000 | 8.00 | 11/15/2015 | 2,702,900 | |||||||||||
|
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 | 5,071,365 | |||||||||||
|
New Jersey Economic Development Authority Special
Facilities RB for Continental Airlines Inc. Project
Series 1999 (AMT) (B/Caa2)
|
||||||||||||||
| 5,190,000 | 6.25 | 09/15/2019 | 4,262,028 | |||||||||||
| 9,185,000 | 6.25 | 09/15/2029 | 7,180,741 | |||||||||||
|
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 | 840,041 | |||||||||||
| 500,000 | 6.63 | 07/01/2031 | 511,620 | |||||||||||
The accompanying notes
are an integral part of these financial statements.
35
GOLDMAN SACHS HIGH
YIELD MUNICIPAL FUND
Statement of
Investments (continued)
April 30, 2004 (Unaudited)
| Principal | Interest | Maturity | ||||||||||||
| Amount | Rate | Date | Value | |||||||||||
|
Debt Obligations – (continued) |
||||||||||||||
| New Jersey – (continued) | ||||||||||||||
| New Jersey Health Care Facilities Financing Authority RB for South Jersey Hospital Series 2002 (Baa1) | ||||||||||||||
| $ | 2,000,000 | 6.00 | % | 07/01/2032 | $ | 2,042,680 | ||||||||
|
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 | 1,636,920 | |||||||||||
|
Tobacco Settlement Financing Corp. RB
Series 2003 (BBB/Baa3) |
||||||||||||||
| 5,560,000 | 6.75 | 06/01/2039 | 5,254,478 | |||||||||||
| 2,500,000 | 7.00 | 06/01/2041 | 2,470,575 | |||||||||||
| 55,860,000 | 6.25 | 06/01/2043 | 48,880,851 | |||||||||||
| Tobacco Settlement Financing Corp. RB for New Jersey Asset Backed Bonds Series 2002 (BBB/Baa3) | ||||||||||||||
| 9,060,000 | 6.00 | 06/01/2037 | 7,733,616 | |||||||||||
| 3,445,000 | 6.13 | 06/01/2042 | 2,960,909 | |||||||||||
| Union County Utilities Authority RB for Ogden Martin Series 1998 A (AMBAC) (AMT) (AAA/Aaa) | ||||||||||||||
| 6,970,000 | 5.50 | 06/01/2009 | 7,580,154 | |||||||||||
| 3,625,000 | 5.50 | 06/01/2010 | 3,925,150 | |||||||||||
| $ | 104,557,118 | |||||||||||||
| New Mexico – 1.1% | ||||||||||||||
| Farmington PCRB for El Paso Electric Co. Project Series 2002 A (BB+/Ba1)- | ||||||||||||||
| $ | 7,500,000 | 6.38 | % | 08/01/2005 | $ | 7,812,600 | ||||||||
| Farmington PCRB for Public Service Co. San Juan Series 1996 B (BBB/Baa2) | ||||||||||||||
| 1,500,000 | 6.30 | 12/01/2016 | 1,592,715 | |||||||||||
| Farmington PCRB for Public Service Co. San Juan Series 2003 B (BBB/Baa2)- | ||||||||||||||
| 8,000,000 | 2.10 | 04/01/2006 | 7,956,960 | |||||||||||
| Farmington PCRB for Southern California Edison Co. Series 1993 A (MBIA) (AAA/Aaa) | ||||||||||||||
| 5,000,000 | 5.88 | 06/01/2023 | 5,065,600 | |||||||||||
| Farmington PCRB for Tucson Electric Power Co. San Juan Series 1997 A (B+/Ba3) | ||||||||||||||
| 3,000,000 | 6.95 | 10/01/2020 | 3,127,800 | |||||||||||
|
New Mexico Finance Authority Cigarette Tax RB for
University of New Mexico Health Series 2004 A (MBIA) (AAA/Aaa)
|
||||||||||||||
| 1,570,000 | 5.00 | 04/01/2017 | 1,632,706 | |||||||||||
| 1,000,000 | 5.00 | 04/01/2018 | 1,037,510 | |||||||||||
| $ | 28,225,891 | |||||||||||||
| New York – 5.0% | ||||||||||||||
| Metropolitan Transport Authority RB Series 2002 PA 1027 (AMBAC) (RITES)¡ | ||||||||||||||
| $ | 5,000,000 | 9.60 | % | 05/15/2010 | $ | 6,016,600 | ||||||||
| Nassau County IDA Civic Facility RB for North Shore Health System Project Series 2001 A (A3) | ||||||||||||||
| 400,000 | 6.25 | 11/01/2021 | 423,756 | |||||||||||
| Nassau County IDA Civic Facility RB for North Shore Health System Project Series 2001 B (A3) | ||||||||||||||
| 1,265,000 | 5.88 | 11/01/2011 | 1,387,401 | |||||||||||
| Nassau County IDA Civic Facility RB for North Shore Health System Project Series 2001 C (A3) | ||||||||||||||
| 820,000 | 5.63 | 11/01/2010 | 889,536 | |||||||||||
| Nassau County IDA Civic Facility RB for North Shore Health System Project Series 2001 D (A3) | ||||||||||||||
| 1,000,000 | 5.63 | 11/01/2009 | 1,081,990 | |||||||||||
| New York City IDA Civic Facility RB for Polytechnic University Project Series 2000 (BB+/Ba2) | ||||||||||||||
| 150,000 | 5.20 | 11/01/2007 | 144,675 | |||||||||||
| 2,000,000 | 6.00 | 11/01/2020 | 1,748,000 | |||||||||||
| New York City IDA Civic Facility RB for Staten Island University Hospital Project Series 2001 B (Ba3) | ||||||||||||||
| 1,000,000 | 6.38 | 07/01/2031 | 980,290 | |||||||||||
| New York City IDA Special Facilities RB for British Airways PLC Project Series 1998 (AMT) (BB+/Ba2) | ||||||||||||||
| 3,735,000 | 5.25 | 12/01/2032 | 2,738,203 | |||||||||||
| 1,530,000 | 7.63 | 12/01/2032 | 1,512,864 | |||||||||||
| New York City IDA Special Facilities RB for Continental Airlines Inc. Series 2003 (AMT) (CCC+) | ||||||||||||||
| 3,000,000 | 7.25 | 11/01/2008 | 2,928,090 | |||||||||||
| 4,055,000 | 8.00 | 11/01/2012 | 3,891,137 | |||||||||||
| 2,685,000 | 8.38 | - | 11/01/2012 | 2,571,881 | ||||||||||
| New York City Transitional Finance Authority RB Series 2002 R PA 1043 (RITES) (AA+)¡ | ||||||||||||||
| 8,000,000 | 9.82 | 11/01/2009 | 9,848,800 | |||||||||||
| New York Convention Center Operating Corp. COPS for Yale Building Acquisition Project Series 2003 | ||||||||||||||
| 4,000,000 | 5.25 | 06/01/2008 | 4,138,480 | |||||||||||
| New York GO Bonds Series 2003 A (A/A2) | ||||||||||||||
| 4,000,000 | 5.00 | 08/01/2012 | 4,209,960 | |||||||||||
| New York GO Bonds Series 2003 D (A/A2) | ||||||||||||||
| 4,570,000 | 5.25 | 10/15/2018 | 4,764,728 | |||||||||||
| New York GO Bonds Series 2004 I (A/A2) | ||||||||||||||
| 5,000,000 | 5.00 | 08/01/2019 | 5,061,400 | |||||||||||
| New York State Dormitory Authority Lease RB Series 2003 B (XLCA) (AAA/Aaa)- | ||||||||||||||
| 10,000,000 | 5.25 | 07/01/2013 | 10,770,300 | |||||||||||
| New York State Dormitory Authority RB for New York Methodist Hospital Series 2004 (A3) | ||||||||||||||
| 1,000,000 | 5.25 | 07/01/2024 | 1,002,120 | |||||||||||
| 2,000,000 | 5.25 | 07/01/2033 | 1,988,920 | |||||||||||
| New York State Dormitory Authority RB for North Shore Long Island Jewish Group Series 2003 (A3) | ||||||||||||||
| 2,000,000 | 5.00 | 05/01/2018 | 2,037,100 | |||||||||||
| 2,000,000 | 5.50 | 05/01/2033 | 2,016,180 | |||||||||||
| New York State Dormitory Authority RB for Nyack Hospital Series 1996 (Ba3) | ||||||||||||||
| 3,000,000 | 6.25 | 07/01/2013 | 2,679,180 | |||||||||||
|
New York State Energy Research and Development
Authority RB for Brooklyn Union Gas-B-RMKT-5/13/92
Series 1989 (MBIA) (AMT) (AAA/Aaa)
|
||||||||||||||
| 6,830,000 | 6.75 | 02/01/2024 | 7,026,363 | |||||||||||
The accompanying notes
are an integral part of these financial statements.
36
GOLDMAN SACHS HIGH YIELD
MUNICIPAL FUND
| Principal | Interest | Maturity | ||||||||||||
| Amount | Rate | Date | Value | |||||||||||
|
Debt Obligations – (continued) |
||||||||||||||
| New York – (continued) | ||||||||||||||
|
New York State Environmental Facilities Corp.
PCRB for State Water Sub-Revolving Fund Series 1997 E
(MBIA) (AAA/Aaa)
|
||||||||||||||
| $ | 21,850,000 | 6.00 | % | 06/15/2011 | $ | 25,249,204 | ||||||||
|
New York State Urban Development Corp. RB for
Correctional & Youth Facilities Services
Series 2003 PA 1218 (RITES)¡
|
||||||||||||||
| 3,625,000 | 16.63 | 01/01/2009 | 4,819,728 | |||||||||||
| Tobacco Settlement Financing Corp. RB for New York Asset Backed Bonds Series 2003 A-1 (AA-/A3) | ||||||||||||||
| 21,160,000 | 5.50 | 06/01/2018 | 22,685,001 | |||||||||||
| $ | 134,611,887 | |||||||||||||
| North Carolina – 1.1% | ||||||||||||||
| Charlotte Special Facilities RB for Charlotte/ Douglas International Airport Series 1998 (AMT) | ||||||||||||||
| $ | 2,460,000 | 5.60 | % | 07/01/2027 | $ | 1,333,566 | ||||||||
| Charlotte Special Facilities RB for Douglas International Airport US Airways Series 2000 (AMT) | ||||||||||||||
| 3,000,000 | 7.75 | 02/01/2028 | 2,172,030 | |||||||||||
| North Carolina Eastern Municipal Power Agency Power System RB Series 2003 C (BBB/Baa3) | ||||||||||||||
| 4,595,000 | 5.38 | 01/01/2016 | 4,761,109 | |||||||||||
| 4,850,000 | 5.38 | 01/01/2017 | 4,997,634 | |||||||||||
| North Carolina Eastern Municipal Power Agency Power System RB Series 2003 D (BBB/Baa3) | ||||||||||||||
| 3,400,000 | 5.13 | 01/01/2023 | 3,274,812 | |||||||||||
|
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 | 3,021,000 | |||||||||||
| North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 1998 A (MBIA) (AAA/Aaa) | ||||||||||||||
| 1,000,000 | 5.50 | 01/01/2014 | 1,116,160 | |||||||||||
| North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 1999 B (BBB+/Baa1) | ||||||||||||||
| 1,750,000 | 6.38 | 01/01/2013 | 1,941,100 | |||||||||||
| 5,000,000 | 6.50 | 01/01/2020 | 5,489,900 | |||||||||||
| North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 2003 A (BBB+/Baa1) | ||||||||||||||
| 2,550,000 | 5.50 | 01/01/2013 | 2,735,360 | |||||||||||
| $ | 30,842,671 | |||||||||||||
| Ohio – 1.8% | ||||||||||||||
| Cleveland Airport Special RB for Continental Airlines Inc. Project Series 1998 (AMT) (B-/Caa2) | ||||||||||||||
| $ | 16,180,000 | 5.38 | % | 09/15/2027 | $ | 11,213,225 | ||||||||
| Cleveland Airport Special RB for Continental Airlines Inc. Series 1999 (AMT) (B-/Caa2) | ||||||||||||||
| 7,910,000 | 5.50 | 12/01/2008 | 7,217,321 | |||||||||||
| 13,460,000 | 5.70 | 12/01/2019 | 10,387,621 | |||||||||||
| Ohio Water Development Authority PCRB for Cleveland Electric Series 1998 A (BBB-/Baa2)- | ||||||||||||||
| 3,000,000 | 3.40 | 10/01/2004 | 3,011,100 | |||||||||||
| 16,255,000 | 3.75 | 10/01/2008 | 16,398,369 | |||||||||||
| $ | 48,227,636 | |||||||||||||
| Oklahoma – 3.9% | ||||||||||||||
| Oklahoma Development Finance Authority RB for Hillcrest Healthcare Systems Series 1999 A (B-/B1) | ||||||||||||||
| $ | 1,700,000 | 4.80 | % | 08/15/2006 | $ | 1,590,877 | ||||||||
| 2,000,000 | 4.90 | 08/15/2007 | 1,825,120 | |||||||||||
| 2,000,000 | 5.00 | 08/15/2008 | 1,811,240 | |||||||||||
| 5,320,000 | 5.63 | 08/15/2019 | 4,386,766 | |||||||||||
| 12,920,000 | 5.63 | 08/15/2029 | 10,158,350 | |||||||||||
| Tulsa Municipal Airport Trust RB for American Airlines Series 2000 A (AMT) (B-/Caa2)- | ||||||||||||||
| 53,935,000 | 5.80 | 12/01/2004 | 53,554,219 | |||||||||||
| Tulsa Municipal Airport Trust RB for American Airlines Series 2000 B (AMT) (B-/Caa2)- | ||||||||||||||
| 16,000,000 | 6.00 | 12/01/2008 | 14,886,240 | |||||||||||
| Tulsa Municipal Airport Trust RB for American Airlines Series 2001 A (AMT) (B-/Caa2)- | ||||||||||||||
| 2,450,000 | 5.38 | 12/01/2006 | 2,339,946 | |||||||||||
| Tulsa Municipal Airport Trust RB for American Airlines Series 2001 B (AMT) (B-/Caa2)- | ||||||||||||||
| 15,095,000 | 5.65 | 12/01/2008 | 13,844,228 | |||||||||||
| $ | 104,396,986 | |||||||||||||
| 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 | $ | 191,586 | ||||||||
| Portland Multifamily RB for Pacific Tower Series 2001 C (AMT) | ||||||||||||||
| 2,650,000 | 7.00 | 12/01/2034 | 2,549,936 | |||||||||||
| $ | 2,741,522 | |||||||||||||
| Pennsylvania – 3.0% | ||||||||||||||
|
Allegheny County Airport RB for Pittsburgh
International Airport Series 1997 A-1 (MBIA) (AMT) (AAA/Aaa) |
||||||||||||||
| $ | 2,000,000 | 5.75 | % | 01/01/2009 | $ | 2,160,600 | ||||||||
| 3,000,000 | 5.75 | 01/01/2012 | 3,238,650 | |||||||||||
| Allegheny County Hospital Development Authority RB for Health Systems Series 2000 B (B/B2) | ||||||||||||||
| 16,460,000 | 9.25 | 11/15/2022 | 18,340,555 | |||||||||||
| 14,860,000 | 9.25 | 11/15/2030 | 16,557,755 | |||||||||||
| Chester County Health & Education RB for Jenners Pond Inc. Project Series 2002 | ||||||||||||||
| 3,000,000 | 7.63 | 07/01/2034 | 3,016,260 | |||||||||||
| Cumberland County IDA RB for Beverly Enterprises Inc. Series 1998 | ||||||||||||||
| 2,000,000 | 5.50 | 10/01/2008 | 1,963,480 | |||||||||||
|
Cumberland County Municipal Authority Retirement
Community RB for Wesley Affiliated Services
Series 2002 A
|
||||||||||||||
| 5,000,000 | 7.25 | 01/01/2035 | 5,000,550 | |||||||||||
| Franklin County IDA RB for Beverly Enterprises Project Series 2000 | ||||||||||||||
| 2,950,000 | 7.50 | 07/01/2011 | 2,909,054 | |||||||||||
| Gettysburg Area IDA RB for Beverly Enterprises Project Series 2000 | ||||||||||||||
| 2,400,000 | 7.50 | 07/01/2011 | 2,420,424 | |||||||||||
The accompanying notes
are an integral part of these financial statements.
37
GOLDMAN SACHS HIGH
YIELD MUNICIPAL FUND
Statement of
Investments (continued)
April 30, 2004 (Unaudited)
| Principal | Interest | Maturity | ||||||||||||
| Amount | Rate | Date | Value | |||||||||||
|
Debt Obligations – (continued) |
||||||||||||||
| Pennsylvania – (continued) | ||||||||||||||
| Lehigh County General Purpose Authority RB for Saint Lukes Bethlehem Hospital Series 2003 (BBB/Baa2) | ||||||||||||||
| $ | 6,500,000 | 5.38 | % | 08/15/2033 | $ | 6,301,165 | ||||||||
|
New Morgan IDA Solid Waste Disposal RB for New
Morgan Landfill Co. Inc. Project Series 1994 (AMT) (BB-/B2)
|
||||||||||||||
| 8,115,000 | 6.50 | 04/01/2019 | 7,594,017 | |||||||||||
|
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 | 5,111,450 | |||||||||||
| Pennsylvania State Higher Educational Facilities Authority RB for Widener University Series 2003 (BBB+) | ||||||||||||||
| 4,675,000 | 5.40 | 07/15/2036 | 4,598,564 | |||||||||||
| Scranton Lackawanna Health & Welfare Authority RB for Moses Taylor Hospital Project Series 1997 (B) | ||||||||||||||
| 1,200,000 | 6.25 | 07/01/2020 | 849,024 | |||||||||||
| $ | 80,061,548 | |||||||||||||
| Puerto Rico – 1.4% | ||||||||||||||
| Childrens Trust Fund RB for Tobacco Settlement Series 2000 II-R-39 (RITES) (Aa3)¡^ | ||||||||||||||
| $ | 3,925,000 | 10.26 | % | 07/01/2010 | $ | 4,657,876 | ||||||||
| Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2003 C (A-/Baa1)- | ||||||||||||||
| 18,000,000 | 5.00 | 07/01/2008 | 19,300,680 | |||||||||||
| Puerto Rico Commonwealth GO Bonds Series 2003 PA 1138R (MBIA) (RITES) (AAA)¡ | ||||||||||||||
| 7,500,000 | 8.69 | 07/01/2008 | 8,797,500 | |||||||||||
| Puerto Rico Public Finance Corp. RB for Residual Certificates Series 2001 520 (MBIA) (Aaa)¡ | ||||||||||||||
| 3,225,000 | 13.76 | 08/01/2016 | 4,184,437 | |||||||||||
| $ | 36,940,493 | |||||||||||||
| Rhode Island – 0.4% | ||||||||||||||
|
Rhode Island State Health & Educational
Building Corp. RB for Hospital Financing Series 2003 A
(BBB/Baa2)
|
||||||||||||||
| $ | 2,840,000 | 6.00 | % | 09/15/2033 | $ | 2,797,883 | ||||||||
| Tobacco Settlement Financing Corp. RB Series 2001 (BBB/Baa3) | ||||||||||||||
| 10,000,000 | 6.13 | 06/01/2032 | 8,840,300 | |||||||||||
| $ | 11,638,183 | |||||||||||||
| South Carolina – 1.5% | ||||||||||||||
| Connector 2000 Association, Inc. Toll Road RB for Capital Appreciation Series 1998 B (B-)@ | ||||||||||||||
| $ | 15,000,000 | 0.00 | % | 01/01/2033 | $ | 1,078,500 | ||||||||
| Greenville County Airport RB for Donaldson Industrial Air Park Project Series 2001 (AMT) (Baa3) | ||||||||||||||
| 4,780,000 | 6.13 | 10/01/2017 | 4,970,053 | |||||||||||
| Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A | ||||||||||||||
| 1,000,000 | 6.88 | 11/01/2035 | 1,004,540 | |||||||||||
| Lancaster County Assessment RB for Edgewater Improvement District Series 2003 B | ||||||||||||||
| 1,500,000 | 6.13 | 11/01/2014 | 1,507,200 | |||||||||||
| Medical University Hospital Authority RB Series 2002 A (BBB+/Baa2) | ||||||||||||||
| 3,000,000 | 6.50 | 08/15/2032 | 3,120,660 | |||||||||||
|
South Carolina Jobs Economic Development
Authority RB for Palmetto Health Alliance Series 2000 A
(BBB/Baa2)^
|
||||||||||||||
| 8,750,000 | 7.13 | 12/15/2010 | 10,664,850 | |||||||||||
|
South Carolina Jobs Economic Development
Authority RB for Palmetto Health Alliance Series 2003 A
(BBB/Baa2)
|
||||||||||||||
| 10,000,000 | 6.25 | 08/01/2031 | 10,299,500 | |||||||||||
| Tobacco Settlement Management Authority RB Series 2001 B (BBB/Baa3) | ||||||||||||||
| 1,630,000 | 6.00 | 05/15/2022 | 1,498,345 | |||||||||||
| 5,070,000 | 6.38 | 05/15/2028 | 4,615,576 | |||||||||||
| 2,000,000 | 6.38 | 05/15/2030 | 1,800,320 | |||||||||||
| $ | 40,559,544 | |||||||||||||
| Tennessee – 0.6% | ||||||||||||||
| Elizabethton Health and Educational Facilities Board RB Series 2001 PA 813 (RITES)¡ | ||||||||||||||
| $ | 6,000,000 | 14.35 | % | 07/01/2033 | $ | 8,043,360 | ||||||||
|
Metropolitan Knoxville Airport Authority Special
Purpose RB for Northwest Airlines Project Series 2002 (AMT)
|
||||||||||||||
| 2,500,000 | 8.00 | 04/01/2032 | 2,468,125 | |||||||||||
|
Shelby County Health, Educational &
Housing Facilities Board RB for Methodist Healthcare
Series 2002 (A-/Baa1) |
||||||||||||||
| 2,500,000 | 6.00 | 09/01/2020 | 2,587,925 | |||||||||||
|
Shelby County Health, Educational &
Housing Facilities Board Residential Care RB for Germantown
Village Series 2003 A
|
||||||||||||||
| 2,650,000 | 7.00 | 12/01/2023 | 2,579,854 | |||||||||||
| 1,500,000 | 7.25 | 12/01/2034 | 1,467,240 | |||||||||||
| $ | 17,146,504 | |||||||||||||
| Texas – 6.7% | ||||||||||||||
|
Alliance Airport Authority Inc. Special
Facilities RB for American Airlines Inc. Project
Series 1990 (AMT) (CCC/Caa2)
|
||||||||||||||
| $ | 7,150,000 | 7.50 | % | 12/01/2029 | $ | 5,120,973 | ||||||||
|
Alliance Airport Authority Inc. Special
Facilities RB for American Airlines Inc. Project
Series 1991 (AMT) (CCC/Caa2)
|
||||||||||||||
| 22,215,000 | 7.00 | 12/01/2011 | 19,456,341 | |||||||||||
|
Bexar County Health Facilities Development Corp.
RB for Army Retirement Residence Project Series 2002 (BBB-)
|
||||||||||||||
| 1,200,000 | 6.13 | 07/01/2022 | 1,230,300 | |||||||||||
| 1,000,000 | 6.30 | 07/01/2032 | 1,030,380 | |||||||||||
| Brazos River Authority PCRB for Texas Utility Co. RMKT 4/1/03 Series 1999 A (AMT) (BBB/Baa2) | ||||||||||||||
| 10,500,000 | 7.70 | 04/01/2033 | 11,916,240 | |||||||||||
| Brazos River Authority PCRB for TXU Electric Co. Project Series 1999 C (AMT) (BBB/Baa2) | ||||||||||||||
| 6,800,000 | 7.70 | 03/01/2032 | 7,717,184 | |||||||||||
| Brazos River Authority PCRB for TXU Electric Co. Project Series 2001 C (AMT) (BBB/Baa2)- | ||||||||||||||
| 12,475,000 | 5.75 | 11/01/2011 | 13,376,693 | |||||||||||
The accompanying notes
are an integral part of these financial statements.
38
GOLDMAN SACHS HIGH YIELD
MUNICIPAL FUND
| Principal | Interest | Maturity | ||||||||||||
| Amount | Rate | Date | Value | |||||||||||
|
Debt Obligations – (continued) |
||||||||||||||
| Texas – (continued) | ||||||||||||||
| Brazos River Authority PCRB for TXU Energy Co. LLC Project Series 2003 C (AMT) (BBB/Baa2) | ||||||||||||||
| $ | 2,000,000 | 6.75 | % | 10/01/2038 | $ | 2,146,600 | ||||||||
| Brazos River Authority PCRB for TXU Energy Co. LLC Project Series 2003 D (BBB/Baa2)- | ||||||||||||||
| 2,960,000 | 5.40 | 10/01/2014 | 3,111,463 | |||||||||||
| Brazos River Authority RB for Reliant Energy Inc. Project Series 1999 A (BBB-/Ba2) | ||||||||||||||
| 5,250,000 | 5.38 | 04/01/2019 | 5,159,910 | |||||||||||
| Brazos River Authority RB for Reliant Energy Inc. Project Series 1999 B (BBB-) | ||||||||||||||
| 10,000,000 | 7.75 | 12/01/2018 | 10,905,500 | |||||||||||
| Brazos River Authority RB for Texas Centerpoint Energy Series 2004 B (FGIC) (AAA/Aaa) | ||||||||||||||
| 9,000,000 | 4.25 | 12/01/2017 | 8,621,190 | |||||||||||
| Dallas County Flood Control District GO Bonds Series 2002 | ||||||||||||||
| 6,000,000 | 7.25 | 04/01/2032 | 6,106,440 | |||||||||||
|
Dallas Fort Worth Texas International Airport
Facility Improvement Corp. RB for American Airlines Inc.
Series 1999 (AMT) (CCC/Caa2)
|
||||||||||||||
| 1,775,000 | 6.38 | 05/01/2035 | 1,189,854 | |||||||||||
|
Georgetown Health Facilities Development Corp. RB
for Georgetown Hospital Healthcare System Series 1999 (BB)
|
||||||||||||||
| 3,000,000 | 6.25 | 08/15/2029 | 2,821,770 | |||||||||||
|
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 | 1,592,700 | |||||||||||
|
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 | 2,594,766 | |||||||||||
| 435,000 | 5.00 | 12/01/2021 | 431,881 | |||||||||||
| 1,000,000 | 5.13 | 12/01/2022 | 997,860 | |||||||||||
| 1,000,000 | 5.13 | 12/01/2023 | 991,960 | |||||||||||
| Houston Airport System Special Facilities RB for Continental Airlines Series 1998 B (AMT) (B-/Caa2) | ||||||||||||||
| 1,000,000 | 5.70 | 07/15/2029 | 706,820 | |||||||||||
| Houston Airport System Special Facilities RB for Continental Airlines Series 2001 E (AMT) (B-/Caa2) | ||||||||||||||
| 3,400,000 | 6.75 | 07/01/2021 | 2,921,722 | |||||||||||
| 19,765,000 | 6.75 | 07/01/2029 | 16,462,861 | |||||||||||
|
Houston Health Facilities Development Corp.
Retirement Facility RB for Buckingham Senior Living Community
Series 2004 A
|
||||||||||||||
| 1,500,000 | 7.13 | 02/15/2034 | 1,468,770 | |||||||||||
| Houston Texas GO Bonds Rols RR II Series 2003 R 242 (MBIA) (AAA)¡ | ||||||||||||||
| 6,455,000 | 15.92 | 03/01/2010 | 8,645,698 | |||||||||||
|
Matagorda County Navigation District No. 1
RB for Reliant Energy Project Series 1999 B (AMT) (BBB-/Ba2) |
||||||||||||||
| 11,000,000 | 5.95 | 05/01/2030 | 10,537,450 | |||||||||||
|
Metropolitan Health Facilities Development Corp.
RB for Wilson N. Jones Memorial Hospital Project
Series 2001 (B1)
|
||||||||||||||
| 4,200,000 | 7.20 | 01/01/2021 | 4,202,100 | |||||||||||
| 5,000,000 | 7.25 | 01/01/2031 | 4,997,250 | |||||||||||
| Sabine River Authority PCRB for TXU Energy Co. LLC Project Series 2003 B (BBB/Baa2) | ||||||||||||||
| 3,000,000 | 6.15 | 08/01/2022 | 3,102,870 | |||||||||||
| Texas State Turnpike Authority Central Texas Turnpikes BANS Second Tier Series 2002 (AA/Aa3) | ||||||||||||||
| 13,200,000 | 5.00 | 06/01/2008 | 14,288,208 | |||||||||||
|
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 | 2,102,540 | |||||||||||
| Weslaco Health Facilities RB for Knapp Medical Center Project Series 2002 (BBB+) | ||||||||||||||
| 4,395,000 | 6.00 | 06/01/2017 | 4,513,973 | |||||||||||
| $ | 180,470,267 | |||||||||||||
| U. S. Virgin Islands – 0.1% | ||||||||||||||
| Virgin Islands Public Finance Authority RB Subordinated Lien-Fund Loan Notes Series 1998 D | ||||||||||||||
| $ | 2,000,000 | 6.00 | % | 10/01/2004 | $ | 2,032,920 | ||||||||
| 1,100,000 | 6.00 | 10/01/2005 | 1,141,965 | |||||||||||
| $ | 3,174,885 | |||||||||||||
| Utah – 0.3% | ||||||||||||||
| Tooele County Hazardous Waste Treatment RB for Union Pacific Project Series 1992 A (AMT) (BBB/Baa2) | ||||||||||||||
| $ | 6,350,000 | 5.70 | % | 11/01/2026 | $ | 6,338,062 | ||||||||
| Weber County GO Bonds Refunding Series 2004 (AMBAC) (Aaa) | ||||||||||||||
| 1,225,000 | 3.13 | 01/15/2011 | 1,177,409 | |||||||||||
| $ | 7,515,471 | |||||||||||||
| Virginia – 0.7% | ||||||||||||||
| Bedford County IDA RB for Nekoosa Packaging Corp. Project Series 1998 (AMT) (Ba3) | ||||||||||||||
| $ | 320,000 | 5.60 | % | 12/01/2025 | $ | 283,651 | ||||||||
| Celebrate North Community Development Authority Special Assessment Project Series 2003 B | ||||||||||||||
| 5,000,000 | 6.75 | 03/01/2034 | 4,986,850 | |||||||||||
| Chesapeake IDA PCRB Project-RMKT-11/08/02 Series 1985 (BBB+/A3) | ||||||||||||||
| 3,250,000 | 5.25 | 02/01/2008 | 3,390,530 | |||||||||||
| Goochland County IDA RB for Nekoosa Packaging Corp. Series 1998 (AMT) (Ba3) | ||||||||||||||
| 560,000 | 5.65 | 12/01/2025 | 499,593 | |||||||||||
| Henrico County IDA RB for Solid Waste Browning Series 1997 A (AMT) (BB-/B2) | ||||||||||||||
| 3,750,000 | 5.88 | 03/01/2017 | 3,422,512 | |||||||||||
| Loudoun County IDA Hospital RB for Loudoun Hospital Center Series 2002 A (BBB) | ||||||||||||||
| 1,000,000 | 6.10 | 06/01/2032 | 1,029,050 | |||||||||||
The accompanying notes
are an integral part of these financial statements.
39
GOLDMAN SACHS HIGH
YIELD MUNICIPAL FUND
Statement of
Investments (continued)
April 30, 2004 (Unaudited)
| Principal | Interest | Maturity | ||||||||||||
| Amount | Rate | Date | Value | |||||||||||
|
Debt Obligations – (continued) |
||||||||||||||
| Virginia – (continued) | ||||||||||||||
|
Pocahontas Parkway Association Toll Road RB for
Capital Appreciation 1st Tier Series 1998 SubSeries C
(B1)@
|
||||||||||||||
| $ | 2,300,000 | 0.00 | % | 08/15/2005 | $ | 2,075,290 | ||||||||
| Pocahontas Parkway Association Toll Road RB Senior Series 1998 A (Ba2) | ||||||||||||||
| 5,000,000 | 5.50 | 08/15/2028 | 4,037,800 | |||||||||||
| $ | 19,725,276 | |||||||||||||
| Washington – 0.3% | ||||||||||||||
| Tobacco Settlement Authority RB for Washington Asset Backed Bonds Series 2002 (BBB/Baa3) | ||||||||||||||
| $ | 3,590,000 | 6.63 | % | 06/01/2032 | $ | 3,309,657 | ||||||||
|
Vancouver Washington Downtown Redevelopment
Authority RB for Conference Center Project Series 2003 A
(ACA) (A)
|
||||||||||||||
| 900,000 | 5.25 | 01/01/2028 | 855,522 | |||||||||||
| 1,800,000 | 5.25 | 01/01/2034 | 1,704,492 | |||||||||||
| 2,475,000 | 6.00 | 01/01/2034 | 2,570,956 | |||||||||||
| $ | 8,440,627 | |||||||||||||
| Wisconsin – 0.2% | ||||||||||||||
| Badger Tobacco Asset Securitization Corp. RB Asset Backed Series 2002 (BBB/Baa3) | ||||||||||||||
| $ | 3,250,000 | 6.38 | % | 06/01/2032 | $ | 2,917,265 | ||||||||
| Wisconsin Health & Educational Facilities Authority RB for Aurora Health Care Series 1999 B (BBB+) | ||||||||||||||
| 1,500,000 | 5.63 | 02/15/2020 | 1,496,475 | |||||||||||
| $ | 4,413,740 | |||||||||||||
| Wyoming – 0.2% | ||||||||||||||
| Converse County RB for Memorial Hospital Project Series 2000 | ||||||||||||||
| $ | 3,605,000 | 9.00 | % | 12/01/2025 | $ | 3,998,882 | ||||||||
| TOTAL DEBT OBLIGATIONS | ||||||||||||||
| (Cost $2,550,571,907) | $ | 2,602,784,519 | ||||||||||||
|
Other Municipals – 0.9% |
||||||||||||||
| Charter Mac Equity Issuer Trust Series 2003 A Multifamily Tax-Exempt (AMT)†- | ||||||||||||||
| $ | 15,000,000 | 3.25 | % | 03/15/2005 | $ | 15,012,300 | ||||||||
| Municipal Mortgage & Equity LLC for 1999 A Tax-Exempt MF Hsg. Certificate Series 1999 A-1- | ||||||||||||||
| 10,000,000 | 4.95 | 08/15/2005 | 10,053,600 | |||||||||||
| TOTAL OTHER MUNICIPALS | ||||||||||||||
| (Cost $25,058,571) | $ | 25,065,900 | ||||||||||||
|
Short Term Investments# – 0.5% |
||||||||||||||
| New Jersey – 0.1% | ||||||||||||||
|
New Jersey State Educational Facilities Authority
RB VRDN for College of New Jersey Series 2002 D (FGIC)
(AAA/Aaa)
|
||||||||||||||
| $ | 1,540,000 | 1.04 | % | 05/06/2004 | $ | 1,540,000 | ||||||||
| New York – 0.4% | ||||||||||||||
|
Jay Street Development Corp. NY Cities Facilities
Lease RB VRDN for Jay Street Project Series 2001 A-2
(LOC – Landesbank Hessen-Thueringen) (A-1+/VMIG1)
|
||||||||||||||
| $ | 11,250,000 | 1.05 | % | 05/03/2004 | $ | 11,250,000 | ||||||||
| Wyoming – 0.0% | ||||||||||||||
| Lincoln County PCRB VRDN for Exxon Project Series 1984 D (A-1+/P-1) | ||||||||||||||
| $ | 1,500,000 | 1.03 | % | 05/03/2004 | $ | 1,500,000 | ||||||||
| TOTAL SHORT TERM INVESTMENTS | ||||||||||||||
| (Cost $14,290,000) | $ | 14,290,000 | ||||||||||||
| TOTAL INVESTMENTS – 98.3% | ||||||||||||||
| (Cost $2,589,920,478) | $ | 2,642,140,419 | ||||||||||||
| † | Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounted to $15,012,300, which represents approximately 0.6% of net assets as of April 30, 2004. | |
| # | Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2004. | |
| ¡ | Inverse variable rate security. Coupon rate disclosed is that which is in effect at April 30, 2004. | |
| @ | Security is issued with a zero coupon. Income is recognized through the accretion of discount. | |
| - | Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset date. | |
| ^ | Prerefunded security. Maturity date disclosed is prerefunding date. | |
| § | This security is issued with a zero coupon rate which increases to the stated rate at a set date in the future. | |
| Ø | Security currently in default. |
The accompanying notes
are an integral part of these financial statements.
40
GOLDMAN SACHS HIGH YIELD
MUNICIPAL FUND
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| Investment Abbreviations: | ||||||
| ACA | — | Insured by American Capital Access | ||||
| AMBAC | — | Insured by American Municipal Bond Assurance Corp. | ||||
| AMT | — | Alternative Minimum Tax | ||||
| BANS | — | Bond Anticipation Notes | ||||
| COPS | — | Certificates of Participation | ||||
| ETM | — | Escrow to Maturity | ||||
| 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 Co. | ||||
| GO | — | General Obligation | ||||
| 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 | ||||
| RITES | — | Residual Interest Tax Exempt Securities | ||||
| VRDN | — | Variable Rate Demand Note | ||||
| XLCA | — | Insured by XL Capital Assurance | ||||
| Security ratings disclosed are issued by Standard & Poor’s/ Moody’s Investor Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information. |
The accompanying notes
are an integral part of these financial statements.
41
GOLDMAN SACHS
MUNICIPAL FIXED INCOME FUNDS
Statements of Assets and Liabilities
April 30, 2004 (Unaudited)
| Short Duration | Municipal | High Yield | |||||||||||||
| Tax-Free Fund | Income Fund | Municipal Fund | |||||||||||||
| Assets: | |||||||||||||||
|
Investment in securities, at value (identified
cost $695,430,141, $232,447,888, and $2,589,920,478,
respectively)
|
$ | 693,973,425 | $ | 245,088,646 | $ | 2,642,140,419 | |||||||||
|
Cash
|
57,159 | — | 67,268 | ||||||||||||
|
Receivables:
|
|||||||||||||||
|
Interest (net of allowances)
|
9,618,648 | 4,706,164 | 59,019,860 | ||||||||||||
|
Investment securities sold
|
— | 2,519,154 | 62,693,233 | ||||||||||||
|
Fund shares sold
|
7,176,905 | 1,266,592 | 10,910,865 | ||||||||||||
|
Reimbursement from adviser
|
47,419 | 33,984 | 66,414 | ||||||||||||
|
Other assets
|
14,024 | 5,303 | 42,984 | ||||||||||||
|
Total assets
|
710,887,580 | 253,619,843 | 2,774,941,043 | ||||||||||||
| Liabilities: | |||||||||||||||
|
Due to custodian
|
— | 95,474 | — | ||||||||||||
|
Payables:
|
|||||||||||||||
|
Investment securities purchased
|
— | 3,588,806 | 72,250,814 | ||||||||||||
|
Fund shares repurchased
|
1,581,646 | 811,650 | 10,546,358 | ||||||||||||
|
Income distribution
|
202,156 | 248,800 | 2,811,286 | ||||||||||||
|
Amounts owed to affiliates
|
325,642 | 186,742 | 1,799,875 | ||||||||||||
|
Accrued expenses
|
57,172 | 53,817 | 39,504 | ||||||||||||
|
Total
liabilities
|
2,166,616 | 4,985,289 | 87,447,837 | ||||||||||||
| Net Assets: | |||||||||||||||
|
Paid-in capital
|
711,826,679 | 241,850,369 | 2,648,704,403 | ||||||||||||
|
Accumulated undistributed (distributions in
excess of) net investment income
|
(107,847 | ) | 144,939 | 1,771,538 | |||||||||||
|
Accumulated net realized loss on investment
transactions
|
(1,541,152 | ) | (6,001,512 | ) | (15,202,676 | ) | |||||||||
|
Net unrealized gain (loss) on investments
|
(1,456,716 | ) | 12,640,758 | 52,219,941 | |||||||||||
|
NET ASSETS
|
$ | 708,720,964 | $ | 248,634,554 | $ | 2,687,493,206 | |||||||||
|
Net asset value, offering and redemption price
per share: (a)
|
|||||||||||||||
|
Class A
|
$10.36 | $ | 15.36 | $ | 10.70 | ||||||||||
|
Class B
|
$10.36 | $ | 15.36 | $ | 10.70 | ||||||||||
|
Class C
|
$10.36 | $ | 15.36 | $ | 10.70 | ||||||||||
|
Institutional
|
$10.36 | $ | 15.36 | $ | 10.70 | ||||||||||
|
Service
|
$10.36 | $ | 15.44 | — | |||||||||||
|
Shares outstanding:
|
|||||||||||||||
|
Class A
|
19,666,273 | 10,925,609 | 118,497,105 | ||||||||||||
|
Class B
|
511,881 | 927,633 | 4,392,135 | ||||||||||||
|
Class C
|
2,315,708 | 349,443 | 5,013,164 | ||||||||||||
|
Institutional
|
45,901,289 | 3,965,632 | 123,190,635 | ||||||||||||
|
Service
|
5,211 | 21,322 | — | ||||||||||||
|
Total shares outstanding, $.001 par value
(unlimited number of shares authorized)
|
68,400,362 | 16,189,639 | 251,093,039 | ||||||||||||
| (a) | Maximum public offering price per share for Class A Shares of Short Duration Tax-Free (NAV per share multiplied by 1.0204) and for Class A Shares of Municipal Income and High Yield Municipal Funds (NAV per share multiplied by 1.0471) is $10.57, $16.08 and $11.20, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares. |
The accompanying notes
are an integral part of these financial statements.
42
GOLDMAN SACHS MUNICIPAL
FIXED INCOME FUNDS
Statements of Operations
For the Six Months Ended April 30, 2004
(Unaudited)
| Short Duration | Municipal | High Yield | |||||||||||||
| Tax-Free Fund | Income Fund | Municipal Fund | |||||||||||||
| Investment income: | |||||||||||||||
|
Interest (net of allowances)
|
$ | 8,486,783 | $ | 6,267,313 | $ | 68,654,853 | |||||||||
|
Total income
|
8,486,783 | 6,267,313 | 68,654,853 | ||||||||||||
| Expenses: | |||||||||||||||
|
Management fees
|
1,374,278 | 676,229 | 6,348,515 | ||||||||||||
|
Distribution and Service fees(a)
|
418,307 | 309,482 | 1,861,693 | ||||||||||||
|
Transfer Agent fees(a)
|
313,661 | 189,547 | 1,363,113 | ||||||||||||
|
Custody and accounting fees
|
97,213 | 64,509 | 154,040 | ||||||||||||
|
Registration fees
|
34,555 | 36,081 | 47,805 | ||||||||||||
|
Professional fees
|
29,171 | 29,171 | 29,171 | ||||||||||||
|
Printing fees
|
20,487 | 20,487 | 20,487 | ||||||||||||
|
Trustee fees
|
6,181 | 6,181 | 6,181 | ||||||||||||
|
Service share fees
|
159 | 726 | — | ||||||||||||
|
Other
|
16,364 | 11,771 | 28,802 | ||||||||||||
|
Total
expenses
|
2,310,376 | 1,344,184 | 9,859,807 | ||||||||||||
|
Less — expense reductions
|
(371,575 | ) | (225,407 | ) | (249,755 | ) | |||||||||
|
Net Expenses
|
1,938,801 | 1,118,777 | 9,610,052 | ||||||||||||
|
NET INVESTMENT
INCOME
|
6,547,982 | 5,148,536 | 59,044,801 | ||||||||||||
| Realized and unrealized gain (loss) on investment and swap transactions: | |||||||||||||||
|
Net realized gain (loss) from investment
transactions
|
499,918 | (215,343 | ) | (1,947,019 | ) | ||||||||||
|
Net change in unrealized gain (loss) on:
|
|||||||||||||||
|
Investments
|
(6,001,126 | ) | (1,054,405 | ) | (1,316,674 | ) | |||||||||
|
Swap contracts
|
(335,311 | ) | — | — | |||||||||||
|
Net realized and
unrealized loss on investment and swap transactions
|
(5,836,519 | ) | (1,269,748 | ) | (3,263,693 | ) | |||||||||
|
NET INCREASE IN NET
ASSETS RESULTING FROM OPERATIONS
|
$ | 711,463 | $ | 3,878,788 | $ | 55,781,108 | |||||||||
| (a) | Class specific Distribution and Service and Transfer Agent fees were as follows: |
| Distribution and Service Fees | Transfer Agent Fees | |||||||||||||||||||||||||||||||
| Fund | Class A | Class B | Class C | Class A | Class B | Class C | Institutional | Service | ||||||||||||||||||||||||
|
Short Duration Tax-Free Fund
|
$ | 252,193 | $ | 29,676 | $ | 136,438 | $ | 191,667 | $ | 5,639 | $ | 25,923 | $ | 90,419 | $ | 13 | ||||||||||||||||
|
Municipal Income Fund
|
208,766 | 75,835 | 24,881 | 158,662 | 14,409 | 4,727 | 11,691 | 58 | ||||||||||||||||||||||||
|
High Yield Municipal Fund
|
1,382,552 | 236,070 | 243,071 | 1,050,740 | 44,853 | 46,184 | 221,336 | — | ||||||||||||||||||||||||
The accompanying notes
are an integral part of these financial statements.
43
GOLDMAN SACHS
MUNICIPAL FIXED INCOME FUNDS
Statements of Changes in Net Assets
For the Six Months Ended April 30, 2004
(Unaudited)
| Short Duration | Municipal | High Yield | |||||||||||||
| Tax-Free Fund | Income Fund | Municipal Fund | |||||||||||||
| From operations: | |||||||||||||||
|
Net investment income
|
$ | 6,547,982 | $ | 5,148,536 | $ | 59,044,801 | |||||||||
|
Net realized gain (loss) from investment
transactions
|
499,918 | (215,343 | ) | (1,947,019 | ) | ||||||||||
|
Net change in unrealized gain on investment and
swap transactions
|
(6,336,437 | ) | (1,054,405 | ) | (1,316,674 | ) | |||||||||
|
Net increase in net
assets resulting from operations
|
711,463 | 3,878,788 | 55,781,108 | ||||||||||||
| Distributions to shareholders: | |||||||||||||||
|
From net investment income
|
|||||||||||||||
|
Class A Shares
|
(1,748,821 | ) | (3,387,102 | ) | (26,603,564 | ) | |||||||||
|
Class B Shares
|
(33,661 | ) | (250,729 | ) | (960,770 | ) | |||||||||
|
Class C Shares
|
(134,161 | ) | (82,212 | ) | (987,875 | ) | |||||||||
|
Institutional Shares
|
(4,838,758 | ) | (1,305,058 | ) | (28,914,815 | ) | |||||||||
|
Service Shares
|
(519 | ) | (5,718 | ) | — | ||||||||||
|
Total distributions to
shareholders
|
(6,755,920 | ) | (5,030,819 | ) | (57,467,024 | ) | |||||||||
| From share transactions: | |||||||||||||||
|
Proceeds from sales of shares
|
307,290,037 | 62,640,559 | 1,088,233,731 | ||||||||||||
|
Reinvestment of dividends and distributions
|
5,568,095 | 3,394,476 | 42,769,038 | ||||||||||||
|
Cost of shares repurchased
|
(278,481,960 | ) | (54,841,697 | ) | (358,160,283 | ) | |||||||||
|
Net increase in net
assets resulting from share transactions
|
34,376,172 | 11,193,338 | 772,842,486 | ||||||||||||
|
NET INCREASE
|
28,331,715 | 10,041,307 | 771,156,570 | ||||||||||||
| Net assets: | |||||||||||||||
|
Beginning of period
|
680,389,249 | 238,593,247 | 1,916,336,636 | ||||||||||||
|
End of period
|
$ | 708,720,964 | $ | 248,634,554 | $ | 2,687,493,206 | |||||||||
|
Accumulated
undistributed (distributions in excess of) net investment
income
|
$ | (107,847 | ) | $ | 144,939 | $ | 1,771,538 | ||||||||
The accompanying notes
are an integral part of these financial statements.
44
GOLDMAN SACHS MUNICIPAL
FIXED INCOME FUNDS
Statements of Changes in Net Assets
For the Year Ended October 31,
2003
| Short Duration | Municipal | High Yield | |||||||||||||
| Tax-Free Fund | Income Fund | Municipal Fund | |||||||||||||
| From operations: | |||||||||||||||
|
Net investment income
|
$ | 9,517,320 | $ | 9,636,663 | $ | 77,492,859 | |||||||||
|
Net realized gain (loss) from investment
transactions
|
277,563 | (827,860 | ) | (11,838,897 | ) | ||||||||||
|
Net change in unrealized gain (loss) on
investment and swap transactions
|
999,072 | 2,580,744 | 54,357,333 | ||||||||||||
|
Net increase in net
assets resulting from operations
|
10,793,955 | 11,389,547 | 120,011,295 | ||||||||||||
| Distributions to shareholders: | |||||||||||||||
|
From net investment income
|
|||||||||||||||
|
Class A Shares
|
(2,926,611 | ) | (5,919,293 | ) | (39,220,523 | ) | |||||||||
|
Class B Shares
|
(67,417 | ) | (561,852 | ) | (1,952,225 | ) | |||||||||
|
Class C Shares
|
(303,008 | ) | (195,581 | ) | (1,634,143 | ) | |||||||||
|
Institutional Shares
|
(6,102,305 | ) | (2,969,377 | ) | (34,031,253 | ) | |||||||||
|
Service Shares
|
(2,669 | ) | (9,076 | ) | — | ||||||||||
|
Total distributions to
shareholders
|
(9,402,010 | ) | (9,655,179 | ) | (76,838,144 | ) | |||||||||
| From share transactions: | |||||||||||||||
|
Proceeds from sales of shares
|
713,408,379 | 270,108,347 | 1,064,445,611 | ||||||||||||
|
Reinvestment of dividends and distributions
|
7,750,693 | 6,461,485 | 54,299,821 | ||||||||||||
|
Cost of shares repurchased
|
(297,460,823 | ) | (258,933,026 | ) | (373,493,277 | ) | |||||||||
|
Net increase in net
assets resulting from share transactions
|
423,698,249 | 17,636,806 | 745,252,155 | ||||||||||||
|
NET INCREASE
|
425,090,194 | 19,371,174 | 788,425,306 | ||||||||||||
| Net assets: | |||||||||||||||
|
Beginning of year
|
255,299,055 | 219,222,073 | 1,127,911,330 | ||||||||||||
|
End of year
|
$ | 680,389,249 | $ | 238,593,247 | $ | 1,916,336,636 | |||||||||
|
Accumulated
undistributed net investment income
|
$ | 100,091 | $ | 27,222 | $ | 193,761 | |||||||||
The accompanying notes
are an integral part of these financial statements.
45
GOLDMAN SACHS
MUNICIPAL FIXED INCOME FUNDS
Notes to Financial Statements
April 30, 2004 (Unaudited)
| 1. ORGANIZATION |
Goldman Sachs Trust (the “Trust”) is a
Delaware statutory trust registered under the Investment Company
Act of 1940 (as amended) as an open-end management investment
company. The Trust includes the Goldman Sachs Short Duration
Tax-Free Fund (Short Duration Tax-Free), the Goldman Sachs
Municipal Income Fund (Municipal Income) and the Goldman Sachs
High Yield Municipal Fund (High Yield Municipal), (collectively,
“the Funds” or individually a “Fund”). Short
Duration Tax-Free and Municipal Income are diversified
portfolios offering five classes of shares —
Class A, Class B, Class C, Institutional and
Service. High Yield Municipal is a non-diversified portfolio
offering four classes of shares — Class A,
Class B, Class C and Institutional.
Since the Funds may invest a large percentage of
their total assets in obligations of issuers within the same
state, they are subject to possible concentration risks
associated with economic, political or legal developments or
industrial or regional matters specifically affecting that state.
| 2. SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant
accounting policies consistently followed by the Funds. The
preparation of financial statements in conformity with U.S.
generally accepted accounting principles requires management to
make estimates and assumptions that may affect the reported
amounts. Actual results could differ from those estimates.
A. Investment Valuation — Portfolio securities for which accurate market quotations are readily available are valued 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.
B. Security Transactions and Investment Income — Security transactions are recorded as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. Market discounts, original issue discount and market premiums on debt securities are amortized to interest income over the life of the security with a corresponding adjustment in the cost basis of that security.
Net investment income (other than class specific
expenses) and unrealized and realized gains or losses are
allocated daily to each class of shares of the Fund based upon
the relative proportion of net assets of each class.
C. Federal Taxes — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable and tax-exempt income and capital gains to its shareholders. Accordingly, no federal tax provisions are required. Dividends and distributions to shareholders are recorded on ex-dividend date. Income distributions are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually.
The characterization of distributions to
shareholders for financial reporting purposes is determined in
accordance with Federal income tax rules. Therefore, the source
of a Fund’s distributions may be shown in the accompanying
financial statements as either from net investment income or net
realized gain, or from paid-in capital, depending on the type of
book/tax differences that may exist.
D. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds on a straight-line or pro rata basis depending upon the nature of the expense.
Class A, Class B and Class C
shareholders of the Funds bear all expenses and fees relating to
their respective Distribution and Service Plans. Service Shares
bear all expenses and fees related to their Service and
Shareholder Administration Plans. Each class of shares of the
Funds separately bears its respective class-specific Transfer
Agency fees.
46
GOLDMAN SACHS MUNICIPAL
FIXED INCOME FUNDS
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
E. Segregation Transactions — The Funds may enter into certain derivative transactions to seek to increase total return. Interest rate swaps, futures contracts, written options, when-issued securities and forward commitments represent examples of such transactions. As a result of entering into those transactions, the Funds are required to segregate liquid assets on the accounting records equal to or greater than the market value of the corresponding transactions.
| 3. AGREEMENTS |
Goldman Sachs Asset Management, L.P.
(“GSAM”), an affiliate of Goldman, Sachs & Co.
(“Goldman Sachs”) serves as an investment adviser
pursuant to an Investment Management Agreement (the
“Agreement”) with the Trust on behalf of the Funds.
Under the Agreements, GSAM manages the Funds, subject to the
general supervision of the Trust’s Board of Trustees.
As compensation for the services rendered
pursuant to the Agreement, the assumption of the expenses
related thereto and administering the Funds’ business
affairs, including providing facilities, GSAM is entitled to a
fee (“Management fee”) computed daily and payable
monthly, equal to an annual percentage rate of each Fund’s
average daily net assets.
For the six months ended April 30, 2004,
GSAM has voluntarily agreed to waive a portion of its Management
fee for the Short Duration Tax-Free and Municipal Income Funds,
equal to an annual percentage rate of each Fund’s average
daily net assets as set forth below. GSAM may discontinue or
modify these waivers in the future at its discretion.
Additionally, GSAM has voluntarily agreed to
limit certain “Other Expenses” of the Funds (excluding
Management fees, Distribution and Service fees, Transfer Agent
fees, taxes, interest, brokerage, litigation, Service Share
fees, indemnification, shareholder meeting and extraordinary
expenses) to the extent such expenses exceed, on an annual
basis, a percentage rate of the average daily net assets of each
Fund. Such expense reimbursements, if any, are computed daily
and paid monthly. In addition, the Funds are not obligated to
reimburse GSAM for prior fiscal year expense reimbursements, if
any.
For the six months ended April 30, 2004, the
Funds’ Management Fees, Management Fee waivers and other
expense limitations as an annual percentage rate of average
daily net assets are as follows:
| Management Fee | ||||||||||||||||
| Other | ||||||||||||||||
| Contractual | Waiver | Net | Expense | |||||||||||||
| Fund | Annual Rate | Annual Rate | Annual Rate | Limit | ||||||||||||
|
Short Duration Tax-Free
|
0.40 | % | 0.05 | % | 0.35 | % | 0.004 | % | ||||||||
|
Municipal Income
|
0.55 | 0.05 | 0.50 | 0.004 | ||||||||||||
|
High Yield Municipal
|
0.55 | — | 0.55 | 0.004 | ||||||||||||
The Trust, on behalf of each Fund, has adopted
Distribution and Service Plans (the “Plans”). Under
the Plans, Goldman Sachs and/or Authorized Dealers are entitled
to a monthly fee for distribution services equal, on an annual
basis, to 0.25%, 0.75% and 0.75% of the average daily net assets
attributable to Class A, Class B and Class C
Shares, respectively. Additionally, Goldman Sachs and/or
Authorized Dealers are entitled to receive, under the Plans, a
separate fee for personal and account maintenance services equal
to, on an annual basis, 0.25% of the Funds’ average daily
net assets attributable to Class B and Class C Shares.
For the six months ended April 30, 2004, Goldman Sachs has
voluntarily agreed to waive a portion of the Distribution and
Service fees equal to 0.15% of the average daily net assets
attributable to the Class B Shares of Short Duration
Tax-Free. Goldman Sachs may discontinue or modify this waiver in
the future at its discretion.
Goldman Sachs serves as Distributor of the shares
of the Funds pursuant to a Distribution Agreement. Goldman Sachs
may receive a portion of the Class A sales load and
Class B and Class C contingent deferred sales charges.
During the six months ended April 30, 2004, Goldman Sachs
advised the Funds that it retained approximately $3,000,
$29,000, and $177,000 resulting from Class A sales loads in
the Short Duration Tax-Free, Municipal Income and High Yield
Municipal Funds, respectively, and did not retain any amounts
from Class B and Class C Shares.
47
GOLDMAN SACHS
MUNICIPAL FIXED INCOME FUNDS
Notes to Financial Statements (continued)
April 30, 2004 (Unaudited)
| 3. AGREEMENTS (continued) |
Goldman Sachs also serves as Transfer Agent of
the Funds for a fee. Fees charged for such transfer agency
services are calculated daily and payable monthly at an annual
rate as follows: 0.19% of the average daily net assets for
Class A, Class B and Class C Shares and 0.04% of
the average daily net assets for Institutional and Service
Shares.
The Trust, on behalf of each Fund, has adopted a
Service Plan and Shareholder Administration Plan for Service
Shares. These Plans allow for Service Shares to compensate
service organizations for providing varying levels of personal
and account administration and shareholder administration
services to their customers who are beneficial owners of such
shares. The Service Plan and Shareholder Administration Plan
provide for compensation to the service organizations in an
amount up to, on an annual basis, 0.25% and 0.25%, respectively,
of the average daily net asset value of the Service Shares.
For the six months ended April 30, 2004, the
Funds’ adviser has voluntarily agreed to waive certain fees
and reimburse other expenses. In addition, the Funds have
entered into certain offset arrangements with the custodian
resulting in a reduction of the Funds’ expenses. For the
six months ended April 30, 2004, expense reductions were as
follows (in thousands):
| Waivers | ||||||||||||||||||||
| Class B | Other | |||||||||||||||||||
| Distribution | Expense | Total Expense | ||||||||||||||||||
| Management | and Services | Reimbursement | Custody Credit | Reductions | ||||||||||||||||
|
Short Duration Tax-Free
|
$ | 172 | $ | 5 | $ | 190 | $ | 5 | $ | 372 | ||||||||||
|
Municipal Income
|
61 | — | 163 | 1 | 225 | |||||||||||||||
|
High Yield Municipal
|
— | — | 240 | 10 | 250 | |||||||||||||||
At April 30, 2004, the amounts owed to affiliates were as follows (in thousands):
| Management | Distribution and | Transfer | ||||||||||||||
| Fund | Fees | Service Fees | Agent Fees | Total | ||||||||||||
|
Short Duration Tax-Free
|
$ | 207 | $ | 66 | $ | 53 | $ | 326 | ||||||||
|
Municipal Income
|
103 | 52 | 32 | 187 | ||||||||||||
|
High Yield Municipal
|
1,204 | 341 | 255 | 1,800 | ||||||||||||
48
GOLDMAN SACHS MUNICIPAL
FIXED INCOME FUNDS
| 4. PORTFOLIO SECURITIES TRANSACTIONS |
Cost of purchases and proceeds of sales and
maturities of long-term securities for the six months ended
April 30, 2004, were as follows (in thousands):
| Fund | Purchases | Sales and Maturities | ||||||
|
Short Duration Tax-Free
|
$ | 136,301 | $ | 75,866 | ||||
|
Municipal Income
|
39,720 | 26,453 | ||||||
|
High Yield Municipal
|
1,112,303 | 333,881 | ||||||
Swap Contracts — The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset or notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.
Risks may arise as a result of the failure of the
counterparty to the swap contract to comply with the terms of
the swap contract. The loss incurred by the failure of a
counterparty is generally limited to the net interest payment to
be received by the Funds, and/or the termination value at the
end of the contract. Therefore, the Funds consider the
creditworthiness of each counterparty to a swap contract in
evaluating potential credit risk. Additionally, risks may arise
from unanticipated movements in interest rates or in the value
of the underlying reference asset or index.
The Funds record unrealized gains or losses on a
daily basis representing the value and the current net
receivable or payable relating to open swap contracts. Net
amounts received or paid on the swap contracts are recorded as
realized gains or losses.
Fluctuations in the value of swaps contracts are
recorded for financial statement purposes as unrealized
appreciation or depreciation of swap contracts. Realized gains
and losses from terminated swaps are included in net realized
gains/losses on swap contracts transactions. At April 30,
2004, the Funds had no outstanding swap contracts.
| 5. LINE OF CREDIT FACILITY |
The Funds participate in a $350,000,000
committed, unsecured revolving line of credit facility. Under
the most restrictive arrangement, each Fund must own securities
having a market value in excess of 400% of the total bank
borrowings. This facility is to be used solely for temporary or
emergency purposes. The interest rate on borrowings is based on
the federal funds rate. The committed facility also requires a
fee to be paid by the Funds based on the amount of the
commitment that has not been utilized. During the six months
ended April 30, 2004, the Funds did not have any borrowings
under this facility.
49
GOLDMAN SACHS
MUNICIPAL FIXED INCOME FUNDS
Notes to Financial
Statements (continued)
April 30, 2004 (Unaudited)
| 6. ADDITIONAL TAX INFORMATION |
As of the most recent fiscal year ended
October 31, 2003, the Funds’ capital loss
carryforwards and certain timing differences on a tax basis were
as follows:
| Short Duration | Municipal | High Yield | |||||||||||
| Tax-Free | Income | Municipal | |||||||||||
|
Timing differences related to dividends payable
|
$ | (129,969 | ) | $ | (232,984 | ) | $ | (2,110,043 | ) | ||||
|
Capital loss carryforward:
|
|||||||||||||
|
Expiring 2007
|
(183,057 | ) | (1,187,567 | ) | — | ||||||||
|
Expiring 2008
|
(1,858,013 | ) | (3,726,522 | ) | — | ||||||||
|
Expiring 2009
|
— | — | — | ||||||||||
|
Expiring 2010
|
— | — | (1,488,279 | ) | |||||||||
|
Expiring 2011
|
— | (872,080 | ) | (11,577,968 | ) | ||||||||
|
Total capital loss carryforward
|
$ | (2,041,070 | ) | $ | (5,786,169 | ) | $ | (13,066,247 | ) | ||||
At April 30, 2004, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:
| Short Duration | Municipal | High Yield | |||||||||||
| Tax-Free | Income | Municipal | |||||||||||
|
Tax Cost
|
$ | 695,428,074 | $ | 232,370,967 | $ | 2,588,448,836 | |||||||
|
Gross unrealized gain
|
3,086,853 | 14,018,189 | 77,370,909 | ||||||||||
|
Gross unrealized loss
|
(4,543,569 | ) | (1,377,431 | ) | (25,340,377 | ) | |||||||
|
Net unrealized security gain (loss)
|
$ | (1,456,716 | ) | $ | 12,640,758 | $ | 52,030,532 | ||||||
The difference between book-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales.
50
GOLDMAN SACHS MUNICIPAL
FIXED INCOME FUNDS
| 7. SUMMARY OF SHARE TRANSACTIONS |
Share activity for the period ended
April 30, 2004, is as follows:
| Short Duration Tax-Free Fund | Municipal Income Fund | High Yield Municipal Fund | ||||||||||||||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||
|
Class A
Shares
|
||||||||||||||||||||||||
|
Shares sold
|
9,307,980 | $ | 97,370,704 | 2,446,586 | $ | 38,399,542 | 54,831,189 | $ | 594,248,903 | |||||||||||||||
|
Reinvestment of dividends and distributions
|
139,435 | 1,456,287 | 174,419 | 2,726,754 | 1,708,845 | 18,543,857 | ||||||||||||||||||
|
Shares repurchased
|
(9,383,069 | ) | (98,121,516 | ) | (2,135,104 | ) | (33,440,378 | ) | (22,087,217 | ) | (241,787,350 | ) | ||||||||||||
| 64,346 | 705,475 | 485,901 | 7,685,918 | 34,452,817 | 371,005,410 | |||||||||||||||||||
|
Class B
Shares
|
||||||||||||||||||||||||
|
Shares sold
|
65,482 | 683,448 | 48,904 | 765,915 | 362,368 | 3,919,367 | ||||||||||||||||||
|
Reinvestment of dividends and distributions
|
2,203 | 23,007 | 9,318 | 145,633 | 41,708 | 452,657 | ||||||||||||||||||
|
Shares repurchased
|
(181,862 | ) | (1,898,385 | ) | (113,389 | ) | (1,766,142 | ) | (292,402 | ) | (3,175,392 | ) | ||||||||||||
| (114,177 | ) | (1,191,930 | ) | (55,167 | ) | (854,594 | ) | 111,674 | 1,196,632 | |||||||||||||||
|
Class C
Shares
|
||||||||||||||||||||||||
|
Shares sold
|
246,072 | 2,574,262 | 91,029 | 1,428,901 | 1,481,400 | 16,005,821 | ||||||||||||||||||
|
Reinvestment of dividends and distributions
|
4,980 | 52,016 | 4,046 | 63,260 | 43,087 | 467,469 | ||||||||||||||||||
|
Shares repurchased
|
(812,015 | ) | (8,491,327 | ) | (45,051 | ) | (702,750 | ) | (323,037 | ) | (3,511,304 | ) | ||||||||||||
| (560,963 | ) | (5,865,049 | ) | 50,024 | 789,411 | 1,201,450 | 12,961,986 | |||||||||||||||||
|
Institutional
Shares
|
||||||||||||||||||||||||
|
Shares sold
|
19,750,247 | 206,661,623 | 1,400,068 | 21,998,875 | 43,494,132 | 474,059,640 | ||||||||||||||||||
|
Reinvestment of dividends and distributions
|
386,685 | 4,036,267 | 29,348 | 458,747 | 2,147,105 | 23,305,055 | ||||||||||||||||||
|
Shares repurchased
|
(16,256,346 | ) | (169,950,749 | ) | (1,209,098 | ) | (18,932,427 | ) | (10,107,753 | ) | (109,686,237 | ) | ||||||||||||
| 3,880,586 | 40,747,141 | 220,318 | 3,525,195 | 35,533,484 | 387,678,458 | |||||||||||||||||||
|
Service
Shares
|
||||||||||||||||||||||||
|
Shares sold
|
— | — | 3,028 | 47,326 | — | — | ||||||||||||||||||
|
Reinvestment of dividends and distributions
|
50 | 518 | 5 | 82 | — | — | ||||||||||||||||||
|
Shares repurchased
|
(1,911 | ) | (19,983 | ) | — | — | — | — | ||||||||||||||||
| (1,861 | ) | (19,465 | ) | 3,033 | 47,408 | — | — | |||||||||||||||||
|
NET INCREASE
|
3,267,931 | $ | 34,376,172 | 704,109 | $ | 11,193,338 | 71,299,425 | $ | 772,842,486 | |||||||||||||||
51
GOLDMAN SACHS
MUNICIPAL FIXED INCOME FUNDS
Notes to Financial
Statements (continued)
April 30, 2004 (Unaudited)
| 7. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity for the year ended October 31, 2003, is as follows:
| Short Duration Tax-Free Fund | Municipal Income Fund | High Yield Municipal Fund | ||||||||||||||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||
|
Class A
Shares
|
||||||||||||||||||||||||
|
Shares sold
|
15,875,261 | $ | 165,708,999 | 14,113,234 | $ | 216,596,027 | 41,747,390 | $ | 438,117,994 | |||||||||||||||
|
Reinvestment of dividends and distributions
|
226,152 | 2,358,905 | 308,453 | 4,747,050 | 2,542,428 | 26,644,412 | ||||||||||||||||||
|
Shares repurchased
|
(7,976,053 | ) | (83,235,473 | ) | (11,773,462 | ) | (180,833,422 | ) | (16,909,430 | ) | (176,781,670 | ) | ||||||||||||
| 8,125,360 | 84,832,431 | 2,648,225 | 40,509,655 | 27,380,388 | 287,980,736 | |||||||||||||||||||
|
Class B
Shares
|
||||||||||||||||||||||||
|
Shares sold
|
298,138 | 3,105,273 | 181,918 | 2,797,922 | 773,596 | 8,120,649 | ||||||||||||||||||
|
Reinvestment of dividends and distributions
|
4,402 | 45,866 | 20,678 | 318,195 | 76,968 | 806,270 | ||||||||||||||||||
|
Shares repurchased
|
(170,175 | ) | (1,775,749 | ) | (324,968 | ) | (4,985,403 | ) | (479,844 | ) | (5,019,770 | ) | ||||||||||||
| 132,365 | 1,375,390 | (122,372 | ) | (1,869,286 | ) | 370,720 | 3,907,149 | |||||||||||||||||
|
Class C
Shares
|
||||||||||||||||||||||||
|
Shares sold
|
1,894,478 | 19,736,212 | 332,586 | 5,117,172 | 1,307,408 | 13,733,105 | ||||||||||||||||||
|
Reinvestment of dividends and distributions
|
11,424 | 119,070 | 8,985 | 138,314 | 71,951 | 753,726 | ||||||||||||||||||
|
Shares repurchased
|
(1,726,033 | ) | (17,991,678 | ) | (444,381 | ) | (6,863,038 | ) | (536,283 | ) | (5,608,052 | ) | ||||||||||||
| 179,869 | 1,863,604 | (102,810 | ) | (1,607,552 | ) | 843,076 | 8,878,779 | |||||||||||||||||
|
Institutional
Shares
|
||||||||||||||||||||||||
|
Shares sold
|
52,979,029 | 524,402,895 | 2,951,502 | 45,487,226 | 57,477,685 | 604,473,863 | ||||||||||||||||||
|
Reinvestment of dividends and distributions
|
501,200 | 5,225,662 | 81,736 | 1,257,845 | 2,488,472 | 26,095,413 | ||||||||||||||||||
|
Shares repurchased
|
(21,431,824 | ) | (194,006,330 | ) | (4,305,509 | ) | (66,151,323 | ) | (17,836,763 | ) | (186,083,785 | ) | ||||||||||||
| 32,048,405 | 335,622,227 | (1,272,271 | ) | (19,406,252 | ) | 42,129,394 | 444,485,491 | |||||||||||||||||
|
Service
Shares
|
||||||||||||||||||||||||
|
Shares sold
|
43,620 | 455,000 | 7,219 | 110,000 | — | — | ||||||||||||||||||
|
Reinvestment of dividends and distributions
|
114 | 1,190 | 5 | 81 | — | — | ||||||||||||||||||
|
Shares repurchased
|
(43,632 | ) | (451,593 | ) | (6,472 | ) | (99,840 | ) | — | — | ||||||||||||||
| 102 | 4,597 | 752 | 10,241 | — | — | |||||||||||||||||||
|
NET INCREASE
|
40,486,101 | $ | 423,698,249 | 1,151,524 | $ | 17,636,806 | 70,723,578 | $ | 745,252,155 | |||||||||||||||
52
GOLDMAN SACHS MUNICIPAL
FIXED INCOME FUNDS
| 8. OTHER MATTERS |
Legal
Proceedings — Purported
class and derivative action lawsuits were filed in April and May
2004, in the United States District Court for the Southern
District of New York against GSAM and certain related parties,
including certain Goldman Sachs Funds and the Trustees and
Officers of the Trust. The actions allege violations of the Act,
the Investment Advisers Act of 1940 and common law breach of
fiduciary duty. The complaints allege, among other things, that
between April 2, 1999 and January 9, 2004 (the
“Class Period”), GSAM charged the Goldman Sachs Funds
improper Rule 12b-1 fees; made improper brokerage
commission and other payments to brokers that sold shares of the
Goldman Sachs Funds; and made untrue statements of material fact
in registration statements and reports filed pursuant to the
Act. Based on currently available information, GSAM believes
that the likelihood that the purported class action lawsuits
will have a material adverse financial impact on the Funds is
remote, and the pending actions are not likely to materially
affect its ability to provide investment management services to
its clients, including the Goldman Sachs Funds.
53
GOLDMAN SACHS SHORT
DURATION TAX-FREE FUND
Financial Highlights
Selected Data for a Share Outstanding
Throughout Each Period
| Income (loss) from | ||||||||||||||||||||||||||||||||
| investment operations | Distributions to shareholders | |||||||||||||||||||||||||||||||
| Net asset | In excess | |||||||||||||||||||||||||||||||
| value, | Net | Net realized | Total from | From net | of net | |||||||||||||||||||||||||||
| beginning | investment | and unrealized | investment | investment | investment | Total | ||||||||||||||||||||||||||
| of period | income | gain (loss) | operations | income | income | distributions | ||||||||||||||||||||||||||
| FOR THE SIX MONTHS ENDED APRIL 30, (Unaudited) | ||||||||||||||||||||||||||||||||
| 2004 - Class A Shares | $ | 10.45 | $ | 0.09 | (c) | $ | (0.09 | ) | $ | — | $ | (0.09 | ) | $ | — | $ | (0.09 | ) | ||||||||||||||
| 2004 - Class B Shares | 10.44 | 0.06 | (c) | (0.08 | ) | (0.02 | ) | (0.06 | ) | — | (0.06 | ) | ||||||||||||||||||||
| 2004 - Class C Shares | 10.45 | 0.05 | (c) | (0.09 | ) | (0.04 | ) | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||||
| 2004 - Institutional Shares | 10.44 | 0.11 | (c) | (0.08 | ) | 0.03 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||||
| 2004 - Service Shares | 10.44 | 0.08 | (c) | (0.07 | ) | 0.01 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||||
| FOR THE YEARS ENDED OCTOBER 31, | ||||||||||||||||||||||||||||||||
| 2003 - Class A Shares | 10.36 | 0.17 | (c) | 0.10 | 0.27 | (0.18 | ) | — | (0.18 | ) | ||||||||||||||||||||||
| 2003 - Class B Shares | 10.35 | 0.11 | (c) | 0.10 | 0.21 | (0.12 | ) | — | (0.12 | ) | ||||||||||||||||||||||
| 2003 - Class C Shares | 10.36 | 0.10 | (c) | 0.09 | 0.19 | (0.10 | ) | — | (0.10 | ) | ||||||||||||||||||||||
| 2003 - Institutional Shares | 10.36 | 0.21 | (c) | 0.09 | 0.30 | (0.22 | ) | — | (0.22 | ) | ||||||||||||||||||||||
| 2003 - Service Shares | 10.34 | 0.15 | (c) | 0.12 | 0.27 | (0.17 | ) | — | (0.17 | ) | ||||||||||||||||||||||
| 2002 - Class A Shares | 10.26 | 0.26 | (c)(d) | 0.12 | (d) | 0.38 | (0.28 | ) | — | (0.28 | ) | |||||||||||||||||||||
| 2002 - Class B Shares | 10.25 | 0.21 | (c)(d) | 0.10 | (d) | 0.31 | (0.21 | ) | — | (0.21 | ) | |||||||||||||||||||||
| 2002 - Class C Shares | 10.26 | 0.18 | (c)(d) | 0.12 | (d) | 0.30 | (0.20 | ) | — | (0.20 | ) | |||||||||||||||||||||
| 2002 - Institutional Shares | 10.25 | 0.31 | (c)(d) | 0.12 | (d) | 0.43 | (0.32 | ) | — | (0.32 | ) | |||||||||||||||||||||
| 2002 - Service Shares | 10.24 | 0.26 | (c)(d) | 0.10 | (d) | 0.36 | (0.26 | ) | — | (0.26 | ) | |||||||||||||||||||||
| 2001 - Class A Shares | 9.94 | 0.38 | (c) | 0.33 | 0.71 | (0.39 | ) | — | (0.39 | ) | ||||||||||||||||||||||
| 2001 - Class B Shares | 9.94 | 0.32 | (c) | 0.32 | 0.64 | (0.33 | ) | — | (0.33 | ) | ||||||||||||||||||||||
| 2001 - Class C Shares | 9.94 | 0.29 | (c) | 0.34 | 0.63 | (0.31 | ) | — | (0.31 | ) | ||||||||||||||||||||||
| 2001 - Institutional Shares | 9.94 | 0.42 | (c) | 0.32 | 0.74 | (0.43 | ) | — | (0.43 | ) | ||||||||||||||||||||||
| 2001 - Service Shares | 9.92 | 0.38 | (c) | 0.32 | 0.70 | (0.38 | ) | — | (0.38 | ) | ||||||||||||||||||||||
| 2000 - Class A Shares | 9.93 | 0.39 | (c) | (0.01 | ) | 0.38 | (0.37 | ) | — | (0.37 | ) | |||||||||||||||||||||
| 2000 - Class B Shares | 9.93 | 0.33 | (c) | (0.01 | ) | 0.32 | (0.31 | ) | — | (0.31 | ) | |||||||||||||||||||||
| 2000 - Class C Shares | 9.93 | 0.32 | (c) | (0.01 | ) | 0.31 | (0.30 | ) | — | (0.30 | ) | |||||||||||||||||||||
| 2000 - Institutional Shares | 9.93 | 0.43 | (c) | (0.01 | ) | 0.42 | (0.41 | ) | — | (0.41 | ) | |||||||||||||||||||||
| 2000 - Service Shares | 9.92 | 0.38 | (c) | (0.02 | ) | 0.36 | (0.36 | ) | — | (0.36 | ) | |||||||||||||||||||||
| 1999 - Class A Shares | 10.19 | 0.34 | (0.24 | ) | 0.10 | (0.34 | ) | (0.02 | ) | (0.36 | ) | |||||||||||||||||||||
| 1999 - Class B Shares | 10.18 | 0.28 | (0.23 | ) | 0.05 | (0.28 | ) | (0.02 | ) | (0.30 | ) | |||||||||||||||||||||
| 1999 - Class C Shares | 10.18 | 0.26 | (0.22 | ) | 0.04 | (0.26 | ) | (0.03 | ) | (0.29 | ) | |||||||||||||||||||||
| 1999 - Institutional Shares | 10.18 | 0.38 | (0.23 | ) | 0.15 | (0.39 | ) | (0.01 | ) | (0.40 | ) | |||||||||||||||||||||
| 1999 - Administration Shares(e) | 10.18 | 0.26 | (c) | (0.12 | ) | 0.14 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||||
| 1999 - Service Shares | 10.18 | 0.33 | (c) | (0.24 | ) | 0.09 | (0.33 | ) | (0.02 | ) | (0.35 | ) | ||||||||||||||||||||
| (a) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales charge. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on capital gains and other taxable distributions or the redemption of Fund shares. |
| (b) | Annualized. |
| (c) | Calculated based on the average shares outstanding methodology. |
| (d) | As required, effective November 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing all premium and discounts on debt securities. The effect of this change for the year ended October 31, 2002 was an impact of less than $0.01 per share to net investment income and net realized and unrealized gains and losses, and an impact to the ratio of net investment income to average net assets with and without expense reductions by less than 0.01%. Per share amounts, ratios and supplemental data for periods prior to November 1, 2001 have not been restated to reflect this change in presentation. |
| (e) | Administration Class shares were liquidated on July 20, 1999. Ending net asset value shown as of July 20, 1999. |
54 The accompanying notes are an
integral part of these financial statements.
GOLDMAN SACHS SHORT
DURATION TAX-FREE FUND
| Ratios assuming no | ||||||||||||||||||||||||||||||||||
| expense reductions | ||||||||||||||||||||||||||||||||||
| Ratio of net | Ratio of | Ratio of net | ||||||||||||||||||||||||||||||||
| Net assets | Ratio of net | investment | total | investment | ||||||||||||||||||||||||||||||
| Net asset | at end of | expenses to | income to | expenses | income to | Portfolio | ||||||||||||||||||||||||||||
| value, end | Total | period | average net | average net | to average | average net | turnover | |||||||||||||||||||||||||||
| of period | return(a) | (in 000s) | assets | assets | net assets | assets | rate | |||||||||||||||||||||||||||
| $ | 10.36 | 0.00 | % | $ | 203,840 | 0.79 | %(b) | 1.67 | %(b) | 0.90 | %(b) | 1.56 | %(b) | 12 | % | |||||||||||||||||||
| 10.36 | (0.20 | ) | 5,301 | 1.39 | (b) | 1.08 | (b) | 1.65 | (b) | 0.82 | (b) | 12 | ||||||||||||||||||||||
| 10.36 | (0.38 | ) | 24,000 | 1.54 | (b) | 0.93 | (b) | 1.65 | (b) | 0.82 | (b) | 12 | ||||||||||||||||||||||
| 10.36 | 0.29 | 475,526 | 0.39 | (b) | 2.08 | (b) | 0.50 | (b) | 1.97 | (b) | 12 | |||||||||||||||||||||||
| 10.36 | 0.04 | 54 | 0.89 | (b) | 1.58 | (b) | 1.00 | (b) | 1.47 | (b) | 12 | |||||||||||||||||||||||
| 10.45 | 2.62 | 204,838 | 0.80 | 1.66 | 0.92 | 1.54 | 43 | |||||||||||||||||||||||||||
| 10.44 | 2.01 | 6,536 | 1.40 | 1.09 | 1.67 | 0.82 | 43 | |||||||||||||||||||||||||||
| 10.45 | 1.86 | 30,057 | 1.55 | 0.94 | 1.67 | 0.82 | 43 | |||||||||||||||||||||||||||
| 10.44 | 2.93 | 438,884 | 0.40 | 1.99 | 0.52 | 1.87 | 43 | |||||||||||||||||||||||||||
| 10.44 | 2.62 | 74 | 0.90 | 1.45 | 1.02 | 1.33 | 43 | |||||||||||||||||||||||||||
| 10.36 | 3.72 | 118,906 | 0.79 | 2.57 | (d) | 1.02 | 2.34 | (d) | 31 | |||||||||||||||||||||||||
| 10.35 | 3.10 | 5,111 | 1.39 | 2.01 | (d) | 1.77 | 1.63 | (d) | 31 | |||||||||||||||||||||||||
| 10.36 | 2.94 | 27,937 | 1.54 | 1.80 | (d) | 1.77 | 1.57 | (d) | 31 | |||||||||||||||||||||||||
| 10.36 | 4.23 | 103,273 | 0.39 | 3.00 | (d) | 0.62 | 2.77 | (d) | 31 | |||||||||||||||||||||||||
| 10.34 | 3.62 | 72 | 0.89 | 2.53 | (d) | 1.12 | 2.30 | (d) | 31 | |||||||||||||||||||||||||
| 10.26 | 7.27 | 38,891 | 0.79 | 3.73 | 1.25 | 3.27 | 69 | |||||||||||||||||||||||||||
| 10.25 | 6.53 | 2,382 | 1.39 | 3.22 | 2.00 | 2.61 | 69 | |||||||||||||||||||||||||||
| 10.26 | 6.48 | 3,842 | 1.54 | 2.94 | 2.00 | 2.48 | 69 | |||||||||||||||||||||||||||
| 10.25 | 7.60 | 48,114 | 0.39 | 4.19 | 0.85 | 3.73 | 69 | |||||||||||||||||||||||||||
| 10.24 | 7.18 | 41 | 0.89 | 3.75 | 1.35 | 3.29 | 69 | |||||||||||||||||||||||||||
| 9.94 | 3.93 | 19,451 | 0.79 | 3.95 | 1.19 | 3.55 | 66 | |||||||||||||||||||||||||||
| 9.94 | 3.31 | 2,026 | 1.39 | 3.36 | 1.94 | 2.81 | 66 | |||||||||||||||||||||||||||
| 9.94 | 3.15 | 1,581 | 1.54 | 3.19 | 1.94 | 2.79 | 66 | |||||||||||||||||||||||||||
| 9.94 | 4.34 | 40,301 | 0.39 | 4.36 | 0.79 | 3.96 | 66 | |||||||||||||||||||||||||||
| 9.92 | 3.72 | 44 | 0.89 | 3.86 | 1.29 | 3.46 | 66 | |||||||||||||||||||||||||||
| 9.93 | 1.00 | 22,903 | 0.79 | 3.37 | 1.06 | 3.10 | 147 | |||||||||||||||||||||||||||
| 9.93 | 0.49 | 2,000 | 1.39 | 2.80 | 1.81 | 2.38 | 147 | |||||||||||||||||||||||||||
| 9.93 | 0.34 | 2,070 | 1.54 | 2.62 | 1.81 | 2.35 | 147 | |||||||||||||||||||||||||||
| 9.93 | 1.50 | 77,522 | 0.39 | 3.79 | 0.66 | 3.52 | 147 | |||||||||||||||||||||||||||
| 10.05 | (e) | 1.37 | — | 0.64 | (b) | 3.56 | (b) | 0.91 | (b) | 3.29 | (b) | 147 | ||||||||||||||||||||||
| 9.92 | 0.89 | 173 | 0.89 | 3.23 | 1.16 | 2.96 | 147 | |||||||||||||||||||||||||||
55
GOLDMAN SACHS
MUNICIPAL INCOME FUND
Financial Highlights
Selected Data for a Share Outstanding
Throughout Each Period
| Income (loss) from | ||||||||||||||||||||||||||||||||||||
| investment operations | Distributions to shareholders | |||||||||||||||||||||||||||||||||||
| Net asset | In excess | |||||||||||||||||||||||||||||||||||
| value, | Net | Net realized | Total from | From net | of net | From net | ||||||||||||||||||||||||||||||
| beginning | investment | and unrealized | investment | investment | investment | realized | Total | |||||||||||||||||||||||||||||
| of period | income | gain (loss) | operations | income | income | gain | distributions | |||||||||||||||||||||||||||||
| FOR THE SIX MONTHS ENDED APRIL 30, (Unaudited) | ||||||||||||||||||||||||||||||||||||
| 2004 - Class A Shares | $ | 15.41 | $ | 0.32 | (c) | $ | (0.05 | ) | $ | 0.27 | $ | (0.32 | ) | $ | — | $ | — | $ | (0.32 | ) | ||||||||||||||||
| 2004 - Class B Shares | 15.41 | 0.27 | (c) | (0.06 | ) | 0.21 | (0.26 | ) | — | — | (0.26 | ) | ||||||||||||||||||||||||
| 2004 - Class C Shares | 15.41 | 0.26 | (c) | (0.05 | ) | 0.21 | (0.26 | ) | — | — | (0.26 | ) | ||||||||||||||||||||||||
| 2004 - Institutional Shares | 15.40 | 0.35 | (c) | (0.04 | ) | 0.31 | (0.35 | ) | — | — | (0.35 | ) | ||||||||||||||||||||||||
| 2004 - Service Shares | 15.49 | 0.32 | (c) | (0.06 | ) | 0.26 | (0.31 | ) | — | — | (0.31 | ) | ||||||||||||||||||||||||
| FOR THE YEARS ENDED OCTOBER 31, | ||||||||||||||||||||||||||||||||||||
| 2003 - Class A Shares | 15.29 | 0.64 | (c) | 0.13 | 0.77 | (0.65 | ) | — | — | (0.65 | ) | |||||||||||||||||||||||||
| 2003 - Class B Shares | 15.29 | 0.53 | (c) | 0.12 | 0.65 | (0.53 | ) | — | — | (0.53 | ) | |||||||||||||||||||||||||
| 2003 - Class C Shares | 15.30 | 0.53 | (c) | 0.11 | 0.64 | (0.53 | ) | — | — | (0.53 | ) | |||||||||||||||||||||||||
| 2003 - Institutional Shares | 15.29 | 0.71 | (c) | 0.11 | 0.82 | (0.71 | ) | — | — | (0.71 | ) | |||||||||||||||||||||||||
| 2003 - Service Shares | 15.37 | 0.63 | (c) | 0.12 | 0.75 | (0.63 | ) | — | — | (0.63 | ) | |||||||||||||||||||||||||
| 2002 - Class A Shares | 15.32 | 0.65 | (c)(d) | (0.01 | )(d) | 0.64 | (0.67 | ) | — | — | (0.67 | ) | ||||||||||||||||||||||||
| 2002 - Class B Shares | 15.32 | 0.54 | (c)(d) | (0.01 | )(d) | 0.53 | (0.56 | ) | — | — | (0.56 | ) | ||||||||||||||||||||||||
| 2002 - Class C Shares | 15.33 | 0.54 | (c)(d) | (0.01 | )(d) | 0.53 | (0.56 | ) | — | — | (0.56 | ) | ||||||||||||||||||||||||
| 2002 - Institutional Shares | 15.32 | 0.71 | (c)(d) | (0.01 | )(d) | 0.70 | (0.73 | ) | — | — | (0.73 | ) | ||||||||||||||||||||||||
| 2002 - Service Shares | 15.39 | 0.64 | (c)(d) | — | (d)(e) | 0.64 | (0.66 | ) | — | — | (0.66 | ) | ||||||||||||||||||||||||
| 2001 - Class A Shares | 14.48 | 0.67 | (c) | 0.82 | 1.49 | (0.65 | ) | — | — | (0.65 | ) | |||||||||||||||||||||||||
| 2001 - Class B Shares | 14.49 | 0.56 | (c) | 0.81 | 1.37 | (0.54 | ) | — | — | (0.54 | ) | |||||||||||||||||||||||||
| 2001 - Class C Shares | 14.50 | 0.56 | (c) | 0.81 | 1.37 | (0.54 | ) | — | — | (0.54 | ) | |||||||||||||||||||||||||
| 2001 - Institutional Shares | 14.48 | 0.73 | (c) | 0.82 | 1.55 | (0.71 | ) | — | — | (0.71 | ) | |||||||||||||||||||||||||
| 2001 - Service Shares | 14.53 | 0.61 | (c) | 0.88 | 1.49 | (0.63 | ) | — | — | (0.63 | ) | |||||||||||||||||||||||||
| 2000 - Class A Shares | 14.07 | 0.67 | (c) | 0.41 | 1.08 | (0.67 | ) | — | — | (0.67 | ) | |||||||||||||||||||||||||
| 2000 - Class B Shares | 14.08 | 0.57 | (c) | 0.40 | 0.97 | (0.56 | ) | — | — | (0.56 | ) | |||||||||||||||||||||||||
| 2000 - Class C Shares | 14.08 | 0.57 | (c) | 0.41 | 0.98 | (0.56 | ) | — | — | (0.56 | ) | |||||||||||||||||||||||||
| 2000 - Institutional Shares | 14.07 | 0.72 | (c) | 0.42 | 1.14 | (0.73 | ) | — | — | (0.73 | ) | |||||||||||||||||||||||||
| 2000 - Service Shares | 14.09 | 0.68 | (c) | 0.42 | 1.10 | (0.66 | ) | — | — | (0.66 | ) | |||||||||||||||||||||||||
| 1999 - Class A Shares | 15.47 | 0.63 | (1.29 | ) | (0.66 | ) | (0.65 | ) | — | (0.09 | ) | (0.74 | ) | |||||||||||||||||||||||
| 1999 - Class B Shares | 15.47 | 0.51 | (1.28 | ) | (0.77 | ) | (0.52 | ) | (0.01 | ) | (0.09 | ) | (0.62 | ) | ||||||||||||||||||||||
| 1999 - Class C Shares | 15.47 | 0.51 | (1.28 | ) | (0.77 | ) | (0.51 | ) | (0.02 | ) | (0.09 | ) | (0.62 | ) | ||||||||||||||||||||||
| 1999 - Institutional Shares | 15.47 | 0.70 | (1.30 | ) | (0.60 | ) | (0.70 | ) | (0.01 | ) | (0.09 | ) | (0.80 | ) | ||||||||||||||||||||||
| 1999 - Service Shares | 15.48 | 0.65 | (1.32 | ) | (0.67 | ) | (0.63 | ) | — | (0.09 | ) | (0.72 | ) | |||||||||||||||||||||||
| (a) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales charge. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on capital gains and other taxable distributions or the redemption of Fund shares. |
| (b) | Annualized. |
| (c) | Calculated based on the average shares outstanding methodology. |
| (d) | As required, effective November 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing all premiums and discounts on debt securities. The effect of this change for the year ended October 31, 2002 was an impact of less than $0.01 per share to net investment income and net realized and unrealized gains and losses, and an impact to the ratio of net investment income to average net assets with and without expense reductions by less than 0.01%. Per share amounts, ratios and supplemental data for periods prior to November 1, 2001 have not been restated to reflect this change in presentation. |
| (e) | Less than $0.005 per share. |
56 The accompanying notes are an
integral part of these financial statements.
GOLDMAN SACHS MUNICIPAL
INCOME FUND
| Ratios assuming no expense | ||||||||||||||||||||||||||||||||||
| reductions | ||||||||||||||||||||||||||||||||||
| Ratio of net | Ratio of | Ratio of net | ||||||||||||||||||||||||||||||||
| Net assets | Ratio of | investment | total | investment | ||||||||||||||||||||||||||||||
| Net asset | at end of | net expenses | income | expenses | income | Portfolio | ||||||||||||||||||||||||||||
| value, end | Total | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
| of period | return(a) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
| $ | 15.36 | 1.71 | % | $ | 167,796 | 0.94 | %(b) | 4.15 | %(b) | 1.12 | %(b) | 3.97 | %(b) | 11 | % | |||||||||||||||||||
| 15.36 | 1.33 | 14,247 | 1.69 | (b) | 3.41 | (b) | 1.87 | (b) | 3.23 | (b) | 11 | |||||||||||||||||||||||
| 15.36 | 1.33 | 5,369 | 1.69 | (b) | 3.40 | (b) | 1.87 | (b) | 3.22 | (b) | 11 | |||||||||||||||||||||||
| 15.36 | 1.91 | 60,894 | 0.54 | (b) | 4.56 | (b) | 0.72 | (b) | 4.38 | (b) | 11 | |||||||||||||||||||||||
| 15.44 | 1.65 | 329 | 1.04 | (b) | 4.06 | (b) | 1.22 | (b) | 3.88 | (b) | 11 | |||||||||||||||||||||||
| 15.41 | 5.10 | 160,856 | 0.95 | 4.17 | 1.13 | 3.99 | 54 | |||||||||||||||||||||||||||
| 15.41 | 4.32 | 15,143 | 1.70 | 3.44 | 1.88 | 3.26 | 54 | |||||||||||||||||||||||||||
| 15.41 | 4.25 | 4,615 | 1.70 | 3.45 | 1.88 | 3.27 | 54 | |||||||||||||||||||||||||||
| 15.40 | 5.45 | 57,696 | 0.55 | 4.58 | 0.73 | 4.40 | 54 | |||||||||||||||||||||||||||
| 15.49 | 4.97 | 283 | 1.05 | 4.11 | 1.23 | 3.93 | 54 | |||||||||||||||||||||||||||
| 15.29 | 4.30 | 119,161 | 0.94 | 4.27 | (d) | 1.11 | 4.10 | (d) | 39 | |||||||||||||||||||||||||
| 15.29 | 3.52 | 16,903 | 1.69 | 3.53 | (d) | 1.86 | 3.36 | (d) | 39 | |||||||||||||||||||||||||
| 15.30 | 3.52 | 6,155 | 1.69 | 3.54 | (d) | 1.86 | 3.37 | (d) | 39 | |||||||||||||||||||||||||
| 15.29 | 4.71 | 76,733 | 0.54 | 4.69 | (d) | 0.71 | 4.52 | (d) | 39 | |||||||||||||||||||||||||
| 15.37 | 4.24 | 270 | 1.04 | 4.21 | (d) | 1.21 | 4.04 | (d) | 39 | |||||||||||||||||||||||||
| 15.32 | 10.48 | 80,735 | 0.94 | 4.47 | 1.18 | 4.23 | 22 | |||||||||||||||||||||||||||
| 15.32 | 9.57 | 11,902 | 1.69 | 3.72 | 1.93 | 3.48 | 22 | |||||||||||||||||||||||||||
| 15.33 | 9.64 | 5,300 | 1.69 | 3.72 | 1.93 | 3.48 | 22 | |||||||||||||||||||||||||||
| 15.32 | 10.91 | 100,970 | 0.54 | 4.86 | 0.78 | 4.62 | 22 | |||||||||||||||||||||||||||
| 15.39 | 10.48 | 67 | 1.04 | 4.30 | 1.28 | 4.06 | 22 | |||||||||||||||||||||||||||
| 14.48 | 7.87 | 67,315 | 0.94 | 4.74 | 1.28 | 4.40 | 67 | |||||||||||||||||||||||||||
| 14.49 | 7.07 | 8,776 | 1.69 | 3.99 | 2.03 | 3.65 | 67 | |||||||||||||||||||||||||||
| 14.50 | 7.07 | 3,292 | 1.69 | 3.99 | 2.03 | 3.65 | 67 | |||||||||||||||||||||||||||
| 14.48 | 8.30 | 56,376 | 0.54 | 5.10 | 0.88 | 4.76 | 67 | |||||||||||||||||||||||||||
| 14.53 | 7.98 | 1 | 1.04 | 4.82 | 1.38 | 4.48 | 67 | |||||||||||||||||||||||||||
| 14.07 | (4.46 | ) | 90,443 | 0.94 | 4.15 | 1.14 | 3.95 | 70 | ||||||||||||||||||||||||||
| 14.08 | (5.10 | ) | 9,334 | 1.69 | 3.40 | 1.89 | 3.20 | 70 | ||||||||||||||||||||||||||
| 14.08 | (5.10 | ) | 4,379 | 1.69 | 3.40 | 1.89 | 3.20 | 70 | ||||||||||||||||||||||||||
| 14.07 | (4.07 | ) | 16,197 | 0.54 | 4.58 | 0.74 | 4.38 | 70 | ||||||||||||||||||||||||||
| 14.09 | (4.49 | ) | 2 | 1.04 | 4.35 | 1.24 | 4.15 | 70 | ||||||||||||||||||||||||||
57
GOLDMAN SACHS HIGH
YIELD MUNICIPAL FUND
Financial Highlights
Selected Data for a Share Outstanding
Throughout Each Period
| Income (loss) from | Distributions to | |||||||||||||||||||||||||||||||
| investment operations | shareholders | |||||||||||||||||||||||||||||||
| Net asset | ||||||||||||||||||||||||||||||||
| value, at | Net | Net realized | Total from | From net | From net | |||||||||||||||||||||||||||
| beginning | investment | and unrealized | investment | investment | realized | Total | ||||||||||||||||||||||||||
| of period | income(c) | gain (loss) | operations | income | gains | distributions | ||||||||||||||||||||||||||
| FOR THE SIX MONTHS ENDED APRIL 30, (Unaudited) | ||||||||||||||||||||||||||||||||
| 2004 - Class A Shares | $ | 10.66 | $ | 0.27 | $ | 0.03 | $ | 0.30 | $ | (0.26 | ) | — | $ | (0.26 | ) | |||||||||||||||||
| 2004 - Class B Shares | 10.66 | 0.23 | 0.03 | 0.26 | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||||||||
| 2004 - Class C Shares | 10.66 | 0.23 | 0.03 | 0.26 | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||||||||
| 2004 - Institutional Shares | 10.66 | 0.29 | 0.03 | 0.32 | (0.28 | ) | — | (0.28 | ) | |||||||||||||||||||||||
| FOR THE YEARS ENDED OCTOBER 31, | ||||||||||||||||||||||||||||||||
| 2003 - Class A Shares | 10.34 | 0.54 | 0.33 | 0.87 | (0.55 | ) | — | (0.55 | ) | |||||||||||||||||||||||
| 2003 - Class B Shares | 10.34 | 0.47 | 0.32 | 0.79 | (0.47 | ) | — | (0.47 | ) | |||||||||||||||||||||||
| 2003 - Class C Shares | 10.34 | 0.47 | 0.32 | 0.79 | (0.47 | ) | — | (0.47 | ) | |||||||||||||||||||||||
| 2003 - Institutional Shares | 10.34 | 0.59 | 0.32 | 0.91 | (0.59 | ) | — | (0.59 | ) | |||||||||||||||||||||||
| 2002 - Class A Shares | 10.57 | 0.57 | (d) | (0.19 | )(d) | 0.38 | (0.58 | ) | (0.03 | ) | (0.61 | ) | ||||||||||||||||||||
| 2002 - Class B Shares | 10.57 | 0.49 | (d) | (0.19 | )(d) | 0.30 | (0.50 | ) | (0.03 | ) | (0.53 | ) | ||||||||||||||||||||
| 2002 - Class C Shares | 10.57 | 0.49 | (d) | (0.19 | )(d) | 0.30 | (0.50 | ) | (0.03 | ) | (0.53 | ) | ||||||||||||||||||||
| 2002 - Institutional Shares | 10.57 | 0.61 | (d) | (0.19 | )(d) | 0.42 | (0.62 | ) | (0.03 | ) | (0.65 | ) | ||||||||||||||||||||
| 2001 - Class A Shares | 10.18 | 0.59 | 0.41 | 1.00 | (0.61 | ) | — | (0.61 | ) | |||||||||||||||||||||||
| 2001 - Class B Shares | 10.18 | 0.51 | 0.41 | 0.92 | (0.53 | ) | — | (0.53 | ) | |||||||||||||||||||||||
| 2001 - Class C Shares | 10.18 | 0.52 | 0.40 | 0.92 | (0.53 | ) | — | (0.53 | ) | |||||||||||||||||||||||
| 2001 - Institutional Shares | 10.18 | 0.64 | 0.40 | 1.04 | (0.65 | ) | — | (0.65 | ) | |||||||||||||||||||||||
| FOR THE PERIOD ENDED OCTOBER 31, | ||||||||||||||||||||||||||||||||
| 2000 - Class A Shares (commenced April 3, 2000) | 10.00 | 0.33 | 0.17 | 0.50 | (0.32 | ) | — | (0.32 | ) | |||||||||||||||||||||||
| 2000 - Class B Shares (commenced April 3, 2000) | 10.00 | 0.29 | 0.17 | 0.46 | (0.28 | ) | — | (0.28 | ) | |||||||||||||||||||||||
| 2000 - Class C Shares (commenced April 3, 2000) | 10.00 | 0.29 | 0.17 | 0.46 | (0.28 | ) | — | (0.28 | ) | |||||||||||||||||||||||
| 2000 - Institutional Shares (commenced April 3, 2000) | 10.00 | 0.36 | 0.16 | 0.52 | (0.34 | ) | — | (0.34 | ) | |||||||||||||||||||||||
| (a) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on capital gains and other taxable distributions or the redemption of Fund shares. |
| (b) | Annualized. |
| (c) | Calculated based on the average shares outstanding methodology. |
| (d) | As required, effective November 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing all premiums and discounts on debt securities. The effect of this change for the year ended October 31, 2002 was an impact of less than $0.01 per share to net investment income and net realized and unrealized gains and losses, and a decrease to the ratio of net investment income to average net assets with and without expense reductions by 0.04%. Per share amounts, ratios and supplemental data for periods prior to November 1, 2001 have not been restated to reflect this change in presentation. |
58 The accompanying notes are an
integral part of these financial statements.
GOLDMAN SACHS HIGH YIELD
MUNICIPAL FUND
| Ratios assuming no | ||||||||||||||||||||||||||||||||||
| expense reductions | ||||||||||||||||||||||||||||||||||
| Ratio of | Ratio of | Ratio of | Ratio of | |||||||||||||||||||||||||||||||
| Net assets | net | net investment | total | net investment | ||||||||||||||||||||||||||||||
| Net asset | at end of | expenses | income | expenses | income | Portfolio | ||||||||||||||||||||||||||||
| value, end | Total | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
| of period | return(a) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
| $ | 10.70 | 2.81 | % | $ | 1,268,176 | 0.99 | %(b) | 4.95 | %(b) | 1.01 | %(b) | 4.93 | %(b) | 15 | % | |||||||||||||||||||
| 10.70 | 2.42 | 47,007 | 1.74 | (b) | 4.22 | (b) | 1.76 | (b) | 4.20 | (b) | 15 | |||||||||||||||||||||||
| 10.70 | 2.42 | 53,652 | 1.74 | (b) | 4.20 | (b) | 1.76 | (b) | 4.18 | (b) | 15 | |||||||||||||||||||||||
| 10.70 | 3.01 | 1,318,658 | 0.59 | (b) | 5.36 | (b) | 0.61 | (b) | 5.34 | (b) | 15 | |||||||||||||||||||||||
| 10.66 | 8.59 | 895,711 | 1.00 | 5.21 | 1.03 | 5.18 | 54 | |||||||||||||||||||||||||||
| 10.66 | 7.78 | 45,620 | 1.75 | 4.50 | 1.78 | 4.47 | 54 | |||||||||||||||||||||||||||
| 10.66 | 7.78 | 40,624 | 1.75 | 4.48 | 1.78 | 4.45 | 54 | |||||||||||||||||||||||||||
| 10.66 | 9.02 | 934,382 | 0.60 | 5.64 | 0.63 | 5.61 | 54 | |||||||||||||||||||||||||||
| 10.34 | 3.66 | 585,882 | 0.99 | 5.41 | (d) | 1.04 | 5.36 | (d) | 52 | |||||||||||||||||||||||||
| 10.34 | 2.88 | 40,428 | 1.74 | 4.70 | (d) | 1.79 | 4.65 | (d) | 52 | |||||||||||||||||||||||||
| 10.34 | 2.88 | 30,696 | 1.74 | 4.68 | (d) | 1.79 | 4.63 | (d) | 52 | |||||||||||||||||||||||||
| 10.34 | 4.07 | 470,905 | 0.59 | 5.84 | (d) | 0.64 | 5.79 | (d) | 52 | |||||||||||||||||||||||||
| 10.57 | 10.05 | 303,622 | 0.99 | 5.68 | 1.08 | 5.59 | 61 | |||||||||||||||||||||||||||
| 10.57 | 9.23 | 32,403 | 1.74 | 4.91 | 1.83 | 4.82 | 61 | |||||||||||||||||||||||||||
| 10.57 | 9.23 | 20,359 | 1.74 | 4.94 | 1.83 | 4.85 | 61 | |||||||||||||||||||||||||||
| 10.57 | 10.48 | 277,301 | 0.59 | 6.09 | 0.68 | 6.00 | 61 | |||||||||||||||||||||||||||
| 10.18 | 5.06 | 121,702 | 0.99 | (b) | 5.71 | (b) | 1.27 | (b) | 5.43 | (b) | 52 | |||||||||||||||||||||||
| 10.18 | 4.60 | 10,039 | 1.74 | (b) | 4.99 | (b) | 2.02 | (b) | 4.71 | (b) | 52 | |||||||||||||||||||||||
| 10.18 | 4.60 | 10,213 | 1.74 | (b) | 4.95 | (b) | 2.02 | (b) | 4.67 | (b) | 52 | |||||||||||||||||||||||
| 10.18 | 5.30 | 128,997 | 0.59 | (b) | 6.14 | (b) | 0.87 | (b) | 5.86 | (b) | 52 | |||||||||||||||||||||||
59
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| FUNDS PROFILE Goldman Sachs Funds Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets. Today, Goldman Sachs Asset Management, L.P. and other units of the Investment Management Division of Goldman Sachs serve a diverse set of clients worldwide, including private institutions, public entities and individuals. With portfolio management teams located around the world — and $400.1 billion in assets under management as of THE GOLDMAN March 31, 2004 — our investment professionals bring firsthand knowledge of local markets SACHS ADVANTAGE to every investment decision, making us one of the few truly global asset managers. Our goal is to deliver: GOLDMAN SACHS FUNDS Strong, Consistent In building a globally diversified Investment Results portfolio, you can select from more than 50 Goldman Sachs Funds and gain access Global Resources and Global Research to investment opportunities across borders, investment styles, asset classes Team Approach and security capitalizations. Disciplined Processes Innovative, Value-Added Investment Products Thoughtful Solutions Risk Management Outstanding Asset Allocation Funds Client Service Balanced Fund Domestic Equity Funds Asset Allocation Portfolios Small Cap Value Fund Dedicated Service CORESM Small Cap Equity Fund Fixed Income Funds Teams Mid Cap Value Fund Emerging Markets Debt Fund Excellence and Concentrated Growth Fund High Yield Fund Integrity International Equity Funds Growth Opportunities Fund High Yield Municipal Fund Asia Growth Fund Research Select FundSM Global Income Fund Emerging Markets Equity Fund Strategic Growth Fund Investment Grade Credit Fund International Growth Capital Growth Fund Core Fixed Income Fund Opportunities Fund Large Cap Value Fund U.S. Mortgages Fund Japanese Equity Fund Growth and Income Fund Municipal Income Fund European Equity Fund CORESM Large Cap Growth Fund Government Income Fund International Equity Fund CORESM Large Cap Value Fund Short Duration Tax-Free Fund CORESM International Equity Fund CORESM U.S. Equity Fund Short Duration Government Fund Ultra-Short Duration Government Specialty Funds Fund Internet Tollkeeper FundSM Enhanced Income Fund CORESM Tax-Managed Equity Fund Real Estate Securities Fund Money Market Funds1 1 An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds. The Goldman Sachs Research Select FundSM, Internet Tollkeeper FundSM and CORESM are service marks of Goldman, Sachs & Co. |
| GOLDMAN SACHS ASSET MANAGEMENT, L.P. 32 OLD SLIP, 32ND FLOOR, NEW YORK, NEW YORK 10005 TRUSTEES OFFICERS Ashok N. Bakhru, Chairman Kaysie P. Uniacke, President John P. Coblentz, Jr. James A. Fitzpatrick, Vice President Patrick T. Harker James A. McNamara, Vice President Mary Patterson McPherson John M. Perlowski, Treasurer Alan A. Shuch Howard B. Surloff, Secretary Wilma J. Smelcer Richard P. Strubel Kaysie P. Uniacke GOLDMAN, SACHS & CO. GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent Investment Adviser Visit our Web site at www.gs.com/funds to obtain the most recent month-end returns. The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission Web site at http://www.sec.gov. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus. Please consider a fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. Under normal conditions, the Goldman Sachs Short Duration Tax-Free Fund will invest at least 80% of its net assets in tax-exempt securities. Although it does not expect to do so, the Fund may invest up to 20% of its net assets in private activity bonds that may subject certain investors to the federal alternative minimum tax. Investment income may be subject to state income taxes. The Goldman Sachs Municipal Income Fund may include securities whose income may be subject to the federal alternative minimum tax and state income taxes. Income from the Goldman Sachs High Yield Municipal Fund may be subject to state and local income taxes and the alternative minimum tax. Also, market discount over a de minimus threshold is subject to federal taxes. High yield, lower rated securities involve greater price volatility and present greater risks than higher rated fixed income securities. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The Funds will be subject to yield and total return fluctuations based on rising and falling interest rates. Long-term bonds will normally have more price volatility. Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds. C1 Copyright 2004 Goldman, Sachs & Co. All rights reserved. Date of first use: June 29, 2004 / 04-0894 FI/TFSAR / 15.1K /06-04 |